The daily union. [volume] (Washington [D.C.]) 1845-1857, 1847-08-27


New Orleans it has considerably increased few months
Since tie report of the banks madethat is say
August to 20-the duties at the port of New York
ed 900 specie and If the department wished
transfer 81 600 from New York New Orleans the 10th
of the independent treasury law authorizes the
transfer by draft For order pay $2O00OO0 in New
York. the New Orleans may receive So
in specie from any disposed pay there, order
Here and this Is what has apparently been done.
In what way shape this evnces the oly' and Sab
surdy" of the law, has been alleged, it is easy
why the department, by adopting the facie
and economical mode of transfer allowed by the law, is
open censure because the law does operate harsh
y ds been imagined by its opponents, still less
easy determine One thing is very certain viz: if the
large operations of the Treasury department were mingled
with the daily transactions of merchants the of the
exchanges would always be disturbed as is the irpor-
transactions OF the Treasury produce no visible effect
either upon the internal exchanges the local currences
The PRONUNCIATION OF this movement of the department.
the close of last week, produced sensible aeoraon
of the fears that had been srreptonsy excited in relation
to the movement of speciethe so, that the Cambria
reported have board 1912 O0O and that the de-
parnent had succeeded in arranging with the Messrs
Rothschid for 100000 per month of specie in Mexico
from the mines, in exchange for bills. The hope also
reasonably entertained that, when other London houses
connected in Mexico shall have ascertaned the arrange
ment OF the Messrs. Hothscld similar contracts will be
offered by them the terms SO papaby advantageous
to the mining companies The product of the Mexican
nnes before the peace of the country disturbed by
the anarchy which has been misnamed independence was
about 1928 OO0 900 per for the last twenty years it
has averaged Sl20O00OO Could anything like security
property be restored in that country the mines
might be wrought advanageously with suitable means the
product could easily be raised $40 600 GOO and flow
through the United States to its destination after amply
supplying the currency wants of the Union.
The news by the Cambria, although advising of n con-
siderable fall in beadsus, produced little or no inAu
here. 1t stated that considerable amount of
bills had been returned by of the fall in flour and
the failure of certain houses there. This appears not 10
have been the No bills Of any moment have hear
returned and the panic of the -four market was not of
character to indicate permanent decline the contrary
it is becoming daily apparent that Eglands wants
must BIO very large The imports of grain are given nj
900 quarters for the year ending September 1917
and estimated that 900 quarters of that quantity
would remain hand and the improved crops under the
best circumstances, might make up 20OOOO0 Quarters
leaving 100000 to be imported be obtained only
from the surplus of the crops, the stocks of through
Europe being exhausted The export trade was also
very angud and the manufacturing districts depressed by
high prices of material and high rates for money
and the depression OF the home trade trou gh continued
high prices for food. In order compare tho condition of
things and last year in relation breadstus COM
pile from official sources the weekly import quantity
entered for consumption for eleven weeks ending July %
and the average price of wheat the close each week
Import consumption Of grain and prices of eqt Great