The daily union. [volume] (Washington [D.C.]) 1845-1857, 1845-05-29

president or cashier may convince himself, but II
has no influence upon the masses. They are aware
that banks think they make money, whilst, IN re-
atty, they only manufacture credits in the shape
OF rag promises pay; and that the actual gold and
silver remains unincreased, or diminished by being
driven out of circulation and sometimes out OF the
country. A regular bank director in commercial
city has his IDEAS Of currency and finance narrowed
down TO single question, "can pay my note be-
fore o'clock" II he answer that in the affr-
native, all things right; the currency is sound,
and the banking business was never more prosper
GUS although suspension of specie payments may
be the order of the day. and the only moneys to be
seen are the notes of broken banks and the shin
plasters of some petty municipal corporation.
The metaphysics of "honest" John Davis are not
the fashion now. We do not confound, as he did,
price and raius Price depends often upon the state
of the currency. II inflated, (Which "honest" John
denied ever was the case IN America,) the nominal
price may be high; if sound the price is nominally
lowered, but still the value Of the commodity which
Ii the subject of the price remains unaltered.
The laborer understands this perfectly well, and
he has also learned that neither the election of
President, the incorporation of bank, can give
him in sound currency, gold and silver coin, "two
dollars day and roast beef" The great object OF
the specustor is to raise prices and he can do 1t in
no way readily as by blowing up the currency
like soap bubble. To do this, his banks must
have the public deposits, in order to extend their
discounts and circulation and know no better
mode of creating an expansion, than allowing sew
eral millions of the public money to lie in these IN
stitutions, where they are traded upon as IT they
formed part of their permanent capital. The argu-
ment, therefore, which suggested on former oc-
casion in favor ofthat purchase and extlnguishmen
Of the national debt with the surplus revenue, Is
irresistible; and at the present moment United
States per cents can be purchased, deducting the
interest due, at 2 per cent advance. The saving on
this stock due in 1853 by this operation, would be
thirty-five and half dollars on every hundred OF
stock, or 35l per cent. Ia this not worthy of at
tentionl ea
Our sporting world is afloat to-day, to witness the
great match race, which comes of on the Camden
course, between Peytona and Fashion. A large
number of strangers have been here for several
days. and everything in the shape of vehicle is
put in active requisition. The contest between
these two fine animals over the Long Island course,
showed them be nearly equal in point of speed
that great interest is taken in the result by the anna
teurs in such matisrs The scene will be exciting,
and as Peytona and Fashion are both reported to
be in excellent condition, the will doubtless be
a beautiful one.
There is to be grand floral procession of Sun
day school children, tomorrow (Thursday) after
noon, that being an anniversary of the American
Sunday school Union. Washington square, one Of
the most beautiful in this city, will be the place of
rendezvous. After appropriate exercises there, the
procession will proceed to the Philadelphia Mu-
scum, where there will be evening exhibition and
sale of flowers. The occasion will be in the highest
degree interesting, and it may be confidently ex-
pected that large will be raised thereby in aid
Of the funds Of the union.
Two very sudden deaths occurred in this city yes
terday. Mr.. Davis, respectable bread and biscuit
baker of South 4th street, fell dead while working
at his dough-trough and John Brown, old sailor,
and an inmate of the United States Naval Asylum,
expired without any previous illness, at tavern
near the asylum. LEON.