The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-06-08
FINANCIAL AND CONNER c.Ai.
u ID n EF "a n Il x X " 4.

n-eh more was "aien QUIZ have means OF ascer-
tan'ng ard although Ne had by the steamer OF the 2oth
Of Ap, the authorities of the Ala California and the
Iice cayea, for the reiterat!on positon We had
ourselves assumed that the yield gold this year would
be greater than has been known yet the latest
vices threw fresh doubts the subject by doe'l l.nen.
tacos on the want of in tho mining districts where
many o. those canals end d ohCs which convey the
from ve TO eighty miles TO the hands O. the miners, had
begun TO exhibit signs q exhaustion In the present par
| tauy sisgnaL aspect Of trade and the recent
heavy exports of coin and bullion both from New York
and Boston, continues to be a question OF al,
| sorbing interest to inquire how far VIC may
| rely upon relief from Western "E Dorado"
during the remainder of the SIMMER, question OF still
more imminent gravity since the discussions which have
80 recently forced themselves tie public MUD In rela
ton to The exorbant augmentation OF the expenses Of life
IN every grade OF soc.esy It will net be forgotten ha, In
1881 when the commercial hurricane swept over the en-.
lire country, prostratpg old well young houses III
volvng many even of the most prudent and substantial
business men in the vortex OF disaster and draining tie
banks Of ther CON- the extravaganza OF large portion Of
the noninally wealthy and the unavoidable heavy ex.
penses of the rest of the community, admitted to
have been among the aggravated OF that terrible
crifs Without drawing an entire parallel between the
two PEI ots cannot be denied that position some
what liar 20 what il was ,hen and that continued
por;aIon Of our bullion without liberal continuation of
the supply from almost only resource California
must result in state of things anything but pleasant to
contemplate in financial circles, and which must be
papabie to the understanding OF people among whom
credit forms the basis OF ninety nine per OF their
tire trade, ard who watch with something of fevorsh
anxiety the specie reports in weekly bank statements
The abstraction Of three or four millions from banks
would not make com. sraivey a whit the poorer, for
wo would have still the property which rcpres .rts
over one hundred millions Of bank debts and a much
larger sum OF those private Obligations aud mortgages
which have aided in creating the vast i'm
proyerents in city and the construction
OF mercantile marine second to in the
world Bot such dimnu;ion o. coin would lnevi...
bly, create alarm which would as inevitably cause o
contraction OF bank accommodation the consequences OF
which are too well understood TO require any present
mept.
We learn from the san Francisco papers tina. the recent
mpofaons Of otegn goods have been again extensive,
and this may partially for increased expors
Of gold but the actual closing up OF bank and
extensive commercial houses, Zone OF them OF ex
tended operations than either OF the banks part of whose
funds have doubt passed through New York have fur
thus rather had stndency magnify expectations ,r ma
future. We have hitherto caled attention TO Iuu
creasc productions OF California OF the
causes for reduced specie exports and
last advices substantially confirm views Only three
years since masons, carpenters blacksmilhs, &c,
obtaining twelve dollars day wages, nearly the whole
of which they brought home with thom whilst at pre-
sent fourth OF their number are needed there
and those wages ranging from three TO I've dollars
day. I, the with regard to almost every neces.
sary of life they derived from importation and coin
the only means OF payment This We have dwell
upon occasions but cannot too strongly i'm
press the fact upon those who whilst keeping wary eye
to the ogongs OF our own SPECIE proclaim their conf
dence in corresponding replacement by the California
steamers. would appear from the Price Current issued
San Francisco tho Cd Of May that the sugar refinery was
In full operation aud report speaks highly Of the qlaiy
quantity the leather being prepared the tanneres
In he interior which must very soon din nish an impor
tsnt brarch Of California trade in boots and shoes
The San Francisco Buin estimates ION what authority
we know not Of loose capital In the hands Of
working men, miners traders and others, at twenty TO
thh ~ millions Of dollars which no security or pledge
would induce in twenty" to deposit in the banks,
absolutely shaken their confidence in those institutions
the events of Februry 1855. THIS Ia assuming rather
downright and positive grounds bot that II Is partially sup
ported by notorious since tina, eventual epoch
be Denied and o have been glarngy
conspicuous reduced scalc Of confidence aso between
an and man. and especially striking contraction OF
thai reckless Of exravaganee In the private habits
OF the people, which for long period formed
the characteristics Of the successful Californian. This Of
ITSELF Of importance than would at first be sup
posed state OF general disirust among each other,
bankers included and greatly diminished scale Of the
prices labor and Of personal expenses know Qrom
experience OF the later especially 70 lead 10 reduction
Of imports Of foreign goods; and hence diminuuon Of
the exports Of gold from California is one Of those things
whi.h may be reasonably IL not positively, anticipated
On the 9TH OF May At San Francisco money on the sccur
ty OF goods and merchandise was procured with difficulty
per per month, the borrower paying all charges
OF storage and fire Insurance. and giving the lender tho
ample authority 10 sell the property pledged within
twenty four hours without special notice in OF default
Of payment Take them altogether, the genera tone OF
the printed and private adviccs by the Last steamer from
San Francisco anything but catering, more especially
the advance tho OF interest in country where
land speculation has almost entirely ceased, and where the
grand incentive TO the cupity Of man grows as wefe
upon the trees and the bill Sides The gold there, oa
the people are not II for future times 70 present
such moral OF things in that State as will In iuco the
immigration Of permanent settlers who may dovolopc tho
resources Of that wonderful country by tho Simultaneous
production Of forty bushels OF wheat one acre OF ground
and the discovery Of two pound nuggets on another
The direct expectation Of specie from this por, last week
vas comparatively limited. The aggregate is as an
| nexed -
srNxSrs SrIur FROM ru Poer oF NEw rosx 81.
Steamer Philadelphia, Havana, doueloons ssl so %
steamer Columbia liverpool soId bars sS oos 90 90
| ro,.i m, tns vsuN - oess 20
Previously reported. F,'o','o' -
Tota 1901.
Tho principal shipment last week was from Boston Inc
Niagsrs Wednesday last, from that port, took on
$4,000, most Of which went from this city the snip
men,s OF the present week will DO very heavy. Inc
Arabia from this port Wednesday will take out neary
two millions Of dollars, end the Washington and Ariel 90
saturday win tako out largo amount We should NOT %
surprised to total expectation this week OF noafS
three millions Of dollars.
The value Of merchandise imported Into this port duTss
the rast week, and since January In each OF the pas
three gears, was follows
CoMxxscn OF 1Hr Posr o. NV forH ,.,
. 1855. 1855 ~,
Drv Goods - ,sTa sl,l2i,2po 3sS,II
Ccy,,,sl rne,ci.naI.c ssoi37 2s56oie S,ges ,33