The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1867-10-30

sides 10. Lard dull in tierces 144; in kegs, 15A.
Gold AZ. Sterling ;51A 52a. Sight Exchange on
New York 1 o 8 premium. s4 fl{5s.!2
TRADE AND FINANCES. ABROAD.
Tho Commercial Crisis i'm France and
DnRland--IMterestAnE LCorrespondence-
GMeos n % Sn Mmcrican ll Dcprcssion ON E'ro-
1H ---odp etagW OGa
At meeting of the Liverpool Chamber Of Com
merce, held on the 10th inst, communication
was read from the Chamber Of Commerce Of
Rouen, France, asking the opinion OF the former
body. to the state Of commercial and industrial
affairs in England and France. The following re-
ply was returned
CHAMBER OF COMMERCE., yLrvAapooL, October 10.
DEAR SIR: have had the honor to receive your
ber ore engagedin an inquiry into the causes and
remedy for the crisis which at this moment presses
M most the and INDUSTRY
ton as to the state Of tho commerce and industry
OF our country. 20 '"'
have laid your letter before tho Council Of this
that it is with the greatest pleasure they mark the
growing solidarity, to which you refer, between all
civilized nations solidarity they believe, with
you directly owing to the increase OF International
commerce. Commerce being nothing more than an
exchange of the superAuous products Of one coun-
try sor those Of another the less restricted this
exchange by pr0hibitive or so-called protective
duties, the greater will be it's amount aud the
more complete will be reciprocal dependence and
community Of interests. In this result our Cham
ber OF Commerce flnd the surest guaranteeEfor in
ternatlonal pence and friendly relations. ~
Without q doubt the commerce and industry OF
England are suffering like those Of France, the
suffering of the one reacting upon the other, and
to certain extent the same causes being common
to both. These causes may be found:
l. In the American war, which for four years
nfyy ptr lu Of op
the most valuable of European imports and con-
siderably enhanced it's price, thus reducing large
populations dependent on its manufacture to the
greatest distress. ..,,...... ..l., ~ .,nAd
q. In the high duties which, under the delusive
ideas OF protection and of independence Of other
nations, have been imposed by tho United States
Of which had been imported from Europe. On this
point it may be observed that there is but little
United States is highly injurious to other coun-
tries, far deeper injury falls upon herself. ncN
3. M the continued dsorganizatinn Of industry
in the Southern States Of the American Union.
4. In the unsettled state Of Europe, and the APP
prehonsion 80 widely entertained OF the imminence
Of war, an apprehension materially strengthened
by the military
Governnents. The apprehension OF war is fraught
with evil only second to that Of its actual existence
Much Of the capital Which . should be employed in
into unusual and exhaustive channels The labor
which not only supported itself, but has added to
aCCumulaCoQ wealth., l6SWltlQr&Wn TOm Its normal
occupation to be supported by the community at
large. Europe is at this moment maintaining,
unproductively, nearly three million soldiers, at
an annual cost Of abont EDO 00o, 900 sterling 1.-TWO
ployment would not only save this enormous eA-
penditure, but would largely add to accumulated
wealth.
each country which have contributed to the COM
mercial depression, and which, perhaps, can only
be thoroughly understood at home. We wouldj
nh, hox okal
the United Kingdom: s4iA
I. Premature Investments from 1862 to 1866 in
railway enterprises which do not now, and proba-i
revenue to the shareholders. see 4 1
2; The spirit Of excessive speculation and over
trading which has prevailed In this country, espe
cially OF late years. Traders who conduct their
business to disproportionate extent on borrowed
capital are, in the event Of small depreciation in
prices or pressure in the money market, compelled
TO suspend payment, snd when such suspensions
are numerous they create feeling Of distansg
which eliminates In panic and disorganization Of
s. A reckless investment Of capital in Joint
stock companies Of every, description, many of
which have proved to be Utterly worthless. We
trust, however, that tho painful experience Of the
Liability Act, passed during the late session Of
Parliament will, to large extent, prevent the re-
currence Of this evil. eia4 flaoI .
widely-spread suffering and uneasiness. This un-
eaainess was to some extent intensified by the
habit which prevailed among jontrstock banks Of
which the Bank Of England employed the deposits
OF such banks, without taking the due note Of their
special character. These deposits constitute tho
In times Of monetary pressure cannot with safety
be employed by the Bank OF England. ". a., ~,
o. The causes now enum Grated, aggravated
the price Of wheat by fully fifty per cent. more
than the average Of three previous years. .tg,l
The remedy for our own peculiar evils we naust
which even now is fast restoring our lost capital
Already we see signs OF Improvement. Our home
trae is better supported. With the return of con-
the vigorous life of commercial and manu9actri-
ring nations. Our recuperative power IL great
not only IN our own resources, but because no de-
unnatural employment Hence capital and INDUS. 1
try are selfreliant, and waste no time In seeking
for that relief in which they know must
/ From tle. causes Of commercial depression COM
mon to Europe at large we have omitted, fpr Oh
vious reasons, those exclusively OF political char
AS to the remedies for those enumersted, some
mAy be safely left to time and the elastic eneryes
OF modern civilization. Others will be Round ia @
general reduction OF armaments sufficient to dispel
all apprehension OF aggressive war. Sea3au
Finally, remedy, rs we believe, 10 TO be found
in the universal adoption Of the principle OF frae
tkede and this remedy viii aid the operation Of all
tries ID as free as 1t now 10 between counties and
provinces OF the same country, accidental causes
Of depfession ia one willbe nodded by continued
auie in mutual respect, and, al, need be, In mutrsl
forbeaTance; and thus natigns now ambitious Oi
those OF peace tieys Il " .,ls@ :" ~ ~ ri'i. NJ
England has set an example Of entire hse. trade,
SO aar as her own ports are concerned hut she can
never reap the fun beneat OF her policy dp hel
example 10 followed by other nations. France Has
taken the first step to ita adoption with signAcnni
success. How soon will she advances TO Complete
reeli9aticn7 fllyI3f1 1''ili5 lgid-'
We are deeply aensible OF the value or your de-
liherations, end shall Feel happy II onr labors CON
yon hsye undartAkan Of fnding rAnaaay Tor tilt
evils which we, In cofnmon with you, gdepfore.
have the honor 70 be, dear sir, slIl 3geJa Y
H., Your very faithfnl and obedient! servant.
| 81 35.s. ss,stgs CMARLIsS ED, KAWEdNlS Tn X
President OF the Ldverp Anbor of GonainaFce
mo- n IS
secretafy Mcculioch 10 considering what sac
| tion he shall take in reference to recoyssinn 4h,
1 money on the oounterfSit y-0O's. Demand ha,