sold at a very extravagant price, in consequence of
which considerable quantities were shipped within
a year after the peace, so that the market was over-
stocked, and the price so reduced, that much money
was lost by the shippers; my brother and myself lost
considerable. When peace took place, there were
scarce any European goods on hand, which occasion-
ed large importations to be made by our merchants.
The ill effects of this began to be severely felt in
1786 to 1788, which ruined many in America and
London

. Almost the whole of the American trade
was then confined to London, and very little com-
mercial intercourse with any other port in England.
My brother Charles had shipped considerably on credit
to Thomas and George Eddy, and many others, who,
owing to the country being inundated with every sort
of goods, were unable to remit to England. Thomas
and George Eddy, had supplied imprudently an indi-
vidual residing at Fredericksburg, Virginia, with
goods to a large amount. He died, and left his affairs
in a very unsettled state. On this account I removed
with my family to Fredericksburg, and kept a large
retail store in the name of Thomas and George Eddy,
my brother George remaining in Philadelphia. This
Virginia business turned out badly, and my being
much exposed to extravagant and dissipated company
was a great injury to me in every respect. In 1788,
I returned to Philadelphia, and as my brother in Lon-
don had failed, it became necessary for Thomas and
George Eddy to make a settlement with their cre-
ditors.

We were discharged under a general act of bank-
ruptcy for the State of Pennsylvania

. Since then,
the debts due from them have been mostly paid.
Some were not legal demands, and it was thought
not right to pay them.

I now had an opportunity of learning in the school
of adversity some useful lessons, that have been of
advantage to me. 1 have often looked back to this