The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1859-09-24

Inc statement OF imports
of foreign dry goods at New York for the week and since
January ] -
For the iceek 1857 1858. 1859
Entered a, the rs 81 sss ss1 1se7s 1sss s.s
Entered al the port o72 500 464734s6 OIL s27 595
Thrown market. 77,7l6s55 53s9l ,672 9i9as,27o
II will be perceived by the above statement that the
entries at this port last week, owing to the arrival Of
several overdue vessels somewhat of those
for the period the two preceding years, but less
than the for the previous three four weeks
The amount thrown the market was also in excess
of that in the same week in 1857 and 1888. The
since the LIST Of january last under both heads
largely to exceed those Of last Considering that the
chief dependence OF the dry goods trade for the past
year and half has been confined 20 the plant
ing States, the imporations have certainly been
each year almost Constant ratio to the expansion
and contraction Of the banks to the magnitude OF their
loans. Although General Jackson declared tina, those
who ''traded borrowed capital ought TO break our
merchants to the contrary 70 resort the
credit system in their business and especially in the crv
goods trade The fault of large importaons after all Il
not much with regular importers with our bank.
ing system Banks exist in every STATE nook and
Of the country this side Of the Rocky Mountains Many OF
their owners, directors and managers dry goods
and Other merchants OF these banks no less than
fityour located in this city. When vnes arc good
the country banks lend freely country merchants who
come with good credit to jobbers. The latter in
many cases, are directors in city banks hence they re-
sort 10 them Tor funds and credit to deal with Importers
Many 5f the latter branches of foreign houses and
manufacturers, settled in New York Tie result is that
the COUNT banks stimulate country merchants and they
again stimulate the 'ob5efs, who increase their sales and
they again purchase rom importers, cal
euatng in each to he car through oy .he banks
uIi the consumer pays the country M A. .anu ne We
protect his poes IN irnnor,a 'c ioctii -hants
"a! MN Inns al works very well until some such n,i
az .I OF 1897 sets in when the banks become snin
a NV, contract their loans and throw out drv gonis
T. m amer paper ana the whole credit system for a time
ias hhe lle q bricks. The country merchants are i
on ~ her local banks and fail to pay jobbers the
~ tuiH, are cut on by the local banks.
alnpol ana me latter fail sometir -. 80 pay the
sSb u 'nT o.uer sioe' ~ . 20 meet their obi
raj snsnansion ,h III let their bills come naoS
little some netsnrns, - noi 80 ,chich n
,s'''t general bankruptcy, Ho'A
.4ne, with economy and future collections, finally
dsoses the banking rendeA:i to swing in the opposite
- on which goes antil another extreme is reached,
and another rearon follows This has been our hnancai
and commercial cycle for years and must continue 70 DC
so. anG kecp glade IN unce min and unsettled cnahhel,
untr Our linking and credit systems are reformed
Annexed WI be found tables giving the classification o.
tho goods en, red this port by which II appears inc
y,oen goods imported amounted 70 $685., cotton 40
Sal S31; silk s422l fax s2l5,ooSi ana inscee''S
sifS