7864. SHIPPING (American), French decree against.—
The French decree making
the vessel, friendly or enemy, according to the
hands by which the cargo was manufactured,
has produced a great sensation among the merchants
of Philadelphia. Its operation is not
yet perhaps well understood; but it probably
will put our shipping out of competition, because
British bottoms, which can come under
convoy, will alone be trusted with return cargoes.
Ours, losing this benefit, would need a
higher freight out, in which, therefore, they
will be underbid by the British. They must
then retire from the competition.—
To James Madison. Washington ed. iv, 220.
Ford ed., vii, 216.
(Pa.,
March. 1798)
