The daily union. [volume] (Washington [D.C.]) 1845-1857, 1847-02-20
COMMERCIAL.
From our Commercial Correspondent.

NEw YORK. Thursday p. m, Feb Is, 1871.
The news brought by the "Sarah Sands" appears 10
have had depressing influence upoa the markets The
awful nature OF advces in relation 10 Ireland, and the
uncertainty the effect of the proposed 10 Para
ment added TO the impression that prices are unusually
high have inclined all parties await the advices by the
steamer of the 4h now fourteen days out. The two great
measures proposed by the Queen vz the opening OF the
ports vessels OF all nations or the tontion OF grain
and the admission of sugar and moasses into the dse
es of Great Britain supposed be capable of greatly
enhancing the supply OF food In my eer OF No
vember 2ist stated as follows
'Accordng the old laws of protection Parliament,
give the growers OF barley advantages the growers
sugar who were ony colonlstS prohibited brewers and dis
hn from as a 5sgah or mo%Se inc
those purposes annually IN the present state OF distress
proposed nnuu this prohibitions and by that
oo 5d sa'' ''''' o"''''s q gram "0' '"" '''
This win doubtless be carried into effect
It must be remembered, however that the immediate
suits be great Time is necessary change from
the of barley sugar for mailing purposes and il is
doubtful whether barley bread will be preferred
corn meal, The supply of food will. however, in
some degree, be enhanced In regard modifying
the navigation laws, it does appear that the
ply of eights win be greatly increased by that measure
France has done the thing and Belgium and fregh
Were not materially affected in consequence When long
series OF absurdy agricultural protection laws
ed in famine, and $50 of commercial restriction have
ended in inadequate supply of shipping ii is something
late TO call upon other nations TO help them the dill
fculty.
financial crisis in England, and of its injurious niiu-
here; parties forget however, that under
independent treasury SYSTEM the finances of the United
States longer dependent the smiles or fowns OF
Threatneedle The year 1899 of awful revu
in England, and the United States suffered severely
the withdrawal of British credits but thanks the
defensive policy of only the federal government bur
the several States favors asked of London
bankers In 1889 fifteen States the Union
had agents in London trying borrow money in addition
the Of Mr. Jadon behalf Of the late national
bank Cotton enormously high, and 'the
stcr' held great quantities credit. When the
English Bank felt the pressure, all these parties
turned away. The United States Bank found its cot
ton drop from its hands its $5 600 900
of stock many pretty engravngs it exploded
'hin air. and nine sovereign States dshonored
besides numberess small corporate borrowers. short
harvest the immediate of all that RUM and had
the harc party reestabshed the borrowing system
in 1884, similar revuson might be expected For
tunately the people forbade the government
such schemes and England wanting food, must pay
for it, and every vessel brings coin 10 shores i'll
exchange for corn. The custom-ho,,se demand or
specie makes it active. and the collapse in the
English currency produce other effect than
swell the volume of our do not apprehend, how
the means which produced 1t in 1889 because the
measures government since 1912 designed
pressy prevent and the experience of 1916 shows the
correctness of their views. 1t is worth while look back
the of 1882 both to the price of wheat in that
year. the bullion of the bank, and the influence
the currency the price OF cotton To do this make
small table showing the price OF wheat monthly the price
of fair in Liverpool and the bullion in bank at the
close of each month in 1888 and 1889: