The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1856-08-17


extremity OF prostration and discomfort, we must
pursue our course of examination until we stumble
over the wreck of the Argentine Confederation
where the licentiousness OF legislators Terminated
by ranging in battle array the theoretical red de-
mocracy of the po,tsnos against the retrograde ma
terai democracy of the sduchos. And in order
1ns nosng may wanting 10 com
amongst the excuses OF evil the slightest
reaction in favor Of conservative ideas produced
wonderful elects The obscure history Of Guatemala,
which would deserve to be better known, proves the
advantage Ut dictatorship which not limiting itseH
to material facts, tries reorganization upon the
basis of the past accommodating itself TO the EXT
gencies Of the present In fine wherever the Latin
American societies knew how to preserve the i'm
pulse to which they owed their existence their ad-
herence to the spirit of the old European civilization
rewarded them with prop0rtionate benefts.
Essentially the same, although under a different
form, is the picture presented by AngloSaxon so
cety in the great confederation OF the North from
the States OF New England, where the English type
shows itself better conserved to our eyes, to the
extreme West, which, like California and Kansas, il
the last expression of the purely national deyelope-
ment.
This picture perhaps less familiar to the foreign
in its leading feature, than it onght in all justice
to be, is worthy Of being more fully examined
Shipment Of silver from England to the
East.
from the London News. july "a
The constant ef1lux Of silver to the East continues
to form one Of the most remarkable monetary phe-
nomena OF the time, and is attracting increased at
tention at present on account Of well founded belief
that coupled with aud acting as auxiliary to the
bullion purchases OF the Bank Of France it operates
the chief check to the otherwise strongly improv
ing tendency Of the money market. OF the extent
Of the influence thus exercised q good idea will be
afforded if we make use of the tables compiled by
Mr.. James Low, showing the total shipments OF the
precious metals from England by the Indian
steamers during the frs. Six moaths of the pre-
sent year. The results are as follows, VIZ in
January, f532.a4s; in February. s9T9A IS: in
March, fSs2, Ills; in April, fsls,7ls, in May.
81 ls2, 444; and in June, f679 800; making total
of f5 400 633 in the six months, OF which G20l ,725
was gold. and "a s95,908 silver. The proportion
despatched to the three Chinese ports f937 2Ss,
tie remaining CA 345 being sent entirely to In
dra. In the corresponding six months Of last year.
the total shipments were f25l4.s06. Thee figures
exhibit an increase Of &25s5,s27 or more than 100
per cent over those Tor the corresponding half OF
| 1855. But the increased velocity with which the
current Of the precious metals has lately set towards
India will be best shown by reorganization Of the
total exports from England by the Eastern steaners
amounted in 1851 to Il sls, $780, in ls52 to es55l-
977; in 1853, to Is 590s67; in 1854 to "a 800;
and in 1855 to e. $685. 6l. In the present year they
proceeding at the unprecedented rate OF nearly
| tt millions and quar- ter sterling per annum.
In considering the effects of this heavy drainj of
silver it must be borne in mind that, no arge stocks
of silver existing il this country, any special de-
nand for the metal in the East can only be met BY
purchases of silver IN the Continent and elsewhere.
This operation materially disturbs the exchanges,
| am we belleYe we should Dot be lar wrong IN as
suming that, for the whole Of the ell er which is
| dlawn from the Continent for shipment to India and
China. the Continent requires golf In payment.
| This view is ;orIoborated in remarkable manner
by the recently published official returns of tue
merce OF France, which, under the head OF the pre-
cous metals, state the total imports of silver into
France during the three years 1854 at fl3,3i2 900
we take the exchange at 25f 70 the pound-and
the exports at no less than $50 440 900, indicating
balance in favor Of exports Imports of silver Of
I Gl9l0s 600. During the same period the aggregate
| imports OF gold into France were fi7,2l6 600, and
the total exports fi0, 212 600, showing balance
the side Of mpor over exports Of GOLD o;6 944 900.
