The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1837-10-17
l,25O,0O0
l,333,333
fS,62i,909

III the above statement be correct, (and It was ccr-
tany likely TO be under than over the true amount
we had imported forty millions of dollars IN
year. besides the indemnify, which, if the laws OF trade
had been allowed free operation would have been
more proftaby drawn for than imported. Adding the
above sum to the commercial balance of 60000,000,
and we had evidence of about lOOOOO.O0O, less only
the specie included imports In addition to this, 1t
was well known he said, that had been issuing
dts greater less extent since the commence
meut Of 1884 aud the entire foreign debt might safely
be put down much more than 100, 600, 900 III March
last The debt being established, it follows that the
state Of our foreign exchanges have been false and de-
luslve, and, having been effected by the use OF credit,
have been indication OF the true balance OF trade on
a fair exchange OF commodities credit having the same
effect on the exchanges the expectation Of an equal
value in commodities Mr.. X. however, concluded this
branch Of the subject by adding that 1t would not be ne
cessary pay the whole debt before exchanges would
be eGuallzcd, very large portion OF 1t having assum-
cd the form OF investments, on which we should only
have pay the interest and moreover the nature OF
the commerce between the two countries Will bear
very considerable foreign debt against Us, without affect
ing the exchanges
Mr. said tha, he hoped he had proven to the salts
faction of the Senate that the oil the present
distress were not common TO other commercial coun-
tres which, in fact, had suffered only by tnclr connec
ton with us They had not over-traded over-issued,
nor had any speculative prices similar to our own
The causes, then, must be located our own country
and MIR k said he would endcayur to explain when,
how and by what agency they originated here.
He then went back the removals Of the depostcs in
1884 measure that he had frequently spoken OF be-
fore as having been productive oil much mischief, and
no coun,crbaIanclng good lie had briefly noticed its
agency in bringing the country into its then present con
dltiun at the last session aud every prediction then
made had become true and each cause had operated IN
the manner there stated lar they had been since
deyeloped He would only say Of II what all adj
mlited-that produced pane which greatly depcc-
ated every article OF home consumption IN the latter
part of 1888 and part Of 1884 whilst the price OF our
exports was not affected by the IN the foreign
market The immediate effect rise III our foreign
exchanges and twelve or fourteen millions oil specie
poured in upon US This effect was not anticipated by
the President as we could see 10y an exposition o! his
views when the measure was adopted lie had no more
idea of bringing specie than he had of bringing London
to America by the removal Of the dcpostcs Yet the
friends of the measure immediately boosted OF 1t as one
of the happy results Of that measure, from which
many and countless blessings To flow upon the
country Well, sir, the currency was already tuli, II
no, redundant: and that this specie, thus suddenly
forced in upon us by violently striking down the value
OF home consumption, would dlsplaco equal amount
Of paper circulating good credit, was one OF those
strange governmental notions by which people unac-
ouancd with the subject have been dcluded, and our
finances ruined Paper must first be expelled, and then
specie viii fill the vacuum, by law Of currency TX
pulson must preccdc, and cannot, under such crcun-
stances lie expected follow the introduction oil spe-
cc which, instead Of cxpeng paper, will become the
basis of further issues hy banks II they be lett unco-
trolIed hy any restricting regulating power, Accord
,upy much of this specie wont INTO banks, or col
lcclCd ,opchcr IN the formation Of new banks the
whole continuing to expand and produce speculative
In prices, which, bya rcelprocatng operation, pro-