The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1850-05-13

sunty thus for dsposing extra quantity
Of their Abries. Although the gold fever caused by
the discovery Of rich mines in California has, undoub
sdly been the OF great imitation in prices, and
oonreque ntly great increase in our imports parti
sularly from England IL has not furnished US with
corresponding facilities for liqudating foreign
Indebtedness neither has it increased capacity
for additional consumption. On the contrary, while
California has been the direct of vast deal
Of extravaganza in the consumption Of the pro
duets Of other countries, she has become more
deeply indebted to for merchandise, SC. for her
cwn consumption, than her mines can pay for In
many years. We have, in fact, been placed between
two fires, rather have been drained all sides,
and it is hardly possible that should escape utter
depletion. While California has taken full hny mil
lions Of dollars from more than she has paid Tor,
have taken full fifty millions Of dollars from Great
Britain and Europe than have paid for in the
usual way oftrade Here at least one hundred mil
lions of dollars aiken from the United States in about
a twelyemonth payment for which we have been COM
PEELED to make in advance of any receipts from legit
mate
We have paid for excessive imports from Great
Britain in the most Improbable way in the world
American securities to an immense amount have been
sold in London and distributed all the continents
and what have received in payment Merchandise
Injuries, which could, in the absence of mar
kets abroad for our stocks have dispensed
with, and been just as well, perhaps better
of wehave received but triaing amount Of specie
in payment for these securities and that came in
private way and had nothing to do with the of
trade 1t Is only necessary to look at the condition
Of exchanges between this country and England to see
at once how the stands Notwithstanding the
large eskly remances of American stocks for some
time past sterling exchange in this market, has not
ruled much below nine per cent premium since the
opened, and has ruled high as ten per cent
good part Of the time. Where should have been
had there been demand in Europe for our securi-
tics. Why the receipts Of gold from California would
have been a mere bagatee, compared with the amount
that would have been required for shipment in pay
nent for importations. The stocks which have
been sent abroad in payment for merchandise import
ed viii be continual drain upon resources, and
annually extract millions of dollars in specie
responding value in products for the payment Of
interest," and when the principal falls due it will in
few yearsor every few years-the payment win draw
largely upon that the most complete
arrangement Of financial affairs must be the
salt.
We have thus far hardly alluded to the local move
ments going on which are Fastening the anticipated
revulsion in our financial affairs The expansion of
the currency in all parts Of the country and the de-
probation in its value it expands in the absence Of
corresponding in the basis, cannot continue
much longer Private credits have become enormously
inflated, while the means Of meeting Of reducing
the imitation, daily becoming less Where is all
this to end and what will be the result 1t will end
in revusion, and the result will be disastrous
any before experienced Look at the prices ruling
for stocks inlw all street, at the piles of nces in the
hands of parties who only able to carry them with
the facilities obtained at the banks at the
supplies Of merchandise packed away the shelves Of
eur jobbcrs at prices at least twenty per cent above
those current; at the low prices ruling for all
kinds Of breadstus and provisions at the tide Of emf
grafton setting from the west and all other parts Of the
country to California at the drain Of this move
ment upon the producing classes of the interior;
at the tardy payment Of old debts and objec-
tious to contract new ones at the great
reduction in the consumption of goods Of all
kinds; at the immense stock in the hands Of manu-
fasturers an the partial suspension work In the
manufacturing districts; at the ruinous depression
feghts, and inactivity of our commercial marine; at
the competition between railroad companies and the
extraagance and rascalty exhibited their manage
nent at the fearful depreciation In the value
railway property at the rapid rise and runous rcduc
tion In the value Of real estate at the immense
amount q money required to complete the numerous
works Of internal improvement already commenced
30 say nothing about those contemplated to complete
and put into operation the large feet Of
ths course Of construction for the various lines
nected with the trade and travel Of California; and
Europe and 1t will not be dicult to tell what the
suit viii be- II Is as clear day. and those who
bndly pursue the course which Is rapidly leading 10
the ruin predicted, must take the consequences and
reap the harvest Of their folly. All prudent will
psuse and withdraw themselves, while yet they may
from the vortex that 10 widely yawning to swallow
up all those who too far within its power escape
The amount of specie exported from this port for
the week ending the 10th inst S11e ITO; of which
100000 went to London. Previously exported this
year, 1894 679-total for 1850, 1,1l37s9
The value Of foreign dry goods entered thi, port
for consumption last week, amounted TO S69l All en-
tered for warchousing, s9a3ll; withdrawn from
house, <<4,2s4
As an evidence Of the limited supply Of breadstuGs
IN the interior this year compared with last 1t is only
necessary to show that the arrivals at the three prn
pal ports for the month Of April 1860 amounted to
81 ESQ bbls -four and 2i6j9S bushels of wheat against
12o932 bbs -four and SOC bushels Of wheat for the
corresponding month In 1S49