Slike strani
PDF
ePub

COMMERCIAL CHRONICLE AND REVIEW.

GENERAL ASPECT OF COMMERCIAL AFFAIRS-CREDITS AT THE SOUTH AND WEST-BLESSINGS AND DANGERS OF PROSPERITY-INCREASED VALUE OF PROPERTY-CONDITION OF THE NEW YORK STATE BANKS DIFFICULTIES CONNECTED WITH THE WAREHOUSING SYSTEM-NECESSITY OF A LIBERAL INTERPRETATION OF THE LAWS TO INSURE HARMONY BETWEEN THE GOVERNMENT AND THE PEOPLE-DEPOSITS AND COINAGE AT THE PHILADELPHIA AND NEW ORLEANS MINTS FOR JULY-IMPORTS AT NEW YORK FOR JULY-CAUSE OF THE DECLINE FROM PREVIOUS YEARS-IMPORTS FROM JANUARY IST-WAREHOUSING MOVEMENT-IMPORTS OF FOREIGN DRY GOODS AT NEW YORK FOR JULY, AND FOR SEVEN MONTHS-RECEIPTS FOR DUTIES AT NEW YORK-REVENUE OF THE UNITED STATES FOR THE FISCAL YEAR 1851-2-IMPORTS INTO THE UNITED STATES FOR FOUR YEARS-EXPORTS AT NEW YORK FOR JULY, AND FOR SEVEN MONTHS--COMPARATIVE EXPORTS OF SPECIE AND MERCHANDISE.

THE season for summer relaxation from the cares of business is about over, and those who have been wandering in search of health or pleasure have, for the most part, returned to their posts. Here and there we miss from 'Change, or the haunts of business, some well-remembered form, which has given way under the weight of years, or the toils of a too constant engagement, and while the laugh was gayest during the summer revel, has been quietly laid to rest. But most have again buckled on the harness, and braced themselves for a renewed struggle in the great arena. We have cause to congratulate those who are engaged in commercial affairs, (of all labor the most arduous,) upon the comparative absence of those fretting and anxious cares, which so often crowd upon the opening season. There is no stringency in the money-market, haunting the merchant with a constant fear of dishonored bills, or broken engagements. There are no suspicious whisperings of failing credit, the precursor of protests and bankruptcy. No one can now be prostrated in business by being crowded at an unexpected moment. Capital is freely supplied, and all who have, in any substantial property, a balance on the right side of their ledger, need have no trouble about meeting their liabilities. This prosperity is not confined to the large commercial markets; it is extended throughout the country. The South, which was at one time almost universally distrusted, has nobly sustained its credit. With a cotton crop of over three millions of bales, the price of this great staple has been maintained far above the usual average, thus fully realizing the hopes of the planter. Throughout the West there has been such a large distribution of money, that the merchants are seldom pinched for want of the means of payment. It is true that the price of wheat, and consequently of flour, has been lower than might be expected, as compared with other property; but pork, beef, Indian corn, and most other provisions and products of the soil, are unusually high. This general prosperity is not without its trials and dangers, some of them quite as real and palpable as those which attend upon adversity. There is danger that the avenues of business will be too much crowded; that the mass will forsake the slow and certain methods of acquiring, and rush into those which promise more rapid fortunes; that thousands will be lured by the general sunshine into spreading too much sail for their weight of ballast, and thus be shipwrecked in the first breath of an adverse gale. And yet a large multitude of the young and thrifty will take advantage of these golden hours to secure a

[blocks in formation]

1

competency, for which they would have struggled in vain, or at least more anxiously, in less favorable circumstances. There has been a steady advance in the nominal value of most descriptions of permanent property, but as yet we have to notice very little rash speculation. The banks have not expanded beyond a safe limit, their large specie basis being constantly on the increase. In our last we gave a comparative statement of the condition of the New York city banks, as just compiled by order of the Controller; we now annex a summary of the condition of all the banks in the State of New York at the date of their last three quarterly statements :-

[blocks in formation]

The increase in loans and discounts, as well as in specie, has been confined almost exclusively to the city, as will be seen by a recapitulation of a few items from the statement of the New York city banks:—

[blocks in formation]

From the above it will be seen that the ratio between the specie and liabilities has been increased in favor of the former, and we may also mention that since the date of the above return, the stock of specie has received large accessions.

