The daily union. [volume] (Washington [D.C.]) 1845-1857, 1850-07-04
COMMERCIAL.


Nxw YoRx. July "A. p m.
The value of domestic exports from the port Of New
York for the month Of June has been with the exception
Of the year ls47 larger than before In that nsnh
reaching o. aoz considerable portion Of hislarge
amount grows out Of the high price Of cotton but
pared with former years. the interest which the western
States have In the export trade Of tbs country, very lage
and all Interests were never prosperous NeveIhe-
less. tis the with prosctonss and those who have
very superficial Of the practical operations
trade, that they regard large business necessarily
dangerous and when the general prosperity swes
70 high figure they predict speedy run Tor no other
than that ruin present The New York Tribune,
long November INDUCED In panic articles based
the magnitude Of business, exclaiming, Prudent
eful men Of business how long this last r Pru-
dent careful men of business however, went on attending
their affairs, supposng that because the goose
cacked the night time therefore all btisiness
should be suspended Al every recurring cackle The New
York Herald kept up the same doetu strain and some Of
the foreign papers copying It's paragraphs they back
% US somewhat iltimsd. Thus the London Economist
quotes the New York Herald Of January 81
sIt will be long time before shall again have such
months The rsosips Of gold may continue large, and the
banks extend their utmost limits but all classes are
for money likely increase full fast. faster than
tho supply The ball has commenced rolling and as II
possible % stop 4 We have no way q arriving At The In
Of private credits, but Is impression that the
The demand for money must therefore, DO compar
atyey large and the probability that the rate Of Interest
VIII soon DC aDCVe tne legal Stanudru
These of the Tribune well Of the Herald
from entire misunderstanding Of the principles which
trade consequently, the predictions utterly fall
sfed in the From the time the Herald wrote
from becoming dear and scarce money has continued
become abundant and cheap, and far from being above
the legal rate, for long time far below ii
In New York In my letter Of January 49, indicated the
then in operation produce this abundance fol-
lows, 91s
While the of business Is very large. the ability
OF the people Of Great Britain and Europe well
of the United States, is very considerable
in the great reservoirs 10 evidence only that
the supply Of the precious metals Is abundant but that the
prodwcto Of eqwtU0lsms 10 equal TO the consumption of
industrial products When goods largely sold TO con-
credit money becomes In demand supply the
place of those other articles which should compose floating
capital When, however, production keeps with
sumption the articles produced discharges the payment for
purchases without the intervention of money which
mulates idly in the great reservoirs"
The course Of events since, showing immense trade
upon the public works. large government revenues i'm.
proved factories aud bank dividends simultaneously with
low ratessof money and favorable exchanges, indicating
the working Of the principles, pointed opposition
the evil forebodings of the Tribune and Herald When
England. in ls42 adopted the policy Of free trade allowing
importation Of farm produce moderate terms she
Ia effect said the United States "We sold you our
goods largely upon credit in the past years you failed
and lost the We will now have to take pay In
your farm produce go along" From that
English demand for the articles Of production
increased and the OF that increase il seen in the
following table Of the leading Quantities exported thther
several years 1872 was the date Of the alteration of the
British tariff.