The daily union. [volume] (Washington [D.C.]) 1845-1857, 1850-06-20
COMMERCIAL.


NEW YORK. june io--1, y. ~.
The abundance Of money. which has % long continued
seems rather 70 than dmnish and many states and
oorpoaons are taking Of reduce the Interest
on outstanding debts as well raise money for the
more rapid Of works Ia process Of
Seven years ago. tho adverse influences OF expo
ded paper sysse and the paiay zns effect Of arih,
Imposed by new Congress- Ohio pressed for
thai SHE compelled 70 10 20 New York and sch her
per cent stock brokers' par, for Ohio funds equal to
SsA per cent That stock has SOW fallen due, and Ohio
rea ps The benetof low tariff and the independent
ury policy in being able raise money ats cent 10
up pes cent loan TO redeem and per cent
stock falling DUE the commissioners OF that State issue
PROPOSALS for Of and per cent stocks, redeem
able In eea and t~enlyhv W years, respecuvey Pern.
sylvaus slso isses popos&s for &39OOD0 Ia stock az
per cent, rsdseable Ia thirty years. the proceeds 70
deem PER cent sock falling due. The per cent stock
h subject The State and sells ~ Ssh The new Per
cent sock u 70 BE- exempt from tax The condition q he
market which thus enables States 10 reduce the interest
on hsf deb il also as lately observed In returns Of
the public works. favorable 70 the means Of ment
and thus burdens the people are 'lIgntened py
double process The abundance Of capital ana tne con
deuce ia railroad aso indicated In the sue.
cess ot the Erie railroad New York. in the sale Of its
per cent income bonus for $250O,O0O The issue was
for e85oOO00, complete the road % Dunkk On Laxe
Erie; oil this amount the contractors TOOK *iooOoW
and bids for the remainder opened on the lzIh
The whole amount bid for was 86,4l200O, or three
times 40 mnch NJ was wanted, at average OF 30
per cent. The income OF the road alter July,
1851 Is pledged for the payment Of these bonds and
the prico rose in the market next day 70 92h The
company have thus realized much means ss will
be necessary 10 place the whole line from New York
Lake Erie In operation by May 1851, az which time me
law othe State waving the claim Of 81, upon the
work for money loaned requires 70 be finished con-
sdeabls portion 81 the money received for this loan will
b. wanted for the and the company have no
fed al floating claims TO be presented Tor payment
and efficient Of trade will thus be opened next
summer b0twcen the West and Underwater; and there viii
also b. Of country though the entire souhern
tier Of New York counties and northern Pennsylvania
made for st time accessible 10 market Probably this
single railroad will connect more new country with New
York than the network OF New England roads did
with Boston. Alreadya number Of new factories, tame.
ries so have been erected by New York capital in the
favofabls localities Of northern Pennsylvania, first
made available. and the proceeds Of that industry swell
the revbnues Of the work,
Great has been The progress Of railroads this
try during tho last few years. tits highly probable that the
works created have be en- the means Of producing
floating capital than they h9ve absorbed In their
ton Ia this the have operated very differently
from the results OF the same systcm among the densey
Populated counties OF England There work could open
of rich land. which wanted only connection
with market pour forth their abundant predictions.
plying wants, and creating demand for manufacturing
industry. The cheap lands Of the Union have offered
ready tolabor without capital and whore
ated capital has cheap avenue for the pro.
Deeds Of thatabor market, it has created demand for
manusctures since production always tho basis Of de.
and Tho 300 900 Immigrants who last year passed over
the public works, In their passage take possession
wildlandA will this year send down the yield Of those
lands and demand supplies in return.
Ths immigration this year will be Immensely arger and
the results In succeeding year marked II popu-
ation equal % that Of the whole State Of Connecticut
annually added 70 the producers OF food and becomes con-
sasn Of fabrics tho attempt confne these sales OF pro-
duce % United STATES por by taking the OF sales
abroad must DO in the highest degree injurious their
tnteres IL il. In effect, condemning them work
nothing or directly doprvnx them of the reward for labor
This continual accession Of numbers by Immigration
dQubt adds very materially the demand for goods,
wei imporied domestic. The demand Is limited only
BY hs Of buying. and these enhanced dimn
ishsd By the state Of The foreign demand for surplus sg-
rsultaral productions The large immigration Of the last
swyears has now begun operate permanently upon the
markets, and California has added new demand more
sxsnsve and lucrative The mporatons the por,
Of New York have BEEN for the five months Of the present
ye. ~ compared with the period Of the past year.
folloMat