this speculation of theirs was a probable event.  But it was not repealed in order to double our trade in that year, as everybody knows (whatever some merchants might have said), but lest in that year we should have no trade at all.  The fact is, that during the greatest part of the year 1755, that is, until about the month of October, when the accounts of the disturbances came thick upon us, the American trade went on as usual.  Before this time, the Stamp Act could not affect it.  Afterwards, the merchants fell into a great consternation; a general stagnation in trade ensued.  But as soon as it was known that the ministry favored the repeal of the Stamp Act, several of the bolder merchants ventured to execute their orders; others more timid hung back; in this manner the trade continued in a state of dreadful fluctuation between the fears of those who had ventured, for the event of their boldness, and the anxiety of those whose trade was suspended, until the royal assent was finally given to the bill of repeal.  That the trade of 1766 was not equal to that of 1765, could not be owing to the repeal; it arose from quite different causes, of which the author seems not to be aware:  1st, Our conquests during the war had laid open the trade of the French and Spanish West Indies to our colonies much more largely than they had ever enjoyed it; this continued for some time after the peace; but at length it was extremely contracted, and in some places reduced to nothing.  Such in particular was the state of Jamaica.  On the taking the Havannah all the stores of that island were emptied into that place, which produced unusual orders for goods, for supplying their own consumption, as well as for further speculations of trade.  These ceasing, the trade stood on its own bottom.  This is one cause of the diminished export to Jamaica, and not the childish idea of the author, of an impossible contraband from the opening of the ports.—­2nd, The war had brought a great influx of cash into America, for the pay and provision of the troops; and this an unnatural increase of trade, which, as its cause failed, must in some degree return to its ancient and natural bounds.—­3rd, When the merchants met from all parts, and compared their accounts, they were alarmed at the immensity of the debt due to them from America.  They found that the Americans had over-traded their abilities.  And, as they found too that several of them were capable of making the state of political events an excuse for their failure in commercial punctuality, many of our merchants in some degree contracted their trade from that moment.  However, it is idle, in such an immense mass of trade, so liable to fluctuation, to infer anything from such a deficiency as one or even two hundred thousand pounds.  In 1767, when the disturbances subsided, this deficiency was made up again.

[94] The disturbances have been in Boston only; and were not in consequence of the late duties.

[95] Page 24.