The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1852-02-07
Cypor,at,on of Coin.

bug DenT~, HUuAt inc tnOlHDus VI INNit
which is being exported to foreign countries
Secretary CorNin has figured it up in his report
to amount. for the past year, 10 s29.2Sl $50
while the imports from foreign ports, as exhibit
ed in the same repor:. have only reached si,eCI
sol leaving balance against the United
States of S24, 26S,S79.
These facts startle the wings, and they cry
aloud for protection against this runous policy OF
our government which has caused so heavy an
exporta,i ion Of the precious metals from Our
shores, and, without enquiring wth,r it has gone,
and for what purposes it has been shipped, they
take il for granted that IT has gone to pay for
foreign manufactures, and that, unless the United
States effect such modification Of the present
tariff laws rs to protect own manufacturers
against this foreign competition, the country will
certainly be ruined
Now, we think it can easily be shown that no
legislation by Congress could prevent this "dcdi,,
Of specie rs i. is called unless we should do as
spain did at one time, pass a law prohibiting the
expectation Of the precious metals, and then We
would doubtless, also share her fate. Our pro
duce exports during the past year show but
very small difference, if any at all, from our
imports during the same period SO that either we
have sold our cotton tobacco, and bleadstutf, for
gold and silver which was brought home without
passing through the Custom House, and there
fore, not rrinuted upon its statistics, as is the case
with millions Of dollars that are brought in by
.mgranis. or ne have exchanged them for TO-
reign products instead Of paying money fol them.
The latter has unqucs,unaby been the case.
What then, has caused this ".pece drain r. en-.
quires some trembling Wing, after reading Pre-
tdcnt fIllmore's message or Secretary Corvns
Report. We answer. our foreign indebtedness.
Will any of those terrified wings enquire how
we became indebted to foreign countries If SO,
we answer, not By buying their manufactures on
credit, But Ri BORROWING THEIR MONEY, with
which TO build our canals and railroads, about
which the whole country is in such fever at the
rre,ent time. Are the people Of this state not
yearly ling their hundreds of thousands Of dol.
lars in the shape of a two mill tax" besides the
entire proceeds OF the sales of our canal lands
wards paying interest on and replacing money
which We imported years ngo, and which is now
foreign deb, Has not almost every state in the
Union a similar debt. upon which instalments
an the principal and Of interest are yearly being
paidi All winter agents from this country have
been in Europe trying to effect alOan ofsl7 ooO,-
600. to be expended in building railroads in this
state; sum equal to more than twothirds Of
our entire expectation Of specie dr'ing the pas,
year. Had they succeeded. all this would have
had to be paid back again, in the course OF years,
and we do not presume that any wing will pre-
tend that such modification in our tariff lava
could have been made as to have compelled tie
Rothschilds 10 take in return our corn or pork
but" Gays one, 'this borrowing and pay.
ing back again is not done by shipping backward
and forward the money but is carried on through
bills Of exchange, and that millions may be Dor.
rowd and paid in Europe without dollar ofspe-
Gle crossing the ocean Very good, then why
not pay for your foreign imports in the same
wayi But We admit that much of our financial
intercourse with foreigners is done by a system Of
exchange, yet it is evident that not all is. We
have seen the foreign Indebtedness Of the several
States, Citios, Canal anl Railroad Companies,
Corporations &C. in the United States, estima.
ted at about SiSoOoO,ooo Surprising this cs.
innate to be correct, an average of six per cent
per nnnum interest upon this sum would alone
amount to 100000, besides vha, is annually
paid upon the principal, m amount almos, equal
10 our entire expectation Of specie during the past
year anil considerably larger than the balance
ngains. u'. VIII it then be pretended that all
the interest upon our Indebtedness was psid
through exchanges and the s2i.osss7a paid for
foreign manufactures e,hink not. ,hough il i;
were would no, eject tie idea we wish 10 convey
namely, that the specie exported is caused by our
foreign Indebtedness mud no, BY our tariff laws .
and e.uuus, therefore, be, either checked or aug
'nenied by any action Of congress: and further.
more, that It can have no "ruinous effect" upon
our commerce or our manufacturer, as i, would
have occurred under even prohibitory tariff
IL strange what fear seems continually TO
pe'vade the wing party Of the eoun,ry's being III.
'"N' - ''iN'sH competition IN our industrial ]
md manufacural interests. When We lool
around US and see the gigantic improvements.
which are now going on with Incredible rapd,y,
developing the wealth and resources of our coun
try are we likely to be startled by any danger Of
our eountrys going to ruin I In every direction
may DO seen substantial evidences of increasing
wealth power, aud national stability. There i,
not state in the Union ,ha, /. no, engaged in
'ome valuable public improvement. In every
department Of industry labor, II properly direct,
ed 10 meeting an adequate reward Tho arri.
r'ea'su'a! Interests, though not realizing 4, large
profits as they did during, ard tho year suce,,d. |
ing the famine year" in Ireland are never,he,e,.
ina heal,h'a condition; our vas, mining interest.
manufacturing pursuits, and especially our com.
rneree, are all iaa highly prosperous condition.
and Indicate degree Of prosperity under the
present Democratic tariff which ha. no parallel in
the history of our goverun,et; aud vet no,vi,h.
standing this cheering state Of things, the wbirs
from the President down are frcltny and fre,,inv
over the ruinons effects Of the present tariff and
the great specie drain" upon tho country.
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