Lynchburg daily Virginian. [volume] (Lynchburg [Va.]) 1852-1861, 1858-11-27
Our National Finances.

Cur 0oSlo0el F1uauceo'
An sxhib;t hes lately been published in some
Of As newspApers, showing the value of our eI-
ports nAinpsrta respectively. for the last fiscal
yss.. sadias 3Osh Of June. From this it appears
thas eur sxports, including bullion. amounted in
round number, % 4325 .O0O. 900 in value--and
odf imports % $es3. 100000.
Asa general thing. for the last fifteen years,
our inports have considerably exceeded our eI-
ports. The consequence was that the balance Of
trade was against us, and that. As nation, We
we.c running into debt. 1t has been only within
the last shres or four years that our exports and
imports have BEEN about equal in value and the
present is the 6rtt year in our history. as nation
that ws have shown % large . balance-forty-two
millions.-in our favor.
The osnse q this 10 to be found not in increased
expoeta, but in diminished imports. When the
fnancial storm came on last year. our Wholesale
merchants had TO take in sail. and stop their inn
portations almost altogether. They had no pur-
chssers for the goods and Of course it was useless
to bring them across the water. The consequence
was our imports fell short, in value. as compared
with the year before, upwards Of ninety millions
of dollars. This decrease took place in the last
three-quarters Of the financial year. after the &C.
currence Of the commercial crisis.
Il would seem that, with balance Of forty.two
millions in our favor in one year, we were in
high condition Of financial prosperity, q"odd the
remainder Of the world. But this balance of for
ty-two millions i., in fact, more apparent than
real In the first place. it is safe to say that one
half Of it. at least goes to pay the interest on our
European Indebtedness. Not only asa nation.
but a. States, ~ corporations and as individuals,
the people Of this country are heavily in debt to
Europe-and We must deduct twenty millions at
least from the apparent balance in our favor for
the purpose Of payment of interest on our Euro
pean obligations
And then, again, under our system of al rdlor-
en- duties, il 10 clear that imports are always
uuder-estimated in value. The case is very
plain one. Nearly every other nation on the
globe imposes specific duties. except ours. I'm
der that system, there is no inducement to put
small valuation upon ali ar,icle-becausc it pays
the same duty, whether it be worth much lit
tie. But under the dd roiorem system. the temp
tatiou 10 fraud is irresistible that there is no
doubt Of its being practsej 10 enormous extent.
Our imports frcm foreign countries are under
valued 20 a. to make the duties as light possi-
BILE. Our EXPORTS, on the contrary, are estimated
At their full value. SO that after taking off TWEEN
ty millions of the alancc in favor for interest.
much fear that our al rulorem system Of duties
is responsible for equally as much-and that, in
point Of fact, in our national finances, we hive
only been able to about make buckle and tongue
meet.
We have not expressed these views with the
PURPOSE Of bew ailing our financial conditon-for
We consider that the country is ON the high road
to prosperity. il be merely able, every year, to
pay ita debts. We are improving, developing,
and strengthening all the time; and laying solid
foundation for future prosperity and importance.
Our condition is about the same rs that Of many
farmers. who are making money every year, even
though they do not lay up dollar. The increase
in the value Of their property keeps them ON the
road n fortune, just as our national development
places Us, every year. still further in the van of
commercial prosperity
The only difficulty which presents itself, arises
from the depleted condition Of tho Treasury For
ak months past our revenue from customs. has
not amounted to more than one-half our expendi-
lures. The Treasury thus suffers for money and
Congress will again be called upon to borrow.
True, there has been somewhat of n revival OF bus
mess, and On increase of imports. leading neccssa
rily to an increase of national revenue But STILL
it is wholly insufficient to- supply the voracious
demands Of Mr.. Secretary Cobb. Congress will
have TO poss another loan bill as soon as it meets
unless perchancc We can prevail upon the DEM &C.
racy TO abate something Of their love Of the spoils,
and reduce the expenditures down to the level of
the receipts.
Elective Judiciary,