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


foreign dry goods at New York for the week and since
January l.
For the tesk. 1857. 1855 1859
Entered at the port. 81 1888 POI 175io7s I,se4,s4a
Entered at the port e72 500 OIL s27 5e5
Thrown MARKET. 77fl5855 53S9l ,672 81 $40 20
will be perceived by the above statement that the
entries at this port last week. owing to the arrival of
vessels somewhat in excess those
for the period the preceding years, but less
than the for the previous three four weeks
The amount thrown upon the market also in
Of that in the same week 1851 and 1883. The excess
since the lst Of January last under both heads
chef dependence Of the dry goods for the past
year and a half has been confined 20 the plant
ing States, the mporations have certainly been
heavy The amount Of goods introduced bears
each year almost constaSt ratio to the expansion
and contraction OF the banks or to the magnitude OF their
loans Although General Jackson declared that those
who s'aded borrowed capital ought to break our
merchants to the contrary TO the
credit system in their business and especially the dry
goods trade. The fault of large importatons after ALL
not go much with regular importers it with our bank.
ing system Banks exist in every State nook and corner
of the country this side of the Rocky Mountains MANY OF
Sher owners, directors and managers dry goods
End Other merchants OF these banks no less than
nifty are located in this city. When times arc good
the country banks lend freely country merchants who
come with good credit to iobbers. The latter in
many cases, are directors in city banks hence they re-
sort 10 them iof funds and credit to deal with importers
Many af the latter branches of foreign houses and
manufacturers, settled IN New YORK The result that
the COUNT banks stimulate country merchants and they
again stimulate the iobbefs, who increase their sales and
they again purchase nor, extensively from importers cal
culng in each case to be through by the banks
until the Consumer nays ,hs -rchant and he the
jobber-the latter denendnr ,a M INKS to help
protect his notes 10 imnortcrs ,,. c ocii -"ants
pa! nm ms all works very well unit. some snch n,,
~ MA" ~ 1897 sets IN when the banks become srai
uh o contract Their loans and throw out dry roois
nm o.ef paper and the whole credit system for Inn
La s se pie Of bricks The country merchants are emf
IN ~ e local sahss and fail 10 pay jobbers the ~
~ uI are cut on by the local banks and f,t' -,v.r,
inpoi efs, anu be latter fail sometir -. 20 pay the
s va 'nT oluer SIDE ~ 8 10 meet their obi
raj suspension th"' let theii u, hre 4 reue-
little some instances, IS noic IN IN ,rbich n
r-r's general bankruptcy, WYNN "'.A
.a.e, with euonoray and future collections, finally
Gsoses the banking rendegl to swing in the opposite
on which goes uatil another extreme is reached,
and another rearon follows This has been our hnancai
and commercial cycle Cor years and must continue to be
So AM keep sfade IN .ain and unsettled channels,
unit our linking and credit systems are reformed .
Aunox. vii be found tables giving the classihcaton oi
tho goods enta red this port, by which appears the
wyoen goods imported amounted TO $6S35l7 COTTON 10
ss4 33l silk s422 49, fax s2l5oes; and miscellaneous
sos ,4S7.