232 



COMMERCE. 



less conferred great gains upon holders as well 

 as upon mills, the stocks of which have risen 

 50 to 100 per cent., as expressed in paper 

 money, a medium certainly a little unstable, 

 more particularly when it is borne in mind that 

 whatever may have been the dividends of the 

 past year, the future value depends upon food 

 for the spindles. The machinery may be chang- 

 ed, and adapted to other materials ; but whence 

 are those other materials to be derived ? The 

 wool crop of the United States is always short, 

 and foreign supplies can be had only in com- 



petition with foreign buyers at great disad- 

 vantage. 



The holders of goods found great advantage 

 in the rise, but to replace most goods became, 

 as the year advanced, a matter of more difficulty, 

 inasmuch as while the domestic goods dimin- 

 ished in supply in face of the declining supply 

 of material, the cost of importation rose in a 

 similar ratio under the influence of higher du- 

 ties, and depreciation of the currency. The im- 

 ports into the port of New York were monthly 

 as follows : 



IMPORTS, POET OF NEW YORK. 



The importations varied from month to 

 month, and reached the highest point in the 

 month of July, after which the expenses of im- 

 portation increased so as to weigh heavily 

 upon the cost of goods, and make the business 

 more hazardous. On some articles the duties 

 were increased. 



The most necessary articles, or those for which 

 the country depends for a supply mainly upon 

 imports, were the first to advance to such 

 prices as would permit the importation in face 

 of the taxes. The imports of cotton goods were 

 much larger than for the previous year, but far 

 less than for the corresponding period of 18GO. 

 There were about 95,000,000 yards imported 

 against 195,000,000 in 1860. The high price 

 of cotton in England drew large supplies from 

 India, and this laid the groundwork of a de- 

 rangement of the finances, since the larger 

 the amount of cotton imported from a country 

 which demands silver mostly in payment, 

 caused a disturbing drain upon England and 

 western Europe. The effect of this influence 

 may be seen in the value of cotton imported 

 into England in the first ten months of three 

 years, as follows : 



Value of Cotton Imported into Great Britain. 



than in 1861 ; as a consequence, the exports of 

 silver to that country increased $15,000,000, 

 and of gold $4,000,000. A larger portion of the 

 silver Avas procured from France, whence Eng- 

 land imported $10,500,000, and in return sent 

 thither $30,000,000 worth of gold. A con- 

 siderable portion of this gold was required to 

 meet American bills running on England for 

 French goods. In ordinary years the exports of 

 produce from the United States to Great Brit- 

 tain are such as to pay for United States pur- 

 chases of English -goods, and leave due to the 

 United States a large balance, which is drawn 

 against in favor of the Continent and elsewhere 

 for balances due those countries over and above 

 the sum of their purchases of American prod- 

 uce. In the past year the whole circle of 

 trade has been interrupted. The United States 

 have not been able to send their usual quantities 

 of produce to France, and although less French 

 goods have been bought, the amount has suf- 

 ficed to aid "the drain of coin from England to 

 France, while the want of American cotton in 

 England has compelled her to buy more of 

 Indian at cash prices. This tendency has been 

 counteracted to some extent by the increased 

 sales of English produce to France under the 

 new treaty. The exports from England to 

 France and the United States for eleven 

 months of 1862 were as follows : 





Although the aggregate imports of cotton 

 were less, the increased purchases from India 

 were $30.000,000 more in 10 months of 1862 



As compared with 1860, France bought of 

 England $16,500,000 more, and the United 

 States $33,000,000 less. The tendency of a 

 drain of the metals is such, however, as to in- 