The gold sent into France, it will be noticed ceeds
greatly in value the silver drawn from L.. Part Of
this excess Is probably due to the French transit
trade in the precious metal whilst part j. very likely
boarded in the provinces 1t is evident from general
comparison OF these figures that, under the influence
OF The Eastern demand for silver, the stock OF this
metal circulating in France and in other continental
countries Is being gradually drawn away and re-
placed by gold II additional proof be required, how
ever ii IL afforded by the feturns of the operations
of the French Mint, which indicate an enormous
coinage Of gold, and comparatively trlng coinage
of the less precious metal, although few years ago
the direct ievtrs was the case. Seven years ago,
viz, in lelo. the total coinage Of The Paris Mint was
| f10s0,000 in gold, and CT 100000 in silver. In
| 1854 II was as much as go, 1000 in gold and
only ESQ goo in silver. The exact figures for the
year 1856 not AZ present before u.s. but the gold
coinage was nearly as large that OF 1854, while
the value Of the silver coined little than q
quarter OF a million. These facts account to soma
A
| yielded in such abundance by California and
| Australia. We are able to point TO an enor.
nous aggregate of gold which has passed
into circulation in France merely in lien Of the pre-
absorbed by India. TIE same process has caused a
great change In the relative stock OF gold and silver
in the possession OF the Bank Of France. At tha
end of 'si9 the Bank held ITO 500 in silver and
only fiG2400 in gold, whereas mt tbs end of 1854
the proportions were nearly equal the gold standing
at f7,a33, 4sO, and the silver at g794S,920. The
change made still farther progress tn 1855, the
Banks stock Of gold beng estimated at the close OF
the year at fi5o0ooo whilst the silver had dimin-
isLed 10 about - 100000.
1 The inference eXercis ed upon the European money
markets by the dow of silver TO the East being thus
/ powerful, II would be peculiarly interesting II any
reliable estimate could 20 formed as to the extent OF
the capacity. Of India 60 absorb silver. He must be
/ bold nan, however, who will venture upon positive
assertions on this point. From time immemoral
| India Las heen VIGOROUSLY complete sink Of the
| precious metals. in mot interesting paper, re.
Gently read before the Statistical Society from the
pen Of Colonel sykes, some valuable details bearing
upon this subject given. Taking for purposes OF
illustration, period Of eight years from 1875 to
| ls4l-2, Colonel Sykes shows that the aggregate i'm
/ ports OF all goods into India were valued at
] t6l II GA and the aggregate exports at
clos ,052,203 and that, consequently, there was q
balance in favor OF India, or debt due to it. Of
fl6,s4l .24s. This, he remarks, partly liqui-
/ datad by a net import of bullion of l5,lSl,72O,
/ leaving an unpaid trade tebt Of f3l CSC 52S.
Doubtless, this apparently heavy discrepancy was
! IHhcc up tu nohlt oihtI w5t-H Pd{t, perhaps, by
| the pecuniary and other transactions between the
Indian government aud its de pendcucies: but tho
| general inference TO be deducei from the figures
is. that the balance OF trade constantly in ia
vor OF India. Taking next q period Of Eve years
Gom 1880 TO 1S55-5l, Colonel Sykes statistics
exhibit results OF kindred character. The aggre-
gate valve OF the imports into India In these live
years was fj5, Gss against sa5,ll5,476 of ex-
ports, leaving apparent balance of trade in mcr-
ch8ndise In favor Of india Of ESQ ,s22 ,TSS. This
shows q much larger annual balance in favor OF
"a off, ha prn in
period. The total imports Of bullion in these five
years were els,a95.s65, by whish the balance was
Teduced 10 go, s2S,J23.
These and similar details concusively prove what
has long been believed viz-that whilst The export
trade OF India has been gradually increasing for the
last twenty years, the balance OF trade in favor Of
that country has also annually augmented. The
turnl consequence is as Colonel sykes points ont,
that nlerrhanfs AMI ma trading sifh