Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1854-12-22
The "Har.l Tunes,

Thing like the same way. II is almost New Year.
and Commissioner election is at hand, and nobody
seems 10 care every body is thinking of the hard
times" II it were earthquake instead OF an cleo
ton, II would have slim showing against hard
times wit would he forgotten in week, unless to
he cited rs one of the things aggravatng the pres
sure and making The " hard times" harder; it would
.uhsde into mere accessory of The hard times."--
The papers that had some eight tickets for Commits
sioners last year, this year tiCketess We don't
know how it is with the Know Mornings, but "the
rest Of mankind are thinking Of the " hard times
There therefore, seems to De question OF the re
atty Of the pressure, nor that its effects pervade the
whole community For lis existence various causes
have been assigned and many, if not most OF them as
vide of the mark such specu!ations usually are
An examination Of the facts OF the shows that
IT, snppos,on OF The pressure having its origin in
the drain of specie from the country is expressly con-
tradicted by these facts. A regular table of the
gold received from California, and exported from New
York for each week during the years 1858 and 1854,
published in the United States Economist, shows the
amount thus received in 1858 TO have been $751; o.,
Goethe exports, S25 $50, 1873, leaving balance re-
ceved over that exported, of 500 45780. The re-
clips for 1854 from The source, have been $4|,-
865O24 exports $50 92l 269 balance in favor of re-
ceipts, 81 943, 755. These returns do not include
81 ece brought in The hands of passengers from Cali
fornia nor received ut other ports than New York,
nor brought by emgrants, which would far overbal-
once the exports not reported, or made from other
points than New York, and considerably swell the
balance remaining in the country. Enough is shown,
however, to make it apparent that the pressure IS
not owing to decrease in the amount of specie IN
the country, which exceeds what ii was in the begin
ming of 1853, by nearly forty millions, and the begin
ming of 1854 by nearly eight millions The heaviest
exports were during the months OF August Septem.
Der and October, averaging nearly million and
quarter per week The exports declined steadily du.
ring November, and have almost ceased during
The present month, being follows Week end
ing Dec. 4th, $290,7O3; Dec. llth, $4,000; Dec
18Th $lO0O0O since the closing of the table in the
Economist there has been shipment of $4,000, and
q receipt of over $S0O0OO, making shipment in Dec
of less than half million, and receipt of nearly
three iilions. The rate of sterling exchange shows
that III alance of trade exhibited against us in the
,fcia report of imports and exports for the fiscal
year ending June 30lh, 1854 must have been ad'
iusted since bills England are now at rate which
renders The shipment of specie TO that country com.
mercal impossibility Sterling bills quoted at 81
10 81, the par of exchange" being about 81. We
have, them the facts before of an increase OF spe-
Gle in the country, of foreign exchange In our favor
OF su pension of exports of specie, while the receipts
OF gold continue large Neither can the pressure be
attributed TO the locking up Of gold in the u S. rea-
eury, for the amount in the various depostares IS
rather less if anything, than at the times of the great
est llen,iness of money, and the most remarkable
case in tho market.
II the str.ngency and general distress in CONNER
cal circles is neither created by decrease of specie
nor the pressure of foreign commercial debt, it
light b. worth while consider what t IS created
by. and The solution of The question is found in the
comparative failure Of crops with the consequent ex
teelingy high prize of food in all the great markets
e the world it being law o! trade that continues
high lat. for fool pro luces reduced consumption of
all ether cood- and Of course AT reduced prices. The
short crop of the present year has been equivalent to
loss of hundreds of ni ions 10 inc country, Large
the osses By ship. wreck fire and other disasters have
been they have borne 4 small proportion TO this i'm
men>e d.aw back. Under The operation Of this state
Of alta rs The great staples of the South, which enter
mainly into commerce have steadily receded; and this
recession dates from The time when The shortness of
the fool crop and the certainty ofa continued Eu-
Iopean demand was definitely ascenained. Mercan-
tile speculatlons predicated upon rise in manufac
tured goods or the raw materials out of which these
goods are made have proved disastrous, and debts
contracted, The payment oil which was contingent up
on the success of such speculations, cannot be met
Hence heavy failures have resulted and must con-
tinue TO result. We cannot indulge the hope that
the bottom has yet been reached, although favora-
bic reaction to some extent ut least, may be looked
for in the Spring.
But where is the money? With -four nj So to SO
barrel and everything else in proportion, and all
the great lines from the west crowded with produce
to he sold at these rates. need ask the question
The drain of specie from the Atlantic cities is mainly
for transmission to the West and North West,
whence it will not return into the channels OF trade
for some time The failure of the western Free
Banks has created vacuum in the circulation
which must mainly be filed by specie, and that sec.
ton being the creditor section it goes there.
OF course the notorious extravaganza in living
the over investment in unproduc'ive works, the an
due extensions of credits, and the war in Europe,
have horne an important part in producing the pre-
sents tate of things and of course, aso the curtal
ment of expenses the decreased exports of specie,
with the continued receipts from California, together
with The fact that comparatively little capital will,
for some time be diverted from the regular channels
Of trade for permanent investment in railroads, must
and aDW produce easier money Market at no dis
tant period, and enable all who not already in
yolved, to weather the storm, and even admit of a