Herald of the times. [volume] (Newport, R.I.) 1830-1846, 1840-02-20

exercise q saluisry influence over the foreign
trade, and to keep within iolcrable bounds
our imports, uatil the close Of the last com,
mercisl year Of is existence, which expired
the Both Of Sept. 1885. This, Mr.. Woodbury.
in his last report on the state Of the national
finances. incidentally but innocsnty COZ
Toborstcs-
"Thus in 1891. 1882, and 1898 prosperous
but not speeuiatilg years, IN the interior
scarcely q single loss is supposed TO have
happened among receivers. though some were
ihen reported for SUIT on previous defaults,
and the same may be said OF collectors then
and in 1885 prosperous but not specuiaiiag
years on the seaboard."
To show how exactly the regulation Of our
foreign trade has gone hand in hand with the
existence Of q National Bank, with sufficient
powers to control II through the exchanges,
! would refer tho laboring man, I'm which
term ] include practical farmers, and who ]
know by long experience prefer looking at
facts rather than labored argumenis.) To the
Secretary Of the Treasury's last report, to
examine for himself II" will there find, that
during the existence Of the first National
Bank, which included in its term Of existence
l9 commercial years, commencing the let OF
Oct 1891, aud expiring the lst Of Oct lSl0,
the excess Of our imports ovor the exports
amounted in the aggregate, 70 262,OOO.OOO Of
dollars, IN round numbers, or about $4,000 600
dollars annually. This was during a period
when, in addition to The freight and profit on
our exports, we received very large sum for
frcighing the products OF foreign nations
We having the carrying trade Of nearly all
Europe during the wars following the French
revolution, as before stated. The proceeds
Of this carrying trade. of course should be
added to ourexports, which lessen the balance
probably Eve millions year, about what the
profits and ireghts Of exports would paw.
From the 30th Of Sept. 1910. to the Both Of
Sept 1916, were six commercial years-em-
bsaced in the period between the expiration
Of the charter Of the old y. States Bank and
the commencement Of the new. In those six
years, the excess of our imports over our ex
ports, amounted in the aggregate to l59 0OO,-
600 or 26, 500 900 dollars annually. This was
period when we were, great part Of the
time. at war, and reaped no profit from the
carrying trade at all, but depended entirely
upon our exports to pay for imports. Taking
this into considerations the excess Of our i'm
ports wa, at least twice the amount over
onr exports, during the period we were with
out a National Bank, ss compared with the
period Of its existence. Again
From The Both of September. 1916, 10 the
30lh Of ofSeptember, 1895. were 10 commercial
years embraced in the period VI The exl'tence
Of the late u. States Bank-we find the i'm.
ports to exceed our exports 1919 millions OF
dollars in the aggregate, or 1O,5OO,OOO dol
lars annually-about what the ireights and
profits on outward cargoes would probably
pay, with The addition Of what specie was i'm
k,,I Al.
course of trade allowed TO remain, which was
probably not less than 40 0000U0 Of dollars,
from the commencement 10 the close Of the
u. States Bank. in 1896.
From the 30lh of September, 1885, to the
30th Of September, 1889, embracing period
of four years, we are again without Nation
al Bank to regulate our commerce, either
Domestic or ForeigD.-In those ! years, We
find the aggregate Of our imports over our
exports To be 1913 million of dollars, or the
enormous annual sum Of $4,000 600 Of dol
lars, exceeding more than three fold the ave-
rage Of the excess Of imports over the exports
for the nineteen preceding years, As stated.
Thus 1t will be seen TINT our foreign trade
was kept within bounds until the close of the
commercial year ending Both Of Sept. 1885,
five months before the expiration of the char
ter of the y States Bank, which expired
March 4, 1896. But now with no longer a
National institution, 20 watch with its Argus
eyes, the state Of our exchanges, both foreign
nnd domestic, and by the action Of its branch
es maintain an equilibrium and at the same
time prevent over issues of the State Banks
the raging spirit of speculation comnnni.
Gated itself To our foreign trade, and our i'm.
ports increased for the year ending 30ib
Sept. Ie3G, to Is9 $50 OBS dollars, being an
excess over the imports Of the preceding
year Of 40,OS4 .293 dollars, and an excess
over the exports Of the same year, (lS36.) of
the enormous sum Of 6I,3l6,995 dollars
From which sums, after dcducting the cost
Of freight and profit, ION exports,) together
with what State and corporation bonds or
stocks might have been RENTED and sold in
Europe, and applied to the payment Of Rail
Road Iron and other imports, or the proceeds
drawn fer by bills Of exchange, and thus ap-
piled TO The payment Of impors-sfter their
Deduction there could not remain much
less balance than 100000 Of dollars to be
RENTED to Europe in specie. The Atlantic
Banks we're obliged on the one hand ,o fur.
nish the coin for the European demand, and
probably more than half the same amount for
the western lands, through the operations of
the specie circular-heavy deposites being
kept in the min,s Of the U. States at the same
time, under the pretence Of coinage. A
these circumstances, added to the mode
adopted in tho division of the surplus the
heaviest drafts also being made on the east.
srn deposite banks. without regard to the
relative amounts "a compared with the west
erD aud south western-altogethcr proved
more than they could bear, and after sacrl-
fce Of thousands Of individuals. they were
obliged TO suspend. So exactly were the
demands, by the Treasury drafts, graduated
TO the ability Of the repositories, that the
Mississippi deposite banks (the first which
suspended,) stopped only two or three days
preceding those Of New York-which were
quickly followed by nearly every bank
throughout, the Union-leaving about "a, 500.
600 dollars Of the public money in their pos
session-sll Of which has however since been
paid with the exception of l,l50,0O0 dollars,
which will probably be paid the ensuing year.
BY the Secretary's report to Congress, at its
extra session, in 1887, it appears that linme-
diately after the suspension, 1.-THE report being /
mnde June I5th.) there were in the Deposite |
Banks "a 57l ,707 dollars Of the public money |
of which sum 1851 .44l dollars was in the /
Dcposits Banks Of the western and south
western states.--In some Of which the public
dcpnsitcs greatly exceeded the capital Of the