CHAPTER V

Griswolds of New York owned the ship, "Panama." She carried spelter, lead, iron and other products to China and returned with tea, false cinnamon and various other Chinese goods. The duty on these was extremely high. But the Government was far more lenient to the trading class than the trader was to the poor debtor. It generously extended credit for nine, twelve and eighteen months before it demanded the payment of the tariff duties. What happened under this system? As soon as the ship arrived, the cargo was sold at a profit of fifty per cent. The Griswolds, for example, would pocket their profits and instead of using their own capital in further ventures, they would have the gratuitous use of Government money, that is to say, the people's money, for periods of from six months to a year and a half. Thus the endless chain was kept up. According to Barrett, this was the customary attitude of the Government toward merchants: it was anything but unusual for a merchant to have the free use of Government money to the sum of four or five hundred thousand dollars.¹⁰