The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1863-01-05

Imports OF merchandise. $40 1850 201
Imports American stocks, est'd 30,0co00o
Presumed balance in favor OF the port M sl4,7l4l91
The estimate of the amount Of American stocks
sent here for sale from Europe during the past
year, though generally accepted by the foreign
banking houses cannot of course be implicitly re-
lied upon, as no data exist for arriving at an accu
rate estimate. II is probably rather over than IN
der the true figure. At first blush the very heavy
export of specie in 1862 appears to be inconsistent
with the theory thnt the balance of trade is in our
favor. But II the facts were known il would pro-
badly be found that large proportion Of the
specie shipped to Europe during the past year was
not sent abroad in the ordinary course Of BUSINESS
for the payment Of debts, but was shipped by
timid persons here, who wished TO place it in
country not visited by war; SHOULD this have been
the case, we shall find when the war ends that we
are creditors of Europe to very considerable
amount, and the exchange market will be affected
in q marked manner in consequence. This il a
matter, however, Of no present importance, as the
prospects of the war and Of the national finances
are rather calculated TO increase than to diminish
the fears of those who have been sending their
means to Europe for safety. 1
OF the prospect for the future nothing can yet
be said with any degree Of confidence. Everything
depends upon the course Of the war. The Western
wheat crop ID known to have, fallen very consi-
derably short Of the crop Of 1851; but there Is
still large quantity OF wheat in the hands OF the
farmers which would be drawn out by higher
prices. Thus far we are receiving very little cot.
ton. What may be the effect Of the reopening Of
the Mississippi and its tributaries-if we succeed
in reopening them-can only be ascertained by the
event ITSELF The orders Of the rebel government
to their generals enjon the destruction OF all cot
ton that is likely to fall into our hands,. thus in
volving the Southern planter and the Northern
and European manufacturer in q commeh ruin.
How long 80 suicidal and inhumsn q policy can
be pursued with impunity events alone can deter
mine; but we think that many months must inter-
vene, and many substantial successes be achieved
by the Union armies before cotton will again come
forward in quantities sufficient to affect the course
Of our foreign trade. Our gold and silver supply
from California and Nevada Territory is likely to
be larger in 1868 than in 1852; and If the govern
ment will adequately protect the treasure ships
against the enterprises Of British privateers, we
shall receive as much az usual at this port.
Congress meets again tomorrow. and IL IN ex.
pected that the Committee Of Ways and Means
will at once lay before the House the financial pro-
ject which they have been engaged in framing
during the holidays. Nothing is reliably known
concerning its details. The dispatches which
have been sent to this city from Washington
purporting to give the views of the committee
are unworthy Of credit. There Ia reason TO be.
lieve that on full examination Of the ground the
committee have come TO the conclusion that the
Necessities Of the government are 80 great that IL
would be impossible to supply them either by
loans exclusively, or by the issue Of legal tender
paper exclusively. II may be inferred, therefore,
that the policy recommended win combine the
two, and that during the current year Mr.. Chase
will borrow and manufacture money alternately,
a. the state Of the market apd public confidence
viii warrant The recent REVERSED which the Union
arms have met with; the emancipation proclama.
tion which will probably add considerable sum to
the cost Of the war; the general lack Of confidence
in the War and Navy Departments. and the unwil.
lingness Of the President TO make changes in the
Cabins4 the failure of.our Southern expeditions
to discover and bring TO market large supplies OF
cotton. and the gloomy aspect Of Affairs generally
have forced the most conservative friends Of the
government in this city to come reluctantly TO the
conclusion that, however desirable q return 70
sound principles Of finance might be, Il would be
almost hopeless to attempt TO negotiate a loan At
present. II our armies had been successful; II
new blood had been infused into the Cabinet, and
the people could see their way TO the close OF the
war within reasonable time, 100 loan OF
500, 900 600 might have been disposed OF here at
fair rate. But Is idle TO disguise the fact that
public confidence has received q shock within the
past month which would prove fatal at present 10
financial negotiations. This fact, which is now
reluctantly admitted everywhere, will give addi-
tions power 70 the Western demand for more
currency, and, so far a. can now be judged, viii
| leave Congress choice whatever a. u . fnan.
cial policy. The event Is deeply, VERY. deeply, to
| be regretted. Bat, under present sf}Ok stances,
| the financial problen admits Of but one solution.
IL is understood that Mr. Chase-ndheres 20 his bank
scheme, and regards 1t AZ adequate TO meet the
emergency. 1t Is clear, however, that II no more
bank currency be manufactured under this scheme
than the interests Of bankers will suggest, the
plan wili not supply the Treasury with the money
which Is required; and, Oh the other hand, should
! the Treasury obtain the amounts Il needs through
the intermediary on new banks, II 10 equally OBJ
yious that the issues Of such banks will be merely
irredeelnsble paper with al the defects of govern
meat issass, aud without their security. That
this is no time 70 establish new banks. with view
TO .ceitimaso bansrg l~isiness, IL too clear 70,
argument. few wealthy spectators would no
doubt. avail Themselves OF any privilege which
Congress might grsat 10 issue irredeernaic paner
tesed on the security ~ bonds which are already
selng at 70 cents or the dollar for gold. 10,
there il norcas0n 70 believe that suflcicnt nun.
bsr % sach spectators wousd be forthcoming 10
absorb 10000 900 a month ~ United Statss