The daily exchange. [volume] (Baltimore, Md.) 1858-1861, 1861-02-18

the manufacturing nations of Europe in our debt,
and not only entitled us to position of COM
mercial independence, but also 10 first rank
among the wealthy nations of the world
From our great commercial centre, trade is now
carried on with every quarter of the globe From
it merchandise is sent, to it goods are returned
and so important has it become that the effects of
increased or diminished demand in the New York
market are felt from the shores of the Pacific
in the West to the Indies in the East.
This, in itself, is no small glory for so young a
nation to have won. But in addition to this the
events of the past few weeks have shown US that
we have achieved still more, and that our fnan-
cal importance is now only second to our COM
mercal greatness. The immense capital the ex-
tended commerce, the large manufacturing interest
of Great Britain have heretofore entitled her. inan-
cially, to the highest rank, and London has been
the great and controlling Banking centre of the
world. So much so was this recognized, "a late
as two months ago, that in the commencement of
our present political and commercial difficulties,
the news of the effect produced upon the stock
market in England: was anxiously looked for, and
great fears were expressed that large amount of
very considerably depressed, and add seriously to
the pervading panic. Fortunately however, the
matter was one of too grave Importance. English
capitalists, who had invested largely in railroad
securities, attracted by the inducements of large
dividends, were too deeply interested TO sell at
ruinous prices. Their American stocks, drawing
annual dividends estimated at not less than
$40, 100000, would, if sold under panic, entail
upon the holders enormous loss, and they were
unwilling for time to force them upon the mar
ket. But the news of the secession of several of
the States seems, at last, to have destroyed all
confidence, and the English journals of January
18th brought US accounts of the commencement
of the panic, and of a heavy decline of from ff-
teen to twenty per cent. in leading American rail-
way stocks. Contrary to the expectations of
many, this news, which but a few years ago would
have broken down the stock market in New York,
produced but little effect-and the market had
so thoroughly rallied from its depression that the
fall in stocks, consequent upon the unfavorable
foreign advices was not over five or six per cent.
This decline proved sufficient to bring in large
amount of home capital and by the arrival of the
next steamer, two days later, although news arriv-
ed of a further very considerable decline and in
crease of the panic the New York market had
rallied and was firm. On the following day, in
the face of exceedingly low foreign quotations,
the advance was considerable, and since then,
despite the threatened influx of stocks from abroad
the market has risen to its former rates But what
is still more significant is the fact which we gath
err from late advices, that the receipt of the news
of the recovery of New York from her first panic
had given confidence and frmness to the English
market where prices not only had rallied, but
had advanced.
The position Of financial independence which
New York has thus established, is due partly
to her own enterprise, but principally to the
development of our domestic commerce. of
which she has become the great emporium Pos
sessing originally no great inherent advantages
over other Atlantic ports, to entitle her to the
monopoly ofour home trade, she has by the con.
centration and judicious employment of capital,
established communications with all parts of the
country and become an immense national depot.
So great are her facilities for exchanges of pro-
duce and manufactures, that she is not only the
great storehouse but, as it were, the great clear
ing port for the wealth Of the country; and is even
made the port of distribution for large portion
of the goods manufactured in the South for home
consumption. She is in fact the mart of the South,
and her most important trade is with the South
To New York large quantities Of cotton are
shipped for reshipment abroad, and through
New York, drafts upon cotton expert
ed are drawn. New York banks for the
South, brokers for the South, insures for
the South. New York buys for the South, sells
to the South, receives from the South furnishes
to the South, clothes the South and feeds the
South. From New York every imaginable supply
is purchased, and in New York large sums of
money are annually spent by the people of the
South. It's principally through the profits earned
from the South that New York has STAINED and
susains the position she has gained, and it is en-
tirely through her connection with the South that
in her foreign intercourse, the balance of trade is
now in her favor.
Such are the relations which have been estab-
lished between New York and the South, and
which have been already, to some extent, affected
by the secession of the Cotton States. And yet,
strange to say, the party leaders of New York, at
this moment, the controllers of the desti-
MES of our Republic, blind to the present inter
ests and future welfare of their city, are steadily
pursuing policy which must force the South to
seek other connections, and must inevitably result
in the entire revulsion of the existing commercial
System, and in the reconstruction of trade on
different basis.