New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1882-08-19
NATIONAL COMMERCE.

II is possible to indulge IN very dismal refiec-
tions. i'm view of the annual report Of imports
and exports. The official statement for June
30 is not calculated to arouse enthusiasm.
And vet. rightly understood it is by no means
a discouraging report. There has been great
decline in exports, but it has been wholly due
to the partial failure Of one or two crops.
There has been an increase in imports, but this
has shown the power of the people to buy, even
when their usual means OF payment had been
curtailed.
Briefly put, the report shows a loss of
500. 800, 900 in exports for June, OF
1888, 900 for the half year, aud OF
SIj2. 600, 900 for the fiscal year. In word,
the new crops had not begun to come forward
in June, and we are dealing with ancient his
tory. Short crops made exports small last
year and a comparison Of the leading items of
export shows that the loss was wholly In these,
and not at all in the other and far more numer-
Gus items of foreign trade. On the other hand,
imports were large-S 900 600 larger for
June. S44 900, 600 larger for the frat half of
the year, and So, 100000 larger for the fiscal
wear. than for the previous corresponding
periods. But it is not dlscouraging fact that
the increase of imports is decidedly smaller
than it was in some preceding months. The
tendency is in the right direction
PART OF our balance due we are paying in
silver exported. The truth is that the country
might and would pay in silver nearly the
whole of its balance thus due, if 1t had not
foolishly coined and locked up in the Treasury
S11O, 900 of that metal In June the
excess of exports over imports of silver was
S51O221; in the first half of 1881,
S5,145,924; and in the fiscal year,
IS, 729,36O AS we have tooislly slowed
away in Treasury vaults $27,OOO,OO of silver
for which there is no use, the country has vlr-
tually lost three-quarters of Its product OF
silver through foolish laws, and it consequently
has balance to pay, on merchandise and silver
account, of $1l,200,000 in June and
S34 300, 600 for six months. To meet this
balance gold has been exported in excess OF
imports, $5,3O0O00 during June, and
$2s 800, 900 In the six months, leaving a
balance to he paid by future shipments, be-
sides the amount payable on freights, insur-
ance, profits of foreign importers and under
valuation of imports.
But this ill-favored statement seems less dis
heartening when we consider that domestic
exports nave only JNiSo III Vui "hOiN h''0'iJ
been as large a. they were during the last
fiscal year. Compared with 1881 anu 1880
there is a decline; compared with any other
year there is great increase. On the other
hand, larger imports than ever before are not a
sign of stagnaton or starvation. The people
have been buying largely, perhaps too largely,
but they have been able to pay for what they
bought, and if they have not yet paid the full
amount. it is only because they have chosen to
waste 100000 per month in storing up
silver. Presumably purchases of foreign goods
have been made to meet great and growing
consumption, and that consumption Is moi an
evidence Of decay or stagnation.
of all features of our internal and foreign
commerce, this is the least favorable, that
there has been decline Of II per cent III
exports and an increase of II per cent in inn
norts Rut the country will not 20 To ruin