The daily union. [volume] (Washington [D.C.]) 1845-1857, 1848-01-28
COMMERCIAL.
From our Con..srcl.l Correspondent.

NEW YORK. Jan. Nv edne sJay, 4 ID.
There has been little change in the features of the
money market during the week. unless il may be ten
dency in foreign bills to fall by OF the disposition
ship produce the strength OF The Cambria The
imports of the week ending with Saturday however
large consequences OF the simultaneous arrival OF many
packets-vizs two steamers and twenty ships OF which
ten from Liverpool, four from London, five from Hawe
and one from Antwerp. The duties reached over 5000 900
of which about $4,000 in specie the remainder treas
ury notes the demand for which, for ibis purpose sustain
ed the prices at 49, closing 9Sa Tor large notes. and
99k small under $500 each The duties OF the last
four days have $751; SOL. The arrival OF these YES
sells with full stocks of dry goods, has completed ample as
all descriptions for the spring trade, which has
already opened fairly Dealers from the south and south
west are here in good numbers, and bny extensively oil
both domestic and foreign goods paying up lar better than
in many former Agents who have been through the
interior, represent that the produce still in the hands oil
the farmers Notwithstanding the large sales OF last year.
is still large and that the of gold-handsome Amer
lean eagles hedged in the independent ueasnis unpre
cedently large
With good prices for produce, and prompt in
gold coins will be difficult persuade the great agrcu
ura interests of the injurious tendency OF low tariff and
independent These facts indicate the great ab
y of the interior pay up and the spring business
progresses, the payments flow promptly In from the
try placing the obbes and dealers in funds their
engagements the importers who have been 'hard up"
in the last few weeks. The large mporations of the las
week be taken criterion of the spring arrivals
II favorable "sant after longprevailng adverse
Winds that brought in feet simultaneously. The spring
most OF the letters that received by the Cambria
They that goods do exist abroad and that there
capital time produce them for the spring bu
siness Hence it is Inferred that with good business from
the country, and moderate supplies from abroad prices
will be maintained The auction SYSTEM il is true affords
opportunity break down the markets. by establishing.
through forced sales by needy parties prices from which
is difficult The first great auction sale of the
season takes place tomorrow, (Thursday)
The elements ofretuning in the money market are,
far have seen, active viz largely decreased
line of discounts the part of the banks, improved pay
ments from the country increased exports of produce,
relatively much lower for money in London than in
New York, with but little chance of large importations
The aspect of the English and European markets such
the hope OF large sales Of American pro-
duce for the importation of which much greater IA
ciitics exist the last year. Should the de-
prove soch maintain present prices the
age for the year. the increased facilities for internal
portaton such will leave the farmers cause to
complain, and fully sustain that general prosperity which
now apparent Notwithstanding the seeming deernn
of the moneycd interests in the cities to influence the
course of Congress upon the loan and Independent, treasury
by turning the until all squeak again. 1t is little
marvellous, after the experience OF the past year. when
department received from all sources $50
SPECIE and dsbursed similar with no other effect
the currency than to take overegns out ohe bank vaults
and put the hands of the farmers in place
them that pers and parsans should pretend tah SINH
operation this year will only BIO runous but mprac
toabe 1.-THE collection 900 in specie by the Treas
ury Department last year accompanied by infa
of the banks point which eoparded their sovency
and from which they have since been rereatng with the
ruthless haste of persons panicstruck sacrificing all
sideratons fears for personal safety surely having again
arrived at that point of safety from which they ought not to
have departed they suppose it will be made unsafe
by operation that last year did prevent rapid
pansion. AS compared with last year, the prices Of gov
eminent stock follows:
of 1883 SIS of 1856 oflsd2 SIS ofIs67 Trs notes
49, s ssa 51I 400, 3d.
On the 9th of January last year, law passed
thorizng loan of of six stock AT that
time, will be Observed the prices OF all the stock
much Ofthat loan, 30 0O0 900 taken par,
payable specie either here New Orleans and
the 9th February proposals for the remaining
issued and it will be remembered $5S 900 were
offered.
The circumstances of the market were then somewhat
different from Money in London per cent, and
rising 1t is Al, and falling in value while in New
York then 7per and scarcethe banks having
contracted for of the loan; and demand by specieim
porting houses for facilities kept money high The specie
then imported has passed into circulation in the INTERIOR
in payment of produce, and will now, to some extent
back in payment of goods The wants OF the gov
$l2 900 instead of 0,oO0 and
there is nothing indicate that any exceeding difficulty
TO grow out of the demand except that manufactured by
partisans 1t is amusing feature OF the party papers
the Courier and Enquirer OF this city partcuary-hat
they indulge in exaggerated expressions OF horror at
the idea of offering per cent stock IN the market for
what it will bring. The Courier that such thing
''has been done since the war" of 1916. Did the
Courier hear of the hardcder campaign, and wing
Congress elected
profound peace and general prosperity, destroyed the
enues of the country by most outrageous tariff and, to
re place the revenues authorized, July 81 184 loan OF
Si2 900 900 per stock but their pranks had de-
stroyed the credit Of the country well its
and not shilling could they get April 49, 1872 they
passed law extend the time Of that loan, and raise
the amount SIT 100000 The 4th section provided
follows:
That the Secretary tho Treasury be- and he hereby u.s.
authorized dispose of the stock hereafter to be issued
any part thereof its value but no part thereof snail
be disposed of under par until the has been adpeiisd
a reasonable time," &c.
They could not obtain this loan and, the
3st August the miserable mountebanks passed the fol-
lowing:
That no stock uthorzed by the law of July 1884, and
April 1872 shall be sold below par and in case the same
public service shall require the then and IN that case,
the Secretary the Treasury shall be- and hereby IS author
lied treasury notes in lieu OF so much thereof as
cannot be thus negotiated
1t will now be remembered that the independent treas
ury law was passed July l840 The high lofty and mag
nifcent "Tppecanoe and Tyer-too triumph took place
! in November following. In March, l84l, Mr.. Webster
walked in with his of books under his arms, let
tered obi profamun r,g,s ct He attended by
Mr. Clay who shouldered his birch broom to brush away
all signs of democracy and set up for genhemen The frs,
thing they did, in accordance with this view, was, OF
course, borrow money in gentee manner on stock.
They would have nothing do with the vagabond loco
co treasury notes, they alleged pay the debts Of the
last administration Accordingly, in July they passed the
try swore, does the Courier now that not could
In