New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1875-07-05
Pacihc Mai
Lake Shore
SATURDAY. July 3-P. VI.

In writing Of the commercial situation for this
week The Financial Chronicle says that there Is
very little tone TO any of the markets, and feeling
of apathy and distrust still prevails due mainly to
the unsettled value of the currency, and the unsals-
factory character of the demonstrations which have
been made regarding the efforts TO restore 1t TO a
sound basis. II il felt that there can be no revival
of business until efforts 10 deprecate the value of
the circulating medium abandoned" Had the
authorizations of the more sanguinc, who have gwen
expression TO their hopeful faith at the commence
ment of each of the last three business seasons been
justified there would now be no occasion Tor Dewal-
ing the general dulncss of trade and the apathy OF
merchants. since they have not been justified would
II not be well to look little deeper for the causes
of business prostraton than mere 4" lack of conf
dence" which the hopeful ones insist is the cause OF
all our woes The same issue Of The Chronicle from
which we make the foregoing extract tells us that
speculation in pork, lard, and wheat, has been more
active with smart advance i'll prices" These two
statements which are doubtless both exactly true
seem to rni tcorer 10 each other, and could hardly
be true if the country were doing business 29ph
sonnd financial basis. But under present system
of "A deprecated and irredeemable paper currency,
which is a drug in the market at or ) per cent per
arnp the fact that real money is scarce, and COM
lnapds ) 10 10 per cent, does not prevent a,
b. or G, from locking up, with borrowed
capital, enough Of any one article TO control
the price of it, and keep it above that at
which il could he shipped abroad where 1t
might aid in the liquidation Of debts which 1t seems
a prime necessity to pay before we can strike hard
pan" Much is said and written about the " baf-
once of trade" and the necessity of its turning IN
favor before active steps can be safely taken LOT
a RESUMPTION of specie payments. But it would seem
T,,.l II, nf ru q
and encourages extravaganza in the importation OF
luxures il the very to forever keep the " bal
ance of trade against US. The statement of the
imports and exports of the United states for the
months ending May 81, recently published by the
Bureau of Statistics makes sorry showing on the
balance of trade question These figures compare
with those of the IL months of the previous year.
the value of exports being reduced 10 specie value
at the rate of II for both years, as follows
Exports Imports
| 1874 -- -. $3.50 7Os g96 sj4654s5l7
/ Eleven months ending May 81. 600
! l615. fSo' fofv'- 7''fff'--
Decrease sl5iOo 1874 600 IO4 2ss
Thus il Is that exports exclusive OF specie,
have decreased nearly three times the amount OF de-
creased imports of merchandise, which looks like
turning the balance of trade in our favor with a
vengeance. Now when we add to this balance the
amount of interest annually due abroad, and the
freight money paid TO foreign sllps. the S4Oooooo
Of specie which have exported during the same
period. seems 10 leave still uncOmfOraby large
balance to liqudate. Now the question, Shall We
pay this accommodating balance by continuation OF
the shipment of coin by unlocking our over
crowded warehouses and granariesi is one well
worth the consideration Of the country. II by the
LATTER then gold must be article Of mer-
chandise and again become the only true measure
% value.
The past week has been quet one in hnsnciai
circles and has been largely devoted TO the collect
ing and paying of dividends and coupons. The lis
bursement has been estimated To amount TO sone-
thing like $50 OOOO 900 for tins city alone and TO
some IL o 900, 900 in Boston Money on call has re-
manned easy at former rates of to per cent WINE
for commercial paper there IL observed something Oh