The daily union. [volume] (Washington [D.C.]) 1845-1857, 1846-04-20
EDITORS CORRESPONDENTS.
From our regular correspondent

I'VE" iohhb hPfl 10, lo4o.
The arrival Of The Unicorn In 80 days via ST. Johns
Nsw FotsndiSnd, ,oh 8 days later adpiels, and SIS
! passengers-Gensrat character Of the nsios.-Lan,
guad STATE Of .Anertean produce in Liperpool.-yin
ddUanes tn cotton prevented in the face Of nses received
short crop, BY the hghinsss IN the money market,
"duesd by speculation IN raiiioay shares -.uOney
~iihdraioa from commercial pursuits and fled up Il,
,aoay prcjeets-fhs depression Ia The rnanutaeiuy.
ns Districts caused, or al least aggrapaisd, by The
scarcity Of noney.--Ihs deficiency AZ 400 900 bales
equal 10 sl2OOO 900 IN paus cannot be nsuiral.sd
by any advance ohieh cotton reach under The
money pTsssnre-Ihs expectation Of brsadsiufs OF
hepasi or future ,ohOLy Inadequate 10 fH up ne gan.
Specie must, IN the end, change hands The root
9hs suu found IN bank srpa,lsiOrS speculation and
ooer-trading on both sides Existing difficulties haze
nseonnsnOn cith political questions -yHonsypressure
4 ooaog Ju4 commenced eflas splendid steam
boat Oregon.-Juarksts, &c.
fresuming your columns will be much crowded
with foreign and other matters | shall endeayor 10
make my letter brief
Ahsr passage of % days the Unicorn has ar
nyed, having touched at ST. Johns, and was other
VIC "a detained by getting among ice. She brought
The news was not considered very important on
Ghange Today, except being little more unfayora-
| Tie Tor American produce than was anticipated. As
me manifestation Of war feeling that will proba-
oy DC only temporary and subside after the inter-
change OF lew more steamers.
As anticipated in my letter forwarded Yesterday,
lhe ith INST, cotton, in the face of the news re-
| SeWea ot prospective deficiency in the crop, had
tailed 10 edvance, To do more Than acquire greater
nrmhess, with slight increase of sales in conse-
| quehee oil the continued depression in the money
| harhes The ughtness in money has been pro.
| auee't by speculation ia railway shares, causing
| 'h,h ense sums OF money 10 be taken from CONNER.
Sia pursuits for investment in the all-engulphine
en- Annes Of railway speculation. Were ever so good
opening presented TO spectators for operating in
/ ka,. Il. A..
4 cut on, they cannot enter the market. Those best
acquainted with the features Of the Liverpool cotton
| MARKET know that when exist calculated 10
Justify 1t, the article fails to move more lively
ana 70 advance at hrst more freely by spectators
entering the field. II they are forced out of market
All unusual duness ensues. They saw trade was
| uncommoDy dull for the Of the year in Man
chester, and other manufacturing districts which il
was thought influenced the value of cotton; but such
an assertion, only proves that the manufacturing
nSerest itself suffers from the scarcity OF money
purlnS the previous and preceding years Of increas
Cd trade and prosperity, manufacturing has been
extended IN Eng land as well in the United States
Railroad speculation has tied up money and put
| them in straits
Here, speculation in breadstuffs, combined
with bank, mercantile and manufacturing ex-
panslons, have done the same thing. The conse-
quence Is, that cotton is prevented from advancing
TO the same extent II would otherwise have done
ana which the deficiency of 100000 bales would
Justify It's doing. Consequently, the deficiency Of
$4,000 900 cannot be neutralized by any ADEQUATE
advance In its value
have previously shown that our entire EXPORT
OF oreadsutfs since the first Of September last only
amounts to about 81 900 900 in value and the entire
export Of breadsufs for lS44-45 amounted to
only s',OOO,0OO. As to the remaining stock Of
oreadsufs IN the country, they will be shipped
probably at lower prices than at present prevail.
The accounts from Liverpool do not Justify ship.
ments at present prices so as to leave any margin
Tor remunerating PROFITS therefore, the deficiency in
the value OF cotton exports cannot be euualzed from
TINS source. So that under the most favorable as
Pect OF the subject basis Of six or eight mil
iicns OF dollars will be swept away, from what
might have been considered, under the produce of
an average crop, the reasonable Of the country
ms amount totally disappears as a basis against
which foreign bills might otherwise ha We been dra wn
What is the consequence Specie must sooner or later
leave the country to pay for Indebtedness incurred
by importers, under the supposition that our assets
were to have been equal, if they did not greatly ex
coed, those of the previous year.
If this view Of the subject be correct the ghtness
in the money market on this side has only Just
commenced. This may not be pleasant or pala-
table picture to many persons. If | am wrong they
can easily relieve themselves from anxiety BY dis
proving my figures and statements. The state of
things | have pointed out cannot be chargeabe to
the sub-treasury or any other political question.
The whole root of the evil may be summed up in
one brief sentence 1t has grown out of the expan-
sion OF paper money, upon the free issues Of which
have resulted undue speculation and overrading.
In our country the only check which can be given
to these periodical expansions, reckless speculatons
| and rulnous contractons will be found in separa-
ting the financial affairs of the government from the
banks. With the sub-treasury, in connection with
the ware-housing system and branch mints the cur
rency would be preserved in a more sound and
hea thy state II paper mutations and their conse-
quences could not be entirely averted, they would
at least be rendered less frequent and less runous
| in their consequences.
| With regard to the condition of the Liverpool
cotton market, | submit the following extract from
a Liverpool "cotton circular" Of the 18th ult.:
| 1.-The change is more in an increased hrmness on
the part OF holders, with a diminished quantity
pressing on the market than from an improved de-
than the average consumption, and the whole busi-
ness Is on moderate scale. The sales for the
week ended 9th inst were 81 500 bales, and for
that ended 18th inst, they amounted to 81 800
bales OF the latter $500 were taken speculation
and 1000 for export and the American descriptions
consisted of $3.50 Upland at 81 ~, Il, 44O Orleans
at3s g. 4,43O Alabama and Mobile at 81 AZ; and
29O Sea'sIand at l0i SD. per ID. The business
for four days to this evening is estimated at $4,000
BALES, of which only about 900 bales have been
taken by spectators and 500 for expectation. We
quote fair Upland a; fair Orleans Il; fair Mobile
4ld per h."
| On the receipt of the commercial news at Havre,
$500 bales Louisiana cotton sold at an advance of
| If &c. If. Soc.
With regard to -four and corn, it states as fol-
| lows:
"Four wheat, &c, will not be admitted until the
bill actually becomes law, which is only a ques-
ton of time, and there is great confidence that it will
notbe delayed beyond a month two. Indian
free is in limited demand at 32s 34s per or.
of 4S0 lbs Flour in bond 25s, 27s. per Dbl. The
latter applies only to the best Western, for which
there buyers to moderate extent, but for Phil
adepha and Baltimore there is no demand even at |
25s. Sour 23s. 24S per Dbl.
can auction sale of turpentine has been again at
tempted since our last but no buyers appeared The
nominal prices spoken of are rs. Us. per cwt. A |
parcel of Rosin Of common quality has been sold at
2s. Id. per cwt."
submit the following market items from other
sources:
ToBAcco.-There is no change to report in the
market for tobacco since last report.
ntow--'There has been 81 IN innuiru for tal- |