Weekly national intelligencer., 1851-01-25
THE BALANCE OF TRADE.


As the Washington Union Of the l4th instant
contains extraordinary editorial respecting our
/" Grave Reflections" we beg leave to submit re-
joinder. Although our country is prosperous, he
seems to regard its ruin as inevitable, unless Con-
gress should promptly modify the Tariff, and so
regulate our Imports by restrictive and prohibitory
duties, as to prevent continuing excess OF import
over export" Now, we did not say one word
about "prohibitory duties - on the contrary, we
alluded to the fact that high tariff had become an
I" obsolete idea" Furthermore, we neither sup
posed nor said as is alleged in the Union that the
country would be "ruined'' by the operation Of
the existing tarif-not word of the knd-but
we did say, in substance, that, whilst our imports
continue so much larger than our exports the whole
business of the country is in jeopardy, and any one
who ever taught or learned the simple rule of three
should understand the matter. In order to contrl-
butte to the permanent prosperity Of the country,
or, in other words, to prevent occasional CONNER
cial and financial revolutions, there should be some
restraint upon imports, but no high duties, neither
should there be prohibition. The Union says:
"If he will read what have written within the last ten
days in reply to the tariff argument of Mr. Corwns report
he will find all his questions difficult he suppose
them TO be, fully answered"
Well, we have not read them, for the simple rea-
son that we do not take all the papers in these
parts !" but if the worthy editor (sociay speaking,
and in regard to his private life and private acts,
far as he knows them, the writer will stand up for
him to the last syllable of recorded time will
furnish through the Editors Of the Intelligencer
with copies, will give them most respectful at
tention but if his review of Mr.. Corwin's report
be as theoretical as the following, we may not re-
ply to it. "Rappahannock is alarmed because there
is an excess of import We beg him to reflect a
moment before he surrenders himself to fear. Let
him consider our export is worth $l0OO0O,OOO.
That is the fund with which purchase commodities Of
foreign growth and production Suppose able pur-
chase with only $780, 600 worth Of foreign products then
Rappahannock, following in the footsteps of Mr. Corwin
would say that commerce is not injurious Suppose now
that foreign nations willing to give $780, 900 surplus
for export, or which is the thing, suppose
port is worth foreign markets twenty per cent than
it in the United States then there would be an apparent
balance Of trade against and according Mr. Corwn
and the In,ellsencers correspondent going ruin
with rapid strides, because the value of export is in
creased"
Now this is all brutum ulen, which shall be shown
in few words First following in the footsteps
| of Mr. Corwin" As plain and obscure, never
even Mr.. Corwn in the White House,
in the house Of member of the Cabinet and, in short.
never in Washington excepting in boyhood to ask
for mdshpmans warrant which refused, and subse
quenly passing rapidly through the District The writer
asked any other favor Of any Administration and
never shall.
We to the sage speculatons of the venerable
editor The idea of receiving in for hundred mil
lions only hundred thousand dollars absurd sup
posous case, and therefore has bearing the subject
whatever The other speculation proposition, that foreign
nations might be willing give hundred and twenty
millions for exports of hundred Millions worthy Of
notice, as it may occasionally happen and pcc 1t has
sometimes happened and will happen again, that
ports for given year pay in the aggregate handsome pr.6s
but regret cay that oener the boot the other leg
So too it also happens that under any rate Of duties there
have been years Of profit mpors-erainy large profits
among certain class since 1885, under the present alarming
system Of frauds. But, after ALL the balance Of trade
only be accurately asceained by the rate of foreign
changes If for example, the balance Of trade is against u.s.
coin exported ca he other hand, II coin imported the
balance of trade is in our favor, which is always ndcve
sound condition This and this alone settles the question,
and the editor of the Union may promugae his theories till
doomsday, but upu fixed facts" But as to an
other assertion Of the Uuon. ssWe have already shown
the acy Of Mr. Corwins theory; and have shown that,
as general rule, commerce is valuable in proportion TO the
of import eaport-that being the profit
arising from commerce."
To prove that this assertion, which any Virginia piney
woods school boy should be ashamed Of without foun.
daon, let give facts and facts recorded and ndeby
corded the memory of hundreds of thousands of men
living. Assertions stand against facts and he who
prefers the former the latter and should 60 to the
WALL noens pons If the editor will refer to the returns of
the Secretary of Treasury for four years previously the
year 1887, he will there find record showing that our i'm
ports greatly exceeded exports and the
against consequence Of the advance above par
value OF foreign exchanges that the banks would have been
swept of nearly all their coin if they had prudeny or
them) suspended payment. But this not all. The
whole business of the country thrown into confusion
people into state Of CONSERVATION, and the depreciation Of
property throughout the land estimated three or four hum
dred millions of dollars.
We have thus recoun'ed the facts and now respectfully
ask the editor Of the Union reflect upon his assertion that
general rule commerce is valuable in proportion the
excess of import export that being the profit
arising from and whether it should recalled
with apology to his readers for assuming posi-
| ,on without sufficient reflection and Investigation
Come, "wouhy father" make the an,ende honorable
ALL including the humble writer, who born you,
and has often enjoyed and still holds in vivid recollection
your agreeable company
But few words more, and must be done with the
Editor Of the Unon and bis assertions, because
| about to take wing for the tropics.
As the Editor insists upon that the wealth of the country
depends large imports and small exports, or, in other
words, buy than sell in order grow rich,
will bring this question home him by asking few