Greeley that the result has in each case been a loss to
the country. The sums are all stated in gold:
A, represents one hundred merchants, who shipped to London beef, boots
and shoes, butter, cheese, cotton, hams and bacon, flour, Indian corn,
lard, lumber, machinery, oils, pork, staves, tallow, tobacco and
cigars, worth in New York, in the aggregate, ten millions of dollars,
gold, but worth in London plus the cost of transportation, &c., eleven
millions of dollars, gold, in bond. After being sold in London, the
proceeds (eleven millions) were invested in British goods, worth
eleven millions in London, but worth twelve millions in bond in New
York, and plus the cost of transportation, &c. After having these
goods sold in New York, a net profit of two millions was the result of
the whole transaction, a profit both to the merchants and the country;
yet, according to the Commerce and Navigation Returns, the exports
were ten millions, and the imports eleven millions (valued at the
foreign place of production as the law directs), showing, according to
Mr.
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