The Madisonian., 1840-01-01
Pu,hc Dcbt and 1reasuyp Notes.

II Pubi,c Dcbt aud Treasury Notes.
| The condition Of The small remains Of the funded
debt has moi materially altered Sinca the as annual
report A statement of II, with the several payments
/ made within The year, Is herewith exhibited
Though incommoded by repeated pressures in
| the money market and suspensions Of specie pay
! nents by the banks wilhin the three last years he
interest and all The principal due on that debt, as well
as on Treasury notes. have been puncuaily paid in
/ specie whenever desired.
/ Not more than one-iourth Of million OF the first
and second emissions, and Two millions and half Of
/ the third, will probably remain outstanding at the
close Of the year The former emissions have been
/ Tor some months redeemable, but the last one does
nl begin 10 be III! March, lSi0 excep previously
offered in payment OF public dues The aggregate
OF lWo millions and three -fonrlhs Of principal is
therefore all that il IS computed will be unpaid OF
nearly twenty millions which were issued since Oc-
t2ber 1857, in consequence Of iudu gences granted
TO the merchants on their bonds and the banks on
their depose debts. AT one time has the amount
OF notes outstanding baen allowed 10 exceed ten mil
lions, and the present very reduced aggregate, un-
redeemed, IS less than the sums still owing from The
banks That suspended specie payments in 1887, and
from the Pennsylvania Bank ol the United States on
| is bond due in September next and might with
ease have been paid during The present year. had the
money been received on those claims.
Exports and Imports nifhia the mccial year, S39
The exports during the year ending September
30, 1889, computed 10 have been $llS 359 004
This IS S9,Sl23oS more than those in The 1898.
foreign origin, and of the excess in exports over
1888, only about five millions were domestic pro-
duce
The imports during the same year were about
Sl57 609 $50, being The very large excess of $i3
49,, 1856 over those during the previous year. This
may be solution OF portion of the pressure in the
money market The difference between the imports
and exports, being S39, ,250 556 in favor Of the for
mer, IS arger than in any year. except three, since
1889, and /, much largerthan any difference in Tie
valuation Of the same articles with ne profits IN he
foreign trade added l. must therefore except so
far as reduced by an unusual quantity OF goods
signed here from abroad, andvet IN store unsod be
very decisive evidence OF an increased lndebled
ness by this country 10 other nations. And except
so far this new indcb edness may consist Of stocks
sold and the proceeds returned here in merchandise
1t must furnish another proof OF one immediate
cause oi the present pecupIary pressure.
The history Of our commerce during the twenty
years from 1918 to 1888, presents singular change
in the last half u that period which tends strongly
10 illustrate the correctness OF these suggestions.
During the first half of il the excess oi imports over
exports only about seventy five millions OF dol
lars or in the proportion OF near seven millions and
bali annually on The average.
Bu. during he las, ten years OF II the excess was
near two hundred aud twelve millions, or over
twenty millions annually; and thus more than TWO
hundred and hty per cent greater than it had been
Surprising hal the seven and half millions were
composed principally of the fair profits and differ
in valuation, The excess over that rate in the
tile, State, or corporate II equals one hundred
ana thirty.seyen millions before 1889. The debt
thus computed 10 have been created abroad, by
stocks and otherwise, within that periad will, with
the amount Of previous indebtedness, form ag-
gregale quite as large has been estimated BY many
from other data
Further particulars, possessing general interest
and relating to This subject during The last six years
are exhibited 10 the statement annexed Additional
information OF some Importance concerning our ex-
ports and imports, from the commencement Of the
Government 10 1888 inclusive, has been prepared,
and is subloined IN other tables. These tables are
intended to be ia form convenient for reference,
and are calculated by easy as well rs extensive com
pars0nS, TO throw new light on several subjects OF
commerce and other branches 81 industry counected
with the finances. They exhibit not only the whole
exports and imports in each year, but the eonsumP-
lion OF the lalttr, aud the changes IN The whole az
gregaie value Of each principal article whether e1 |
poned imported, and the progress oil our iole'gn
trade 10 and from Stite Taiey, - "a uach
as Is Practicable, and To aud IRON each county "
much commercial Importance abroad. ieW 81
The most Siiking results are condensed ~ a note.
Estimates III Ae Rsecirts and Irlendfprcs ~ lao.
F5r reasons hereafter 10 be explained the re-
O. pts into the Treasury, the ensuing year. cannot
bc estimated so high as IN 1889 '