New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1859-01-19
FROM PHILADELPHIA.
WHY OUR FOREIGN COMMERCE HAS
DECLINED.

From Our Own Correspondent.
PHILADELPHIA Jan. II, 1859.
1t may be accepted as general proposition that
Philadelphia finds it difficult to get ahead of New
York. Our exports in 1896 amounted to $l7,50O
and those from that period down TO 1896 more than
trebled the aggregate exports of the succeeding
thirty years ending with 1856. Here was an enor-
nous decline in our foreign commerce within avery
short period. While it continued in fal activity,
our merchants became wealthy. They built and
owned the largest vessels then known to the Amer-
can marine, which brought to our wharves the
richest products of Europe and the Indies, and
rendered the commercial supremacy of Philadel-
phia undisputed. Here, also, was the great money
center of the nation-here the first bank was
established-here the National Currency was
coined-here successive Banks of the United States
were located, and as State Banks were chartered
throughout the country, no other city could engraye
their plates or manufacture their notes. All these
facilities undoubtedly served as stimulants to an
already well established foreign commerce, in which
an immense private capital had been employed Its
extraordinary decline cannot be charged to our
distance from the ocean, because the chief COM
mercsl cities of the Old Word-London, Liver.
pool, and Paris-are equally remote, and their
commerce increases annually Neither can 1t be
charged on the shallowness of the Delaware,
because the largest vessels in our navy were
launched here, while within year past the Cathe
dral ship whose tunnage was too large to allow
of her entering the port of NewYork, found ample
accommodation at the wharves of Philadelphia.
Some other reason must therefore be discovered for
the decline of commerce here and its vast increase
elsewhere. This reason while not perceptible TO
distant communities is nevertheless plainly evident
to us.
The capital Of Philadelphia has been voluntarily
withdrawn from commerce, and applied to enter
prises within the borders of our own State. While
New-YOrk was launching fleets of Liverpool Lines,
and subsequently of Ocean Steamers, We have been
digging canals and building railroads to transport
TO market the black diamonds of the Lehieh. 1t is
a remarkable coincidence, entirely confrmstory of
this view, that the decline of our foreign commerce
dates from the period when the capitalists of Phla
delphia made their first investments in improve
ments leading to the coal mines. All the FIRST of
| these vast Improvements were made with Philade-
| pha capital. 1t is notorious that our weathest
| merchants invested larger sums in them than any
| other class. Grard, our greatest foreign shipper
almost invariably aided every enterprise with his
means, and as you have recently shown, secured
during his life body of coal land, which be subse-
| quenly devised to the city. Subsequent works Of
| great magnitude have been constructed within our
borders by Eastern cspitsl but their cost is prob
ably not so great those which Philadelphia CON-
pleted from her own means. Though some Of our
| shipping merchants became wealthy, yet many
others became insOlveIt. Periodical structures 10
| the money market occasioned periodical insoyen-
| ces Our banks made heavier losses among this
! class u an among any other, because it was the
| largest and most hazardous. When, therefore,
less precarious means of employing capital pre-
scented itself it natural that our citizens should
! embrace it. Such the great coal deposits were be-
lieved TO be, and il TO develop these that our
/ merchants sold their ships.
But 70 this feeling Of safety was added the charm
| Of speculation. Thirty years ago the whole an
ibracite coal region of Pennsylvania witnessed q
Juror siEilar TO the early days of California Wild
mountain land in Schuy kill County inhabited only
! BY the wolf and panther and which had been re-
| peatedly sold for taxes, changed hands almost
weekly at fabulous prices. Thousands Of people
Oyerrun these sterile hills and vallies. The quiet
Dutch settlers of Reading Orwigsburg and inter-
mediate towns, stared in astonishment the crowd
of spectators passed by them, some in over
crowded coaches, some on horseback, and some on
foot The multitude was too great for the taverns
or the settlers to accommodate. They slept on
dirty barroom floors, in stables, or camped out in
the woods. While one set of spectators sought
only for cos land, another laid out paper towns, in
many OF which there are choice corner lots 10 be
purchased even now. In some of these towns
houses could not be built fast enough for miners.
mechanics, storekeepers and agents came in with
the general crowd, intending TO be permanent set
tiers. The buildings for entire towns were manu-
factured here and sent up by canal boats, as the
wild region about 10 be redeemed from the wolf
possessed neither sawmis, lumber nor carpen-
tiers. IL is not to be denied that those who went
fcreme.t into this vortex and came out early before