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
72-1/4 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.
K, was, and is still (for these are actual transactions taken from his
account books), an exchange broker, doing business in New York.
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