The daily gazette., 1875-02-10
FIRST EDITION
Board of Ir0tle.

REG LIAR MEETlNG-STATlST1CS OF
FoREIGN COMMERCE.
The Board of Trade met in regular
session last evening, Mr.. Washington
Hastings in the chair and Mr.. Edward
Belts acting Secretary.
Various committees reported pro.
gress.
Mr.. Lea Pusey read paper to the
members of the Board, being state
merit of the statistics Of the Foreign
Commerce of the United States from
1921 To 1874. in gold values. The fol-
lowing is synopsis Of the paper:
From 1921 to 1880 inclusive the
trade was very uniform, ending with
| a small balance OF trade in our favor
Of $3, 673, ,040.
From 1881 TO 1887 "a years. there
was IL gradual reduction OF the tariff
The result was balance of trade
| against us OF 81 ,6S9, ,SS4, 1902 Banks
| suspended specie payment; great pros
tration OF business; the general gov
ernment had to borrow money to pay
Its current expenses. Continued for
about A years, and, US one extreme
begets another, in 1S42 a very strong
protective tariff was enacted. Banks
| resumed specie payments and from
1912 to 1S47 six years, the balance of
trade was i'll our favor, S24, 743, ,013
This was II very prosperous period.
| In 1886 the tariff was reduced and
| converted into a tariff for revenue, the
effect OF which may be seen in the
trade from lS4S TO 1850. The balance
| OF trade against us for that period was
S59, ,3O7 $3.50
From 1851 to 1867 including e years.
even the California gold mines could
| not prevent disaster. The balance of
merchandise against us in that time
accumulated To $4O7, ,323, ,527; $269,-
3H ,03o OF gold was exported, leaving
Il balance still against Us OF S37 ,952, ,4S9,
| which was more of our specie basis
than could be spared. The banks sus-
pended again aud business was
checked for one or two years From
lSdo To 1860 inclusive, years, the bal
ance OF trade was in our favor $0S,-
commenced in 1861; the banks sus-
pended in 1862 and the tariff wuY
| changed several times to increase the
revenue.
In 1864 the balance of merchandise
slo7 ,GO9 ,29o against us. In 1865 the
balance was $G2, 2G,317 against US.
Gold had gone up to 200 in 1866,
| checking the imports which were
S3Ol 900, 600 in 1864, reduced to S2UY,
OOO, ,UUO, thus acting as an increase of
| duties, but in 1866, the war being over,
gold fell TO l .43, end the imports in,
creased to $423, ,0CO,0OU. Balance of
merchandise against us, $S5, ,0t 1000.
| In 1867 the balance of merchandise
against us was $1O3, ,00O, 600: In 1872
the duties on imports We're reduced 10
per cent. The premium on gold had
fallen to ,12. and we imported $G1O,-
| 900, GOO. The balance of merchandise
was 1882, 100000 In 1873 the imports
were 1924 ,000, 900. Balance of mer-
chaudise, S119, 100000. These enor-
nous balances could not be covered
by even the vast quantities Of gold
shipped, now reaching to over 81 600
0O0, 900 since the gold discovery, and
bonds had taken their place in such
numbers that the widest fancy had
| never dreamed of. Disaster over
took us in the fall of 1873, and i'm.
ports were checked little and the ex-
ports were largely increased, owing to
an unusual demand abroad giving u
balance OF merchandise in our favor
in 1874 OF S28, 900, 900 being the first
time since the passage of the revenue
tariff in 1916, but it was only temper
ary.
After the reading of the report
Messrs. Lea Purcy, Joseph Grubb,
Edw. Belts and others entered into n
discussion on some of the points con
tanned therein, and at II O'Clock the
D. rd adjourned.