The Washington union. [volume] (City of Washington [D.C.]) 1857-1859, 1858-11-20
Erpo,ts from Tie United S,a.., 70 Foreign PO,ts.

1t will be seen that the falling off in the exports is
much less than the decrease in imports for while the
latter have declined $7S 2769ll, the exports have de-
creased only S3s 26I OF this decrease only s27 555
$50 domestic produce while the specie exports have
fallen off ,503775, and the rcshpnents of foreign
produce have increased.
We prepared for unsua difference between the
total imports and exports, but the actual result for the
last year shows wider discrepancy than anticipated
We need not explain to commercial readers that this Is
entirely owing to the revusion in business which pros
trated many houses engaged in foreign commerce. and
unsettled the very foundations of credit Goods which
were the way could not be turned back although a
larger amount than usual rcshpped as noticed in the
exports But large number OF orders then untitled were
countermanded the failure OF the buyers in other cases
Vas made sufficient tor the nondclivery Of the
goods while long lists of letters Of credit revoked
cutting off the facilities for the transaction of business
In short the breaks pnt and screwed up to the
tghtest pressure and everything which could be checked
was brought to stand STILL during tho continuance of
the panic and moved very slowly for time after
ward Meantime the exports went ON, the crisis having
increased the pressure to realize present means by foreign
shipments of produce and although many of the invoices
not sold for sufficient to advances the money in
this way obtained and the check given by it to the out
ward flow Of specie, did much to relieve the market
Some Of readers may be surprised at the current
rates of foreign exchange in view Of the comparative
cess of exports imports This is accounted for in
part by the losses on shipments of produce and the
turn of many American securities for sale during the
tence of high rates for money throughout Great Britain
less be found in the liqndatng process which has
been going in reference foreign Indebtedness for
more than a year. We have already alluded to the with
drawa of many bankers letters fora 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 fell to much lower point than
they had previously reached for long series years
and specie began to flow in here from Europe Many who
had means took advantage of the low rates make their
remttances and the bankers strengthened themselves
the other side The panic has been followed by extraor
dinary plethora of money, and the liquidatng pro-
cess receiveda marked impulse Few buying, but
many paying up old Scores until the amount
credit in Europe reduced to lower point than for
many years. Even when buying began again, II was
less credit than formerly, both because credit
less easily obtained and money plenty here as
to render the cash alternative less burcnsome and in
view of the low rates, desirable. reference to
the London money market will show, at this moment
fewer American bills under discount there than Mt any
previous date within ten years. These influences have
been ut work to keep up prices OF foreign bills in this
market and this state of things may continue for time
to come, until credit is more extended. Our foreign
rapidly revving and the current year
foreign imports will show large gain the last The
receipts for customs for the year 1867 S63 $751;
905 o. but larger part of the dutiable imports for
that year wareboused awaiting the reduction of
duties under the tariff the average would not fur
nish reliable data. For the last year. under the new
tariff tile receipts S4l 7s9 $40 &C. averaging 201
per cent upon the dutiablc imports but unusually
large proportion of this amount collected from the
marketing Of the warehoused imports of the previous
few months the stock of goods in bond at the close
the fiscal year being far less than at its
We why the imports for the year that is
succeed that current should bring far heavier
imports than any previous year in the history of the
country.