Burlington free press. [volume] (Burlington, Vt.) 1827-1865, 1837-04-28
5O,279,SI9
4.475,I99
3j,SO4,620
l4,475,l99

That is to say, during four years in
which we have imported Sl27 ,263
more than we have exported, IN MERCHAN
Disc. the Government has Imported S35,-
304 GEO in MONEY. This, specie, therefore,
has all been BORROWED. 1t has been FOR
cED into the country against all the nalu
raj laws of trade The necessary cnnsc
quencc has been the ruinous fall of our
staple export. As the result of the vast
drain Of specie from England. specie has
acquired an unnatural value there, in com
! parlson with all other articles of traffic
and whilst specie is thus enhanced in a'uc,
the value Of our own produce is unnatural
| ly depressed. Before we can be relieved
from the pressure which now convulses us,
il is obvious that We must be relieved from
our indebtedness. From the immed ate
and urgent pressure Of our lndCb' edncsS,
we can be relieved most cheaply, mos, cX-
pedJtiously, most certainly by the EXPORT
OF SPECIE. BY thus paying A portion Of
our debts and augmenling The amount of
specie in England. the unnatural relative
values Of specie and cotton become parrl.
ally restored to their original equilibrium.
Specie is worth less and cotton MORE
Thus the same amount Of cotton row in
Eng will be made adequate to the pay
ment of a larger amount OF our debt. This
measure too will restore the confidence Of
the commercial world, and renewal of
our liabilities, or pos,pOnement of their
liquidation can be more easily effected -
We cannot pay by exporting our produce.
We cannot pay by exporting our imports.
Such measures would merely occasion a
decline in the value of these articles in for
eign markets, corresponding to the increase
of their quantity. They are not IN demand.
SPECIE ON THE CONTRARY Is IN URGENT
DEMAND II is more valuable than anv
thing else at this time in England, IL wW
go farther than any Thing else in Tie payment
of our debts.
If we can place any reliance on the
statements of the Treasury we are at this
moment sovERFLowING WITH SPECIE
There are EIGHTY MILLIONS in the coun-
| try, when the experience of l829-30-3i
| -32-years which the President described
in his messages as seasons of unusual pros
perity to all branches of industry-proved
conc'usively that TWENTY MILLIONS are
abundantly competent to all the wants Of
our agriculture, commerce and maniac
lures. AT that time, says the Globe, "ihe
country aCaS at the mercy Of That merciiess
institution" The United States Bank. And
what was the consequence? Why, that
the financial concerns of the country were
managed with so much prudence, foresight
and wisdom, that all our trading interests
were in The palmiest prosperity What is
the condition of things now Why, with
EIGHTY MILLIONS of specie. while we are
at the "mercy of that merc(ul institutions"
The Treasury. the country is running head
long into UNIVERSAL BANKRUPTCY and UNI.
vERsAL RUIN!
And who now are the PANIC MAKERS
The GOVERNMENT. Who exnlls IN the
prevailing dIslress' The GOVERNMENT.
What are we told day by day in the oflica
journal "THERE is NO PRESSURE WHICH
ANY HONEST MAN SHOULD REGRET !" And
what relief are we promised' What pros
pect is held out to us by the Administrations!
What is the language of the Government
organ' REBUKE, ScoRN and MENACE.
Read the following official bulletin from
the last Globe
"l,ul there is distress coming on. Distress is
no,o taking place, and WiH augment and contin.
ue for many months TO come. Three causes
make il. FIRST. The EXPANSION OF THEPA.
PER SYSTEM, and the gambling and adventures in
all sorts Of moneyed operations to which il gave
rise; Secondly The transfer of TWENTY.