The daily union. [volume] (Washington [D.C.]) 1845-1857, 1847-01-11
COMMERCIAL.
NEW YoRK, Thursday, 4 p. m,


January T. 1877.
The money market has not altered materially in its gem
era aspect during the week. Notwithstanding the operation
Of the specie clause of the independent Thus far
the payments the custohousc have been in treasury
for large sums, and in specie gold and siver) for
small About 10 per OF the whole receipts is in
treasury notes. which the banks have been picking up for
some months with the view supply the demand from inn
porers. This demand is regular and active to
prevent amy material decline in the market value OF
the of which, appears by the last return there
still 81 100000 issue under the law OF July, 1886
Notwithstanding the length OF time which the independent
treasury law has been discussed and the evils predicted
the consequence OF demand for specie, the public mani
tested the amusing surprise when they required
pay coin at the post oiceso little does the practical
operation of laws those who talk about them
The refusal to take the deprecated Spanish coins in cir
culaton, for than their value is both the
banks and the post office refused them altogether
years since think in lS3 The actual value of the Span
sh quarters, according assays the mint, 2s cents
the eghhs II and l6ths cents The fact that these
pieces have 50 oag current among at rates above
their value has caused them accumulate here
siderable extent did formerly the Spanish pisareens,
which passed for 70 when actually worth but IL
The refusal take them for than IL cents caused
them all to leave the country for Cuba mostly where they
are worth more. The Of Vi. banks and post
office in 1873 had similar influence the quarters UNI
til they became scarce, when the - I" again received
them Had there been mint in city at that time
TO supply American coin freely, the "specic circular
of the banks in relation that coin would have been
OF great benefit in purging our currency from mos'
pestilent foreign coin So nvetcrate is custom, that
worn Spanish 10th on which stamp is visible viii
pass for 81 cents; Whereas if new American hall
dme containing actually silver, is rendered, AN
additional penny will be demanded Theoretically, 10
Spanish pieces make dollar, being ST cents each but
if weighed in quantities taken from circulation pomiscu-
ously they worth but 10 cents. AS soon as they are
utterly refused than that they viii leave the coin-
try and become supplanted by United States coin.
II is seldom that distinction is made between light coin
and deprecated paper money Nevertheless .hefe IS
great distncton thus the Buffalo commercial Ao'er-
stating the fact of the refusal to take the quarters Tor
mora than u cents EACH expressed the opinion that
il would drive them out OF circulation The N YORK SNIP
ping and Commercial List undertakes to correct TINS
error and thinks it will them be the exclusive cir
culatinp medium Such is the with bank paper
When banks refuse country bank paper which Is at
discount, that paper becomes the sole circulating me-
dunn The cheapest paper currency always suppants the
DEAR because it has no intrinsic pdf"e Inc urner goes
from the place of ISSUE less is WORTH and in foreign
countries it is altogether vaueess. This is not so with
specie If Spanish quarters containing but twenty two
cents worth of silver. taken tor twenty-five Genus the
will all here, because they are worth more mere u
elsewhere If however, they taken but Tor twenty-five
cents they will all go away because they are worth less
here than elsewhere quantity OF them can be bought
al ~ cents there will result profit Of per cent IN COIN
ing them into American quarters proWong 'he ih' Is ac
cessibe without expense In this dsnooh consists one
of the great evils of paper money deprecated paper
is inevitably fastened upon the poor holders whn 'he
sphere of its circulation Deprecated specie may De
uated by Congress within the intent and meaning OF the
constitution.
The antipaty to the independent treasury fast dying out
An eminent whia merchant but recently publicly expressed
his opinion that, wing he was the evils OF the inde-
penden treasury specie clause and ALL were Tar less than
the connection OF the banks with the treasury Large and
unusual poured by the treasury INTO the tis OF
hank IN he pesscd upon customers ut tne and at
another to be vigorously called in tor reasons independent
of the action of were too injurious to the public
l. l:..:l "A, III,
of the merchants 1t is begun be felt universally that
the chief objections the specie clause arises from its
elty and the consequent of that facility in making
such payments, which experiences win not fall to Inn
part both to the public and the officers
Money is abundant for certain purposes and for others
not Business paper other than first class is easily dis
counted vet the leading merchants find difficulty in
king up paper at fair rates. The position of the
government affects the market in some degree Capitalists
who are looking forward the loan to invest hold up in
the prospect ogcng cheap The policy OF the banks and
hank advocates be prevent the negotiation OF
loan unless the specie clause is repealed This affects
those who would subscribe other way than suggesting
hopes of getting low The tea and coffee tax
does appear have influenced the market
or con- The coming from those States and those
men who opposed State taxation to support State honor,
sounts little towards applying State reputation to the
hitherto unarnshed honor of the federal government Con-
fdence tho national government cannot however, be
shaken. The upon and coffee would not impart
confidence, If previously existed, nor would Its
absence diminish that which exists When the government
of failed obtain on the loan authorized by the
act of JULY lS which pledged the faith of the govern
mont supposed that special pledge of the customs
revenue would obvatc the difficulty; accordingly the act OF
April l842 made special pledge of the duties on goods
wares and merchandise" The stock nevertheless was
not touched until the following year under law The
mercantile community confident in the of The
low duties under present tariff that it will support the
government loan and ALL There is why oof
/ fee and tea should not be taxed.
| ,,o of Naxy vorL Gnrf tho
December being the under the tariff has been
follows compared with the month in two previous
years:
Imports. 1874. ls4o isa6
Free, $255,0N $656,lS5 1857 49t
Dutinblc 26524lO 3,439,99l 4279,8l.
Total goods, $500 494 1898, l76 $4,Sl7, 3Os
Cash duties 100000 lO7O,525 l,l52, 40s
Exports