The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-08-07

500 FOG, OF which :he enormous amount ~ $685.
O42,74O were entered for consumption The fol-
lowing table will chow how these figures viii
compare with former years.
Enersd for 7sxai K..>red
July, 1850 ............ $iS ,0@4s 10 3os WI
July 1910 ........... lsIcseee Souoaos
July, l6S7.............. Zc,t42,IO 80 BOZ 100
The contrast is absolutely appalling. II we
make detailed comparison for the year, an
equally striking result is shown
Foreign Goods
Entered AZ this Port.
FIRST seven months of 1875 SO 2ss,s!S
DO co !o9o. ..'..'..''.'....... os,vao,saa
Do DO. leoI.. .loo,1ZS,ooS
One result of this glut of the market, (for in
addition to the unprecedented entries for con-
sumption during the month, sl0,47O,S2O worth
of goods we're withdrawn from warehouse during
the same period,) will be sacrifice Of large
quantity Of foreign goods, which must naturally
be sold here at loss, perhaps ruinous to the i'm
porter.
But question Of more Importance than this,
to the country at large, is the method by which
these goods which we are taking in such enor-
nous quantities are to be paid for. 1t appears
from the Custom House returns that the exports
of domestic produce from this port during the
month of July fell short of the exports of July,
1856, by 81 ,76s $50, exclusive of specie; and the
total exports Of the seven months of the year are
equally behind hand. The detailed comparison
is as follows
Exports Of domestic produse from New York
from LIST January 70 slss July, 1853 .....saeslS S
DO. do lSo'.......... 3S,I2 1856
Falling tf this $S,o62,s29
Thus We are already nearly six millions be-
hrd last year in our shipments Of produce,
while we require-to pay for cur increased im-
portatons-nearly twenty three millions more.
A part Of the deficiency is bal-uced by the ex-
poit Of specie. We have already shipped to Eu-
rope S26, 600 Of specie, against $40 547 900,
during the same period last year; thus reducing
the balance against Us to about twenty. three
millions for the first seven months Of the year.
What are we to do with this balaoce?
There is reason to believe that the imports
viii continue to be enormous during the months
of August and September On the strength of
the tariff our merchants have strained their
means to the utmost to give copious orders to the
manufacturers abroad while the excellent crop
prospects Of the West encourage toe Western
merchants to be liberal 10 their orders to their
correspondents here. We look tor continuation,
for some time TO come, in the increase Of imports
both at this ard other ports.
AS to the means Of paying for them. 1t is
now obvious that the crops in Eutope are going
to be go bountiful that our grain will hardly pay
the cost Of f,eight to Liverpool. We must ex-
pect to get on as well as We can without
foreign demand. Especially in view of the
pending movement for the increase Of railway
fares, it seems very unlikely that any consi-
derablc portion OF the harvest will be moved
this fall. We cannot expect the cotton bills
before the beginning Of the winter There re-
mains then only the two old staples with which
we have 20 often been obliged to pay our Euro.
pean dtbts-paper securities and gold
But, with the former, the capitalists of Europe
will have no more to do. We believe II is q fact
tina. since the outbreak of the Russian war no
single American loan has been negotiated in
Europe II Is well known that the recent
vigorous endeavor which was made by Mr..
Pruyp, Of the New York Central, to place a
large quantity Of that stock on the London mar
ket, and so relieve holders here, was a total
failure, Notwithstanding the reputation Of the
security and the high character Of the agent
employed. II is also we'll known that, of late
American securities have been travelling
westward, not eastward; coming home to
us in blocks, and not going out at all. The
disgraceful failures Of some companies, the still
more disgraccful financial shifts-not to say
r,a,Je ~ nthor, have tborou rhtv s;olyoooJ .Lo
European public of our securities aud we doubt
whether fifty thousand dollars worth viii be sold
during the remaining five months r. the year.
This source OF relief being therefore hopeless
there only remains specie to carry us through
the fall, and pay the enormous debts we are In
curing. II will probably take thirty eight to
foriy-nve millions Of specie To pay the debts
which viii have TO be paid before the cotton
crop becomes available. Assuming forty mil.
lions as the probable means, such drain upon US
would make our specie export for the year near
ly double what II has ever been. Added to the
SIC, 100000 already sent abroad II would oblge
MS TO part with the colossal sum of $4,000 900
in specie in single year. In what condition are
we TO bear such drain For the past eight
weeks we have been draining the Boston, Phila-
deiphia, Southern and Western banks of every
dollar Of specie they had; having accomplished
which, we find ourselves at the head of about
thirteen millions, all told. OF this our country
friends will take from us, ia the course of the
next five or six weeks, all they sent us, say four
or five millions; and in the meantime we shall
have to supply the demand from the shippers
for Europe. The prospect Is that before the end
Of August our bsnks-which have been expand
ing with characteristic blindness find them
selves compelled TO adopt the most energetic
measures to avert a suspension Of specie pay
ments; and that the very best paper and most
undcniable securities viii be glad TO find pur
chaser OF two per cent month.