The incoming goods
were duly entered at our frontier custom-houses, but the outgoing
silver was not. Mr. Greeley, unaware of this fact, detects an
over-importation of $25,000,000, and is waiting to be elected to
Congress in order to legislate the matter right.
M, (an actual transaction) had $1,000,000 in Illinois Central Railroad
bonds, for which he desired to obtain $1,000,000 worth of iron rails
to repair the road with. Not being able to effect the transaction in
the United States, he sent the bonds to Germany, where they were sold,
and the proceeds invested in English railroad iron, worth $1,000,000
in Glasgow, but $1,100,000 in Chicago, ex duty, and plus
transportation. By this transaction M, besides effecting the desired
exchange, netted a profit of $100,000. Yet, according to the Commerce
and Navigation Reports, and Mr. Greeley's one eye, as there had been
no exports and $1,000,000 of imports, the country was a sufferer by
the latter sum.
N, was a body of incorporators who owned a tract of land lying in the
bend of a river. Standing in need of water power for manufacturing
purposes, they resolved to cut a canal across the bend.
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