Year: 1861




says the Richmond Ezamilsr, at least two hundrc


millions went to Europe. Her sales to the Nor


were vsriously estimated at from one hundred al


wentyfve to two hundred and fifty millions NOR


These exports and sales were disposed of, of eours


on the usual terms of commerce, which is nothir


but vast system Of barter She took merehsndr


or produce Of some sort, for all of her own e.


ports, except for that per eentsge of them out


which the North sHindled her in its manipulate


of her trade. There have been many discussion
upon the loss inflicted upon the North by the with
drawal of Southern trane, and that subject need
no further elaboration.


The cessation Of the South's immense trade wit
| Europe amounting to the value of at least tw
hundred millions per annum, continues the Exam
iaer, cannot but produce 9 profound sensation il
the grand system of commerce. The sudden blot
ting out from the nations Of six or eight millions o.
people, with their products Of two hundred mil
| lions, and their consumption of foreign manufac
lures to the same huge amount, is one of the most
stupendous events that has happened during halt
century which has been remarkably prolific Of
sensations and convulsiens


A London correspondent represents the falling
of in the British export trade for eight months
past as compared with the corresponding eight
months Of last year. to have been forty millions Of
pounds sterling, or two hundred millions of dol
lars. To this extent has the supply of British ex-
ports been in excess of the present demand for
them. The consequence must be a ruinous fan of
prices to the exporters, or a commensurate stop
page of the mills and factories which produced the
articles of expectation.


We have been too much in the habit, in this
country of considering only what the effect Of the
loss of Southern Cotton to European trade must
be. But the stoppage Of the usual supplies Of this
staple, severely as it must operate on the cotton
manufacturers of Europe, can not fall more
heavily upon them than the sudden and total clos
ing of the market which they possessed at the South
for their manufactures. Even if our ports were
open to the exit of our cotton, and they were at
liberty to take away sheir usual supplies of that
aaple still the closing of our market to their goods
would render the privilege of little advantage. The
commerce of the world could not afford to
pay two hundred millions of specie for cot
ton Europe would be bankrupted in one
year if compelled to pay cash alone for our
great staple. Commerce cannot exist except upon
basis of equivalent exchanges Of mutual products
Great Britain may not have sent directly to the
South an amount of manufactures equal to the
value of Southern staples which she procured but
she sent the difference to the North and other
countries Of whom the South purchased goods in en
amount equivalent to that difference. If the goods
mutually bArtered between two countries are not
equivalent, those mutually bartered between three
or more countries are to adjust themselves on
ha hasi of IA onIv-
grand system of barter, money being used only for
he settlement of accidental balances which cInno.
repeat themselves often,


1t is plsin therefore, that the expectation Of
cotton to Europe is not the sole difficulty produced
IN European trade by the Yankee blockade. Trade I
having ceased between North and South, the whole !
European purchase of American cotton must be |
paid for by European manufacturers, and the elo- |
ing of ports to their goods produces just as Sc
Vere shock to the fabric Of Europeon industry a.
The Withholding of Southern cotton. But for the
blockade the South would take from Europe the
whole amount of her cotton, tobacco, rice, naval /
Itores, and grain, in European merchandise. She
,an, however very readily do without this merchan
lie. European goods are by no means as necessary
% her as cotton and tobacco are to Europe. Our la



,loyment from the Withholding of these manufac-
ures. Our people have plenty to eat snd to wear
q spite of the blockade. 1t is only luxuries that
We have to foregO and the of better goods tban
We can make ourselves, at lower prices. We can
orego luxuries, and stand high prices ana coarse
aiment much better than Europe can stand the
oss of employment to the extent of two hundred
Millions for her needy population. Our only pri
alton from the blockade is IN respect 10 arms and
ammunition; but in the end this circumstance will
esult in great advantage, from its having super.
Induced the establishment of manufactures of ma
y articles on large and successful scale.


But the loss of stap le which afforded employ
1ent for millions Of people, and of market which
pened to them aales for their goods to the amount
more than two hundred millions per annum, is q
lost serions affair to the com meree and industry
{ overpopulsted Europe. Hproduces charm in
heir Industrial and financial system Of most alarm
lg dimensions 1t is most fearful thing to an over
opuIAted community-obIiged to resort to hun
reds of expedients fer supplying its operatives
nth employment to be suddenly cut eff frsm
taple, in the manufacture of which five or six
lillions were employed, and from market which
,ok manufactured fabrics in exchange to the value
two hundred millions of dollars t
The difficulty of the cotton supply is not the only
na thrust upon Europe, therefore, by the Yankee
locksde. They will never be able to overcome Z
lat difficulty, or to procure their supply of the
sple from any other source. But even if they =
lould do so, the embarrassment of the blockade 8
ould even then be only half removed. They need 8
market for their manufactures fully as much as {
ley need supply Of rsw cotton for their :
peratives. The South suffers that market at a
lie same moment. that she profFers the p
aple. The natural and necessary growth .
( manufactures in Europe requires correspond n
g increase of markets for disposing of them. AT d
lie very time that this expansion of the market was
lost needed, at that very time is it contracted and
srrowed by the blockade to the extent of more D
ian two hundred millions n
1t will be most interesting study to watch the p
feet of this great phenomenon in trade, of the e
ldden blOtting out from its system Of seven mil :
ons producers and consumers. The South can