Year: 1865

The San Francisco Mercantile Gazette in
its remarks on the commerce OF the State Tor
the last year, says the returns exhibit the fact
that our exports of treasure are il excess of
our merchandise imports, and this, too. in face
OF the fact that our experts Of domestic pro
ducts other than treasure have been in excess
OF former years 0n this statement of facts,
the Gazette comes 10 the conclusion, though
with evident hesitation a0d expression OF
doubts, that the operations Of trade are working
in our favor. The conclusion We arrive d, IS
directly the contrary. Trade and the m0yemen,
Of treasure are operating 10 our injury.


We exported treasure TO the amount of, in
round numbers, S60,000000 during last year.
We also exported other products to the value
of upwards OF Sl3000.G00. 10 return for this
S13.000.o00 worth exports, We have imported
less than 100000. 600 worth of merchandise.
Had We received articles OF property in return
for our exports to the extent Of their full yalue,
we might safely conclude that the State was at
least DO worse off at the close of the year than
it was at its opening. We should have had
something to show for cur expenditure, even
though that something proved to be no better
than perishable household furniture. clothing.
gewgaws, aud the like. But we have not even
this satisfaction LETT Us. We have in fact paid
out over S73,000,000, and have received 10
return money aud merchandise to the value OF
less than $4,000 900 The result is that in
the best light We can view it, the State is act
ually over 100000 worse of for the years
transactions.


10 our opinion, two causes hare operated TO
produce this balance against US. One is the
payment Of interest on State and city bonds
held at the East, and paying up old scores of
individual Indebtedness. In this way, consid-
cradle of that which has gone out of the State
has been applied. The other cause, and that
which has produced the greatest balance
against Us, is the existence of one currency at
the East and another here; one financial sys-
TEN there and another here. Oar gold has
been worth more in the Eastern States than it
has been here, and consequently those in po
sition TO take advantage of this condition of
things have done so aud transmitted their gold
TO the East where it has been invested ih real
estate, stocks, etc. On the other hand, the
currency prevailing at the East has not been
as valuable here for business purposes as it has
been there, consequently but very little of that
has made lis way TO US TO take the place Of the
gold which has left US.


The result is before the community. We
Can see IL on Tue race oI Inc country, anu nave
often Pointed it out We now see it in the
returns for the year. The State at large is
several millions worse off than it should have
been, though few persons in it are better off
than they would have been. The wealth of
the State has been constantly forced out of it
everywhere the people of the interior, of nearly
all kinds of business, have been growing poorer
while few men in San Francisco have grown
richer; but even they have not retained 1.-THE
of the wealth that has been wrung from the
people. That which has gone from us has
gone never to return. 1t is invested elsewhere,
and most of it has been invested by our OVID
people. The present year will be only repe
titon of the experience of the past. The sys
TEN of State impoverishment, the gradual ex
traction of the life. blood of the community will
continue in operation just so long as We
attempt TO maintain financial system in
opposition to the balance of the civilized aud
commercial werld.


When the trade returns of the State show
that we have paid out upwards of Sl3, 100000
more in one year than We have taken in. it is
high time for thoughtful citizens and provident
business men to begin to look around them to
discover a remedy for such a runous state OF
things.-Sdcramcnt Bee.