The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1861-06-10

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Stocks do not vary much, though there seemed
last week to be o sounder appreciation of the
condition of the country among holders of stocks
than has heretofore prevailed. Large parcels of
cash stocks came into the market last week for
sale. Thus far the bulls have been enabled by the
ease of money to carry all the stock that was
offered; but the load is evidently becoming too
heavy for them. Illinois Central was supplied so
freely that it fell, at one time last week, nearly
seven per cent and 1t is still dearer here than in
England. Everything else declined, though not to
so great an extent. No data exist upon which
we can form reliable guess as to the prices
which are likely to rule hereafter in our stock
market The political and military crisis is with
out precedent in our history. Neither the war Of
lS47 nor that of 1872 bears any comparison with
the civil war in which we are now embarked
Neither of the two was necessarily fatal to our
internal industry and commerce. Neither dislo-
Gated the joints of trade, as the present war is
doing. Neither of them placed the very existence
Of the republic in jeopardy. The principal COM
mercial characteristics of the war which has now
begun are total destruction of the enormous trade
between the North and the South; a reputation
by the South of large sum of money variously
estimated at from sixty to two hundred millions Of
dollars, due to the North the compulsory failure
Of the bulk of the great jobbing and importing
houses, to whose enterprise and wealth the growth
and prosperity of New York have been mainly
due; the probable suspension Of the bulk Of the
Northern banks, in consequence Of the worthless
ness Of their assets; reduction Of from fifty to
seventy per cent in our foreign trade, in conse-
quence Of the stoppage of exports of cotton, rice
and tobacco on the one hand, and general dimi-
mutton of consumption on the other; the destruc-
ton of the credit of States which have nearly two
hundred millions of bonds a1oat; the withdrawal
of nearly million of men from productive agricul
tural, Industrial or mercantile pursuits, and their
employment in the unproductive occupation of
warfare and the creation, for the first time in our
history, of State and federal debts bearing some
proportion to the debts u the European monar-
chies. These arc the bvious and certain fea-
lures of the war. In addition to these, other and
equally grave commercial complications will arise,
should the war at the South lead to o general
stampede Of negroes, and 30 imperil the future
agriculture of that section; or should Great Bri-
tain persevere in policy of secret sympathy with
the South, and compel the United States to de-
clare war upon her.
This condition of things is so entirely new that
it is impossible to foresee its effects upon our
commercial and financial interests. We may be
sure that these effects will be severely disastrous;
but to what extent the disaster may spread, or
what interests will survive amid the general ruin,
it is impossible to discern. There are reasons for
believing that one of the most marked changes
which are impending will be sudden turn in the
money market. With the exception of brief
period of panic late last autumn, we have had an
easy money market here ever since the crisis of
1857. This year especially the ordinary laws
Of money seem to have been reversed.
We have imported gold from Europe in.
stead of exporting it, and money has
been cheaper in New York than in London.
This anomaly was caused by the moderation Of
our imports, and our unusually large exports Of
cotton, breadstufs, provisions, &c. If in Decem-
Der last exchange had ruled as it generally does,
our banks would all have suspended before New
Year. we are now exporting no cotton, and from
present appearances shall export none until the
United States Army restores the power Of the gov
eminent in the Gulf States-which cannot be before
January next at earliest. The exports of tobacco,
rice, turpentine naval stores, &C., have ceased in
like manner. Is it not reasonable to expect that
this stoppage of exports must before long begin
to tell upon the exchange market, and revive ship
ments Of specie to Europe? Can we expect to go
through July and August without parting with
some of our gold? And when the drain does begin,
how can it be checked? The great staples which
have heretofore paid our debts in Europe are out
Of our reach. We have nothing left to ay with
except gold and food Will our banks be able to
stand such drain as we suffered in 1885, 1857,
1859 and 1860, without suspending specie pay
ments?
II is the part Of common sense to consider these
points in good time. The country is united as one
man in support Of the government, and nowhere
is loyalty mere marked than among the CONNER.
cial and financial classes of New York. Every
enc who is competent to form an opinion is deci-
0edly in favor Of prosecuting the war with vigor
and energy no matter what the cost. Half mea-
sures now wosld be more fatal in the end to New
York and to the country than the severest present
suffering But at the same time it is right that
those among us who have interests at stake should
ook the situation squarely in the face and dismiss
all decisions as to the consequences Of the contest
In which we are embarked
CITY COMMERCIAL HEPORT.
SATURDAY, June 8-8P. II.
ASHES Tho sales confined 70 small lots Of pots at
So AK, ana of pearls az S. 62 The stock comprised
about 625 bbs pots and lS5 DO pearls MAILING together
Te2 bbls.
Rqr ,prrrrs market yas irregular for the