182 



CONGKESS, UNITED STATES. 



000 of coin to redeem them. "When redeemed, come to analyze the tables you find what is ex- 



of course, the national banks will be compelled ported is chiefly raw material, the products of 



to redeem their circulation in coin, which will the soil, the mines, the quarries, and the for- 



require $354,000,000 more. ests; but where are the manufactures? Leav- 



" But suppose that the Government after re- ing out the oils, mineral and animal, a few 



deeming them continues to treat them as law- sewing-machines, mowers, and reapers, a little 



ful money and pay them out in discharge of its leather, and certain classes of machinery, and 



debts and in the payment of current expenses : our tables of exports present a dreary barren- 



They must in that case be redeemed again, and ness of the products of skilled labor. Thus, 



as often as they are issued, if the holder of last year, we exported over $227,000,000 in 



them prefers coin. Thus it will be seen that value of unmanufactured cotton, while all the 



Congress when it enters upon the work of re- manufactures of every kind, produced from 



demption must take measures not only to that material, exported by us, amounted to less 



redeem them once, but as often as they are than $3,000,000 in value. We exported last 



reissued. And right here comes the difficulty, fiscal year in gold and silver bullion, and in 



"While no doubt it is practicable to borrow gold and silver coin, $76,905,546. That ex- 



$400,000,000 of gold to redeem the entire issue hausted and more than exhausted the entire 



once, yet if we are to maintain redemption we products of our mines, whose yearly income is 



must be prepared to supply ourselves with the rated at, I believe, about $58,000,000 



requisite amount of coin not only to resume, "In the mean time, what have we been im- 



but to maintain resumption. porting during the last fiscal year ? Here again 



" I repeat, sir, where is the coin to come we must turn to the tables. The total of those 



from ? If the Treasury, in addition to what is imports, including both those dutiable and free 



in its vaults now, could command all the coin in of duty, was the startling sum of $663,410,597. 



the country, in the hands of the banks and in- I embrace in this statement all commodities 



dividuals, nobody supposes that there is enough entered for immediate consumption and those 



at this time to redeem one-half of the outstand- entered for warehousing, which mostly go into 



ing greenbacks. There has been ever since consumption ultimately. 



the war a constant drain of the precious metals " Now, sir, contemplate a few of the items. 

 abroad. "We are paying about $100,000,000 of I want to show in this connection what we 

 coin a year in the shape of interest upon our recklessly and needlessly import, to the detri- 

 national bonds, and probably more than one- ment of our domestic industries, which could 

 half of them are held in Europe, where the in- just as well have furnished to our hand most 

 terest must go. In addition *to this there is of the articles we have run in debt to buy, or 

 a large volume of indebtedness of the States, which we were better off to do without en- 

 cities, mining and manufacturing companies, tirely. 



and railway corporations, held abroad, amount- "I begin with the manufactures of wool, 



ing in the aggregate to a greater sum than the We imported 



national bonds, which are in the hands of for- cloths and cassimeres $16,000,000 



eign capitalists and on which we pay interest. ^"^ a a {j^<r short of "- 



The whole product of our mines, large as it Dre^-loods.Vbout "'.'.".!'.'"'."'.".".'.'."'."'.! ^sbblooo 



is, is insufficient to pay this interest account. Hosiery, shirts, and drawers 613,000 



More than this, and Worse than all, the bal- Other manufactures of wool not specified 7,500,000 



ance of trade every year for the last ten years Total manufactures of wool $50,946,000 



has been against us, and this balance has to be ^y e imported of 



adjusted in coin or its equivalent. Until re- Lqaf . tobacco . . . . wmooo 



centJy there Las been a constant outflow ot cigars 3.330,300 



specie from this country to pay these balances. Perfumery and cosmetics, a little over 1,000,000 



We cannot discharge them in our greenbacks fSSS^lSSSK w'lX* 



or national-bank notes. They can be paid only in^s, papier mache, and other manufactures 



with money, such money as is recognized by ^^SS&&fi^^M^ t 



the commercial world; that is, gold and silver. Bay l,a30,soo 



" I should not omit to say in this connection Musical instruments J'29,'!*| 



,,,.,. ,. , , ,, , . J . ... Leather ot all kinds 6,750,000 



that it is estimated that American citizens trav- Glove8 ofkid) andall otheri of skin or leatheri 



elingin Europe spend $75,000,000 a year, of say 3,500,000 



course in gold. " We imported of 



"Mr. President, it is mournful to study those Pig-iron. 7.303,769 



monthly reports emanating from the Treasury 5 a V ror V,- ; ,'???'i 



u- -u i-'v-i. AI t> Railroad bars or rai s of iron 10,541,036 



Department, which exhibit the state of our Hardware B'Mslsia 



commerce with foreign countries. On the one Machinery * iie93,'966 



hand what WA A^nnrf i* in thpi Tniin thfl TIPOPS- Muskets, pistols, rifles, and sporting-guns.... 822,119 



nana, wnat we export is in tne mam tiie neces Steel ingotSi bar9i 8heetfl , and wire 4,155,234 



sanesofllfe such things as people must have Railroad bars or rails of steel 9.199,666 



to' subsist on and clothe themselves with. To Catler y 2.234,317 



be sure, they are comprehensively classed as Total of iron and steel and their manu- 



commodities, the growth, produce, and rnan.u- factnres $47,782,130 



factures of the United States; but when you " I have omitted other varieties of iron and 



