The daily union. [volume] (Washington [D.C.]) 1845-1857, 1847-11-26
nine banks. 10000 ses,Is7 $3.50 4se sl2 ols


The capital is about 10 per of the circulation which
procured by buying in the first cost $1,000 OF stock
pedgng it with the comptroller and with the money so
obtained buying another lot and repeating the operation
until $4,000 has become 100000 The operator is then
drawing interest his 800 O00say $6, 600 per annum,
and makes much by repeated redemption of his
bills in New York at per cent discount All this depends
upon keeping the bills in circulation. AS specie
becomes actively in demand the bills win return rapidly
and these blow They hold but $4,000 specie
redeem $3.50 900 onote The State bank system Of Ohio
is still weaker, being bubble without security and
the least pressure will blow it up.
The demand for specie is has been stated the result
of any Of Indebtedness of the United States to
England but of the temporary unavailabiliy of large
amount of exports by of the dscred of bills on
those English houses to whom produce is usually consgn
ed This is temporary in its nature, and the pressure il
produces is designed diminish the importation for the
spring. 1t may, however, extend for some thirty days
longer, in which time the avails of produce sold will be
returning To obvate further shipments Specie of
rea xaton in England has been anxosy looked for
but the arrival OF the Acadia with dates the 4th of No
vember, in some measure disappointed those hopes.
Money had continued very scarce and failures occur,
without any symptoms Of permanent revival ofconfdence
is true the Fictitious causes which produced ship
from the United States also drew from all
parts of the continent, and, by doing had awakened
hopes. The railways also, whose calls had amounted for
many months to E3,50O.000 per month"; had asked for
200 only for November 1t is probable, however,
that this as large, under existing circumstances
the larger one was when capital was more abundant.
These circumstances alone favorable every other
respect the gloom deepened the 50, that the
had taken the false step permitting the Bank
Of England to infringe the bank of 1884, by offering
make advances from the bullion in the department
ON ninety day paper at per cent per by the
bank act ETA 0D Of government Stock and all the spe-
Gle, pledged the payment of outstanding circulation
This ample security gave confidence in bills, that project
ed the bank from all danger of home panic. The
the government allowed the bank to take that specie from
the lhoders, and lend it embarrassed houses it shook
the confidence of bholders; and directors surprised
that although FL 100000 arrived in the country in the fol
lowing week. the drain still continued upon the bank The
rst announcement of the bank that ready TO loan
90day paper produced buoyancy of the market which
caused produce to rise but il lost in few days and
prices again FELL except flour grain which maintained
the advance Parliament had been suddenly summoned
for the 18th November and tie will bring its
opening. The famine in Ireland threatening worse
than large numbers OF hands out of employ in
the manufacturing districts and the suspension of rail
roads, far they went adding to the number OF
idle hands the approach of winter All these cir
cumstances fraught with alarm.
These advces produced material influence upon the
markets here, except upon cotton which decline of i'd
had been sustained in Liverpool through the joint influence
of the of the manufacturing districts news OF an
enhanced crop here. This has produced decline of
cent in this MISUNDERSTANDING decline of near cents
per pound in sixty days, follows, for Mobile and New
| Orleans. Assess IA, ss ,sat4
Ord. to good Mid 70 good Mid fair Fully fair to
ord mid, TO iar good fair;
S Nov i, Ga q 1's 4 4 IT. r. 81 assi
tits wonderful tina, dealers have been firm under such
fall The ghtness of the money market has aided the
adverse foreign news and the favorable accounts to the
crop, in producing the fall The sales have been 900
i bales.
The flour market, which advanced slightly under the in