McKnight & McIlwrath's comment highlights the fact that there were many wars during this period; and that many merchants were used to, and comfortable with, coping in a war economy. Indeed, the Treaty of Amiens in 1801, to which this quote refers, created only a temporary lull in the French Wars. McKnight & McIlwrath were trading from Ayr, Scotland, but John Perhouse of Philadelphia noted a similar attitude a few weeks later, commenting that the merchants there were in despair having planned for a long war. Clearly, some merchants were more prepared, willing, or able to conduct business in a difficult business environment. Moreover, some such as McKnight & McIlwrath and Andrew Clow, positively thrived on these situations or involved themselves in speculation. In contrast, others such as James Lawson were clearly uneasy trading during periods of conflict.

Whilst war was a major phenomenon throughout the eighteenth century, there were other types of crises as well. These included imagined crises, natural crises, economic crises and financial crises. Often financial crises were caused by ‘real’ crises. These had both positive and negative features and outcomes, all of with which merchants had to cope. Personal trust was an extremely important element of the business culture at such times. Communications were even slower and less reliable than usual, levels of institutional and general trust were low, and uncertainty high.