The daily union. [volume] (Washington [D.C.]) 1845-1857, 1847-12-31
COMMERCIAL.
From our co,n,nsrciaI Correspondent.
NEw YoRk. Dec. % Wednesday, a p.


New YoRk. Dec. 29-We,lnesday, D. m.
The various markets, which had shown some tendency
TO improvement prior TO the arrival Of the steamer
been uiavoraby affected by the nature her advices
which NOS such encourage tho hope of speedy
revival of any extended demand for produce The English
money market was indeed much improved through causes
heretofore Indicated Wis the allure of those active mer
chants from whom demand for money emanates--the
non payment oil very considerable OF bills drawn
On misunderstanding suspensions of railway operations
involving discharge of numbers of workInen as well as
progressive dninuon OF operations in the iron districts
whie the manufacturing districts although somewhat more
animated have by resumed work as in any
iegree to compensate for numbers thrown out of employ
rom other causes undoubtedly the case that the diff
c"'les nave grown out OF too large consumption OF
produce, domestic and foreign by persons employed on
railways chiefly The produce so consumed was part OF
the floating capital of the country into RAILWAYS
which are liked capital This large consumpto AZ n time
when the production of food Short brought about that
crisis which showed itself in of money By pursu
my frm and rigid course the government and the bank
have reached bocma the expense, however of the fail
are OF thousands in all branches of industry the para
yzaton OF railway operations Money has become more
easy, because those who demanded have ceased their
rprses. With this cessation will be exnerenced +,
great diminuton in the consumption of all produce
including food; $5,oOO.OOo less per oeek will be paid
TO 0o,OOo persons who have been employed upon
railways Their means of will be reduced
accordingly and by pnching them the English surplus OF
TODD VIII be the greater for the aid of Ireland without pur
chasing from abroad The bank has succeeded in bring
ing back money to the country, the expense gen
era industry The of the institution show its lead
ing features S follows:
Private Public Private Nett Notes Bullion
securities securities deposites. circulation hand
Nov 4 99s9I5 lO59s6o7 203O0ss 7sO ISL
~ ls6alsio le9aSas sls5A iso6oS75 pas
This little table shows great change and rather para
doxical AT the first date the bank charged per min
mum interest," and had Increased its loans and circulate
TO high figure. Specie began accumulate in its vaults
and on Nov "a, although its circulation 81 426 80
less and its specie 81 S02 592 nlore-nakng 3 462
Withdrawn from circulation, much less money the
hands oil the public-and its loans individuals
duced by 1888 95 yet money so much cheaper thai
reduced It's minimum to per cent, aud December I'd
70 per cent THIS shows to how great extent the de-
mand had diminished in those 20 days. Money is now
iearer IN New York than in London-hat is say, the
rate here is fully Z per cent and quoted in London
per cent. Although money in London has thus become
cheaper its effects had yet reached the channels of bust.
ness bills were st scrutnzed with great jealousy
enterprise had by means reurned-There was appa-
reny disposition lay stocks of cotton and pro.
duce under the impression that prices low as to
make It safe But this was not yet general, but will
become should money continue abundant. Tho fact
that the Bank OF England has been enabled pass the
crisis without departing from specie basis has less
favorable to American interests, for the moment than if
the demand for produce could have been kept by supplies
OF paper; and nothing has saved the United States from
crash buthe specie basis of business
London than in New York; those large houses connect
on both Sides that make advances here and
employ their funds to better advantage than home re-
versed their movements They ceased to make advances
and sent homo all available The change the face
faars again the this way particular
y that steam communication with Europe now to be
more frequent and direct The Hbernia, which arrived
Boston, leaves New York for Liverpool January st and
thereafter steamer leaves once fortnight alternately from
each place until March 25th when the weekly lines CON-
nence running The pusations of the European market
will thus be more promptly and senssy felt throughout the
Union Thenceiorth be the case that for length
in Lonfl on md in
York; or pce and abolition of absurd usury
laws will become necessary Ifmoney is worth than
seven per cent now the nspy laws give it monopoly, by
frightening away that capital the competition OF which
would reduce the rate to low figure.
Although money is cheaper in London the difficulties
by means The effect of the large of dis
honored bills thrown back upon the is yet to be
e and the fact that the Queen omitted mention of
West Indies in her speech, well as the proposition
revive the slave trade, undor the name Of free imm
compensation TO, and means indispensable tor the
relief of the planters supposed to be injured by the reduc
lion of the sugar duties, productive Of much uneasi-
and private letters OF such character by
means increase confidence IN bills English houses
The debate in Parliament the bank charter of 1874
is calculated to have injurious effect as is usually tue
case when legislation inerieres with commercial matters
The demand for money in New York is less than was
by of the maturity and payment of amount of
notes due banks in excess of the created and the
dminuon of imports, which, for the last week, were
S577 OSs against $S2 S4 week last year. The duties
for the past week $l65 only Great efforts being
made to promote panic based the notion that the low
tariff of the past Year has been the cause of an mpo
ation of goods, and, consequence of coming disaster
and that this is be averted only by raising the duties
An evening paper argues thus, "The imports have been
Sl46 $685. 1925 600 in OF those of 1885, this
being the effect OF the low tariff. nothing but tho ADVENT
lous exports of breadsus, growing OF the famine
England, prevented general bankruptcy" This reasoning
par with that generally put FORTH The trade was
| as folows
Domestic exports.
Specie. Breadstufs and Other ar Total
provisions. tices.
| 1916 S423S51 $2457399l $77I34O5l $lo2, l4l 1893
| 1877 $500 65 906N3 Si6685T l50,6S7, 48i
I,cra,se Al 3a2 232 753l 5aO AZ aQ5 b7l