The New York herald., 1862-01-20

per month; the average for, the same months OF
1860 was over twelve millions q month, and for l
the same months Of 1859 nearly fifteen mill
lions. This falling off reflects the loss /
of the Southern trade, and likewise to some |
extent the economies which have been practised
by the peopN Of the North. In round numbers,
we consumed In 1861 100000 900 less foreign |
goods than we did in 1860, and $l22 900 900 less
than we did in 1859. This enormous curtalment
Of expenditure will serve to explain the dulness
which has prevailed in the paper market, and also
the extreme bitterness which is felt and expressed
in manufacturing circles abroad on the subject of
our civil war. The decline is almost exclusively |
in manufactured goods Had the South submitted |
Loyalty to the constitutional election Of Mr.. Lin
coin, the import entries at this port during the |
year 1861 would doubtless have exceeded those Of |
1869. Had foreign Powers hastened, on the out |
break of the rebellion, to dispel the delusions |
entertained by the Southern leaders on the |
subject of foreign recognition, the manu- |
facturers of France and England would |
have sold more goods than ever to this country in
stead of selling two-thirds less. The decline in
our importations produced it's natural effects in
reversing the gold current The trade Of the years
1859 and 1860 left creditors of the world large
and accordingly, in December, 1860, we began to
import the precious metal instead of exporting it,
1t seemed, however, contrary to all laws Of po
litcal economy that gold should flow from peaceful
nations to nation writhng in the throes of poti
cal ccnvulson and proximate civil war, that inan
cial authorities did not hesitate to predict that spe
Gle shipments from Europe to the United States
would cease very shortly, and that the gold sent
here would soon return te the banks Of
England and France. The money article of tie
London Ia1es with its usual accuracy, assured its
readers thst there was but little probability of the
gold remaining long enough here to be receined.
Happily, the sudden reduction in our imports, and
an active foreign demand for our breadstufSs, dis
appointed these expectations. We continued to
import gold throughout the year; the heswdest i'm
portstions of the year, with one exception, being
in Suly, when the war was raging fiercely. De-
cecnber was the first month during wliish our bul.
lien exports exceeded imports. Il will be re-
Membered that fav0rite notion of She rebel lead
1rs was that the outbreak of civil wsr would drive
all the specie in the North to Europe and cause q
general cospse Of Northern banks und merchants.
An interesting illustration Of this theory is Afforded
by the fact tdyring the first thyse months of ye
war-May ,Juneead Juy-we inrc- tedf from Europe
over Sl5 500 goo of specie. The inerchange of gpe
Gle with Europe during the year 1851 left US neatly
s33 ,000, 600 ricler than wese at the caosc of
1860. Add toahis the specie derived from Caissor-
mia, and II wiz be that tie loyal States are,
after eight months Of war f~'y see, ,000, richer
in bullion than they were year ago. Witi;f the
pastfortnight moderate specie shipments toNerope
have baerzaade But it needs very little exanstnation
| to ascertain that they cxlnot prove hessyy, and
that in all probability thes'w cease before long.
| Much Of the gold which - being shipped is the
proceeds Of American stocks sent here fo1>sale in
Consequence of the recegt apprehensiorsof Of war
between this country sI1 Great Britain. As soon as
it tiswell understood ssrc that are going to
warvsth any foreign Power at present. ari as soon
asCongress adjusts our financial afairs, Exchange
must fall to point which will render u scie ex-
| portetions impo possible. am
The following summary of the inwaIt; .and out
ward movement Of trade at this port fec the past
u 1ouryoars is instructive: e
II Exports