and the accumulation of specie shows the same thing.  We have no occasion for the precious metals as money, except for the purposes of circulation, or rather of sustaining a safe paper circulation.  And whenever there is a prospect of a profitable investment abroad, all the gold and silver, except what these purposes require, will be exported.  For the same reason, if a demand exist abroad for sugar and coffee, whatever amount of those articles might exist in the country, beyond the wants of its own consumption, would be sent abroad to meet that demand.

Besides, Sir, how should it ever occur to anybody, that we should continue to export gold and silver, if we did not continue to import them also?  If a vessel take our own products to the Havana, or elsewhere, exchange them for dollars, proceed to China, exchange them for silks and teas, bring these last to the ports of the Mediterranean, sell them there for dollars, and return to the United States,—­this would be a voyage resulting in the importation of the precious metals.  But if she had returned from Cuba, and the dollars obtained there had been shipped direct from the United States to China, the China goods sold in Holland, and the proceeds brought home in the hemp and iron of Russia, this would be a voyage in which they were exported.  Yet everybody sees that both might be equally beneficial to the individual and to the public.  I believe, Sir, that, in point of fact, we have enjoyed great benefit in our trade with India and China, from the liberty of going from place to place all over the world, without being obliged in the mean time to return home, a liberty not heretofore enjoyed by the private traders of England, in regard to India and China.  Suppose the American ship to be at Brazil, for example; she could proceed with her dollars direct to India, and, in return, could distribute her cargo in all the various ports of Europe or America; while an English ship, if a private trader, being at Brazil, must first return to England, and then could only proceed in the direct line from England to India.  This advantage our countrymen have not been backward to improve; and in the debate to which I have already so often referred, it was stated, not without some complaint of the inconvenience of exclusion, and the natural sluggishness of monopoly, that American ships were at that moment fitting out in the Thames, to supply France, Holland, and other countries on the Continent, with tea; while the East India Company would not do this of themselves, nor allow any of their fellow-countrymen to do it for them.

There is yet another subject, Mr. Chairman, upon which I would wish to say something, if I might presume upon the continued patience of the committee.  We hear sometimes in the House, and continually out of it, of the rate of exchange, as being one proof that we are on the downward road to ruin.  Mr. Speaker himself has adverted to that topic, and I am afraid that his authority may give credit to opinions