The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1862-05-12

poftec were as NiOWS:-
DRY goods seq SO 81; SO ia ia
salt SS.I53 Cotton. .......... ShS
Furs ............. 81 100 C,eoa........... 29,5l0
Hides ........... 79,665 cols ........... 2Go 52i
Drandy............ 1850 kascy Soods..... q .s29
Wine ............. 2e433 Il1i+ Iuhbsr...... 55s3
Champagae,.... cara Molasses ........ So os5
Guns, 1885 susar...,..... 32S,sSs
lea1............ So 30 Tobacco. ......... I3,T33
Wool. ...,....-.... sl.o52
The prospect Of the reopening or Southern ports
has created quite stir among importers. That
the Southern country is thoroughly bare OF goods
i wen known. Many Of the commonest necessa-
res Of life, such the cheapest kind Of dry goods
and cutlery, coffee, salt, &c., &C.. are, and have
been for some time absolutely unknown in many
large Southern towns. The market which will be
reopeaed to importers when the blockade is raised
will be able to consume almost any quantity of
goods. 1t is argued, however, that the Southern
people have no means OF paying for goods. This
as evidently mistake. There is in the South at
least full cotton crop, which, at prices consi-
derably below those ruling, would still suffice
to pay for rs many goods as could be sent South
before this years crop begins to move. We hear
great deal about the destruction of cotton by the
desperate miscreants who still head the rebeI
armies; but the amounts so destroyed will probably
has been the policy of tho rebel leaders to prevent
the cotton being sent to shipping ports. They
adopted this policy in order to prevent large
seizures of cotton by our naval s4uadrons; and
the planters acquiesced in it the more cheerfully
as few Of them had bagging and none of them
were anxious to sell at the current rates in the
South The result is that the great bulk of last
years cotton crop is the plantations still, and
has not been, and probably will not be, destroyed
It viii take time, of course, to re-establish the
commercial machinery by which this cotton can be
made available TO pay for goods. Merchants will
be slow y trade with the South until Congress and
the courts have fixed the exact limits of the Con-
fscation act, and until military rule has been some
what relaxed. The first shipments to New Orleans
areSust as likely to be seized by the soldiers on
one side or the other as to be sold at profit But
after the present confusion subsidies and the CON-
mon sense commercial instincts of the Southern
factors and planters come into play it will be safe
to look for a very large and. profitable trade with
the States now under insurrectonary control-a
trade that will be mono the less profitable to the
North, because the bulk of it will, from the neces-
sity of the case, be transacted on cash basis
The following are the trade tables of the port
for the week and since January L.
hroRrs.
Gsaeral Merchandise. a0ee 500 asos,sos 2Sisosi
Total for the week s3 oas IS 294 400 g 9as ISL
Previously reported 6Os1l ESQ S. os7 70s
snc.Janl SIS .ss7 $50 .. ioS $50 81 SEQ 500
EXPORTS or PRODUCES AND MERCHANDISE
F E;st 'as .,: reported il
Since Jan. 1894 44,s47 .l5a a 5a4 925
EXPORTS SPECIE.
Previously reported. l2o2s,s6s 2sOs OS2 IA $50 o7o
Since JAN s14 ,ssl 0ss 2sss 747 10 sss AS
Last Monday the banks showed a deposit ave.
rage Of slO9, s34 ,535, having increased some sl2
0Oo.o00 in fortnight Tomorrow they will pro-
baby show further increase Of some five mil.
Hons Of dollars their aggregate deposits averag-
ing for the week something like $1l5 900 ,000 This
stupendous and unprecedented increase Of bank
deposits tells the whole story of the money and
stock markets. Never before in our history--not
even in ls36-did money increase and multiply at
this financial centre fast as it Is doing at pre.
sent Money is pouring in, not only from the 20.
vermont, which 10 creating it, daily millions in
the shape Of legal tender paper, but likewise from
the banks Of New England, the Middle States and
the West, which keenly alive to the opportuni-
~ now offered them Of increasing their circulation
Every bank in the country-with the excep.
ton Of the banks of this city, which have
never made money on their circulation
is expanding its paper issues. The real ex-
pansion of the day is not in the ratio Of the
government issues Of paper but In the ratio Of
the square Of those issues; for every dollar issued
III government serves as the basis for an issue of
tvo dollars by some bank or other. Some Of the
in!schiefs necessarily consequent upon the present
state or things might be obviated By further issue
u government notes, in the shape Of ones twos
and threes; but unless this issue were
% The iall extent Of the present issue Of
ives and upward, it would merely prove
panaton and not cure. Every FIVE
dollar note set apart ny government. necesstates
the emission BY some one OF five dollars worth Of
small notes. II the government does not provide
them the banks will.
To-morrow's bank statement, in regard to loans
and specie, viii reflect the exchange which was
made last week OF S. 900 600 gold for IS coo 900
OF 7.3o Treasury notes. Tho loans will show an
increase Of from two TO three millions, and the
specie decrease Of like amount. The gold will
be discussed in July and Angus. in payment Of in
terest on the public debt, and will thus find it's
way back TO bank. As to the 73o notes, the
prospect is fair that they win presently command
a much higher premium than at present. The
market price of skies Of 1851 being 1882 1o4,
100 notes ought to be worth l0s It Is likely that
they will command Ito before the summer expires.
The conversion Of legal tender currency into the
new five year six per cents (Which are strangely
called ivetwenties in the street) proceeds slowly
IS was to be expected. Messrs. Lvermore,
Clews 4 Co. made the first deposits of $50 600 on
Thursday, aud this started number OF ambitious
rivals. who were unwilling to appear outdone In
patriotism. But, in fact, the conversion was