The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1872-12-04

terest, and at the present moment it is one of
solicitude. The import and export of the Unit
ed States excluding gold and silver, amounted
to $1,070, 64l 1853 for the fiscal year ending June
30, 1872, and of this vast trade only 28a per
cent. was in American vessels. In the year
1860 nearly II per cent. of our foreign COM
merce was in American ships, but In 1864 it
had fallen to 46 per cent, in 1866 to "A per
cent. and in 1871 to less than 38 per cent. The
earnings of the vessels engaged in the foreign
carrying trade probably exceeds $100,000,000
year. of which less than one-third is carried
under our flag.
INADEQUACY OF THE DRAWBACK"
The act of Congress allowing drawback ON
foreign articles used in the construction of
American vessels, has given encouragement to
shipbniiding, but am of the opinion that this
measure is entirely inadequate, when we con-
slider that nearly three-fourths IF the foreign
commerce of the country is under foreign flags.
1t is plain that there can be no considerable and
speedy change unless the government shall at
once aid in liberal and comprehensive spirit
The rise in the price of iron and the advance
in the wages of labor in England during the
past year favor the government and people of
the United States but this advantage, due to
natural causes, should not lead us to trust the
future to the force of these cases, but should
induce us rather to act at once and with
vigor. 1t may happen that we cannot regain
the control of the direct trade between Europe
and the United States, but there is an immense
field to be occupied upon the Pacific Ocean ant.
in the South Atlantic.
EFFECT OF AN INCREASE OF OUR COMMERCIAL
MARINE.
England controls the markets of the world
by controlling the channels of communication,
and am convinced that wonderful impetus
will be given to the agricultural and manufac-
turing interests of the country by the increase
of our commercial marine. Merchants in dis
tant countries must purchase goods at points
with which they have frequent and. regular
communication, and when such cOmmunica-
ton exists with our country, only the cost of
merchandise becomes unimportaEt, as there
are no means of comparison, nor is there OPP
portunity fer the advantages of competition;
hence great producing country can afford to
establish and maintain lines of steamships up
on the ocean, as the indirect benefits will much
exceed the cost
OUR TRADE WITH FOREIGN COUNTRIES.
The details of our trade with foreign countries
as represented by the returns made to the sta
tistical bure H. are also unsatisfactory. From
these returns it appears that the imports of
merchandise for the fiscal year ending June so,
1872 were 1920 595,077; and the exports, esti-
mated in gold, We're $444, 0460S6, showing a
balance against the coun 'ry of 1882, 54S, 1871.
This balance is in some degree apparent rather
than real. On the Both of June, 1871, the value
of goods remaining in the warehouse was $685.
324, 659, while on the Both of June, 1872 it was
S122,21l ,266, showing an excess at the close of
the last fiscal year Of $53 COZ. Deducting
this excess we have balance based upon the
actual consumption Of the country of S12S 662,
1874. From this further deduction should be
made of $66, 1885, being the excess of exports
= ovor the imports of gold. After these deduc-
tons there still remains an adverse balance of
$62, 52S 539
Adverse balance has been met, probably by
freight carried in American vessels profits on
exports made on account of Amer can mer-
chants and shippers, the sale of bonds abroad
and investments in the United States by inIab-
itants of other countries.
EXCEPTIONAL STATISTICS.
The exports of merchandise for the year 1872
were S13, 29S, 1888 less than for the year 1871.
The exports of wheat, wheat flour, raw cotton.
cotton manufactured, gold and silver, firearms,
manufactures of leather, illuminating oil and
beef fall off $50, 066, 1885, while there was gain
OF $6S.767 ,362 III the exports of corn, furs and
hides skins, bacon hams, lard, leaf tobacco,
manu- .ctureS of iron, wood, leather and other
minor articles. There was an increase of ex-
ports in every branch of manufacture except
cotton, leather and firearms The decrease in
our exports in wheat and wheat flour is S12.-
100000; raw cotton, $37, 0OO, OOO manufactured
cotton, 81, 100000; gold and silver, 81 600 900:
firearms $12,000,000; manufactures of leather,
5000, 900; of illuminating oils, $3,500,OO0, and
beef, 81 600, 900. The statistics of imports show
an increase of 81, 900 900 in Coffee $18 900, 900
in sugar, nearly $6,000,000 in tea, nearly So
100000 in tin plate, more than $1s,OOO,OOO in
raw WOOL $4,000, GOO in pig iron, $1,000 900 in
manufactures of iron, $5,OC0,O 600 in manufac-
lures of cotton, 50, 600, 900 in manufactures of
silk, and about $7,000,000 in manufactures of
wool. These statistics are not presented as af-
fording basis for legislation, but rather because
they are exceptional in character and not like
ly to be repeated. y
HOW SPECIE PAYMENTS MAY BE RESUMED.
