The daily union. [volume] (Washington [D.C.]) 1845-1857, 1847-04-02
COMMERCIAL.
From our Commercial Correspondent.

NEW YORK. Thursday, p. m,
April ], l847
The spring business has thus good dry goods in
particular, have been high and sold freely although prices
are, perhaps tending downward The public sales
have been well attended and transactions The gro
who anticipated brisk business look for
less animated demand than they previously hoped for
The fact is that the dry goods trade has always been
done. Men have crowded into with small means and less
judgment They have bought all that they could lay
their hands for credit without much regard to price
and get clear of the goods they have been
compelled to them upon any country dealer plaus
bly, situated afford pretence credit, long credits
and IL, and sometimes more, months. To such trade
banks are necessary. When without capital buys
largely and sells on long credits he disposed to talk an-
edy If not profoundly the necessity of banking fac-
ties The grocers and other branches of business which
sell for cash or short credits generally obtain payment
where dry goods jobbers have the "bag hold" This
cash business, although healthy, so great i'm volume
as xpected and the disposition dry goods trade
push credits butan evidence the tendency speculation
which is kept in check by the healthy operation specie
currency The most substantial portion of the trade are
sensible of the disadvantages of the competition in giving
credits, which the trade has suered and auctoneer
one OF the most noted and active OF the wing politicians
few days since in favor of unlimited Credits albeit
what given to ppeayng" has, paper devoted to the
drygoods interest," radically denounced the system of
Credits complaining in good terms, the folly of the
store-keeper granting credit the far sells his
surplus for cash.. This gentleman who strenuous
Bddle-bank man, has, you will perceive, abandoned Mr.
Bidde's swat till nextcrop" theory. Now it is of
no use advising men not give or get credits
when they can II you set pot OF moIasses
you cannot complain of the flies that get stuck in it,
Neither if you charter banks with power issue paper
money, you complain that "big fish, coax little ones
buy credit, through aid of bank discounts Few peo
pie will resist profered credits. But those who perceive
and denounce the injurious tendency of those credits ought
be satisfied OF the sondness OF the independent treasury
prime pies, which operate upon them while
they promote actual business. In another letter may dis
at length the working ofhese credits. lis
observe how those great principles for which
the democratic party contends vincate their sonndncss in
the practical operations of those who camor against
the theory. What has become of the theory that "a
onal bank is necessary regulate exchanges I" There
exists the stupid whgng bnt will laugh the
idea The protective and credit system rapidly sinking
in the wave of Lethe and becoming "ebsolete'
Money has been abundant for days. for the
that mportation have been very light and the de-
mand for money consequently less particularly for
house purposes This viii be apparent when state
that up Tuesday, all the February packets had
rived-say six from Liverpool three from London, and
four from Havana; total thirteen packets These had
all arrived last year before March 3ls Their absence
makes probably, difference of &c., 900 in the imports
for the month, and of large sum in the duties. The ar
val of the Of the 18th March brought advices of the
shipments goods and the demand for bills for remittance
by the packet which sails to-day active sustaining
prices under the quantities that from the south for
sale AT New Orleans, after the operation for the packet
of the LIST ceased the 20t bills became very heavy
y 81 premium for sterling, New York sixty days per
cent discount; sght dscQunt-a difference oil per
cent for sixty days, which is high OF interest In
this market large transactions closed firmly 81 ~ per
cent for sterling Two packets from London and llavre
brought large amounts of specie.
The supply of bills continues be large and press
heavily upon the market the disadvantage of produce
shippers This becomes apparent when | state that the
value of -four corn, wheat, and meal shipped from the
United States Great Britain and Ireland during the
months ending LIST instant amounts eighteen millions o.
dollars nearly onehaf the export uau of the crop
for the 1876 The quantities and values follows
Exports from The United States Grrat Britain and ne
land, September, J, 1886, TO March n, ISf7.