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

u
portation of specie in the face Of q large supply
and reduced rates for exchange, he calculations Of
financers are completely upset. With an enormous
importation, in the face of limited expectation Of
merchandise, the fears Of the cautious aud prudent
are excited. With an active demand in Europe for
all Of our first cl sss bonded securities at good
prices it ia difficult to anticipate any strngeDcy in
our local finances. With full harvests and an active
foreign demand at highly remunerative rates, it is
not extravagant to calculate upon more favorable
condition Of our foreign trade than our weekly re-
turns at the moment justify. On the other hand, we
cannot lose sight Of the unfavorabe condition OF the
financial affairs on the continent Of Europe. The
condition Of the Bank Of France, the rapid and
steady drain upon its specie department the neces
sity Of procuring supplies at any COST tend mate
reilly to the arrangement of exchanges, and
to annul the regular operations OF commerce
Another important matter is the demand for
silver in England for shipment to the East.
Most Of the silver thus exported Is purchased on the
Continent frequently at premium, and paid Tor In
gold, keeping up in this way an artificial move
ment in the precious metals, which upset all the
usual influences Of trade and reduces gold and silve
to the level of merchandise in the market. There
would be nothing TO complain Of, but for the Ell
specie. The public mind cannot look upon this in
the proper light. It is, has ever been, and we fear
ever will be bugbear. We have not SO much to
contend against in the fact as in the effect, and as
that influences financial operations, operators in the
stock MARKET and all those affected in any way by
changes in the money market, must govern them
selves accordingly. The movements Of specie, either
in this country or in Europe will continue to keep
nf tha in
settled condition, and prevent that buoyancy in
public securities, which we all have been 80 long
looking for and were justified in expecting upon the
promnlgation of peace in Europe. This state OF
things will tend materially to check speculation,
and keep commercial matters generally within
safe and wholesome limits, and may prove in the
end more conducive to commercial prosperity than
otherwise.
It is well known fact that active foreign de-
mand for our public securities gives great impetus
to our importations Of foreign manufactures The
enormous purchases Of State stocks twenty years
ago led to importations of foreign goods,
and to collapse in our finances, which not only
bankrupted most Of the Importing houses, but most
of the States which had freely issued their bonds
The proceeds of the State bonds sold then were
RENTED in foreign manufactures, and the thing
from this port takes out large lots Of our pubic
stocks and the shipments Of specie since the lst of
January have averaged about million of dollars
per week. Our shipments of cotton during the pre-
sent year have been greater than ever before known
while breadstus have been taken to large amount.
In return for all these things for stocks, spe
cie cotton and our corn, we get dry goodprinci
pally dry goods-sks and satns, aul millions upon
g -. t. f.,
which last comparatively but day. It is not at all
strange with such extravaganza, that we should have
occasional coapses in financial affairs, or that pru-
dent cautious capitalists should be afraid to enter
into any stock specuatons. 1t true enough that we
raise the cotton, cultivate the corn, dig the gold and
create the public stocks but it should not follow
that they should be disposed of for such tr ash
get for them. The gold that we dig from our sol
goes to give activity to foreign industry. Instead
of keeping it at home, where it would give an ncen
tive to any branch Of labor, where it would stimulate
production and eventually give manufactures and
produce such as we are nov compelled to take from
foreign countries, it goes abroad full as fast as we
get and creates extravagance and idleness instead
OF economy and industry II is knowledge Of these
things that deters the capitalist from engaging in
stock speculatons and keeps the man Of moderate
means from extending his line Of Legitimate bust.
ness. The gold dig from the bowels of the earth
ia no more than 80 much In value Of any other
product We raise it as we do cotton and corn,
and the crop Is about such an amount annually;
but is uses in the financial world give 1t an inpor
lance which no other article enjoys, aud forming
as IL Does the basis of all wealth, and representing
every other species Of property, its preservation
the part Of the producer should at all times be the
first necessity. When il passes through their hands
and out Of the country, in exchange for foreign ART
clcs of luxury and extravaganza II is more than
| 20 much cotton or corn; but when Il Is retained
within our own limits II goes into active circulation
| forms more substantial currency, placing H. In
| value more on par with that of foreign countries
| with whom we DEAL and gives that stimulus to in
d1stry which real prosperity at all times guarantees
| and properly remanerates. Instead of deriving all
these benefits from gold products, we give them
to foreign countries, and believe that condition
Is never better than when our importatons run up
TO seven and ten millions Of dollars per week, and
an active demand exists abroad for our public seclr
ties. The interest American securities neld in
Europe is annually equal 70 about onehalf Of our
| yearly specie shipment. In this view Of financial
and commercial affairs il is not at all strange that
there are not spectators in stocks outside Of Wal
street.
| The exports Of specie from this port last week
were unusually limited as will be seen by the an
| nexed statement.
SHIPMENTS or SrrsIF PoRr Nav YoSg.
Brig sutton Porto Rico American goli.. s2l,Vo 001
10. do. do. silver. j. 1000 o.
Steamer barcelona Hsvre do. gold ...... $4,000 90
steamer Hamm0aio lie mburg, silver coin. 2,T00 90
4
Total fer the week s7qT0t a.
Previously reported n Il3 2a1 A.
i
Total 1886 s2i 5l2, 800 ~
| The Assistant Treasurer reports to-day az follows
Paid Treasury Account ............. $50 1e6 pt
Received Treasury account ......... 20O,e5i IL
Balance on Treasury account ........ s55I, 40 -
Paid tor Assay Office ACKNOWLEDGEMENTS. 81 ESQ OF
Paid on disbursing checks .......... 81, 200 ~
Balance credit all accounts i6b5 500 u