Wheeling daily intelligencer. [volume] (Wheeling, Va. [W. Va.]) 1852-1859, 1853-04-21
Ftom he National Int<llfgencer.
Our Foreign indebtedness.

Ns9ffas4tsR
Our Foreign indebtedness.
[ The free trade papers are attacking theststs-
tics of Mi. Senator Brodheads on he subject of
the probable balance of our publ account cur
rent with foreign nations, prelicatedSupon the ex-
balance during the last fiscal year Mr.. Brodhead
estimated in his recent speech in the Senate at
S64,000,000, which had been liquidated by shin-f
ments OF specie or by the transmission of Federal,
State, and other stocks
The Journal of Commerce objects to Mr.. Bod
heau's estimate of ten per cent. as being the prob
abies underyaluation5on the invoice foreign
merchandise, (which the duties are based, be-
low the actual cost fsaid merchandise and states
that TINS ten per cent is estimated by Mr.. Brod- az
neal upon the gross amount of importations,
winch includes free goods, on which there could
be no object to present undervalued invoices. and
also upon the foreign goods re-exported, which,
IN the exports, would of course be estimated at
the same value on their entry inward, q nd that
on these two items the difference of this ten per
cent. would make reduction of more than three
mililons OF dollars on the estimate of the honora-
BILE Senator. BY reference to Mr.. Brodhead's
speech, however, it will be seen that he makes
out his balance of Cd millions against the United
States, Notwithstanding anything for the item of
differentiation on the invoices, and contents him
self with letting said undervaluation go as an off,
set against the probable increased value of our ex
ports arising from the freight, &C., on these ex-
ports to foreign ports, so far as they may have
lean vessels -f
In some remarks which we offered recently on
Mr.. Bsodhead's speech. we endeavored to show
that such an offset was very liberal one, and
that the advanced price upon our exports to COW
er treights and American profits fell short
of the probable underyaluation of foreign invoi-
CTS. From information derived from reliable
sources, we are confirmed in our opinion that the
estimate on this point made by AIr. Brodhead is
not overrated. Even if taken on the amount of
dutiable goods consumed in the United States, it
would more than counterbalance any addition
that should be made to the home value of our ex-
ports anu, as already observed this is all the use
which the honorable Senator attempted 10 make OF
the item as it forms portion of his estimate of
the amount of the adverse balance against us.
The Journal of Commerce also objects to the
Item OF five millions of dollars as the probable
value of goods actually struggled into the United
States, and for which of course no returns are
| made in the official statements. 1t alleges that
S5OO,OUO would cover this item; that the other
81, SOC. 600 is merely in the Imagination; and il
asks where this enormous amount of smuggling is
perpetrated! Ii it would reflect upon the extent
of our frontier and sea- coast, with our numerous
bays, rivers, and nets, and the utter mpossibility
oil guarding or protecting them from such pro-
ceedings. 1t might come to different conclusion
The Canadian frontier and the Lake shore offer
facilities for smuggling which amount almost to
perfect safety in the attempt; so much so that we
understand there Is an actual tariff of prices for a
boat-load of goods from the Canada shore, regua-
ted by the description and value of the articles
The European Governments, with their rigid and
strict preventive and detective systems, estimate.
that hve per cent on the amount OF gross importa-
lion IS moderate allowance for actual smuggling;
and in some countries, particularly in Spain, Port
ugal, and some of the Italian States, it is much
more. With the infinitely greater facilities and
the much less effective revenue system in the
UnltedStates. the estimate of Mr.. BEodlead, which
is only two and a half per cent OH the gross i'm
portations, must be considered as very moderate
The hundreds and thousands OF our returning
travellers from foreign countries. though not guilty
oil actual smuggling, must introduce large amount
OF foreign productions, in the way of watches lew
elry, ready-made clothing, and other articles, all
bona tide fer their own use, and in actual wear
which they are justly entitled TO have admitted free
OF duty as personal baggage, but for which no Gus
tom house returns are made. Articles thus intro
ducsd, though done legally, would amount to a
sum in the aggregate which would very certainly
cover any over estimate in this five million item
| OF actual smuggling.
| Without, however, further discussing the cor
rectness of Mr.. Brodhead's estimate as 10 the diff.
erent items, of which ii is composed, is there any
one prepared to deny that the general result is cor
rect, and that, II he has estimated any patic-
ular item, he must proba bly, have under-t stmatcd
adverse items, or omitted others altogether, when
the facts OF the case regards the general result
are taken into yi-w. He estimates that the bal
ance against US is siXty-four millions OF dollars
and states that our official returns show we have
llquidated this balance in part by shipment of thlr
ty-seren millions of dollars in specie. leaving The
remaining tWenty-SeHen millions to be liQuidated
by stocks RENTED to Europe. The specie item is
official, and we think we can confidently appeal
| 10 any OF the more extensive and well-informed
banking houses in New York to say whether they
cannot of their knowledge sum up new State and
city loans, and negotiations oil railroad, canal, and
other bonds in large masses, which have been made
with the agents OF foreign houses in this country
| OF ny special American agents sent to Europe for
The purpose, equal III the aggregate 10 even mere
| than the above twenty-Seven millions of dollars?
Our inquirers on the subject here, from the best
sources, induce us 10 believe that the negotiations
OF new loans and of railroad and other bonds made
with foreigners during the last year, does very con-
siderably exceed that amount; and this also, it
stocks made by private individuals, either in pre-
ference TO buying exchange at high rates, or pur-
chased i'll greater or less amounts for foreign ac-
count. ~
So far as the nation is concerned il the general
| result be the same, it is immateral whether The
mode by which Mr.. Brodhead arrives at the result
is correct OF not. We have full confidence in
his different items, believing that none of them are
over estimated. At any rate, we are morally con-
WINGED that the balance against us, in the aggre-
gate of our transactions with foreign nations IS not
less than what lie states; and that have, for the
reasons stated above, actually liquidated an az
mount atleast equal 10 said balance, by shipments
OF specie and transmission of stock; which stock
OF course goes to swell unpaid balance to for.
eigners and adds at least 900 to the present
annual interest OH foreign debt. - ~ - -
THE LOUISVILLE Posr OFFICE RonBERY.-The
Louisville Courier Of the 12.h says: .~,-. -
Yesterday afternoon Col. Leavy, special mail
agent for Kentucky and Tennessee. was brought