The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1856-01-10

year which has Just commenced must be an I'M
fortunate one for the mercantile world. The
war, he thinks, must unsettle commercial and
financial affairs abTesd, and the disturbance
must be felt here as well ss elsewhere. On the
other hand, the foreign bankers in their annual
circulars rather take the contrary view, and
anticipate good times The question Is neatly
pat in one of these circulars:--"It remains to
be SEEM" the writer says, whether the United
States, as a partner in the European csmmuni-
ty,eDjoying the use of borrowed capital, will
prevail over the United States as an indepen-
dent producer Of osEn and cotton, or siee uersa"
He decides the question in the Affirmative, on
the ground that the profit we shall reap from
the sale Of our produce will be larger than the
loss we shall suffer in consequence Of the con-
traction of trade and withdrawal of capital
csueed by the war.
There can be no doubt but last year had a
beneficial influence upon American commerce.
1t was wholesome year. When it began, Goa
fdence was low. Eighteen months of stringen-
cy had broken up unsound houses, aud fright
ened all. A scantcroph had alarmed even foreign
countries, accustomed to draw their supplies
from u.s. A general distrust of the railway
system, springing mainly from prevalent be-
lief that the chief lines Of the country We're
corraptly managed, had shaken the character
of the most widely difased class Of eecuri-
ties, and bred a general reluctance on the part
of capitalists to embark in new enterprises.
American shipping had not been preatably
employed Industry YVES generally slack
Work was scarce. People looked to the future
with tinidity and apprehension. But these
very drawbacks, under whose auspices the
year ffty-fve was usbered in, had their advan-
tsge. Under their nettles lay the old flower.
In measure of the seeming perils of the future,
grew the caution of the public. Men gather
ed their means together and housed it. Those
land. Those who usually took half million
Of spring goods from England wrote down a
quarter, and shut their doors. Others sup
pressed their annual ball, and burst into habits
OF Spartan trugality by only wasting couple
Of hundred month. Thanks to these mea-
sures, the banks contained Sl7, 100000 soon
after New Year, the imports for January at
this port fell eff seven millions, and for the
whole quarter January March, nearly twelve
For the first quarter OF the year, no marked
change took place, and a better feeling began
toprevail. True the exports ofproduce were
smaller by fourth than those of 1854; but this
still left large margin of gain. Gold
was coming in freely from California, and the
specie export was not heavier than usual in
January and February. The spasmodic efforts
OF the Allied governments to supply their
troops with nc cessaries created large demand
for American shipping, breadstuis and provi
sions. by the beginning of April, feeling OF
comparative security began to spread. 1t was
suddenly and happily checked towards the
close Of April by the revival of large exports
of gold. Over five millions of gold were cent
abroad in May. This temporarily put stop
to speculation, and threw money so freely
into the banks that their line Of dis
during the dog days.
About the same time it became certain that
the crop would be ample and generous. Tha:
the foreign world could consume it, could not
do without it, was quite certain. Enterprises
which had been abandoned in 1858 and 1854
were resumed on the strength of this promis-
ing symptom. In the West especially, men who
saw before them the most undeniable Of all
tokens Of prosperity, embarked in commercial
operations with hardihood. There was but
little change in the securities which are usual
ly dtalt in by stock gamblers at the Brokers
Board here. But all solid adventures received
o startling impetus.
IT was hardly given before the country was
recalled 10 its partnership in the company
Of nations by an alarm from France
Gold was being bought up at premium by
The Bank Of France. Such a policy, pursued
steadily, must in time compel the Bank OF
England to suspend specie payments. That
cur banks would be forced to follow the ex-
ample for their own protection, was not to be
questioned. Hence q sort Of panic-not Who'll
~ upreasonable--aroseh here, and checked the
tendency towards citation produced by the
crops. In the course of a few weeks the ex-
element and the unnatural policy Of the Bank
of France were brought to an end. Our fears
died with them. The year closed pleasantly
on a moderate business, fairly profitable, on
an easy money market, and pretty general
faith in destiny and the future.
The net balance sheet Of the year for the
port Of New York, which may be taken as a
criterion Of the trade Of the whole country,
shows that we received from California some
ffiy-eight millions Of gold, against about fif-
ty-seven and a half in 1854 of which we sent
abroad rather more than in 1s54-say forty
millions, leaving eighteen to ripen here. Or
domestic produce we sent abroad from New
York s63,5s8, 900, against SIS, 900, clear
gain of over five millions; whereas we import
ed only sl57, 100000 against $751;, 1866, 900,
decrease of over twenty-four millions. These
figures indicate a most healthy condition OF
trade.