The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1866-04-04

It
sixteen years imported of gold 3,497, 100000 of
francs more than she exported and on the other
hand exported l,Ol6,O0O0OO OF silver more than
she imported.
land, we cannot 90 back further than the year
1858, when the custom office began lis regular
statements; from that year up to 1868, we find
that her importation of precious metals
amounted to 4,239, 600 of francs, and her eX-
portation to 3,940000,000; her balance, there
lore, being 299, ,0OO 600. During the same period
France had surplus OF 9O2,OOO,OOO, her i'm
portation of gold and silver being not very diff
ferent from that OF England, but her eXporta-
ton being considerably less.
1t may now be questioned why does England,
Notwithstanding her extensive commerce, at
tract less gold and silver than FranceY The
answer is simple. Precisely because her extern
sive commerce allows her to pay for larger
portion Of her importations with her own manu-
tactures. If it be objected that her gains must
necessarily have been larger than the above
stated 299, 900, during six years, the eXpla-
nation is easy enough. The small surplus of
precious metals may be accounted for by the
circumstance that the development of banking
institutions in Great Britain enables her capital
lists to participate IN all the great European
enterprises. English capital penetrates every
where; numerous loans, establishments of
credit, railroads and manufactures of every
kind, in all parts of the inhabited globe, have
drawn their funds from British sources. And
whatever is not absorbed by such enterprises
flows to Asia, In exchange for purchases OF raw
products.
Thus far we have followed the currents of the
precious metals from their origin 10 Europe; we
must now follow another current from Europe
TO AS ia, and in particular to China and India.
During centuries we imported from thence
silks, spices, tea, and other productions, for
which for long time we had nothing to offer in
exchange but silver. Before the invention of
the steam engine, our industry was, perhaps,
not much superior to that Of China, and IN all
probability the latter found our taste as bad as
r., Al, 4haVn hn nd
all astonished if Alexander Won Humboldt,
about the year 1900, estimated the annual cur
rent OF silver towards the East as iolloWs;-
Francs,
Round the Cape of Good Hope ....,,,. "a 000, 900
Through Asia Minor, large portion OF 1t 49,, al,
being there absorbed ;...'.'','..'....l'610 '610 0O0
Through Russia, overland. .'''.,,,'''.''.2 ,6OOOOO
TOTAL l3I,OOOOOO
There, like in all despotically governed coun-
| tries without establishments OF credit, coin is
often buried or hidden by its possessor; at any
rate it lies unproductive. But gradually matters
| took another turn. The Chinese began TO smoke
| opium, and during the period from l640-50 paid
| over two hundred millions of francs yearly to
| the merchants of British East India. But the
latter found out that notwithstanding the low
| price of wages there, 1t would be more advan-
| tageous for them TO send the cotton they raised
round the Cape to England in order to have it
| manufactured there, than to manufacture ii
| themselves. Thus it seemed as ii the passion
| of the Chinese Tor opium would draw the silver
| out of its hiding places and turn the balance in
favor of Europe But this counter-current OF
| silver did not last long.
The consumption of tea constantly increased
and now amounts to hundreds of millions o.
pounds; again, Europe consumes 70 TO 80 ,0O(
bales of silk, several millions OF hundred
weight of cotton, besides copper, lead, spices
sugar, and a number of other products of th'
East. Then England causes railroads to b.
built in the East Indies, and aids the establish
ment there OF other kinds OF culture and indus
| Try, SO that from Ave hundred to six hundre'