Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1868-12-24

less than those of this year. As every |
country exports most largely Of that which
is relatively its cheapest and most desira-
bic commodity in foreign countries, it fol- |
lows from the figures Of our foreign COM
merce that the precious metals have been
this year the cheapest and most desirable
of the products of our soil to ship abroad.
Specie is an export which at the best pays
the minimum of profit. Specie is never
shipped excepting in the last extremity,
when the country from which it is shipped
can offer nothing else which shows even
the chance of profit. Specie shipments
generally pay simply the cost of transport
ing them, and very rarely pay profit. A
preponderanee Of specie exports from a
country is therefore evidence of the dear
ness Of its other products in the markets
the world, and of something radically
wrong in the policy which regulates its
foreign trade. When, in the face of this
diminished export of produce and increas-
ing export of specie, there are superadded
thereto continuation of an increase in
merchandise imports, and furthermore a
settlement of the balances due to foreign
nations for this excess of imports beyond
exports, by remitting the obligations Of
the nation at about 20 cents on the dollar
-pawnbrokering on a huge scale-the
evidence of something wrong in our for
eign or financial policy is strengthened.
The fact isincontestable that gold and FIVE
twenty bonds are relatively the two cheap
est American products TO chip to European
markets. They have been made thus
unnaturally cheap by the insane move
ments of the Treasury Department
backed, however, it is but just to say, BY
| popular sentiment-to make the price Of
gold as low as possible in the New York
market BY the stock jobbing and artificial
machinery set in motion by the Treasury
Department. The Treasury Department
policy supplied Europe in the London
panic of 1866 with shout S40,0o0,00O of
government gold at thirty points below its
value and real market price afterwards
realized. The action of the Treasury De
partment in 1856 saved the Bank Of
England from suspension of specie pay
ments, and foreign bill-drawing firms from
failure. 1t has glutted the Bank OF
England and the Bank of France with
specie, by draining the United States Of
the same. 1t has given Europe that gold
which ought 10 have been retained in the
United States, and which could have been
retained here by a sound policy which
would have permitted the American pro-
duct gold TO sell in the New York market
at its fair and full price, whatever thai
might be, free, like cotton, sugar, tobacco
and other produce, from Treasury Depart
ment manipulations, working in unisor
with the stock, jobbing trickery of th'
Treasury Department clique of gold gam
blers. Since the passage of the legal-ten
der act in 1862, our specie exports amour
to $4,000, 000-a sum sufficient to re
deem all the government paper money o
greenbacks, dollar for dollar, in gold. 1
a sound financial policy had been adopted
the bulk Of this amount Of specie nigh
have been retained in the United States
In 1861, the specie exports for that yea
were only $4,2lG, $50 In order TO resum
specie payments the government, bank
and country, must accumulate specie
policy must be adopted which will kee
: specie in the country. In order to kee
specie in the country it must be made tn
dearest and not the cheapest America
; product TO export.
The New York Times of the 2lst insi
says: E
The Import Entries for the past wee
| amount to $l.792 245, against the total er
tries of $2,117,077 same week last veal
| The Export Clearapces of Domestic pre-
duce amount to So, 202, III against s., 249
| POS same week last year. The Customs G
1 Ln6 H6tk diO plJOJJiOVV. AHS IcCciPts I
, Cotton, cosstwise and by railroad, are 20
| | 494 bales.
The gold values of the Import Entire
of foreign merchandise, at New York
since Jan. l, 1868, are as follows, the er
: tries Of foreign specie being omitted:
Total since Jan. l, 1868 $40, 175, OS
Against same time 1867. 245, 14l, 76
Decrease since Jan. 1............s4 ,966, SO
The currency value of the exports {
domestic produce and miscellaneous good
, from New York, sipce Jan. l, 1868, are 8
follows:
Total since Jan. /, 1868.....$161, 1921 81
Against came time 1867 ......... 184, 500, SO
i Decrease since Jan. 1......"S23, IA, 85
Gold, Dec. 10, I868..............136 y cen
Gold, Dec. q, 1S69...............I394 T. cen