The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1844-08-24

In few instances there has falling off but in
large majority Of instances there has been very great
increase Our mporations from France have been very
heavy this year. and the increase from that country is
much larger than from Great Britain Nothing will do
more towards stopping the immense supplies that
daily landed on shores, than immediate exporta.
ton of specie, and shipments cannot commence too
quick A few millions forwarded now, might prevent
a very great drain. A large expectation of specie
would have very favorable effect on our
local importers. for time, but much question
the effect abroad When speculative mania takes root
it very difficult to eradicate it, The present state OF
trade has been produced by the expansions the
currency and it will be found very difficult to bring
things down again to the former level The commercial
classes fairly in the tide and they 90 down the
stream together and get ashore wherever they fad
place ia impossible to turn back large expectation of
specie from this country, at this time would doubt
ate quite excitement this side of the Atlantic but
is matter of great doubt whether woui atop expora.
tons from the other the United States very suddenly
not The banks would increase their paper issues fill
the caused by the drain of specie and the
cy would in this way, become greatly deprecated This
would advance prices, and long prices avors-
BILE, European manufacturers will keep up their ship
ments The expectation Of specie would make but very
little difference in their movements provided prices
this side kept up The importations thus far this yea
passing into second and hands, ana the
depreciation that may hereafter take place. caused by in
creased supplies any sudden restriction placed upon
the money Market will fall upon local merchants
The manufacturers in Europe will look out and get their
pay before the market breaks down. They generally get
the first payments made for tho season. and get clear OF
the busins before many become bankrups The exist
ing condition Of commercial affairs and the results that
may grow out Of it, the immense importaons thus far
ho season. and the disasters that invariably follow
trading and speculation, can all be attributed to the
OF the banking institutions Of this city
State Had the policy pursued by banks eighteen
months ago. been adhered to- had their operations been
as restricted since, they in January, l843
should have before the unfavorsbe prospect that
every must An increase OF twenty millions Of
dollars in loans and discoupts in city like this, could
not have had any other effect than to encourage specn
created the present state of things The tariff has
ated harvest out Of the operations created the banks
for the general government. The revenue, from Gus.
toms far is immense. The party friendly 10 the pre-.
sent tariff is very extravagant in culogzing that act,
aud its popularity is, doubt, much enhanced
by the rapdity with which will exrcate the gov rn
ment from debt The tariff act Of itself would have
been OF little use in bringing about the ends attributed to
it, had not the banks, having the power, conceived it
good policy TO expand their movements and
our ports to the manufacturers Of the world deprecia.
ton in the OF currency, below that Of the ma.
tions Of Europe acts like the raising Of embargo
Our ports and principal markets Immediately filed
with foreign productions.