The daily gazette., 1881-08-05
FRIDAY. AUGUST 8, 1851.

be best minds and is accounted for in
10 well established theory that has
made its appearance in the newspa-
,ers, doubtless because it is the result |
If q great many concurrent circum-
stances all tending to the same chan
mel. The chief cause is no doubt at-
tributable to the vast crops Of cereals,
and other products required to supply
the deficiencies in these articles in
Europe. But great MANY other
causes are connected, and one of the
primary ones may be found in the fact
that when the demand was made upon
us for articles for food, the country
was producing manufactures of nearly
all kinds at extremely low rates.
Iron was so cheap that even cutlery
was being produced cheaper than in
Sheffield, England cotton cloths were
being woven so low and of SO good
character, that they were sold in place
of English manufactures by English
merchants; and millions of goods
were taken in exchange for United
States bonds, which it became neces-
sary for the English and German
holders to return rather than part Will,
their gold. Manufactured goods went
with the grain. 1t was convenient to
order many things for the same
cargo. When the merchants of the
world learned We sold cheaper than
they could produce articles they were
not slow to give their orders. The
impetus thus given to trade was doubt
less accelerated by these accelerating
demands, and the business received
the aid of the British and German
merchant shippers whose money is
largely invested in steamers. These
ships found lucrative trade in the
great cargoes of goods and grain and
return shipments of the hundreds o1
thousands of immigrants. The sale
of grain and goods produced the vast
tide of gold coin that, coming into the
country could not be kept from being
added to the circulation and thus
helped to make real money more
plentiful than ever it was known to be
in America before. The reader must
not suppose that the flood of gold,
which enables our merchants and
manufacturers to get "money cheap
and plenty of it," bears any resem-
blance to the flood Of paper prior to
1870-1-2, and the contraction that
followed in 1878, producing the disas-
ters that eliminated in the latter year.
Real money may initiate but the infia-
tion is of different character. We
are now experiencing the effects of
the initiation of gold and silver that
some newspapers few years ago were
vociferous in expressing their appre-
tensions of; but we do not know tina,
any Of the evil consequences predicted
have yet been developed.
The difference in the condition of The
country now and in 1s70-1-2 and 8, may
be best shown in the trade it has done
with foreign nations. Instead Of being
an importing people dependent upor
Europe we have suddenly become an ex
porting nation, as the remittances o
over one hundred millions of hard none!
to pay us the balances due us Will prove
The Chief of the Bureau of Statistic
has just issued his statement of the for
eign commerce of the United States 70
the fiscal year ending June 30, 1881
These statistics as collated show that th
imports Of merchandise for the last Fl:
cal year amount to $642, 900 900, agains
$667, 10000 for the year preceding
decrease of $25 100000. The export
Of meachandise are valued at S902, 300
600, compared with 1886, 100000 th
previous year-an increase of S66, 100,
600; SO that, on the merchandise move
ment alone. the creditor balance is $92
100000 greater than in 1S79-'SO. In
elusive Of the specie movement, the i'm
ports Of last year amount to S753, 200
600 and the exports TO 1921 ,700, ,00'
showing balance in favor of the Unite
States of $l0S, 500, 900, against balanc
Of s91, 800, ,000 in 1s79-'SO. The spec
movement of 1901 has been wlthov
precedent in the history of the countr
We have imported s110, 100000 of go
and silver and exported only $40 1000
leaving the net import $91, POO, 90
against net import for the precediI
year of $75,9O0,0O0. During the fir
seven years of the decade beginnir
with 1870, the next export of spec
averaged about $55 100000 per annun
which may be regarded as about repr
senting the entire bone supply, less u
requirem6 nts for arts and manufacture
For the last five years Of special cond
tIons, the movement shows an ayera,
annual net import Of s2s, 100000.
To BE BUILT AT ONcE.-The Del
ware and Maryland Ship Canal, If '