The daily union. [volume] (Washington [D.C.]) 1845-1857, 1849-11-16

s New Orleans ssso.ss 4o.g1l,se ssiSeoSaa
The produce of the great valley which goes down TO New
Orleans Is there shipped and the bills drawn against IL are
sold in New York in payment Of the goods
and purchased in the West by those who sell produce
New Orleans This shows the absurdy OF talking of the
trade OF the whole country connection with that of New
York, without showing the amount of bills exported from
this city The Of the exchanges that the bust
ness year drawing to Close shows (being pa that
here Is no balance due abroad, and that year be-
gins with good stock of specie here and seven scales
while both produce and goods advancing abroad
under the activity OF that internal consumption which has
succeeded the political dsquct that there more pros
pect OF enhanced exports than mportsin fact the latter
rising In price stimulate conn petition here in
much more legitimate mode than by the false action OF
arf The late advices from Europe state that the results
Of the late Lepsic fair indicate better business than ha.
been known for years. and prices Of most articles
AS cloths sufis, fancy articles, and leather Is per
cent higher than former rites These prices eau
by the direct demand for home consumption. The raw
materials OF course, felt the influence OF this demand for
fabrics Although the pscfcaon OF Hungary by relea.-
ing considerable supplies of fine woods, caused fall o.
some per cent? the price recovered. Under
these circumstances, orders for cloths from this country
were executed higher rates. and others returned unex
ecuied. This OF affairs prevailing respect TO most
continental goods will probably diminish the spring i'm
portations
The great prosperity and freedom from revusons which
the country has experienced under the operation of the
dependent treasury and low tariff, being proxmato
minds which before dreaded un,ried system that no
more fatal measures for whg leaders could now be pro
posed than retogsde from the advance made in these
directions very limited conversation with the mercan-
tile interests, embracing sound merchants OF all political
shades, would convince the stupid OF this
In this country where the Of the public debt bears
but small proportion to the aggregate savings of the
rnunity and where the profits OF active business afford
larger return for the employment Of pal. banks are "a
vorite mode of The holders OF bank stock are
among the influential classes the cities and this in
that which dreaded operation of the in
dependent treasury likely inue their profits So stron
was this erroneous feeling that many prudent men sold on
their sock in bank when the law went into opera
ration, and old cashier OF leading bank declared
the ruin Of the institutions hand The effect of ,hte,
continued operation OF the been to win over
all business mon TO IT. support because banks, in cons,
quence OF the general prosperity make money than
ever before The New York National Bank with On pal
Of S75OO00 as instance, has divided per cent prof,
this year, and has 100000 10 per surplus. The
average dividends OF the New York banks this per
cent The natural consequence of these high profits is
rapid increase Of capital employed Thus there have
been started banks the Bowery, capital $500 900
the Ocean, S6s0Oo0 and the Broadway. $500 making
Sl2tO 600 OF new capital with increase Of In
the Merchants Exchange and S3f4 900 in the
Exchange; being together S207s 400 The Bowery the
first OF these banks, has paid per dividend and
built new clearinghouse. By the constitution of
the State Of New York. new bugbesr supposed to be
let loose viz. the liability OF stockholders Of institution
that issues individually for an amount in addition
equal TO the shares they hold liza holds 800 his p
vaie property will be held for 800 in addition for the
debts OF the concern. This most just law comes into
operation next January, and has yet frightened no
bank but tho Bank Of Commerce; that institution 10
evade the law, will longer issue bills but ha.
made arrangement with the Mechanics Bank to fur
nsh It with S6oooo Of It's per cent these notes
TO be stamped and redeemed at the Bank OF Commerce
This evasion ofhe law means simply that the stockholders
afraid trust their bank They wish the public
to take the notes. but individually they win guaranty
themi The large dividends are confined the New
York banks but manifest in the Philadelphia and Bo.-
returns In the latter city the surplus earnings amount
TO 10 per cent In the general activity of business
the emuuerstipg prices, abundance of specie ample rev.
enues Of the federal and swelling dividends OF
money Stocks practical business recognise the ssuary
workings Of the existing and commercial policy Of
the government and those who seek for political advance
mens by proposing reversion TO the old system
labor Of Sysiphus.