The daily crescent. [volume] ([New Orleans, La.]) 1848-1851, 1848-09-14

We copy the following from the Commercial
Times Of yesterday morning:
=" brief summary of the foreign trade of the United
States from the ongn OF the Government. is here submitted
and viii no doubt prove interesting TO onF reales
The oiai Nane OF domestic exports and OF imports con
sne the net revenue and the avefge revenue per annum
ssieh table below. which has been condensed INTO
mods OF ten yeas from the details OF ate Treasury report and
made the basis OF calculation showing the ratio of imports
consumed and domestic produce exported annually to each
pson the United states. according TO the
This presents for the consideration OF Legislators
BY whose policy aonal wealth mater ally affected
Ey reference to this tab", viii be that the imports
are s3,42 600 600 and the domestic exports 1888 UOOOOO
leaving Of $i2S 90 0CO 10 be paid from
eaPItt and labor For this object ho.ever the sum OF
SSl $50 600 specie which has been imported and above
the dram OF the same article from the nled Staes should
ihen be s5l OOOOOO as consumption more than supply In
commorcla sense:
mark which pregnant with meanng-a volume could not
express the idea orciby. Some twelve teen years
the European KIT, inquiry made of the Messrs.
Rqsc}Id why they did not purchase Their reply was,
1t Is bad sign to nation people TO sumo
than they produce" They declined embaking in our
national credit. From $50 10 1896 inclusive the
poole OF The United States consumed 81 600 900 OF me-
duct Their labor only 81 OH oOo thus creating deficit
OF Sj}W00W III seventeen years-elUa TO SIP WOQO per
annum No wonder al the commercial d astec, OF 1867,
as a conseGu nee Oh such vast oyertraG!ng Since that
time, IT, exports OF domestic produce have amounted TO
$slHJ"V more than the mno';' .on.nmed-an argument
prfc wing rs force louge stand aoot they have recently
pad a premium Tor L nited states bonds.
We have inserted the above fer the purpose of
calling The attention of tie worthy conductors of
the Times and that of commercial men generally
to the itacy of the conclusions arrived at, from
very plain statement of facts. Tie excess Of i'm
ports exports, according 10 tie statement, is
Si25, 900; but it seems that this calculation does
include excess of ISL 900, 900 in specie i'm
ported beyond tie exports Of the same article. The
amount Of specie in excess added 10 the Si2s OO0-
,nf, ,l.
during the time referred to in the statement exceed
the exports by the SUN OF SJU1 100000. Now if
We owed nothing abroad for this excess it must be
apparent that having given five hundred millions
loss than We received in the trade, we must have
made Just that amount of profit by the TRANSACTION
instead OF getting poorer, therefore, by exporting
less than we import. We become IN Just the same
proportion richer. But it may be that do owe
something On this excess. Our mere ants may be
indebted 10 the merchants abroad III few millions
though we imagine rhai taking one year with
another. the balance is nearly preserved. The only
drb,s OF magnitude which We abroad, are the
deDis contracted by the General Government.
those of the States, and IA few Corporations. Pur
Them all together and the amount of this stock held
III Europe would perhaps reach $50 $50, 0OJ this
deducted from the excess of our imports, would
show that we had made on our foreign trade about
$3.50. 100000
TIE idea that a nation grows poorer which i'm
Forts more than II exports is so far from being true.
that the very reverse is the truth. Ii TIE exports
and imports of Il naion--that is all lis exports and
imporS-exactly equa! each other the nation is a
loser hv the trade. Thus the United STATES export
10 Europe corn Of the value of SO 100000 valued
ut the point of expiration. it receives therefor
$lOOO0.000 in cash manufactured goods. valued
at the point of importation. Ii has clearly made no
profit has, on The contrary, lost the interest ON
the capital while IN tnWSj'H. ali of freight and in
suramCe. What is true of the corn is true Of every
thing else So it must be perceived that if we do
not import more than export we mast be the |
losers for it will be recolleced that in anv state
menrs made of he commerce of the country both |
the imports and exports arc valued al our own |
CustomhOuses
The remark of the MeSsrs Rohschd 10 which !
the Times refers with omuch confidence the editors
OF that Journal do not We apprehend, understand |
The JIess.S. Rolt>chi}d are lwo well versed in the
science Of political economy embrace the old and
thrice exploded doctrine of tie balance of trade -
They refused 10 take our bonds in 1896 because
we, an agricultural country, Were importing wheat
from the bauc. ana borrowing money to pay Tor It. !
This was consuming more than We produced. and !
deseryedy destroyed our credit. We have since /
supplied our own CONSUMPTION, at least of bread |
and exported some to pay old debts. and thus |
restored the credit which had lost The MesSrs. /;
Ro,h~chi would hardly imagine, in their own /
ca -. if they sent out more than they received in
return. that they Were improving their fortunes.
and they quite too shrewd TO believe that what
Nya5 uue in their case would not be true in the !
case Of nation. or of all Tie individuals With /
lompose it, - The Times is out Of joint"