The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1858-01-07

Commercial Retrospect for 1857.
The year 1857 will long be remembered by tho com
mercis world of the most remarkable in the his
tory Of finance and trade opened with and pro
tracted cold weather, which extended 30 far into the
spring 10 materially reard the business Of the season.
which also suffered from the deficiency in the previous
years crops. was hoped however, that the autumn
trade would commence early and prove large and active
The prospect also Frightened by the assurance on
every hand that the crops Of 1867 unusually large,
and saved in good condition The large yield was looked
70 BARS for large, sound and improved trade
With such prospects mporations made on largely
increased scale. The import trade was also stimulated
by the extensive and large reductions made in the tariff
of duties passed at the last session Of Congress
Goods on which heavy changes were 70 be made on
the first of July brought into the country in large
quantities. and general rule into the public
warehouses The largest amounts in value consisted Of
SUGARS foreign brandes, wines and spirits, with foreign
manufactured dry goods, including silks, &c. When the
tariff came into operation, however, did not work
iavorably for importers had been anticipated. Tho
banks, from freak Of needless imprudepce in the
months, when produce receipts light
Of the previous years short crop expanded their loans
in brief period 10 hundred and twenty millions
Of dollars When the autumn arrived and the produce
Of the growth Of 1857 had just commenced coming for
ward, we find that in few weeks they suddenly con-
tracted twenty millions of dollars This was go sud-
den and unlocked for that general panic seized the public
mind while house after house yielded 10 the storm unhe
banks themselves, becoming objects Of suspicion the
part Of their patrons who had made deposits with them,
commenced on them for SPECIE which in twenty
four hours forced them into suspension
The panic had become wide spread and general,
and in few weeks failures counted by the hundred
Large factories at the East either failed worked half time
or shut shop The exchanges Of the country became
deranged and the forwarding of produce arrested Col
lectons became for time impossible. The fall trade,
which had been largely prepared for and looked for
with so much eagernes was TO great extent destroyed
With this arrangement the vaines Of all kinds Of
able property including stocks and produce, suddenly
declined to enormous extent, and thousands were
either damaged ruined. Then another strange
phase of the panic. We stopped pretty much all
mitances TO foreign creditors. Sterling exchange
suddenly fell 10 90 a 95 for produce bills and
70 90 100 for the best bankers drafts from 16
per cent below the par of exchange and favor of the
United States Indeed, sterling bills could scarcely be
sold at all and remitances became suspended Yet the
English compelled TO purchase cotton and other
produce, of which the supplies were light and we wit
messed the extraordinary anomaly Of nation sending
several millions in specie and bank credits to pur
chase produce from people who largely its
debtors. Such unusual turn in trade wholly
unlocked for in Europe this side, and
long producing revulsion both wide spread and
destructive the end of which in Europe had not been
fully reached at the last accounts The English effect
however, said to u.s. If compelled TO send over
specie or its equivalent to purchase your cotton
and other produce, must expect in a measure
TO buy II at prices. And such has
been TO great extent the true state of the case.
They with cash It's equivalents hand have been the
chief purchasers of cotton and much of other
produce, while the Comment and especially France, has
in a measure been out of market
The rebellion in India has also exercised less
influence foreign commercial interests.
With the stoppage Of foreign romttanccs banks
commenced gathering specie, until reached amount
probably before held by them. They finally
sumed but late the fall trade 10 retrieve
the unnecessary and wide spread evil they had produced
With their resumption wo renewed our remittanccs by
sending specie in large amounts, augmented by tho
want of confidence in bills drawn against foreign houses,
and the novelty witnessed Of passing each
other the ocean, carrying specie both ways
those coming hher bringing IL TO purchase produce
and those going out carrying 70 pay our debts, with
loss Of insurance and interest in each case.
BY the bar terposcd 70 the forwarding Of produce from
the interior the autumn all interests and affairs of pcr
sons in nearly all pursuits made In suffer. ny this
means, as previously stated, about thirty 10 forty
millions Of dollars worth Of produce retained in the
interior which should have reached the seaboard have
made the equal 10 what for the period
in 1856.
The falling on in cotton receipts at all the ports up to
date the first d September last has reached about
400 900 bales which, at average Of Of stopcr bale
gives value Of $4,000 900, although tho crop Is cs,
mated to exceed that OF last year by not less than 100 900
to 200, 900 bales.
The deficiency In the receipts o brcadstuf at this port
is manifested by the half filed warehouses At the
Atlantic docks, warehouses which at this period
last year had about TOO 600 bushelsof storage
contain only about 10000 Warehouses In the city
do not cohtan fourth OF the grain storage
they did al this period last year. This dinnuton In
storage has acted unavoraby upon the labor Of the city,
because fewer hands required 10 handle tho present
stocks than were required last year
The heaviest failures during the year have occurred in
the dry goods trade and among the American cotton
manufacturers and their sgens Many persons who
meuced the year strong in their confidence Of being
mionares have found with the close Of the present
year, that their fortunes have been swept away.
The which led 10 the breakdown Of our coton
mills and their agents, commission houses are OBJ.
vious, namely, the overstocking the market with
goods produced from high priced raw oottons.
Notwithstanding competition in foreign markets
with England Is mainly restricted 10 our supply Of
heavy piece goods mills continued 70 produce these
goods in large quantities from cotton, costing
average Of from 80 100 per cent higher than paid
the previous year; and this, in the faoc Of diminished
exports ef piece goods 10 foreign ports by interruption 70
trade from the with China and other causes.
The whole consumption Of cotton In the United States
for the year ending the Let Of September, 1857
1000 bales, against 7ss 900 In ls56-ehowing
crease over any former year, and at higher prices
than had ruled for many previous years An pro-
ducton OF goods under such crcumsanoes combined with
the long credit system, produced these fruits when the
panic came failures In the trade occurred every hand
and loeses counted by millions, while large quaint
tics Of heavy cotton cloths forced OF pros less
than the cost q the cotton Of which they
poeed spnners, In the autumn, were driven from the
cotton markss Ehch was tcft 10 the English, who, buy