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

ruL TOT o,Up~ lff DOL O,oof, LOO
specie and bullion. $3.50. 1,Ol2, I6s 2aO,7ss 23,,ss6
Total pors s47 2so 473 is, 2oo, 1863 81 81, sos
Withdrawn from wareas 6544,72e 7,sse,2ss 6,245 OIL
We have here an excess for the three months
period Of the receipts of 1855. But the month
of March of the current year, as compared
with March, 1865, presents the progressive ex-
paDsion of this seasons imports in a still more
striking light. Here are the figures
FOREIGN IMPORTS TO NEW YORK FOR THE MONTH
OF MARCH,
Enid Tor sumption $2 Gil 74t 6,7C56s7 7sl 297
ksso fr warehousirg.. 500 6ss ,s65 Gag ~ $50
g ods ...;:..'...... sa46s. l4ss5!S IA 6ei
Total In ports SIC 557 O74 TO- i73 o67 20 $50 9ss
Withdrawn from wAreh's l,7ol.2o3 O93 1s52,39o
Here cur imports for March, SO, are double
the aggregate of March, '55. This is a re-
markable increase; but it is scarcely more re-
markable than the fact that it is less than four
millions above the sum for March, "a, and less
than million over the returns for March, '53.
Still more remarkable are the Custom House
statistics, which show the sum total of our i'm
ports for the last nine months and for the
same period Of the two preceding fiscal
years.
Fer tn. nine months ending with March, ses4l 7ss ia
81" a.. 143, 52l, 602
Thus it will be seen that while our imports
for the last nine months ore greater by twenty
millions than for the corresponding period Of
1919, they are less by nearly two millions
than the receipts for the same period of 1854.
A year, perhaps, of unexampled prosperity,
enterprise and speculations Of all kinds, is be-
fore us, but let US not forget the lessons Of
1867 q or the later warnings of the memorable
year 1858. With the first receipts here of Cali
fornia gold in 1913, new impulse was given
to the vast financial and commercial business
of New York in ali its extensive ramifcations.
The gold continuing to flow in, our business
operations continued to expand until in 1853,
when the mercantile architecture Of the y
bad changed from common brick buildings o.
Indifferent pretensions, to whole blocks and
streets Sufficient in themselves to constitute
large city, of imposing five story marble and
brown stone fronts. Then came the advent OF
The Pierce administration, promising US the
most wonderful things; and then the humbug
OF our Crystal Palace, inaugurated under the
auspices Of the President and half his Cabinet;
and then the bubble of speculation was rapid
~ inflated to its utmost tension. Real estate
and rents went up to a most preposterous
fgure-country merchants poured in upon us
and were accommodated with large amounts
Of goods upon liberal credits our importers
followed suit in large credit importations, ,r
we were all to be rich. But the day of setti :
ment was not far of, and we we're speed y
brought to our sober senses
In July, 1854, the exposure of the Schuyler
swindles pricked the shining bubble Of specu-
lation and it collapsed. That discovery Of
million or SO of railroad stock forgeries open
ed the eyes Of Wall street to other leakage aud
to the breakers ahead and all hands immedi-
ately set to work to Tighten the ship and take
in sail. Then followed the pressure of the Rus
sian war. Under momentary conclusion
from false hypothesis we had all imagined
that the exclusive privilege of the carrying
trade to the belgerents, and the monopoly Of
the western European market for our bread.
stuffs would I'LL our Golfers with French and
British gold. But this idea proved an unmiti-
gated delusion. A general drought of unex-
ampled severity, superadded to a general pes-
thence, afflicted the land, cutting off our re-
sources, destroying our crops wasting our
people and paralyzing our energies Then
came our starving prices Of -four and beef; aud
then the terrible winters of 1915, with its
Thousands of industrious mechanics and La
borers thrown out Of employment and reduced
to public charity.
With the spring Of 1866 the glorious pros
pect Of a superabundant harvest revived our
hopes; and with the full realizations, under
benignant Providence Of the most abound
ing crops in all our history, healthy activity
and confidence in all our business were han
PLY restored. Meantime, however, the greedy
cormorant Of Sebastopol, swallowing up all
the ready means OF England and France com.
PEELED them to call upon us to cancel those
debts for those extravagant imports of 1858
With admirable fidelity to their engagements,
our merchants and fnanciers devoted them
selves to the task. The debts of the interior
were collected, and the debts Of the exterior
have been paid in breadstuffs, cotton and Cal
ifornia gold-California still continuing 70
supply all deficiencies.
So here we are, upon the threshold Of the