The daily union. [volume] (Washington [D.C.]) 1845-1857, 1847-01-30
THE u UNION.

breadstuiis, viii be favorable for cotton spectators ~
there viii be no necessity for the reduced consumption
contemplated, and the demand for the raw material con
sequeny Increased An advance la the price of cotton
ofgeater service than sustaining present prices of bread
stutis.
at would be well for spectators in any one of SIN
pie articles, If they would carefully watch the columns
ibis paper and be guided by It's counsel We have proved
ourselves prophets IN all our predictions IN relation to the
movements OF these productions The course we haye
pursued upon this subject has been the only one
aud those who have followed in e track have
Tor congratulauon"
Such trash it is with which the public ear is dmned
nor it without its mischevous influence That paper
formerly had reputation for accuracy Notwithstanding
that has long since fallen beneath contempt among those
who Judge for themselves. In the country however where
farmers read such statements in print that they have
heard is good authority, they induced sell cheap, and
lose their just profits
The arrival of the Hibernia with dates the 9th
has produced animation in all the markets which
they have long been unaccustomed In my letter of No
| vember 6, remarked:
'The rate OF bills is per under last year
and still falling At6 per cent, the produce bills will tap
the OF bullion in the English bank and probably pro-
duce great influx of the precious metalsaddng to the
| present abundance OF money!
The large exports of produce to markets which promised
well, together with the state OF the import trade made
import of specie inevitable. Accordingly, the Hberna
brings f5l6,OO0 2,76,SO0, and considerable further
| sums in motion, by which the import may be swelled
TO $oO0O,0OO This export will seriously disturb the
finances oil the English bank which held the 18th OF De-
cember ELS O66 69lsay $50 900 900, and 81 900 900
rived out January in the Daphne from Rio Money
| tinued easy in England 3 81 per cent, and ex-
changes slightly in favor of the where money
also becoming abundant. ii appears that the dmi-
mutton of bullion in the Bank Of France, which alluded
in my last letter the consequence OF large purchases oil
by France, had continued so far meeting
of the directors, of whom NJ. Hotnguer, the gentleman
who struck down the United States Bank in October 1899
The result determination restrict discounts,
butno raise the of interest Subsequently, NJ Hotten-
gue effected loan from the Bank of England behalf
of the Bank of France supposed of sufficient
take it through its difficulties 1t however, stated that
the French government about to make loan oil
E6 900 000say $3O 900 pay the expense of nunda
tons and the purchase of of which they have
large quantities Algiers. The railway payments caused
the greatest difficulties in Paris, but The north
line had nsalnent of 30, 600 600 francs receive
and the stock pledged with the 90 stockholders of the
onrse who demand from the company the 18th the 2Sh
December, pay it. In which time it all paid up.
With the exception of the awful distress in Ireland, which
daily and hourly becoming and before mid summer,
result unheard Of calamity affairs prosperous
Private letters received in this city by Irish, from their
friends give the most appalling accounts OF destuiion and
growing desperation 1t has been supposed that the pur
chase OF guns by the destitute 1t however APP
pears to be by the possessos of food efend it against
those who have What result for Centuries of per-
severance IN the protective system ~
The distinctive features between this and former years
of high prices of food produced by the liberal policy of
the government. Many commercial circulars compare the
present year that of 1885, and predict great revu
sion in money affairs from the import of corn and great
dimnution in the consumption OF cotton from the hig
price of food. This would have been the had the
policy of the government been the then But high
price OF food less sign OF distress than of increased
ability buy. Hence find that, with large imports OF
food, money continues abundant, and cotton advancing
and there every prospect of great deficit in supply
Let compare stocks in England and Europe: