by acts of Parliament, the effect of which upon the interests of other
nations, and particularly upon ours, has not yet been fully developed.
In the recent renewal of the diplomatic missions on both sides between
the two Governments assurances have been given and received of the
continuance and increase of the mutual confidence and cordiality by
which the adjustment of many points of difference had already been
effected, and which affords the surest pledge for the ultimate
satisfactory adjustment of those which still remain open or may
hereafter arise.

The policy of the United States in their commercial intercourse with
other nations has always been of the most liberal character. In the
mutual exchange of their respective productions they have abstained
altogether from prohibitions; they have interdicted themselves the power
of laying taxes upon exports, and whenever they have favored their own
shipping by special preferences or exclusive privileges in their own
ports it has been only with a view to countervail similar favors and
exclusions granted by the nations with whom we have been engaged in
traffic to their own people or shipping, and to the disadvantage of
ours. Immediately after the close of the last war a proposal was fairly
made by the act of Congress of the 3d of March, 1815, to all the
maritime nations to lay aside the system of retaliating restrictions and
exclusions, and to place the shipping of both parties to the common
trade on a footing of equality in respect to the duties of tonnage and
impost. This offer was partially and successively accepted by Great
Britain, Sweden, the Netherlands, the Hanseatic cities, Prussia,
Sardinia, the Duke of Oldenburg, and Russia. It was also adopted, under
certain modifications, in our late commercial convention with France,
and by the act of Congress of the 8th January, 1824, it has received a
new confirmation with all the nations who had acceded to it, and has