The daily union. [volume] (Washington [D.C.]) 1845-1857, 1847-09-10
Rate of bills in Netc York.
August 81: August2s. septi. Sept a., Sept s.
f f,slHa Esq 81 81 sa e. $50 "a os ssss
A %s% sS 81 sS ssS 81 sss 49, so SOFA s9B
amg, 35I ssla 81 ssfa sst ssia al aaSSta sst

The demand is Just now active as it probably viii
bo for the packet of the 10Th The rate has however, adj
vanced % in two weeks the latest quotation, for
French bills ia London Wis f2545 per t. francs are a
better remittance London than sterng-hat is to say
francs being now So % in New York. and selling at f2545
cash in London equal sterling at "a 81 per +, or 81
premium, which is lower than they can be Dought ny
per cent for the best names.
These for Paris bills will however allow OF silvers ship
cns 1t is OF great pride and consrauato, tat
so intense panic that which took place in London, and
aimed directly American trade, should scarcely be felt
v here The failure OF Nossrs. Prime Ward
did altogether upon the soppage OF London houses
slight increase in the activity of bills and money which
cheaper than in London, is all the percepble result
When we this with the fearful desoaton that
shifted 10 our banks merchants eleven years SINCE when,
under very similar circumstances American paper was re-
scd by Bank of England, cannot too highly appre-
value of that financial reform began by the saga
ous Jackson successfully carried out by the demo
cratic party What would have been the had
national bank and its affiliated branches with their Inflated
credits been dependent upon the Bank OF Englen Tor Ia
vors National bankruptcy would have BEEN ad almost
said among the least the evils that would have
taken us.
The great fall which place in breadstuhs in Lon
don on Monday, the "a Of August, undoubtedly the
result the panic created by the special meeting OF the d.
ecto OF the bank that day to raise the rate OF interest
Their bullion rapidly leaving them, and the prices oil
corn were still at famine rates. under active demand,
while prices and treghts falling throughout Europe
and America Under such circumstances, unless the Eng
sh market could be broken down, the imofatIons must
have been greatly accelerated The movement oil the bank
in raising the minimum rate 81 per for
30day bills temporarily affected exchanges favorably
but is be remarked that the averages OF corn for
the Kingdom did decline for the week ending Au-
gust T. Notwithstanding the great fall that had taken
place in London and Liverpool for that week and also
that during money pressure and failures from the 3D.
to the I9h, but little further decline took place
The greatest confusion of opinion seems to prevail IN
England as to of the crisis. Daring the last year
have the bank, each
excessively causing distress than that which preceded
it. The first commenced September D. and lasted six
weeks, November 6, and, during its continuance, the
bank lost 81 $1,000 but no alarm was caused-he bank
continued to discount per In January the dis
the Bank of France produced another drain, which
lasted again six weeks and the bank lost E2977Oo and
be- gan be uneasy, raising the rate of interest This
checked the drain for the moments but began again at
the close of February, and lasted nine weeks, taking
e. 900 25 from the bankendng in most intense panic
The bank of interest 10 6h per cent ; but
money could not be had at all The pressure changed the
current which, for the weeks subsequent, was in favor OF
the bank and it recovered Fl 1863 800 of its coin 1t
then generally taken for granted that the trouble
and London svarned with pamphlets the causes Of
panic, and simultaneous attack by bankers and
viewers made Peels bank charter bill as the
of difficulty. Lord Ashburton among the writers,
and wrote as follows;
'The truth is, that there is no ground for apprehen-
sion the in the bank is abundant; there is
why it should proceed with caution and pru
dcnce assist the ordinary legitimate trade The
likely go farther unless under second visitation OF
famine"
This opinion freely shared by eminent men and
directors of the bank announced Change that
the rate of interest would be reduced to 4a per
Yet when these things said and written,
famine prices and the import immense They were scarce
y promulgated when demand for coin set in--July
sand in weeks took El 029 go of specie from the
bank; pungng and the London market in panic still
more disastrous than that of May The fierce
struggles of the bank in the first week of August turned ex
changes in its favor the expense ofnuneious houses and
the American produce merchants-laally affecting
of the oldest houses here This however, does supply
the markets with food stop the railroad expenditure and
although it has, by locking up the means for the moment of
American houses up exchange here, new crop OF
cotton ut very high prices going forward and will be
accompanied with large quantities of farm produce,
extent that may again exchanges The srngency of
money in England has paralyzed to some extent the pro-
ducton OF goods and in so lar operates against her
The fall in prices of produce, as advised by the last
steamers has impaired duness the produce markets
but the arrivals from the interior less, prices
much affected The dry-goods trade hasbeen activcper-
aps more so than most other branches and notwhstand-
inc the large mporations stocks of foreign low and
assortmens broken The stock Of alpaca goods repre-
sened as enormous and selling low, substituted for
bonbazettes and crcassians Domestics in equally
active demand and descriptions, brown sheetings
and drills advancehe sales keeping pace with the opera
lions of the manufacturers who are doing an immense
business Notwithstanding the 'ruinous tariil
The trade OF this port for the month Of August has been
unoxampled, comparing with last year as lollows
Imports Of the port of Mem York, for august.
Specie. Free Duiabe. Total. Duties.
goods.
1896 Sii,l82 S26SI5 75S5,dT S,i57,l2i s. los, 639
iSi7 1857 4Oi 290 l2,97l,l96 l3,57iOI 3,4l26s5