idleness, then the increased consumption would tend to enhance prices. This result, however, is not at all likely to follow recent discoveries, and there is little reason to fear for any undue advance in prices of productive property. Even in the past, the highest prices of breadstuffs or of real estate, either here or abroad, have not been realized at the period of the greatest stock of the precious metals on deposit or in circulation. A single stormy day in harvest time has more effect on the price of flour than the arrival of millions of gold dust; at this very moment, with a production of gold from California up to this time of over $200,000,000, good flour is selling in New York at about $4 00 per barrel. The same absence of any general connection between the values of the necessaries of life and the supply of the precious metals, will be found on reference to statistics in Europe. The following will show the comparative population of Great Britain, the stock of gold and silver coin, and the price of wheat per

The high price in 1809 was owing to the combined influence of political troubles and unfruitful seasons, and in 1829 the latter cause, together with the sliding scale, produced a similar result, although not to the same extent.

There appears to be but little doubt, whatever the popular opinion may be upon this subject, that other causes have done far more to depress or inflate prices, since the year 1700, than the relative supply of the precious metals. The real source of a nation's prosperity is found in the blessing which attends upon national industry. A working people, where each is left free to enjoy the product of his own toil, need no "fostering" to become wealthy. In this, the friends of a high tariff and the advocates of free trade both agree, and from this point their views diverge. The latter believe that the people should be left free to choose their own pursuits and objects of toil; the former would compel them, as far as possible, to produce all they consume. If a man can earn two dollars in the business of his choice, during the time he can make a hat, which would cost him one dollar if inade abroad, free trade would give him the privilege. Tariff objects to this, because while the man is making the hat he can consume his neighbor's butter and beans, and pay the latter a good price for it. In all this, Tariff loses sight of the fact that while the man is earning his two dollars at some other employment, he still consumes the produce and is in a better condition to pay for it. The only force in the high tariff argument would be found in the fact, if it existed, that the business of producing butter and beans was overdone, and that some must be driven out of it, and compelled to make hats. This is not true either in hypothesis or fact, for no business is overcrowded for want of protection, and if it were, partial legislation would not afford the remedy.

There has been little fluctuation in foreign exchange during the month, and the demand in all sections of the Union has been less than anticipated. The fact that the portion of the cotton crop to be shipped has about all gone forward, and that but a limited quantity of new exchange could be made before next

autumn, has kept up prices to about the specie point, but has not led, as hereinafter noticed, to any very large shipments of coin. Some farther exports will 'doubtless follow weekly, but the supply is fully equal to the demand. The following will show the deposits and coinage at the Philadelphia and New Orleans Mints for the month of May :

Total coinage........

83,000 $490,000 2,744,922 $4,210,355

We predicted that the deposits of gold up to the first of June would reach $20,000,000; the above, added to our previous report, shows an aggregate of $20,500,000. Since the first of June, about $4,000,000 have been received.in addition to the above, so that the total coinage of California gold for the year will probably exceed $50,000,000.

The imports into this country from foreign ports for the month of May show a large decline from the corresponding month of last year, and a still greater decline from the same period of the preceding year. This falling off is scen more or less at all of the ports, but is most noticeable at the port of New York, where the difference will be seen in the following comparison:

IMPORTS ENTEred at new yORK FROM FOReign ports foR THE MONTH OF MAY.

Entered direct. Ent'd warehouse. Free goods.

Specie,
$380,584

111,443

Total.

$7,719,785

10,987,908

18,529,577

1852... 1851

1850

808,216 2,883,623

In the item of specie for May, 1850, a portion of the aggregate is made up of California gold received from Chagres, as from a foreign port. Exclusive of specie, the above table shows a decline in the imports from last year of $3,537,314. The withdrawals from warehouse continue in excess of the amount stored, so that the stock of goods in bond is now much reduced. The following will show the fluctuations at New York in this particular:

January.

February.

March

April..
May.

Total.......

warehouse. warehouse.

