Ellsworth American. [volume] (Ellsworth, Me.) 1855-current, 1865-05-05
Financial and Commercial
Strength Of the United States.

W received a pamphlet some days
since, entitled as above. 1t is by Lorln
Blodgct, Esq, We gather from this
statistical work some facts which are new to
most people. or rather which are contrary
to all our preconceived notions. The fact
is, says this writer, that in foreign trade,
there is no balance of trade against this
country, and there has mt been for years
On the contrary, for six years past the
balance of exchanges with all foreign
countries has been uniformly in favor oil
the United States, and this by steadily
increasing sums. 1t has been larger since
the war begun than it was before; and in
1863 this balance, nearly reached the large
sum of eighty millions of dollars.
These facts, the statistics of Great Brit
ain abundantly proves.
In ls6l and 1862, i'll consequence Of the
hue and cry raised against the financial
strength of the United States. many mill
ions of United States securities were re-
turned to be sold This was done i'll an
tieipation of trouble here and consequent
failure to maintain our financial credit
Not less than fifty millions OF these re
curties 50 returned were paid for in
surplus produce or in gold. We have
seen it stated, that near this sum Of gold
was sent to England +" he invested by the
timid or half disloyal people Of the coun-
try, i'll anticipation Of financial and
social crash.
Another fact suggested by this writer is
the important one that the United States
is q producer of gold. But the bn mess of
Mr.. Blodget has been to collatc officially
the records of the United State relating to
for publication, in the finance reports on
commerce and navigation. From the
tables so collatcd the following facts fare
cduced, viz That the excess Of exports
of this country established in lS54-5,
continued to rise gradually tn 1863. The
sverasc excess for the last two years OF
the war. is rising fifty one millions of dol
lars. For the period of the last six years.
the total excess is two hundred sixty and a
half millions Of dollars.
The writer now takes up the oft repeat
ed story Of those values beng rendered
in deprecated currency, aud makes the
following points;
The relative terms Of the statements oi
exports and import values have been al
ludtd 10, but the constant claims made
that the values reported should he greatly
altered because one is III deprecated cur
rcncy and the other in gold. perhaps Will
justify further explanation. Generally the
New York commercial publications claim
that all export values should he changed to
gold equivalents, at whatever price gold
NAV hear ut the time, before they are com
pared with the values of the imports. The
" hole claim is radically unsonld because
the price of gold is purely speculative and
iaeitinus. II d"cs not represent any real
relation held either by the property or the
currency of the country. 10 property and
currency III Eurlpe.
The assumed CORRECTION 10 gold prices
alsa. docs not aprlfto the statistics here
gwen, for reasons previously cited. The
prcmiam Oh gold dls not exist al All uu-
till rear May. l. =. and it had no CONNER
cIai Importance IN foreign trade before the
elosr al the fiscal year l-6l-2. An adj
vance al eight per cent. in foreign cx-
change va, attained very near the close of
the year or after the middle Of June. the
fiscal year ending with that month Up
to this time. the premium on gold and ex-
change had not been equal, i'll its aggre-
gate effect. to the reverse premium. and
the depression of exchange which comtinn-
cd through the greater part of the year 1861
II correction be insisted on, therefore, it
applies only Ia the fiscal year 1923. the
last of the series, and To the passing year
IS63 T. The principal basis of the claim
here made is not affected by whatever
views NAY be held inrcgard to gold. The
commerce IF the country has demonstrated
lis financial! -omlness, sMd has shown that
It's exchanges with torcigu countries are on
tirmcr and strhu-cr basis than at amy
pcriad Of IL previous history. No l.dro-
pc;ui nation has such resources for export.
and none can command balance III it,
favor 50 ecrtunl! rs the United States.