The daily exchange. [volume] (Baltimore, Md.) 1858-1861, 1859-07-30

There was a time when the UNITED STATES COM
peted not unsuccessfully with Great Britain for
the carrying trade of the high seas. We were then
proud of our expanding commerce; proud of our
clipper-built ships, and proud of the rank which
their superiority gave among the nations OF the
world Whenever it was necessary to effect
quick passage in the transportation of goods to
market the preference was almostinvariably given
to American ships, and the confidence thus reposed
in their fine sailing qualities was rarely dsap-
pointed. So long, therefore, as wind was the
motive power, and sails constituted the machinery
of propulsion, American vessels could command
freights in foreign ports while those of clumsier
build remained idle at their moorings. TWAS the
fast coach pitted against the Conestoga wagon and
the result of such a contest could not be otherwise
than favorable to the former. But when the in
PRODUCTION of paddlewheel steamers and propellers
created revolution in ocean navigation the speed
attained by the best of our sailing vessels could
bear no comparison with that which was derived
from the use of the new motor. The consequences
were at once apparent. Steam, for quick dis
patch, almost Immediately superseded the use
of sails and, far as the passenger traffic and the
transportation of articles of great value but Of
small bulk were concerned, wresed from sailing
vessels two of the most lucrative branches of the
business to which they were devoted 1t might
have been supposed that, with so energetic
a people as our own, the innovation would
have been met by the construction of steam vessels
of superior speed and improved machinery. There
was every reason why such an effort should have
been made, and there were no peculiar difficulties
to overcome which stood in the way of success.
The skill of our ship builders and the inventive
genius of our mechanics are everywhere recognised
and acknowledged. We have iron ore in album
dance and possess the ability to manufacture it of
quality equal to any that is used for similar pur-
poses in Europe, and we also have the advantage
ofinexhaustible supplies of bituminous coal, which
can be mined and brought to tide-water at a COM
paratively small expense. Yet, notwithstanding
all these advantages, the efforts we have made to
compete with foreign steamships have been rem
dered abortve partly by the refusal of Congress to
continue the annual subsidy, which was originally
granted to the COLLINS steamers and partly by
the mismanagement of those who were the
ostensible owners of the line. 1t will adj
NIT of doubt whether the grant of sub
sidy, in the first instance, was not injudicous but
the subsidy having been accorded it is clear that
its discontinuance has deferred other capitalists
from undertaking a similar adventure, at the risk
solely of their own means. But, whatever may
have been the causes which led to the abandon
ment of the Atlantic trade to foreign steamships
the injury that has thus been inflicted upon onr
commerce is perfectly apparent. We have yielded
to others the palm of superiority in ocean nayiga-
ton, and we now find that those sailing vessels in
whose performances we formerly took so much
pride, must be content, not only with low freights
but with subordinate position in the carrying
trade. The profit is with others, the loss remains
to us and as yet strange to say, we have taken no
steps to protect ourselves from the consequences of
sluggshness and want of foresight. 1t is futile
to argue that steam vessels will not pay, in the face
of repeated evidences to the contrary The English,
the French, and the Germans, find them profitable,
or they would scarcely continue to make constant
additions to their steam marine. A single COM
parison will show what is doing elsewhere, and to
what extent our shipmasters are falling behind
the age. England has at this time in her mer
chant and postal service two thousand steam
vessels. In the UNITED STATES we have but
seven ocean steamers, and these are by no means
Kept in continuous employment. While we were
IN the act of taking off cur COLLINS line because
1t was alleged that it could not be kept up without
receiving enormous subsidies from the government,
an English capitalist was building up a new line
of ocean steamers, to ply between the ports of Gal
way in Ireland and the Eastern ports of the UNITED
STATES; and Bremen merchants were making con-
trap ClVdp vessels IF ;Ior ol,o
ter, and destined for a similar service France
also has entered theoretically the field of compe-
tition, and now, not content with the profits
derived from the lucrative branches of the
carrying trade between England and this coun-
try, the CUNARD Company are about to extend
their operations to Panama, and across that 18TH
mus to the Pacific; and thence TO Oregon, British
Columbia, and Australia. The great disparity
that exists between our exports and imports, in
connection with the West Indian and South
American trade, may also be attributed to the fact
that those tropical ports have frequent and direct
communication, by steam, with England; whereas
our commercial intercourse with them is wholly
carried on by means of sailing vessels that reach
them only after protracted voyages, and at uncer-
tain periods of time The facilities thus offered by
ocean steamers give to Great Britain a preponder-
ating influence even in markets where our favora-
BILE geographical position ought to obtain for US a
decided superiority. In Brazil and the Rio de la
Plata for instance, and ON the waters of the
Amazon, our merchants have to contend AGAINST
competitors whose commercial arrangements
are such as enable them, by means of the
frequent arrival of mail steamers, to anticipate
the wants of the market. English merchants
trading with Rio, are in direct postal commu
nication with that important city; whilst letters
addressed to our merchants, either reach them
by the English line Via Southampton, or are
brought here by such chance sailing vessel as
happens to be homeward bound. 1t is obviously
impossible for us to hope to contend successfully
with other nations in foreign markets, unless we
adopt such means as will place us in position
that would enable us to command what might be
regarded as our natural share of the traffic 1t IS
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