New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1859-08-09
WHAT MEX

md congratulate Ouretres On Tue goO1 tpo~
the pext bank statement will m.ke 10 con-equ-uce.
When q similar shipment ia Known t. be coming
from Panama, tie telegraph FISHES the DeSs I"
our inpatient business centers When colt arrives
from Epeland or Cuba, il IL heraldod as good
thing, and there is general rejoicing over even
III in.guifcsnt remittance. Wten California
steamer goes to the bottom with two millions on
board, great house. stop payment az If the times
happen to be ,icklish, tie latent patio begins to
show itself AL this gees to prove that people
think that the iupor'atin Of gold is sisu Of good
tiues and that 80 log RS IT continues u come 10,
30 long the good times will last No doubt the
people are right Itw1s certainly 90 10 this ccuutry
curing the Irih famine, wueu gold flowed in as
cur cornmt al and other provisions flowed out 70
such large quantities That calamity IL ireland, With
the cotenposaneous short crops in Europe caused
US to export in I547 sDd l8ia sOme S4 OO0,V 900 OF
animal products, and So, 900, 600 of vegetable
food, while the whole export of these two staples
from 1543 to 1850 vas only sap, 564, O62. or an
average of So, 800 sos, the two years frst NAMED
averaging $53 100000 each THIS unexamped
foreign demand for homegrown food brought an
importation Of gold suca We had never .een, aud
its possession made us prosperous, Flour, grain,
pork, tobacco, AID everything We had to sell. went
up to price that made the farmers rich. There
was moreover q succession Of bOuntiful crops, and
a great extension Of agriculture. In 1910 our
crops Of wheat, rye, barley, corn and oats we're
estimated at 6l5, 522 900 BUSHELS while in l' they
had swollen to SCI, SO 900, or an Increase of
go, 3O4 900 bushels. On the heels OF THU
great prosperity, came the discovery OF gold 10
California and 10 five years thereafter that region
hsd added 500 600, 900 to the coin of the world.
THIS discovery iume diateIy produced demaud for
labor such as the world had never before witnessed;
aud oil kinds of business fourished.
It's therefore gold which gives to nations and to
individuals the great impulse to prosperity. II
these results were assured to US whue gold
wus flowing into the country, what Is to be
the consequence when all the gold is fo"ing
OUT If the former produced prosperous
trade, the latter must produce disastrous
one. Since the influx Of lo4S, the gold has
been steadily leaving us, in payment for the vast
amount Of cur imports. Ii has been goiog out tie
present year at rate never before eqhalrd. while
foreign goods poured in upon us In like proper
tioD. A box Of doubloOns from Cuba figures ex-
ultirgly in the money columns Of the ne Srpapers,
while the millionaire cargo Of foreign steamer
attracts DO attention. The first is accidental the
other is periodical and Intentional. The total
imports of the year ending June 30, 1858, we're
S243, $50 900, not counting specie. In the
year ending June 80, 1889, they were $780,
100000, specie not included, an increase CT
So, 600, 900 During the first period We exported
$50 633 900 of specie; during the last SOS OOoooo;
while the import of specie was near 10000 600
less in the latter year than in the former Masking
our stock on hand S26,337 900 less than year
ago From this port alone, in the first seven
months of 1889, the exports Of bullion have been
$50 600 900 heavier than during the same period
in the previous year, the whole amount being
So, 249, OO0 while all the exports from the
same great emporium were OILY ScO,OOO ooV.
The imports of merchandise at the same port, for
the same period, exceeded those of last year by
$40, 900, OOO! Foreign fabrics worth millions are
landed here weekly-the countries whence they
come are gorged with stocks aud bonds of our worth
less railroads-which so little want to increase
their investments that those they hold would be re-
turned on us for sale any parties here were green
enough to purchase them-and so no more can be
used as remittances; our grain and flour are q
greater drug abroad than here thus leaving the great
gap between what We take and what Ne give to
be filed by the coin which We ship. The life blood
of the whole business fabric, of banks and trade, OF
Eastern thrift and Western enterprise, is running
out at every pore. How long these Interests can
support the drain remains TO be proved Already
the banks have snufed danger ahead, and shut down
their gates Money may be quoted at five per cent
on call but there are daily struggles to procure IT
on good security at two per cent month; for all
the sulIeriDgs Of the great army of borrowers do
Let meet the public eye. If such causes produce
such eiects-if the drain of specie alarms one class
while it embarrasses all oihers-and if no hand be
raised in the right quarter TO remedy the evil new
explosion would seem to be somewhere in the dis
lance.
Cotton be it said with Difference, is & good thing;
but it has never vet saved this country nor will 1t
ever perform that interesting operation. On the
contrary there are honest folk who regard it, with
its political colaterals as great national curse.
COltou MA! call III sPccic W iis niu, auu '"e e""
combined will not enable US to import $500 100000
of foreign goods without breaking. We must fsl
back on breadstuHs, not only in the grain, but
manufactured into flour and pork. But what por.
ton of Europe is now in want Of more than its
own crops and where are our farmers to find
remuneratye market Not at home, because We
have shut up the mines and furnaces and factories
which made market for Our food and nrefar huv