The daily union. [volume] (Washington [D.C.]) 1845-1857, 1848-04-15
COMMERCIAL.
NEw YoRk. April Is-wedDe...nv 8 n


events there The Of the revolution uudoabedy
inalcal-Ihe late government struggling on " h il
creasing expenses aud swelling deficit unl the explosion
swept away royalty and substituted government born oi
the whm OF the Inomeul This government, with all the
liablite. Of III predecessors meet while the resources
measurably OF intercepted, and credit almost
destroyed, placed IN difficult position, ard they
have been obliged 70 extraordinary measures
These, eonnexion with the doctrines ayowed by the
leading Of the government. relation the rights
Of labor against capital have produced such stagnaion
OF business aud loss OF credit seriously affect
mecia affairs The philosophy the present revelation,
# may be expressed has been openly declared BY the
adng members OF the government he the enforcement
OF the rights Of those who labor without capital against
those who possess Il Is consideration this doctrine
at tile commission, under NJ Louis Blanc jealous
munst is sitting the Luxenlburg Already the gov
eminent has declared il is is duty to employ every
man al wages who reqHires ia hus establishing patr.
aTcha and nlulstoria principle, utterly variance with
the Independence Of individuals and sound rep0bicanis
The bare enumeration Of these views enough, under
the circumstance, make ca pitaI take tue alarm, to
engender disposition to realize, and thus, great
degree, for the commercial panic which appears
have resulted This was, doubt heightened by the
dis;rust which enlertaine OF all French credits in the
commercial cities 0! Europe spondence with PaE,
and the pressure became Biensenterering with the
OF the government Last August law passed
authorizing the contraction OF S5oOOoooo francs make
good deficits in Ihe treasury The house of Roihchd in
November took 80 francs per cent payable
p 900 down. and the balance 100000 francs per
month This in payment when the Eevolu
ton caused the price 70 fall from 70 %, and APP
pretended would dscontnuance OF The insalents
Under these circumstances the government issued the
manning lOOooo0O0 francs authorized by the law of Au
gus patriotic loan This, course filed slowly up,
while the demands upon the Savings Bank immense.
The government Louis Philippe had seized upon all the
de pose, and spent ;he moneye1ving lieu 355 Ill
stock deprecated be insufficient pay bul
small portion Of the dePOsites The demands the gov
ernenI small depostofs for the week ending March
IN 81
dividends the national debt fell due the
The government did what il could. 1t raised the OF
Interests paid deposites per refused pay
large deposies the diamonds and plate of the King
and appropriated tine proceeds fast tcoud be coined
to the demands. Money daily becoming more
and the did what ali governments have
done under similar circumstances, viz: decreed the
pension OF the bank, allowing LoyE 100
francs and made its legal tender, with the guaranty
that lis present circulation should be increased
than IOooJoc0f The condition of the bank day of
suspension March l5) was, compared with former
returns, as follows
BASx OF France.
Discount specie Circulation S Mat ,1 DePo.is e.
December DO ls9le5ass Iooo.2 40 2sslso4as sa515ls
The necessity OF the suspension s apparent In these
figures. There was, indeed, greas show OF upon
the bank for days previous decree but this is
apparent On the other hand, the for the
ure contained decree ITSELF show the of
the movement. The wording is follows
Considering in consequence, that far from allowing
the restriction or the of the discounts OF the
bank the ought 10 farmish his sstabiishs"t
eIiul instruments OF Credit
There can be no Doubt from this document,
bat that it is the intention place the banks under gov
eminent bureau, and make it the instrument OF financial
aid The circulation already lare and the intination
shall be increased beyond 80, coo 900 fsancs IS
avo'val the circulation rA reach that
On the first suspension, the discount the notes
great bur a they are legal tender they speedily
applied, ia pressure, the liquidation OF
accounts and latest date measured by the price
of London exchange the depreciation per
The suspension had the effect easing the market the
moment, and confidence degree, restored by
the of tine great houses; that OF Rotschid offered
TO take Liabilities the low OF 81 per per
Many failures took places but the quantity OF paper
returned upon New York great it appre
hendedssoud be the and has resulted here yet
out in failure OF Ffeach houses The eor in Paris
seems be contract obligations fast possible
As necessary csu money val shortly become abundant
there London, and atiord the capital emf
CRATE from the Of he government Inasnuch as
there appears be complete sagnaon OF all indus
al erprse, the demands upon the bank for moIey will
probably be large The issues Of notes OF account OF
the government viii, however, be considerable both to
usual wants and supply with in its usual
character ST general employer There be speedy
hope OF restoration Of the French curencya fact which
will operate benehciay upon England and the United
States so far possession OF coin extends. Should
Europe remain free from war; the present money dicul
tes among commercial classes OF Paris VIII speedily
ps
currency modified by the tendency of capital to
EN- CRATE from government whose principle is the sacF
fee Of property 10 popular clanor.
The state affairs Paris did apparently disturb
the finances OF London where money remained inereas
.ngly abuniautsocks improving, and the bullion in the
bank swelling The effect of the
affairs on the continent, ndisposton induced
embark in enterprises, and the absence OF demand for
goods for continental markets This acted unfavorably
upon the manufacturing districts, AMI depressed the price
OF the material Breadstnlis arm,
count of exceedingly spring, which had injured
grain both in quality and quantity. Upon the whole, the
state affairs abroad is unavoTab!c American
ieIests.
Apart from the uneasiness which the position OF the
French houses occasions, the market here satisfactory
money easy and the numbe Of buyers in town from the
patton OF the opening canals is fair The
menis OF the dry goods interest, which, always important
amount fall due la the quarter ending with May, (mosly
in March hoever) and had been with great prompt
ness while the progress OF business, bringing money
from the country, relieve the market There
has been demand for French gold five francs, ard
Mexican dollars 90 by the packet Argo Havre, which
will take probably S2So0Oo the ex geacies OF
nexions there Considerable amounts Of sterling bills have
also been RENTED to Paris, they good medium
this juncure the price has therefore improved 81 10
The cessation OF purchases of French bills requires
stute remittance.
The cotton market has been heavy under the Hbernia
news, and prices have declined per 10. The receipts
lexceed those OF last year this III bales