The price of wheat had risen from thirty-nine to seventy-two shillings a quarter, and every farmer hoped for a rise above one hundred shillings, as in 1795 and 1800. Disorders occurred; lives were lost; the embargo, as a coercive measure, pressed severely on British society; and Madison, with such a weapon in his hand, could not require Perceval to perceive the impropriety of inviting a friendly people to violate their own laws.
The exact cost of the embargo to England could not be known. The total value of British exports to America was supposed to be nearly fifty million dollars; but the Americans regularly re-exported to the West Indies merchandise to the value of ten or fifteen millions. The embargo threw this part of the trade back into British hands. The true consumption of the United States hardly exceeded thirty-five million dollars, and was partially compensated to England by the gain of freights, the recovery of seamen, and by smuggling consequent on the embargo. Napoleon's decrees must in any case have greatly reduced the purchasing power of America, and had in fact already done so. Perhaps twenty-five million dollars might be a reasonable estimate for the value of the remaining trade which the embargo stopped; and if the British manufacturers made a profit of twenty per cent on this trade, their loss in profits did not exceed five million dollars for the year,—a sum not immediately vital to English interests at a time when the annual expenditure
