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Medford Historical Society Papers, Volume 25. 2 0 Browse Search
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Medford Historical Society Papers, Volume 25., Old ships and ship-building days of Medford. (search)
ight of the prosperity of the Northwest trade. The European trade was very profitable, also, owing to the high prices obtained during the Napoleonic wars, in spite of frequent capture and condemnation of vessels. George Cabot said, profits were such that if only one out of three vessels escaped capture, her owners could make a handsome profit on the lot. This continued up to the time of the embargo by the Jefferson administration, the outcome of the impressment of seamen of the U. S.S. Chesapeake on the high seas. This measure was unpopular in New England and revived the Federalist party, which had almost ceased to exist. The Federalist leaders ridiculed Jefferson's claim that the embargo was to protect the merchant vessels by calling attention to the fact that the embargo was extended to the East India and China trade which Great Britain permitted and Napoleon was powerless to prevent. They also claimed that the profits annually on the cargoes was more than equal to the t