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

form the business Of the year would stand some.
what as follows:-
Exports OF produce 1892 $50 900 900
Exports Oh specie, 1892 ACKNOWLEDGEMENTS. 59s64 392
Total expor,s........ s2lo sos 80?
Imports OF merchandise . si75 $50 2oi
Imports American stocks, est'd 30,0coo0o
Presumed balance in faver OF the port. H. Sl47I4Ie1
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 be implicitly re.
lied upon, data exist for arriving az an acou-
rate estimate IT is probably rather oven than I'M
der the true figure. At first blush the very heavy
export of specie in 1862 appears to be inconsistent
with the theory TINT 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 10 place il in
country not visited by war; SHOULD this have been
the case, we shall find when thewar 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 II
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.
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 is known to have, fallen very consi-
derably short Of the crop Of 1851; but there is
still a large quantity Of wheat in the hands of the
farmers which would be drawn out by higher
prices. Thus far we 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 common ruin.
How long 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 1862; and IL the govern
mcnt will adequately protect the treasure ships
against the enterprises of British privateers, we
shall receive as much as usual at this port.
Congress meets again tomorrow. and IL Ia ex.
pected that the Committee Of Ways and Means
will at 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
arc unworthy Of credit. There ia reason to be.
lieve that on full examination of the ground the
committee have come 10 the conclusion that the
Necessities Of the government are 30 great that IL
would be impossible to supply them either by
loans exclusively, or by the issue OF legal tender
paper exclusively. Il 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
% the state Of the market apd public confidence
will warrant. Tho recent reversed which the Union
arms have met with; the emancipation proclama-
ton, which will probably add considerable 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 10 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 O return 10
sound principles Of finance might be. II would be
almost hopeless TO attempt to negotiate loan At
present. II our armies had been successful; IL
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
100000, 900 rigbt have been disposed Of here at
fair rate. But i Is idle 10 disguise the fact that
public confidence has received shock within the
past month which would prove fatal at present 10
financial negotiations. This fact, which 10 now
reluctantly admitted everywhere. will give add-
| tional power 20 the Western demand for more
currency, and, 30 far as can now be judged, will
4 leave Congress no choice whatever a. ts = fnan
cIal policy. The event Is deeply, very deeply. 10
| be regretted. Bat, under present circumstances.
the financial problem admits Of but one solution.
II IA understood that Mr. Chasendhercs 20 b;s hank
scheme, and regards II as adequate 70 meet tia
emergency. II Is clear, however, that II no more
| bank currency be manufactured under this scheme
than the interests Of bankers viii suggest. the
plan VIII not supply The Treasury with tho money
| which ID required and, Oh the other hand, should
! the Treasury obtain the amounts IL needs through
tho Intermediary OF new banks, II 10 equally sb-
~ious that the issues Of such banks win be merely
irr.,-arnsble paper with all the defects Of govern
meat 'Sas~s. and without their security That
this ~ no Tune = establish new banks, with view
10 iesivmaso DanA-o husiness, Ia too clear 70,
argument few wealthy SPECTATORS Womb no
doubt avail Themselves OF am ur,vi,ocs With
Congress nigh, grsnt to issrc irrcdee -.,,lc rser
based on the security 81 bonds which are A,-asav
selling at 20 cents or the dollar for gold b.,
there norcason % believe that suflrien. nun.
PEI q saeh spectators wousa be forthcoming 10
sisgf6 sso,0co,ooo . month pi ynised states