228 Statistical notices of N. America. Dec. 19% 
foolifhly thought we were almost perifhing throug 
want of the necefsaries of life; others as foolifhly 
thought there was no ‘end to our wealth in this 
golden country. All these circumstances must greatly 
affect trade ; and ] am well afsured that Britith mers 
chants will have no security in this commerce with 
the United States, any farther than they receive 1m= 
mediate returns. Their rafhnefs hitherto, since the 
war, must soon be dearly paid for. But our politi-- 
cians here, treat with derision the reproaches which 
they sometimes see made against this country in 
the Englith papers,—that the Americans are ruining 
their credit asa people, and that they will be scorned 
‘ for their difhonesty and fraud over the whole earth? 
Disappointed men, and immediate sufferers, wilk 
naturally exprefs themselves with violence; but the 
failures of a few merchants will not bring any ge- 
neral imputation on the body of the people, by fo- 
reigners to whom they are not in debt. It is not @ 
debt of the country, but of individuals : it was not 
contracted on the faith of the country, but particu- 
lar men in Britain, from interested motives, rafhly 
trusted some people here beyond all reason, and they 
must now pay the price of their folly. The truth 
is, many politicians here are rather pleased with 
the bankruptcies among the merchants, than appre- 
hensive of any ill consequences from them, They say 
that these harfh means are necefsary to bring our 
commerce to its proper state, to be just equal to the 
product of the land ;—they will tend to destroy that 
spitit of luxury which would make us too depen- 
dent on other nations ;—they will distrefs the Britiflg 
