New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1880-08-31
FTGURES FOR BUSINESS MEN.

New proof OF the WISDOM OF hcpuDllcaii
| legislation, and of the folly of the business
change" which Democrats desire, is given
/ in every monthly report of our foreign COM
merce. The latest report, for the month of
July, shows how it comes to pass that the
Industries of the country are not already
Frustrated by Democratic financial folly.
In November, before Congress met, we
imported goods valued at 100000 O0 and
exp rted products valued at $79,000,000.
As soon as Congress assembled, there was
the usual rush of bills to initiate the
cuIrency, to disturb the public credit
and defeat specie payments, to tear
I'D the national banking system, and to break
down the barriers which the tariff had raised
against excessive imports. All these measures
were calculated, and doubtless by many in
tended, to destroy the financial system under
which the county had been recovering so
splendidly from the disastrous consequences
of imitation. 1t was generally believed that
some of these measures would pass. and that
the veto OF The President might not suffice to
arrest them. The tendency of them all was
to make this a poor country iii which to buy
ard better country III which to sell to stop
exports and swell imports; to break public
credit and arrest the flood of specie then COM
ing to our shores.
The fear of these measures had in part the
effect which their passage would have bad
Prices were violently inflated in expectation
of an initiation of currency. Foreign goods in
enormous quantities were emptied into our
warehouses, in the hope that. either by reduc-
ton of duties before it would be necessary to
take them out for sale. or by initiation of cur
rency and prices, large profits would be
realized. The imports of specie were almost
stopped. Imports of merchandise rose from
$50 900, 900 in November to nearly SIS, OO0,O
In April Inflated prices checked exports,
so that they dropped from $S1 100000 in De-
cember to $50, 100000 in February, and
would have declined still more had not abso-
lutc necessities abroad forced foreigners to take
breadstuffs even at high rates. In April i'm
ports exceeded exports, and large outflow of
specie was thought not improbable. Many
causes contributed to these startling changes
But not the least of them was the expectation
of great changes in the financial course of the
Government - changes which Democrats In
Congress were continually voting for and
DANGEROUSLY demanding.
At last Congress ceased to curse the country
some time before 1t ceased to sit the fact had
become evident that mschievOus financial
legislation would be prevented by the stead
fast and united action of the Republicans and
the veto of the President. Infat ion of prices
broke down; powerful cliques, which had
been formed to operate in connection with an
ticipated legislation by the Democratic ma
iority, were compelled to unload with loss
AS soon as it was known that the Republican
financial policy could not be overthrown
or seriously impaired at that session,
the recuperation began. All natural forces
cooperated as before. but they were set free
to operate again for the revival OF industry,
in great degree, by the assurance that the
essential conditions of prosperity were not to
be disturbed, at least until another year.
What followed9 Imports fell of every
month"; Exports of products, which usually
shrink rapidly from April 10 July. soon
ceased to decline, and became extraordinarily
large for the season. In July, the imports
fell to $57,299.5l4 while the exports rose to
ST. ,OI7,6l7, so that the excess Of exports