It has been already pointed out, that our imports have not kept pace with our exports:  of course, on the face of the account, the balance of trade, both positively and comparatively considered, must have been much more than ever in our favor.  In that early little tract of mine, to which I have already more than once referred, I made many observations on the usual method of computing that balance, as well as the usual objection to it, that the entries at the Custom-House were not always true.  As you probably remember them, I shall not repeat them here.  On the one hand, I am not surprised that the same trite objection is perpetually renewed by the detractors of our national affluence; and on the other hand, I am gratified in perceiving that the balance of trade seems to be now computed in a manner much clearer than it used to be from those errors which I formerly noticed.  The Inspector-General appears to have made his estimate with every possible guard and caution.  His opinion is entitled to the greatest respect.  It was in substance, (I shall again use the words of the Report, as much better than my own,) “that the true balance of our trade amounted, on a medium of the four years preceding January, 1796, to upwards of 6,500,00_l._ per annum, exclusive of the profits arising from our East and West India trade, which he estimates at upwards of 4,000,000_l._ per annum, exclusive of the profits derived from our fisheries.”  So that, including the fisheries, and making a moderate allowance for the exceedings, which Mr. Irving himself supposes, beyond his calculation, without reckoning what the public creditors themselves pay to themselves, and without taking one shilling from the stock of the landed interest, our colonies, our Oriental possessions, our skill and industry, our commerce and navigation, at the commencement of this year, were pouring a new annual capital into the kingdom, hardly half a million short of the whole interest of that tremendous debt from which we are taught to shrink in dismay, as from an overwhelming and intolerable oppression.

If, then, the real state of this nation is such as I have described, (and I am only apprehensive that you may think I have taken too much pains to exclude all doubt on this question,)—­if no class is lessened in its numbers, or in its stock, or in its conveniences, or even its luxuries,—­if they build as many habitations, and as elegant and as commodious as ever, and furnish them with every chargeable decoration and every prodigality of ingenious invention that can be thought of by those who even incumber their necessities with superfluous accommodation,—­if they are as numerously attended,—­if their equipages are as splendid,—­if they regale at table with as much or more variety of plenty than ever,—­if they are clad in as expensive and changeful a diversity, according to their tastes and modes,—­if they are not deterred from the pleasures of the field by the charges which government