The daily union. [volume] (Washington [D.C.]) 1845-1857, 1847-12-10

| New YORK. Dec. 3. Wednesday, p. m.
The continued absence of the steamer this important
nnctorc has been productive OF anxiety well AS of inert
ness IN the several markets All parties connected with
foreign trade waiting further advces and the money
market remains dependent upon the OF the news
the banks do not pcined relax their restrictive
policy until the outward OF specie has entirely
ceased As instance, had to-day 800 O00
oerng and did $4,000 The directors have money buy
good Their desire accumulate specie has pro-
duced an influx from all directions where they had de-
mandabIe baances while, the other hand, balances
due other cities drawn, and constant activity is kept
up As an instance, $52 0O0 yesterday from Charles
ton, aud S6O,0W Philadelphia, being proceeds
OF drafts bought there onequarter discount This pulling
and hauling is healthy movement; inasmuch that to
avoid being debtor, each bank avoids mourning any liza
by that can be helped, and confines its discounts such
paper be depended maturity, and does not
directly, like auctioneers azd importers paper promote
foreign demand for specie Exchanges have fallen
sequence Of the srngency Of the market the
bring home specie Ga Virginia. banks sell checks at IA dis
counts but the Virginia institutions pursue course which
protect their specie but Injuries the credit of the States
via they accept drafts payable in other than
funds" which paper oidistant Virginia banks hence
difficult and expensive obtain specie. The sposon
10 ship specie Is somewhat relaxed and the hope being that
the will bring good newsthai is the payment fall
American nisofed bills and by doing, restore confidence
In cxchangehus In degree improved the of the
money market There probably would not have been
much specie shipped had there been heavy soveeigns
procurabe In other words, had there been branch
American coin its arrival As long heavy sovereiyns
which cash arrival in England, could be had they
might be shipped with bill 90 days sight, of the OF
which they the proceeds and the drawer of the bill
have the ei the money 90 days in England where
worth per cent more. American coin is not money
on arrival, and expense and delay attends its coinage
great deal of dissatisfaction attends the conduct the
banks OF New York for their thoughtess caprcious and
arbitrary conduct They make their returns quarterly on
the LIST of February, May, August and November; be-
tWee tlcsed in
specuaiors and contract them the date for the return
approaches This disastrous unsteadness in the
MARKET and many of the leading houses memoriazed the
legislature compel them make weekly returns not
simply with view TO maintain seadiness of action, but
guide to the commercial public who, the
uctuaiion Of SPECIE and in the variations the oans
ployed in the weekly report, would have continual
monitor OF the influence which exchange has upon spe-
Gle, which is the basis which the banks predicate
their action. If the merchant decline of SPECIE
and is well informed the cause, he can regu-
late his movements according 10 the of the mo-
ney market, which the continued operation Of these
win bring about This is well understood in Eng
land and the weekly statements of the Bank of England
have the late crisis saved thousands who would
gone down. had they had guide their conduct The
Legislature Of New York, unfortunately did appreciate
the importance of this only this city, but to the
whole country nasmnch that it is from hence that the
money affairs Of the whole country regulated They
therefore continue the quarterly reports only making
day which they should be made up depend upon OPP
ton of the comptroller. The pressure which this market has
suffered in the last five weeks is directly chargeabe the
ncapaoity of the bank managers in this city. will en-
deavor briefly to show this. The whole business of the
Union has been greater the past year than before
There year in the history of
when the aggregate imports and exports reached figure
high presented in the results OF this last years
The largest years business that of 1886,
Quoted upon paper basis altogether and resulting ruin
The aggregate for that year $2l8 O75 The
OF the years business conducted the specie basis Of
the independent treasury, has been S305 1874 900 i'm
stead of ruin, circumstances of unparalleled prosperity
everywhere apparent. As compared with former
years, the leading features follows:
EXPORTS OF STATES.