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I have seen no reason to change the views expressed in my last annual message on the subject of this compulsory coinage, and I again urge its suspension on all the grounds contained in my former recommendation, reenforced by the significant increase of our gold exportations during the last year, as appears by the comparative statement herewith presented, and for the further reasons that the more this currency is distributed among the people the greater becomes our duty to protect it from disaster, that we now have abundance for all our needs, and that there seems but little propriety in building vaults to store such currency when the only pretense for its coinage is the necessity of its use by the people as a circulating medium.
While this is felt injuriously in the diminution of the revenue, it has been accompanied with a very large increase of exportations.
Germany would therefore damage all her creditors, especially in the foreign markets. In the second case the reduction of exports, one would have the exactly opposite effect to that imagined in the programme proposed that is, the indemnities would become unpayable. In terms of francs or lire at par with the dollar, Germany's exportations in 1920 have amounted to 7,250 millions.
Arguing thus, that if the exportations exceed importations, then the balance must be brought home in money, which, when our merchants know cannot be carried out again, they will forbear to bring home in money, but let it lie abroad for trade, or keepe in foreign banks: or if our importations exceed our exportations, then, to keepe credit, the merchants will and must find ways of carrying out money by stealth, which is a most easy thing to do, and is every where done; and therefore the law against it signifies nothing in the world.
I was giddy, but not sick; and the giddiness soon went away, but left a feverishness and want of appetite, which I attributed, in great measure, to the "saeva mephitis" of the bilge-water; and it was certainly not decreased by the exportations from the cabin.
To the Senate and House of Representatives of the United States: Taking into view the mutual interests which the United States and the foreign nations in amity with them have in a liberal commercial intercourse, and the extensive changes favorable thereto which have recently taken place; taking into view also the important advantages which may otherwise result from adapting the state of our commercial laws to the circumstances now existing, I recommend to the consideration of Congress the expediency of authorizing, after a certain day, exportations, specie excepted, from the United States in vessels of the United States and in vessels owned and navigated by the subjects of powers at peace with them, and a repeal of so much of our laws as prohibits the importation of articles not the property of enemies, but produced or manufactured only within their dominions.
It is likewise to be observed, that, though the exportations may appear to exceed the importations, yet may this in part arise from the accounts of the former being of a more certain nature, and those of the latter very conjectural, and always falling short of the fact." Though Mr.
But the figures of these odious exportations, are they still considerable? Yes! The number of slaves who arrive at the coast is estimated at not less than eighty thousand; and this number, it appears, only represents the tenth of natives massacred.
The commerce with England, though less important than that with Spain, was calculated yearly at twenty-four million florins, which was chiefly clear profit to the Netherlands, as their exportations consisted almost entirely of objects of their own manufacture. Their commercial relations with France, Germany, Italy, Portugal, and the Levant, were daily increasing.
A less amount of labour and expense would serve to introduce a few foreign species each year, and the reward would be greater, and would not make us ashamed. We have generously given our own wild animals to other countries; and from time to time we receive cheering reports of an abundant increase in at least two of our exportations to wit, the rabbit and the sparrow.
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