The New York herald., 1862-04-17

February 3S7s04S 2,5os,136 $3.50 ,O6S
Total months $50 o7s sos s24 7l5, ,6e4 s22 e7s
At this time last year Sumter had just been
fred upon by the rebels, and the people were re-
alizing that the ambition Of few Southern dema-
gogues had in reality plunged the nation into civil
war. Business of all kinds was paralyzed; mer-
chandise could not be sold at any price; people
were unwilling to buy any paper whatever; ex-
change was Mt dead lock; stocks had been falling
steadily for some time and were at extremely low
figures, though there was no panic, and erroneous
hopes were still entertained that Virginia would
adhere to the Union. The imports Of March, 1851,
showed a great falling of from the average in
general merchandise and marked increase in the
import Of bullon-au unwholesome indication.
March, 1862, shows an increase Of i'm
p0rtations of general merchandise, though
the aggregate is still considerably below what
it would have been in time Of peace; and the
specie current is outward the export being
nearly 50 400, 900 in excess OF the import. In
March, 1861, we were exporting large quantities
of breadstuffs and provisions likewise cotton, to-
bacco. rice, turpentine and other Southern pro-
ducts: the aggregate for the month was, with one
exception, the largest for the year. In March,
1862 we were importers, not exporters, Of cotton,
rice, turpentne, tobacco, &C.; yet our exports of
breadstufs and provisions fell but about million
and half short of those Of March, 1861, and If we
add our exports of specie they show an increase.
Had no rebellion broken out both the export and
the import figures would probably have been
nearly doubled.
Glancing at the tables for the last nine months
of the current fiscal year, we notice that our i'm
r. cor 1o cfo ha in
crease while our exports of domestic produce ere
steadily on the decline. The former reached their
minimum in September, 1861, since when they
have been increasing every month; the latter
reached their maximum in November last, since
when they have been falling of evory month.
There is every TO believe that this will be
the course Of trade for some time to come. The
country wants foreign goods, and will have them.
whatever the tariff may be, and whatever the state
of the foreign exchanges while, on the other hand,
the fair harvest prospects in Europe, and the diff
culties which stand in the way Of q revival Of
shipments of Southern staples, presage a steady
decline in our exports Of produce. The conse-
quence will he, Of course, revival Of specie ship
ments on the old scale. Our shipments of coin
have been increasing steadily ever since August
last. In March they did not amount to
as much as was expected. from various
accidental causes. They will be heavier in April,
still heavier in May, and by midsummer win pro-
badly be as heavy as in 1857 or 1860. Tie only
thing which can prevent the revival of copious
specie shipments to Europe is large remittances of
money from the other side for Investment in our
securities Whether this will occur soon enough
TO prevent the drain is question which admits OF
some debate.
The money market was very easy to day, the
rate for call loans being G per cent. and good
mercantile paper selling at s z. Certificates Of
indebtedness are quoted 97,s Il. Large amounts
are being deposited daily with the Sub-Treasurer
at per cent interest, under the law OF March.
Yesterday he received over 100000. We pre-
sumo that the deposits will soon reach the limit
fixed by the law, and we recommend that Con-
oress enlarge that limit TO one hundred millions Of
dollars and authorize the Secretary Of the Trea-
sury to give legal tender notes for the amount in
addition to those already afoat. This will have
TO be done sooner or later, and Congress may as
well act upon the subject now.
Nothing was done in money or exchange to-day.
Gold auctuated between 1917 az, closing 4
bid
The stock market continues firm, and the amount
OF business SHOWS y tmat fNCrcusc. ueH' NTaHt 5
official report dissipatcs the lying stories which
the bears had set afoat with regard to the battle
of Pittsburg, and deprves them of a considerable
portion Of their capital in trade. Governments
advanced 4 per cent, the coupons closing o31.
bid. There Is q good deal Of comment in the
street on the subject Of loans on government
stocks, 10 which we referred this morning. The
impression prevails that il is as much to the intc.
rest of the banks themselves as to that OF the 60
yernment and of the public that per cent be
adopted az on extreme margin for loans on
governments, and that, in ordinary transactions
where the borrower Is otherwise responsible,
margin Of y. per cent ought to suffice. It would
require very overwhelming calamity indeed to
,.snse government skies to fall az per cent in a
dav Bv exacting margin Of 10 per cent on
coyernments. the banks are dscrediting security
os yhcb they are themselves the heaviest holders.
Pacific Mail rose to-day to lO424, closing l04 bid.
"A seems to be understood that the bears have
been corncred in this stock, and have paid pretty
smartly for the privilege Of selling 1t. BY and
by, perhaps, they will learn an equally use.
ful and not less expensive lesson in Cen
trail. Toledo and Erie. The general railway list
closed steady at about the best prices OF yesterday
The following were tho last quotations Unite!