The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1868-10-08
The
and the Fall Trade-Thc
leCt ReLore tho Cnunfrv

q period of great activity followed by
one Of rest, as was formerly tie case.
it has become distributed quite even.
iy, IL feature which will probably CON
tinue over what remains of the half
year which is devoted to the fall
trade. The volume of business has
been fully equal to what was expect
ed in the year of Presidential can
vass, inasmuch as business men had
assumed that the result of the cleo
tions will be favorable to the substan-
tial interests of the country. Country
purchasers in the North show q
greater disposition to buy on credit
than they did two years ago, due in
great part to the fact that our SOL
diers, who were then expending free
ly what they had, when they returned
from the army, are now cleaned out,
and they are thrown upon their or
dinary industry. An old merchant
observed that in 1866, it was rare for
Northern merchants to accept the
terms of credit then offered, but that
now it is the reverse, and the dis
count for cash is not availed of freely.
Thls IS unfortunate, because when
trade IS generally conducted upon
credit, the number is augmented who
will refuse their assent to the mea-
sures which are required to return to
specie payments. The gloomy fore
bodings of some portions of the
press, as to the character of the fall
trade. have been disproved by results
thus far; and if Pennsylvania and
Indiana, ut their State elections on
the 18th of October, shall continue
the indications which resulted from
the contest in Vermont and Maine.
the disposition for activity and trade
will continue unchecked, and the
Presidential election will be virtually
decided. The interests at stake are
too momentous to justify any doubt
as to the result.
Assuming this to be the case, as it
has been generally assumed by busi
ness men, and what is the situation?
We are on the eve of activity in the
export of new crop of cotton, and
of our surplus of agricultural produc-
tions. In the present condition of
our currency and bonded debt, we
are more at the mercy of those coun-
tries which base their finances on the
precious metals than is agreeable,
and may be obliged to be governed
to an extent not beneficial by their
limits as to price. If the two crops
are forced Immediately and largely
upon the markets, prices will be set
by the gauge which London and
Liverpool may establish, and they
will unquestionably be low. Will it
be possible to compel the payment
OF remunerative price? The ac-
count between our exports and i'm
ports for the financial year ending
June 30, show balance in our favor
Gncluding specie) of about three
millions of dollars. The Treasury is
satisfied that the collection of inter
nal revenue, if nothing unforeseen
occurs, will produce O large surplus
over and above the expenditures of
the Government. and it is now ap-
parent that spectators in gold, who
lately based their movements for n
rise upon the supposed inability of
the department to check their opera
tlons, can no longer count upon such
weakness. The only contingency to
produce distress would be the return
of our bonds as consequence of the
adoption, by majority of the peo-
pie, of Mr.. Pendleton's theories; but
we regard this rs impossible. On the
contrary, the decision which Penn
sylvanla and Indiana are expected to
make, will produce demand for our
securities, unless the situation in
England shall prevent that result.
We are intimately bound up with her
fortunes.
The total import and export trade
of the United Kingdom for the year
ending March, 1868, shows IL dimi-
mutton In the amount, as compared
with tho trade of the preceding year,
OF 15l, 734, 4O6. The exports of Bri-
tlsh and Irish produce declined in
value seven and a half millions, five
millions of which were attributed to
the depreciation in the price of cot
ton manufactures. The exports of
foreign and colonial produce declined
hve millions, owing chiefly to the
reduction in the value of raw cotton.
Transhipments declined one million;
the export of bullion over seven mil
lions and its import over ten, and The
imports of merchandise declined
twenty millions, "raw cotton and its |
altered price being here again the
chief cause of the decline" Much
suffering. was produced by these