The daily union. [volume] (Washington [D.C.]) 1845-1857, 1846-12-12
COMMERCIAL.
From our Commercial Correspondent.

HARM but are capable OF very little good When certain
interests epresentedby classes politicians evnce deter
minaon TO disturb the Of government and battle
stouy for such change in the laws of the country may
favor their special pursuits all cassespartculaIly money
ed men-become cautious in their The aow
ofcapita checked and commercial enterprise waits until
some degree Of uncertainty is removed Unfortunately for
past every session has been marked by these
struggles OF influential parties perve the natural
Of things TO their special benefit, and fall in stocks
dnnution monumental enterprise and agene pause Ia
trade have usually attended meetings Of the national legsa
ure The approach OF the present session has been viewed
with peculiar anxiety b because Of the existence Of the
war; and the uncertainty of is continuance leading to the
conviction that the wants Of the government would be large
in ofhe regular and therefore that exten
loans would be asked ior 3D. because the result of
the local elections seemed TO have excited the manufcu
ring interest great exeTtons, in the hope of obtaining
repeal ofhe tariff before its operation develop It's
beneficial tendency and, 81, because there strong
indications that the banking interest would ne
elect the opportunity Of making the wants OF the
government instrument in procuring the repeal Of
the peoples independent treasury law and that their
influence in that ve would be productive Of "a stringent
market These three leading operated check the
swelling tide Of prosperity that later win result
from the abundance OF the products Of national indus
Try, and the favorable foreign outlet for farm produce. The
speeches OF eminent before respectable assem-
blages OF citizens containing greatly exaggerated
men Of the government expenditure had produced some
uneasnes and the message looked for earnestly The
full and clear yindication which contained of the posi-
of the government In relation 10 the war; and the
that but sl9 900 900 would be required in add
ton the ordinary prosecute the vigorous
y up July, St3 impaired Immediate feeling OF relief
that head The requirement Is much less than
feared would be wanted that IL is regarded with in
difference. The chances Of any alteration Of the tariff
conceived be diminished and there remains but the
effort Of the banks to be rescnded at least the
specie clause Of the independent treasury law 10 excite
distrus To procure this object there be dspos
ton other matters Of opposition to the adminstn
ton, at least for the present. ..
There is no reasonable doubt but that the only real dislike
TO the independent treasury law in its entire
force arises from the desire 10 ste the circulation Of
the precious metals, in order TO compel that Of bank
promises. The motive leads even the New
York banks and brokers dscountenance the estab-
lishment of a branch mint in this city, advised
by the President. The amount held by the banks of
New York city, November l. 80 900 900 in spe-
Gle and American gold and silver coins one-uarter
cent premium before their doors. They profess pay
their bills in specie, and do thatis in foreign coins
which, their strange character not easily circu-
lated IL is obvious, therefore, they not compelled
to pay In American coin, and there is mint at
which the holder procure United States coins, bank
notes are circulated per force. If Congress establish
es a mint in this city, and makes that mint the
branch treasury, 1t will become the place OF depos-
ito for all the specie that arrives. II merchant re-
ceives $4,000 in soyercgns, he dePostes them in
bank, and he money draws out bank notes, or
his credit by check in favor of some other ndid
al The specie remains in bank until adverse exchanges
carry IL abroad, frequently in the same packages in
than 10 settle n balance II answered purpose Of
circulation! Under branch sub-treasury mint, the
merchant would deposte his specie at the mint, and de-
pose his mint certificate with the bank The gold in the
mint would be converted into American coin to be paid out
general circulation when called for and less
convenient shape for export The mint certificate deposited
with the bank will answer its purpose quite well as If the
foreign gold in its vaults Of the now
held by the New York banks 900 is foreign gold
Suppose that 81 900 deposte the Mint being
turned into American coin, be Of circulating
dunn need be- and the banks held the certificates for it,
would any money be taken of circulation than
if continues remain where it now is in shape
incapable of circulationl 1t is alleged, however-and
great fears promulgated as consequence-that the
Independent treasury will draw of circulation amount
00O be retained hand 1t supposed that
the diminution of the currency that extent will be
raught with disastrous consequences to commerce. In
former letter showed that the specie four poinsviz
London, Paris New York. and New Oheanswas $54, 0O0,
600 in November 1886 than November, $780, and
that money ism abundant than the former pc
Rod that is say, the supply greater than the demand
The large amount of specie thus drawn OF circulation in
to bank vaults clearly did not embauass commerce or
check specuaon for the latter has higher in Paris and
London than before and in the former city has been
productive of more disastrous losses At New Orleans the
of specie in bank vaults and the circu
aton So 500 O0O which is least 81, 100000 than
banks usually hold against such circulation; and this
large proportion of specie has been maintained for several
years We do not however, therefore, find that the bust
of New Orleans has been less in consequence The
year 1876 follows: ....... l.s..
Specie II bank in November s,ssSsS sss7 ess .esels
Value Of produce received at New o,.,,
Orleans 57l99,l22 T71g3,46l 1884, i2
In round numbers, $40 900 600 property down
New Orleans and sold there in 1916 than in 1915
and the only change resulting the banks increase
specie equal the small of their circulation
So 900 900 laid idle and undistubed in the bank vaults
while business coming and going the extent probably
5000 600 900 transacted round and about it. Suppose
the federal treasury and all its branches throughout the
Union had held onehaf the specie that the New Orleans
banks he would any less business have been done at New
Orleans any other point than actually transacted
Would England have bought bale of cotton barrel of
flour less because portion Of specie was kept in the United
States in government vaults instead of bank vaults Would
single bin drawn against cotton sent England, the
proceeds of sterling bill sold in New York, have been
worth less than its face and the exchange that account
Surely If the government should actually take any
| conceivable out of the market, lock it up, and
keep it, and by doing leave little for the wants of
trade, what would result Why the next packet from Eu
rope would bring much would satisfy the wants of
trade, and the difficulty, If any created would
II is the des possible chimera ascribe governments
adhesion the constitutional currency any results adverse
commercial interests In l840 the Russian
decrced that from that date all accounts, contracts and
changes should be stated and quoted in silver roubes only
in order to do away with pecious paper currency. The
effect of that and other regulations has been
steady drain of silver from France and Holland Russia
The legal tender Of those countries being the national silver
coin only scarcity of silver has been produced
counter of gold has, however, flowed down from
the Ural mountains, and gone swell the specie in the