The republic. [volume] (Washington [D.C.]) 1849-1853, 1853-04-05

as the balance against the United States, towards
the settlement of which We have the official record
Of the expectation above the importations of
81 coo, 900 of gold and silver, and the balance of
S27 900 900 has no doubt been iquidated by the
remittance OF Federal, State, and other stocks.
From present appearances, the probable balance
of the current year will not be ess. and ia likely to
be even more, which will make a further drain
upon our gold and silver, and add further amount
to our foreign Indebtedness by additional transmits
sion of stock, thus heaping up the European mort
gage upon the future labor and earnings Of the coun
try The prospect is any thing but agreeable to
template. No wise or prudent man would, in his
iud gment, thus go in debt, did he think it
sound policy, the true path of duty for nation
to do it, He thought he saw in this state of things
some of the symptoms, although not all, which
preceded the break down of l8+0. For the reasons
which he had stated, he expressed the hope that
the Senate would adopt the resolution.
Mr.. SEWARD said not only should he vote
cheerfully for the resolution, but thanked the SEN
ator for introducing it. He thought it would
bring before the Senate and the country informa-
ton which viii be very useful, and which indeed
has become absolutely necessary. But at the same
time, lest by doing so he might be understood as
in some way concurring in the rather sombre
views which the Senator had taken of the affairs
and the credit of the country, he wished barely
to say that he did not in the present state of
our commercial affairs any thing to excite appre-
tensions of speedy commercial reyusion.s He
knew that commercial revulsions must come and
ne knew that all the circumsta noes of great com.
mercial prosperity are to be regarded as frequent
iy indicating the approach of period of decline
and disaster. He thought there a misestmate
in the statistics which the honorable Senator had
exhibited and that the fscts would go far to remove
the apprehensions which be had expressed. The
item Of the coin brought into the country by i'm
mi Migrants he thought the Senator had under estima
ted II was much larger than 10 600 900. And there
should be set down another item, which be did not
hear in the statistics which the gentleman read
He had not made allowance for the profits which
are made by our own merchants upon the impor.
Of
item should be taken into the calculation: at the
expiration of average period Of i've or six years
ali these immigrants become producers, and
chiefly agricultural producers, in the great West
they their children, and their chiIdren's children
are constantly increasing in number. There wal
another fact which went to dissipate apprehension.
of speedy revulsion and that is, that the amount
gold which we export is all which is required while
the amount which we can export Ia amount
within certain limits, in our own power to increase
We now export what 10 wanted We export no
more than is required, BY the law Of supply and
demand. Europe wants no more; she will take nc
more But If there comes suspicion of American
credit, and American stocks, other forms oil
remittance, the gold which we have will sup
ply the place of the bonds or stocks which
come back upon us. And if it be said that
this will drain our own country Of gold
he would answer that an increased demand
of gold there would be attended BY our increased
facilities for transportation from the mines, and
the labor and the capital which will be necessary
to Increase the supply of gold, to meet that de-
mand will reduce the cost Of mining we'll n
increase the amount produced. These circum
stances, which stand out prominently in the very
FIRST view which any person can take upon thu
subject, inclined him to believe that at presen
there ia no serious ground of apprehension. Blu
be was not willing That the remarks of the Sena
tor should go abroad without being accompanied
with come expression, from some quarter, Of opin-
ions adverse 10 such fears. At the same time, a.
ne said before, be should very cheerfully supper
the resolution, because he desired that the infor
nation shall be laid before the Senate, and be
cause ne thought that, instead Of sending gold
would better send any thing else we can pro
duce-certainly any thing manufacture.
Mr.. BRODHEAD did not wish to be understood
as expressing the opinion, in the few remark
which ne had submitted, that any thing like
commercial reyulsion is to be apprehended. |
was with a view to prevent such a alsou eithe
in the proximate future at some distant day
that he thought it is his duty to bring to the notic
OF the Senate and the country the facts which h.
had stated. He thought it proper they should lool
the truth in the face, apd not proceed in the man
uer we did prior to 1910, to sell 30 many ralroa,
and other corporation and State stocks in Europe
The resolution agreed TO.
On melton of Mr.. HAMLlN, it was
Ordered, That one hundred copies of the repor
of The Secretary Of War, with the report Of Majo
Bachs relative to the lighthouse structure on New
South Sboal of Nantucket. heretofore ordered t
be printed for the Senate, be printed for Majo
Bache.
The Senate, after an Executive session, ad
journed.