Sir, if such a man fell into errors, it must be from defects not intrinsical; they must be rather sought in the particular habits of his life, which, though they do not alter the groundwork of character, yet tinge it with their own hue.  He was bred in a profession.  He was bred to the law, which is, in my opinion, one of the first and noblest of human sciences,—­a science which does more to quicken and invigorate the understanding than all the other kinds of learning put together; but it is not apt, except in persons very happily born, to open and to liberalize the mind exactly in the same proportion.  Passing from that study, he did not go very largely into the world, but plunged into business,—­I mean into the business of office, and the limited and fixed methods and forms established there.  Much knowledge is to be had, undoubtedly, in that line; and there is no knowledge which is not valuable.  But it may be truly said, that men too much conversant in office are rarely minds of remarkable enlargement.  Their habits of office are apt to give them a turn to think the substance of business not to be much more important than the forms in which it is conducted.  These forms are adapted to ordinary occasions; and therefore persons who are nurtured in office do admirably well as long as things go on in their common order; but when the high-roads are broken up, and the waters out, when a new and troubled scene is opened, and the file affords no precedent, then it is that a greater knowledge of mankind, and a far more extensive comprehension of things is requisite, than ever office gave, or than office can ever give.  Mr. Grenville thought better of the wisdom and power of human legislation than in truth it deserves.  He conceived, and many conceived along with him, that the flourishing trade of this country was greatly owing to law and institution, and not quite so much to liberty; for but too many are apt to believe regulation to be commerce, and taxes to be revenue.  Among regulations, that which stood first in reputation was his idol:  I mean the Act of Navigation.  He has often professed it to be so.  The policy of that act is, I readily admit, in many respects well understood.  But I do say, that, if the act be suffered to run the full length of its principle, and is not changed and modified according to the change of times and the fluctuation of circumstances, it must do great mischief, and frequently even defeat its own purpose.

After the war, and in the last years of it, the trade of America had increased far beyond the speculations of the most sanguine imaginations.  It swelled out on every side.  It filled all its proper channels to the brim.  It overflowed with a rich redundance, and breaking its banks on the right and on the left, it spread out upon some places where it was indeed improper, upon others where it was only irregular.  It is the nature of all greatness not to be exact; and great trade will always be attended with considerable