The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1858-03-15

times In the event of a inquiry for our bread
stuns springing up at Tie close of the season. for
foreign consumption, It win be so much additional
aid to means Of payment, and add materially to
our resources. We can hardly anticipate sach de-
nand, and it may not be required to turn the cur
rent of specie to this side of the Atlantic The
importation of ten to twenty millions of dollars into
this port from London would have very favorable
effect upon the public mind, notwithstanding the
immense accumulations of bullion now in the vaults
of our banks Such an accession to our present sup
plies would actually be of sort of service; but the
fact its coming woull give much greater impetus
TO speculation in stocks and promote speculative ope-
rations perhaps in some of staple articles oftrade
Such an importation would show that our foreign
trade was restored to strong and substantial basis;
that we had, by economy and industry, paid up the
balances which had acc lmulated against us during
past years of extravaganza, and that we were once
more not only out of debt to foreign manufacturers,
but had fairly turned the tables upon them, and
getting back small portion of the gold paid for
foolish Injuries. This fact would be sufficient to
restore and strengthen public confidence, and
more than anything else to satisfy all classes that
with judicious consumption and moderate importa-
ton of foreign manufactures and liberal use of all
articles of foreign productions known as ordinary
necessares there is no country in the world better
calculated to keep its foreign trade 80 that the ba-
lance would be in its favor at the close of every year
than the United States of North America. There is
no reason in the world why our semimonthly remit
tances of California gold should pass through to
Europe Nearly every year since the California
receipts commenced the expectation of gold from this
port TO Europe has been nearly to an equal amount.
It is true that in some shape we have got value
received; but that is not the point Our metallic cur
rency requires the annual addition of forty to fifty
millions of dollars to put it par with that of the
principal commercial countries with which we DEAL
and until the standard of our circulating medium
ranges as high as that of Great Britain and France
they will enjoy superior advantages in all the opera
tons of trade.
We have received from Mr. Comptroller Gardiner
Of Milwaukee, detailed statement Of the outstand
ing Indebtedness of that city, It is full and compre
hensive, and just the thing for holders of the city
bonds Under the administration of Mr.. Gardiner
the financial affairs of Milwaukee are getting into
good shape-order and system now prevail, instead
of confusion and arrangement The present Comp
troers Efforts 10 protect the credit of the city
duly appreciated by bondholders in all parts of the
country and il is to be hoped his services will be
taAed, a. a guaranty for the future. With the
financial affairs of the city in such hands there can
be no difficulty in negotiating any new loan and no
danger of defaulting in the payment of interest on
the present indebtedness. To young and thriving
city promptness and punctualty of the first inn
portance, and property holders in Milwaukee should
bear IN mind that any change in their financial
affairs is likely to be loss instead of benefit.
Tie expectation Of specie from this port last week
amounted 10 PA 30 most all of which went to
Havana. This makes the total expectation for the
year M TO the 18th inst. inclusive, S9,99G,7l3 67.
The banks will, without doubt, show smaller spe-
Gle reserve in the next weekly statement than in the
last in consequence Of the Withdrawals for deposits
on bids made for the new government loan, or new
issue of Treasury notes. The bids have been very
large, aud the Secretary of the Treasury will get all
the money he wants upon the most favorable terms.
The California steamer is nearly due, with another
semimonthly remittance of gold. This viii give
US another million and a half TO 60 into bank
and swell the enormous reserve now in hand
The movements in foreign exchange indicate
much lower points for sterling bills The high.
est rates ruling at the close yesterday for banker
bills on London were a 81 per cent premium.
The rates tend downward, and the impression is
gaining ground that the current OF specie will set
this way from London before the expiration of the
next sixty days. This is not at all improbable.
The absence Of large importations and the activity
OF exports point 10 largo supply of bills, and ex-
perienced parties in the business predict rates
London as low as q I FER cent before the lst of
June. To bring bullion 70 this city from London,
jus; at this time appears very much Ike carrying
Goals TO Newcastle but must not be astonished al
anything in the financial world. Independent OF
any supplies from Europe the specie reserve OF our
city banks is likely to reach forty millions of dollars
before the lst Of July, merely from California and
our local amount of accumulation. The banks have
already more than they know what 10 do with, and
arc fairly hardened with the dead weight now in
their vaults.
The following are the quotations for coin and bull
iion:--
pr cent. Eng sl per &. - &c q 81 80
Am. rslf joils. ..1031zaloi American gold. par
Am. quarter iolls.io2 - Coin with the
Coine.i Precious 20 1853. MOTTO "EPlu-
| Span. 6Nex lrcfL) 70 cents. rlbus Unum'
| span. SNex (tap.D l2opr or over e1gie... Ba -
Shillrgs sn6 SKIP .e2r on Soyereigns ASA sc
| Mexican dollars. loo Glness....... 5e0a -
Peruy an an other Napolns. ,(2of) asa q