Constantine republican. [volume] (Constantine, Mich.) 1836-1838, 1838-05-02
We copy the following article from the Buffalo

we copy the ioiiowing article from the Buffalo
Commercial Advertiser, wing paper:
MONEY MATTERs-THE GENERAL BANr
LAw.--During the week ending on Satur
day, there arrived at New. York from for
eign countries, not less than THREE MIL.
LIONS OF DOLLARS IN SPECIE; and the
George Washington, Quebec, and yelling.
ton packets 10 arrive, have each a million
already heard from.
In addition 10 this, it is stated by the
Journal of Commerce, that "large sums
are coming as loans. A partial negotia.
ton has been made for three millions stock
of one Of the states, which will no doubt be
completed without delay. Half the Ger.
tlfcates went by the Westminster on Fri.
day. We could name other negotiations
of the same sort, to the amount of as much
more. 1t is generally estimated that some
twelve or fifteen millions may serve to alb.
sorb our surplus exchange, until revival
OF trade creates more equal state of bal.
ances. On the whole, it may be safe to
guess that the import of coin in 1888 will
be from twenty to thirty millions of dollars.
But all this is not to come from England.
Much of it will be attracted of its course
towards Europe, and drawn in here, from
Mexico, the West Indies, &C., so that our
drain upon England will not be alarming
10 the strong boxes there"
Notwithstanding the vast amounts of spe.
Gle imported from England, it is not feared
that the export will cause any reaction in
that country, so as TO depress the price OF
cotton. AT the last dates the Bank of Eng.
land had fifty millions of dollars in bullion,
and the amount was constantly increasing.
A large share of this is useless to the bank,
and by sending portion here, and there.
by strengthening our banks and causing
a revival of business, n demand would in.
stantly be created for English manufactures,
much to the relief of that country.
The prompt enlargement of the Erie
Canal as authorised by the last Legislature,
is calculated to have benign effect
Large contracts will very soon be entered
into, and thousands of laborers will soon
be in active employment earning tho means
for their own and families support. The
suffering of this class OF our population has
been intense during the past year. Thrown
out Of employment by the distresses of the
times, many of them have been literally
starving, or dependent upon charity for
bread. The prospect of relief now held
out to them is cheering to the heart of eve.
ry philanthropist. Aside from this very
gratifying result, the enlargement of the
Canal will have an important and beneficial
effect upon the money market. Four mil.
lions OF stock will very soon be issued and
sold in Europe. At the present rate OF
exchange the proceeds will be received in
specie, thus adding still more to the large a.
mounts received from other sources.
These are some of The suspicious signs
of the times, and we think we are war.
ranted in confidently believing that bright
or day is dawning, and that better times
will soon return.
AS connected with this subject, the Gen.
eral Bank Law is destined to play an i'm
portant part. If we are not mistaken it
will work a complete revolution in the fl.
nancial affairs of this state. Associations
will soon be formed in New York, and it
is said that Mr.. Biddle will throw portion
of his vast capital into one Of them. 1t is
also intmated that certain New. York
House, which by its connection with the
Barings and others in England. can com.
mand any amount of capital, will also en-.
ter the fed.
A few weeks will determine whether
these givings.out are correct, but, at all e.
vents, there is no question that the expert.
ment will be fairly made. If successful,
New. York will soon become the moneyed
emporium Of the continent.