The daily union. [volume] (Washington [D.C.]) 1845-1857, 1847-03-26

This return is interesting, inasmuch that it show:
that the bank, having good demand for its dis,
counts and its enhanced rate of interest," raised the
private securities hand 81 200 900, and the same time
realized by sales about El,OOO0O0 of its public secu
rites and Notwithstanding decline of e. 800 900 of bull
lion in the issue department, the outstanding circulation
remained the same-he decrease showing itself in the
notes on hand. The coin in the banking department had
increased. Hence all the camors about the effect of large
nporatons of foreign food producing disastrous drain
have thus far proved alacous, and exchanges with the
continent improving. 1t apprehended that the
opening of navigation would affect exchanges by accelea
ting the import OF corn but appears that the leading
tons of Europe, that is TO say-France, Russia, and
Sardina-have prohibited the export of corn. it
reported that corn which selling at Bayonne
SIS. per quarter and ass Bordeaux fell 3Os on the
PRONUNCIATION of the prohibition export fact which
while it relieves the exchanges from PRESSURE would ndi-
that the continental demand great has been
represented although the continental markets were
supported by French orders The chief demand for spece
was for the United States, and that declining under
the increasing prospects Of the manufacturing districts
which were encouraged by the satisfactory from
this side.
One ofthe most gratifying features of the news is MAT of
the of the English finances arising from the free
trade movements of the government The chancel-
lor In his financial statement stated that the produce
of the two items excise and customs, Were for the
year E34500070 and that the former chancellor had
estimated the surplus for the year at f776OOO bur
such had been the enhanced consumption OF the taxed
tce in consequence of the diminished duties that the sur
plus had swollen TO tZobOOU or Tour times the estimate. OF
this surplus E30 900 from the duties foreign sugar
and f793 900 from When reflect these facts and
also, the fact, that the United States revenues
have increased under reduced tariff How triumph
antly the chmerica theories Of the protectionss
overhrown Under the large imports of produce and
breadsuffs, which England has made ut high prices
natural from former experience, expect fnan
cia revusion but it precisely prevent revulson
under such circumstances that hard money pyinciples
applied the British currency the of the charter
ing of the bank in 1914. With sound currency the
of free trade and noby have the principles justified them
selves and the minister's sagacy What would have been
the condition of Britain and of the commercial world
had failure of the harvests produced their usual results
So far from it, of unexampled activity in importing
foreign has closed with 81 200 900 specie in the
Bank of England than at its commencement. Well may
the people of the United States congratulate themselves
that their affairs similar basis That their produce
flows out remunerave and unaxed markets; that the
proceeds come back under diminished duties and that both
the import and export trade enfranchsed from bank
hraldom 1t is longer the that the value of
every mans farm and labor in the west, depends
upon the nod of Threadneedle- concave Their
credits are not asked their vors desired The trade
British bank rule.
The demand for American produce will probably be
HANGED the progresses and the stocks of the last
harvest become exhausted The following is the
official table of the import of grain Great Britain for
a series of years.
Grain entered for consun ption in Great Britain