$950,753

$902,965

717,662

856,157

1,013,485

561.653

586,260

Entered Withd'wn from Entered Withd'wn from Entered Withd❜n from warehouse. warehouse. warehouse. warehouse, $1,281,594 $1,584,652 $1 611,847 $1,024,246 1,003,383 1,788.997 1,240,329 899.438 916,519 1,605,849 1,181,925 1,068,437 732,422 1,255,429 1,238,313 1,144,068 1,498,293 453,109 1,380,371 2,148,428 858,519 2,344,780 742,914

4,387,027 7,615,298 6,420,842 4,994,708 6,524,973 3,649,949 This shows the withdrawals for the first five months of the current year to be $3,500,000 in excess of the entries, which would leave the stock very small, as will be seen by the following calculation of the business since the 1st of January, 1850:

The stock in warehouse on the 1st of April, which commenced the current quarter, amounted to only $6,199,630, including breadstuffs in bond.

The falling off in the imports for May, as noticed above, added to the deficit for the four months previously given, leaves the total imports at New York since January 1st, nearly $11,000,000 behind the amount for the same period of the previous year, and about $7,000,000 less than the corresponding amount for 1850, as will be seen by the following comparison:

TOTAL IMPORTS AT NEW YORK FROM FOREIGN PORTS FOR FIVE MONTHS, ending may 31st. Entered direct. Ent'd wareh'se.

1852

1851 1850

Free goods. $6,281,838

4,468,928

41,217,862 6,524,973 4,946,991 5,902,099 58,591,925

Of this decline from last year, $4,353,368 consists of dry goods, of which $504,349 has been realized since the first of May, as will be seen by the following comparison:

IMPORTS OF DRY GOODS AT THE PORT OF NEW YORK DURING THE MONTH OF MAY.

IMPORTS OF DRY GOODS AT THE PORT OF NEW YORK FOR FIVE MONTHS, Ending May 28.

The receipts for duties also exhibit a decline from last year:

RECEIPTS FOR DUTIES AT NEW YORK.

Notwithstanding the decrease in the imports, the exports from this country to foreign ports, will compare favorably with the shipments for the corresponding period of any former year. The following will show the clearances from the port of New York:

In the above it will be seen that the shipments of specie show a large decrease, while the amount of merchandise is about the same. The following is a comparison for five months:-

EXPORTS FROM NEW YORK TO FOREIGN PORTS FOR FIVE MONTHS, ENDING MAY 31ST.

We continue our monthly statement of the comparative exports of some of the leading articles of produce from New York to foreign ports, from January Ist to June 21st.

1852.

Ashes-Pots.... bbls.

Pearls....

Beeswax.........lbs.

1851. 1851. 1859. 10,415 6,794 Naval stores....bbls. 167,990 199,590 1,007 315 Oils159,740 123,596

Whale......galls. 704,538 26,722

Breadstuffs

Sperm.

236,577 243,541

Wheat flour..bbls. 324,418 525,527

Rye flour

4,385 6,683

Linseed.

8,137

7,084

Cotton. ...bales. 193,848 247,434 Tobacco-crude pkgs. 9.989 11,725 Hay. 2,541 5,691 manu'd. lbs. 1,843,925 1,754,496 Норз. 452 Whalebone..... 728,727 204,598

113

This table exhibits many items of much interest. It will be seen that the exports of wheat, rye, flour, cotton, naval stores, and beef have largely increased, while our shipments of Indian corn, oils, cut meats, butter, cheese, lard, tallow and whalebone have largely declined. The increase in rye is owing to the demand for the continent, whither over 200,000 bushels have been sent within the last three months. Cotton has of course gone forward more freely owing to a larger crop here, and increased production abroad. The shipments of corn have declined, this article not suiting the foreign taste as well as wheat. Oils have been high and scarce, but are now going forward more freely under recent orders. Beef is more in demand, and if our countrymen could be persuaded to take the proper pains to prepare it for a foreign market, would soon become one of our most profitable articles of export.

There will be a large amount of money disbursed for dividends and interest on the 1st of July, which will tend to keep down the rates of interest in our larger Eastern cities to 4 a 5 per cent; while the large amount of railroad bonds and the like securities sold, and the money received for cereals and cotton, will make capital more abundant throughout the interior.