, 1859-06-29
The rC1ft SYkfc1l1.

To the h".er Vi Eur"!,ean goods We woul;l
say. refuse ''ol, Credits. If your standing, is
g",d. ,"H will tini Europeans lavish III ..;lrr,
"' credit. For every ;nf,t'' If c:s:!it y"u ob-
tain, it Is needless 10 tel YOU IS business n.t'1,
that l,cr ctntuyr is ;utd,t, injurious tu ~uu,,
chance Of pro1lt Esr your g,od na:Ie To ub-
tain cheap merchandise an.l sllor, cr..Iit-not
denr goods Oh iong credit. l'uw ,.anv .lry
1oodS johhrrs date tlcv rain ~ this vicious
system Of buvinE II, Ion. credit frpul EuruIn. :.
How MANY tt this day arc stru..lin. In keep
What they hail ten or fifteen wears ago. Tariffs,
money markets, everything j. blamed hut the
true cause-'TtdH gr.tts f'a,i to Europe for inl-
ports. u" our Jobbrrs believe that Europeans
are 70 Ignorant OF tile principles II tr;l,lt. and
bl!f't 10 their own Interests. Us to grant lis ful.
credits. without making tile prices long TOO :
What instructions 1T. mast strongly impressed
IN buyers 10 Europe by t,ir employers: To
gel goods chclp: Well, YES. q. cni,Tst, that is
untlrr-to"4; but the emphasis ard urgency are
to ''gct a!l tac Ti,nc vsn cam
Every art and ingenuity arc rtsnrtcd to by
the buyers from this country tn eAtract time
from Europe. The \, hons, $ ,,~c their high
standing AMI und"uhted positions in the mar
krts levers to wurk Credit as la,1, is posi-
bic" ,nt of the sellers Of goods both at lluint
and abroad.
-, well is this known that Europe, lAvisI, If
her credits WHEN she ran gain by it, has ar
ranged $yStcn. Of credit and hnt,iu. IL meet
th.. waEt. os onr .lry-=o.'ds buyers,
Europe taki,l:; .'snl care 10 buy n,,r produce
at r.+ 1~i.,s. is quite wil!!n. III sell her manu-
facturrs 1t .t|t 'attts-the barter rn.1rrs enor-
,nous1y II her profit.
The following, are sp:::. Of the arrangements:
Commission houses III Europe sri II our Job
ttrs and importers Of dry :.s',l- eu six aud
even eight mrn1h>' c7rsiit from tl:.rt Of ship
inrnt. Pfesious 10 the expiration IF the time.
The j'.hhcr send. u tnur months credit granted
hy s''nc "f the hankin. firms vii" draw rn
themselves III Enrnpe-thc i''httrs sometimes
1"d.n. business paper as security sometimes
the banker a-rerny IN accept on RECEIPT nf the
invoice and hill Vi '1iin. o:' ,ht goods rur-
cllastd-snnlctlsne$ without >ccuftv. Tic
European commission houses nn receipt OF this
ctedt. trln>ter it ta snlNr loc:! banker, WIN dis
counts their note at three nr fur months. Pre-
eian$ IL that iIote maturing, tie bunker, bv
drawing. IT four months On the Liverpool hank
ing iirH USES the credit. discounts in London,
and credits the proceeds tu account If sitt note
Of commission, house. Tile liveronn! banking
firm draw on the New York irb!,er at three
months and rrn days, IL reimburse themselves
ior the bills they have accepted at fur months.
by this rr.re*S America obtains from Eu-
rope credit nf from lively. tn fifteen mouths:
The >e-cal'eh purchasers for ca>!. arc cu ::
clear credit OF four r1onrls, and the remittance
i'll ! sixty day bill gives -AA,:y;ca :. srcdi, nt
five months and fifteen days.
These arc the two extremes of settlements
fer dry .otls; and II tle bank presidents nr
tnantlrrs WIN are t.rsir,u> Of knowing }rw
much of oar foreign Indebtedness remains ut,-
paid, We recommend to study ou, uur mratllty
imports, add The average If ahr'e ti,:,c 10 1hc
tla,es vi shipment, anu they have il precisely.
For example. the imports ot JANUARY, 1s:., 1T
Il months credit, are rrmi.trd tur in June :
February, dn. iu July; March. do. in August !;
April, do. iu September; May, do. in october.
Thc value of goods imported from the l.; et
January ~ ilIr sis. Of May was SIM, ,i55. 5.'".-
IN average Of about u millions rtr mouth, to
BE- paid for as above.
Ne name the shurte>t crcdl, taken by .tn,eri-
ca on dry goods, lcarin. cur readers IL atla for
tile longer dates. II will serve to disspa!c the
nli>ctitsuu> fsllacy Of supprsinG our rAteS>ivc
spring importation is ail rcn.ltt1 for. Ii also
explains the Use Of our continued overtradny
in foreign imports. Taewhoie secret of cur til.
enEai troubles is here. .f.,bttrs and importers
arc tempted to huy excessively bv the system,
and in tur,l Tempt their buyers by giving even
more time thau they get The whole fabric is
pdJtr, aptr which, every crisis forces ,hc in
t!uslriuus, uureileclinE trader ~ ,lru-t ihr
Aardly.carncd profits and labors Ut Years into
re Golfers Of the banker for the privilege Of
car7;ins him through-tiually 10 tail L, sung
future monetary crash. In prosperous. easy
times. napsr is 20 readily turned into money.
thut no warning Of & change is ever needed.
Our reope, froul their own >augu lie nature aud
irrrrressible euergy, are kept *!avity By this
sr.ten for the enrichment Of foreigners. In
Gr;uriu. about this lainen1ab'c state Of the for
cirp trade. uonc have exercised! greater power
than the foreign banking ir,s who iFaw npc,s
thrmscIvvs in Europc.-r. j. IadtI tItadth'. I'd