The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-02-11

The Commercial Prospect far tho Year.
We desire to call public attention to the fact
that the imports Of foreign goods into this port
during last week, exceeded six and quarter mil
been known befo.e; and if we are moderately
prudent, it will not be known again for many o
year. The whole importation tor the year-at
the port of New York-foots up somewhat over
$2G, 900 900, against about $4,000, 600, up to
same date in last year.
On the other hand, our exports, though slight
ly Increased, fall far short of balancing this i'm
port. The total export from this port from New
Year to the end Of the first week in February
was only SO, 444, 100, against 81 ,356,289 during
sane period last year. Our commercial ope-
ration with the foreign world during these five or
six weeks has therefore left us in the worlds
debt nearly eighteen millions Of dollars
In former times, it mattered but little to get
iuto debt with Europe. When the old United
States Bank lasted, it would bridge over the gulf
between the r. mittances Of one year and those of
the next and our foreign creditors having
nothing TO gain, but on the contrary everything
10 lose by pressing us, prudently waited our
convenience. Bat these times are changed
Under the operation Of the reignng system, we are
liable. and ought to expect to pay up every dol
lar that We owe square within the twdlvemOnth.
And some years we have done so. Not in money,
for We have never spared enough to make up the
difference between our purchases and our sales
Bat in bonds and paper securities, which have
been taken in England at more or less of depre-
citation, and have, like the old United States Bank,
helped us bridge over the gulf of insolvency.
The worst feature Of the present prospect is the
certainty that this resource will not now avail
US that Europeans are growing shy of anything
bat fret mortgage bonds, and will not touch
stocks at any price; aud, that, after ALL even in
than will pay the interest the bonds and stocks
now held there-say thirty millions year.
If the cotton and corn crops were certain to
be large, We might look with less alarm ON an
increased expenditure in foreign Injuries But,
as to the former, we know that it will fall nearly
One-third below an average: and, if the latter be
large, all that can be said is that the old saw
about "a lean following two fat crops is at
fanl. For two years, our land has teemed and
run over with agricultural wealth, most Of which
we have sold at highly remunerative prices:
ought We not now to expect reverse?
Perhaps the most dangerous of all the charac-
terstics Of the prospect at present is the perfect
air Of composure and confidence which marks
every one. The whole business world has made
its mind up TO an era Of wonderful prosperity
every man you meet tells you that we are going
10 have three very prosperous years This conf
depce, which is BALI the battle in commercial
point of view, will 60 far to realize its own pre-
dctions. When everybody is a bull, everybody
buys paper. and business extends in ratio Of the
expansion. We may therefore take for granted
that the prosperity so clearly foreseen by the
oracles Of Wall and South streets will not come
10 an end as soon as it might, but that it will
gather strength from its own progress, and be
very likely to last as long as its prophets forctel
namely till near the close Of Mr.. Buchanan's
Presidential term.
We call this dangerous feature Of the pros
pect. For, though prosperity cannot exist with
out doing good, and many families and communi-
ties will benefit largely by the era of commercial
activity into which we are entering, the more
that activity progresses beyond the actual capa-
city Of the country to absorb, and reproduce,
the more fatal will be the revulsion when il
comes We may add, by way Of explanation
or illustration, that import Of over six millions
in week at one port alone is far beyond the
country's capacity to absorb, and that the
consequence Of such an importation is az
clear as would be that Of unbounded ex-
travagance in an individual. Indeed, the pa
ralel holds good throughout. Very few men
ruin themselves from poverty. II is when riches
come to turn the head and sorrupt the heart that
the danger Of reckless extravaganza, debt, pover,y
and hardship begins. just 70 with nations. 90
long as the national trade isquiet, the production
moderate, and the consumption within CORES.
ponding bounds, great periods Of revulsion need
hardly be apprehended. But when prosperity
comes, when the ships increase in the port, the
bales in the warehouse, and the barrels on the
wharf then comes the risk for troubles for then
begins the peril Of extravaganza, fast living, aid
disregard Of order and economy. Into such
period are we now entering.
Tu.N rAa e.