The daily Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1841-1845, 1843-07-22


extracts fiom circular of a London house oil
high standing and credit, which may be reiied
on
New YoKx, July 10, ls43.
Sin send you herewith London circular ema-
mating from source on which great reliance :
placed. The present condition Of England as Wen
as this country, is an sngma, and battles mass Oh
theory--a money plethora, with diminishing scale
Of prices for nearly all kinds Of production seems 10
J admit Of bat explanation, or rather, should
say can be accounted for only in one way-that 'he
ext ansion Of the credit system, up to 1875 ('he
origin Of which expansion was in England isei) re-
suited in great increase of the production Of 'he
rmo material lin mines and plan'a'ions) as also III
an equal increase of manufacturing power, Vorges
and spldles.) When the biow was gwen against
credit, it necessarily reached all interests exposed.
| MANY of the hen owners Of mines and plantations
may have been crushed, but other hands assumed
them it did not destroy the mines or plantations nor
the FORCES aud pindies they ALL in other hands, went
oo nrod,einr hu, ii eHect,aiy struck down rorud'"rs
and with it all dealings depending on that commod'-
y, il drove the dealer who operated before on conf
dsnee into economy as an act of necessity; aud
we have presented to us the effect Of orerabmndant
| economy"
The blow that was struck against the credit sys-
tenn was, in other words, demand Of payment by
eon He who before had lived by producing iururies
only finds his occupation gone in this age Of econo-
my !" and hence is that Italy and large portions
Of Germany and France have Teen riddled Of their
gold. England gets il. We get share, pro rata,
with our abstinence in the of spensable luxu.
. M vnf.- and
those nations would pay England their debts through
us. But as abstain, they only pay in gold (;
and if matters continue thus for very few years,
that is we sending cotton and tobacco, land at the
same time increasing our manufactures to meet
home demand. and England going on with her cloth,
hardware, and crockcry, England and the United
States will gather up all the coin. This is inevitable.
| LONDON, lst July, ls43.
| MONEY, EXCHANGES, &c.-Money affairs are again
attracting considerable attention. for the OF dis
count which had the appearance of permanent ad-
vance, has undergone a change aud become nearly IN
the same state it a few months ago Just before
the payment of the dividends, demand and
better value for money generally looked for, but at
the present period there IS but limited employment
for it. and What is to be done with the large amount
of dridens which will be issued in few days per-
fectly enigmatica. II is quite certain that new
schemes will obtain patronage TO absorb the daily in
ere asng capital, AVID the prospect for the money len
der is not at all encouraging.
The continued heavy rains up 10 the middle Of the
month excited anxiety for the grain and other
crops, but the return of genial weather has
removed all present apprehension, and the Foreign
Exchanges have recovered from slight temporary
depression. The stock Of bullion in the Bank IS
: twelve millions, and il is still flowing in from all
, parts Of the world; even from Russia gold is COM
ing and there is every prospect il extraneous cir
cumstance should arise, that the amount will reach
thirteen and a-half TO fourteen millions. The trans
actions in Foreign Exchanges, which were formerly
of so much importance and extent, Iartake OF the
universal inactivity and of the most eminent
oncrainr. Leave fhanee iihnIi taxing -i----'
outstanding the extreme depression of COM
modities to lower value than was ever known it
seems 10 excite no disposition to enter into new
transactions. The system of trade having under
gone entire change, and specu atve purchases be-
ing out OF the question: the merchant with every dis
position to get relieved of hs:merchandise in guam
tity, even by fair reduction IN price, can find no
purchaser TO take more than he assured Of placing
immediately In tins respect striking analogy ex-
Ists between the present period and that Of half
century back but at that lime the produce of Fo-
reign Countries was held by importers waiting pa
ueptiy ior legitimate demand without pressing their
goods unduly on llfeless market and il is unques-
honable, that unless cautious mode of sale i,
adopted than that which is frequently pursued
the importers Of produce, land more immediately
those VINO receive returns for manufactured goods
sent u foreign markets) must suffer severe loss
Ihis remark applies particularly to our commerce
with the East, and especially to produce coming from
Bengal, Ceylon, SC.
The heavy dock charges to wi ich merchandise is
subject In Landon, have recently been much remark
ed upon IN many influential quarters, and 1t is GER
taniy question Of great importance. The same
scale OF rates, which amounted TO moderate per
centsge when prices were double what they now ire
Is an enormous tax upon the reduced value OF goods
and initiates very materially against the trade of the
port IL has moreover an Indirect influence upon
Prices for goods frequently brought sale at in
| ntrln ntN tL.es
warehouse rent, SC to which they would be subject
and its effect upon trade may be exempli6ed by the
iact that many cargocs Of sugar. arrived recently off
the coast which The temporary inactivity of the
ket renders impossible 10 SELL sent to continent
tai ports 10 be stored, solely because it can be done
there for twelve months for sxpence per cwt lille
in London the charge Of tie docks for the same Pc
Rod would be fifteen pence per cwt
The frequent large fires at l. verpool whether the
result OF accident design have become matter Of
grave consideration. The merchandise stored there
may be estimated OF the value OF twelve millions
which " Is one OF the frs' duties Of the to
protect 10y insurance against fire. and any permanent
difficulty IN obtaining this protection would from a
variety OF considerations have very serious effect
I upon commerce. and cause great embar as.meht IL
certainly OF the extraordinary signs of the times
that Great Britain, whose commercial regulations
for the security and projection Of property have hi
tbcrto been ample should now either from the de-
generacy Of public morals from defective arrange
nept-, called upon to remodel her system in this
important, particular.
Corros.-The stock Of cotton in the ports goes on
increasing weekly, notwithstanding an augmented
consumption the supplies from America for the sea
hot being vet exhausted. By recent advice.
from thence, Il appears that the highest esti-
mates OF the crop some time since, viz. 2, 400, 900
bales, were not much, IL at all, exaggcrscd their
receipts IRON the interior being, 10 the last dates,
$50 900 bales, with more 10 come down but the
United States will themselves require more than
they have hitherto done, then consumption for this
year being much larger.