Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1858-05-14
The Trade of the Country.

We question if the history of our Commerce i'll peace
times presents any parallel to the sudden falling off of
imports during the first four months of 1858, especially
in the article of Dry Goods From lst January to 1st
May 1857, the imports of Dry Goods at New York
were to the value of $685. 954 POI for the corresponding
four months OF 1858 they amount to $16,597 1926. The
contraction of extravaganza which these figures indicate
is easier understood than explained. General Mer
chandse has also fallen off, but not in quite large
proportion, being from $44O19,56l in 1857, to $22-
263972 in 1858. The cash duties collected at the
port of New York for the first ten months of the present
fiscal year have amounted to $24OOO775 3d. while for
the corresponding ten months of the fiscal year preceding
they amounted to 39,686,544 "A. The falling off had
not become so decided before the LIST of January.
On the other hand, the exports of the country con
tnue large being but little behind those of last year,
and likely yet to reach up to the fullest figure of the
largest year. This must relieve the country from for
egn embarrassmens and leave her at liberty to go ahead
in the development of her vast internal resources.
At the great financial centres of the world the
mutation of specie is without parallel and yet, far
there can hardly be said to have even commenced any
tangible reaction from the inactivity and prostraton of
the past year The lessons of caution and dstrust
which the still recent collapse forced us to learn, still
too strongly impressed upon minds to be lightly for
gotten or neglected and the cloud that hangs the
political horizon of Europe tends to prevent or delay
the opening of brighter prospects to the commercial and
financial world of that hemisphere Under the mask of
apparent calm and deco1ous courtesy there turks the
atty of secret disrust-naons without reliance in
each other in their people France is volcano,
the eruption of which may at any time and
calculation can be made of the direction which its fiery
torrents may be poured-whether its own bosom alone
may be torn by its convusve throws whether its de-
vastatng powers may be spent upon its neighbors. No
man feels any confidence in the life of Louis Napoleon,
and few trust his intentions, if his life be spared
Were political confidence fully restored, period of
commercial activity would speedily succeed to the pres
ent depression The stocks of goods becoming
hausted throughout the country districts. Capital which
has been drawn in and accumulated at the centres be-
ginning to demand that employment without which it
Weld no dividends. At some-indeed many of the New
York banks, the business done in discounts has not
yielded sufficient profits to pay the interest on the cost
of banking houses and the salaries of officers clerks and
other employees That the managers of these nstitu
lions will encourage active spirit of speculation
in order to give employment to capital and earn divl-
dends for their stockholders, is beyond doubt Com
mencng at the centre the movement must be 1elt even
to the extrenities
It is therefore reasonable to suppose that more ac-
tive and less depressed state of things is not distant
that u.s. not very distantthat the influence of the return
ing tide will be felt by the opening of the next Spring
The present contraction may be rather wholesome than
otherwise Some people think that everything that is
bitter and unpleasant is good for the heah-we don't
Ia the meantime, while the people of the
country are trying to husband their resources
pay off their debts and collect their energies for
fresh start Uncle Sam, the Federal Government is suf
fering. His revenue comes mainly from duties on i'm
ports Retrenchment is the order of the day, and i'm
ports fall off immensely and SO does Uncle Sans in
come, in the face of awfuly expensive Mormon COM
plication He will get along without feeling it. if the
people do and when the general prosperity is restored
his difficulties viii vanish.