The daily union. [volume] (Washington [D.C.]) 1845-1857, 1848-10-06
COMMERCIAL.
From cur Commercial Correspondent.

Nav YORK, October "Wednesday, 4, p.
The state OF the market has chang cd mate
rally; money continuing in demand stocks, and of
for operations in both farm produce and
southern crops Perhaps the greatest farce of the day
the talk and twatts about the operations and the
make IL understood thar the demand specie
by the federal government for duties really the cause of
pressure in the makea which arises solely
the demand for usual at this season,
HANGED just by the prosperous OF the export
trade. There three interests which conspie, upon
every of the tightening of the market, raise
cry ans the indie pendent because
any Of them believes that in the main operates in
urously the general welfare, but because the govern
funds applied to their particular benefit The
first the bank monoposts who contend that they
have right TO the possession of the government money,
lend il favored spectators for their benefit;
second there the whg politicians and their the
newspapers which make it point Of honor attack, right
wrong, which the people have adopted in
spite their opposition; and third there the spectators
and certain class of merchants who, having capital of
their own depend altogether upon being allowed moderate
permanent credits at each bank, the of which makes
up capital which they trade to the inary and oppres
Of those dealers who operate with their smaller
capital All these interests combine in which the good
sense of every business condemns after moments
reflection. 1t originates however, with those large banks
which for many years held millions OF the public money
depose without interest, and used them means OF
expressing other banks and extong high rates OF money
from the merchants AS the oppression suffered by this OPP
GRAFTON was real and very great may be well to illustrate
When the wings came into power in lS4 the first thing
they did abolish the subreasury and debt
the extraordinary expenses of the year lSl when
the operation of the high tariff of 1912 the ordinary
of the country In 1884, the trade of the country
naturally underwent such reaction swell the
beyond wants. and there accumulated in the
treasury 50 000 because instead of meeting the
deficits Of 1928 with treasury notes that would be
deemed the end of the year. the government borrowed
on stock redeemabie only years and while they
paying cent interest that stock 900 of
money remained for years in the banks without interest
that u.s. the government paid $780, 900 for money lend
banks gratutously; and this money became means of
oppression in this way There twenty -four banks in
New York with which merchants keep their accounts
they paid duties, they checked all these banks in
favor of the collector These checks deposited gov
eminent in four banks only consequently these
four banks always had balances against all the others
These balances they drew promptly in SPECIE vigor-
ousy than does the subtreasury The consequence
was that twenty banks could lend money their
TONER'S the merchants, who paid the duty and the of
discount rose while the four that received the money
own acts When the government loan became due, the
money Withdrawn from the New York banks in favor
banks mostly in Boston, where the loan payable.
The operation may be illustrated by figures, the fol-
lowing table, showing the United States deposes in four
banks-viz: Bank of Commerce, America, American Eek
change Bank, and MerchantsAugnst 1884, and Februa-
ry 1885, with the specie held by banks pc
Rod:
Aug, l54i Feb, 1875. Decrease.
United States deposes