The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-10-17
SPEECH OF Mr.. KING,
or aEoRGIA.


On The biz imposing additioaai duties as drposiaries
IA certain cases, on Public officers. Delirered iH
The Seadte Of The United States, September %, 1897
[ConciIdedl
Mr. X said the latter part OF the second proposition,
and the whole Of the third, seemed 10 be established by
Inference from the positions already established, aud the
proofs already adduced The only further proof that
could be deemed necessary these points was 10 cs-
tablish the fact that the time were importing
large Of specie under the encouragement OF the
wise policy Of the Executive, as il was called, we
enormously indebted, only on commercial balance,
but also for money borrowed in the very face Of this
commercial balance against Us.
Mr., Is SAID, u here again became his unpleasant duty
TO prove that The President mistaken in his estimate
OF the amount Of or foreign debt II important 10
notice this mistake with another view We would not
act IN reference TO true situation debtors, if
believed we owed nothing The President gives the
estimate Of orr foreign debt in March last, thuy mil
hons Of dollars The President could have had no un.
worthy object IN this under estimate but still it is
mistake, and one that should be noticed and corrected
If the estimate of the President correct, the debt
had evidently been paid. and over-paid He had seen
an estimate more than two months ago, which seemed
reasonable, and probable in all its details which est.
mated the liquidation Of foreign debt since the
pension OF specie payments at $50, 900, 900 We had
been renting specie, and exchange, and shipping
ton ever since and he had not the slightest idea that
we had paid and lquidIcd in different ways, since
March last, less than forlyfye aud perhaps fifty mil
hons OF dollars aud yet find the exchanges heavily
against lie hoped then, banks would not begin
to expand, and people overtrade, the presump
ton that Europe was indebted To
Mr. n. SAID no one could pretend TO accuracy as to
the amount Of foreign deb, in March last, but he
thought he could satisfy the Senate that il every species
OF obligation were taken into account, it was much
nearer one hundred and thirty millions Of dollars.
Mr. X then proceeded to furnish the Senate with
such evidence he had to offer this subject Ia
the first place, he took the commercial balance alone for
the year 1886, reported by the Secretary Of the Trea
sury, at upwards of sixty millions. 1t seemed, by the
report furnished at this by the Secretary that he
estimated the commercial balance which remained a
foreign debt at thirty Millions and perhaps this
statement mlsled the President who took the Secreta-
rvs commercial balance OF for the entire ba-
lance at the period referred to- He thought, however,
that the Secretary was mistaken to this com
mercla balance for 1886 He seemed TO have deduct
ed thirty millions from the sixty, Gas Mr. X supposedly
for our share OF the profits Of trade Mr. X. thought
not cent should he deducted We had 1t from English
accounts and had too much reason TO believe the fact
that the principal articles OF American exports declined
from 80 10 40 per cent between July, 1886, and April,
1887. He believed then, we had lost exports
the full amount of profit, aud perhaps and that
the gross amount OF balance might safely be estimated
as foreign debt against US for the year 1896 alone.
Mr. X, then proceeded to show the amount Of money
had borrowed in Europe in the space of year
exchanrc Of commodities Of course the amount
Of specie beyond that included in the of
ports) which obtained from them, must have been
obtained on credit, in form other II was I'M
possible TO get at any thing like official nforna
ton on this subject As there duty prohbl
uon either on exports imports OF specie, there
hnt little attention paid to it at cus'onhouses either in
Europe or Anerca Large bankers, whose business
gives them interest, well as knowledge of loans
and specie shipments, the only class from which
much information could be obtained, and they rarely
knew Of any except large and notorious transactions
statement made by Mr. Fayott, Of Paris, OF great
research and many opportunities, he believed as much
TO be relied any other. This statement was made
the latter part Of he mis,ook not OF 1896. and pur
ported to be estimate of the specie shipped from En
rope TO America during the year preceding the state
nent. This statement Mr. X. read, as follows:
Statement from Frederick Fayot's essay published IN
Paris IN 1885. Of the amount of specie shipped from
Europe TO America IN one year previous to the date
OF the essay.
England from documentary evidence, say f6,04l, $3.50
Holland. two loans. forming together
f2.500 900, one-tmlf shipped in
specie, l,25O,OUO
In France, the indemnity ls000,0 900
francs, and Hottingeuf loan a.
100000, together 1898