Page images
PDF
EPUB

Year.

IMPORTS OF FOREIGN DRY GOODS AT NEW YORK.

Invoiced value. | Year.

Invoiced value. Year.

Invoiced value.

1849.... $44,435,571 1854... $80,842,936 1859.... $113,152,624 1850... 60,106,375 1855... 1851.... 62,846,731 1856... 1852.... 1853....

64,974,062 1860.

103,927,100

93,362,893 1861.

43,636,689

61,654,144 1857... 90,534,129 1862...
93,704,211 1858... 60,154,509

56,121,227

The description of goods, and the relative totals in each of the last three years, are shown by the following table:

IMPORTS OF DRY GOODS AT NEW YORK FOR THREE YEARS.

[merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][ocr errors][merged small][merged small][merged small]

For the year 1862 the exports are the largest ever recorded. There is a gain over 1861 (a year that was beyond all precedent,) of more than $18,000,000 in produce, and $55,000,000 in specie. It must be remembered however, as we stated above, that the exports of produce and merchandise are reckoned in currency, while the imports are reckoned in gold, if we would reach a correct conclusion as to the condition of our trade with foreign ports. The following will show the quarterly shipments of produce and merchandise for four years:

EXPORTS FROM NEW YORK TO FOREIGN PORTS, EXCLUSIVE OF SPECIE.

[merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][ocr errors][merged small]

Total......

17,883,621 22,740,760
17,637.253 26,079,326
18,733,805 33,845,108 41,917,752 49,747,611

$67,980,321 $103,492,280 $138,594,901 $156,934,822

We give below the totals for four years, separating the foreign free and dutiable, specie, etc.:

[blocks in formation]

Total

......

$137,696,187 $145,683,451 $142,831,151 $216,371,843

The following table gives the export each month for four

years:

[blocks in formation]

1,296
15

Total ........... $137,696,187 $145,683,451 $142,981,151 $216,371,843

ARRIVALS AT THE PORT OF NEW YORK FOR 1862.

To Mr. ANDREW W. TROTTER, the boarding officer at the United States Revenue Barge Office, Whitehall, we are indebted for the following complete table of arrivals from foreign ports during the year 1862. For the years 1860 and 1861 see Merchants' Magazine, vol. 46, page 273:

War steamers.....

War vessels.

Steamers

Ships..

Barks..

Barkentines..

[blocks in formation]
[blocks in formation]
[merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][ocr errors][merged small][merged small][ocr errors][merged small][merged small][merged small][merged small][merged small][ocr errors][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][ocr errors][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][ocr errors][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small]

COMMERCIAL CHRONICLE AND REVIEW.

CONDITION OF TREASURY-OFFICIAL VIEWS-APPROPRIATIONS-EFFECT OF DEPRECIATION-RISE IN PRICES TABLE OF 55 ARTICLES-DEFICITS - CAPITAL IN THE COUNTRY-INVESTED-PROPORTION DEMANDED-DANGER OF PANIC-DEBT PAID IN GOLD-AMOUNT OF DEBT-MODE OF BORROWINGPRICES OF STOCKS-GOLD INVESTMENTS-RATE OF BORROWING-MR. HOOPER'S BILL-NEW CUERENCY PROPOSED-MOVEMENT OF SPECIE-RATES OF EXCHANGE - IMPORTS AT THE PORT-DUTIES PER CENT COST OF IMPORT-UNCERTAINTY OF PRICES-EXPORTS-SPECIE ABROAD.

THE Condition of the Federal Treasury, and the consequent evils which are impending as the results of national bankruptcy, are creating daily a higher degree of solicitude in the public mind. The more so that the three leading financial authorities of the government, the Secretary of the Treasury, the Chairman of Committee of Ways and Means, and Mr. SPAULDING, the mouth piece of the committee, seem to have no very clear ideas of the effect of present legislation, nor what may flow from further movements. All of them confound the paper issues of the govern ment with capital, and seem to measure the amount which they may borrow by what they owe. They all of them are anxious to get clear of the responsibility of further paper issues, yet they all agreed that there was no alternative with which to meet the pre-sing claims of the soldiers and other public creditors for pay. While making these admissions, and admitting the evils of paper money, they do not make their estimates of future expense in accordance with the effect of paper depreciation. Mr. SPAULDING is the most frank in relation to the public wants, but his enormous figures fall very short of the truth. He stated officially that the wants of the government are as follows:

