Richmond daily Whig. [volume] (Richmond, Va.) 1842-1861, 1845-12-09

for him 10 'ake,o abstain ircm taking open
part In this important dscuss leave to Others tho
mer, vi scning The qussiion-and to r.ssu.
EFFECT OF THE CRISIS ON TRADE AND FL
NANCE.
From the London T,mes Nov 81
On the influence OF the present crisis upon trade aud
banking operations, better authority ~ not be
with the ciy ,haa the Overland Dsspach" OF Tree
aud Cook. prepared for the mail TO India which Is
leave England this week. We select the following
extracts from it.
"Durng the spring and summer, and somewhat later
the year, there unusual buoyancy in almost
s departments OF trade, with every appearance OF
continuance OF SUR aud activity. but within the last
month two the business transactions Of the country
have been much reduced. The high prices Ut corn IA
the and o Europe, srsing from bad crops Of
grain aud potatoes, aud the al, IN the value
Of money oi the chief continental cities at Ham
burgh the o discount suddenly increased from To
per cent accompanied by scarcity and pow
cruly operating against foreign trade. The situation of
this country though not free from difficulty Is nowthstsnd
the result oi the harvest, somewhat more encouraging
than that nechbong States; the demand for labor OF all
kinds great, and wsges the average
fully 25 cent higher. The peculiar position OF affairs
however, this that the attention o the country at large
has been much directed railroad speeuaous, and
its and credit have been largely diverted into that
channel that the mercantile community, who Tor the
part have kept soof from these schemes, reflect
with uncasness upon their magnitude, as calcula
ted TO produce derangmeni o the currency. aud mate
rally TO cnibarrass both distant and home operations.
to distant parts avoided state OF thines under present
circumstances OF very injurious tendency the augmented
rate OF consumption OF articles such, that 10 meet
Increased demand not only larger but more regular
plies required, and tesles dependent i'm
poTios week by week than formerly Aitor the celebrated
revision Ut the tariff snj the bank measure, feeling gene
rally ptcNUed that echsndse would be SUBJECT fewer
ucusons, and that periods OF high prices particularly
less likely 10 this opinion however, has not been
borne BY Without the aid vi spec
o which, indeed there less. many articles o
vat In
very nigh rates. IN some Instances doubt arising from
failure IN production. although 10 that casually trade has
always been exposed; while the other hand. such is
the abandonment OF commercial enterprise. that when
II happens there oi any particular article
than i temporarily repaired. the price becomes liable
once 10 extraordinary depression, below the OF pro.
ducon, and it Is dI ult TO find any disposed give
the slightest attention to the market This alienation from
the legitimate pursuits OF trade, among other injurious
consequences be producing egulay in classes
which have hitherto Kept free from the charge Of neglect
ing their immediate occupations complaints heard that
wholesale houses have experienced difficulties the col
lection OF their accounts, aud impression prevails that
the evil spreading. The state of prosperity whch the
country has recently attained, thus threatened with
ierrupuon from excess ia undertakings the gradual de-
'eoPemrnt ct which, under proper limits, would have
much adCed 10 the genera welfare. To prevent the bad
consequences arising from that excess decided position
should be assumed by the Government with re-
ference 10 the nnumerabe railroad schemes manifest
that 1t will be physically Impossible for Parliament, next
session. TO get through the OF
Of the proposed projects, aud IS equally apparent that
even II could be accomplished, the attempt them
into effect at would completely unhnse monetary
system and unduly elevate the value of labor decla
alton from Government that these bills alone should eu
ierianed which either postponed rejected from
some technically last session with the exception Of those
aPPertaning the colonies upon which earlier decision
miGh be 'equired,) would be sau,sy, and would
great degree the aPprehended pressure, calm the
public mind, and assis va bringing bHcs business
proper course Government would thereby be in way
Pledged eiered regards future proceedings and dur
Ing the session Of s41 there would be go into the
general question, after something decisive should be known
Of the harvest The foreign exchanges are favorable
70 his country, and ouTsOcN Of gold large. To Hamburger
shipments OF doilsrs and silver end small quantity 1f gold
have Teen recently made the Vi about 100 uOOi but
whether the whole OF doars sent has been bought
eSRa Fds or an application originally msde the Bank OF
Ensant Tor quantity OF silver was subsequently car
ned BY private individuals, be returned in specie,
has rot ansprcd The balcnce trade being 50 entirely
N isvor OF this country there every probability that we
saaA Keep large stock Of goi and considerable arm
vas VI silver are expected 0y Le next Mexican pack
es, and although foreign railroads may relieve us OF some
LILLE surplus the s1poriauon ofirOn and machinery will
certain extent e"un,trbalGnoe H. Dealers in money lock
Win some anxiety TO Germ for deangemen, of the
fafy system, but this result much be
The stocks the Continent are compaTatyeIy light
There - moreover aiheT deficiency ersi not only in
the west and SOUTH butey the of Europe and
81 Asia. Daring the twelve months the coun,re. Dor
ed through the Straits OF CuBsannople 2JO 900 quarters
Of bot oi hs quantity not ihsn iJU UUO passed
the Straits OF Gibraltar, which directly Ut the
customary OF that trade and evidence Of
ordinary deficiency food in the East. The bank rate OF
DISCOUNTS per cent but it from per cent higher
IN Lombard street tor long dated paper At the bank
branches the 3t cent snd generally dear
the country London; large OF paper,
squeniiy finds ts way here Tor discount The daily
clearaness Just GA the 3lst ut. the
last settling day the stock exchange of the leading
banking houses IN the ciy had checks TO arrange 10 the
eNen Of f. OOO, 900 the whole Of which qddsled by
tae payment Vi balance OF 100000"