Cincinnati daily press. [volume] (Cincinnati [Ohio]) 1860-1862, 1861-09-24
THE DAILY PRESS.


The New York Times Of the goth says;
The extraordinary exhibit presented by the
records of the commerce of the port of New
York for the first eight months of the year
is but the legitimate evidence of the finan
cial or material condition of the country. In
this period we have been subjected to the Sc
yerest test nation can undergo, with most
triumphant result, without the least warning
or preparation. With the trade of nearly
one. half Of our country blank, we found
ourselves, when the day of reckoning came,
the creditor nation Of the world. Our COM
plete commercial independence is owing
10 the fact that the world must have what
we produce in agriculture, while we can
easily dispense with whatever other coun-
tries produce, either in agriculture or in arts.
None Of the nations of Eastern Europe regu-
larly raise a sufficient supply of food-Great
Britain never. The United States is their
Rranary, for the reason that, from the cheap
ness OF production, they can undersell all
other nations.
But food is not our only speciality. We
are, from natural adaptation, the great pro-
ducers of tobacco, the use of which is almost
as universal as that of food. We excel the
world in cotton. The latter is now under a
temporary cloud, which will ere long give
place to fair weather. The crop is raised,
and we shall soon show how it can be sent to
market-not to support rebellion, but to con-
tribute, as it has done, 10 the general wealth.
But this is not an essential to our commercial
superiority. Food and tobacco remain, for
which there is an Unsuitable market. The
export Of these has been on scale so vast,
that in the absence of cotton, the exports OF
The port of New York alone for the present
year, exclusive OF specie, from january |.
exceed those of last year by nearly $50, 900,
600. This excess has been more than re-
turned to US in gold; as our imports have
fallen of in the eight months $50, 600 600.
We have stopped buying French wines and
silks, and English cottops and iron, from the
very fact that we can dispense with the for
mer, as luXures, and manufacture the latter.
But food must be had by foreigners in the
same measure SIS formerly, for which gold and
silver must be largely paid, instead of cargoes
OF merchandise. We can very nearly sus-
peud our foreign purchases, while foreigners
must continue the full measure of their i'm
portations from rs.
The earnings of the great lines of improve
ment particularly identified with the internal
trade of the country exceed thirteen per
cent. those of last year. We have, since
January, increased our specie reserve some
$60,000,000. The coming year promises to
go on in the same way. We shall mauufac-
ture the greater portion of the merchandise
we have been accustomed to import. 1t is
established that other nations will need every
bushel OF grain, and hOgshesd of tobacco, aud
bale of cotton, we can spare. A considerable
portion of their value must be returned to
us, as it has been for a few months past, in
gold.
Such is the extraordinary result brought
cut by the war-a result exactly opposite to
that predicted The erroneous conclusions
have arisen from the fact that the premises
es well as the conclusions were borrowed
from the experience of other countries,
which differ almost entirely from our own.
Such is the area of country, and variety of
its resources and climate, that the facilities
for manufacturing equal those of any other
country in the world. We combine con-
tinent complete in ITSELF while other nations,
by accident or force, are limited to small
lumber of products. We have virgin soil,
which produces abundantly without the
elaborate culture necessary in the old world.
1t is easy to see these things, now that the
war has presented them in bold relief; they
have long been palpable to ourselves, they
will soon be to foreigners.