vaded the country during the war. Money was borrowed with facility, and fortunes were often made in a day. Extravagance and profligacy were, to some extent, the consequence. The return of peace, and the extensive misfortunes which fell upon every part of the community, counteracted these vices, and restored more sober and industrious habits.

Section LIV. Religion. During this peried, extensive revivals of religion prevailed, and liberal and expanded plans were devised and commenced for the promotion of christianity. Several theological institutions were founded, missionary and bible societies were established, and a great call for ministers of the gospel was heard.

Section LV. Trade and Commerce. During this period, trade and commerce were crippled by foreign restrictions, our own acts of non-intercourse, and, at length, by the war with England. During this war our carrying trade was destroyed, nor was it restored by the peace of 1815.

On the return of peace, immense importations were made from England, the country being destitute of English merchandise. The market was soon glutted, prices fell, and extensive bankruptcies were the consequence.

Section LVI. Agriculture. Agriculture, during this period, cannot be said to have made great advances.

An excessive disposition in the people, for trade and speculation, drew off the attention of the more intelligent and active part of the community, and directed much of the capital of the country to other objects. Upon the return of peace, however, when mercantile distresses overspread the land, agriculture was again resorted to, as one of the surest means of obtaining a livelihood. Men of capital, too, turned their attention to farming; agricul

tural societies were established, in all parts of the country: more enlightened methods of culture were introduced, and agriculture became not only one of the most profitable, but one of the most popular objects of pursuit.

Section LVII. Arts and Manufac= tures. During the war which occurred in this period, the intercourse with England and other places, being stopped, the country was soon destitute of those articles which had been supplied by English manufactories. Accordingly, the people began to manufacture for themselves. Extensive manufacturing establishments were started for almost every sort of merchandise.Such was their success at the outset, that an immense capital was soon invested in them, and the country began to be supplied with almost every species of manufacture from our own establishments. After the peace, the country being inundated with British goods, these establishments suffered the severest embarrassments, and many of them were entirely broken down. A considerable portion of them, however, were maintained, and continued to flou rish.

Section LVIII. Population. At the expiration of Mr. Madison's term of office, in 1817, the number of inhabitants in the United States was about nine millions, five hundred thousand.

Section LIX. Education. The pecuniary embarrassments experienced throughout the country, during the latter part of this period, sensibly affected some institutions devoted to science and benevolence, especially those which depend, in part, upon the yearly contributions of the patrons of learning and religion, for the means of support. In several of the higher seminaries, the number of students was, for a

time, diminished. Nevertheless, parochial schools, academies, and colleges, upon the whole, continued to increase, and to qualify many for the common and higher professions of life.

A theological institution was established at Princeton, NewJersey, in 1812, by the General Assembly of the Presbyterian Church. In 1821, the theological seminary of the Associate Reformed Church, in New-York, was united to that of Princeton, and its library, consisting of four thousand volumes, which cost seventeen thousand dollars, was transferred to the latter place. This seminary has three professors, and in 1821, had seventy-three students.

During the same year, Hamilton College was incorporated at Clinton, New-York; it has been liberally patronised by the legislature, and by individuals.

31

UNITED STATES.

Period XX.

DISTINGUISHED FOR MONROE'S ADMINISTRATION,

Extending from the inauguration of President Monroe, 1817, to the close of the year 1822.

Section I. On the 4th of March, 1817, Mr. Monroe took the oath prescribed by the constitution, and entered upon the duties of president of the United States.

The condition of the country, on the accession of Mr. Monroe to the presidency, was in several respects more prosperous and happy, than on the accession of his predecessor. Not only had war ceased, and the political asperity, excited by it, given place to better feelings, but efforts were made in every section of the union, to revive those plans of business, which the war had nearly annihilated.-The country had suffered too much, however, to regain, immediately, its former prosperity. Commerce was far from being flourishing; a considerable part of the legitimate trade was in the hands of foreigners; many ships were lying unemployed, and the ship building in many ports had nearly ceased. The manufacturing establishments, which had not been entirely broken down, were sustaining a precarious existence. Foreign merchandise was inundating the country; and the specie, borrowed in Europe for the national bank, at an excessive premium, as well as that which was previously in the country, was rapidly leaving it to pay the balance of trade against us. In his inaugural address, however, the president

* The Bank of the United States commenced the importation of specie In 1817, and introduced into the country seven millions, three hundred and eleven thousand, seven hundred and fifty dollars, at an expense of more than half a million of dollars. As fast as this specie arrived it was re-shipped to Europe, to pay the balance of trade against the United States, or sent to India or China to purchase merchandise. With this