The New York herald., 1863-01-12
FINANCIAL AND COMMERCIAL.

SUNDAY, Jan. IL, 1868.
The importation Of general merchandise for the
week ending yesterday was 81, sos, ,l62, and the
export of specie for the Same period 1907 446
Collector Barney has recently made changes in
the statistical bureau Of the Custom House which
may delay the trade tables for the month of De-
cember and the year 1862; otherwise VIC should
expect to lay them before our readers early this
week. The commercial prospect is Of course ma.
tcrally affected by the action OF the Committee Of
Ways and Means at Washington, and the forth
coming issues OF paper money. Foreign impor.
tatons must decline, especially Of such articles as
pertain rather TO luxury than necessity; and, on
the other hand, the high price Of exchange must
stimulate exports. The country viii learn during
the period Of paper money, to dispense with many
articles of foreign produce, and TO compete sue
cessfuy with the manufacturers Of Manchester,
Birmingham, Paisley, Rouen and Lyons. In the
meantime i will be safe to expec! an advancing
market for all descriptions Of Merchandise.
Money became easier last week. AT the close
Of business yesterday large amounts were offered
at per cent on call, though at an earlier hour
some Of the private bankers had lent their
balances at G. The policy Of the government
Is naturally calculated to render money cheap,
and TO bring out the balances which have
been bearded in the hope Of purchases Of 20.
vernmcnt stocks at profitable rates. Il is now
conceded on every side that money must
be manufactured before il can be borrowed. and
capitalists are onxious TO secure good OF in
terest in consequence. Debt certificates ruled at
one time last week above 81, but fell of at the
close to 961l a =, in consequence Of a fresh
supply.
Gold continues TO appreciate, a. il cannot help
doing under present circumstances and with pre-
sent prospects. The advance il checked from time
to time by sales 10 realize profits; but the general
tendency il steadily upward. Yesterday evening
gold sold at lss. u; tomorrow II may reach
40, and before the month IL out we may
see Il at $50. At Richmond. where there
is no Stock Exchange, and quotations are
necessarily irregular and unreliable IL is
quoted at 225. One advantage results from the
advance in gold: 1t must check importatons, and
compel US to dispense with many articles Of
laxary hitherto imported from abroad. Il will
operate on domestic manufactures In the light Of
protective tariff, and should enable our cotton
and woollen spinners to clothe our people, TO the
exclusion Of foreign goods. Exchange closed
yesterday at 1917 l52H. Very few bankers
we're willing to sell at l52, and COED private bills
were readily sold at l5lT. At these rates .of
exchange our export trade win be stimulated 10
unusual activity, and our import trade will be
checked IN corresponding degree.
Mr. Chase ir in town, and has been In communl.
cation will the leading bankers and money
dealers. We arc not informed that ans sthing be.
yond an anlicabe interchange Of views
and some tea table talk has resulted from
his visit. Mr. Cisco has officially stated that
the Secretary has no idea Of negotiating loan
or attempting TO do so. Indeed, our recent mill
tary experience has set at rest the subject OF I
loan. The banks have already invested theii
whole capital in government securities. The pub
lie are unwilling to buy any more public bonds IN
til they see more clearly than they do al presept
prospect Of the suppression ot The rebellion. AM
no other resource is DOW left 70 the governmen
but the issue Of more legal tender notes. Thi,
policy las been reluctantly adopted by the secrc
tary Of the Treasury, whose hostility 70 furtbei
ssues OF paper IL manifested In his report. and b.
practical nnanciers such o. Messrs. spsulding an,
Hooper, Of the Committee Of Ways and Means
But necessity has no law, and Il Ia poT clear tha
government must either rely upon fresh issues 0
paper or stop the war. There 10 no middle course
Bsa our arms beep crowned With success