New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1850-05-29
The Thrift and the Times.

smother the facts we have hitherto stated
under an avalanche Of CustOm-llOuse re-
turns, which have been arranged to show
that we are not now running in debt to
Eurore-or at least not to an unusual and
alarming extent. We deny the position and
scout the profered evidence. The Custom
House returns, even if they seemed to prove
what the Journal wishes them TO do, are
utterly unreliable for that purpose. The
Journal goes over a great deal of ground to
show that
"Tbe excess of imports over exports ct this port
in the ten months ending
LIST of May, 1s4e. was -----.s41, OooO92
lat Of Mey, lS49. 4oV4o,oJo
LIST of May, 1880 3'224,OJe
Showing al increase OF about SlO,OUO,OOO IN the
imports Of the last ten months at this port, over
the corresponding months of ls4S, and about sl2
600 900 over the same months Of le49 In the Tor
mer of these years the imports OF the whole coun-
tyv exceeded the exports about S9OO,OOO and IN
the latter about So 900 000 Ii must be recolected
that three.fiths of all the imports into the United
States arrive at the port OF Newly ork' While not
much more than quarter oil the exports ciear
from this port"
This is not so: the proportion of the Ma
tional Exports usually shipped from this
mort is considerably more than ons-thTd.-
But the facts showing that we are now run
ming into debt to Europe with fearful rapid
ity and to an enormous extent are palpable
and glazing. Millions after Millions Of our
National Debt or Stocks have recently gone
and are going cut to Europe. Nearly all
the Railroads now being constructed buy
their Iron in England and a good part Of
them pay for it in Stock, Scrip or Bonds
usually in Bonds. Thus while third of
the Iron-Works of Pennsylvania are now in
the hands of the Sheriff is this caused by
the high price of Cottons even the Rail-
roads leading out of Pittsburgh are to be
laid with British Iron, paid for in Bonds
that is, mortgages on the future Industry of
the country whereby present Industry is
doomed to unwilling idleness. There can
hardly be a merchant so ignorant as not to
know that National Stocks, State Stocks,
Railroad Bonds, &c. are flooding over to
Europe in extraordinary profusion. Why
do they go? Because We buy far more than
we sell. Does any man give out his prom
Uses to pay at future periods for any other
reason than this? How else could they go?
Does a nation sell its Stocks abroad when
there is no balance Of trade against it?
But what of the Custom House returns
whereby the Journal processes to show that
we have imported but Ten Millions worth
more in the last ten months than we did in
the same months Of the preceding, or Twelve
Millions more than in the year before thatl
We answer, these returns are deceptive, be-
cause IL is noe tie interest Of Importers to
s,cear the ralue Of their goods dozen 10 the
7o,rest notch, and in point Of fact they are
constantly swearing them lower and lower.
1t has been already stated in our columns
that the very same descriptions of Wines,
for example, which under the Wing Tariff
of'42 were subject to Specific Duties, not at
all affected by their valuation, and so were
inyoiced 1--WE may fairly presume) at their
actual cost, there being no temptation to
fabricate or falsely value, are now, underan
AID valorem duty, s'oorn through the Gus
TOM Houses at ralaatioas about one-tA'rd
those that Dere alfred to them under the
Tariff of ~. In other words the Wine
which, being taxed forty cents gallon, was
sworn to have cost one dollar per gallon,
now comes in under an AID ValOrem duty OF
one hundred per cent. and is sworn through
as costing thirty to forty cents per gallon;
So that cargo of Madeira, which would
stand in the Imports of 1874 as having cost
$4,000, would stand in those Of '4s-0o as