The Cadiz Democratic sentinel. [volume] (Cadiz, Ohio) 1854-1864, 1858-12-01

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1851 27s9O6,7I2 I49l7o47 So, ,l3G 922 $50 900 692
+ 1855 S3s,s5l,G3S 20 6Co24l 52,E33,l47 3A,64442i
It will be seen that the falling eff in the ex-
ports is much less than the decrease in imports;
for while the latter have declined S7327G911,
the exports have decreased only S38, 1916, OIL
or this decrease only S27 ,555, $50 are in do
msstic produce while the specie exports have
fallen off SIG, ,503, 775, and the reshipncnts Of
foreign produce have increased.
We were prepared for an unusual difference
between the total imports and exports, but the
actual result for the last year shows wider dis.
crepancy than was anticipated. We need not
explain to commercial readers that this is en-
tirely owing to the revulsion in business which
prostrated So many houses engaged in foreign
commerce, and unsettled the very foundations
OF credit. Goods which were on the way could
not be turned back, although larger amount
than usual were reshipp2d, as noticed in the
exports. But large number Of orders then
untitled were countermanded the failure O the
buyers IN other cases was made sufficient rea-
son for the non delivery Of the goods, while long
hsts Of letters of credit were revoked cutting
eff the facilities for the transaction of business.
In short, the breaks were put on and screwed
up to the tightcSt pressure, and everything
which could be ch ,cked was brought to stand
still, during the continuance of the panic, and
moved very slowly for some time afterward =
Meantime theexports went on, the crisis having
increased the pressure TO realize present means
by foreign shipments Of produce, and although
many of the invoices were not sold for sufficient
to cover advances, the money in this way OBJ
tanned. and the check given By it to the out
ward flow of specie did much to relic tly
market
SonaAaS our readers may be surprised at the
current ss OF foreign exchange, in view of the
compara excess of exports over imports
This is Sse0unted for in part by the losses on
shipments of produce, and the return of many
American securities for sale during the exist
sncs Of high rates for money throughout Great
Britain and the continent. But the principal
reason is, doubtless, to be found in the liqnida
ling process which has been going on in refer
ence to our foreign indebtedness, for more than
year. We have already alluded to the with
drawal of many bankers letters for time
American credit suffered, and portion of the
Indebtedness OF the country became suspended,
but this lasted only for brief period. Rates
of foreign exchange ell to much lower point
than they had previously reached for long
series of years, and specie began to flow in here
from Europe. Many who had means took ad-
.
tanees and the bankers strengthened them
selves on the other side. The panic has been
followed by an extraordinary plethora of money,
and the liquidatilg process received marked
impulse. Few were buying, but many were
paying up old scores, until the amount on credit
in Europe was reduced to a lower point than for
many years. Even when buying began again
it was less on credit than formerly, both because
credit was less easily obtained, and money was
so plenty here as to render the cash alternative
less burdensome, and, in view OF the low rates,
more desirable. "A reference 10 tie Lcndon
money market will show, at this moment, fewer
American bills under discount there than at any
previous date within ten years. These inhuen-
ces have been at work to keep up prices Of for
eign bills in this market, and tins state OF
things may continue for some time to come,
until credit is more extended. Our foreign
commerce is once more rapidly reviytng, and
q the current years foreign imports will show a
large gain over the last. The receipts for Gus
toms for the year 1867 were 1858 875 ,905 05,
but as larger part of the dutiable imports for
that year were warehou3ed, awaiting the reduc-
tionof duties under the new tariff, the average
would not furnish reliable data. For the last
year, under the newtariff, the receipts were
7$41, ,7s9, ,62O SO, averaging 2o}l per ereont.supon
the dutiable imports, but an unusually large
proportion OF this amount was collected from
tie marketing Of the Ysrehoused imports Of
The previous fow months, the stock Of goods in
bond at The close Of the fiscal year being far less
than at its commencement. We see no, reason
why the imports for the year that is TO succeed
that now current should not bripg us far heavier
imports than any previous year in the history Of
The country. s,.,, eaa ,,aa es3
THR AAERicAS STATE CoxvESTIoN. -"Tbe
American State Convention met at the City
Hall yesterday inornining, ten delegates present.
A was not as enthusiastic an affair az might
hsse been expected Of the once fiery and AFRO.
can't EyerlastiR Anerican Spread Eagle Party.
ss rput yesterday the word Of Cesar might
ae Have afood sganntthe worlt:now lies he there,
"a And mons poor 70 do him reverence!"
CRITTExpEg was not tcb. seen, and HusfPHRY
MARSHALL failed to appear. After agreeing to
cali ~ Convention to meet III 10 meet ID this
cisy on the 22d Of February, the last sad rem
usnts of the American Party ofOhio departed,
wiser and probably better men. The Know
Nothing party, Ike number Or side show or
esnszations. went up hike rocket and came
aAswn like the stick Hsqaiessdt M paes. - Satesl
-. Asth .Ikgt & Ef s98 saR pkaG iue 3tl Al