The Portland daily press., 1862-07-17
Total. five months. 1862
S91,712.230

Total, five months, 1852 SOL Liz. .23O
The total exports, exclusive ofspecie, for the
same period were S5I ,409,15O
This difference has been, and must continue
to be, paid in specie.
In addition to this, il must be observed that
there are at all times, and especially of late
years, large amounts of money on deposit ut
New York for account of foreign bankers and
capitalists. These sums are for temporary in
vestment generally, and are liable to return at
short notice, whenever any sudden revulsion
in Europe or the United States induces such
return.
The recent change i'm the currency of the
United States has no doubt frightened many
of these foreign creditors, who have not only
ordered back their money, even at the present
sacrifice often per cent. foreign exchange be-
ing about ten per cent. above the specie par)
but they have also in many Instances ordered
the conversion Of American securities into
gold, for remittance home to Europe II has
been varlously estimated, from careful inquir-
les, that the amount Of these securities held in
Europe of late years is from one hundred and
fifty TO two hundred millions of dollars. Ifthe
conversion ofonly one-fi!th or one-fourthlofthese
sums is ordered into gold, 1t may be readily
seen that this additional export of gold must
disturb the market.
There are other causes Of expert of gold
which are not ordinarily considered. We al
lude TO the millions expended abroad by Amer
lean travellers They spend literally and travel
widely. There are thousands of our citizens
abroad, some temporarily, others for series
OF years, all OF whom require gold for their ex-
penditures. To this add the semi-annual paw
ments of dividends on American securities
owned abroad, all of which must be provided
In gold, and these several causes will demand
some thirty TO fifty millions, exhausting near
ly all our supplies from California for the year.
What is the remedyf We must economic
in times of commercial distress and in war.
Nearly million of our people who were un-
I'll 1851 producers are now consumers only
They contribute nothing this year towards the
wealth OF the country. Europe does not now
want our grain and provisions in such quanti-
ties as last year. Hence the necessity ofecon-
omizing in our domestic expenditure. Let us
avoid, at least as long as the war lasts, foreign
silks, satins, embroideries, furniture, and other
extravagances. Our women. who were never
deficient in patriotism, should be taught the
policy OF wearing domestic goods instead of
foreign fnery. Let us reduce our foreign inn
ports from S335. $4,000, as in 1S60-61, (one
year of peace,) to about $3.50 100000. and we
shall find our gold remaining in the country in
stead OF going abroad to pay for foreign labor
and foreign fabrics.
The immense expenditures of the Govern
ment In its present contest; the enlarged is
sues of the Treasury and its prospective wants;
the less and less demand abroad for our bread
stufis; the limited supply of cotton. all point
to an urgent need of governmental and indi-
vidual reform in their expenses, with view to
preserving the country las it is now) as the
greatest commercial nation of the earth. Our
national integrity as well as our commercial
integrity must be sustained