The pilot and transcript. [volume] (Baltimore, Md.) 1840-1841, 1840-12-14

still remain unsalSned, must, II IS pTesuneus
be 10 that condition some accident, which has
prevented arequest to be made for payment.
Nor has any oft, which was incurred since,
fallen due, without being discharged whenever
claimed.
The whole balance Of the four emissions Of
Treasury notes made since October, 1887,
which was outstanding on the list instant, a
mounted Only to "a 433, 1928. This is but 81,
SIS, 4ss more than at the close of 1889, not
withstanding the great decline in our revenue
since, and the Unexpectedly large expendi-
lures of old appropriations connected with the
Florida war; and the further adjustment of
claims in behalfOf Indians.
Had these events not happened, less even
than that amount of notes would have been IS
sued, and the Treasury might, with ease, have
redeemed within the year all that were out
standing.
1t could have done the same, also, with most
of them, had Congress, at the last session, pass
ed the declaratorv act concerning the tarif,modi-
fed the system of drawbacks to correspond
with the existing duties, and adopted the pro-
positions made for graduating the price OF the
public lands, as well as forming new land dis
tricts
It must be gratifying to learn, however, that
though incommoded by the failure Of those
measures, and the unexpected circumstances
before enumerated, the Department has been
enabled, by other means under its control, to
redeem every note presented, and to pay, with
punctuality, all debts that have fallen due.
The credit of the General Government has
thus been preserved so high, that, instead OF
sacrificing its securities at large discounts, as
in this and foreign nations some have been
compelled 10 do with public stocks, the Trea
H., ~ fba
year, though never bearing an interest higher
than rs per cent. and subject even to the
stoppage Of that, after sixty days notice.
In fine, Oh review of the whole subject, our
situation respecting public debt of any kind
will be found most favored one. Regarded
as an indication either of the good state of the
national credit, or of the ample resources of the
General Government, or the discreet legisla
ton relative to its fiscal concerns, it will be
difficult to discover many eras more prosper
Gus in these respects, whether in the annals Of
this or any other country.
". The exports and Imports within the year
ending September 80, 1910, exhibit several
striking peculiarities. While the foreign COM
merce ofthe country constitutes the chief basis
of the revenue of the General Government, and
is indicative of the extent of our surplus pro
duce, the statistical returns in relation to the
subject must excite constant attention among
statesmen and political economists, as well as
merchants.
The exports during the year are computed to
have been S131, ST. $50. This amount is quite
&IO. 543. 534 more than in 1889, notwithstanding
the reduced price of some of our great staples
and is larger than ever existed before in our his
tory.
OF the whole exports, only S17, sos, 1873 were
of foreign origin. This left those of domestic
origin at sll3, ,617, being S6,S45,937 more
than in any previous year.
The imports during 1910 were about Sl04,-
sos ,S91. This shows the great falling off from
the previous year OF 57,2S6, 241. 1t furnishes,
likewise, the principal explanation of the extra
ordinary diminution which has occurred in the
revenue from customs diminution, however,
which has been caused, in part, by evasions of
the laws, new judicial constructions left uncor-
rected, and the payment of toe large sums for
bounties and drawbacks, under an omission in
the existing tariff, to reduce them in a ratio
equal to the reduction going on in the duties.
| The difference between our exports and i'm
ports has usually been in favor of the latter.
Several years ago it ranged that way about seven
millions of dollars annually; but, OF late, the
average has risen to near twenty millions annu-
ally; the excess of imports having been, in 1886
even, SCI 316 1896, and in 1889 Sal ,063 ZIG. But
during 1910, the extraordinary occurrence of a
reverse in this state of things has taken place
| Such circumstance as the exports at all ex-
ceeding the imports, is believed to have happen
ed previously only six times since the Constitu-
! ton was adopted; and then, never to an extent
beyond S7,9l6,S3l. Now, however, without
! any imitation, and in some important articles,
under contraction of prices, the excess of ex
| ports is not only more than ever was known be-
fore, but quite threefold greater, being computed
to equal 500 ,059.
This excess having failed to produce the usual
corresponding increase of imports, but, on the
| contrary, having been accompanied by dimi-
mutton, never previously equalled in amount,
EXCEPT under the influence of the embargo in
1905, the whole matter furnishes another proof
of the hazardous fluctuations in the chief source
of our present revenue, which Congress has
been requested SO repeatedly TO guard against by
some permanent provision.
II is also strong illustration of the probabili-
| tv of the conjecture expressed In the last annu-
al report, that the country had become alarming
ly indebted abroad; in part on ordinary merean-
tile credit, but chiefly on stocks OF corporations
and States
To meet what would soon be due for interest
alone, it was then supposed would require
twelve or thirteen millions Of the EXPORTS and
which, in that event, would of course furnish no
|
low yearly, till the old stocks arc redeemed, un-
less new ones can, for some time longer, be sold,
and the difficulty be thus deferred, though mere
ly at the expense of increasing the whole ulti-
mate Indebtedness.
But it is a source of great satisfaction to wit
ness the Indications which the unprecedented a
mount of exports, during the last four years, has
given of tne continued prosperity fthe country
Notwithstanding some depressions IN particu-
lar branch.s of business, or in particular places,
the general prosperity has been such as to create
large surplus of products, and to enable us
to send abroad immense and increased values OF
them, however great the complaints have been
as to low prices.
These dficial records are some OF the most
authentic tests Of truth, amidst contradictory
conjecture, on topics like these. They show
that we have been able to spare, in exports OF
domestic productions during the last four years.
quite S4Os s94, 743 in value; which in no Previc-
Gus term IF that length, since the adoption oil
the Constitution, have they exceeded S359,44f,-
622. Except in the last two series OF four years
GD3Q