The daily gazette., 1880-07-24
SECOND EDITION
BOTH SIDES OF THE ACCOUNT

1t was cabled yesterday that the
Bank of France would probably in
crease its present rate of exchange in
order to prevent the export of gold
The export to be to America, of course;
for, large as have been American i'm
ports lately, the flow of gold is still
westward, and there is nothing more
unlikely than that the tide will turn,
unless, under conditions of new and
great prosperity, the country should
launch into such extravaganza as that
which largely assisted in producing
the period of financial depression be-
tween the years 1878 and 1879. Dur
ing the nine months ending withApril
1st of this year, the value of our i'm
ports from all sources was $130, 1885,
445 more than during the same period
of the previous year, their total value
being $46S, ,213,622. Among the articles
which added to the increase vera coffee
and tea, the increase of the former being
loo 900 and of the latter $500, 900.
This would seem to indicate that large
class had, during the period of depres-
sion, considered those two articles lux
uries, and indulged in them sparingly or
not at all, and that with the revival Of
business they again found them to be
necessaries.
| There are some other articles in the
list which show material increase, and
it is difficult TO account for them being
imported 80 much more largely in the
latter than in the previous nine months.
The Increased value of the importations
oil silk goods was $5,000,000, of Gotten
| QAl 0nn IF Aav ptrfa ri III ~
$6,500,000, of worsted goods S5,6 10000,
and of iron the enormous amount OF
$2l 100000. Of raw materials the in
crease was equal, in the case of woollen
goods, to 900 per cent, hides 70 per
cent, and several others 100 per cent
Why, in a single year, the importation
OF things which should be produced here
practically without limit prevailed, is
explanable only upon the theory that
our manufacturers were not prepared to
meet the sudden demand which the
business "boom" made upon their re-
sources. Many of them had been long
idle, others only partially operating
Their hands had been thrown out, and
much of their plant disposed of and new
er renewed. Take, for instance, the sin
gle item of iron, the imports of which in
nine months increased $21 100000
There is no good reason, except a de-
mand which found our furnaces out OF
bias. or out of hands, why a single
pound of iron should have been impor-
ted; for if this country can produce an
: inexhaustible supply of anything, it is
, of iron of all sorts and grades.
One other article upon the list is
worth noticing, for the large increase
in the value of the importation OF it IN
the last year over the previous one
, shows that if the poor are not getting
poorer, and certainly they are not, the
, rich are getting richer, and more ex-
, travagant. In the article of precious
stones the increase was over ~, 00O, OOO
The importation of these articles o
extreme luxury certainly demonstrates
!, the faith of the shrewd dealers in then
! ! in the new era of prosperity, for the.
import them only as they are convinc
ed there is to be an active demand fo
i them.
That is one side of the account, ant
q from it the growth of our imports, /
r will be seen, began with the latte
L half of the year 1879. The increase i
t SO remarkable as to create the fea
= that, unless soon checked, it will turl
t the balance of trade against the Uni
f ted States but large as our importa
i, tions were, our expectations are still
b very much larger, and likely to con
E tinue so, Confirmation of this belle
: NAV be found in the statistics whicl
show the growth of our exports o
v grain alone from single port, that
New York, by steamer and sail, dur
ing the last eleven years. The figure
are supplied by the New York Oon
.nercj1L Rq,lLetin. and are as follows