The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1870-09-09

1t was still worse the year before, &C.
cording to report made by Mr.. BoUT-
WELL in December 1860; for he then
stated that the account Of the United
States with foreign countries showed q
balance against lis averaging twohundred
and ten millions per annum. The break
ing out of tho rebellion brought home
nearly all the American securities in Eu.
rope, which were sold for what they
would bring; and in 1858, It has been
officially stated, the country owed scarcely
anything abroad. Yet in 1860, 1t is off,
cially stated, the foreign debt of the peo'
pie of the United States was $tI405,OOO.
A thousand millions Of this was held In
the shape of government bonds; the rest
in railroad and other corporate securities.
Some of the Government debt was placed
directly in Europe by the agents Of the
Government, and represents money that
went into the Treasury; but the most OF
it went to pay trade balances, which
accumulated during the past seven years
at an average rate Of more than two hum
dred millions year.
II We add to the foreign debt sit stood
at the end Of June 1860, the accretions Of
the period succeeding, it must be now
considerably larger. Besides the eleven
millions balance on trade, we doubt not q
large part Of the years interest was paid
in bonds and added to the volume Of the
permanent debt.
But this process of depletion and indus
trial enervatfon goes on. Even the war
seems to have stimulated rather than
checked it. The imports at New York
last week were $7,0sS, O7O, against s. 1884,
or Of the corresponding week last year.
Tho exports OF domestic produce were
$9,84S, 7O9, against $S,SS5O1s for the cor
responding week last year. The exports
it will be seen were less than third as
much as the imports, leaving balance
against US Of $4,9S5267, through the port
Of New York alone. OF this 81 ,O2t COS
was paid by shipping specie, leaving
nearly four millions to be added toAhe
permanent debt in a single week.
The course Of our foreign trade since
the commencement OF the present calen-
dart year is shown by the operations OF
the custom house at New York. Since
the first Of last january (up 10 1st inst.)
the importations of foreign merchandise
at New York amounted to $90S, s92, 597.
The exports for the same period OF dOnes-
tic produce and miscellaneous goods, in
Guiding foreign goods re.exportcd, was in
currency value $3.50, 1O9, III, Or with gold
at lis, say $1O4, 0OO,O 900, leaving balance
against us of about $OO,OOO,OOO in eight
months. In payment Of this we exported
of specie during the same period $44, 41G,-
276 against twenty-five millions during
the same period last year) leaving fifty
four or five millions to be provided for In
some other way. This indicates d
present debt in Europe rising fifteen
hundred millions, and steadily and rapid.
ly growing in spite Of oil tho produce and
specie We can ship. This is all very plea,
. SAINT while it goes on. The country lives
luxuriously, and so long as we can pay bal
anccs in promises to pay, oil goes well, as
It does with any one who has unlimited
credit and uses it But by and by settle
, ment day will como, and unless prepare
ton is made for it, it will bring pressure
and distress. 49, ...,-s...
!. What remedy do the free.tradcrs offer
j. They propose that the remaining restric
+ tons on this process Of buying abroad
and piling up foreign debt, while industry
languishes at home, shall be re
moved. They propose to stimulate
b importation and discourage hOm'
8 production and fabrication by still further
t reduction Of duties. We know that thi!
D policy piles up fortunes for the CONNER
s cial class in the large cities, and for foreign
? manufacturers, but it discourages industry
i at home in oil departments Of manufac
8 ture, and diminishes the rewards Of agri
t culture because 1t destroys the homo mar
s ket. 1t Is in short q process Of impover
D ishment and bankruptcy for the country
t Us a whole, because it strikes at the root o
t oil productive industry, by which alon'
6 wealth is created. p
a How the consequences that have already
e resulted from this unfortunate policy
], can be avoided, ought to be a serlou
j question with public Legislators; but tn
r remedy is not to be found in giving en-
;. couragement to the same policy beyonC
1 what It has already had. If the facts VI
5 have referred to are entitled to credit, a
Q we think they are, there is danger ahead
and safety lies not in putting on mor'
t steam, but in putting down the brake
a with oil possible promptitudc.
t Reducing Expenses.
5 The Treasury Department has just pub
/, lished comparative statement Of the cx
8 penses oil the government for tho frs
r eighteen months Of the present admins