Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1873-04-25

an actual deficiency of thirty millions in
cotton alone. Wheat also was held back
for higher prices, and in consequence Of a
lack of sufficient cars and steamers, and
our Western farmers allowed Russia to fill
the gap and supply most Of the wants of
England. We could ship but few manu-
features in consequence of the difference
In the rate of wages at home and abroad,
and England exported largely. The result
was that for The year ending June last our
commerce showed an excess of imports
over exports of SIG, 4l3,s2O. From June
80 to September 80, 1872, our imports con-
tinued 10 increase at the rate of IL per cent,
while exports gained but IL, and the defic-
IL of the fifteen months amounted to Sl3l,-
100000. In consequence of this, large re-
mittances of bonds became necessary TO
restore the equilibrium. The large deficit
to which we have referred impressed our
merchants last autumn with the idea that
the country was running in debt TO Eu-
rope, and the subsequent returns of the
journals of New York, our chief import
ing city, in which imports usually exceed
exports, have deepened this Impression,
for these exports have been retarded by the
accumulation Of snow, while the imports
Of two weeks have sometimes been accum-
ulated upon one by the severity of the
we Their upon our coast and thus made to
appear excessive. But after the close Of
September great revolution took place in
the course of our commerce, to which the
attention of the public has just been direct
d ed by the two last reports Of the Bureau of
Statistics, which give an entirely new as
rect to the case.
EXPLOITS OF THE UNITED STATES.
For October and November 1872 e1174279s2
Fo T October and November 1871 S8,422,3l6
In .hirty-six per cent ss1,OO5,oee
During the same months the importa-
lions of the United States have been as fol-
lows:
IMPORTS.
For October and November, 1872 900, 8ls $50
For October and November, 1871 9l,S5S,127
Increase Eve per cent $4,000, 1888
Thus have our exports in two months
gone twenty millions ahead of imports. A
gain of IL per cent in imports subsidies to
per cent, while an increase of but II per
cent in exports rises to SO per cent or thr-
ty-one millions of dollars. The net gain
of exports over imports during these two
months has averaged mole than thirteen
millions month, and if continued until
the close of July will carry our exports for
the year above our imports, and exhibit
foreign commerce of more than thirteen
hundred and fifty million dollars, in place
of half that amount in 1869.
That this gain will be continuous is
scarcely to be doubted on comparison of
the condition of our own country with the
countries of Europe-a comparison into
which the Journal enters with some detail.
In the face of these facts and prospects, it
is obvious that the price Of gold rests on
frail foundation, and is daily becoming
weaker. 1t may have a transient support
from reckless speculation, the manipula-
tions of the Gold Board and the lock-
ing up of greenbacks, but the courage OF
the adventurer must flag and his support
be Withdrawn as the country improves its
condition. There is reason TO believe that
within few months the price of gold may
fall below the lowest point it has reached
since the war. For several years our cur
rency has been contracting by the growth
of our population, which increases by births
and Immigration at the rate of one hun
dred thousand per month. More than one
third of our increase is in full grown men
and women, and our new population must
require on the average $50 per capita; our
contraction then is equivalent TO twenty
four millions per year, and our property
increases even faster than our population.
If wo allow for that part Of our greenIacks
which is laid aside in our banks as re-
serve, our circulation per capita is less than
that of either France or England, in both
of which it averages more than than SIS
per head, while ours is less than Sl6. We
may rely also upon the steady policy of
our new Secretary, Judge Richardson, who
will steadily oppose an expansion OF the
currency, and who appreciates the import
ance OF return to specie. There may be
the diversion of money to pay for the ex-
uberant crops of the West, or to meet the
losses of its insurance companies by the
ire of November last, but the crops will
Boston soon find their way into the cur
rents of trade, while our growth in popu-
lation, property and commerce must ere
long brin gold to its true level.