The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1860-01-04
peace or war. And this will be the controlling
question in the election Of Mr. Buchanan's suc-

question in the election Of Mr.. Buchanan's Sue
cessor.
Our Financial and Commsrctal Review.
II is hardly necessary to bespeak attention
for the elaborate and exhaustive survey Of the
financial history of the year 1859, published in
another part of this journal; for the most cur
sorry glance will satisfy every one that it is an
article of abiding value, and at the present
time Of marked interest. Many months will
elapse before the central statistical department
nt washington will condescend to impart any
Information to the public respecting the COM
mercial history Of 1859. Three days only have
elapsed since the last year ended (two Of these
being holidays), and we print In this mornings
HERALD copious tables, showing the imports
and exports, the imports of dry goods and spe-
Gle, the exports Of domestic produce, foreign
re.exported, and specie, for each month for the
past four years; the fortnightly receipts Of gold
from California for three years; the cash
duties received at this port monthly
for four years; q table Of financial
fluctuations during the past year, showing the
fluctuations In money, exchange, bank loans,
deposits and specie, cotton, stocks and bread
stuffs; a table of railway traffic, showing the
earnings of the ten principal Northern and
Western railways for each month Of 1858 and
1859; table showing the fluctuations in stocks
on the Stock Exchange each fortnight through
out the past year, together with such narrative
and explanatory matter as is requisite to rem
der the article q complete financial history.
In many respects 1859 was peculiar year.
1t was the first year Of actual recovery from
the crisis Of 1857. The year 1858 which was
chiefly marked in the North by short crop,
and endeayors to effect general liquidation
left the country worse of, as whole, than 1857
had done; 1859 leaves us better of, though less
outwardly prosperous, than any previous year
Tor long time. 1t is true that, as arule, the
merchants of the great seaboard cities made
little or no money last year. Shippers Of cot
ton, breadstuffs and provisions, and importers
oil dry goods, teas, sugars, and other general
merchandise. generally lost money by their
business; with regard to produce, because
too much money was paid to the original
producers, and with regard to dry goods be-
cause the.simportation was excessive. But il
must be remarked that the real wealth of a
country by no means depends upon the profits
OF foreign merchants. On the contrary, il
often increases as those profits decline, and de-
clines as they increase. A country's profits
depend on the price obtained from foreign ma
iiors for The staples it produces and manufac
lures. When the cotton, breadstuffs, provi
=, lovrr md ri 20
,uunerative, the United States grow rich; this
was the case in 1859. There never was a yeal
when so much cotton, flour, corn and porl
we're grown and gold raised within the United
States as last year; and the price Of these com
modities being generally high, there never wa:
q year when the country's profits were larger
though, contrary to usual custom, that prof
seems to have been monopolized by the pro
ducer, and not shared between him and the
merchant If to this we add that, owing to the
misfortunes of 1857 and 1858, there has mo-
been for long period year in which so mucl
economy was practiced by the people gene
rally Uhe residents of New York and some part
of the South being exceptions to the rule), i
will be seen then there is good ground for thu
assertion that 1859 left us better of, as PEG
pie, than any previous year for long time.
This il not the place, nor is there room fo
much that is suggested by the very compre
hensiye tables published elsewhere. 1t MAJ
suffice to say that they should be kept, for flu
ture reference, in every merchants Office
throughout the country. The history they tel
is interesting and instructive now; the time vii
come when it may prove guide and beacol
TO the mercantile community.