The daily union. [volume] (Washington [D.C.]) 1845-1857, 1849-02-17
COMMERCIAL.
From our Commercial Corrsspo.dest.

Nkw YORK. Feb. IA, IS49-Wednesday, 4 p. m.
The improved Of the foreign rkets for American
stocks and produce reported by the Niagara with ad
vices the 18th ult has taken operators by
prise. A quotation of lO4 los for United States
per of 1868 the Lond market being advance
oil four cent since the arrival Gale uated,
especially when accompanied considerable sales Of
and other produce firm impart great buoy
ancy this market. That il did do is attributed
the operation of the indie pendent treasury but those
sPeculaors who impatient under the supposed
strant, but admit its salutary regards the
general business of the country, and the prospective con-
nuance of sound state Of the finances In this acknow
edgment of the friends OF excitement we have tho
admission that the independent treasury plan has done for
the markets of the United States what the collective wis
dom of the English statesmen aud most able fnspcers
failed do in regard to the of England Thus
the principle laid down by the soundest fnancers OF the
Ricardo school, and acted upon the recharter Of the
Bank of England in 1914. that the volume Of the
ency should always actuate precisely a. If It were ex
cusvey Of gold and silver gold and silver. following the
indication of the exchanges should be exported. it is an
nnerrng indication that the currency is foo full and
that the laws OF trade like those Of hydostacs apply
ing their unerring remedy On the other hand II tho
metals imported, it is because the is INSULT
cieny supplied, and there demand Tor money az Tor
cotton, any other commodity To arrive at tho
desired result, the Bank OF England deprived OF its
right Of issuing paper money Its capital, comprised in
due by the government is ETA 600 900; and to this
allowed issue bills secured on that debt.
Beyond that issue bills unless II has equal
amount specie hand in other words, it has no
option in the 1t must give notes for specie, or
specie for notes. whichever is demanded of It, If mer-
chant specie he carries notes 10 s bank
and procures it. If he imports ssce, he carries II to the
bank, and takes notes. If he pleases Formerly, when
specie imported and deposited with the bank, the
institution, rule, issued e. notes for FL specie
hand Hence every El.ooo.ooo Imported aiiuwod Of
addition of f3 600 900 the currency, and usrsa,
every ElOO00N exported compelled the withdrawal of
f3 100000 These vioen, oscillations the supposed
of disastrous fluctuations in prices and II sup
posed that If the bank deprived of the power of lend
fol one IN less
the of favorable in the exchanges
would be less temptation spectators and projectors
borrow the cheap money and by doing hasten
ploson, the effect of which would be enhanced by
the violence OF the contraction. Commerce and regu-
lar business would always supply itself with money,
as with all other commodities. The principle WINS
sound one, but the great railroad and speculnons
past years appealed by its opponents the
paper advocates evidence that had utterly failed in
design of preventing undue speculation. Its friends
the other hand contend that without its operation those
spseuaiions would have bcen still more disastrous In
October lS47 the spectators complained that the restic-
ton of the Bank prevented money from being plenty
and ministers weak enough far to give way
the permit the bank to violate the law Before
acting on that PERM sson however, the pressure passed.
and since then the movement has been upward In New
the operation the Independent Treasury has always
active the principle sought be carried in
the the English bank viz prevent any other
increase the supply of money than that created by the
operation of legitimate commerce. Precisely In proportion
to the OF goods imported is the demand for SPECIE
business paper maturing within circle of 60 80
DAYS They can lend money than they have got,
and they than the operations Of commence
supply In my last showed by the returns
Of the department. of the banks and tho house,
that over supplied the banks the custom
house. and exported, derived from of which there
is no oic In formation. For all business purposes
ney abundant the spirit Of speculation, stimulated
by the foreign and California hopes 10 very rife
and held check only by the fact that the regular business
of the country demands the money capital for present
and the operation of sound financial principle oompes
application of money that legitimate object and
vents diversion the hands Of reckless specuato
operations if let loose would creato the issue
of bankrupt law to be decided At general election
operation OF trade in the progress Of the spring BUSH
inevitably abundance of money in spite
independent and spec ulation will rise TOM
pered degree by the activity impaired 10 The
cious metals by operation of the federal finances
The imports, past week have been very large
bracinr the arrival United States. Tho for
Two weeks have been:
Import Of goods port Of NeW York.
week sndg Specie Free DutiableJ Total Dass
F,hrusry J. SLASH $Ss,s s2.l,aI4s s7o $s7sas
February g. 1000 .sa.4Il sS6s2t aI747ss sss,H52
Total 1881 1896 sss4ss7 s71M4 I,s77u
The proportion ofdry goods embraced in this Of du-
table goods has been as follows
Wool. Cotton SILK Flax Miss Total
III