[blocks in formation]

These estimated expenditures are based on the figures of each department, showing the articles it wil require at the prices of last year. Now, buoyed on the flood of paper, all those prices are rising, and the amount of money required to buy certain articles must be measured by the extent of the rise, and that appears not to have been taken into the account by the committee. There are for the government no fixed price, except the pay of the army and Congress-all other prices are afloat. The pay of the diplomatic corps has risen 60 per cent in the past year, by reason of the rise in bills. If there are 800,000 troops under pay, as alleged, then the yearly pay is $132,000,000 for privates, but there are 1.200 regiments of 33 officers each, making $60,000,000 for officers pay. If, then, $300,000,000 is deducted from the above amount, there remains $1,346,652,314 to be expended on articles of which the value is daily rising. To illustrate, we have compiled a table of the prices of 55 of the leading articles of commerce, as reported in the New York Shipping List, January 1, 1862 and 1863:

PRICES OF FIFTY-FIVE ARTICLES IN THE NEW YORK MARKET.

[merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][ocr errors][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][ocr errors][merged small][merged small][merged small][ocr errors][ocr errors][subsumed][merged small][merged small]

The average advance in prices according to these tables is 55.44 per cent; but if we deduct the four articles cotton, turpentine, rosin, and tobacco, which may be more influenced by the war than by paper, the advance is reduced to 51 per cent average. It will be observed that the advance affects every article, and ranges from 10 to 220 per cent. The gold advance was only 324 per cent, but in the first two weeks in January it rose to 50 per cent, or nearly the same as in the table. Mr. CHASE Was pleased to say there had been no inflation, but the fact is as stated. Now, it is very evident that his estimate of $500,000,000 of expenses for 1862, based on the prices of 1861, was disturbed by the amount of the rise; in other words, he got for his $500,000,000 only as much merchandise as he could have got for $350,000,000 in 1861. Hence the deficits required. The rise is now more rapid than ever, marking the depreciation of paper, and an immense further amount of paper money is yet to come upon the market. The question then arises, what will be the advance in the next eighteen months? We will assume that it will average as much as in the past year. In that case, to procure the commodities, rations, &c., which he estimates at $1,350,000,000, will require $540,000,000 more than the estimate-in other words, $2,200,000,000-which, added to the present debt, will be $3,000,000,000 January, 1864. This is based upon the estimate that but a very small proportion of the whole will be procured in paper money, or that $1,500,000,000 may be raised by loan.

Το

The difficulty of so great a conversion is apparent, and suggests the urgent necessity of confining the government to the one all-important object of maintaining the war. That war should be conducted on the most economical plan, and every expense not bearing directly upon it cut off. Every dollar spent for another purpose, or wasted, weakens the war. reduce the expenses of the government, a return to specie payments is indispensable. Because it will bring all prices to the lowest points, by which the government will purchase to better advantage, the national exports be greater, and imports less. The profits of industry will then enable the people to bear the necessary taxes to pay at least 80 per cent of the war expenses within the year. The remainder may then be cheaply borrowed without endangering the national faith or its ability to maintain unimpaired its integrity. The capital asked for cannot be borrowed and applied to war purposes. The census for 1860 shows that $900,000,000 of capital is employed in reproductive industry, employing 1,250,000 persons producing wealth. It is notorious that capital in this country is very scarce for such employment. It is always in high demand. There is also a large amount of surplus capital in the country, the accumulation of eighty years untaxed and peaceful industry. This capital is invested in various ways, bank capital, insurance, manufacturing, railroad stocks and bonds, State, city, and country debts, savings banks, ground rents, mortgages due, etc., all of which reach over $2,000,000,000. None of this capital lies idle-it is carefully put out and kept drawing interest. Thus the capital is as follows:

Capital employing industry
Capital invested in stocks, &c.

Total......

$900,000,000

2,000,000,000

$2,900,000,000

« PreviousContinue »