The daily exchange. [volume] (Baltimore, Md.) 1858-1861, 1860-08-22

as we have done.
For nearly three years past the commercial in
dustry Of the UNITED STATES has been strug-
Cling to free Itself from the depression which was
brought about by the financial troubles of 1851
and by dint Of prudence and economy it has at
length reached the commencement of healthier
and more active career. 1t would be wrong,
however, to suppose that, because the country is
now in Il condition to shake itself comparatively
free from the debts with which it has so long been
hurdened, any extraordinary expansion of
trade will take place either this fall or the ensuing
spring. The prospects for the future are unques-
tionably good; but it must not be forgotten that
the deficiencies in brendstuffs, which were caused
by the failure of the crops at the West and North
West, during two successive seasons, are to be
made up from the surplus which has recently
been harvested. The fact that speculations in
wild lands, in conjunction with the other causes
already specified, had seriously crippled the re-
sources Of the Western merchants, and up to this
time have left large balances of Indebtedness due
by them to the merchants of the Eastern cities
which balances will have TO be cleared off, in
whole or in part, from the proceeds of this years
crops, must be taken into consideration in any
estimate that may be made respecting the probable
demand upon the sea-board cities for commodities
which enter into general use and consumption at
the West. If the Western people had already
succeeded in cancellng their Indebtedness to
Eastern creditors, the immense amount of surplus
produce which they are preparing to send
10 market, would justify them in increasing their
expenditure in proportion TO the obvious increase
Of their means. But considerable portion of
this increased means must go to the liquidation
of old liabilities. When these are paid off, the
actual sum remaining on hand will be but small
The extent of the demand for foreign fabrics,
and for articles of domestic manufacture,
will therefore be, in a great measure,
dependent upon the amount of surplus means
which the Western producer finds at his disposal
after having wiped out his old scores. The South
has heretofore been in much better condition in
this respect. The supply of raw cotton has
scarcely kept pace with the demand, and the great
advance in the market price of that important
staple has not only rendered the planting interest
exceedingly prosperous, but, while adding largely
to the wealth of that section has been of incalcu
liable service in assisting to liberate the country
from the incubus of foreign Indebtedness. But the
resources of the South, during the ensuing year,
will be subject 10 charges which will seriously re-
duce the anticipated profits of the tobacco and SUI
gar, and cotton planters. From Masons and
Dixon's line to the Mississippi and the Gulf
the corn crop, which enters so largely into the
general consumption of the States that are included
within the limits We have mentioned, is now aG-
mitted TO be, in some sections, total failure in
Others, the yield will be reduced to less than one
half the usual quantity. Fromthe Delaware river
to the Blue Ridge, the wheat crop will be cousid-
erably less than an average one; whilst in the
States further South the deficiency is still more
strongly marked To the Eastward, the wheat
crops are generally pronounced to have been good;
but the corn has suffered quite as seriously as it
has with us from the effects of long-contnued
drought We believe, then, that II careful COLA
ton of the reported statistics of the grain crops
of the present season, which have already matured
or are in process of maturing, will disclose the
following facts:
LIST. That larger breadth of land has been
planted with the cereals than during any previous
years. but that the average yield per acre, even in
the grain-growing States, is less than it was for.
tivation will not be found to compensate for the
smaller average product.
I'd. That even admitting the crops at the West
and Northwest to be superior to any that have
before been raised in those sections yet owing
to the Indifferent character of the crops elsewhere
and the almost entire exhaustion of the crops
of the previous year, the country is bare of sup
plies; and that therefore the aggregate surplus, 10
be moved to market on the sea-board will be
by no means so great ms some have imagined that
it would be- . -..r s
Sd. That as the deficiency of cereals at the
Southland more especially of corn-nust be
made good from the excess in the granaries of the
west aud Northwest the profits of the Western
Prouucef' must lessen to a corresponding degree
the pronts OF The Southern consumer, and conse-
quently any increase in the purchases of the West
in the seaboard cities, will be in some measure
counterbalanced by the more En;tod dan,ord
from the South. = r ssfz1a1a II
4th. That there is also every probability that
the demand both for foreign and domestic con.
sumption will be fully equal to the supply and
that the price of grain will not suffer any material
reduction during the ensuing year from what it is
at present and may possibly rise above it. r.
1t fortunately so happens that the heaviest crops
have been harvested in those sections of country
which were laboriDg under The greatest amount
of Indebtedness, and that, at the South, where
the harvest exhibits a marked deficiency, the
prosperous condition of the planting interests
generally will not be very seriously affected. If
the grain growing States of the West had been as
free from pecuniary embarrassments as the Gulf
States an extraordinary activity in all branches
of business, and perhaps a revival of the old
spirit of speculation would have been the natural
result of the splendid harvest which they have
just gathered in. As it is, however, there are
mortgages to cancel, mercantile debts to pay, and