The daily union. [volume] (Washington [D.C.]) 1845-1857, 1846-12-28
COMMERCIAL.
From our Commercial Correspondent.
NEw YoRE. Thursday, 4 p. m.


December "a 1916.
The money market continues be Affected by the efforts
OF tho bank interest procure the repeal pospOnemen
OF the specie clause OF the indie pendent treasury bill The
banks usually at the close OF the year contract their move
ments preparatory the settlement of the years business
but this year there is every disposition in the face Of falling
exchanges and favorable circumstances Of trade be
vigorous than usual and auege the necessity OF in
view OF the demand for the constitutional currency which
WIN arise ON the part OF the government alter Janaayst
Misrepresentation prevails IN the public mind however, In
regard 10 the extent OF that operation Ii be sup
posed that whatever the banks may hold the credit
Of The government that day viii be required Of them in
specie and that they may be Inconvenience thereby
The law however does not require specie be paid out
by the treasury until April LIST that is say, aud alter
January all dues TO the government including postages
must be paid 10 il the constitutional currency Whatever
funds the treasury may then have in hand previously col
ected, be paid until April LIST. The deposes in
the banks will continue be paid in bank funds until
exhausted The last monthly report Of the gave
the following sums on hand;
United States Mint and branches s5O5,s92
In treasures ,6S9
In banks 2,2W.92i
s6,Os6,5O5
Probably $4,000 900 Of this is paper funds and will con-
tnue be paid such until April ls Many OF the
banks have however, Of late refused pay their
notes checks choosing rather certify the checks, under
the impression real alleged that If the notes were paid
and into the hands OF the treasury that they would
presented for specie January Is The real demand OF
the treasury for specie will be the OF the current
evenueior the monhsay 81 800 0O0-r the Union This
disposition OF e banks eauscd strngency in the
kes thus AT the November report OF the New York
banks the circulation of the city banks S60i3757, and
the country banks SIG 765an amount larger than
before This country circulation is not bankable In the
city, and the discount on ranges Tom Ct discount
has been estimated that the whole amount comes to the city
in the year on average three times the ofade.
That is TO say mer iorwaers, and others obtain the
notes of the country banks for discounts pay them out TO
farmers and Others by whom they for the most part paid
in to discharge obs The shopkeepers send
them down the city to pay their city accounts The city
merchant cannot them in discharge oil his notes falling
due at banks place them there ON deposits They are
not bankable They therefore sold TO exchange bro
kers who buy them discount and resell them to thea
tres public places carpenters all who have
large sums TO pay aborng people Saturday night
at discount by which operation, he who has $1,000 pay
out in wages IS. When the money comes down
freely obvious that 1t requires good deal OF city money
to buy IT, When therefore, exchange broker, presenting
his check upon bank is told that they do not pay out their
notes but viii certify good, the whole business is
checked the difficulty of selling 'uncurrent increases
and the merchants lose higher discount This dis
count has formerly gone high rs per cent. in
winter when the difficulty OF presenting notes to the
issuing banks Is great The broker with his eer
titled check may draw specie OF what use are Por-
tuguesc douboons, and light sovereigns of which, for
the most part the bank specie consists, in redeeming
uncurrcnt money! IT, however, sbmnch mint were here
rs the treasury OF the federal government the broker could
Instantly demand his specie of the bank, exchange for
American coin and defy the banks
For all business purposes money is easily obtained not
vhstnnding the indisposon OF the banks to loan. An
interesting feature of the market is the number of those
who 20 round TO private houses for the purpose Of getting
sums put out advantage. Accommodation borrowers
find H. however difficult obtain money. The law of
New York orfets usurous loan upon an accommodation
note but not business paper.
Exchanges continue fall, and may be quoted follows
London, 5a5i premium Antwerp, 35G 80
Paris 49, a 42t Hamburg, 3ii 80
Amsterdam 33J a 80 Bremen, IA
These are rates which admit of the import Of specie, Of
which s45o 900 arrived IN the Cambria and larger
must follow. 1t little singular that ths accession of
large sums OF specie from abroad is dsregarded by the
who profess look upon it, passage through
the treasury into circulation great evil.
In my last gave table of the London quotations for
tinental bills showing gradual fall which had nearly
reached the speceexportng point The arrival of the
Cambria that the export had commencedsoc
G45 900 having been exported during the last week No
vember The variation in the comparative value OF gold
London and Oh the continent had bsen as follows;
Price of London Bills Gold dear. Dearer at
goldin on Lon er Lon London Hamb'gh