The daily union. [volume] (Washington [D.C.]) 1845-1857, 1853-04-05

earnings OF The country The prosp CT is anything but
agreeable TO contemplate. No prudent man
sound policy the true path of duty for nation TO do
IT. think see in this state OF things some OF the symp
toms although all, which preceded the break down
o lS40. For the reasons which have stated, hope
the Senate will adopt the resolution.
| Mr.. SEWARD Not only shall vote very cheerful
y for the resolution submitted by the honorable senator.
but thank him for introducing it, think il will bring
before the Senate and the country information which will
be very u and which indeed has become absolutely
necessary But al the same tme lest by doing might be
understood as IN some way concurrng the rather
be views which he has taken o the affairs and the credit
OF The county, wish barely say that do in hs
present state OF our commercial affairs anything 10 excite
apprehensions OF speedy commercial revulsion 1
know that commercial revulsions must come, and
know that all the circumstances OF great commercial
prosperity are to be regarded frequently indicating the
approach Of period Of decline and disaster
think that there sa msestnae in the statistics which
the honorable senator has given u.s. and that the facts
would go far 10 the apprehensions which he has
expressed The Item OF coin brought into this
Ty by immigrants think he has underestimate II
rtoect Alright, the number OF immigrants into this
ty has beyond the point of 400 OOO and is
tending towards half million. The little acquaintance
| have with that subject has convinced me that the
amount OF gold and silver brought in by these immigrants
~ much larger than ten millions, which he estimates
it. The increase OF foreign population is growing close
upon the border OF the naive increase OF population
think these should be sci down in the accounts and other
items which did not hear in the statistics which the gen.
tieman read think he has not made allowance for the
profits which are made by our merchants upon the
importation oil this great amount OF population. There
| is another item which think should be taken into the
| ca collation. AT the expiration OF average period
OF five or six years all these immigrants become producers
and chiefly agricultural producers the great West they
their children, and their chlldrens children, constantly
increasing the wealth of The country in geometca
ratio.
There another fact which goes TO dsspae apprehen-
sons OF speedy revuson; and that is that the of
gold which we export is all which is required, while
the amount which we can expert is an amount. within
certain limits, in our power to increase. We now ex.
port what wanted We eXpOIt than
required by the law OF supply and demand. Europe
wants no more; she will take no more But il there
comes suspicion oil American credit, and American
Stocks other forms OF remtlances the gold which
have will supply the place OF the bonds stocks which
come back upon And if ii be said that this will drain
our own country OF gold, answer that an increased de-
mand OF gold there will be attended by increased facil-
ties for transportation from the mines and the labor and
capital which will be necessary to increase the supply
OF gold TO meet that demand will reduce the cost of mi
ming as well as increase the amount produced.
These circumstances which stand out prominently in
subject incline to believe that for the present there is
no serious ground OF apprehension Butt was not will
ing that the remarks OF the honorable senator should go
abroad, without being accompanied with expression
from quarter OF opinions adverse TO such fears AT
thesame time, as said before, shall very cheerfully
support the resolution, because desire mat the in
that instead of sending gold had better seHd anythng
else we can produce-certanly anything we can manu-
| facture
Mr. BRODHEAD do not wish 10 be understood as
expressing the opinion in the few remarks which have
submitted, that nyhing like commercial revuson is u
be apprehended Ii with view TO prevent such
vnson, either IN the proXmate future, at some distant
day. that thought it my duty bring 10 the notice OF the
Senate and OF the country the facts which have stated
think IL is proper that should look the truth the
face and not proceed the did prior 10 ls4O
10 sell SO many railroad and other corporate and State
stocks in Europe.
The resolution agreed TO-
NEW SOUTH
The Senate proceeded 10 The consideration of the fol-
oyyi resaluton aHeral hy Mr. A ist.
which was agreed 10;
Ordered, That huodred copies of the port Of the
Secretary Of War; with the report Of Major Bache relative
20 thel ighthouse structures New South Shoal, of
Nantucket heretofore ordered be prin ed for the enae
be printed or Major Bache.
On motion by Mr.. MASON the Senate proceeded TO
the consideration OF executive business; and after some
time spent therein, the doors were reopened, and
The Senate adjourned