The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1845-12-19

WESTERN RAIL ROAD
Ysek ending Dec. II, 1874 1886 Inc
Erassehhgers ................ Ss,6S2 1851 679
F"isht &C. ...'... .....'...... 8,lB6 1891 LII
Total. ..sis.Ss 1873 1850
The increase this week quite large-much larger
Il On usual.
The stock market continues very much and
.here is every probability of its remaining SO for some
time The panic that from time time depresses prices
fancy stocks five and ten per cent in day. the re-
suit OF very sensitive feeling in the public mind in re-
aton to the position of foreign affairs which auc
tuates almost hourly, and may hat subsde
only TO be renewed again with increased force by any
new fumor that may obtain currency There is, how
ever at works. movement likely to produce permanent
depression IN the money market, and serious impress
sion upon the price of nearly all stock securities We
alude to the probable passage of the Sub Treasury act
and the restrictions that law will place upon the banking
Institutions Of the country Those banks holding large
amounts Of government funds, upon which they have
been extending their loans and discounts must rapidly
contract their operations, and strengthen to
meet any demand that may be made upon from the
government The present session of Congress will de
wise ways and means to up large portion the sur
plus revenue; and the banks therefore, likely lose
the government deposits at all events whether the Sub
Treasury bill passes not. The banks must con-
tract, and the money market will feel the effect
OF that movement very severely this time as there
v
breadstufs, and immense quantaties now held by
the first buyers in anticipation of advices from
Europe favorable to advance in prices at great
SACRIFICES in raising money Several of these spectators
have failed, not being able to sustain themselves against
the recent restrictions in the money market There are
many others standing upon the verge of bankruptcy on
account Of their reckless speculative operations and
unless the money market becomes relieved they 20
by the board The panic has heretofore been confined
~ IN FAM
twas confined to war panic its effect would have ended
there but there now bank panic which likely to
be more serious than all the pancs we have had vet
very sudden contraction in the movement of the banks
would al this time produce much embarr assmen amonR
the commercial classes and contraction in connection
WIN inc war lever that is SO rapidly increasing,
produce financial revusion that will destroy all kinds
OF spectators, purify the commercial atmosphere
and bring about a more healthy state of things
The banks have, for time past exneriencsa
d'an OF specie Within the past SIX weeks sv .io
first OF November they have lost about one and halt
million OF dollars, which reduces the amount on hand
10 about six millions of dollars The demand for specie
comes IRON the South, wheie il required purchase
cotton and breadsufs. II will ultimately come back
through the western country but not until it has been
generally circulated among the producers of that Sec
uon These things have very great effect upon CON-
,nercial matters and check healthy expansion
of credits and trade The banks have contracted their
loans on stock securities very materially in conse
quence Of the general reduction of prices and
Oh the great decrease in the margins upon which
advances were made The war panic, in reducing
quotations for fancy ocks has one great cause of
the contraction in stock loans the probable passa
OF the Sub Treasury law, and the demand from the
South for specie, have been the for the general
contraction of the banks in all their lines of discount
appears therefore, that there variety of causes for
the present and anticipated restrictions in the money
market causes that not likely to be removed very
soon, and causes that WILL without doubt increase the
difficulties as they become developed We do not look
for any Improvement in financial commercial
affairs for many months-not until after Congress ad
journs at all events not until foreign relations be-
come mo.e settled than they at present.
independent of the hume local that tend to
depfess the various markets there is full impor-
amt as all the res-one that will for the time produce
immense deal Of excitement among all classes and in al
parts of the commercial world but that will ulti
matey be removed without resorng to those measures
many anticipate and that is the Oregon question.
The excitement in relation to the territory in dispute
between the Government of this country and that of
Great Britain is in this country becoming greater and
greater every day The recent movements in Washing.
ton will only add fuel to the aame short time will
suffice to bring the and the people both countries
to point dangerous in the extreme. The movements
Of the two Governments according to the present ind
cations will not partake much of this feeling as has
been predicted but will without doubt amidst the ex
ctement that must surround them Sides arrive at
some understanding upon the subject different from any
yet contemplated It is possible that compromise Of
the matter may be made by continuing the forty ninth
degree from the East side of the mountains to the waters
OF the Columbia river, down the river to the forty
seventh degree; thence west to Fort Nasquay, at the
head oil the Straits Of Juan de Fuca thence through the
MFR apft houz G<rnkc Al
OF the Straits of Juan de Fuca is in 4s 80 This gives
Great Britain the entrance to these Straits all the
ports on the western and northern sides these waters
an outlet to Frazcrs river and the tract of land north of
the forty-seventh degree, lying between the Columbia
river and the Straits spoken Of The whole of Vancou
vers Island becomes Great Brain's by this arrange.
mcnt and in fact divides the territory dispute be-
Columbia river and the forty ninth degree Of
ia''ude more favorable to Great Britain than TO the
un''eu states. This compromise would give the United
states 'he navigation Of the Columbia up to the forty
seventh degree OF latitude, the ports ON the Pacific
ocean IRON the mouth of tho river tho entrance TO
the straits OF Juan de Fuca and tho norris IN Tho
shore OF these Straits.
possible an arrangement Of this nature would not
be made by either party until both coun,r;o o non
the eve of rupture; but that actual bos;,os ;,, \.
h'o'ueo W compromise oil some sort, very few can
doubt We have heretofore asserted and we reossor,
hat negotiations upon the oregon question arc about
being resumed What the nature of the now ns,,uc
lions received by the British Minister from his govern
ment IS we do not know simply give the fact that
negotiations have been, will be, resumed and
his Tact is sufficient to give faith in an amicable mr.
angement OF the question, notwithstanding the war of
words going on in the council Of tho nation and the an
cipated ebullon Of the British press upon the recent
OF the Presidents message.
whilo public attention in this country and IN Crcat
Britain Is occupied with the subject our negotiations
with Mexico, in relation to the purchase of California
are rapidly progressing, and would not surprise us
they were brought TO satisfactory conclusion much