New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1872-05-09


The declared values Of the imports and
| exports for the last eight wears. as made up
by the Bureau of Statistics, are used in the
following statement:
| Imports Of merchandise during the
eight fiscal years, 1864 to 1871, in
Add five per cent for smuggling, and
undervaluatiOR. ................... 1918, $40
VI specie and bullion. ............. 1881, 7l3
Total .......................... 1896, 81, $50
Bxports-(Gold valuesl
Domestic produce: 800. ST, 234, 206, a64
Foreign merchandise. l23,86l,l95
Specie and bullion. Ga, III 1902 1856, 239 799
Adverse balance. ................ $4l0 lO8, 1873
From this statement it would appear that
we have bought $4,000, 900 worth of goods
more than we have sold, but it will not do
to accept even this estimate without some
allowances.
We have added five per cent to the sum of
the imports for differentiation and SNUG
Cling; it is not believed by the experts in
the Treasury Department, however, that
over three per cent should be allowed for
this item. On the other hand, some addi-
ton ought to be made for the profit upon
exports, and also for such exports as are
not reported it being much more difficult
for custOmhouse officials to obtain accurate
statements of the values of exports than
imports. and even up to recent PERIOD
1t Is well known that considerable quanti-
ties of domestic produce, shipped from New
York in foreign steamships, have not been
entered on the outward manifests
The fact that dOmestin products of very
considerable value are annually exported
from this country, which do not appear in
the published statistics of commerce, is
evident from the official statement of the
value of imports into Great Britain from
the United States, as compared with
similar statement of our exports to that
country.
If the value of products imported into
Great Britain from the United States be
computed at rates similar to those used in
our export valuation, it follows that mer-
chandise to the value of $44, las, 8Sl is ex-
ported to that country annually of which
we have no official cOgnizanee. And even
if in the British mode of estimating the
value, the cost of freight be included, there
still remains during the last five years an
annual excess of thirty million. If there
fore, as some suppose, larger allowance
than five per cent should be made for snug
Cling and differentiation, the under esti-
mate of our exports, as above shown, will
fully offset an additional allowance of five
per cent.
1t is often claimed that large sum should
be added TO the adverse balance of trade,
as exhibited upon the merchandise state
ment, for the freight paid to foreign ship
owners who now do most of the ocean
transportation.
In the absence of correct data in regard
to the total value of freight on imports, the
chief of the bureau of statistics has esti-
mated the amount to be eight per cent on
the declared value of the merchandise; and
as about sixty-eight per cent of the whole
was carried In foreign ships, this item
amounts to 69,000,000.
Another item often added to our supposed
foreign debt is the annual expenditure of
Americans residing or travelling abroad, es-
timated by Mr.. Wells at $2O,000,00 per an
mum. But this is now partially cOunterbal-
anced by the expenditures of foreigners trav-
cling for business or pleasure in the United
States. the number of whom, both from
Europe and Asia, is already very consider
able, and is every year increasing. There
is, however, another source from which we
receive much larger accession of wealth
than from foreign travel, viz: Immigra-
ton. The lowest estimate of the amount of
money brought into the country by immi-
grants is sos per capita, at which rate
sum of nearly $22,000,000 must have been
added to our national wealth by the 32l, $50 |
immigrants who arrived on our shores dur |
ing the fiscal year ended June 80, 1871, an |
amount which would far outweigh the loss
sustained through the somewhat lavish ex-
penditures of wealthy Americans travelling |
in foreign lands.
The last item to be added to our estimate |
is the interest which has become due upon |
the debt while it has been accruing, and |
upon the suppOsitiOn that the whole amount |
Of our foreign debt does not now exceed |
100000, coo, this item would comprise about |
S24O,OOO,OOO OF it, say eight years interest !
at an average of S30,000,000 per annum |
As about One-half of the amount received |
as interest on American securities has been |
this item will amount to $780,
100000
We have now the following items:
Adverse balance Of trade for eight
years. s 40 UO0O 600
Freights to foreign ship-Owners. 1863 100000
One-haf interest accrued............... l2OO00O00
contingencies. ACKNOWLEDGEMENTS. 100000
Aggregate. ............. 500, OOO, 900
From the above statement it appears that
5he debt we owe to Europe, incurred dur
ng the past eight years should aggregate
about 500, 900. But owing to the fact
hat our credit abroad during part of that
period was not assured, our securities sold
below par. A careful estimate
made by the chief of the bureau of statistics
establishes the fact that the average dis
count during the period named was not in
excess of twenty-five per cent. In comput-
ng the aggregate of this debt, the par
-alue of these securities must be ascer-
aimed; and as they sold at an average rate
# seventy-eight cents on the dollar, it fol-
Ows that our debt to foreign nations
to $780, OOO,O 900, and our annual
interest charge to $54,000.000.
The most important question is, what
ave we received for this Indebtedness ?
The reply is, foreign merchandise, chiefly
european products, ranging from one
ixth to One-fOurth of the value of our total
mpOrtatiOns.
Upon the common assumption that our
IMPORTS consist mostly of luxuries, this
would not be a pleasant exhibit, but such
J far from being the fact. We have Dor
owed large part of the total import, and
a order to tell of what it consists, it is
to consider a rule which has been
rOVed by experience, viz that the most |
onstant element in our importation, that
7hich varies least per capita, consists of ar
lcies OF luxury or comfort 1T therefore fol
Ows that the excess of imports which we
ave borrowed consists of articles of neces-
lty and other articles which enter into the | J
rOcesses of domestic industry, and most
+ which are reproductive in their nature.
AS TO this debt being due on demand, |
nd the alleged danger of fiscal trouble |
rom the sudden return of bonds, little |
eed be said; the fact that they have been | {
AIKEN when our credit was doubtful makes |
: certain Uhat they Will be held, now that | d,
ur credit is assured. 1t is believed that
ur danger is greater from too great faciI- ]
y in borrowing yet more, than from any
ldden collapse of credit, and an impera-
i've demand for payment of what we now !
we. The export of United States bonds (
as partly ceased, but we are now borrow ]
lg railroads by exporting their bonds; it
us to see that we do not borrow
ailrOads faster than we can prOftably use
lem.