The daily union. [volume] (Washington [D.C.]) 1845-1857, 1847-03-13
COMMERCIAL.
From our Commercial Correspondent.
NEw York, Thursday, Up. M,

NEw York, Thursday, p; M,
| March III, lsi7
The past has been very quiet week in respect of most
of the markets The greatest anomaly presented by the
pect of affairs is that which alluded my last, viz in the
apparent scarcity of money! Notwithstanding the large inn
portaton Of specie That this scarcity is apparent
than real is manifest ALL Ii arises eminent de-
gree from the working of those trades which, through the
removal of legislative restrictions, but beginning
their influence Wherever pal has been forced by
law into channels which would naturally find, the
moval OF those restraints, by allowing it flow back in It's
proper currents, would produce apparent pressure
among that class OF and spectators whose operations
had been by unnatural supply of capital Such
would produce outcry before others would begin
prosper under the application capitals thus when
the protective system adopted many years ago, il
with the avowed design of forcing capital from
into manufactures. When restrictive laws were enacted
they were first felt 10 he oppressive by commerce, which
anguishes under them. Capital therefore, left shipping
nd has slowly invested in manufactures sustained by
bounties great national disadvantage This operation
was going in New England from 1916 1924 and that
II was measurably effected in the latter was avowed
by Daniel Webster, and the fact expressly stated by him
why he abandoned his constitutional objections
the protective syse and began his defence of protection
constitutional grounds The change caused
pressure This change whenever it takes place general
y, has been supposed by the eninent English nan
ciers Ricardo, Soomons, and Others TO be the pro-
life cause of revusion. Such change is now taking
place II considerable As thus, in the last
80 years. the shipping Of this country has decreased
under anquishng commerce, until the tonnage is
less than 1910. The simultaneous relaxation CONNER
cia restriction throughout the world has impaired stimulus
to commerce, which it has long been a stranger Bel
GUM, France, Holland, and England have found their
mage insufficient for their immediate United States
vessels earning their cost in voyage
Portland shipmaster instance, Gently bought
vessel for 900, and his first freight 1000 which,
less expense 49, 00 Melted the and SO 900 his voy
age The is measuraby true of the shipping interest
generally The government is buyer of vessels
good prices, but the chances that will be sell
er n i'm
bought few weeks since, would now bring so per
advance Six of the noble schooners that ply between
this city and Boston, have been taken off the lines for foreign
service The natural result of this is the activity Of
shp-bulding. From Maine Georgia, the ham of the
shipwrght rings with rapid and unremitng stroke
In few months the quantity OF tonnage turned our will be
large and may reduce eights outward from their
sale 1t be hoped and doubt it will turn out
be the case, that home teights will improve outward
reights decline.
Not the least gratifying feature this business is the adj
in seamens wages Poor Jack is at last getting his
advantage the removal of restrictions commerce has
created demand for his servcea and improved his pay.
Wages follows, with small stores per month";
Nov, 1886. March, ls47. Advance.
S kssis 81 E sns '.v' 81. '!s 'ss.a
Mediterranean l6
Coasting,
This shorter way of improving the condition OF poor
Jack than by turning shipping into factories and causing
him throw down the MARINE spike and going making
bobbnet printing cacoes He has been compelled to
dends that the foundation OF large life estates consti
tutiondl senators.
This unwonted activity in shipping requires large
capital The gradual advance of produce absorbs
stany increasing amount of money to represent the
quantity. first advance in prices does increase the
demand for money! thus, in last June, when flour
3d. if bought 200 barrels it required $4,000 If
held it until 1t would require $4,000 buy it from
When produce changes hands actively these high
rates. the demand for money is enhanced The imports
into the United States indicated in the table of
New York trade contained in my last, so per
larger than last year, at the same tme say January
and February. At this tme when good spring bust
has been anticipated few of these goods go into
house They entered and duty paid which requires
cash. That is say in January and February, the New
York banks discussed S2 900 of specie importers who
carried it the cuson-house. considerable
also carried thther for treasury At the time
the discount OF specicimportes paper carried
considerable All these causes which highly
vorabe the future oundness of business, produced some
rise in the value of moaey but there is direct and
practical wcA made it 1t is n well known
phenomenon those who familiar with the operations
of trade well those who have watched the passions
of gamblers that the latter will contented when
winning. The greatest only nces the des
perate hazards. The stock speculator will sell
on rising market If his property rises two per
cent, he holds on for four per cent; obtaining that
he will not sell under six per cent; and on, until
the market breaks under him, and having incurred loss
he sells the lowest point under influence of panic
So universal is this fatality that shrewd brokers operate
buy stock for client they do If it give
profit, they sell it their authority well knowing
that no inducements will make sell until fall
takes place In cotton flour, &c. the prime pie is the
Holding for ga better price,, refusing profit ruins half
the spectators. Precisely the is it with money lend
If money is cheap, they seek the brokers and give
orders put out at current rates. Should mor arise
that money is tight and getting scarce, they withdraw
their loans and wiz not lend all particularly
when absurd usury laws make forfeit loans higher
than fixed legal price. This latter is of the chief
of the present scarcity of money With the arrival
specie canceing the of importers and repenishng
the banks and afoding surplus for the treasury, the abund
ance of money must become great
Nothing can be fortunate for the the
country at large than the timely operation of the inepend
treasury this uncture with its specie clause. 1t is
the necessary adjunct of the gold bills of lS33 the object
ofwhch enlarge the specie circulation of the coun-
try. As those bills corrected the false valuation of the pre-
eious metals in respect each other and in relation
eign coinage in order bring in and full proper
ton Tor the United States does the Independent treas
uy special demand for those metals and far
they passed through the mint into the hands the pub
lie, it gives effect the gold bill Formerly, the banks
terposed barrier between imported coin and
the public, by which the former flowed into vaults of
the institution, which emitted clouds of paper
substitute until evulsion inevitable The independent
treasury has thrown down this barrier and while allows
he specie flow freely all channels of circulation
restraints institutions from overacton. But for this opera
ton, nordnae and disastrous speculation would now
in respect of silver coin very remarkable But short
81,