I am strengthened
in this view by the course trade has taken in the last two years and by
the strength of the credit of the United States at home and abroad.
For the fiscal year ending June 30, 1876, the exports of the United
States exceeded the imports by $120,213,102; but our exports include
$40,569,621 of specie and bullion in excess of imports of the same
commodities. For the six months of the present fiscal year from July 1,
1876, to January 1, 1877, the excess of exports over imports amounted
to $107,544,869, and the import of specie and bullion exceeded the
export of the precious metals by $6,192,147 in the same time. The actual
excess of exports over imports for the six months, exclusive of specie
and bullion, amounted to $113,737,040, showing for the time being the
accumulation of specie and bullion in the country amounting to more than
$6,000,000, in addition to the national product of these metals for the
same period--a total increase of gold and silver for the six months not
far short of $60,000,000. It is very evident that unless this great
increase of the precious metals can be utilized at home in such a way
as to make it in some manner remunerative to the holders it must seek a
foreign market as surely as would any other product of the soil or the
manufactory.
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