pg_dump on large columns

I have a table with several columns, including a text column.  It has
about 100 records.  The text column general contains about 5MB of ascii
data that is escaped per record.  pg_dump goes fine.  However when I do
a psql -f dumpfile, postgres just spins it wheels and never finishes the
restore.  The text was inserted into the table using the PQ API by
building an sql statement and using PQexec.  Selects from the table work
just fine.  Any thoughts would be appreciated.  I am using 7.2.