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.