The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1861-11-25
FINANCIAL AND COMMERCIAL.
SUNDAY, Nov. "a, 1861

SUNDAY, Nov. "a, 1861.
The aggregate imports for the week which ended
yesterday were rather more than half those of the
corresponding week last year and rather more than
one-third those Of the corresponding week Of the
year 1869. The exports fell but trife short OF
four millions of dollars, and were, in fact, the
heaviest of any week on record. Exclusive of
specie, we sent abroad considerably more than
twice as much as we received from foreign coun-
tries. Under the circumstances, it may fairly be
presumed that New York is a type Of the whole
country, and that we are shipping to foreign coun-
tries considerably more than are receiving from
them. This should not prevent Congress adopting
still higher rates of duty such foreign products
% can be produced here or dispensed with alto
sether. Still lit is satisfactory to know that under
the present tariff our importations are kept down
to point which renders apprehensions of a drain
Of specie wholly gratutous. The following are the
trade tables for the week and year to dates
IMPORTS.
f6r TIC tcsck. 1859. 1850. 1851.
Dry goods ......... s, 1857 93I 1235 ,6s4 2s3 s32
General merchandise 2,5o5,2Sa ieas,ss7 1,sos,iSs
Total for week IS, 7es, 100 1881 9N 1891 .4s5
Previously reported 2l4o7ol1s 2oess4oS2 11o,74so42
Since jan L. s2ls 4ea, 900 200 1875 o7s liz $40 427
ExroRrs or PRoDucE AND MERCHANDISE.
Ss1 sss Sy' reported
,,since jan $50 ,7sl ss,l44seo lis, $50 ,es8
ExroRrs OF SPECIE
For the week. ....... io,4oo is44a None
Previously reported. 81 9oo,ss3 4235s,42l 1926 1856
Since Jan. l.. SOL oil 1888 42s72,s84 $3.50, 1856
Last Monday the banks showed specie average
of 81, 461 1888. For month there has been no
material variation in this item Of the bank state
ment; the income of the banks has balanced the
outgo to the Treasury. This will probably con-
tinue to be the case for time to come. During
the past week the banks have paid seven millions
into the Sub-Treasury on account of the popular
loan. But the disbursements of the Treasurer have
been so heavy that even should the reserve show
decrease tomorrow the apparent deficit will be
/. made up during the present week. Over three
millions of dollars have been disbnrsed to con-
tractors and others at this point since last Monday
In studying the bank statement it must always be
remembered that from the fall of 1857 to the fall
.sof lS60-when the banks were conducted on ex-
tremely conservative principles-a reserve of
twenty millions was deemed adequate for all
possible contingencies. The banks now hold more
than double that amount. 1t should also be borne
in mind that on 10th August, when the banks first
decided to stake their fortunes on the success OF
the government, the actual specie reserve in the
banks and the New York Sub-Treasury amounted in
round figures to $54 600 ,006 Since then sevcrai
millions Of gold have been sent to Chicago, St
Louis, Cincinnati, Western Virginia and Washing
ton, for government use. Yet at the present time
1t appears from the returns from bank and Sub
Treasury that the aggregate reserve does not fall
far short of fifty millions. right understanding Of
these facts will lead to the conviction that the only
financial peril which was apprehended by the timid
in August last-the boarding of specie by the peo-
ple-has been safely avoided. There has been no
boarding anywhere. The gold which was in bank
when the war broke out is in bank still, and it
is fair to presume that, as the people did
not lose heart and hoard when the fortunes
of the republic were at the lowest ebb'
they will not do SO now, when the
horizon is Frightening daily. 1t is necessary that
the outflow of specie should be prevented at all
hazards. If there should seem to be any chance
of an increase Of importatons of foreign luxuries
it viii devolve upon Congress to lose no time in
raising the duties to render such importatons
impossible. At present there seems to be no pros.
pect of an increase of importations. The foreign
importers, who would be entitled to more sympa
thy il their loyalty were more obvious, are doing
very little business. The bank loan will proDabl,
show a very large increase tomorrow, as the hit,
millions of six per cents taken on Monday las
went into the books of the associated banks OF