The daily exchange. [volume] (Baltimore, Md.) 1858-1861, 1859-06-29

pect OF abundant crops In all sections of the Union
and the large amount of coin which is now held
by the Banks, in consequence of the temporary
stagnation of trade; the yigor with which collec-
tons were pressed, and the absence of all specula-
ton in stocks, are producing their usual effect
upon our foreign imports. These for few months
past as compared with previous years, have
been excessive, and the fear now is that they will
go on increasing until the aggregate of our ndebt-
edness abroad will exceed our ability to meet the
payments they fall due tits true that the country
is remarkably bare of goods, and that the demand
for the raw cotton of the South is on the Increase
out 1t IS by no means certain that any large sur
plus OF agricultural products will be left on hand
after our own domestic wants are satisfied If
then, as promises at present to be the CASE the
balance of trade should turn against u.s. we shall
inevitably be called upon 10 make up the differ
ence between our exports and our imports
in con and when this comes 10 pass
the cry of "hard tines will again be raised
and all the old lessons of prudence and economy
Will have to be learned over again. For the week
ending on Friday last, the estimated value of
foreign dry goods, that entered the port of New
York alone, reached within few dollars of two
millions and half and from January LIST to the
same PERIOD the aggregate amount of imports IT.
| ceyed through the same channel, exceeded fifty
two millions of dollars. We are reminded, more
over, that between the 18th and the 22d of June.
1858, and for the corresponding period of 1857,
'the values were small in comparson-the highest
'importation being that of ls57-about nine
| hundred thousand dollars-but of this very
''small share only was thrown upon the market,
Tin consequence of the pending change of tariff on
''the 1st of july We have imported already
this season double the amount of foreign dry goods
than We did during the corresponding period of
last year, and onethird in excess of the import of
1857, and we are admonshed that if our rate Of
imports continues the same for the remainder of the
year, 1--WE shall count up one hundred and twenty
milions of dollars for dry goods received through
''the port of New York alone" If our recupera-
ton from previous losses were perfect this increase
upon the imports Of 1851 heavy as those were,
might be justified by the addition which has been
made to the population of the country during the
past two years; but until the people of the West
have recovered from the straits into mich they
were thrown, first by their inordinate speculation
in wild lands, and subsequently by a failure O
the crops, it is manifestly unwise for our mer
chants to extend so heavily their purchases in
foreign markets. 1t may be, and doubtless is III,
case that owing to the disturbances in Europe. {
certain portion of the goods which have beer
entered at New York were sent over on consion
ment; bat if the necessities of the foreign manu-
facturer have compelled him to make forced sale
OF in our
able to obtain them at lower price on that ac
count, the temptation becomes still greater fo
our merchants to take advantage of the opportun
ity thus offered them, and will hold out similar
inducements to consumers. But apart from al
that may reach us in this way, it is yer,
evident that we fast relapsine int
our old reckless and extravagant habits. Tit
spirit of speculation, which has been checked il
other directions is now beginning to show itsel
by crowding the channel of imports and when w
remember how much the excessive importations @
1887 contributed to swell the amount of indebted
ness abroad, and to aggravate the monetary diff
cultles OF 1857, we may well deplore the apparen
rashness of the present movement in the same di
recton 1t may, indeed, be gratifying to us, as
proof that credit is becoming re-established !,
Europe, but it still remains questionable whetbe
the confidence in our commercial stability. which
is thus implied, may not, in the end, be the occa
sion of the renewal of those disasters the effects
which we have not yet wholly overcome. Nor. il
any aspect in which the extraordinary patronage
we extend to foreign manufacturers may be viewed
can 1t be said that it is done without preiudic
to our own artizans. If we produced commoditie
which other nations required and which we coult
send them as equivalents in exchange for thei
fabrics, the counterpoise thus established would
relieve us from those heavy balances which, beine
now invariably against us, are constantly draining
US OF our precious metals. But the foreign demand
for breadstufs and provisions can never be depended
upon with any degree of certainty, and were it no
for our great staple cotton, the export of whcl
serves in great measure, in ordinary years, t,
keep down our Indebtedness within managerial
limits, we should either become speedily bankrup
or be forced TO turn our attention to the produc
ton of those fabrics for which we now tax the skill
of the foreign arizan