The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1867-11-09
COLUMBIA.
Saturday Morning, Nov. 8. 1867.
Business Depression.

ing the Liverpool Chamber to give
their opinion upon the state of COM
mercial and industrial affairs in Eng
land and France. Not only is this
circumstance an indication of the
gravity of the commercial situation,
but the correspondence presents
points of considerable interest. The
reply of the Liverpool Chamber gives
statement OF the principal causes
producing the present commercial
prostration of England and France,
which, from its relation to the state
of affairs in this country, will be
read with interest. The following
are the causes assigned by the Liver
pool Chamber, which are to be found
in the subjoined extracts:
81. In the American war, which
for four years painfully Strengthened
the supply of cotton, ono of the
most valuable of European imports,
and considerably enhanced its price;
thus reducing large populations de-
pendent on its manufacture to the
greatest distress.
so. In the high duties which,
under the delusive ideas Of protec-
tion and of independence of other
nations, have been imposed by the
United States tariff on manufactured
articles, the greater portion of which
had been imported from Europe. On
hn
there is but little consolation in the
fact that, while the tariff of the
United States is highly injurious to
other countries, q far deeper injury
falls upon herself.
$50. In the continued discrganiza-
tion of industry in the Southern
States of the American Union.
81. In the unsettled state of Eu-
: rope, and the apprehension so widely
entertained of the imminence of war,
an apprehension materially strength
ened by the enormous military pre-
parations everywhere made, notwith-
standing the pacific assurances of
Governments. The apprehension of
war issfraught with evil only second
to that of its actual existence. Much
of the capital which shonld be en-
ployed in ordinary and reproductive
industry is diverted into unusual and
exhaustive channels. The labor
which not only supported itself, but
has added to accumulated wealth, is
withdrawn from its normal occupa-
tion to be supported by the commu-
nifty at large. Europe is at this
moment maintaining, unproductive-
ly, nearly 100000 soldiers, ut an
annual cost of about 100000
sterling, 1900, 900, 900 francs.) Their
reproductive employment would not
only save this enormous expenditure,
but would largely add to accumulated
wealth.
"Therc are also causes more or less
peculiar to each country, which have
contributed to the commercial de-
preston, and which, perhaps, can
only be thoroughly understood at
home"
AS New York commercial paper
says, with entire propriety, might
these causes have been assigned for
the depression existing in this coun-
try. If England and France suffer
from the loss of our supply of cot
ton, what must be our condition in
having, for five or six years, lost the
direct advantages from the sale of
that crop, and in having now to pro-
duce it at price which leaves posi-
tive loss to the planter ?
Whatever may be said in favor of
the necessity of high tariff, as q
means of war revenue, there can be
no doubt that the excessive duties
now imposed upon imports, have
proved obstructive to trade, Mt time
when every possible encouragement
to business is needed; and that they
have helped to sustain the excessive
prices of all products. If France and
England have suffered through the
disorganized condition of the South
ern States, depriving them of an i'm
portant market for their products,
much more have the business men of
the North, not only as distributors of
foreign products to the South, bnt