Of SILVER; dollars, half-dollars, quarter-dollars, dimes, and half-dimes. Of COPPER; cents, and half-cents. In money transactions, the terms dollars, and cents, only, are used; and these terms comprehend all the others, except the lowest, which is seldom used at all. For example, 86 eagles, 4 dollars, 5 dimes, and 7 cents, are expressed thus, dols. 864.57; that is, eight hundred and sixty-four dollars and fifty-seven cents. The gold coins consist of eleven parts of pure gold and one of alloy-the alloy is composed of silver and copper. The silver coins consist of 1485 parts of pure silver, and 179 of copper. The weight and value of the several coins, and the proportion they bear to British sterling money, is exhibited in the following table:

The advantage, of a currency arranged decimally, over any other, will be seen from the following examples:

Could weights and measures also be arranged decimally, it would be a most important object, and prove highly heneficial to the public.

The foreign trade of the United States, as of Great Britain, has greatly diminished in consequence of the peace con cluded in 1815; though the commerce of the rest of the

world has considerably increased. Britain has lost her war monopoly, and America has ceased to be the general carrier for mankind. They are both reduced to the level of peace competition, and must now contend in foreign markets with the skill and ingenuity of France and Italy, the patient industry and perseverance of the United Netherlands, the rival labours of Denmark, Sweden, Russia, and the commercial parts of Germany; to which may be added the efforts of Spain and Portugal. Hence have arisen, during the last three years, both in the United States and in the British isles, very general and very grievous distress, bankruptcy, and ruin, among their merchants, manufacturers, and farmers. In Britain the pressure has been more severe, on account of the enormous public expenditure, the confined territory, and crowded population of her home dominions, which allow no outlet for her people. In the United States the evil has been much less felt than in Britain; although the bankruptcies among her merchants and manufacturers have been numerous and distressing; and the farmers also have suffered greatly for want of a market for their produce. But the comparative scanty population, and the immense outlet for enterprising industry, in the new lands and virgin soil of the western country, prevent the necessity of any one possessing health and industry, suffering from want of food, clothing, and lodging.

The foreign commerce of the republic is, indeed, at present, much less than it was previous to December, 1807, the month in which the embargo on all trade with other countries was laid on by congress; but such is the activity, skill, and enterprise of the American people, so well built, well navigated, and expeditious are their ships, and so abundant the soil, in valuable staple articles, that she must always average her full share of external commerce; and her home trade is continually increasing, by the improvement of her internal navigation, the variety of her products, and the rapid growth of her population, wealth, and intercourse. The average wages for all sorts of labour is double to what it is in England, and nearly four times greater than in France; and land is plentiful, cheap, and fertile; so that those who are straitened and embarrassed in the large cities, have only to fall back into the country, and become industrious yeomen, and they will readily provide ample sustenance for themselves, and lay a broad and permanent foundation of independence for their families.

The following tables will give an idea of the commercial

progress since the year 1700, and of the relative situation of the United States with the principal European nations:

Of

Of the domestic exports of the United States, the proportions are;-the produce of agriculture, three-fourths in value; the produce of the forest, one-ninth; of the sea, one-fifteenth; and manufactures, one-twentieth. the foreign exports, the proportions in 1807 (the greatest commercial year ever experienced by the United States,) being the year immediately preceding the embargo, were Dols. 43,525,320, imported from the British isles; Dols. 3,812,065, from France and her dependencies; and

80

Dols. 11,318,532, from the rest of the world. During the years 1802, 1803, and 1804, the annual value of the imports into the United States was Dols. 75,316,937; and of the exports, Dols. 68,460,000. Of the imports the proportions ·

All other countries.

Dols. 35,970,000

Whence it appears that the trade between the United States and Britain is greater in amount than between the United States and all the rest of the world: which is a strong reason why the two countries, for their mutual benefit, should preserve friendly relations towards each other, in the spirit as well as in the letter of peace.

During the same three years, 1802, 1803, and 1804, the annual value of domestic exports was, Dols. 39,928,000 Of which was exported to the British

dominions...

To northern powers, Prussia,

20,653,000

and Germany

2,918,000

Dominions of

Holland,

France, Spain, and Italy.

12,183,000

Dominions of Portugal

1,925,000

2,249,000

All other countries.

The annual value of foreign produce, re-exported to all

parts of the world, during those three years was,

Of which was exported to the British

To northern powers, Prussia,

Dols. 28,533,000

dominions.

3,054,000

and Germany.

5,051,000

Dominions

of Holland,

France, Spain, and Italy.

18,495,000

Dominions of Portugal.....

396,000

All other countries

1,537,000