The daily union. [volume] (Washington [D.C.]) 1845-1857, 1847-11-23


might be inferred that the course" is which the
wing party apprehends there will be some danger in
igadng under the pilot designated But this cannot be
possible!
More Cheerful Views from n Wing Press.
We lay before readers the following extract from
the North American OF the leading wing papers of
the city OF Philadelphia, in which there is much truth
mixed with much error
We have not leisure separate all the truths from
all the but of the mistakes of the editor is
great that cannot suffer it to pass without animadver
sion He says, speaking Of England calamity has opened
to us her Golfers before opened except TO receive
our gold and silver, extorted from by rigid pro-
tectve system, which sustained her manufacturing labor
at the expense of ours"
SO TAR is this from being true, that for long series OF
years, as is shown by the treasury returns imports of
gold and silver from Eng and the British possessions
generally have, average, greatly exceeded our
ports hereunto In trade with Great Britain the bal
ance has been greatly in favor and, with that bal
ance, we have paid the balances due other countries
Recent events in Great Britain have not changed the ma
ture of that balance they have only increased the
amount due to u.s.
The reasoning of the editor is further vtiated by his
not allowing due Importance to what Mr. John Quincy
NAN,S"A'
tween the banks of different countries So long as Eng
land has credt-money system and the United States have
money system resting the principles, so long
will every change in the monetary affairs Of Great Britain
have less effect in the United States We agree,
however, in opinion with the North American, that the
gold and silver exporting win soon return to
us; and, Also that its amount may be increased by an
exchange of treasury notes for the precious metals in
Mexico. Such notes will be the best kind OF bills of
exchange for those in that region who wish to transmit
funds to this country or to Europe.
From the Philadelphia North American
The MONEY MARKEr.-The Washington Union informs
us that United States treasury sought after
Mexico at premium of per cent. and we learn from
the that the Secretary OF the Treasury has
dered the restoration of the old Mexican export duties
gold and silver. At the treasury sink
in the United States par and become available,
rency the full which they be employed by
merchants and others in the payment of government Dues
In all this there is the evidence of things arising
from which good fail come, far regards the
money market in the United States whch-wthou any
real substantial cause for agitation, any at ALL APP
parently beyond vague lear and apprehension Of
possible evhas assumed gloomy character, at which
the tim i'd startlc, and the wise wonder.
The commercial condition Of the United States at this
moment is in fact marvel. For whole year we have
been feeding the fairness OF England Calamity has
opened her Golfers before opened except
protective SYSTEM which sustained her manufacturing labor
the expense Of Those Golfers have been empty
ing; the wealth of England has become alth and
England has suddenly grown poor and frightened at
her poverty struck with sympathy Of and be-
gin fancy that poor, about to become
and all this moment when actually richer than
we before few hundred thousand dollars
England in the steamers which is thought by the
orous proof that the current has turned, and that Eng
land about drain of specie, so lately drained
her England however, do this The locks OF the
shorn Sampson have yet There another pota
to rot in the fields. England buy food of us for still
another year. And for another year, if we choose we are
safe from the pes of the struggle which, after the next
harvest W it be good one) may be assured England
will make dispute with the commercial supremacy
we have snached of her hands. She struggles
now but the struggle fruess one in her present con-
dition is vain she sacrifices her manufactures and
American aud oans which close the Curtain
gulf of her necessities She must still buy food and part
with to obtain it, The danger IS Tor Eng
land not America.
1t cannot be doubted that main of the present
srngency in the money market is the long continuance OF
the Mexican war, (he stock thermometer rises and falls
with the Mexican news) coupled with the known fact OF
its keeping up drain the gold and silver we
have from England the extent of the diversion being
maguifed because it is imagined The Introduction and
appreciation OF American notes IN Mexico must
check this outward flow the restoration of the Mexican
export duties the precious metals by increasing the de-
mand for treasury notes. may put end to 1t altogether
The mines OF Mexico capable Of furnishing $sOOO0oO
of gold and silver year, more 10000 was the
that paid export duties in 1912. The export duty
six per This burden added the expense and
danger of the carriage from the INTERIOR must make the
foreigners who own them eager exchange the Mexican
metals for American securities par in the United States
and long England wants food these securities will be
exchanged for food instead of being converted into specie
to be England In this mode, American paper may
take the place Of American gold in Mexco and the
plus products OF the Mexican mines will find their way
the United States, to swell the amount OF real money in
- Iona sentfr rom. he
Under this OF things certainly have little or no
thing to fear the present, from England Money goes
ont in stsaers because, after the shock OF so many fail
nres there is a dread OF British exchanges. The money
will return to u.s. '.England is poor says the London
Times But the potato rot is again IN Ireland, and
the people must be fed, long there is guinea
left in the three kingdoms. Charity may chn, and the
ministry may dread the expense but the alternative IS
oain-bread ruin, and perhaps revolution Inc gooen
must therefore, continue to flow westward unni
new and letter crops than have blessed her Tor TWO
years release Engird from the necessity OF depending on
the foreign harvess which even England mas proven 'a'
sl,, ,o, rio \, ob lopofc oh,aa