, 1874-06-21
OUR FOREIGN INDEBTEDNESS,

y Edward Young, Chief Of the Bureau OF stf
= tlstlcs, furnishes IN estimate OF our foreign il
= debtednesH, from which NE extract the follow
our exports exceeded that OF our imports
Hence Dir. Young begins his Investigation, t.
ascertain our actual foreign indebtedness, will
, July l, 1862. Dec. st. 1873, is tue date a
which the account closes. The total imports TO
the eleven aud half years embraced between
these two dates, including merchandise, specie
and bullion, amounted to $5,061, ,756, ,262
exclusive Of specie and bullion, S4,s57
1918 In the same period, and while
the not imports were represented by the
latter figures, the exports of merchandise we're
valued at So BIT 201 ,414, leaving excess OF i'm
ports over exports OF 5000, ,535, ,721. From this
must be deducted M export of specie and bull
lou amounting in value to e3CS1, ,946, OCT, which
leaves $353, ,589 ,654 excess Of imports over e1-
ports.
Another element In the computation must not
DO lost sight Of, however, viz: an estimate OF
tue amount OF smuggling and underyaluation-
Alr. Young. from a careful examination OF tho
subject during four years, has como to the con-
ciuslon TINT an addition OF 8 per cent to ths to-
tai value Of imports is ample allowance for
! smuggling and nndervaluation. Ills REASONS are
these: Neither bulky nor free goods are SNUG
| gled, aud merchandise paying specific
duties is not underya1ued. The kinds
OF goods most likely to be smuggled
nraNf0rp all;
laces, etc. The official returns of the port
Of New York show that the total value Of free
and dutiable merchandise which entered into
consumption during the year ending July 80,
1873, Was S439o00.000 per cont Of which is
Sl3, 900. The imports Of precious stonos
jewel1y, and all manufactures OF gold aud silver,
watches and watch movements and materials
silk dress goods, the articles most easily
Hmuegled, amounted in value to sea, ,IO1, no,
and with fine laces and embroderies probably to
to one-ha1f of the value Of thess articles that
paid duty. Mr.. Young thinks that 81, ,000, 900
will cover the value Of the precious stones,
jewelry, watches. laces, and ombroideries,
and that S8,000,000 will moro than cover
that Of the smuggled silk goods; s13,000 900
will therefore more than cover both, / c., an ad~
dition OF per cent to the value of the importa-
tions will cover oil eyasions of the revenue:
and per cent Of tho whole importations be-
tween July 1, 1862 and Doc. 81, 1878, amounts
to sl46, 801, 754.
The value Of the imports being the value esti-
mated at tho ports Of shipment, the amount of
freight to the several ports of the United States
must be added thereto; and ur. Young thinks
that per cent on tho total value OF imports is |
an estimate Of approximate ACCURACY. This will |
increase the estimate Of import values by s211,-
892, 456. The froights on exports to United !
States ship-oWners must OF course be deducted |
from tue aggregate Of freights carried By foreign
vessels. This Mr. Young estimates At sS7,000,-
debt while 1t has been accruns is supposed to
be not less than 9277,000, 900 nor moro than
1896, ,00o, 900. aIr. Young uses the larger figure
in his computation. The problem then stands
rs follows:
Excess Of imports over exports for 1lK
Allowance Tor merchandise snuoaled. md
for undc1valnltfon. .......... .,,,,. l469G1 75t
Freight on imports to foreign sh-owners ell 8so45C
Interest. .-...................... go. 600 600
sloo7, $50, 1864
2mp-owucts. ACKNOWLEDGEMENTS 5000 600 |
Aggregate. 9o0,333, 8A
From which il appears that we owed Europe
N Dec. 81, 1874, debt incurred since july /.
1868, equal to 1920, 1000, 600. In computing tho
of the debt, however, it is necessary to
ear in mind that securities so]d at III average
# 80 cents on the dollar, our credit abroad not
cing assured during the first half Of tho period
udor roy1ow. Tie par value Of our debt to for =
ign nations amounts to 81, $50, 600 o00 Putting
he ante-war securities, the bonds of the Com
Of Pennsylvania, OF Massachusetts,,
nd other States owned in Europe at s5oo00,-
%, VIC have an aggregate foreign indebtedness
I nearly 1900 oo0, ,0o0 The estimate made BY q
Il. Young is unofficial but none the less inter- l.
sting On that account
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VERDPs LAST WORK, C.
Do~ |