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Updated: June 27, 2025
In the first place, imported commodities are beyond the purchasing power of the great mass of the population, and the flood of imports which might have been expected to succeed the raising of the blockade was not in fact commercially possible.
Arabian commanders and supercargoes were always employed in their ships, from their experience in the navigation: the imports of Rhapta were, lances, principally manufactured at Moosa; axes, knives, awls, and various kinds of glass: the exports were, ivory, inferior to the Aduli ivory, but cheap, and in great abundance; the horns of the rhinoceros, tortoise shell, superior to any of this coast, but not equal to the Indian; and an article called Nauplius, the nature of which is not known.
For suppose that the prices have adjusted themselves, no matter how, and that the imports and exports balance one another, each commodity, of course, being dearer by the cost of carriage, in the country which imports than in that which exports it: and suppose now that the cost of carriage, both of the one and of the other, were suddenly and miraculously annihilated, and that the commodities could pass from country to country without expense.
The Secretary of the Treasury will present in his annual report a highly satisfactory statement of the condition of the finances. The imports for the fiscal year ending on the 30th of June last were of the value of $154,977,876, of which the amount exported was $21,128,010, leaving $133,849,866 in the country for domestic use.
The exports for the year 1808 had fallen fifteen per cent; the imports the same amount, involving a total diminution in trade of £14,000,000. An increase of distress was manifested in the poor rates. In Manchester they had risen from £24,000 to £49,000.
It imports flour and grain from the United States and from Russia, Hungary, Italy, Egypt, and the Indies; live stock from Germany, Italy, Spain even Roumania and Russia; and as for groceries, there is not a country in the world that it does not lay under contribution.
What imports my outermost pall, so wide and long that it covers the whole mule when I ride, nay, should be big enough to cover a camel, but only a diffusive charity, that should spread itself for a succour and protection to all, by teaching, exhorting, comforting, reproving, admonishing, composing of differences, courageously withstanding wicked princes, and sacrificing for the safety of our flock our life and blood, as well as our wealth and riches; though indeed riches ought not to be at all possessed by such as boast themselves successors to the apostles, who were poor, needy, and destitute: I say, if they did but lay these considerations to heart they would never be so ambitious of being created to this honour, they would willingly resign it when conferred upon them, or at least would be as industrious, watchful and laborious, as the primitive apostles were.
No state shall, without the consent of the congress, lay any imposts or duties on imports or exports, except what may be absolutely necessary for executing its inspection laws; and the net produce of all duties and imposts laid by any state on imports or exports, shall be for the use of the treasury of the United States; and all such laws shall be subject to the revision and control of the congress.
The imports and exports, and with them the income of the government, quickly reached higher figures than the country had ever seen, the national debt was scaled down by almost one-half and the new Dominican bonds issued in 1907 to convert the old debt went nearly to par in the markets of the world.
In the first year of the government under the Constitution, from August, 1789, to September 30, 1790, after seven years of independence, out of a total of not quite $20,000,000 imports to the United States, over $15,000,000 were from the dominions of Great Britain; and nearly half the exports went to the same destination, either as raw material for manufactures, or as to the distributing centre for Europe.
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