The King says "Oh 'tis my Yankee boys, jump in,
my fine fellows, plenty molasses and codfish, plenty of goods to
smuggle, honours, titles, and nobility into the bargain." Massachusetts,
nearest the King, says "What a dangerous leap! but we must jump, Brother
Conn." Connecticut, in the middle, says "I cannot, Brother Mass. Let
me pray and fast some little longer Little Rhode Island will jump the
first." Rhode Island says "Poor little I! What will become of me? This
leap is of a frightful size. I sink into despondency."]
National finances were seriously impaired by the war. The lending
section refused to support the Administration. Of the loan authorised
in 1814, less than one-half was taken and that at a discount of twenty
per cent. During the same year, the Government defaulted on the interest
due on the national debt. Moneyed men claimed that business had been
so impaired by the embargo and war as to prevent their coming to the
relief of the nation. Unfortunately, strict-construction theory had
cut off the bank which might otherwise have been a source of supply.
A glance at a table of statistics of the commerce and financial standing
of the United States during the embargo and war period will show the
effects of a maritime war and explain the causes of the complaints of
commercial New England.
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