The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1854-08-31

Tho 1asoe os Peace and tho Eject oE War
Oar Domestic TrouDAes.
Those invaluable monitors--fhe Custom
Hvuse ta1bles-inform us that during last week
the exports Of merchandise at the port of New
York were only $500, Ala, while oursimports
amounted t. $5,796,7t6; thus III wing that
during that period at all ev. nts we were spend
ing seven times our revenue. OF course this
proportion cannot lie taken as an average.
Some large share # the excess Of imports of
last week may lie set down to an eas.erly wind,
which blow the inward ound vessels into port,
and retarded the depn ture Of those freightea
for foreign ports. Something also must be al
lowed for the season, which is one when arri-
vaA from abroad are usually frequent But,
DUE latitude granted to these causes, the fact is
nevertheless glazing that our imports or pxr-
chases from foreign na'ions are ia large excess
over our exports or sales to them.
Well informed economists arc ayyare that, SO
far as merchandise is concerned, this preponder-
ence Of our imports over our exports has almost
always existed Notwithstanding our immense
shipments Of cotton and breaGstufis, the ba-
lance of trade with England has usually been
against us for the last forty years The effect
Of this inequality would have long ago pro-
duced disaster here had it not been for our
bonds and railro al and ohersecurities which.
offering more lucrative employment for CAPT
tai than European investments of like cha
racter, have been readily cold in the British
market aud have thus made up the deficit ia
our yearly accounts When we imported thirty
or forty millions wcrth of goods from England
over and above the net product Of our Gotten,
breadstuffs and other staple exports, we paid
for them in railroad bonds, State and Federal
stocks Of which we had plenty to sell, and
which the British were quite willing to re-
ceive in pay ment for their manufactures.
So matters went on until the war in Europe
made all Englishmen neglect foreign invest
ments for their own securities. It was obvious
that the government would require large
amounts Of money, and those who had it pre-
ferred keeping it for employment in this way
to sending it abroad. Then our securities be.
came unsalesble abroad; and far-sighted men
saw clearly that we shoald have some officially
in providing a substitute which should keep our
accounts with England straight.
There were two modes of meeting the diff
Guilty. One was to curtail our importations,
until they fell so low as to to be covered by our
exports of merchandise. Much talk of curtail-
nent was accordingly heard; but we see no
tangible signs of its having been followed by a
corresponding course Of action. The reduction
hitherto is hardly worth notice. The other was
to ship specie to Europe; aud this having been
forced upon us, we beganto send off the gold
as fast as it reached US from California Durng
the fiscal year 1854, we sent off thirty-one
illions of specie against twenty-ore the year
previous. As the market for cur bonds became
dull Yer and duller, our shipments necessarily in
crea sed; and we are now sending abroad from
81, 2C V,oN0 to 81, 400 900 per week, which would
I'VE IN annual total of neatly seventy mil
lions VI dollars, more than our whole receipts
from CT ,lifornia.
To Oh, >ck this ruinous exporf, which would
soon nee sssitate suspension Of specie pay
How are e of for cotton and bTeadstuffs?
The cotto crop, il is now generally admit
ted, will be skoct, considerably less than that
Of last year, when we had to send million upon
million Of bon as 10 exc out our deficiency. Oh
the corn crop, tie destructive effects of the
drought which H.v every newspaper afford ma
terial for pertn,Nr coDjectnres. We know
that it win be very considerably smaller than
That of last year the only question still I'M
settled is oke Of degree, viz. to what extent
The destruction of the Gu rps will proceed. One
party-the alarmists-rs tend that the falling
IF will actually leave us without any surplus
or export ano.her-of more sanguine tenn
not admit Il at we are threat
med with any thing beyond temporary incol-
sentence. But ali allow tia this fall, when
'ur necessities are more cruelhv pressing than
hey have ever been before, whe in fact free
AID large shipmea ats OF produce IA e indfspensa-
bic to prevent q suspension of spec lie payments
nd general commercial disasters, the supply
D. cur main staples, corn and cotton will fall
,onsid rably short Of its usual amour t.
This is no exaggerated prospect. Il 8 truth
must be admitted by all who study he sub
ect. Its effect should be to inculcate eco lomy
nd prudence on all We must cut down ous
cschew speculative inves'ma ITS
nd try 10 weather the storm till a bright
ry comes.
A singular contrast In truth between the COO. \
meat Il Eu OPP. plugged n it i in var, and
lat Of America, reposing calmly In peace a
hiking rtfule,ion Of the old theory that war i
onnle and rnn peace guarantee a. pros
,.iity. Emopc went Il. war under very trying
reumstarccs. Bread was dear, AID famine
20 already made its APPEARANCE on the coat
ent Discomfort and apprehension ciouied
he nho.e horizon But the nrst qua VA, no |