N1,ara e. I =
placing the country in a condition when specie
and paper viii possess the same commercial
value. by diminishing the amount of paper in
circulation the difference between the CONNER
clal value OF paper and coin will diminish, and
by pursuing. this policy the difference will dis
appear. All legislation limited in its opera
tons to the paper issues of the banks, and of
the government whether bearing interest or
not, and which in its effects shall tend to di-
mlnlsh the market value of coin, will be found
upon analysis to contain plan for contracting
the volume OF paper currency, and all legisla-
ton SO limited, which does not contain such a
plan will prove Intellectual. Accepting this
proposition, and believing that the country is
not prepared to sustain the policy of contrac-
ton, it only remains for me to consider the
means by which the value of our currency NAV
be improved. The basis of policy of improve
ment must be found in a sturdy refusal to add
to the paper in circulation until it is of the same
value substantially as coin This being accept
ed as the settled purpose of the country, there
can be no permanent increase of difference be-
tween paper and coin, and an opportunity will
be given for the influence of natural causes,
tending upon the whole to a better financial
condition. We may count first among these
the increase OF population and its distribution
over new fields OF business and labor; second
ly, in the South especially. the number of per-
sons having property and using and holding
money Will increase; next, we may anticipate
more general use of paper in Texas and the
Pacific States, by which practically for the rest
OF the country the volume of paper will be di-
minIshed and the quantity of coin increased
two facts tending to produce equality of value.
The influence OF these natural causes will be
counteracted in some degree by the increasing
facilities for the transfer of money from one
point to another, and by the greater use of
bank checks and certificates of deposit The
rapid transit of merchandise in bringing the
period OF Its consumption nearer to the time of
us production is an agency of a similar sort
Giving to these views their full weight am
prepared to say that the experience Of the last
three years comedies with the best Judgment L
can form, and warrants the opinion that under
the influence OF existing natural causes our
financial condition will gradually improve
UNUSUAL CIRCUMSTANCES.
During the last fiscal year there were several
circumstances of unusual character, tending
to counteract the natural course of affairs. Our
exports of cotton fell of thirty-seven millions of
uolaio, anu GlcIo were excessive imports OF
wool. tea, coffee and sugar. The stock of wool
in warehouses on the 30th of June was suffi-
Gent for SIX months consumption of sugar for
four and half months. of coffee for five
months, and OF tea for twelve months In the
ordinary course of trade the Importation of
these articles will be small during the current
year, with consequent favorable effect upon
the balance between this and other countries =
This anticipation of the wants of the country in
connection with the decrease of our exports
augmented the balance of trade, created an ac-
tive demand for coin and advanced the price,
Notwithstanding these adverse influences. gold
has averaged substantially the same premium
from January l to November of the pres
ent year, as for the corresponding period of
1871. -
COME
Not doubling that natural causes will in
time, produce the result sought, it is vet advis-
able to bring the power Of the government in
aid OF the movement as far as practicable. The
revival of our foreign commerce is one instru
mentality, and perhaps the most efficient one of
all. The annual earnings of American vessels
were $3.50, 100000, instead of $3OO0O,OO The
difference in the amount of exchange available
abroad would meet large part of the adverse
balances in an ordinary year. The experience
OF Europe tends to show that the ability of a
country to maintain specie payments is due
largely to the condition of its foreign trade
Next, every measure which increases or i'm
proves the channels of transportation between
the seaboard and the cotton and grain growing
regions of the country, or lessons the cost Of
freights, adds something to our capacity to
compete successfully in the markets of the
world Finally, those measures which encour-
age American manufactures especially of iron