The daily union. [volume] (Washington [D.C.]) 1845-1857, 1846-04-11
EDITORS CORRESPONDENTS.
From cur regular correspondent
NEW YoRK. April 9, lS4

New YoRK. April 8, lS46.
Three days later netos 6y the paekstsip N6rtumber
Iand-.Nstos from India less Japorsbie for British
arms.-Lliie or no change tn the grain mukst.-
Cotton firm The Inspections Of -four for l845,
averaged about dollar higher IN the barrel as TO
valuation than in l844.-Ths Elects Of exaggerated
accounts Of short crops, and starvation in Europe,
received last Oetober.-Grsa rise In flour, and ar
pension Of paper mOnsy.-SuPposed By many
,phen The canal, closed, -four could, by January go
up 10 90 and $40 per barrel, and that specie could
come 10 the United States from Engiand.-Loans on
prodlee.-Wilh the foil Of breadsigts, and deficiency
in the cotton CROP reaction has come, and specie
Hkslg 10 lsape the eouSiry.-Ths exaggerated panic
poiuisd out 10 the public in The columns fthe Union
last Nouenber.-The crisis at hand uneonnecisd
,ciih the Interchangeable ocean Stenn-nariga-
tion Company' defended, 9Th The Posin.a,tsri Gen
eral against the attacks Of opponents, &c.
We have received a few days later news by the
Northumberland, from Liverpool, which is not,
however, Of much importance The English pa
pers continued to discuss the Oregon question in
the same censorious tone, but with reservations in
favor of an expected or hoped for, amieablc adjust
ment.
Cotton was firm, while grain and -four remained
about the same as noted by former advcea.
The impression seemed to be that the late victory
over the Skhs in India had proved css success-
full TO British arms than at first reported, Pre-
partitions were on foot in England for sending out
large reinforcements.
I misapprehended the reports made by the inspcc-
tors alluded to in my letter Of yesterday. IL grew
out of the fact that they made a lower average in
valuations Of -four per barrel Tor brcadstufs) for
1874, and higher average for le45, than sup
posed circumstances justified. The amount inspect
ed in the two years only differed 49, barrels,
this increase occurring in l845. Yet they make the
value over two million Of dollars greater than the
value of the inspections for 1874 To have arrived
- of H..
could not have exceeded four dollars and some 10
or S cents per barrel. While on the inspections of
1856 barrels (only I2l Jig barrels greater than
the inspections Of lS44,) they must have made an
average Of about S525 per BARREL to reach 81 ,905
037 in the aggregate value while the value of
2,l44,669 barrels in 1874, only amounts to
81, 1854 ,394,79.
Flour last year was little if anything, above the
average of 1874, till the arrival of the Great Britain
about the lst of October, which brought out very
exaggerated accounts of the failure Of the crops and
the prospect Of starvation in England. This news
ran the price of -four up first to s. so, then to &C.
and finally, in November, to 81 25-the highest
point it reached under the starvation panic 1t was
at that time the general belief that breadstus would
sell unusually high through the winter to supply the
European scarcity. Many thought, that after the
closing Of the canals, and towards january, the art
Gle would reach SO or $40 per barrel, and that
flow Of specie would take place from England to this
country. The banks, under the influence of opin-
ions favorable to expansion, founded on the belief
that instead Of losing SPECIE were likely TO re-
ceive il from England therefore sustained houses in
holding and in shipping breadstufs to much larger
extent than they would likely have done under the
course of trade.
The result has proved that the deficiency in the
supply of breadstufs in England has been most
grossly overrated and that the reaction has resulted
injuriousy to the commerce of grain-growing coun-
tries Instead Of receiving specie, the strong proba-
biities now are that we shall be compelled to remit
spece to England, if not also to the continent. To
meet which, the banks will be forced, if necessary,
10 contract their loans and reduce their circulation,
which, if brought about must exercise an unfavor-
able influence upon business and the value of arti-
cles in general-sub-treasury or no sub-treasury.
Your readers will recollect that, far back the
latter part Of November last warned the public
against the effects of the exaggerated cry Of scarcity
in England arising from potato gangrene, &c; much
of which resulted from the movements of speeua-
tors in Europe, and the defamation Of the an-corn
league in England, who were anxious to make it
rayng point for the purpose of effecting the aboli-
ton of the corn laws.
few sober-minded and experienced merchants
in New York, who narrowly examined price cur
rents and their unbiased correspondence, without
stopping to read the glowing captions placed at the
top of the columns in the newspaper, such as 'Gan-
creme potatoes Failure of the Crops, !" "Starva-
ton in Europe )" &c, through the whole affair,
and kept out of all speculation on breadstuffs. 1t
was to some of these merchants, combined with
some foreign correspondence Of my own, that /
came early to the conclusion that there was deal
of "humbug" about the business, and 80 expressed
myself in the "Union." In connection with my
warning, was the first to announce in the very
midst OF the STARVATION panic that the ship st. Pat
rick was coming out with cargo of potatoes, pur-
chased in Liverpool, and which statement was
doubted by the Journal of Commerce, but which
nevertheless arrived and were sold at fair profit
TO the importers II has only been this spring that
potatoes have so far advanced in Liverpool as to
prevent further importation. But now crops look
well abroad, as well as in the United States; the
canals will soon be open, and the surplus of bread
stuifs in the INTERIOR which said to be large will
come forward. What, then, may it be asked, is to
sustain pricesf .... .'
1t is subject of regret that persons will be found
to oppose the nobes enterprises If they cannot sue
coed in controlling them. ! am surprised that the
Globe, or any other paper should be 80 led as'ray
as to favor the grossest misstatements ~ reference
to the "0cean Steam Navigation company III
seeking charter on purely democratic principles
understand the creed Of this party to refuse no
charter Of incorporation for honorable purposes,
where the clause Of individual liability is not objected
IN AZ the members Of the "Ocean Steam Navga-
ton Company agreed to this proviso in the act OF
incorporation sought, cannot for the life OF me
wbv the legislature, much less democratic paper,
.boold dissent from it, With the proviso alluded TO,
cannot see why the legislature should refuse one
or dozen charters, f wanted on the same terms
IL in evident that the oucry against the lsuosole
.nterprise of Mr. Mills and his associates has orr
einsted with parties who have been disappointed q
Getting the mail contract in preference TO him, al
though the proposals were not only higher thar
Mr.. Mills's, but were submitted after the contrsc
| h.d heen signed by Mr.. Mills, under bonds, viii
ample security. Postmaster Morris certified to TN
wealth and competency Of Mr. Mills's associates
| and securities for executing the contract lfthey
| fail, il will be time enough TO complain.
| Mr. Jsudon il the only Wall street man or broke