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Excess of import- exports S29 sL5AlT


Notwitnstanding this immense specie coming


into the country and remaining in it, there was in the
pero included in this balance Of trade against us
Of siO6 300 AGO This certainly very astonishing re-
SUIT The immense debts contracted in Europe by several
sates of Union have been of very great
guiaung our foreign trade 1t may very strange,
but It Is an fact that had not been tor
the large loans contracted Europe by parties here
changes would have ranged above specie point through
our the years OF heavy mportatons, and the precious
metals would have been drained from this country the
last dollar and We should have been all bankrupts
bunch II very true that to certain extent the heavy
importaons those times caused by the loans ne
gociaed in Europe but not entirely for and that since
the debts contracted and value received the mpor
taons several have been much larger than our
exports Our foreign exchanges regulated now by
the position Of export trade The prices for de
pend upon the extent ofthe other When the balance OF
trade imports and exports Of mercha Hdise il
against usall other transient being the
way specie must 60 forward unless credits used
til the balance equases itself If the balance is very
large and the ability OF private houses control
until new crops come forward, other movement
is made to regulate it, there way of preventing sps
Gle from going forward The valuation placed upon in.
porations into this country and the mode Of charging
duties, conveys wrong impression to the public mind
The declared value for the purpose of making out the
duties, 10 very much larger than the real value
queny the duties range very high the market value
OF the goods On the other hand, the value of our
exports 10 estimated from the market value home
whereas the real value received, is much larger.
chant exports largo lot Of merchandise to foreign
port on his own account In making up the value Of the
expectation at Custom House, the actual cost or mar
ket price taken The increased value Of this expora
tion at the place Of SALE is known any party but
that directly interested The value OF our exports at the
different markets 10 which they for sale on
home account has very material effect exchanges
for the actual balance Of trade s not in fact great
against us as official returns mako it appear The
movements Of our banks beng confined to the limits Of
our own country and having great money power like
the Bank Of England controlling financial operations
throughout the world have nothing affecting our To-


egn or domestic exchanges at this moment but the
ances Of trade. Thiss not the case, however. in Lon
don Many influences are in that great market brought


to bear on the exchanges which act independent Of the
conditions ofthe foreign trade The Bank England often
speculstes in foreign exchange s. j. Lloyd Esq in his
evidence before the committee Of Parliament Banks
Of Issue stated that the Bank depended upon foreign


ties which bought when exchanges were favorable and
sold when exchanges II was 10
holding much gold, paying interest 1t was commo
dty which the bank export against the proceeds Of
which draws whenever the state of the trade of the
country leo an excess Of imports and deficiency OF
ports Mr. Lloyd objected to this the part Of
the bank az the bank becomes very powerful actor at
her own discretion upon exchanges and the knowledge
that SO powerful an acter is hanging the exchanges


calculated to disturb the ordinary action Of the exchange
dealers and to prevent their taking course which
under ordinary circumstances, they would take The
bank has also obtained credits upon houses in Hamburg
and Paris, upon which they draw bills selling these bills
upon the English exchange. The Bank of England &C.
cordng to the same evidence has exported bullion in an


cipaton of an advance in exchanges drawn agans


it. selling their bills upon the English exchange When
speculation exists in exchanges the demand or the quo.
tatons indications the actual position of trade
or how the balance stands.