The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1860-08-07
Our Financial Prospect.

Our Financial Prospect.
1t is rather fortunate thing that the census
Of the United States is to be taken this year,
for Providence has 90 favored us that we shall
be able to make show that wiki astorish the
world. The figures which indicate the produc-
tive capacity Of the country, as revealed in the
census of 1860, will probably astonish even the
most sanguine of our own people.
II is now admitted that the figures of the cen
sus Of 1850 are unserviceable for the purposes
OF commercial calculation. They were in
many instances defective when they were first
collected and the country has grown 60 much
since then that the most ludicrous errors are
made by those who use them a. the basis of es-
Inmates. A few of the States take an annual
account of stock, which is probably In the main
pretty trustworthy but as this is not general,
1t Is useless for national computations. Nc one
can tell within 10000, 900 bushels how much
wheat is produced in the United States, or
within 200000,000 bushels how much corn.
The actual amount of rice, tobacco, hay, pork,
beef, butter, rye, potatoes, &C., raised ir the
country is equally matter Of doubt People
talk of maximum crop of 200, 100000 bushels
wheat, and 7OO,OOO,QeO bushels corn but these
are mere rough guesses. There Is only one great
staple whose production is reliably ascertaiced
from year to year, and that is cotton.
1t is, however, pretty certain by this time
that the crops of 1860, whatever may be the
aggregate amount of each, will without excep-
ton be the largest ever raised In the country.
The only crop failure this year is the wheat
and corn crops of some Of the Southern States
where they have had but little rain
but these States have never been great pro-
ducers of food, though their wheat has gene
rally been very fine In quality. Throughout
the great wheat growing States Of the Union
New York, Pennsylvania, Ohio, Indiana, IIli-
nois. Wisconsin, Minnesota, Michigan and
Iowa-the crop Is universally pronounced by
the farmers to be the best ever harvested. Corn
promises equally we'll; unless some unusual
disaster should occur the corr crop likewise
will be largely in excess Of the average Lands
which in 1855 yielded five bushels wheat to the
acre, will this year yield twenty; and lands
which In the same year gave fifteen tc twenty
bushels corn, will this year give forty-fve to
sixty. We believe that as q general rule, pota-
toes, hay and rye will be q full average; the
beef and pork crop will be considerably above
an average. In the South, both the tobacco and
the rice planters are In good spirits; the sugar
crop of Louisiana will be short, we are told, IS
also will the corn crop IL the Gulf States With
regard TO cotton. opinions differ somewhat. In
the beginning Of July the favorite estimate,
based on the area planted, and the fair spring
weather, was 5000, 900 bales; but since then the
drought has affected the uplands, and some re-
duction must be made Some authorities look,
under favorable circumstances, for crop Of
| 4.sOO,o 900: others think Il will not exceed the
crop of 1859, say 100000; while others doubt
whether II will reach 100000 bales. But nc
one seems to doubt unless the fall season
should prove very unfavorable, that IL viii be
40 a As per cent lie excess Of the average crop
| five years ago.
Here, then, Is clear prospect Of On aggregate
increase Of wealth, by actual production, which
can hardly be figured in dollars. Turn.
| ing, on the other hand, &c the manu-
| featuring business Of the country, we
End that II never was sc prosperous
as II is of present The report from every Part
Of New England lie, that the mills are in con-
slant operation; that the manufacturers carno,
Gil their orders; that labor Is In constant de-
mand, and that new mills are being built on
every side. The amount Of raw material con-
sumed in the New England factories this year Is
fully one third In excess Of the old average.
New England Is competing successfully with
| Old Esgland for the Asiatic trade Great Britain
viii find, after she has spent few score OF NIL
lions 10 subjugating the Hindoos and beating
the Chinese, that she has merely opened mar
ket for Lowell and Lawrence. So In hardware
Our native manufactures ore driving the foreign
goods ont Of the market; II the present duties
we're abolished, in few years our n,anufac-
turers would have the whole home Geld to them
selves.
Meanwhile, for the Hrst time In cur history,
our consumption has not kept pace with our
productio II seems menstrous thing 70 say,
but we ere really Saving noasy, The InPSrta.