Nashville patriot. [volume] (Nashville, Tenn.) 1858-1860, 1859-02-14
ca,,forpta Gold and British Iron.


The exports of gold from the United States
to foreign countries from 1851 to 1857 inclu-
sively amounted to 1882, 1919 53l, and the inn
ports for the same period to s42, l37 .43O-
showing a net balance against us Of gold
sent ont of the country in eight years of up
wards of $500. 100000.
One-sixth part of our exports for the last
ten years has been in gold; while our average
annual export for the last five years has been
47OO0. 900.
That is the way in which. and the rate at
at which, the gold we derived from California
has been leaving the country over since its
first discovery. It went to pay for foreign
merchandise which. in the entire amount
being LARGELY in excess Of the whole value Of
onr exports of the ordinary products of the
soil, the sea- the forest and our manufactures
there was no other alternative than so make
up the difference in regular shipments Of gold,
TO the amounts above stated.
While our gold was thus streaming across
the Atlantic to Europe, there were streaming
from Europe to the United States goods which
the gold was sent to pay for-as far as 1t
went.
OF these goods here are some of the princi-
pal items, together with the annual cost OF
them to the people of the United States, viz I:
Woolen goods annual imports 49,. 20 600 900
Cotton do NEUTRALITY-SUSPICIOUS.. 2S.7O0 900
Iron and steel do ........... 2S,3OO,OOO
Now, we have at hsme the raw materials of
those goods and mechanical skill and indus
try to manufacture them. Would it not, then
have conduced TO the interests of the United
States generally, if those foreign goods or at
least, an amount in value equal to the spe-
pay for them, had been made at home, and
the specie retained in the country?
The amount Of gold sent out ofthe country
to pay for foreign goods during the last five
the whole amount of paper money now in
circulation in the United States
Had il been retained IN the country, would
it not have greatly mitigated. if it had not
altogether averted, the disastrous con-
sequence to this country of the commercial
And c,,rJd it not, ,coqld it not, have been
r, tai ed at least to great extent,if, under a
llir, m rderate system Of protective duties,
Fl production in the United States Of iron,
wooden and other goods Of prime necessity,
lad been increased by an amount equal in
in value to the specie sent out of the country
10 pay for the foreign articles?
In mitigating, then, if not in altogether
avertng, the effects Of the revnlsion Of 1851
a very moderate protective system would
have far more than counterbalanced to the
,clo,e country, and to eUery section of it, the
effect upon the general consumer Of such a
moderate increase of duty as would have
been sufficient for the purpose.
What is the use, then-where is the ulti
mate profit, of sending from forty to fifty mil
lions of gold to'Europe to pay for manufac-
lures of iron, wool &c, &c, which we can
make here, and il making here, furnish an
additional market, to that extent. to the
home producers of the raw material, and an
additional market also to the grain-growing
and provision-rasing interest for such an
amount of food rs would be required for the
consumption of the large additional force
which wouId be employed in the production
of this additional amount of forty or fifty
millions annually of home manufactures?
While the hard money politicians in this
State are intent upon having no other cur
rency THAI one exclusively metallic, they
strenuou-lv oppose such a modification of the
existing tariff as would tend to keep IN the
country the gold produced in California, and
which, Tor ten years past. under the tariff
system they favor, has been going out of the
country to foreign lands, about as fast as it
could he produced!
An exclusively metallic currency, "a all
history shows, will net prevent speculation
and over-trading in the countries where it
prevails Abiding to this fact, and after
stating it in the strongest manner, Mr. BU-
CHANAN, in IA speech in the United States, in
September, 1897, 10y way of Illustration. told
o. a certain land specializing mania Of the
widest character, which once prevailed in
France, and at time, he said, when the cur
rcncy of that country was almost exclusively
metallic, if not entirely sol
If. then, oar hard money advocates should,
unhappily succeed, in their rash and reckless
project, the consequence, the inevitable con
sequence, will be inc dculable suffering and
losses by all classes of the community, ex-
cept the creditor class, the holders Of realized
wealth, and salarird officers; while. ut the
same time. speculation and over-trading will
Al ba LA IN
keep supply of specie Currency in the State
at all adequate to the Legitimate business
wants Of the people Of the State.
We press this subject upon the people Of
Tennessee because the question OF banishing
paper money out of circulation entirely, aud
adopting gold and silver currency. which
has been submitted to their decision, Is in
Gl tely more vitality important TO them, than
a.. question they have ever before been call
upon to decide.
y reduction 10y law of the currency to one
-.,t of what il has been for years previous,
e the gravest measure in its fleets upon the
immunity. that any Government, despotic
5r free, could possibly enact.
viii the people of Tennessee give-can
they be induced by any warning, however,
serious and we'll founded. to give earnest
need to the mad projects ola few hard money
politician', who, profoundly ignorant Of the
subject in all its bearings, are iadustriously
seeking TO lead them 10 the entire abandon
inent of every description Of paper money
and to the ADOPTION OF a currency exclusively
tr.t.Iiic-a measure fr,ught with all mischief
suffering aud ruins