The daily exchange. [volume] (Baltimore, Md.) 1858-1861, 1859-05-04

ii the country mas not yet entirely recovered
from the effects of the financial panic of 1878
it is convaescing very fast. An enforced obser-
vance Of prudence and economy; the close collec-
ton of outstanding debts, and more extensive
application of the cash. and short credit systems to
various branches of business, have already been
productive of the happiest results. Something of
the old speculative spirit after being cut down for
the past eighteen months as by an untimely frost,
is beginning to bud agan-but slowly, and eau
tiously, as if apprehensve of the consequences of
premature development. Capital also, which has
been accommodating during the same period of doubt
and gloom, and suspicion, is now seeking iudicous
investments. Not in Railway stocks, for from
some cause or other they appear TO be in bad odour
nor in Western lands, for they are no longer a
marketable commodity; but in bonds and mort
cages; in real estate, and in those classes of public
securities in which the popular confidence contin-
ues mistaken. If any special proofs were needed
of the revival of business activity, beyond the evil
dences around US, we might point to the large in
crease of foreign imports which have recently
taken place, and to the workmen's 'tstrikes'
that are chronicled in the New York papers
The estimated value Of the foreign commodities
that have been imported into New York within
the past four months has been set down at seventy
millions of dollars. This large advance over the
importations for the same period in 1858, WILL
probably, elicit some surprise; but the increased
supply cannot, nevertheless, be considered to be
much, if any, in excess of the probable demand
1t must be remembered that the country merchants
have been assiduously working off their old
stocks in preference to making fresh purchases;
and that, whilst their shelves were thus becoming
gradually bare of goods the actual wants of the
population were beginning, with the ability to
CRAFTY them, TO make themselves once more felt,
IL is true, that the depression arising from the
failure in the speculaions in wild lands and from
the short crops of last season, has had sensible
effect upon the prosperity of certain portions of
West; but the losses which have accrued from
those causes, in that section of country, have been
counter-balanced by the splendid cotton crops
which were raised at the South, and by the high
prices which have been obtained for this
valuable commercial staple The principle of COM
pensaton was never more strkingly exempfed
than in this instance-the profits of the Southern
planter, not only serving as set off TO
The losses of the Western agriculturalst and
SPECTATOR, but going far towards paying the
foreign Indebtedness of the Eastern merchants.
But It the grain crops may be put down as compa-
ratlvely failure, the Hog crop, which has become
OF late years an important item in the usual esti-
mate OF commercial ''ways and means, has paid
handsome profit to the producers. Indeed, all
Kinds Of provisions have paid well in first hands
whatever the result may be with regard to dealers
generally. Let us make this further remark.
so far as all the ordinary operations of trade were
concerned, the country was unquestonably in a
heaithy condition when the monetary crisis took
place TO which we have referred. Of course there
was some imitation, for wherever there is great ac-
hvlty IN business, loose credits will be given and
but few questions will be asked respecting the
solvency of customers. 1t is only when confidence
has been rudely shaken that men begin to interest
themselves In the financial concerns of their neigh
bors and acquaintance. When the storm clouds
gather every prudent mariner hastens to take in
sail. The revulsion of 1878, was not
occasioned by causes which had their
origin in the country at large, though it COM
promised all interests less when it did take
place, and for this reason-it DESTROYED that feeling
of confidence which necessarily forms the basis of
the whole credit system. The panic was almost
wholly the work of speculators-of men who specu-
lated in stocks chiefly to the Eastward and of men
who speculated in wild lands at the West Nor were
many of the Banking institutions of the country
wholly blameless for furnishing these rash adven-
turers with the means to engage in such risks for
by SO doing they were restricted from making those
loans to the mercantile community which would
at such crisis, have proved most serviceable 1t
is needless, however, to recur to these facts any
further than show that as the trade of the country
though unduly expanded, was not actually unsound
when the crisis took place-the healthy tone it is
now assuming is but the natural consequence Of
the cautious manner in which business has been
conducted of late, and of the increased confidence
which merchants now have in those who have sue
ceeded in weatherng the storm. But if the Past
has had its cloud, the Present has its bow
of promise. We have mentioned as one
of the signs of revival of trade, the strikes of
New York workmen. 1t is easy to see why this
should be regarded. Men never break with
their employers on n question of higher wages,
while there are numbers of other workmen who
are eager to step in and take the places of the
malcontents. There is moreover, us we learn
from almost every quarter, the prospect of an
abundant harvest. This, of ITSELF is sufficient to
Justify high hopes of increasing prosperity in the
future; and when it is coupled, as it now is,
with the opinion that, from the scarcity of
breadstuffs throughout the country-whch, in
some sections, is swept quite bare of supplies
and from the extensive foreign demand which
will, undoubtedly, arise in the event of war
breaking out in Europe the prices of agricultur-
al products will be maintained at point not far
below their present standard, there can be no
difficulty in understanding why 1t is that trade is
once more becoming active, and that the foreign
imports have been so large within the last few
months.
@-@-E1-e-l51<-.--
The Detroit Free Press says that Mrs. Taylor,
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