B, owned a gold mine in Nevada, and had no capital with which to develop it. He proceeded to France, sold his mine to C for a million, which he invested in French muslin-de-laines, buttons, and glassware, worth a million in France, but worth $1,100,000 in Philadelphia, ex duty and plus transportation, &c. These sold, B netted an undoubted profit of $100,000, besides getting rid of his mine; but, according to the Commerce and Navigation Returns, the exports were nothing, and the imports $1,000,000; showing, according to Mr. Greeley's solitary point of view, a loss to the country of $1,000,000.
C, the French owner of the Nevada mine, had a million more with which to develop it. Hearing that French cloths and gloves had a good sale in Boston, he invested his million in these goods, sailed for Boston with them, sold them there in bond and plus exportation, for $1,100,000, which he at once invested in machinery, labor, &c., destined for Nevada. So far, C made a profit of $100,000, and had $2,100,000 invested in an American gold mine; but, according to the Commerce and Navigation Returns, the exports were nothing, and the imports $1,000,000; according to Mr. Greeley's solitary point of view, a loss to the country of $ 1,000,000.
D, had a rich uncle in Rio Janeiro who died and left him a million. D ordered this sum to be invested in hides and shipped to him at Boston. These hides were worth a million in Rio, but $1,100,000 in Natick, ex duty and plus transportation. Upon selling them D was clearly worth $1,100,000; yet, according to the Commerce and Navigation Reports, as there had been no exports, but simply $1,000,000 of imports, the transaction, from Mr. Greeley's solitary point of view, seemed a loss to the country of $1,000,000.
E, in 1850, shipped to Cuba, wagons, carts, agricultural implements, pianos and billiard-tables, worth $1,000,000 in Baltimore, but $1,100,000 in Havana, ex duty and plus transportation. These he sold, and invested the proceeds in cigars worth $1,100,000 in Havana, but in Russia, ex duty and plus transportation, $1,210,000. Disposing of these in turn, and investing the proceeds in Russian iron worth $1,210,000 in Russia, but $1,331,000 in Venezuela, ex duty and plus transportation, he shipped the iron to Venezuela, where he realized on it, investing the proceeds this time in South American products worth in Spain $1,464,100. He sold these products in Spain, bought olive oil with the proceeds, shipped the same to Australia, where it was worth, ex duty and plus charges, $1,610,510, which sum he realized in gold, which he carried to New York in 1853. On the latter transaction he makes no profit, but barely clears his charges. Yet on the whole he has made a net gain of $610,510; but, according to the Commerce and Navigation Reports, the exports have been $1,000,000 and the imports $1,610,510, showing, from Mr. Greeley's solitary point of view, a loss to the country of $610,510. Nay more, for Mr. Greeley balances his trade accounts each year by itself, and as E's outward shipment was made in 1850 and his importation in 1853, the country, according to H.G., lost in 1853, by over importation, $1,610,500. Yet not to be hard on H.G., and to be perfectly honest in our accounts, we will only set down a loss to the country from his point of view of $610,510.
F, owned the 4,000 ton ship Great Republic, which cost him $160,000. Finding her too large for profitable employment, and hearing that large vessels were in demand in England as troop transports to the Crimea, he sent her out in ballast and sold her in Southampton for $200,000 cash. With this sum he went to Geneva, where he invested it in Swiss watches worth $200,000 in Geneva, but $210,000 in New Orleans, ex duty and plus transportation. To New Orleans he accordingly shipped the watches, and they were sold. By these transactions he not only got rid of his elephant, but both he and the country clearly gained $50,000. Yet according to Mr. Greeley's single eye the country suffered to the extent of $200,000, for in the exports appeared nothing, but among the imports $200,000 worth of foreign gewgaws, only fit to keep time with.
G, (an actual transaction) shipped by the Great Eastern on her last voyage from New York, lard and other merchandise, worth in New York $600,000, the fact of which, in the hurry of business, he failed to report to the Custom House, and it therefore did not appear in the exports. This lard was carried to England, where it found no sale, and was reshipped to New York. G only escaped being charged duty on it when it arrived, by swearing that it had been originally shipped from here in good faith; yet it was entered as an import (free of duty), and showed, according to Mr. Greeley's one eye, that the country was on the road to ruin $600,000 worth.
H, lived in Brownsville, Texas, where he had a lot of arms and gunpowder, worth $100,000. The Mexicans levied a very high import duty on these articles, and they consequently bore a very high price in Matamoras, just opposite, being worth in the market of that town no less than $250,000. He accordingly conceived the idea of smuggling them into Mexican territory, and, with the connivance of the Mexican officials, (what rascals these foreign custom-house officials are, to be sure!) actually succeeded in doing so, and thus realized the very handsome profit of $150,000 in gold. The entire proceeds he invested in Mexican indigo and cochineal, worth in Mexico $250,000, and in Boston $275,000, in bond, plus charges. Of course, no export entry was furnished to the customs collector at Brownsville; but Mr. Greeley fastened his one eye on the indigo and cochineal, when it arrived in Boston, and made up his mind that the country had lost $250,000. As for H, he has invested $100,000 in more gunpowder and arms, and starts for Brownsville next week, to try his luck again. With the other $175,000 he has a notion of buying out the New York Tribune, and setting it right on free trade, and other matters of the sort.
I, and his friends owned a fine fleet of merchantmen when the war broke out. The aggregate burden of the vessels was nearly a million of tons, and they were worth $40 a ton. When the rebel cruisers commenced their operations, there were no United States cruisers prepared to capture them, because our best vessels were on blockade service. This being the case, insurance on American merchantmen rose very high—so high that I and his friends were reluctantly compelled to sell their vessels in Great Britain and elsewhere, and convert them into cash. They brought $40,000,000, and this sum was invested in merchandise, which netted a profit of ten per cent. to I and his friends. They thus gained $4,000,000 by these transactions. The entire proceeds, $44,000,000, they then lent to the government with which to carry on its war of existence with the Southern insurgents. Profitable as these transactions clearly were to I and his friends, and to the government, Mr. Greeley, nevertheless, only sees the import of $40,000,000 worth of foreign extravagances, and consequently wants the tariff on iron increased in order to make water run up hill.
J, had $2,000,000 in five-twenty bonds, which cost him $1,400,000 gold. As the market price in New York was only 70 gold, while it was 72¼ in London, he conceived the inhuman idea of selling them in the latter place. The cost of sending them there, including insurance, &c., made them net him but 72, but at this price he gained a profit of $40,000. With his capital now augmented to $1,440,000 he bought rags in Italy, which he sold in New York for $1,584,000, ex duty and plus transportation, a clear profit of $184,000 from the start. No export appearing in the Commerce and Navigation Returns, and nothing but the rags meeting his unital gaze, Mr. Greeley at once posted his national ledger with a loss of $1,440,000, the cost of the rags in Italy.