The Washington union. [volume] (City of Washington [D.C.]) 1857-1859, 1858-11-20
OUR FOREIGN TRADE.


asuccnct view of grand results for the fiscal year,
which ended on the both Of June last, embracing the
period OF the recent collapse and pressure in the
trade Of this country as well as of the greater por-
ton OF Europe. The statistics given by the Journal
OF Commerce would have more nearly covered this
period, If they had represented fiscal year ending
on the Both of August rather than Of June for the
collapse had made little impression on our foreign
trade in the months of July aud August, 1857. The
figures given show only the effect for ten months
rather than for whole year; though it is for the
ton months in which the chief brunt of the convusion
was felt
Looking to the two great items of exports of do
mcstic produce exclusive of specie and imports for
consumption, we find that the former fell from S27s
9067l3 in the fiscal year ending juno 1857 to $24l,
35l,033 for the fiscal year ending with last June
showing falling off in exports of domestic produce
OF S37 $685. $50. The specie exports fell off from
$69l36,922 to $52633 ,l47; showing difference Of
Sl6503 ,775. Thus on the credit side of our foreign
trade there was difference of $54 l59 450.
There was much greater difference, however, in
the foreign mportations of the country for the two
years. The amount Of that exclusive of merchan-
disc recxported for the first Of the two years under
comparison, was S345 973 O94 while, for the fiscal
year just ended, it s26l $4,000; showing
difference the debit side of our foreign trade
Of $64,020,l85 Thus, while the exports Of the
country were reduced S54, l59,450 by the con-.
vulsion, its imports were reduced $4,000, 1876.
1t supposed for some time that much
smaller falling off would occur in exports and
somewhat larger in Imports but the amount of
expectations has been curtailed below what was es
timatcd by the low prices which have ruled in the
European markets. for time, for breadstus, and
the smaller demand for American grain which has
been superinducod by unusually good crops in the
importing European districts
Comparing the falling of of exports with those of
imports in the last fiscal year, there is net result
in favor Of rerenchment, liquidation, and under
trading Of about thirty millions Of dollars. Although
this is less than expected, it is fortunate for
that we have lived within our income rather than
beyond livery fortunate for that we have retain
ed the difference in the shape of specie to strengthen
our banks and finances at home rather than had
margin on the outlay side to make up by exports
of specie, and lost the coin and bullion which is
now the basis of the commercial strength and conf
dence which prevails in all the commercial circles of
the country. II is in regard to the movements
Of specie that this contraction of imports has
been most sgnaly fortunate in restoring ease
and confidence to money markets. In the
first of the two fiscal years we have had under
comparison we have shown that our specie ca.
ports $69l 1885, 922, while in the latter they were
$52,633, l47 showing saving in the last year, in
consequence of the check which put upon inn
portatons Of SIG ,5O3,715. At the same time the
imports Of specie in the first Of the two years
$l2, 46l ,799; while in the second they were &c.,
2744s6; showing gain in the last year in the spe-
Gle importation of s6, 8l2 ,697. Thus there was
difference in the dealings of the country in specie in
the fiscal year just ended, compared with the pre-
ceding of S233l6 472; which nearly represents the
net difference which subsisted between the imports
and exports Of the year.
The exports of the country fell short of the
amount which for some time was expected, in con-
sequence of good crops abroad, and the low prices
of grain which this circumstance occasioned in the
foreign markets The curtailment was confined of
course to the exports of breadsufs, and the coun-
try has again realized the uncertainty of all cacu-
lations and operations built that class Of for
eign exports. The amount of our exports of bread
stus abroad win always depend upon contingencies
which it is impossible fer any forecast to divine,
and must ever be as Huctuating as the seasons are
variable.
This fact throws MS back upon another very i'm
portant consideration, which we ought to seize
every opportunity to press home upon the pot
itcians of the North. We have shown that in
the great year Of convulsion and pressure our
foreign exports fell off in the enormous sum of
fiftyfonr millions Of dollars, while our foreign
imports declined by the more enormous sum
of eghty-four millions. But there was one class of
exports which, amid CONFUSION aud panic wreck
and collapse, held on the even tenor Of its way
giving no sign Of hucuation decline. Our exports
of cotton to foreign countries for the fiscal year end
ing june 1857, to the value Of Sl3 ,575, 859;
those for the fiscal year ending with june 1855
to the value Of Sl3l 1856 ,66l. Thus, willie gross
exports fell off ffty-four millions in value, our ex-
ports Of cotton remained almost at identicaly the
same figures The falling off in exports was ex-
clusiycly IN breadstuffs and manufactures the pro-
duct Of FREQ labor there falling off in the ex-
ports of the great agricultural staple which is the
exclusive products of slave labor.
The exports Of country are the basis Of it's for
cign trade There is element of fuctuation in the
4 /. 49, - A.