, 1877-08-15

was rcsnmc5 .,,, H.. .,,,.. .>..,:.
,nr,o f.na,;, ;.,a,,, .',> w., ~ =.
a-,a,o,, ~. H.. ,'s.'t ''s,'. o.
| A"t "'te 'hts hh'l ta*en pl"ec, the
imports hha f'sen tr otn f.2lM, 600 in 1860
tn SCI II ,t0t', ,Gs}D In 1877. This was n reversal
| Of tho ruls of mn ox,,o,. ~ ox,,,+s 1v,,;,,,
| had x,ou.:,., ~. ~,
l'"'r 10 ieo'', 1he e@cea" III
"'P"t'H a"'o"ntrl III 1eG6-lo'2 TO an nser-
aEc Of :s4t.Ml0,U % 10 annually, while In 1872
| It rcnci,ct1 st10 mn MN In ,l,}s stn,a nj
nfr,fr, ,o .rw:.
| 49,. ~ ., - ,.'
',".,' no" " 0 exrfanat'"ns h'fcaay RlScn' the
ss' "'' unae sstan1 thai *nch state of e1tesna!
! "''i'"s Il ~ pc feunn anH holEal "oult
,.p. nps stase of financial relations between the
! 1870" '.' "aa fntopc !" winch the 1o1Met
' ""s 'sHe's esea''o1 VI Ahc H"te9' t"s y
s,,,n.:. W. w 'e"Fpo1't'h '"'1 'a'Ee e1ee's o.
.ss,h ..r' caPor1e co"'u eonIl"ae co'er'ch'ty
,ns ..n.. ~" u. so'sne! ~" ta.. ho"esor. 1to,"
49,. 49, ns III aeeo!u'asc Win W. sup"sl- ~,
,.'I.oss. "s' alc e@ac"J '"e 'e'cthe III .'l'. ioo
na.s.,,, te' )" 'a,eeH o. ue"'o. ~ r1foi'e on
.,,,asn.. aesht' "h1e thc eHr".n nte .,e no' e'ea
:" e"'es net eo''"e'e'"' ''a'ht'ee'
~s'" F"Aa1b 'he e3aIa co!hhleEIaaI obl1ah-
lions OF tho United States to Europe ut
| 5000 10. GOO for interest md t]iy,|an,1s
aoE r An, nm e,u .~,,.,,.o. IT a,,ox;o.,,n l.,
~ -
III u 1re,Kn vessel.owners, or a Total OF SsloO,
0d0 ,N}i, annually, ho proceeds;
s,ow. Ms hnsn ntrcatly r c<nfutnrd thrrs n hnt
o,Ic mean, by xhIeh un,inu rnu in thr to.t rc.ort
discharge he, liabilities to other na,luns-namc,y.
thrrl,th tlu ya;ur nj her nrsluet. cxnnrt,d ~,
hayo sccr. howeyrr tbat thc cxnort. of ,hc United
States, ~ things INV stand tl.7;n. far from being
nrountr f., t ]InuI,,t,n ~ hnr annual nry+.,,ic
liabilities, are insufficient to meet those incurred
on commercial account alonc; Tic deficiency, tak.
luz '"c average OF the latt asc years. having "s
u s4t.oot oo H. % t,av" tan. | is is,5snee e"s or
II, ooo 700 On commercial ACCOUNT, illus further
sim Of s:d, ooo. 600 ts1ao, COO. ooo, On cxtrs
."n'asssea! @ ~. account N M Il,' ooo o@' due
roun,rie. ' IN '' ~ aa, 81. xa. :" har
exported sootis enables her to discharge. The
question af'scr. Ilow IL this liability tn bo met.
1'o% ms boon met up to the present tlmc
,,1,"r. "a'' ,'. e ms""s ~ "e'ura'1y oe,es.
been brought extensively Into rcouI.tton. 1,Mt. m
Ing tic pr,ud since Tho War Tho .a,e Of American
securities IN .'c markets Of tlscat 1rttaEn and tho
Continent his been largo and increasing. The
United stntea Inns ccaAcd, Indeed, to aid to her
public acbt, nsld has even malu tolno psogre's In
fidtc!Hg It; hut It IL pEobAbo that tho rrnnrtion
Of this debt 1T the hatla Of European holders has
nf ldtc Increased, and 1t liz certain hut tlu amount
prvn.v in,rstment in America is immensely rreat.
IT than 1t has ever iccIs ut any fornicr perful.
Here, tslcn IL which, tnr ns It guc., and
40 ano a. fa''' th' uuitc statcs mar employ In
y, 4.a'ops ~ rurs.a1s ~ Amceeh seea
lean tlcbs as II they suro obtained u pay,pcut Of
exports.
ile pro'oup cod this e1pediont OF paying
balances il. bonsls as !" n temporary make
SHIFT" mud that ''no nation eau continue to
rny its foreign debts by tho process Of in
curing ruw debts to ,noet o bnlauco yearly
hccrning against it; yet this, In truth, is tlls
naturs OF tll, tinnncial operation by whicl,
of late years tho United States Inns continued
II entt In occo ,,r,t, ,rstt, ill., .... ~ A..