New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1878-08-05

has been continuous but more rapid during
the last year than in any other except 1870.
The imports nearly doubled between 1868
and 1873, but since 1873 the decline has
been S2O5, 1884, ST., or nearly 80 per cent.
very large proportion of this decline has
been in values only, due to the fall III prices
of imported commodities, but the detailed re-
turns for last year not having been pubIlshed
as yet, it is impossible to state with ac-
curacy the proportion due to n dimmuton
in quantities imported. 1t is known that OF
some articles the imports have very greatly
decreased. OF iron and steel, for example,
there were imported during eleven months
ending May 81, 1873, abOut 1,S62,9O6,332
pounds, while the imports during the eleven
months ending May 81, 1873, were only
1S9 331, 500 pounds about One-tenth as
large There has also been decline or
about One-half in the quantity OF glass
imported; from 65,00O000 to 100000
yards in the quantity of cotton-elOth inn
ported; from 1900, 600 TO AZ, 100000 pounds
in the quantity of raw wool, and from
100000 to 4s,OOO,0OO yards in the guam
tity of dress goods imported. But IN many
other articles there has been a great increase
in quantities imported, as in salt and carbon
ate of soda, while in other articles, as coffee,
tea, brown sugar. rags and india-rubber, there
has been no material change.
The increase in exports of domestic mer-
chandise since 1878 has been about 80 per
cent. Although prices of breadstuifs are lower
in currency than they were in 1873, the guam
tty has more than doubled, and the value Of
the currency dollar has advanced. There has
also been a great increase IN the
quantity Of petroleum exported, an increase
of nearly 40 per cent in the quantity of cot
ton, and still greater increase In the guam
| tity of meats, cheese and butter. But the
most important change has been IN
| the exports of many minor articles
for which markets have been found
abroad since prices have declined. For ex-
ample, in 1873 we exported only 100000
yards of cotton goods, and now we export
| Ill, 100000 yards; in 1873 we exported only
], ZOO, 900 pounds of hops, and in 1873 about
100000 pounds; in 1873 only 1,6O4
pairs of rubber boots and shoes, and
in 1878 over $4,000 pairs; and the increase
in exports of manufactures OF iron and
leather has also been very large. In 1873 i'm
| ports exceeded exports about $l2O,OOOOOO,
but in 1878 exports exceeded imports $257,-
| S32, 667.
The specie movement during the past year
has been insignificant. The excess OF ex-
ports during the twelve months ending
June 80 was only $3,911,912, and Of
this excess $2,O46,173 occurred in the
month of June. During the preceding
| twelve months the excess OF exports was
! Sl5, 3S7, 1913, and in 1878 over $63,0OO,-
| 600. In short, within five years our
| foreign trade has been so completely
revolutionized that. instead of paying
S63, 100000 in coin, and running in
debt for a still larger amount each
year, we have discharged foreign indebtedness
amounting to about 1851 100000 during the
last fiscal year, and only about $9,OOO,OOO OF
| it by exports of specie II is impossible
! to Overestimate the effect of this change
upon the credit of the country and
the possibilities of resumption. Yet it is
! strictly true that this wonderful revolution IN
foreign commerce has been in great part
caused by the preparations for resumption.
We sell largely abroad because prices have
! been brought down TO the specie level, and
| for the same reason the American market has
ceased to be the chief bonanza for foreign
dealers and manufacturers Our wOrkmen
have more work and better wages, because OF
the very reduction of prices which many Of
them resist and denOunce.