, 1870-08-09
MONETARY and COMMERCIAL.


AuSpAf t+t ENlNtg aug
When Congress recently declined to notice
trade in ships, it Was claimed py Marx that
great opportunity bad been lost in which we
might have regained our lost maritime import
allce. Many remembered, ard were intuenc-
io,S ago. to the effect that al rnoney paid 10
foreign ships for freight was Rs - 20 much
money cast into the tea." 1t is. however,
question whether the transfer Of ships to
american oWpcts would, in the present
~ar. have been anything mora taau
slsm. Capital il more abundant in France
md Germany than in the United States, and
tho foreign capital would have held the .ship
AZ it does now. only that it would hare
sailed under tho American fag. As to tho
mcuey paid TO foreign shir-owue1s being the
same IL though "A cast inio the sea," il must
a,cIly invested il ships has not been idle 2; it
| Las been invested in enterprises fHat have
r, ,ot,ably paid letter than euch experiments as
lie Collins liue OF steamships, aud other etina-
| ul.ted maritime enterprises, and has LEFT the
I Carrying trade to those WHO could do it tho
ct the case, Which is, that the. present
laws forbid the American merchant
| i.tm engaging in the carrying trade At al,
except with Amefican-built vessels, Thero ia
lilt one thing in the world that IN American
citizen is absolutely prohibited from euEins,
many other articles OF foreign make, tho i'm.
! ortation OF which is practically prohibited By
| t1trayrga1.t duties, levied for tho purpose o1
! enabling American manufacturers to charge
higher rriteH than better articles would cosi
II brought from foreign countries. yet in n
these instances the buyer may buy the forclEt
.1tic1e il he chooses to pay the duty. But It
, regard to ebip~, the Law SAYS to the American
! melclant, "You ehall own 10 ships bu
tneh as are tult in the ports Of n
, CEited Slates- II protection waEe e1cusAel
At all, i thould be in protecting and encouI
4 aging shiI-building in the United States, be
: ethse tho ability to put aloas heets Of a1ue
q vessels OF that degree OF perfection Which cz
i only De acquired by long experience III shiE
& lultuirE. Is M element Of national strength
: Int ID tbe case tho Introduction OF the pu1
: | ei1se OF iosS'gn ehipe does not revive shil
i tulldine' snu only results in practically forbit
q navy at all. Shipa are not ono Of the nccees
q ,4es OF life, n least, hot such necessity th
< American capital will ray the bonus Of Il
in ;cAer ccef Of American-bullt shipa Il
= lie sake Of the profits Of ii
10 r.n1iuc trade Cndcr the rsescnt laws. h
ra1i,iIaa importance Of the United Stat
= Vii rot revive until American ship-bnil1e
ID eau Luild Ill ps as che.p's a. On theClyde; b
;c 1r American ehip-buiders will not be able
&c tH.scoW nntil they bare something Ike /
Or t,n,s smount Of building Is 1t Glasgou to
eea ea si,a nrosnect Of the revival Of American CO
Us Us 1,errc IN Americar ships ia not vc1J btlGs
T1,n result of the first P1ussian victory
c,y rte Of 8 per cent in the gold pF1ee OF unl
mt Stateh bouJs In London. and oeennb 9
ne ,cr cent in the price Of gold IN Ae@ *
lsy lie de.iiue of three cects rer husofi IN -
' il, tits n1,ske1 is also due masm'