been, as was to be foreseen, only to substitute different channels for an exchange of commodities indispensable to the colonies and profitable to a numerous class of our fellow citizens.  The exports, the revenue, the navigation of the United States have suffered no diminution by our exclusion from direct access to the British colonies.  The colonies pay more dearly for the necessaries of life which their Government burdens with the charges of double voyages, freight, insurance, and commission, and the profits of our exports are somewhat impaired and more injuriously transferred from one portion of our citizens to another.

The resumption of this old and otherwise exploded system of colonial exclusion has not secured to the shipping interest of Great Britain the relief which, at the expense of the distant colonies and of the United States, it was expected to afford.  Other measures have been resorted to more pointedly bearing upon the navigation of the United States, and more pointedly bearing upon the navigation of the United States, and which, unless modified by the construction given to the recent acts of Parliament, will be manifestly incompatible with the positive stipulations of the commercial convention existing between the two countries.  That convention, however, may be terminated with 12 months’ notice, at the option of either party.

A treaty of amity, navigation, and commerce between the United States and His Majesty the Emperor of Austria, King of Hungary and Bohemia, has been prepared for signature by the Secretary of State and by the Baron de Lederer, intrusted with full powers of the Austrian Government.  Independently of the new and friendly relations which may be thus commenced with one of the most eminent and powerful nations of the earth, the occasion has been taken in it, as in other recent treaties concluded by the United States, to extend those principles of liberal intercourse and of fair reciprocity which intertwine with the exchanges of commerce the principles of justice and the feelings of mutual benevolence.

This system, first proclaimed to the world in the first commercial treaty ever concluded by the United States—­that of February 6th, 1778, with France—­has been invariably the cherished policy of our Union.  It is by treaties of commerce alone that it can be made ultimately to prevail as the established system of all civilized nations.  With this principle our fathers extended the hand of friendship to every nation of the globe, and to this policy our country has ever since adhered.  What ever of regulation in our laws has ever been adopted unfavorable to the interest of any foreign nation has been essentially defensive and counteracting to similar regulations of theirs operating against us.