Weekly national intelligencer. [volume] (Washington [D.C.]) 1841-1869, 1853-04-16
OUR FOREIGN INDEBTEDNESS.

probable balance of public account current with
foreign nations, predcaed upon the excess of our i'm
ports and for other outgongs, which balance during
the last fiscal year Mr.. BRoDHEAD estimated in his
recent speech in the Senate at S64 900 900, which
had been liquidated by shipments of specie or by
the transmission Of Federal State and other stocks
| The Journal of Commerce objects to Mr. Brod-
heads estimate Of ten per cent as being the proba-
bic differentiation on the invoices of foreign mer-
chandise, on which the duties are based, below the
actual cost of said merchandise and states that this
ten per cent Is estimated by Mr.. Brodhead upon
| the gross amount of importatons, which 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 as
on their entry inward, and that on these two items
| the difference Of this ten per cent would make
reduction OF more than three millions of dollars on
the estimate of the honorable Senator. BY refer
ence to Mr.. Brodhead speech however, it viii be
seen that he makes out his balance Of sixty-four
millions against the United States, without incud-
ing any thing for the item of differentiation on the
invoices, ard contents himself with letting said under
valuation 60 as an offset against the probable in
creased value of our exports arising from the freight
&c. on these exports to foreign ports, far they
may have been shipped for American account, and
in American vessels.
In some remarks which we offered recently on
Mr.. Brodhcads speech we endeayored to show
that such an offset was very liberal one, and
that the advanced price upon our exports TO cover
American freights and American profits fell short
of the probable underyaluRton of foreign invoices.
From information derived from reliable sources,
we confirmed in our opinion that the estimate
on this point made by Mr. Brodhead is not over
rated. Even if taken on the amount Of dutiable
goods consumed in the United States, it would
more than counterbaance any addition that Should
be made to the home value of our exports and, as
already observed, this is all the use which the
honorable Senator attempted TO make Of the item
it forms no 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 100000
would cover this item that the other S4,500,000
is merely in the imagination and it asks
where this enormous amount Of smuggling is per-
petrated? If it would reflect upon the extent
of our frontier and sea-coast, with our numerous
bays, rivers and iniets and the utter impossible
ty of guarding or protecting them from such pro-
ceedings, it 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 actual tariff of prices for
boatload Of goods from the Canada shore, regulated
| BY the description and value Of the articles The
European Governments, with their rigid and strict
preventive and detective systems, estimate that FIVE
per cent. on the amount Of gross importation is a
moderate allowance for actual smuggling; and in
some countries, particularly in Spain, Portugal, and
some Of the Italian States, it is much more. With
the infinitely greater facilities and the much less
effective revenue system in the United States, the
| estimate Of Mr. Brodhead, which is only two and
half per cent on the gross importations, must be
| considered as very moderate. The hundreds and
thousands Of our returning travellers from foreign
countries, though not guilty Of actual smuggling,
must introduce very large amount Of foreign pro-
auctions, in the way Of watches, jewelry, ready
made clothing and other articles, all bona de for
their own use, and in actual wear, which they are
Justly entitled to have admitted free Of duty as per-
| sonal baggage but for which no custom-house re-
turns are made. Articles thus introduced, though
done legally, would amount to a sum in the aggre
gate which would very certainly cover any over
estimate in this five million item Of actual smuggling
Without, however, further discussing the correct
ness of Mr. Brodhead's estimate as to, the differ
ent items Of which it is composed is there any one
prepared to deny that the general result is correct
and that if he has oyerestimaed any particular item
he must probably have underestimate adverse
items, or omitted others altogether when the facts
of the case a. regards the general result are taken
into view lie estimates that the balance against US
is sxtyfour millions of dollars, and states that our
official returns show we have quidated this balance
in part BY shipments Of thirtyseven millions of dol
lars in specie, leaving the remaining twenty-scven
millions to be liquidated by stocks RENTED to
Europe The specie item is official, and we think
we can confidently appeal to any Of the more ex-
tensive 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
of railroad, canal, and other bonds in large masses
which have been made with the agents Of foreign
bousoS in this country or nv snacia American o0ents