The southern press. [volume] (Washington [D.C.]) 1850-1852, 1850-08-13
THE POSITION OF THE EUROPEAN MO
NEY MARKET.

( From the London Times, July 26.
The position and prospects of the money
market were never more singular than at the
present moment. Every thing is tending in
a direction to produce striking changes in
the relations Of capital; but in the apathetic
trance resulting from our late exhaustion,
they are scarcely noticed With an increase
in the quarters revenue Of G5lS, 900 over
the favorable returns of last year, an auge-rn-
tation in the declared value Of our exports Of
between g3, 100000 and "a, 1000, 900, du-
ring the same period; stock Of bullion in
the bank which has remained, with slight
Quotations, at a larger amount than was ever
before known and the prospect, thus far,
Of an abundant harvest, there are also q
number Of more exceptional circumstances,
which furnish still greater indications that a
state OF affair is approaching which must
awaken the best energies Of the country,
and which, il wisely watched, may give an
impulse to the spread Of civilization such as
has been witnessed at no former epoch. Each
account from California not only confirms,
but adds, to all previous anticipations Of the
growth OF that territory, and Of the success,
Of those who have thronged to it, and the re-
hex action Of these movements on other parts
of the world are now beginning to manifest
themselves with daily increasing force. In
the Sandwich Islands, in Australia, along
the whole coast of the Pacific from Valpa-
raise to Vancovver's Island, and even in
China, the stir is distinctly felt, and the
awakening life thus manilesting itself at the
extremities Of the commercial system, must
soon be acknowledged most powerfully at
its centre. EVENT. California were announ-
ced tomorrow to be delusion, it would be
years before the effects that have already
been created by it would cease TO operate !;
but tie tidings received for a long time past
have now Convinced all persons that its
riches tave never been over estimated, and
hence the inference is unavoidable that what
has yet taken place is only the beginning Of
the changes to come. According to the re-
cent accounts from New York, it is conf
IDENTIFY believed that the gold received in the
United States during the next six months
will exceeu the total of all that has yet arri-
we'd. The silver mines Of South America,
too, are yielding a largely increased supply |:
railroads are being constructed for their fur
Their development, quicksilver is likely to be
furnished in unusual supplies, and improved
methods of working are resulting from the
application of capital derived from the profits
Of trade with San Francisco. Coupled with
these facts, we have accounts Of other gold
regions in Bolivia, Venezuela, and South
Australia. The less noticed but steady in
crease in the supply from Russia has like
wise 10 be borne in. mind; and, finally, the
importation which is even now taking lace
from the substitution Of aper and silver for
the gold coinage in Holland, amounting, it is
understood, to between R2, 100000 and
G3 900, 900. ~
Under all these circumstances, the rate OF
money in New England is about | Sd per
cent, and at New York, although they are
now sending Us large amounts Of bullion by
each steamer, it is also lower than it has
ever been for any continuance, 3 l-2 or 4
per cent. being the highest rate that can be
got for temporary loans. At the same time,
two things have operated in England to pre-
vent the glut Of money being greater than
it is. The remittances on account of the
Russian loan Of $4,000, 900, and on the
Danish loan Of 100000; the instalmeats
on the first Of these are now completed, and
in the course of the next two months, such
email amounts as may remain on account Of
the second will also be discharged. There
will consequently as far as 9wessc can see at
present, b henceforth nothing to disturb the
existing tendency towards accumulation