Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1859-05-10
Ait9mono Enquirer.
TUESDAY MORNING, MAY 10, 1850.
spFc1F MnuFMENTs
DY RITcHIE, DUNNAvAST, TYLER / WISE.

SPECIE MOVEMENTS
We find, by reference 10 the valuable statistical
tables contained in the May number Of Hunts Mcr-
chants Magazine, that during the last nine months
the foreign imports received ut New York amount i'll
their dutable value to $3.50, O,l9g,92l. The exports
tor the same period and from the same point are
stated Mt 1859 740, OF which s2 GG2, ,254 were IN
specie. 1t will thus be seen that not only is the
balance OF trade" largely against the United States
according to the representations OF these statistics
but, what is still more significant, oneth Of Our
commercial exchanges with Europe from the port OF
New ork is made in specie As it is undcniablc
that the precious metals always flow from those co,n
tries which are suffering under badly-regnlated
monetary and commercial system, 70 those whose
finances are placed on better footing may NOT be
that this fact supplies general criterion by which
We Gun judge of the benefcent working of any pub
lie economyl IL, for instance, it is seen that the
precious metals How from Mexico, from Peru, from
Turkey, and from all sem-civilizcd and barbarons
States, TO Great Britain, to France, to Germany,
and 10 all countries whose financial system is the
exponent of higher civilization, may it no; he as
sumcd rs general law that 1.-The movements Of the
precious metals furnish the most reliable ties, by
which to pronounce on the soundncss or unsound-
nessof any commercial systemi In Fnncc, under the
prevalence of what is called the protective policy,
the nett import OF the precious metals during the last
twenty-five years In, reached the sum OF s3VV"VoOe,
and step BY step with this influx Of specie she has
been advancing in the development OF her export
trade in ratio exceeding that of any other coun-
try in the world Il is obvious that the large aces
sions added TO the precious metals in France have
touched the nerves Of industry and impaired 10 them
vigor which has enabled her 10 sustain largely
increased foreign commerce, compelling in turn fresh
contributions to her nutiona wealth. Such bus been
the working oi the protective system in France, and
If it be 81 unsound as some speculative economists
argue, how does il happen that thi, Empire has been
constantly advancing III prosperity while frce-tridc
countries. notwithstanding the theoretical superor-
~ OF their public economy, have been constantly
suffering from successive dcpctions and npovcrish-
mcnt 81 National Mtelligencer.
The above extract from the National lntell.
gencer,' of Friday last, embodles, as we con-
ccivc, not few of the erroneous speculations
which have so long misled the advocates Of
restrictive policy.
In the first place, the data upon which our
esteemed cotclnporary bases his reflections, are
obviously imperfect. There is not the same
difference between exports and imports which
these figures would indicate. Both. imports
and exports are here valued on the wharf at
New York. Thus the charges of freight, insu-
rance, &c, are all supcraddcd to make up the
assumed valuation Of imports, while the exports
are expressed only by their nett valuation, be-
fore they have encountered the expense Of
transportation with its attendant expenses Of
loss leakage, damage and risk.
Again, large quantity Of these imports
represent the result of American industry
abroad and on the high seas. They arc not
purchased either by exports or on credit, and
equally with the exports themselves, they re-
present the productive resources of our country.
They are themselves the representative and
the result of American labor acting through
thousand channels, employed abroad, indeed,
but as pro6tably employed to swell the pre-
ponderance of our trade and industry, as if
employed on American soil They are not
imports bought and to be paid for by exports.
They arc the trophies Of our maritime ":
pondcrance, the peacelii cut'luesS WHICH
American enterprise secures without ex-
hausting or employing our own material
resources. They are the tribute which we
command from the high seas and from foreign
nations Take an example frequently employ
cd 10 illustrate this. 4 whaling ship leaves an
American port in ballast She takes her car
60 Of oil, &C., on the high seas. This cargo is
delivered at foreign port, and there exchang
ed for commodities to be shipped to the United
States. Once arrived here, these are listed as
imports and statistical writers have no means
by which to identify and distinguish them
from similar commodities purchased by cx-
ports, although in the case supposed they cost
us not farthing Of exports.
Again, Yankee thrift and knowledge Of
trade will frequently purchase large value of
imports with a small value of exports. Thus,
in our own market, the imports derived from
trade with the Pacific Islands, the East Indies,
many parts Of South America, the African
coast, and even the Northern shores of the
Mediterranean, command much higher value
than do the exports which suffice for their pur-
chase. Moreover, the tide Of immigration which
pours in continually upon MS, adds an appre-
ciable item of imported goods, which cost us
nothing.
Nor is this all Other things being equal,
it is plain that the import trade of the nation
commanding the largest merchant marine,
ought to prepondcrate. Our merchant navy is
now the largest in the world. Much Of it is
continuously employed abroad, and the profit Of
this foreign employment returns TO us in the
shape of imported goods.
Taking all the instances such as these into
consideration, it is evident that at least very
large portion of the present excess Of imports
over exports represents the nett gain resulting
to our people from their commercial transac-
tons, and some peculiaritics Of national posi-
tion.
Indeed, if we may be allowed to argue from
analogy and experience, we may well assume that
the entire actual excess Of imports over exports
may be regarded as a nett gain. That such
has usually been the case is demonstrated to q
very great extent by the uncxamplcd increase
Of the wealth of our Atlantic cities. In no
other way can we account for the fact that VIC
have in the course Of a few years, built up CON-
mercial cities, such as it has required the slow
growth of centuries to found elsewhere.
But" argues our cotemporary, "thcrc is
another matter to be taken into consideration.
We have here, in round numbers, $3.50, ooO
of imports, and s6o,ooO,oOo of exports. Let
us even suppose that soo,oOo,OoO of the im'
ports may be accounted for by the difference in
the valuations at the port Of departure from
those at the port Of arrival, combined with the
nett gain resulting from the course of the
whaling trade, the preponderance Of our mer
chant marine, the advantage Of trading with less
favored nations, &c Still We have 500, ,OOo. o00
Of exports balanced against $6O,00o,o0O OF i'm
ports, and while the imports are made up al