The New York herald., 1862-02-20

At this time last year trade was in a condition
very similar to that which we witness at present.
We were exporting large quantities of domestic
produce, and importing less than half our usual
quantity of foreign goods. The main difference
between the two periods is that in January, 1861,
We imported over seven millions of specie and eX-
ported none, while in January last we imported
little or specie and exported over two millions
and half. The first mutterings Of disunion and
the turbulent proceedings OF South Carolina had
operated 70 curtail the importing trade early
December, 1850, while our exports, both OF cotton
and breadstuhs, continued TO be unusually heavy.
Hence the balance of trade was in our favor, and
the best bankers bills were offered az los. Al
present we arc beginning 20 import more than we
are exporting, and exchange has risen above the
specie exporting point. The aggregate imports for
the month OF January last are the heaviest Oh re ord
since July; ifthey continue their prosen; scale
as we infer from the language Of importers will
probably be the case-we shall probably lose more
coin this year than we have done since 1859. The
excess of the Withdrawals from warehouse over the
entries Tor warehouse shows that. notwithstanding
the condition Of ,bs country and the high prices at
which all duiable articles are selling the country
is bare of goods, and people are not afraid or un-
ceipts from customs duties last month we're con-
siderably in excess Of those Of January, 1861
though the imports were lees; they fell but little
short Of the imports of January, 1850, when
the entries for consumption were more than twice
% heavy as those of last month. This is the fruit
Of the new tariff. At this date in ls60 the country
was extremely prosperous; trade Of all kinds was
6ourishing; the foreign demand for our staples
.L.s .-s.I.
heavy purchases Of foreign goods the exchanges
we're not against us; the political horizon
seemed bright; money was fairly active at
6a7 per cent, and exchange ruled at about par
say 1927 p. At the corresponding date in 1851
the country was in an agony Of apprehension and
business was paralyzed. Several Of the Gulf
States had seeded, and, though State elections in
Virginia and Tennessee showed majority Of
legal voters TO be for the Union, yet still grave
fears were entertained lest the same trickery
which smuggled Georgia out Of the confederacy
might be brought 10 bear with equal success
in their case. Various bodies, unknown TO the
constitution, were meeting at Washington TO de-
vice means Of obviating a recourse to war; but,
while leading republican politicians assured the
country that the "corner had been turned; the
private advices Of leading bankers held out no
nope OF recOhsondatlOn OF the Union, except
through the agency Of force. Money was
abundant; but, as usual in times Of political com.
motion, collateras were narrowly scrutinized
and mercantile p.per was had OF sale.
We qsoted call .'ans :. and the
best paper at Ey,t~- or London,
which had ruled at los forssne days, fell on the
18th February TO 104 4, and was dull at the de.
cline. The leading railroad stocks were not far
from the points at which they stand now, with the
exception of Illinois Central which was Is per cent
higher. Southern State stocks we're all 20 30 per
cent higher than they are. Mr.. Dix then Secretary
of the Treasury, had advertised for a loan Of
s. 900 900 but the traitor Cobb and his successors
had SO damaged the public credit that fears were
entertained that it would 60 at very low fgure.
The money market is moderately active. Call
loans range from to z per cent, and first class
paper from 5Ls TO Z. The Sub-Treasurer com
menced paying the first coupons on the seven
thirty Treasury notes to-day and has had crowd
at bis Office all day. Ten clerks were kept busy
paying the coupon holders. Every one was paid
in gold.
Little or nothing was done in foreign exchange
to-day. The market promises to open lower for
Saturdays mail. Gold fell this morning 10 2
per cent, Of which figure the demand, which 10