Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1852-01-16

exchange, predicatcd under The shipment of the cot
ton crop which is now rapidly reaching the seapor.s
at the South, and is of course going forward to the
European markets in very large quantities. When
the bulk of this crop has been shipped and the sun
ply of cotton bills consequently diminished the ex
port demand for specie will of course be still further
increased, unless there should be very large falling
off in the heavy mp0rations of foreign productions
With abundant and plentiful harvests, both at
lone and abroad, with large excess in the produc-
ton of cotton that of the previous years and its
consequent decline in value. and with evidences ef
any increased demand abroad for our general ex
ports the grave and difficult question of our ability
to pay for these continued large importatons pre-
scnts itself for the consideration of Congress
Should the large importation of foreign fabrics
continue to increase until they drive from the mar
ket the like articles of domestic manufacture it fol-
lows as inevitable that the labor Of our people now
engaged in manufactures must be driven mainly in.
to planting and farming. They must. with equal
Ger ainty produce superabundance of the latter
proaucts with no increased market for them abroad
IL greitly diminished demand for them at home
If this tate of things shall be realized it follows
that the ability of the people to purchase foreign
commodities will be destroyed importations must
g eatly diminish in amount and the revenue at once
sink far below its present swollen amount 1t should
constantly be kept in view that system of reve-
nue. is not compulsory but depends solely on the vol
untary ntributions of the people. If citizens
refuse OF unable to purchase foreign goods the
revenue now almost solely relied on must cease and
the Government he driven to direct taxation for it's
annual support. and the ultimate liquidation of
large public debt.
For these considerations arises the great duty Of
Congress so to regulate foreign commerce, if posi-
BILE. to cherish that labor at home, the proceeds of
which are sole reliance for the revenues inds-
pensable to the wants of the Government.
respectfully refer to the suggestions on this sub
ject in my report to the last session of Congress-
The experience Of the last year has developed no
facts which induce me to question the propriety of
the changes in the present tariff laws which then
submitted to Congress on the contrary information
derived from the most reliable has confirmed
what was then anticipated. Much of the raw cot
ton formerly wrought into fabrics by the labor Of
our citizens now goes abroad. and returns us for
sale in form vastly augmented in value. and to
that extent the labor Of our own citizens has been
diminished in value and driven into other pursuits
The operations of the mint during the past wear
have been conducted with efficiency, and with high
ly satisfactory results. Under the present system
the depositors prompt receive the value of their
bullion so soon as it is assayed and though the de-
posites made in large masses at short intervals
on the arrival of the California steamers vet the as
says are made and the payments commenced usually
within furty-eight hours. and the whole generally
completed within an average of five six days after
these heavy amounts Of llion-frequentIy by two
and three hundred different depositors-are received
at the mint: and the whole duty is performed with
out any charge to the depositors. except frac
ticn per centage for the actual cost of separating
the bullion. 1t is believed that equal facilities
preSen; ell to individuals by the minis of any other
nation given by the mint of the United
States.
The realization of the value of these large quant-
ties of bullion by the of it without loss with
in few days after it arrives in the United States is
accomplished by means of the heavy bullion fund
which can at present lie spared without inconve-
n ence from the of means in the Treasury. 1t
may however, not always he convenient to keep so
large amount reserved for this purpose from the
public funds: and if it otherwise the
amount Of this fund applied to The purchase and ex
tnguishment of so much of the national debt would
save nearly 100000 annually in interest paid
hv the Treasury 1t is believed this saving could be-
effected, and ali the advantages at present enjoyed
by the depotors of gold other bullion still retain
ed if instead of paying the mint certificates in cash,
as is DONE Congress would make them receiva-
bile for all dues to the Government, under suitable
restrictions to the time and place of their receipt
| can reasonable objection to such use of
these certificates. as they the evidences of so
much bullion already in the actual possession of the
Government. ard for which the coin itself would be
forthcoming, generally in few days and always in
a few weeks.
In connection with the subject of the mint, deem
my duty to call the attention of Congress to the
present standard value of gold and silver, as estab
lished by existing laws
The relation of gold to silver in the legal coinage
of the United States is. as to 1898; in Great
Britain, as to ii 2SS and IN France. as to 10 499.
lhus it will he that ounce in pure gold will,
in the United States be equal to that produced from
the coinage of 1888 of pure silver in Great
Britain it will be equal to that derived from only
2S8 ounces pure silver; and in France to 15.499
ounces. SO soon. therefore, the state of for
eign commerce. is now the case requires an ex-
pnrtation of specie it is obvious that silver coin
must be exported whilst it be procured, till tho
demand for expectation is supplied.
From the operation of this law of commerce arises
the present scarcity Of our silver currency At this
time, though our silver coin commands premium in
exchange for gold it is notwithstanding still found
more advantageous for shipment abroad than gold In
consequence of the premium on silver though the
relative legal value between it and the latter is
to 1898. the real intrinsic market value is only
about to 1868. debtor then, who offers silver
in payment must give it at the rate of 1898 ounces
in coin by which he loses 3l3-thousandths of an
ounce. for with l5675 ounces he could purchase
Of cd which latter would be legal tender
far the same debt, 1t is to he borne in mind how
that though the relative value of coin in Great
Bialn is IS to II 2SS that is not the relative bull
lion value of the two metals which is about to
1910 the silver coin of that country being about
per cent less in value than silver bullion of the
same weght that Is to the silver coin of that
kingdom will so ten per cent further in paying
debts than equal ght of pure silver bullion at
the standard value. 4 difference great in the
value of the two species of coin has not of course,
been the result of either miscaculation mistake,
but was brought about by design. and with the same
views which it is believed will render it necessary
for to adopt similar plan in order to retain and
maintain n silver currency. The obvious policy of
this system was to secure the gold and silver coin
age of Great Britain against the fluctuations arising
from the relative value of gold and silver bullion