The daily exchange. [volume] (Baltimore, Md.) 1858-1861, 1861-01-21
BALTIMORE.
MONDAY, JANUARY 81, 1851

There has been considerable dissatisfaction ex
messed in England at the amount of the indem-
nity exacted by Lord ELGIN from the Chinese I'M
der the treaty of Pekin. As compared with the
expenses of the war, the sum to be paid is not
more than one half what it cost the British Gov
eminent 10 enforce its demand. 1t has been
urged, however, in behalf of Lord ELGIN, that be-
ing upon the spot, and having q personal know
ledge of the poverty of the Empire, he placed the
sum to be paid at as high figure as he dared to
do, without risking the overthrow of the dynasty.
That the revenues of China should have fallen off
greatly since the commencement of the rebellion
which the TAE-PMGs have conducted with such
varying success in the Northern provinces of Chi
ma, is but legitimate result of the widespread
desoation that always follows in the track of civil
war. China has always been poor in the
precious metals; large proportion of the
taxes having been always paid in kind.
After the ratification of the treaty of Nankin in
1s43, which threw open to commerce the ports of
Canton, Annoy, Foo-chow. Nngpo and Shanghai,
it very generally believed that the trade with
China would be greatly increased. That expecta-
ton was not realized. All the English merchants
who fastened TO take advantage of the open
ing of the Northern ports, lost heavily upon their
ventures and a Parliamentary commission was
appointed to enquire into and report upon the
causes of failure. The report of that Committee
disclosed the fact that China has only three COM
modtes ofexport those being silver silk and tea.
1t was supposed by those who knew China best, that
the amount of silver sent out of the Empire could
not be increased beyond the sum which was then
exported, without seriously impoverishing it,
and that, therefore, there was no reason
to expect that any further increase of British
manufactures would be paid for in silver.
The conclusion to which the Committee came after
a long and patient investigation of all the facts
connected with the China trade, was that manu-
featured goods could not be introduced into that
country in any greater quantity than they were at
that time, except on the condition Of purchasing
an increased quantity of tea as an equivalent. In
dependently of the systematic Encouragement Of
foreign commerce, which has, from time immemo-
rial constituted the policy of the Government, all
the information that has recently been obtained
with reference to the internal condition Of the
Empire, confirms in every particular the couect-
ness ofthe parliamentary report which was made
twelve years ago.
Lord ELGIN may stipulate for the free naviga
ton of the Peho river and for O resident Minister
and he may add the popuous city of Tien-tsn to the
five ports which were previously thrown open to
foreign trade but it is not probable that any
greater commercial advantages will accrue from
the treaty of Pekin than followed that of Nankin
in lS43. Indeed the prospect is less encouraging
now than it was then. The Tapping rebels hold
possession of some of the finest provinces of the in
terror. They have broken up so effectually the
communications between the Southern cities of the
Empire and those of the North, that even the sup.
plies intended for Pekin frequently intercepted
whilst on their way; and it is an evidence
alike of the weakness of the Government,
and of the power of the rebels that but two years
ago the latter were in force upon the Peiho river
above Tien-tsin, and within q hundred miles OF
Pekin, and that they would long since have taken
Shanghai but for the presence of foreigners at that
port, and the dread of drawing upon themselve:
terrible retribution in the event Of their doing
injury to the latter. The more we learn of Chi
ma, the more closely we compelled to associate
it with Abe twin ideas of populousness and wretch
edness. Even Pekin, of which such wonderful
stories have been told, turns out to be, for TIT
most part, collection Of novels. Its numerous
public buildings have so far fallen into decay tina
there not of them in sufficiently goo(
condition to be used by Lord ELGlN in his inter
view with Prince KUNG, until it had been sweep
and garnished for the occasion. Those street
which had once been paved with heavy blocks o
stone, found to be so broken up into holes ant
ruts as to preclude the possibility of their being ira
versed with safety by any vehicle less strongl,
constructed than the common carts of the country
whilst the others were nothing but dirt roads
which in fair weather threw up clouds of fin
dust, and in wet were half knee deep with mud
Everywhere around were evidences of past gran
deur, and of present decay, and the condition O
the Capital may be taken as typical of the con
dition of the Empire.