The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1856-12-13
Tne F,nnnc,nf srn,e OF tl,e Country.

great prosperity in many places and many
branches OF trade The people OF the United
States are industrious and orderly; they do not
wase their money in wars or court pageants;
it stands 70 reason therefore that they should
prosper, as a general rule, and in the long run
Bat when it is attempted TO boost up al sorts Of
enterprises on the general premise of national
prosperity, il becomes rs to inquire little into
the real state Of the case
The chief argument on which the assumption
of unbounded prosperity rests is that by the
showinss Of the trade tables and Custom House
returns we appear, this year, TO be for the first
time creditors of instead Of debtors to the world
This result is arrived at by comparison Of the
exports of the two years those of the fiscal
year ending 30th June, 1856, being in excess Of
those OF the previous fiscal year by about seven
teen millions Of dollars. But evidently this is a
partial view of the subject. A man Tor a ma
tion) does not grow rich by increasing his pro-
duction, unless at the same time he diminishes,
or at least prevents any increase in his consump-
ton. For instance, nan with u revenue
of $4,000 and an expenditure of $3.50 \
income is $1,000. hut whose expenditure il keI
under $1,000 The same rule applies of course
10 nations Let Us apply il 10 the United States
and show how il works
r'roSTs FROM lsT January TO Isr prcEsREs
un,cd States $3.50 Sstss s2eI ool COT ssois2, 442
Fsoa lsr r lsr DISC.
uri,ed States. siss,hes,5@7 sos 39a,25o
Specie. a. $50 $40 se,TtS lbl
Total. ss4 osI $50 ~ .Ssl sgIsia, 2s5
Iinsrchco in rcaul. $50 $50 Az
10 1888 the exports exceeded the imports by sac SIS 62
10 1886 TIRE imports exceeded the export. by ssl3,c2s
Drs'erce in result sabove........... SIS esa, al
From this table il appears that instead of being
in better position now than we were this time
last year, We are in fact fitfy-eight millions
worse; having, il is true. created more wealth,
but having at toe same time consumed an excess
quadruple of our excess Of production.
But we may carry the argument further.
By tho above table il appears that in 1856, the
world became our debtor to very nearly the
amount of fifty millions Out OF this we had to
nay the interest on ouc securities held abroad,
LAY ihiriy-dye millions: and then. at the close Of
The year there was apparently fifteen millions to
our crcd.i-all Of which Of course went to pay
our debts of 1854, SO. 80, and former years
But how does the account stand this year. The
balance TO our credit (cxclusive Of securties) is
less than nine millions II dollars: we have still
70 pay thiriy-fve millions for interest On bonds,
&c; 20 that, on he . u az June, 1856, our az
count with the wolla Tor the year actually
brought US in Debtor " Iorty-four millions OF
dollars.
People who want to uoderstand the real con-
dition Of the country viii do wen to study these
figures.
Events, in the finapcal az vell rs the political
world ccasclessly repcat themselves. Those
who lived In the United States from $50 10 1881.
are now only Witnessing the repetition OF ooce
familiar spectacle. Then IL vas hanks, now /,
railroads: then The general government was ia /.
directly, row !, is 10 ii through the lobby; then
there were four or FIVE hundred mllionsnyested,
row there Is a tbous.ud. Tut wid these slight
diGercnees. The cras arc the same. When Pre-
sident Jackson by bis policy towards the
United Stats Bank stimulated frantic
effort On the par; Of the state banks 70 supersede
IT, While Nick Biddlc LETT no stone unturned TO
obtain a rtCharter. both the United States Benk
ard it, rivals pursued the very policy which the
railroads are now pursuing. In the desire 10 sa-
usfy ,be country that each was more useful than
is udgblor, thgy began that policy Of expansion
which after lasting four years ended in the
crash of 1897 70, pow, The railroads, in their
desperate attempt to ri Il their stocks and their
bonds. represent themselves ~ the great national
interests Of the county, aud stimulate and fcs-
Ter in Every way. theeNpansion ard extravaganza
which wc zee around IA They create money In
the shape Of stocks and bonds without value re-
ceiyed. just a. The old banks created 1t In the
shape Of notes they hire venal presses and puff
ihcm, as the old babl~ did they vaunt the pros
periiy q The country In the very language Of
Nick Biddle and they will come to the same
md 81 The banks did. Happy they. who, in the
hour 81 tb- crab. sdall not stand In the way OF
The falling ruins!
TEET0rAL MovENENTs.-We see that Judge