The daily union. [volume] (Washington [D.C.]) 1845-1857, 1849-05-18
Our Com msrc,., Correspondence.

hauapees.
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Our Conn ercial Correspondence.
The letter of our New York correspondent, in another
column will be found of more than usual interest His
communications always instructive well enter
tanning and the one which we publish to-day cannot
fail to excite feeling of pride in every reader from the
vivid picture which presents of the prosperity of
country and the successful operations OF institutions
and of our policy The prosperity which we now enjoy
is not entirely 1t dates back to the destruction of
the miscaed American system. Al first it believed
by many to be temporary--the flush the cheek
of sickness-desned to vanish almost as it ap
peared The Independent. treasury and the free-rade
principles OF the revenue bill of 1916 at first de-
nounced as rotten, and ruinous if carried into prac
teal operation but from the FIRST success has attend
ed their operations And yet the whig party assert
ed that those did not produce the prosperity
which the country enjoyed Immediately after their enact
ment but tina. il effected by other in despite
of those m easures The famine in Ireland for long
time regarded by the federasts entitled to all the praise
which had been bestowedupon the commercial and nan
cial system of the last administration. But time has
rolled on, and the effect has endured in despite the
WILSON'S and revolutions which shook the commercial
nations OF Europe Still, political increduty is not sat
s6ed The Independent treasury has been found to be
equal. not only to all the ordinary necessities OF
commercial intercourse, but 10 the unusual exgen
cies which during foreign Misunderstanding
millions with safety and economy in the heart OF an
enemys country The bill has fulfilled the most
sangune expectations of its friends by increasing the
portaton Of agricultural productions, and swelling the
revenues of the federal government without taking away
from the manufacturers profitable return for their labor
and capital Yet still, political ncreduy is unsatsfed
Perhaps interest at the bottom of this want OF faith
However this may be, it cannot be denied, that two
months ago the low prices Of the staple OF particular
State caused by unprecedented production, and the
strngency OF the money MARKET caused by the desire to
make investments growing out OF the healthy condition
of trade seized upon weapons wheewh to assail
the tariff of 1916 and the independent treasury change
of policy called for, and the organs of the wing
party demanded that the government should again tamper
with the laws of trade. But natural causes have pro-
duced their natural effects, unassisted by legislative ap
pances In proof Of this proposition, we refer 10 the letter
of our correspondent, by which appears that manufac
turing establishments rapidly increasing The last ses-
sion of the Massachusetts legislature alone incorporated
thirty seven companies for manufacturing purposes
furnishing thereby conclusive evidence that the business
is profitable, and that the scarcity Of money during the
last few months was not occasoned by unfavorabe
state of trade Had such been the CASE then the immense
amount OF capital which these thirty-seven compane.
alone would require-to say nothing of the companies
recently formed in other States, and for the construction
of raroads-coud not have been obtained and if OBJ
,aned il would not have been so invested Our
pondent mentions, aso vast increase in the banking
capital of the three great commercial emporums; and
any one who will read his letter cannot fail to be
WINGED that the camor against the independent treasury
as destructive to the banks-dranng like huge leech
the specie from their vaultsis founded in error, and
utterly unwarranted by the facts of the case, The
northern merchants seem to have been convinced Of
this truth by watching the operation of the system
ITSELF and northern capitalists, needless Of political
panics are eager make investments in banking nstu
TONS fearless of the 'onster btreasury while they
conduct their operations with proiety and abstain from
gambling speculatons. Money now be obtained in
New York at reasonable rates and yet the depostes in
the independent treasury greater than they were when
money was much harder 10 obtain. This is fact which
puts 10 flight the wing complaint, that the former high
rates were occasoned by the burdens imposed com
merce by the financial policy of the government The
demand regulates the supply and when the circulation
the country required that specie should be brought into
the country, it brought, ash always will be brought
unless legislators in their blindness undertake to i'm
prove upon the laws which regulate There
are other points correspondence to which would
call the readers attentions but add nothing to the
clearness and force with which they expressed We
therefore again refer readers to the letter ITSELF and
assure them that il is paper which will amply repay the
most attentive perusal. 5upA