The Evansville daily journal. [volume] (Evansville, Ia. [i.e. Ind.]) 1848-1862, 1859-01-17

crease, French and German houses also sent
agents to this country. 1t cannot be charg-
ed against them that they became pedtars,
ike our English cousins, for they establish
ed commission houses in New York, Boston,
and New Orleans, charging five per cent.
commission, two and half guarantee,
besides brokerage and other charges, which
made their business net profit of about 8
per cent. They possessed the great facility
of credit abroad, and introducednany des-
criptions of goods not previously known in
this country, such as cheapsilks and ribbons,
and German cloths, which latter have entire
ly superseded those of English manufacture,
for tue cotton warps which were SO generally
used fifteen years since, are now no lon
ger seen in our market. rfsrasa - y
Doing an almost exclusive commission
business, and controlling certain styles of
manufacture, these houses soon became the
strongest in the country, and have for years
past been among our heaviest bank stock
owners 80
All attempts to compete with them on the
part OF American importers have failed, be-
cause they were able to sell at any price
without meeting pecuniary loss, provided
they realized duties and advances, and
whenever the country has been flooded with
foreign goods, they have sold them at auc-
ton for less than they could be imported
still making their commissions for attending
to the business, while at times when goods
were scarce, they have become purchasers
abroad themselves and increased their pro-
fits .
The establishment of auction houses has,
however, had a more ruinous influence on
the stability of the dry goods trade in the
United States Than all other instruments
combined, and, until they are swept out of
existence it can never be reliable or healthy
They have enabled merchants without capi-
tai to import enormous amounts of goods
they have afforded foreign manufacturers an
opportunity TO flood the market and realize
money at any moment at the expense of all
regular importers, for they .depress prices;
they have diverted trade from its regular
and legitimate channels; induced country
merchants to prolong their payments to
their time creditors, and purchase bargains
for cash-they have given facilities to spec
ulators to under-buy and under-sel estab-
! lished merchants, and have fostered and fed
the mushroom jobbers, who sprang SO sud-
denly into business during the last few
years.
ing business, SO that no sane merchant,
whether he is an American or foreign resi-
dent, now thinks of importing any goods
Oh his own account, except such as he knows
there is a demand for, from his regular
trade. t Ff
The vast importing business of the coun-
try has thus passed out of American hands,
and become Commission business on foreign
account This is merely one of the legiti-
mate consequences of an expanded credit
system, and the foreign resident merchants
of New York, to-day, live in palatial resi-
dences-drive the finest horses drink the
best wines, and give the most sumptuous
entertainment, while their American COM
petitors have been driven from this field of
action. 1873 M
Nor does the danger stop here. Our job
bing and retail trade are seriously threaten
ed. as propose to show in another paper.
H.