The daily union. [volume] (Washington [D.C.]) 1845-1857, 1848-01-07
COMMERCIAL.
Frsn our Commercial Correspondent.
Nav YoRk. Jan. "Wednesday, 4 !

| New YORK. Jan. 5-We dnesJay 4 D. m.
The markets generally have as usual, for hoyday week
been exceedingly quiet. Tho imports small, and
ports have been checked in degree through the diff
Guilty OF valuing against shipments. The money make
mas become somewhat relaxed not by OF any in
creased disposition loan, but through considerably les
sened demand Some of the banks have discounted al
that oeed but, doing did not increase the line
of their accommodations. The dry goods obbers who's
wants have an important influence, generally easy
Their demands for money not large until March Grea
progress has been made in the last sixty DAYS in d-
minshng outstanding obligations, and it is a mater
of surprise and congraulaon that the commercial com
lnuniy have so promptly and firmly met the pressure
The export of specie still continues considerable
$685. 900 having gone in the Hiberna, and aboul
100000 in the Siddons-he disposition being not We,
to place confidence in London credit. The paper,
money market during the week, has exhibited a curious
panic OF one two days duration, and sexceedngy illus,
tratve OF the operation OF paper currency In my letter
November a. in Remaining upon the pressure, which
then described the position of the New York free
banks regard their expanded circuaton stating, a
specs becomes actively in demand the bills viii
return rapidly, and these concerns blow up" About q
banks had capital of $780, 900, circulation of 500O 0O
and about $4,000 of specie 10 redeem it. These
all secured upon New York stocks and are worth
their face to the holder; hence good as any
property can be. But property is not money /; and
hence the great distinction between money for circu
lation, and property The latter is good to the cap
itus who hold it. The former is only good to the
OF the people when they part with par The
banks held out very well during the PRESSURE until
papers, in of folly, and in the bodness
ignorance, proclaimed the approaching fanre of all the
banks The public somewhat startled and at that
juncure, the Atlas Bank ESQ caled- little shaving con-
cernstopped redeeming its bills because it had no more
specie. The only effect Of this, under ordinary
Stances would be for the comptroller sell the securities in
his hands, and pay the holders OF the notes in full AS
the public had been alarmed, however, by hollow clam
ors, the holders of all country rushed to Wall
street to get redeemed their money Now, extent
which this money be redeemed is OF course the
amount Of money that the brokers the bu-
siness command. If the offerings for redemption
much exceed these MEANS they charge high price con
sequently instead of buying usual discount, they
charged from per 10 per discount and in
vested all their in these notes. well knowing that they
perfectly good Probably w. 900 redeemed
this way, in days. profit of $3.50 the brokers'
at the expense of the bilhoders This precisely the
selling New York State stocks 10 per dis
count and the folly of the thing great last 1t
to be remarked that the law requires these banks redeem
their bills either in New York Albany per cent dis
count Many of them have redeemed in New York ; but
when this panic took place. these cue boys notified the
comptroller, by telegraph, that the agencies removed
river being closed they could readily be got This
saved them from breaking. This is undoubtedly the
paper money that be devised; and yet the
conper6fy the Of business subjected the labor
ing people OF this city loss Of 81 in $0 because they
must sell their money the moment to buy bread.
The following table shows the desc rpon of banks
whose issues have swollen the State circulation
Country banks City banks.