Lynchburg daily Virginian. [volume] (Lynchburg [Va.]) 1852-1861, 1859-10-05

What - owo Abroad.
So.aa t;ms -. h N article % oar foreign In
dsbssd6sss, " Ss1lsa thas shs amount that shi'
country ewsd 70 s.szide creditors was not len
than s;x hss1ssa uiIlisas Of dollars. We made
the ssasssi>nt upes Ne sdthorisy of writer in
the No fosk xvsainx PAt, who seemed 70 b.
fully pssasa "a ~ snhissE, sad whose views vert
endorsed b Ne ~ isAsIk wkiehis % mean 40
thority in nss>srs # hn.ses asd commerce.
A uAper over % ths KanawhA ooantry, called
the Ssar 4 ne Valley, aispussd ear statement and
fatty denied ~ iAst. In reply. We had no o,he'
evidence 10 bring ibrxard than that of the New
York Evening Pos. - above referred to-bu'
this. we supposed. VAS regarded - entirely suih
Gent
We have now, however. some corroborating
proof Of The fact, which settles the question even
had any doshs existed VI b before. In the splen-
did speech which the Hon. JoHs N. Boris deliv.
cred IN the Aoadapy Of Music In Now York last
February BE- refers 10 tiis same subject, and do
olrss that il Ais opinion sur foreign indebtedness
even excseds the sum Of ak hundred millions.
In 1852, Mr.. Asscfr LlvsEscE. who was then
our Miais,sr as the ooast II Great Britain, took
especial paias 70 ascertain our exact Indebtedness
abroad. and he came 10 the conclusion that. ut
that time, II did NOT fall SHORT Of fopr hundred and
Sfey millions. Since then, che balance Of trade
has been aeainst ~ 10 the amount Of more than
two hundred nillioss additional. twas. in TACT,
that much more MP 70 the year 1885. So that
oven IL our debt abroad has not been increased
since lS50--as IL undoubtedly has-wo owe, by
this calcqletion. more than six hundred and fifty
millions q shs present time.
This debt has been created. 10 . very great ex-
tent BY borrowing money whsfewith TO build our
railroads and canals. Yet there can be no doubt
that our pawi,c revenue system has had much To
do with Il. Tho Tariff seems TO have boon framed.
indeed. With the open purpose Of stimulating hea-
W impersa.ions. Although the great commercial
revulsiou Of 1857 seems u have been but ysster.
day, We are now importing much more largely
than We haze ever done before.
The policy will eventually produce another COM
nerciai and financial panic--and it would come
much soonsr than il will. were it not for the re-
mahsble increase In our agricultural productions.
and our consequent ability to send OF exports to
meet the debts which we are constantly creating.
In this regard the cotton crop of tho South may
be considered the financial salvation Of the Union
We shall make this year four millions Of bales of
cotton, nearly all Of which we will export because
there is = steady and active and growing demand
for it. New Orleans will send of two millions Of
bales alone. The cotton crop will. of itself, pny
for half Of our importations leaving the remainder
to be made up by breadstufi-. tobacco, hemp, min
erals and manufactures.
Never was nation so fortunate, and yet never
did nation abuse its good fortune 81 much -
With our splendid national resources we ought
TO be paying of our foreign debt every year in
large instslments. We have the capacity to make
almost everything We need, within ourselves
but, instead Of manufacturing at home, we contin-
ually send abroad for tho productions of other
countries, and thus keep ourselves perpetualy in
debt No wonder our foreign indebtedness in
increases every year, when We take our rcsourc-
% to buy new goods, instead Of applying them to
the payment Of our old debts.
Now. il the proper policy were pursued, what
would DO the RESULT We would cease importing
% much. and manufacture at home the most of
what Ne need. Al there would be a steady for
.eign demand for our cotton aud breadstuffs-tor
they are obliged to have them-the balance Of
trade would imme diately be in our favor-iargely
in our fAsoe. In few years two good and grand
objects would ,bs accomplished. First, we would
pay Of our foreign debt; and, secondly, We would
build up various manufacturing establishments
throughout the Union. which would give employ
msnt 70 Thousands of our laboripg population now
idls. and hungry.
Our present policy builds mp European manu-
faetares ct the expense Of our own. Reverse it.
and the result would be beneficial alike 70 the
South and the North Nothing can shake the
steady demand Of tho world for Southern cotton,
Southern TohAcco. and Southern breadstnffs. If
these sources Of wealth can be so diverted as to
benefit the people Of our own nation, instead Of q
foreign one IL is plain that the.South would share
in the retroactive blessings and benefits. We
leave out Of view that sentiment of patriotism
which should aotaate al the people Of country
having q common national destiny.
Let us then - amend cur revenue laws as to
put stop 10 these excessive importations, at tho
same time that We encourage aud bnild up dunes
10 manafaesories. both ID the South and tho
North. We know Of no other way in which our
heavy forsiea indebtsdasss Cab be discharged, and
the country be placed in healthy aud prosper
,oas financial condition.
Organisation a. The 1Iext House.
;Nssss 9iaa y - The unanimity With which
the Soaihsra ,Oppesitea press agree with our
o- vsass k<s.sx.tn~ ~ tsay NJ tha naxt