The daily union. [volume] (Washington [D.C.]) 1845-1857, 1847-05-14

new fsOO0OOO loan the notes had fallen very low and
might be exhausted before the payments completed
II So whence the bank derive money for its daily
wants. II il undertook stocks get back its bills
great panic would be created and loss incurred The only
in its power that which adopted Wis stop
dscountng. This, with the receipts of the government
taxes would repenish its Golfers and permit il to re-
loans The raising the rate of interest never
checks loans the bank tried in 1882 and put the rate
up high as per cent, but the flow of specie con
tnued until the new harvest stopped the import OF
corn To suppose that any dispositions of the Bank OF
England could check the drain of specie on American
account is to indulge in alacy. The exports of produce
from the United States have been nordnately large
England speculation, but because the short crop OF
reland and the Increased consumption in Great Britain
and Europe have required it for actual The supply
from all quarters has been less an the demand and prices
have risen and continue high The United States have
senta value of probably 900 than usual and
this amount OF bills at least has been Offering in the markets
The mportitons of goods having increased in pro-
ponon the importers not buyers OF bills and il
has been difficult 10 find sale. The OF the
regular bill houses equal TO this extraordinary
business, and they bought sixyday sterling bills for their
paper and sent them out for collection, and their
agents had them discounted, and remired the money. II
all discount of such bills is refused they nevertheless
be paid maturity the end of sixty days. and the
proceeds RENTED Refusing discount does annihi
the bill. 1t only makes them cheaper this side, by
increasing the difficulty of selling them, and therefore, per-
haps increases the drain OF specie instead of stopping it,
Since the arrival of the packet however bills have adj
far make it Improbable import specie
bu this has arisen from diminished supply, growing
of the want of produce at the seaports ship The rate
for sterling is now 81 a z, and francs 30 5 By
The circumstances of Europe such as to indicate that
the flow of the precious metals will b. towards England
and America The enormous production OF the Russian
mines has already exered influence the money
ke 1t is only within twenty that those mines have
been worked to advantage; and the last they have
yielded $40 900 900 per average The product,
officially reported for the year 1916, LOO pools OF
golda pood equal to IS pounds Englshaking g. 1892
pounds of gold, which, the English mint price of f3 It's
Cd per ounce, worth 20o00D00 This has accumulated
the treasury ST. Peterburg, and has been swollen in
amount by the large sums paid for Russian produce
by France and Europe. Last year the rail-
road speculation and other causes promoted a rise
IN the rate OF interest in the German Cities while
the Bank of France maintained the old Of per
cent, and at the same time was exposed to great
drain for the purchase oil in the of
will stop actual transactions butt will stop borrow
ing in Paris to lend in German cities at higher rates and
when the bullion of the Bank of France reduced very
low, compelled to stop the latter operation by raising
the rate, and also to borrow El0o0000 of silver from
the Bank of England. The continued accumulation
of gold St. Petersburgh prompted the Emperor
to buy of the Bank of France 500o00O0 francs
OF government stocks These, ut the marketaaes, would
give the institution SO 900 of credits St Petersburgh,
and authorized its agents. the Messrs Barngs London
draw and repay the Bank of England was expected
that this would far affect exchanges bring gold from
Russia to London the opening OF the navigation twas
also that food cheaper in England than the
that source, and far favoaby affect exchanges pro-
ec was also before the French Chambers allow the Bank
of France low 100 francs, or, say 800
the limit being 800 francs, 500 The effect of this
of paper money would be to drive specie
France and the disposition is manifest in Ger
many it will send it to England and the United States
The Of the drain the United States is, them the
problem and appearances indicate that ii still be
large, Notwithstanding the present advance in bills The
wants of Great Britain between and harvest
great There whence she supply the de-
from the United States; and although the supply here
has been delayed by the backwaness of the canals it will
be large, and again affect exchanges. In former
letters have repeatedly mentioned that the demand in
England the result of increased consumption
than diminished supply The corn inspec tors report,
| for the year 1916, makes the quantity Of wheat,
| sold the $50 that regulate the duty, $685..
| 962 quarters of British wheat average Of 54s
Sd. This, say 48,000000 bushels, is larger guam
tity than before. 1t has been favorite theory
with many that the high prices produced by the hold
ing of stocks in the farmers hands, and that the spring
advanced the stocks would be put upon the market and
| influence decline. This proves be mistake
The following statement of the quantities and prices
| sold at $50 towns for the II days ending April IL
! Wheat. Barley. Oats. Beans.
eassfa Qrs Price Qrs. Price Qrs. Price. Qrs. Pre-