The daily union. [volume] (Washington [D.C.]) 1845-1857, 1848-01-07
g. = $500
Free. Chartered. Free.

Free. Chartered Free. Chartered Total
Ssy "a: s: s.ss
The little country ESQ called) banks which
secured by stocks, not in banking business bumerey
make profit by redeemng their issues discount
in New York. have alone increased the circulation An eff
fort has long been made enforce upon these banks the
redemption Of their notes at par in New York bill this
effect has, within few weeks been defeated in the egs
ature by bank interest and have seen, the
holders paid $500 in two days for that defeat t
This panic has passed away without having produced
any general injury; but it, in with the continued
of specie admonishes the banks preserve the
restrictive 1t is the that with reference gem
era trade the country is much richer than the city At
last November of the banks the city banks owed
the country banks 49, 0oO The Merchants Bank owed
the Bank of Mobile 900 Hence the strength
the country compared with the city, through the large
amounts produce sent down. While the country there
FORE draws upon the city for the Of buying and hold
ing crops in the winter, the parayzaon OF large
of city capital, by the non-avaiabily of foreign bills
inducing exports of SPECIE the of the city banks
used up like candle lighted at both ends Being sut
centy strong Withstand this presue the foundation
abundance of is laid for the spring The orders
England for goods represented being modified
counermanded to considerable extent. in consequence
the difficulty of whle in the Interior quantities
produce accommodating that will asonsh the Atlantic
cities spring Thus the usual results of
Wis diminished imports and enhanced exporsare being
developed.
From England accounts by the Caledonia are brough,
down the 10Th, and favorable The bullion in the
bank had risen Ell 900 900; and although the minimum
of bank interest still continued per cent,
doors the 81 per consequently it is Il per
cent. cheaper than in New York The turn in the
kes when this growing cheapnes of money should again
raise prices by stimulating demand and inducing money
holders advance upon produce reasonable terms,
looked upon hand No actual improvement had
taken place in any of the markets. however, except for
breadstus and canal -four brought 20 3Ds per
barrel This provement may, in degree have been
influenced by the notice of the government that the Is
of March the sliding scale duties foreign breadstuis
would be restored. On flour the range will be Is Cd IS
per barrel, As los per quarter wheat and Is per
quarter The declining imports of produce gen
eraly probably makes the duties necessary the
of the government The revival of the railway
operations would give great stimulus to the consumption
of produce generally Although this has yet taken
place. il doubtless will be the the moment money
generally easy The accounts from India avorabe
but yet improvement in the demand for goods and
yarns perceptbc and had given way from i'd
Id. The accounts by the previous To the 4h
December of revival in manufacturing operations
through the impression among spinners that the price
low enough allow of the accumulation safely
of goods made from it, The effect which this iinpres ion
had produced upon the mills in Manchester November l6
was follows