The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1851-06-23

discovered that most Of them had been bankrupt for
years. and their creditors realized very little from their
assets One failure hasened dozen Others aud the
revusion extended, until the commercial community
thoroughly purged Of the rosensss and corruption
infsstingi it.
We are, fear, at this moment In fair way OF real
king similar results The appearance Of matters and
things connected with financial and commercial mat
ters precisely similar to that which preceded the re-
vusion Of 1887; few menths and possibility
ofavoidng corresponding consequences. We have re-
Gently experienced very great depreciation In the
market value Of cotton. Enormous losses have been
suffered on immense importstions of foreign dry
goods California is largely indebted to us but por-
tion Of which will lie realized Real estate
mands prices above its legitimate value and
capital has been invested in improvements than the
wants of the community require. In fact public and
private credit has been inflated to the utmost, and
to pay in every shape, and for any amount,
met every turn 1t may be all very we'll so long
this immense amount Of public and private indebted
mess is running to maturity; but when payment
credits are not easily obtained to replace
paper which has become due-the grand smash will
come have we fear, already gone too far retrace
our steps, we already too deeply involved extri
cate ourselves from the which are SO rapidly
accumuating around Contracts made, must bs full
hlled or repudiated Every evidence of indebtedness
must, sooner later reach maturity and California
must dgorge gold dust rapidly than has yet been
realized to keep pace with the rapidly increasing repre-
sentstves Of debt Public confidence most delicate
and sensitive plant to cultivat and when begins
to wither all the skill Of the most experienced will not
suffice to restore it to life and health Public and pri
vate credit doubted and dsrusted to result
IN disfra and MIN To
have been sustained entirely by its all powerful in
nuence
The annexed statement showing the amount Of specie
exported from this port during the past week. differs
slightly from that published yesterday. 1t contains
later returns and therefore shows larger shipment for
the week -
SPECIE PoRr NEw YORK.
To London American silver. $4,000
American silver. s2l7,eoo Foreign gold ... 1881
Mexican r. silver a,a., 10000 do. silver 7a7os
American s sold eossoo American no so Mi 2ss
English do. 80. $4,000 To penezueia-
English silver ..,, AGO Mexican doarr.... 1l4so
To Hare Spanish gold ... 4Os7
American gold. $4,000 French silver. 1850
do silver. 1000 TO Danish West bsdiss-
French do s,l47 American gold. 10000
American gold. 10000 Total. 49,. s2549374
This makes the aggregate about seventeen millions OF
dollars shipped from this port in less than six months
There doubt but that the shipments will be large
during the last six months Of the year-perhaps large
during the first six months-as is well known that
large amount Of California gold destined for London
passes through this port the peedest and direct
route from San Francisco to Europe
The steamship Arctic, from Liverpool, brings three
days later intelligence from all parts of Europe. The
financial and commercial accounts favorable but by
means important. There had been change in the
markets but moderate business had been transacted
in our most important staples American stocks were
taken in limited quantities at quotations previously
current. Money in active demand, but the market
stringent. There had been alteration in
rates but there disposition 20 draw distinct
line between the different eli a IF bills The Bank II
England continued to show steady improvement in the
stock Of bullion For the week ling the 5th 4 June
the returns Of the Bank OF FraLce show rease in
the stock Of bullion Of E230,42i
The imports of bullion into London for the week
ending June 9th large, there having been
received, by the Europa from New York, S5s000o;
by the City Of Glasgow, $4,000; by the Arctic,
S45o coo; by the Montrose Peninsular and Oriental
steamer, f3527 from Gibraltar fl7o, Lisbon f3357)
The total is about f2500o0. Arrivals expected
from the West Indies and small parcels Of gold from
Russia and West Africa The amount Of the precious
metals exported direct from London during the week
was-2557s and 500 in gold and 25s se
of silver shipped follows Gold dust-To Hamburg
4lo or; gold bars to Boulogne, 40 or; to Dunkirk
1900 Or Gold coin--to the Nautilus 1900; to Ham
burg 900 to oporo, IL GOO OF to Dunkirk loiso or
Silver bsrs-to Bouogne, 800 or to Belgium, 55,eoo
Of; to Rotterdam $4,000 Silver coin-to Boulogne
1850 or to Dunkirk, 1000 on. to Belgium $4,000 on
The total value fthese exports Il about fios6oo.
The prices reported in London for bullion were as fol-
lows Bar gold f3 Us Cd per ounce standard; Span
ish doubloons f3 los per ounce Columbian douboons
80 LIS. per ounce bar silver, without gold, os o5Sd
~s.s- T.1l
gold above grains in the pound to be paid for s. lHd
per ounce Mexican and South American dollars,
a. ma per ounce Spanish pillar dollars, IS Id per
ounce.
The return Of the Bank OF British North America
made up the end of 1850 shows the total circu
laon to be f21ei4 los lld and the stock Of specie
f1a5o5o o. Sd.