The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1863-04-06

Balance in favor Of the country $23 97o ,457
The imports are the lightest on record since
1850; the exports of produce the lightest since
1862. II would seem that we have curtailed our
consumption of foreign goods almost as rapidly as
the war has curtailed our supply of the Southern
staples The export of specie is in excess Of that
of the fiscal year ls60-l during most Of which year
the foreign exchanges ruled in favor Of this
try; but it is less than that of every previous year
since 1863. LatterlS specie export has IN
creased, and the current fiscal year, 1928, will
come up to the old average. The export of
agricultural produce in 1912 Is set down at
el24 SCI, ia, against previous average of less
than $50 900 100. The cotton export has fallen
from $lsl SOC, $50 in 1860 to less than 81 900 900 in
1872. The Southern rebellion has inflicted this
injury upon foreign industry and our own COM
merce.
Gold huctuated last week very actively. II
opened at l43, rose to l60, and closed at 1856. The
decline from IS to l39, though largely assisted by
the legislation of Congress prohibiting loans on
gold. and the consequent breakdown in the bull
speculation in the staple, was in the main due to
general improvement in public confidence, which
proves TO have been at least premature if not
baselcss. Nothing in the current news of the day
the contrary, the prospect, military and naval,
seems ut least as gloomy as it was when gold was
selling at ITO. Nothing has been definitely
ascertained with regard to the probable
action Of the State Legislature on the
subject Of gold loans. The Senate has amended
Mr. Deans bill 80 as to prohibit all loans of what
ever amount on gold or exchange. But well in
formed parties at Albany state that, on the one
fAlls with gold, and the other, the importing n
tsrcst, which will be ruined by heavy and sudden
decline, have brought to bear on the Legislature
an influence which will prevent the passage of any
bill this season. II 10 urged with great earnest
ness by the New York bankers that the law Of
Congress accomplshes all that can be reasonably
desired for the protection Of the national currency,
end tina. local legislation, imposing restraints on
rec trade at New York, would only have the effect
Of transferring business TO Boston and Philadelphia.
Some foreign merchants are already preparing TO
transfer their means and their bank account, to
England.
Money has become extremely easy. Notwith-
standing the enormous receipts at the Sub-Trea.
sures for conversions into per cents, snd for de-
post at per cent call after ten days, the ne
eessties Of the government are such that the SUBJ
Treasury balances do not increase, and the legal
tender currency flows out rapidly as il flows in.
The expenditures Of government continue az large
ss ever and the creation Of paper money steadily
proceeding at the rate Of about million day.
Under these circumstances II is not surprising that
. money should be cheap and abundant. But
for the willingness Of the government to receive
money on deposit at per cent, the current rate
would now have been ia5. Az tits, il is a 9.
First class houses do not pay over 8, ordinary
spectators are freely supplied at 6. Debt certi-
Acates, old issue, are worth a fraction over par;
the new issue commands 90 q. Commercial
paper IL very scarce; the best names sell at a
9; the paper Of parties who have been specuat-
ing in goods without adequate capital is current
at much higher rates. 1t is now well understood
that Mr.. Chase will not offer loan during the cur.
rent month. He Is receiving more money than he
can receipt for in bonds.
The following table shows the course Of the stock
ooL arI