19 



most dp?iraTile. As to present stocks of wlieat in London, TTorne & Co., in their 

 annual circular, make tliem somewhat l^ss than last year, anil we put them down 

 at 350,000 quartprs, (2,800,000 bushels.) For London alone we have less than 

 six weeks' con.-'umption ; while, as Loiidou happens to be the largest emporium 

 in the world just now, what becomes of this stock if a large country or foreign 

 demand should set iu ? The former is certain, and the latter just possible, from 

 the diminished growth of wheat all over the world. Neither, therefore, the 

 dampness of the whether nor the present price either of wheat or meat has any- 

 thing to do with future ])rices. Foreign markets still give dull reports, the Jefes 

 not being concluded ; but with a frost there would be a change everywhere. By 

 a comparison of the imports into London for the last quarter of 1865, .as com- 

 pared WMth 1864, there appears a decrease in wheat of 39,588 qrs.; of oats, 

 39,785 qrs.; of rye, 8,769 qrs.; and of barrel flour, 33,094 barrels; but an in- 

 crease in barley of 34,999 qrs.; beans, 402 qrs.; peas, 6,144 qrs.; and 13,280 

 sacks of flour." 



So far, then, the indications are not favorable to increased exports soon of 

 brcadstuffs from the United States to Great Britain. The fear of losing cattle 

 by the plague causes a great slaughter of thimi, which, in the end, as intimated 

 by the Mark Lane Express, must make meats very high, and force an increased 

 consumption of breadstuffs. The decreased imports of cereals into London 

 indicate full home supplies at present. In the mean time, whilst the hope of 

 exporting our cereals is so di.~couraging, our imports have become enormous. In 

 January, 1865, at New York, the impo;ts of dry goods were $2,350,635; in 

 January, 1866, $15,769,091. During the last six months of 1865, and January 

 1866, com})ar(.'d with the same months of 1864 and January 1865, the imports' 

 of dry goods at the same port were, fur the first period S83, 110,063, and for the 

 last period $27,580 408. From the comments of the English papers this im- 

 portation seems to be done chiefly o?i credit. If so, the credit system w. 11 soon again 

 be iu vogue here, with all its terrible evils. Our bonds are fast leaving for 

 Europe, and our national debt, instead of being a domestic debt, with the an- 

 nual interest retained among us, will operate as a drain of our specie annually. 

 Surely such an importation is totally at war with a return to specie payments, 

 or with any national good whatever, save a present increase of custom receipts 

 at the expense of future receipts, when needed more than they now are. 



The present condition of our foreign trade but makes true the opinions ex- 

 pressed by the Secretary of the Treasury in his able report : 



" If the business of the country rested upon a stable baeis, or if credits could 

 be kept from being still further increased, there would be less occasion for so- 

 licitude on this subject. But such is not the fact. Business is not in a healthy 

 condition ; it is speculative, feverish, and uncertain." 



Again, speaking of the national di'bt, he says : " The debt is large, but if 

 kept at hifnie, as it is desirable it should be, with a judicious system of taxa- 

 tion, it need not be oppressive." But instead of keeping it at home, we are 

 sending it ahroad to pay for these excessive imports. That is, to an already 

 great national debt we are addiuij these miJ lions of a commercial debt. 



THE CROPS OF 1865. 



The following tables exhibit the yield per acre of the le'ading crops of 1864 

 and 1865, and their prices on the fiist day of January, 1865 and 1866. The 

 comparison shows a favorable yield in 1865, but a great falling oflf in prices 

 during the fall and winter of 1865. This decline is severely felt by the fai-mers, 



