North Carolina standard. [volume] (Raleigh, N.C.) 1850-1852, 1851-07-26
From the Richmond Examiner.

casbinos of Wing theories OF finance with the ac-
tuaI results of the commerce of the country. Every
bodv remembers Mr.. Abbott Lawrence's celebrated
, letter of prophesies Mr. William Rives in 1916
f his prediction of the inundaton of the country with
foreion goods, in consequence of the tariff act oil
that wear, the nadequacy of the national revenues
Notwithstanding and the universal ruin that was to
s oyerspread the land. Foreign goods in immense
quantities have come into the country, it is true but
onv in payment for unprecedentedly large exports OF
agricultural produce that we have sent abroad. We
have purchased immensely, because have sold
more than it had ever entered the head of Mr. Law
renee that could do. The commerce of the coun-
try has been more than doubled. Unprecedented ac-
tivty and energy have been thereby impaired to eve
ry branch of business, and instead of universal ruin
resulting from the tariff of 1885, the country has at
tanned prosperity which is alike the worlds wonder
and our own amaZement.
! MIR. Webster calculated the cost of the Mexican
war while it was in progress and set it down at a
half million minute, five hundred millions week,
or some other incredible sum which we do not now
recoect. The reports of the Departments show it
to have been somewhere in the neighbourhood OF one
hundred millions from the beginning to the end of
the Mr. Webster declared also, upon official
documents before him the time of speaking, that
the territories proposed to be taken from Mexico
indemnify for the war, not UOr dollar. Du-
ring but the last six months, have received from
California alone, portion of those territories, up
| wards of tloenty millions of dollars. Mr.. Webster
was out IN his calculations on that point of statistics,
in per cenage We suppose about equal to the Brit
ish deb,-say four thousand millions per cent,-an in
conceivable and hopeless amount.
and the Sub-Treasury Bill, statement went the
rounds of the Wing press, proving the utter impossible
lity OF executing the two laws at the time 1t
set down the moneys that would be paid in New
York at some twenty-five millions, and professed
demonstrate the utter impossibty Of counting that
much gold and silver in the time required in transact
lions between importers and the Custom House. The
customs annually received at New York reach now
nearly forty millions of dollars, every of which
is paid down in specie and yet nothing is heard of
those Prodigious difficulties which were to overtake
the money changers.
The passage of the act of 1916 was followed by
large exports of provision stufs Europe. The
Democratic party pointed to these immense sales of
American produce chiefly the result of the estab-
shment OF the free trade policy. The idea rid
culed by The other party, and the heavy expectations
that were making at the time were pronounced to be
The mere temporary result of famine and failures Of
crops In Europe. So it was in degree but how
stands the case during the last four years The
bies show gradual augmentation of foreign ex-
ports, those OF the present fiscal year, when fam
Inc is pretended TO prevail in Europe, being great
In the aggregate as the immense exports of the great
famine year ITSELF The exports of wheat and flour,
for example, have been follows during the four past
years, ending the 3Oth June
Bush Wheat. Bills. Flour.
1913, 2l5,139 1924
1919, 956,4I9 726,979
1850, 43O,329 3O7,S67
1851, 944,I76 I,OIS,672
The proectionists are driven to the wall on every
question they have raised. They hunt diligently for !
commercial ruin in the country, but find none. 1t /
provokingIy prosperous. 1t will not res
Pect their past predictions 1t to take special
pleasure In falsItying even the most iring OF their
proPhesies. For instance, Mr.. Meredith, the Taylor
Secretary of Treasury at the time, in his report of
lS49, estimated deficit the LIST July next lS5O)
OF $6.e2s,l2I, and on the LIST July, 1851, of SlO,-
in the whole, estimated deficit
OF Sl6,3I52l4 10 be provided for, arising from ex-
Penses of the war and treaty with Mexico" And
Congress, acting upon his prediction, so far,
we believe, as TO pass law authorizing loan to
meet the expected deficit. What was the fact ascer-
tanned al the arrival OF these periods! Mr.. Corwins
report of last December announced that on the LIST
July, 1880, there was balance in the Treasury of
$6 go fi-nstead of Mr.. Meredith's deficit of So
S2S, III making difference, against that officer, of
thirteen millions and a iaE!-and the Treasurer's
statement Of the 5th of this month, just published,
shows that balance remained in the Treasury the
lst July, 1851, of ST., 953 $40 IL, instead of Mr.
Meredith's deficit of $IO,547, O92, making another
difference against that officer of ftcenLy-f,vo millions
and n h0B! So far from Mr.. MeredIIh's new six
teen million loan being necessary to be made, there
are funds enough in hand 10 redeem prior debts Of the
government, and the Department has advertised ac-
cordingy. 1t is just that Mr.. Walkers estimate for
the LIST July, 1850, should be mentioned in this
nectlon as illustrating the difference between pro-
found hnancier and the mere political sophist. MIR.
W alker, in his annual report of December, 1sIs
tlmated that balance would be in the treasury the
LIST JULY 1885, of So, 040,5 Mr.. Meredith, as we
have already said, year afterwards, and year
er the period, estimated deficit at that date of &c.,
328,l2l. The arrival of the period found balance
OI SO,OO4,544 substantially verifying Mr.. WI lker,
and completely stu 'tying the Philadelphia lawyer
The revenues from customs for the fiscal year just
EXPIRED amount to about $40 OOO, 900, and the i'm
portatlons of the country to about 5000 900 900 in
value. During the past six months, about twenty
millions of specie have been shipped abroad, whereat
The Wing press find fresh of alarm. These
facts are heraided as the most convincing and appall
ing proof of approaching commercial destruction. c
To the advocate of free trade, and every who
will exercise his for moment they furnish
another most gratifying proofof the increasing wealth
and multiplying resources of our country. The
Of specie from this country during 1850, were
very inconsiderable while perpetual flood was s
coming in upon from California. Since January o
asst the amount received from that quarter has been,
in round numbers, twenty millions OF dollars. What q
amount of specie US during the year 1850 in
he pockets of emigrans, is necessary be stat
ed; but during the past six months, 100000 of those
people have landed at New York alone, whom the C
brokers' there estimate to have brought along with v
hem at least $3.50 each, ST. 100000 in the ag
yrcgate during the six months just passed. The Gus
omhouse tables exhibit importation of specie be-
sides of So, 100000 Thus, least thirty seven r.
Millions of specie have into the country since
he first of January, while only twenty millions have
gone abroad The banking returns of recent publi- Il
;aon exhibit the remarkable fact that these nstitu
ions now hold amount of specie some twenty five
per cent. greater that at any former period. These
Institutions have much of specie as they desire
% keep idle in their vaults Their paper circula- l
ion has increased in the ratio. During the C
asst twelve months, the specie of the banks of the
Union increased from $45, 345 $53 67I, I33, t
hat is to say $500, 7sS. In the period their
PAPER circulation increased f:om $l31 ,366,526 to P