Wilmington daily commercial., 1875-02-10

MKN.
The Board Of Trade met, last evening, wash
ington Hastings, President.in the chair. E. Belts
acted as secretary. The attendance being slim
there was but little business before the meeting
in the way Of committee reports.
Mr.. Bradford, from the Finance Committee,
reported that there WAS very little prospect of
making any change in the law relating TO usury
by the present Legislature.
Mr.. Lea Pusey who had entertained the Board
on trade statistics at former meeting was call
cd OH for further remarks on the same subject.
He said he had been examining the
Bureau of statistics and comparing the
amounts OF exports and imports, and the relative
bearing OF trade as affected by tile tariff from
1921 to 1880 inclusive. During these years, he
said, foreign commerce WAS very regular, and
the balance of merchandise was in our favor of
about S1,000,000 and tho balance of trade
in same time $500, 100000. From 1881 to 1887,
inclusive, period Of years, our imports in-
creased very largely and made the balance OF
total balance Of trade against us was for same
time $lS9, ,000, 900. The banks suspended spe Gle
payments, and the country experienced period
Of great distress for several years. This was
apparently caused by gradual reduction Of tho
tariff during that time.
Then, from 1912 to 1847. period Of six years,
the balance OF merchandise was about $62, ,0O0,
900. in our favor, and the total balance Of trade
WAS about $2i 600, 900 in our favor, showing that
we imported about $37, ,000, 900. in gold, thus:en-
abling the banks to resume specie payments.
In 1912 there was high protective tariff which
seemed to cause these results. About this time
there was change in the tariff from protection
to a revenue tariff, resulting in an increase in
the imports and i'll the balance OF trade against
uB.
The California gold mines were then discover
ed supplying the means to prevent US from dis
aster in consequence OF this revenue tariff.
From 1851 to 1857, the balance Of merchandise
accumulated against us was about $307 ,000, 900,
but we had exported during that period about
$270, 600 900 In gold, leaving balance Of trade
Of about $37, 900, 900 against u.s. producing a
suspension Of specie payments for about year.
From 1858 to 1860, inclusive, the balance Of
OOO. but the gold product. had enabled US to ef-
feet balance Of trade in our favor Of about
1913 900, ,000 by the shipment Of $147, 900, 900 Of
gold. The condition OF the commerce of the
country at the beginning OF the war was very
unsettled
Commencing with 1854, the bilan,e OF trade
was accumulating rapidly each year against US,
Increased and diminished by the varying premi-
um on gold and very largely increased by the
reduction of the tariff in 1871 and 1879, result.
ing in the disasters of 1873. The accumulated
balances OF trade for 1111 years, ending Dec.
31Ht, 1873, are 81, 200, 900, 100.
Mr. Pusey here read the following extract
from letter which has been furnished the press
by L. b. Ward. Detroit " Our great huancert
have cause to blush when they witness the ease
financial condition after her war. She
commenced her war after ours was
ended, got badly beaten, paid one
billion of Indemnity in gold, end during the
whole time kept her people prosperous i'd con-
tented, and is now ready to resume specie pay
ments Her great success consisted in keeping
exchanges in her favor by an excess Of exports
over imports, and in giving the people an abun
dance OF legal currency with which TO carry on
their great manufacturing industries. While
France offers us such prominent example ot
common sense in her financial management
America, the chief gold and silver producing
country in the world, having infinitely greater
resources than all Europe ever possessed, We fine
ourselves ioundering i'll the mine OF financial
stupidity such as the civilized nations have
rarely Witnessed.
The general impression il we are approaching
specie basis, but we have never been able Il
pay specie Will the balance Of trsde was agains
u.s. and the statistics show the interest on oui
accumulated balances with the present balance OF
trade against exceed the ability, judging by th'
past, of the gold mines to supply leaving de
| iiciency of $40, 900, 900 per annum. The people
| will have to be further impoverished or the tar
| iff mcreaped or some other means taken TO pre-
serve our balance Of trade.
| Jos. O. Grubb spoke on the subject Of finance
| at some length, and thought the tendency o
| the present courfe Of the government was tt
general bankruptcy ana the BalfaIlon Oh tn'
| county rested upon the substitution OF coin To-
| an rredeemable currency. There is no hxet
value to properties al in countries where gold II
| the medium, and we shall not know what we ar
worth until we import what we labor for instea'
OF making it by the printing press. There Is
panic in everything, and in nothing more thai
| lands on this peninsula. He compared /
| to 1887, when there was general suspension
the banks and all values sunk until tn
resumption Of specie payments From 178l t.
| 1888 our balances were settled by coin, and du
ring the time we hquidated two national debts
Now, with our paper we import goods but pa
for them in coin. Our mines produce $40, ,00O
600. per year, which, instead Of enriching Ut
goes largely to foreign countries to pay the bas
ance against US. He thought that system Q
finance to correspond with those OF England Q
France would bring US 10 specie payments l
two years, and did not sec how we are comm
to cash payments without the imposition OF
power Jointly in the government and the bank
Edward Belts thought that the cause OF on
financial depression on was that We bought Sl,O0O
OOO 900, more than we sold. The reason VIII
France could pay 30 many millions OF trlbut
money to Germany WAS that their exports wer
largely in excess Of their imports, and it wf
further stated that during their disastrous vi
with Germany the difference between their gol
and paper money was at no time greater than
per cent. II we made everything we needed
instead of buying abroad, trade would go ON we
enough, and even currency would be satisfa
tory.