The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1850-05-30

ana EAST having partially su,psndsA v sAsv tAst
higher rsts Of duty vas necessary " prevent .
senpIsts prossrstisn If this Il. psrtsat ussssa. We
I've not been tssppsiatsd and the 1svsnsst having
Arly commenced, IL becomes necessary for to
Ne utter groundsssness Of Their argsAsnss and the
weakness Of their position.
shs sxsss Of imports over exports en- ths foreign
Ssds Of this port for shs ten months ending May ist
1s4s was s470co092; May 1s 1st9, eI5 e4s,s3o; May
lst 1850. s67 224 03s Ths fact shows ast nothing at
all 1t does net give the nr,. idea Of the balance
the foreign trade Of the country at large for tho
period named, but answers geod purpose for those
whs wish to show excessive importation, 30
strengthen any argument in favsr Of increase
- duties to cheek imports. 1t must be
borne in mind that this the grand distributing point
for imports that nearly threfourths Of the total i'm
portatons entered here while bat about fourth
Of the aggregate exports OF the country from this
pert 1t will be by this, that no opinion be
formed Of the actual condition Of the aggregate foreign
trade Of the country bare report Of the
Imports and exports Of the port Of New York II
large Increase In mpertatious he any reason why
higher tsrin should be put en- there is argument
enough In its favor, but admit nothing Of the
Kind tho imports regulated by other causes any
enc Of which is of influence than the mere per
cent duty An increase Of imports is in most cases,
and that ability is the result OF any increase in our
sssources any imitation in tho currency any additional
activity in any Of important departments
Dry, any speculative movement In any kind OF pro-
psry An expansion in the currency Of FIVE per cent
would annul at least thirty per cent in the shape OF
duties, at port Of entry in the country and any
great increase in supply Of gold and silver any
source Is we'll calculated to expand public and private
credits or to give impetus to consumption, that
would require large increase in imporatens to sup
ply
It II new about two years since the gold mines OF
California were discovered, and within that time at
least two hundred thousand people have left the
Omitted States for that country and the rapidty with
which money has been acquired there has made
~ all those who have emigrated much larger con-
Of the nsccssarss Of life than ever they were
before This has created extensive markets goods
wares and merchandise Of all kinds which have been
principally supplied from the United States We have
cleared out immense quantities Of old goods Of foreign
manufacture, and supplied their place by impor-
tations We have in this way largely increased tho
aggregate value Of imports without exhibiting cor
responding increase in the value Of merchandise ex
ported. This on the face will admit looks rather
unfavorahle but 1t does not follow that the balance
represented against really exists 1t be borne
IN mind that California part this country and that
The imports and exports Of San Francisco go towards
making up the total foreign trade Of the United ststs
- much As those of Boston, Philadelphia, Balti
mere, any other port the Atlantic.
1t has been officially stated that Interpretation Of
geld dust from California for the year ls4o amounted
~ about s6oy0ooooO (nfy millions Of doIlArs), Of
which $12 0oo COO were shipped to the United States
>1sooo,oo0 to Mexico and South America, and the
balance, S26ooo,0oo, to Rngland-most OF IL via the
Isthmus Of Panama, and by British steamships
Now, there IL no doubt but that most Of the ship
nsnts Of gold from California to London were made
account Of merchants in this and other Atlantic
cities and in payment for merchandise mported int
tAs United States We have been paying for . large
amount of imports the Atlantic BY expectation
q gold on the Pacific, and the balance foreign
trade has in this way been much smaller than
anticipated Had this CALIFORNIA; gold come direct to
this port in payment for goods shipped from this port
70 San fransscs, IL would not have remained here
long, but would have gone forward In thesourss of
trade TO London, In liquidation Of indebtedness IL
would only have been indirect way OF getting
The gold TO those to whom IL was due. Had II been
landed At this port from steamer from Chagres aud
the next day been put on board steamer going TO
Liverpool 1t would have created great excitement In
nDsneial circles, and created . great hue and cry
ansng the protectionists against . tariff that was
draining Of all our specie. But between twenty
and thirty millions Of gold have been shipped quietly
sat Of the country and IL has created panic, and
has not checked the expansion In public private
credits going rapidly In the Atlantic States
thus appears that while have largely import
ing and moderately exporting, California friends
have been furnishing the to keep down the BE-
lance against MS and have In this indirect way been
uquidatng part OF the immense Mt they are In
dsbtsd to This Is not unusual for trade
10 take The ramincations Of are 90 extern
sivs that ell parts Of the world included In tho
Geld Of operations and for imports from the
extremes Of the earth usually made with dras
London when the United States Bank was Ia operation
eur merchants used frequently to pay debts dss Lon
Gen by dra the KAst Indies nations are 20 int
nstsy connected with each other In their commercial
relations that the whole world is somewhat similar to
. small community Of manufacturers agric ult urists
ssd neutrality-suspicious. and consu msrs; aud the
balances in favor Of and the other reg uAtsa
from time to time, BY exchanges or movements In
specie.
The small amount Of gold dust received In the Uni.
ted States from California compared with the sggre-
gate amount reported having been extracted from
the mines accounted for by the fact that has
ken the course named above the advantageous
TO ell parties concerned TIE merchants engaged In
the import trade the gold dust Of California would be
valuable in London than In New York, and best
their purpose In the way OF business IL will
therssre continue to take the zane channel and viii
tstioss Of foreign manufactures.
The proceeds Of tho public stock RENTED 20 Europe
have been doubtless appropriated TO the payment Of
debts contracted by the purchase Of merchandise for
shipment 10 this country which be considered a
temporary foreign debt but California will provd.
che for iiqudstlng 10 II the production Of gold
In the country continue at the rate already realized
and the demands upon the Atlantic ports for goods
continue 90 large 80 at present, shall have
edness due 20 foreigners. There have been seasons
when have imported twenty and twenty-five mil
lions q specie from Great Britain In the %
foreign trade again being largely In favor the
balance will be iiluidated by return Of stocks
instead Of shipment. Of specie.
Al present the most extensive iron mines and msnu
factore, worked In pennsyivanis and that State
IL without doubt the great iron region Of the United
States Its iron mines lie side by side with the coal
uinss gi.fna the manufacturers every facty In the