The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1853-09-19

ready sad that this country gives long credits to all
the world as regards our exports and takes credit
regards imports. 1t is hence obvious that the
relative amount OF our exports and imports at any
particular moment may not represent the exact re-
lative amount of the payments to be made and re-
ceived; and this chiefly at times when our trade is
period when it is rapidly expanding, even though
our exports may still considerably exceed our i'm
ports, yet the payment for the former is, as we
have shown deferred for long time, while the
payment for the latter is made by us at once, and
as 1t is the amount Of payments alone that de-
termines the state Of the exchanges and not OF ex
ports and imports it may be, in that state of
our trade that the payments to be made by England
greatly exceed those to be received by England, and
that the exchanges may be adverse for time,
while the immediate relation Of exports and i'm
ports is altogether satisfactory And just in pro-
portion the increase of our exports is rapid and
large is this likely to be the case For example, the
exports OF the present year likely to exceed those
even Of 1852 by about fl5, 900 900. While, there
fore we are receiving payments for the exports Of
these years, Tin 1851, ETA 900 900, and in 1862,
$4,000, 00O,) We are producing and shipping the
larger amount of about f93 100000; and for the
additional raw material and other articles which we
import, in order to enable to produce SO greatly
an increased quantity of goods we are paying either
in advance, at latest their arrival Our receipts
are measured by the transactions of 1851 and 1852;
our payments by the larger transactions of 1853.
The balance OF payments in the meantime must,
therefore, be against the country. This, doubt,
can only be for time. In the natural course of
trade the payments for the exports of 1858 will come
round and the whole accounts will be adjusted.
In like manner when our trade is contra ting in
adverse times-when our exports are dminished-t
u always observed that, notwithstanding that fact,
the exchanges frequently turn strongly in favor.
Inat Is obviously caused by the of the facts
winch we have just been considering The payments
due 10 US and in the course Of being recei red are
upon larger scale than the payments to be made
for our Immediate imports In respect to our dimi-
nhhed trade thus, suppose the present wear OF ex-
tensive irade-the most extensive beyond all com.
parison ever known-were, from any cause to be
succeeded by one or two years of very adverse trade
then in those years the payments which we should
require to make for our imports on a lower scaje
would be much smaller in amount than those dine To
us for the extensive exports of the present wear
large portion OF which would then be in course Of
payment; and in that case the exchanges would be
favorable to England in spite Of great diminuton
Of exports at the moment.
1t is thus that events, which have often appeared
as puzzliDg anomalies are satisfactorily to be ac-
counted for-yz., that frequently in the face of
greatly increased exports find the exchanges adj
verse, while in the face Of diminished exports we
nave most favorable state OF the exchanges, they
being regulated solely by the balance of payments,
on Whattvef account they are to be made, and not
~ nc tr9usae'ioue o. the M cnt
lie remarks which we have here made may also