The pilot and transcript. [volume] (Baltimore, Md.) 1840-1841, 1840-12-08
Communicated for The Baltimore Patriot.
BALTIMORE, Dec. 4, 1910.
To JOHN BRocKENBRoUGH, Esq.
President of the Bank of Virginia:


and those of the city of Philadelphia, which
NAV eyentuate in determination TO haza I'd
another premature resumption of specie pay
ments; and believing such measure, at a pc
Rod so inauspicious to its successful maintain
ance to be fIaught with much danger. Ibeg
leave to suggest the inexpediency of change
of position, by the ron-specie paving Banks,
until iudicious system of policy devised for
the permanent regulation of our financial and
commercial affairs, shall have been authorized
by the new Administration, after the 4th of
March ensuing.
The causes, which have produced the late
suspension, are still in operation, and will con-
time to affect, prejudcially, our monied In
stitutions, until removed by the strong arm of
Government, in the adjustment of our interna.
tional trade upon terms approximating to re-
ciprocty of advantages, so as to reduce our i'm
portations TO a standard accordant with our ma
tural means OF payment-the surplus product
of our soil and industry. Until that important
desideratum can be consummated, or measures
adopted for its successful issue, in vain will
the Banks attempt general resumption spe-
Gle payments, with well grounded assurance
of its permanent continuance.
That the ruinous inequality of our trade with
Europe has been the primary occasion of the
endorsements in our monied concerns NAV
be signally exemplified by reference TO the an
nual reports of the Secretary of the Treasury,
which exhibit depressing Eexeess of importa-
tons, beyond our exports, being equal in one
year ending the 3oth ofSept. last, to thirty nine
millions two hundred and fifty thousand five
hundred and fifty-Six dollars, and the imports
ofthe same year, free from duty, were seventy
six millions-20,7 65,000 of which were from
| England, and twenty two millions from France
| VIII, Jrrao 81 chic
of our national commerce, it is no less remark
able than commendatory to the Banking Insti-
tutions, that they should thus far have withstood
| the unceasing pressure, and maintained their
credit without denying the required facilities,
on limited scale, TO sustain our merchants, and
il is another proud evidence of recuperatiye
powers of the nation, and of the value of the
credit system, by which they have been stimu-
lated and upheld.
The use of credit, in the shape of paper is
sues has been long recognized in the United
States, as productive of incalculable advanta-
ges; and since the quantities of gold and silver
within our control, are wholly inadequate of
themselves to conduct the operations of COM
merce, which have increased in a twenty-fold
ratio to the supplies of the precious metals,
that system must of necessity still pursue the
even tenor of an unimpeded progress, and as the
recent expression of public opinion is favorable
to its continuance in preference to metallic cur
| rencv, even if it were attainable, all parties
should concur in support of cur existing monied
institutions, repssing perfect confidence in their
ability at distant period to redeem their obi
cations in specie, and to grant the usual facilities
| to trade-but the action of the National Legis-
lature, regulating our foreign commerce, must
precede resumption, or it will prove abortive
Our Government has not only greatly reduced
| the duties on articles of necessity and general
consumption, but has admitted, free of duty,
! twenty millions Of merchandise, in one year.
! from France, which come under the denomina-
ton of Injuries, while France, by way of recip-
| rocation, derives a revenue of about three hum
dred dollars per hogshead upon our tobacco.
BY the report of Mr.. Dodge, late special agent
to Germany, addressed to the Hon. Daniel Jeni-
fer, Chairman of the Select Committee on To-
baGco, it appears that ''Europe levies revenue
| Of about thirty millions of dollars ON one hum
= bred thousand hogsheads of Tobacco, which cost
e in the United States about seven millions. Eng
Y land alone levies 81 200 on about $4,000
hhds, in the form of duties, excise, licenses
/ &c.-being equal to two-thirds of the expenses
of her navy, and to the whole expenses of the
Government of the United States"
One of the principal items of importation from
France, under the class of luxuries, is silk, now
exempt from duty, but subject to 20 per cent
prior to the compromise act and the effect of the
repeal has been an augmentation of its censump-
ton IN the United States, deterioration ir
quality and an advance of prices, attended by
injurious interference with our own manufac
lures
BY the reports from the Treasury, it also ap
! pears, that, during the ten years between 1928
and 1888, tie excess of imports over exports wa.
, upwards of two hundred millions of dollars, Of
= over twenty millions aRnually-added to which
the excess herein before stated for the year 1888
of S39 $50, $50, forms an aggregate of about two
hundred and fifty millions OF dollars; and as that
excess must have been pnid chiefly by the sal'
of State or Corporate Stocks, and the hypotheca
> ton of other American securities, they now con
a stitute deferred debt, equal, probably, to two
hundred millions of dollars requiring the annua
!. payment of at least twelve millions for interest
y 1.-THE amount above stated was due to our owl
= people, no possible injury would be sustained
y but being otherwise it viii prove exceedingly
= burthensome to our commerce.
u Great Britain, for the last half century, ha
n created the largest public debt of any other ma
er ton in the world, but large as it is, she ha
ID maintained unimpaircd the national credit, alik
oil in periods OF war and peace, and during also
suspension of specie payments for upwards o
twenty years-and how has it been accomplish
n ed BY her superior industry in the fabrication
to and expectation of the products of her labor he
,e extensive revenue system, and the use of wei
regulated national paper currency. The debt
- being contracted exclusively with her own cit
zens, the duties and taxes levied by the Govern
J. ment are promptly repaid to them, directly or in
IS directly, in the shape of interest or dividend
- upon the funded debt
it Should England adopt the popular measure
a. free trade q do not mean the exparte regulation
f. which now exists we would be enabled in
at very few years to redeem our debt by feedin
= her population with our bread, which she nov
re excludes.
: In adverting to the condition of the Banks
of it IS well known by the reports of those in Ma
OF ryland, to the last Legislature, that they hav
ne been conducted with great caution and discre
e. ton; and yetin the untavorable condit on of GU
er foreign trade it will be imprudent for them +
to resume the payment of coin at this crisi:
ID Should they attempt it, they will have quit
ut enough to do to sustain themselves without re
or gard to the wants of the merchants, and GU
A. market will be glutted with goods for accoun
l. of British manufacturers, who have extensiv