The Columbia Democrat. [volume] (Bloomsburg, Pa.) 1837-1850, 1840-01-18

l. vi ldll. lOduSy H@sO SOOt w
For turnpikes and Mcadam-
lied roads, G,6lS,95S 90
For miscellaneous objects, S,474,694 90
$l70, 0,906,277 90
If we add to the above enormous amount
of state stocks, owned almost entirely a.
broad, the post notes and bonds issued by
banks, cities, rail road, canal and trust COM
panies, and other corporations, to holders
residing in Europe, we shall probably have
grand total of at least two hundred and
twenty millions of dollars, bearing an an
nual interest Of about twelve millions OF
dollars. This latter sum mus! be paid 10
the European holders in specie or its equiv
aent, and may be justly regarded as one Of
the principal causes Of our present moneta-
ry arrangements. Little immediate relief
can be expected from our exports. Daring
the last few years, they have been found to-
tally inadequate 10 cover the heavy impor-
lations into this country. From 1920 TO
1880, the imports into the United States
exceed the exports therelrom annually a.
bout the average sum of three and a half
millions of dollars. Since the year 1890,
our imports, including gold and silver coin,
have exceeded our exports about twenty
four millions of dollars, per year. It's per-
must speedily end in the efIectua prostra-
ton of oar credit, bushes and resources. --
No nation, whatever may be its industry,
vigOr and natural advantages, can maintain
its prosperity and independence against such
oppressive drawbacks as this is. 1t is true
the public debt of Great Britain is a mani
| fold greater one than this, comparing the
population aud resources of the two nations;
but the debt of Great Britain is chiefly due
to its own subjects; the interest paid is re-
tained at home, and continues TO form 1
part of the capital of the country. The
interest we pay, on the contrary, is paid to
| foreigners. 1t is Withdrawn from among
US, never to return unless in the shape O
new loans 10 augment the drains Oh our cap
ital.
Much has been said and written on Tho
subject of our "credIt SYSTEM" within ;
few years past. 1t is one of unqualified
eulogy by some, and Of as unqualified con
demnalion by others. BY many, the banks
have been regarded as the authors Of tha
system, and of course of all mischieis; anC
by others, as Of course, the authors Of al
good. 1t is somewhat astonishing that ih
novel system of constructing canals and raj
roads, and Of building towns and cities, ant
establishing banks by the inslrumentality
Of state credit, as if done by magic, has no
been accredited as one of the most poIen
agents in producing many of the fGcen
phases and phenomena OF the credit sys
TEN. Had il not been for the support u
credit, afforded to our bank spectators am
merchants, by the sale of state stocks a
broad, feeble and vain would have been tn
efforts Of the banks 10 have created an
sustained such an extent of paper ciIcula
ton as we now find in the country--equa
ly feeble and vain would haze been the e
forts OF spectators to have procured sue
heavy amounts of foreign capital, TO en-
ploy for purposes Of wild speculation, an
of our merchants to procure such unprect
dented credits as have filled every store
: house in this country, with goods and ware
: not paid for, while lying upon interest u
= sold, Did the amount TO be loaned to OF
banks by foreign capitalists, and to be lru
2 ted 10 our merchants by foreign manufa
! turers, depend on the mere credit Of 81
Y banks, or the merchants themselves, il cou
s rarely exceed one years excess of rnpo
= lation on about twenty millions of dollar
5 But when the sovereign states volunteer
endOrsers for the banks and corporation
( aRd in effect, draw their kill Of exGAaag