FINANCES OF THE UNITED STATES. 



It will be seen that in the number of failures, 

 as well as in the amount of liabilities, there has 

 been a great falling off during the last year, 

 which indicates a corresponding increase of 

 prosperity. 



The following table shows the tonnage of 

 the various nationalities entered at seaports of 

 the United States from foreign countries during 

 the years 1856 and 1880, respectively : 



It will be seen that the annual aggregate of 

 our exports has increased during the last 

 twenty-four years from $641,604,850 to $1,- 

 589,472,093. In 1856 75'2 per cent, of this 

 trade was carried in American vessels ; in 1880 

 only 17 per cent, was thus carried. While the 

 increase in the value of this trade is very grati- 

 fying, the decrease, meanwhile, in the amount 

 of American tonnage engaged in the trade is 

 viewed in some quarters with considerable 

 alarm. It will be seen that since 1856 the 

 tonnage of British vessels engaged in the Amer- 

 ican carry ing- trade has increased from 985,180 

 to 7,903,059 tons. Meanwhile the tonnage of 

 American vessels has decreased 65,901 tons. 

 It will be remembered, however, that in 1856 

 the carrying-trade was mostly done in wooden 

 vessels ; and, owing to the abundance of ship- 

 timber in this country, and the absence of 

 duties upon articles used in ship-building, the 

 United States was able to compete successfully 

 in this branch of industry with any of the na- 

 tions of Europe. About that time, however, 

 the material for large vessels began to be 

 changed from wood to iron, and the motive 

 power from sail to steam, making the element 

 of labor a far larger percentage of the cost of 

 the vessel, and giving the British ship-builders, 

 * Decrease. 



with low wages, a great advantage over Ameri- 

 can ship-builders, with labor at the high prices 

 which have been general in this country. To 

 this disadvantage were added the destruction 

 of our vessels by rebel privateers during the 

 war, and also the imposition of duties upon 

 iron and other articles entering into the con- 

 struction of vessels. Through these means the 

 United States have lost foreign carrying-trade 

 worth perhaps $100,000,000 per Vnum. But 

 it is worthy of note that although Great Brit- 

 ain has taken the lion's share of this trade, the 

 balance of our trade with that country during 

 the last year was in favor of this country by 

 the large amount of $247,569,328. 



There is, however, much hope that ere long 

 the United States may recover a portion of the 

 carrying-trade. The difference in the cost of 

 ship-building material, and the price of labor as 

 between this country and Europe, is less than 

 formerly ; and the fact that our artisans and 

 mechanics have been enabled to cope success- 

 fully with those of other nations in the pro- 

 duction and sale of many articles, largely 

 through labor-saving inventions, leads us to 

 hope that in a few years a successful competi- 

 tion in ship-building may also be realized. 



"While there has been a considerable decrease 

 in the aggregate tonnage of the United States, 

 the following table shows that there has been 

 but a slight decrease in sail and steam tonnage, 

 the large decrease since 1873 being principally 

 in that of canal-boat and barge tonnage. The 

 records previous to that date do not show these 

 classes of tonnage separately. 



Statement showing the amount of tonnage of the 

 United States on the 30th day of June from 1S68 

 to 1880, inclusive. 



The prosperity and credit of institutions 

 is apparent from the market value of their 

 stocks. During the year the values of stocks 

 of all kinds, public and private, have as a rule 



