The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1843-12-01
From the Journal of Commerce.
The Drain OF specie.

/
to insist upon the constant drain of specie
irome3 PIC country by our foreign trade
The fact that our foreign trade has
brought into our country almost all the
specie we have ever had, and that within
the last twelve months it has brough in
some twenty millions of dollars which
now lie buried and locked up in the vaults
Of the banks makes no difference with
them. They still 90 on vociiera,lng that
foreign trade drains the country of spe-
cIe. On the last evening of the fair, the
president Of the American Institute deliv-
cred an address of an hour and a half, in
which he said 'one third of our foreign
commerce was with England and her CO.
Ionies. The balance of her trade has been
against us for many years past, and has
varied III different years, from five mil
lions even to siE millions year. The
Imp0rat.ons Of her manufactures have
been received by us upon little more than
nominal duties, while duties oppressive
and pr0hibitory have been exacted on our
produce exported to her with France
our commerce has been equally disas-
trous. We have taken her wines, silks,
and gew gaws, duty free, and swelling
the balance of trade against us to a great
amount, to be paid in specie
All these falsehoods, and many more
like them, were stated in the face of an
American audience and so grayely that,
we dare say, many The hearers supposed
them truths. The newspapers have been
heraIdlng the price of bills on England
ana france at two and three per cent.
below actual par, and the arrival of mil
lions on millions OF coin TO settle the
enormous balances which our foreign
trade had created against those countries;
yet General IalImadsc has never heard
OF II. lie thinks current Of specie,
mighty rs the Gun Stream, is setting out
OF ms country towards Europe; and this
IS the man who stands III the very C re
OF pro'cflIon--thc sun OF the system.
How great Is the darkness
As to the comparison between the scale
OF duties IN the United States and Great
britain we WI venture any thing that
the duties paid in England upon the total
imports from the United States do not
amount to one quarter OF the sum paid
on the proceeds OF those imports when
brought back to this country; besides the
fact, that great portion of our duties
are entirely prohibltory. The average
of British duties is not one fourth as
great as the average Of AMERICAN duties.
| This same enIlghtencr OF the age IN the
course OF his remarks, stated of England.
that to cripple our whale fishery, her
duty imposed on American oil is2GG l2s
per ton : and that American whale bone
is subject to duty 1888 per ton The
duty in England on train oll-blubbcr, &C.,
from the United States and all foreign
| fisheries. is &c per ton, and on whale
bone zoe per ton. The demand in Eng
land 1t Is which has carried up whale bone
to double its price six months ago, to the
almost Unprecedented price OF so cents
a pound. And the same market has con
tiibuted freely to carry up whale oil 10
It's present extremely high price OF 40
cents per gallon 1t is by such bareiaced
impudcnce as this, that Americans are i'm
posed upon the foreign antpathies arou-
sed, and the selfish objects Of men who
make Congress machine TO tax the coun-
try for their own private emolnmcnts, &C
compl!shed.
Not only are tIle statements of the pres
ident OF this political institution untrue,
but the exact opposite of them is true.
England has placed very'mode duties
on all the products of our agriculture, with