The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1849-02-13
c0MMERCIAL AFFAIRS.
MONEY MARKET.

Monday, Feb. l2-0 r. M.
There was considerable excitement to day In the
stock market pding the dissgressb stormy
weather, and quotations for ell securities advanced
Harlem went up u per cent Long Island u, Canton
Company farmers Loan X Erie Railroad X, Morris
Canal q, Pennsylvsna nves ~, indiana III United
States sixss 1857, ~. The sales wsrsIlarss the i'm
In prices having brought out great deal Of
stock The sellers are principally strong operators
and the purchasers the weakest in the street.
is the opinion Of many, that luntHthsrs favorable
change In the money market stocks cannot advance
much and that the steady drain Of specie from our
banks will annul the effect Of the favorable news frem
Europe. This, however, can only be temporary. The
European accounts show that . reaction has taken
place in the financial and commercial affairs Of
Europe that activity prevails In the mauuac
districts; and that tho basis Of the Improvement is
sound and substantial. The revulsisn has spent
Its force has prosrsted everything in ito course that
was weak or much exposed and purged the commercial
world Of the most system Of credits that ever
existed Those who passed through the ordeal Of that
rsvulson, must have strength to sustain themselves
and the experience gained by the embarrassment and
difficulties resulting from almost utter humiliation
fsl confidence, has ne doubt laugh: them . lesson
that win DO Of vast service hereafter. We have no
doubt the improvement reported by tho steamer nj.
sgsrs will be permanent. Money has been SO album
dant for such length Of time In London and the rate
ofinterest had become reduced to such Q low point
that forward movement In prices of merchsn diss
generally, could not be much longer resisted. Tho in.
activity and quiet which had existed 80 long in tho
commercial world, could not continue in the face of
plethora IN the money market, and the absence Of
any important or serious difficulty in tho political
world. We therefore look upon the reaction
ao being perfectly legitimate one founded upon
the natural laws Of trade-incresss in demand
fer consumption and the absence Of sunicIent SUP
ply of the staple articles Of manufacture This Is the
basis Of the improvement and there every indca-
ton, at the latest dates not only Of Its psrmanenoy
but Ct it's progress.
The effect Of this state Of things abroad upon COM
mercial affairs in this country, must be of the most
favorable character. The condition Of our money
markets may for time arrest any important improve
ment In prices for our staple products but 1t must
GOMEZ lit may be deferred, buta favorable change in
commercial matters Is inevitable When Great Bri
tain experiences disaster in her commercial move
ments, we are sure to feel IT, and 1t is equally certain
that We shall feel the effect equally great Of any favor
able movement in her commercial affairs We ind in
England the best customers for our most important
articles Of export and her capitalists are rapidly sb
sorbing immense amount Of our public securities
Prices for these therefore, in great degree depend
upon her prosperity, and Whatever tends to initiate
them, tends directly to benefit u.s.
The Independent Treasury system comes in for q
great share Of abuse from many stock speouators o,
Wall street, but the fact that It abused in such
quarters ID the best evidence in the world Of ts value
and Importance in checking any undue speculation,
any dangerous imitation in credit or artificial expsu
sion Of prices 1t h under the administration of
Secretary Walker, kind Of balance wheel In financial
affairs, and exercises those checks which have such
wholesome influence upon the movements ofcspeoula-
tors. We would like to this measure strictly en-
forced its most rigid provisions closely adhered to- that
its actual defects may be clearly SEEM and pro.
perly modified. No one deny that It has imper.
fectiops and many alterations will be necessary before
will an swer oil the purposes required. Even in its
iimid spectators, a. though they we're 90 many biz
boys.