The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1842-10-24
ENciiAycE At NV ORLEANS.

Tn ii,spns, t. y o, SCAT, -
According to this table exchange on all points has fallen
in the % days embraced by the dates per cent netw
standing s2OoOooo has been shipped to that
point during that period The quantity OF produce from all
quarters going ard constantly and the
progress Of specie up the river overrunning the west
wisend for ward s larger quantities. reactng upon it.
self and promoting the influx of specie until the channels
of trade becoming FULL it will flow back across the coun
try to the seaboari in the purchase goods The whole
commerce the u States will then rise upon broad and
mmutabe basis, bidding defiance to the juggling of nan
ciers, or the mountebank tricks of Legislatures.
Two elements at this uncture assist the import specie
from abroadt to feed in this market the the interior
These are in themselves, two positive evils viz: repuc ia
ton, and prohbitive tariff The first operates by redu
cling the amount to be paid abroad debts and the latter
by decreasing the sum to be disbursed in the payment
goods Both these temporary; the debts will ultimately
be paid and the tariff will be modified or very heavy i'm
ports will be struggled. At this moment however they
check the demand for bills when the supply large, and
therefore, promote the importation Of specie. At New
Orleans according the above quotation bills actual
ly per cent under par In this city the choicest bills
say Virginia bills endorsed by the Farmers Bank and
guaranteed in this city, in vain offered per cent
nominal premium 81 per cent under par, with every
prospect Of further fall In such state Of affairs with
so large amount OF money lying idle the best bills will
be taken on speculation for the import of specie The
following table will show the rate OF exchange resulting
from the import of gold in bars the quotation being fs
II % per OF sovereigns and also of dollars the Ia
test quotations of 81 per
Bo %r THE r'rf sse,e Mns FRO" LosRs Ss
9s3Jsd on. standard
, 90. 49, grams soy'n.- ll3,oOle qrs. 57s4d OF
Result siH per- % 4'.. i's1.o1 a,7s,aloo pr Z.
This givesa result of 6s favor of gold i'm
mort helm tbeo d-eir
present profit OF importing sovereigns here may be ap
proximated as follows
1000 will d, posite for e., o,, A.,
insurance and policy, 81,
G ia;si9.s; mos. s 1ss
1871
Equal to lo''Sper cent. sa,6oi7s
The rates have therefore, reached point at which
bills may be taken for the import of specie To import
specie direct from London would be equal bills at per
cent The prospect is therefore, that the volume of cot.
ton and other produce rolls forward the demand for
Gle in England and the continent for this country
will increase. AT New Orleans where bills fall very
low, as the case the stream Of specie setting
England from Mexico usually diverted to that city In
1884, during the panic sterling fell to its present rate
per discounts and during that year 100000
ceived in specie.
combination of circumstances is, therefore, likely to
cause demand for coin that will greatly influence the
movements OF the Bank of England The demand for this
country, caused by combination Of circumstances sub.
seluent 1854 being the god Dill reducing The STANDARD
f.om "a grain 23l line gold ia the esge, ,e inpou
of the French indemnity god, the loan OF IL 200 900
the L. 3 ank The negot7ton Of age snoun OF oc&.
in London by which the Bank Of Englal los e. 10000
ofbu,on posed TO be man cause o. her difficult
ties that Tine. This nnsS Of The precious
metals at that time was very fortunate FOR this
country, Otherwise prices must have fallen
very low. They nov very low, and that
fact combined with the Righteousness of money in Eng