Some excitement has been manifested at New York in consequence of the introduction of new restrictions in connection with the entry of goods into private bonded warehouses. The Secretary of the Treasury claimed the right to make a suitable charge for watching and taking care of the goods thus stored, and there would seem to be nothing unreasonable in the principle of such remuneration. The importers asserted that the charge in question was contrary to law, and therefore submitted to the exaction under protest, and proceeded to test the question in the United States Courts. Whereupon, the Secretary forwards to New York a blank pledge, which he requires all to sign under penalty of the entire withdrawal from them of the privilege of private storage. This pledge not only provides against future protests, but also requires the signers to release all their past claims. This is resisted as unjust and oppressive. It is difficult, sometimes, to distinguish between the mutterings of a fault-finding spirit, and the remonstrances of those who feel sensible of having been wronged; but in this case it does appear as if the government were disposed to be a little arbitrary. The constant litigation between the importers and the officers in the Treasury Department, seems to have somewhat irritated the latter, and induced a partisan spirit, seldom found where no personal interests are at stake. This is all wrong, and the continued pressing of doubtful points will only increase the evil. The government have been defeated in a majority of the suits brought against it, and

any

that before the highest judicial tribunals of the country, where wrong has never triumphed. This would show that those connected with the collection of the revenue have been more intent upon gaining some advantage for the Department, than upon a judicious and liberal interpretation of the laws. We do not refer to any particular administration, but to the general tone of feeling which, with slight exceptions, has prevailed at Washington for years. Where there is doubt of the meaning of an act, the scale should be turned in favor of the merchant, the government always having it in its power to protect itself by more explicit legislation. In cases where a judicial decision is asked by a claimant who fancies himself wronged, the executive should accede to it readily, and throw no obstacles in the way of its being speedily obtained. The exhibition on the part of the officers of the government of a contrary spirit, loses for the revenue more than it gains. The moment the government assumes an antagonistic position, and enters into the contest with the warmth of personal feeling, the importer is too apt to forget his own obligations, and take the opposite side, resolving to make the most he can, without regard to the real merits of the question. In the dispute particularly alluded to, the Department would appear to be doubtful in regard to the strict interpretation of the law, as the pledge offered requires a renunciation of the legal claim, without the privilege of a judicial decision.

We annex a statement of the deposits and coinage at the Philadelphia and New Orleans Mints for the month of July :

[blocks in formation]

The total deposits of California gold for coinage at our mints since 1848 amount to about $135,000,000, while the total production is over $200,000,000. We gave in our last uumber a statement of the imports at New York for the fiscal year ending June 30th. We have now compiled from official documents

a summary of the receipts for July, which show a falling off from July, 1851, of $1,563,793, and from the same month of 1850 of $6,231,729, as will be seen by the following comparison :

IMPORTS ENTERED AT NEW YORK FROM FOREIGN PORTS FOR THE MONTH OF JULY.

[blocks in formation]

Most of the receipts for specie, as put down for 1850, came from Chagres, and consisted of California gold, which then cleared from thence as from a foreign port. The withdrawals from warehouse for the month were $1,095,800 in 1852, $1,167,644 in 1851, and $944,127 in 1850. The stock in bonded ware. house is drawn down very low, and is much lighter than for several years.

This continued decline in the imports is just what might have been expected from the position of the markets in reference to foreign fabrics. Large losses had been suffered upon even the most desirable stock, and the natural result, instead of being the ruin of the merchants, as many predicted, has been a steady decrease in the imports.

The decrease at New York, where two-thirds of the foreign merchandise is received, has now reached a very considerable sum; the imports since January 1st, exclusive of specie, being $13,205,295 less than for the corresponding seven months of 1851, and $6,922,639 less than for the same period of 1850, as will appear from the following statement:

IMPORTS ENTERED AT NEW YORK FROM FOREIGN PORTS FOR SEVEN MONTHS ENDING JULY 31.

[blocks in formation]

The apparent excess of specie in the year last given above, is owing to causes already stated. It will be seen that the value of goods entered warehouse has materially declined. This shows that the demand has been much more active, although other causes have also been at work. The withdrawals from warehouse have, on the other hand, been much greater, amounting for the first seven months of 1852 to $9,622,577, against $6,879,985 for the corresponding period of 1851, and $5,378,101 for the same period of 1850.

Of the decline in imports, as compared with last year, $7,245,923 has been in dry goods, and $5,959,372 in general merchandise. The imports of dry goods for July are $1,620,254 less than for July, 1851, and $4,302,086 less than for July, 1850, the falling off extending to nearly every variety of fabric :—

IMPORTS OF DRY GOODS AT THE PORT OF NEW YORK DURING THE MONTH OF JULY.

[blocks in formation]
[blocks in formation]

The value of goods thrown upon the market shows a less relative decline than the value entered at the port, from the fact, as already stated, that the withdrawals from warehouse have been larger than the entries. We annex, also, a comparison of the receipts of dry goods at the same port since January 1st:

IMPORTS OF DRY GOODS AT THE PORT OF NEW YORK FOR SEVEN MONTHS ENDING JULY 30.

[blocks in formation]
« PrejšnjaNaprej »