The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1856-04-08

pacifcation Of Europe, with clean balance
sheet before us in reference to the past; bat
with twenty millions Of imports for the month
of March OF the current season, against only
eleven millions Of exports, including two aud
half millions in specie. This looks Ike let
ting on the steam too hessily; but the bulk of
the breadstuffs of last years product still re-
mains in the interior; and it is thought that
with the opening Of our canals and other chan
nels Of inland communication from the win
ter's protracted blockade, these supplies will
be thrown upon the feaboard, and across the
Atlantic in sufficient quantities to reverse the
balance between imports and exports largely
in our favor. With an ordinary season it is
also probable, considering the steadily increas
ing demand and average prices for the article,
that we shall produce this year cotton crop
equal to forty millions of dollars extra az com
pared with an average yield. Nor are there
as yet any grumblings from our farmers fore
shsdowipg deficiency in those cereals bearing
deHces recited, and our differences then, are in
favor of year of unexampled commercial &C
tipity, business enterprises and financial spe-
culstiOns and adventures throughout the coun-
try; tor. even should our grain harvest and
our cotton fell short, have we not still the in
exbaustible gold of California in reserve?
There may arise, however, some serious draw
backs to the fulflment of these delightful ex
pectations. The pscihcation Of Europe, ia
stead of eDlarging our foreign market
for breadstutfs may curtail it. Since
the acceptance OF Austria's protocol
BY Russia, and with the progressive
steps that have followed to pacifcation,
the prices of the Liverpool corn market have
continued to decline. Russia from the con-
sumption and the waste Of her grain by her
vas { armies, can hardly have surplus remain
ing Of her last years crop; but with the pre-
sent supplies Of the Western Powers they may
need but little more to exc out their deh-
ciencies to the coming harvest. In any con-
tingency, short of a general failure In Europe,
q host Of spectators must suffer, for the prices
for breadstutfs throughout the United States
must come down. This will be no serious ca
lamity to the country, for cheap bread has
never yet been the ruin Of any people. The
danger is in relying too largely upon this re-
source for the redemption of European dry
goods, and of thus running into another heavy
schedule of excessive importations, bank inaa-
tions, speculations and extravaganses, to
be followed by another contraction or con-
etriction, with all its attendant evils to the
working classes
The pacifcation Of Europe, that "blessed
baby" q new start in all the glorious enter
prises Of peace, with the many solid and sub
stantial advantages which we possess over all
competitors, are certainly calculated to inau-
gurate among us splendid commercial and
financial jubilee; but let our traders, specular
tors ard inanciers bear in mind the bubble of
1853, as throughout the stringent reaction of
1s54-55 they we're guided by the experience
and the warnings Of '36 and '37. Prudent men
will not be hurried away by the kite flying
furore of treaty of peace.