The Richmond palladium. [volume] (Richmond, Ind.) 1855-1875, 1860-01-05
Report IL the Secretary Of the Treas


brevity and on other accounts 1t is quite as
good as could be expected from one of his prin-
ciples. He gives the amount of exports and i'm
ports, and in the statements, he refers to tables
accompanying the report to fnd out how much
specie enters into the reports He gives only the
total amount having added the gold aud grain
together.
For the pnr7ose of calling attention to some
Of the falacies of this state paper, we give few
extracts:
Some apprehension has been felt that the
large amount of imports during the last twelve
months would be attended with unhappy re-
suits in the business Of the country This ap-
prehension would be well founded if the facts
showed that the imports exceed the wants of
the country and its ability TO pay for them.
The i'm ports during the last fiscal year were
$3.50. 763, l3O, whisf the exports for the same
period were 1856, 789, i62. showing an ex
cess Of exports over imports Of slS,02l ,832
As large as the imports for the las, fiscal
year were, they have gone into consumption
One fact, however. connected with our ex-
ports has attracted much attention. and led
many to believe that we were importing be-
yond our ability to pay | allude to the in
crease of specie in our export tables. II spe-
Gle occupied in the business Of the country
only the position OF circulating medium
and the supply was limited accordingly,
there would be Just ground for this apprehen-
sion; such, however. is not the case. 1t con
stitutues an important element in the list of
our productions and, like all other produc-
lions, where the quantity exceeds the legi.i-
mate demands of the country for use and
consumption. it becomes very proper arti
Gle for export.
1t is estimated that since 1S4S, California
has produced over five hundred million in
gold Woul her condition have been i'm
proved by retaining that amount of specie
within her limits, to the exclusion of those
articles for which this specie has been sent
to the Atlantic and abroad? During the
same peroid, Georgia has produced more than
FIVE million bags of cotton. The same policy
which would have required California to re-
tain her gold beyond the legitimate wants Of
her people, would with equal propriety, re-
quire Georgia to retain within her limits the
excess of the production of cotton over the
wants Of her people. The argument is as ap-
plicable to all the States as to one, and I have
used the illustration of single States only be
cause they were mere marked and striking
Unless the export OF specie goes to the ex-
tent of violating this manifest principle, it
constitutes no Just ground of anxiety or alarm
Ia Ibis connection il should be observed that
the large excess OF specie exports CONNIE noes
with the discovery Of the California mines,
ard has increased very much in proportion
TO their increased prod
Whenever the export of specie shall OK
coed proper limits, the effect will soon be
seen and felt in the financial and commercial
operations of the country. 1t W uld proba-
blv he the first exhibited in the specie basis
OF the banks; showing an increased proper
ton of circulation and deposits to the amount
Of specie in their vaults, and this would soon
be followed by arrangement and depression
in the general trade and business of the coun-
try At present there is evidence that Ell
Their of these results are to be unprecedented.
There is mode Of ascertaning the amt
of specie in general circulation. During a
prosperous condition of the country it no
doubt increases with the demands of bust
ness; and whenever from any cause the sup
ply is below the wants OF the country, it VIII
be manifested by depression in trade and
general embarrassment. Until these indica-
tons appear. we may safely calculate that
there has been the usual and necessary in
crease.
With some persons the idea seems to pre-
vail that we are necessarily ovcrtradino vii h
those countries TO which our specie is carried
and the most of it goes to the port of Great
Britain, they conclude that they are, there
fore, buying too largely of British produc-
tions. The fact that payments are made in
England, must not he considered as conclu-
sive evidence that the debt has been contac-
ted in the course of our trade with that coun-
try.
From this are taught very coolly and com
placently that tie main use Of gold is to send cut
of the country to buy foreign goods WITH and that
it is all very proper 10 go importing goods
Just as long as we are able to pay for them o,
until "a depression of trade and general embar
rassment," or perhaps a recurrence OF genera
bankruptcy shall admonish US to change our pol
icy and practice. His Argument is little anus
ing. Since California is a part of this country
her gold is ot,ly of the products of tn is coun
try and like other products is "a proper article for
export This is more becoming a paltry petit
foyer than statesman. 1t might he said with
equal propriety that since Australia belonged
Great Britain, gold was proper article of export
from England; but such policy has advo-
Gates in that country. Mr.. Cobb admits that
most of the specie goes to Great Britain
The British policy has alxays been such as to
make thar government the centre and controlling
power in the financial and commercial wo rid. I,
has always been the policy eff British statesmen
to so direct the courses Of trade as to make The
specie of the world flow through London, and
hence. exchar &c on London is at premium in
every market in the world. II has been its policy
to make all the world in deb. to London. Hence
an Englishman's credit is worth more in New
York than an 4 me rica ans gold
If Mr.. Cobb were statesman ard rot mere
free trader politician, we might have expected
something about the desirableaess of increas-
ing our exports; the encouragement OF home trade
and business: the disordered and anomoious state
of our money market; the almost entire depend
ence foreign countries for millions worth OF
goods, which every consideration requires she aid