The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1873-04-01

lmportattons-The Gold Promium-The
Prospect Before Us.
The extraordinary importations of foreign
merchandise for the Spring trade and the rise
in gold call for some remarks, for these are
matters of deep interest to the whole CON-
munity, aad to business people especially.
We have noticed from time to time the vast
amount of imports during the past few weeks,
and now we learn that they amounted last week
to nearly fourteen millions of dollars over
three and half millions being the value of
dry goods and little less than ten and half
millions Of general merchandise 1t is EVIL
dent that our merchants had no apprehension
of dull times or want of custo mers and
means, though some are complaining now Of
the long Winter and backward Spring
and begin to fear their stocks OF
goods will not 60 off as readily as
was expected. There is, however, time
enough yet if the Spring should open
soon, for an active business. Besides the
preparation our importers made for o large
trade by giving exten1ye orders, looking to
the general prosperity OF the country, foreign
ers have been investing largely here, and
many of their investments come in the form
of merchandise. From this cause, and be-
cause there are enormous stocks of goods
abroad wanting an outlet, the market has
been forced, probably, beyond the actual
demand.
The rise Of the gold premium may be ac-
counted for in part from the unusual amount
of the precious metal our importers have
tons, and partly also from the recent action
of the Bank of England in raising the rate
of discount. But there is, evidently, another
and more general cause operating, for gold has
been rising steadily from 112 toward the close
of last year to 1881, which it touched yester-
day. The export of gold to greater amount
than the production of our mines lessons. Of
course, the stock in the country. Since the
first Of January we have exported $13,347, 318.
This is at the rate Of $50, 389, 272 year. We
do not know what the presentgold production
of the mines is, but, probably, not over
twenty-five millions year. The product Of
both gold and silver will hardly amount to
fifty millions To say nothing Of the use Of
the precious metals in the arts and for jewelry,
or Of the loss by wear and in other ways, it is
clear that at the present rate Of expectation
the country is being steadily depleted of gold
and silver, and particularly of gold. This fact
of itself is sufficient to cause gold dealers to
force an advance of the gold premium. Then
the stock of gold in the Treasury is much less
than it was last year, or than it had been from
year to year since shortly after the close Of
the war. The demand for gold to take up the
fve-twenties and to fund the debt, together
with the amount required to pay interest
on the debt will keep down the sur
plus, though the excessive importations Of
merchandise will furnish the Secretary with
considerable sum from duties. Nor do we
see how the export of specie is to be checked
while imports are so excessive and the balance
of trade is SO largely against us. Heretofore
government bonds and other securities have
gone abroad to balance the account but there
is q limit to this resource. We cannot always
pay in bonds. We must either pay in gold or
by the export of produce, unless, indeed, our
foreign creditors choose to let what we owe
them remain on this side for reinvestment.
But drawing from us gold at the rate Of fifty
three millions year looks as if they preferred
to have the hard cash at home Nor must we
taken over or drawn from this side by the
thousands Of Americans crossing to Europe or
living there.
STILL there is another and o more cheering
side to the picture. The cotton crop of 1872
has proved larger than was expected. The
total receipts at all the ports since the
crop began to come in last Septem-
Der amount to 3,O11,O56 bales, an in
crease over last year of $50, 900 bales What
amount remains yet to- come to market
we are not informed Supposing the total
should be three and half millions of bales,
the value would be at least two hundred and
fifty millions Of dollars. The export has
reached 1,850,029 bales, and it is fair to pre-
sumo it will reach over two millions of bales.
That would make the value Of this article Of ex-
port alone nearly hundred and fifty millions
of dollars. Of course some Of these figures
are only approximate, but are near enough to
show generally the amount, value and move
ment Of the crop of 1872. We can afford,
then, to import largely with such export re-
sources. And here it may be well to call
attention to this great and valuable production
Of the South under the peculiar and depress-
ing circumstances in which that section Of our
country has been involved. It shows that the
South has risen from the most terrible war
destruction that ever fell upon people as if
by magic. Though utterly ruined for the
time, impoverished almost beyond precedent,
with no money or credit, a capital of
two to three thousand millions swept
away in two or three years, the
whole system of labor revolutionized