New-York daily tribune., 1843-12-16
THE TRIBUNE.

Business of the yvest-Money-BaIanee o1
Trade-Neyv-York Merchants-Extrava
gauf charges ON the Railroad from New
York to Phtladelphtas
Correspondence of The Tribune
Noyl LOUISVILLE, December 7th, ls43.
DEAR SIR: The same extraordinary improve
n,entin business upon which l took occasion to re-
mark while in the State of Ohio, is also oose'Va
bic in this State. Money is abundant and Can
be borrowed, with the utmost facility upon ss'is- @
factory security, at the rate of sag per cent ps'
annum-the lawful rate of interest. Inc BANKS
are controlled by experienced and competent oiii
GERS; and the currency is In as souno cohoi'oii
as that of any State III the Unlon. Inoeeo' oio
the disposition exist the part OF these lnstitu-
TONS unduly to expand their issues, such IS the
limited demand for money that they Wonid no'
have it in their power to do SO.
E~cbsnoc nm New York, which only lew
rueeLs aoo hore considerable premium, can now
he readily obtained at prem. OF 1 per cent and
have been informed that large amounts have
be.n taken, within the last fortnight, in Gin.
cnnati, at ] per cent. discount. The bal
ance of trade bids fair to be very decidedly IN "a
vor of the West, whenever It's surplus products
shall be disposed Of 1t would accordingly be nc
matter OF surprise if within sixty days from this
date Eastern funds should be found at a rate OF
discount which would pay for the transportation
of specie across the mountains. 1t cannot be
doubted that in some Of the Western States the
effect would be most salutary, by lniuslng lar
ger proportion of gold and silver into the Clrcu-
lating Medium, and by thus impartng greater
strength to the paper currency
For several years past various adverse inf1uen-
ces have conspred to divert the trade of the rich
valley of the Ohio from the New I York market,
and to confne it to the cities of Philadelphia and
Baltimore: the chief of these conceive to have
been the arrangement of the Exchanges. 1t is
we'll known that ever since the second suspension
of the banks in the States South and West OF
New. York, which took place IN the year 1882,
the currency of the Western States has been about
upon par with that of Philadelphia; and that
I'D to comparatively recent period both have
been at heavy rate of discount in New Y York.-
This condition OF things has operated most inu-
rously upon the interests ofthe merchants in your
CITY, who depend upon the trade of the interior
for their business. So long as the obbers In
Philadelphia stood ready to furnish the Western
dealers with all the goods they required, and
would receive tier money ut par, either In the
payment ofnotes or in the purchase ofnew supplies.
it has been IN vain for the merchants IN New.
York TO attempt to secure any portion OF the trade
Happily this obstacle has now ceased to exist
But the merchants in this section of the country,
complain that the Pearl street houses do not open
their stocks at sufficiently early period OF the
spring, or rather cinter season. and that they arc
consequently compelled to resort to the secondary
markets for their supplies. There IS undoubtedly
good reason for such an allegation, and 1t be-
hooves the merchants of New York to take care
that it does not exist in future. The Commercial
Emporium possesses too much enterprise and IN
telligence idly to look on and see so valuable a
prize as the trade of the mighty West, borne Oft
in triumph by a weaker rival
Another subject which your citizens ought to
take seriously In hand is the reduction of the
orbitant charge for the transportation of both pas
sengers and freight from the city of New-York
to that of Philadelphia. During the last season,
this item amounted on merchandise to more than
one.half as much as the entire expense of for
warding the same articles from Philadelphia to
this city, and to fully double that of shipping them
from New-Yor to New-Orleans. The bearing
Of this point upon the subject matter In hand will
be readily comprehended, when it is remarked
that the merchants of this and Of the adjacent
States make their arinter purchases IN the East
crn markets, long before the canals of your State
are put into operation. The only inland avenues
of communication at that season OF the year are,
consequently, the Baltimore and Ohio Railroad
and the Pennsylvania Canal For several years
past, the reduction in question has been the sub
lect of good deal of discussion and it is to be
hoped that the citizens of New York will not
rest until the object is attained The time has
arrived when the interests of your city impera-
lively demand it. And, besides, the measure is
right in itself, independently Of its effects upon
any particular interest. Considering the expense
of constructing the two railroads between New
York and Philadelphia, and the amount OF busi-
ness done by them, the charges upon these routes
are nothing short Of extortionary.
Many of the merchants from this section OF
the country will be in market as early as the
middle Of January next; indeed, some of the
wholesale dealers in this city and in st. Louis
have already started for the East.
Yesterday we had a fall of about three inches
of snow to-day the weather has been mild, and
tbs greater part of it has disappeared.
4Sh5C1 AMERICANS.