The daily union. [volume] (Washington [D.C.]) 1845-1857, 1846-11-13
s46s,a4l SSl4,l55
Increase,

Decrease, - III OlO s54na52
The amounl of government money IN six banks
included in the table, was reduced sl,2I6,576, and
the deposles Of these banks were diminished ssl5,-
1913; at the same time the deposites Of the eleven
other banks were increased 81 1923 2o3 In respect
To loans, government banks reduced theirs s2,5T7,-
937 and eleven others increased theirs S3l9, 2s5
The specie in the six depOsite banks has been re-
duced s5I4, 23l and IN the eleven others, increased
$50 1853. These features very curious, and
present at a glance the working Of banks IN con
ne xion with public money, as directly in opposition
to the movement Of those institutions which look
only to the business Of their customers. When
trade is active and the customs revenues large the
government deposite banks powerful, because the
customs are paid into them from all other banks
where the merchants, who pay duties, keep their
accounts The large balances thus accumulated In
favor Of seven deposite banks against the seventeen
remaining institutions, were always vigorously de-
msnded in specie More rgidly than under the
independent treasury, because the object was not
merely to get pay in good money, but to compel the
debtor banks to curta their loans in order TO main
tain the rate Of interest for the benefit OF those con-
Germs that had government money TO loan II Is 10
be understood, that no combination existed among
the deposite banks produce this result but was
the natural consequence Of their selfish struggles for
their own interest, with the power conferred on
them through the collection Of the public money
When the revenues are small, this power ceases
and the drafts Of the department upon the dePosi'e
banks compes them to reduce in their turn, while
= a
the remaining banks, released from their control,
extend their operations as in the table. lndi-
vidual deposites have largely increased, while for
eign exchanges have fallen and the export trade re-
ceiyed a renewed impulse from the nature Of the
news down to October 20, from Liverpool. Under
such prospects great abundance Of money is look
ed for, and as a consequence, a good means of in
yeatment is desirable. Treasury notes at 2-5 are
undoubtedly, under the circumstances, the most
desirable, as being safe remunerative, and prompt
" convertible into money. They are equivalent
in value to the United States 6's at slO4, which
was the market price. Sales OF $1,000 were
made at sl05 cash, which, with four months &C
cumulated interest, is equal to Sl03 for the stock
There is nothing certain in the city, as yet as to the
results of the new loan. There is but little doubt
| however, that government SECURITIES VIII sooh w
sought AFTER The adoption Of the New York con-
sttuton has relieved one fear that the results of the
election engendered viz: that the wings would re-
new their debt-contracting schemes and NIL the mar
ket with promises, to sell under the hammer at any
price as in 1912.
The state Of the produce markets Is that which
now exercises the greatest influence upon both hnan
cisl and commercial affairs. The news by the Br
tannia, as your readers are already aware, has no
only confirmed but deepened those features of thu
foreign markets that previous packets developed
Not only were the accounts Of scarcity IN western
Europe and in the British islanis more dreadful
but unlike similar accounts last year, they wert
corroborated by rapidly advancing prices, showing
that by shrewd purchasers Of food, their awful
reality was fully felt 1t is true that these accounts
have not Immediately affected the markets here, be
cause of simultaneous effort on the part Of thos
receiving orders by the packet to keep the marke
down until their purchases are competed and als'
because Of the anticipation of final repeal of all du
ties upon food as well by advance Of freights
which quote as follows: