The herald., 1837-04-12

ing that our qports for the year ending 3Orh Septem-
tember, exceeded our exports by e5l, ,75l ,OOO re-
marked "this exhibit, no doubt agrees with custom
house returns; but II cannot be true-lt cannot lay
before the real facts Of the ft does we must
import Sloe 900 less export Sl00 cOOOOO more
the coming year be bankrupt.
Say our imports for 1886 exceeded our
exports S5l, iot,UUU
BY the same Treasury statement our
imports for 1885 exceeded our exports 2ol4l, ioo
Imports over our exports in two wears $79e92, l65
nation thus buying in two successive years, more
than it sells to the amount of $50 00O Is neces-
sarlly bankrupt unless its imports and exports were
annually from twelve to fifteen hundred millions
little variation OF twenty-five fifty millions tor
year sr two, on so large a would not be sensbly
felt.
The object of this essay is to call the attention o.
the readers of the Herald TO several important facts
connected with, and consc quences resulting from,
this excessive importation.
First. diminished tariff, reselting in part from the
compromise acl" and in part from treaties to obtain
some pary in iemnites has led TO this excessive inn
p0rtaton.
Second No possible creation of bank capital can
afford relief. The recharerlng Of the United States
Bank two or three years ago, with capitai OF nity
mill ons, had il been done would not now afford reief
1t is rather be apprehended that would have pre-
cpltatcd the crisis and increased the calamity by the
extra facilities would have afforded to excessveim I'M
portations.
Third The paltry rcliefattcmpted to be afforded by
the Pennsylvania U. S. Bank and the New ork banks
must prove altogether insufficient
Fourth. The Treasury Order, requiring specie TO be
paid for United States land has contributed but In
small degree 10 produce the crisis and, consequently,
the repeal of that order could contribute but in small
degree to afford relief.
Fifth. The suppression Of the 81, 80 and SO bank
bills as il has added but small item the causes OF
the Suffering, so their restorative would only be
small item TO the means OF restoring prosperity.
Sixth The present crisis, and the well known
cause Of IL, goes 10 prove concusvey that the mer-
chants, and particularly the importing merchants,
just mech require 10 be coHtrouled by statute regn-
ailon, as all the rest OF the ciiidrea OF man.
Seventh. This crisis, and one Of the WIDE experi-
enced consequences OF it. that IS, the decline IN Inc
pnce of cotton goes TO prove concusvey, that there
are other ways of taxing the planter thirty or forty
bales Of cotton on every hundred, besides by high
tariff.
Nations like England and the United States, who
have vast agriculture, Manufactures, and internal
and external commerce, depending almost exclusive
ly on paper medam as the measure and representa-
tive of its daily purchases and sales, must be keeny
alive. to that state OF trade which abstracts even
small portion of their very limited supply of specie
This is evidenced by the measures lately resorted TO
by the Bank Of England TO stop the exportation and
procure the return, OF that comparatively small sum
which appeared coming to the United Staes;-And II
England, grasPlng at, and almost controlling the
commerce of the world, is SO sensbly aected by the
drain of small amount of specie how much more SO
must the United States be, who have nearly the same
some kind, as England has; whouse almost as much
OF the precious metals in manufactures as England
does; and who have much more rapidly increasing
population, requiring an extra increase OF circulating
medium
AS the cotton planters have been the most strenu-
oas advocates for a reduction of the tariff, and the
Southerners generally, from Virginia, onward with
few exceptions, opposers of charierng the United
States Bank if il can be shewn that these measures
combined have produced loss OF ID or 20 millions
the cotton crop OF this ye3r, may induce them 10
reconsider the course they have pursued and perhaps
change their policy.
uecting tariff been of deh,, with small but steady
balance of specie coming in, and with the aid of a
National Bank Of So 75 or 100 millions capital, moth
ing of the kind which we have witnessed could have
happened. No press for money, no depreciation o.
prices no failures Ifit had been necessary, in orde,
TO sustain the psice TO store the whole crop of cotton
the same could have been done, and the whole value
advanced by the National and State Banks, wlthou
fear Of any upon hem any drain OF specie from
| the country.
By the want Of protecting tariff and by the in
debedness thence resulting, we have placed ourselves
in a situation where the Bank of England, any
three or four private bankers commanding some fou
or five millions sterling, can control all our inerna
industry; regulate, at pleasure the prices OF our ex
ports; bankrupt all our banking institutions; an,
suspend the payment of one or two thousand millions
of the promises 10 pay which We have made on boo
account note, bond, bank bills &c.
IL is time that we discard all faacious and decep
tive hopes of relief Nothing can restore and rein
state us in our past prosperity, bat buying less ant
selling more so that, nation we are out OF debt
Situated as we now are, there must be an almos
total suspension Of payment by all that arc indebted
unless the banks universally suspend specie payments
and extend accommodations.
boldly and unhesltangly recommend this cours
az best for all If by contracting accommodations
the banks hope 10 escape they deceive themselves
when they have bankrupted all around them, they To-
mnst go.
Ten years Of the utmost industry and econom
would not enable us to discharge to meet to pay, tn
immense amount of promises, which we, as lndivldu
ais are liable for to another and as nation, al
liable for to foreign nations.
In fact ths payment Of a vast proportion OF the deb
now owing, is TO be made by means, derived froT
the creation of a new debt. To be enabled to Great
a new debt confidence is essential. Al this TINE, con
fdence Of men in one another is extensively impaired
if not entirely destroyed.
Ii is essential too, In order to pay the debts Of ind
viduns or the debt which, a nation, we owe, tina
the productive classes IN Agriculture and Manufac
lures should be furnished with the means of fell en-
ployment; this cannot be under the present impaire
confidence or under that limited circulating medium
to which we are rapidly coming, under the presen
system of curtament.
An excellent essay might be written 10 show, that
in The long run, the money lender the banks, the mer
chant, the northern farmer, the manufacturer, IN
southern planter, and every where, the aborer hav
a common, and an undivided interest, in promoting al
A Il