Weekly national intelligencer. [volume] (Washington [D.C.]) 1841-1869, 1853-04-09
OUR FOREIGN INDEBTEDNESS.

| engaged the attention of the Senate Monday Be-
| fore the doors were closed, however, resolution
previously submitted by Mr. BRoDHEAD was taken
up and ,dopted, requiring the Secretary of the
Treasury to take to procure for the of
the Senate correct information as to the entire
amount Of American stocks or other evidences of
American indebtedness held in Europe. The object
in seeking information on this subject was explained
| by Mr.. BRoDHEAD, to whose remarks published
under tle appropriate head, together with those of
! Mr.. SEWARD on the same subject, we invite the
attention of the reader, as possessing general in
terest atthe present time.
The stbject is one not only possessing great in
terest fol the community, but the information sought
for is hiahly important, and will be eminently use
full in regulating future legislation in connexion
with our revenue laws. We were therefore much
gratifed ~ the adoption of the resolution.
In stating the national account current with
foreigners, which the honorable Senator does in
very cleat and concise form, we think he has I'm
derrated the balance against the United States,
though even he estimates it at The enormous
amount Of s64,O0O,0OO per annum
The official value of our imports and exports, as
Mr. BRoDHEAD justly observes, lacks several ele-
ments to ensure truthful results. The amount Of
the imports, for instance, is based the invoices
presented at the customhouse for the assessment of
duties without any allowance for fraudulent invoices,
which are greatly undervalued by certain parties,
in order to evade payment Of duties upon the full
cost Of foreign goods under our unique al valorem
system and the estimate of ten per cent. by Mr..
BRoDBEAD on the aggregate reported custom-house
value is, we think, by no means too great, which
would add $40, 710,973 to the reported custom
house value of foreign merchandise imported dur
ing the last fiscal year into the United States.
The amount of foreign goods actually struggled
into the country, and which of course is not in
cluded in the custom-house returns, but for which
foreigners receive payment is also certainly not
estimated at FIVE millions more These items make
additional cost to the foreign merchandise import
ed into the United States of more than S25 600 600
and increase the debit side of our foreign national
account current to that extent.
On the other hand, however, as Mr.. SEWARD
in his remarks observed the value of our exports,
the returns Of which are based on the actual cost
at the shipping ports, increased in amount;
is obliged to pay us by the freight to the for
eign port, and the profits which attend the sale in
foreign countries so far as such produce is shipped
in our vessels and for American account. But
this freight and these profits are not probably
50 great as is generally estimated; for it must
be rccollected that nearly quite twothirds Of the
value of our exports consists in the article of cot
ton, one-haf Of which is no doubt shipped in for
eign vessels, and an equal portion particularly to
Great Britain and France, for account of foreign
non-residents Ofcourse neither freight nor profits
ON such portion can accrue to the United States The
profits. however, on the half of the cotton crop
shpped for account of citizens Of the United States
cannot amount to a large sum- as we have heard in
tellirent and well-informed merchants express the
opinion that in an average Of years there is little
or no profit on cotton shipments to Europe. The
freight of cotton to Europe during the last ten
years would certainly not average more than 81 per
bale, probably not more than SO; but taking the
freight and profit at SO per bale, it would on the
shipment of 100000 bales give an advance over
the official returns Of value of S15,000,0 900; and
allowing one-haf of said shipments to be for Anne
rican account, and BY American vessels there would
accrue to American citizens from these sources
81 500 000 to be placed TO the credit Of the nation
al account current. OF the other onethird of our
exports large portion is also shipped for foreign
account, and by foreign vessels, but not to the same
extent as Of cotton; but if we estimate the profits
and freight that third at 100000, it will pro
badly be fully equal TO the actual advance realized
by the country.
There are, however, other items Of Indebtedness
to foreign countries which the honorable Senator
has not embraced in his statement, one Of which is
the profits realized by foreigners on the very large
portion Of the imports into the United States
which are shipped for account of European houses
This is regular business, yiekng regular and
large profits, all Of which are of course withdrawn
by the European houses for whose account the
goods are shipped and sold in the United States
A considerable portion Of our imports are also ship
ped to the United States in foreign steamers and
sailing vessels, the freight of which is paid to the
foreign owners by American citizens. Our vessels
abroad also pay heavy contributions to foreign ma
tiOnsfor harbor and port Dues potage tonnage duty,
and light money, besides the ordinary expenses for
the necessary stores and supplies Of the vessels and
the maintenance Of their crews, which items IN the
aggregate must mount TO many millions Of dollars
We shall, nevt ,rtheess throw these various items