The daily union. [volume] (Washington [D.C.]) 1845-1857, 1850-01-31
COMMERCIAL.
From our Commsrciai Correspondent.

NEW YoRK, January 70. 1850
The large preparations being made for the spring busl.
have continued demand for money for busi-
purposesha is say, the active business men want
now for their all those funds which have been
lying length of time comparatively unemployed. The
late news England further conrmatoy Of spec.
uetive action The bullion in the bank continued 70
mulae, having reached the enormous amount Of Ell
49, being an increase OF 900 December, 1897
with still large arrivals. The Avon steamer brought 81
The of interest had continued declines and
the Of Quincy Co. had reduced the they allow
on depostes III per per The consequences Of
OF affairs Of further impulse 70 the
speculative spirit and almost all descriptions Of produce had
proved in price under extensive operations II 10 at such
msmen United States about experiences he
benefits of steady system of finance. The coming ex
panson England is the first that has taken place since the
United States became financially independent Of the old
LADY, of Threadneedle street Formerly, when our paper
machinery in operation every pusation of the Bank
of England itself the sections Of
the Union Prices paper basis here credits were
granted with facility in London and the rising prices
here only brought larger quantities Of British nanufactures
to our shores while they checked the OF means
of payment. Bank discounts and auction facilities enable
Lancashire flood the country with goods Sor
long paper the paper into cash. and Send home
This of affairs is changed. Prices here now rest on
our system Of nance huge bank puts forth paper
In amounts limited only by its credit abroad, and the
steady operations OF the independent treasury permit prices
and the reward of industry be governed by the natural
law of supply and demand Hence they do not directly
obey the impulse which is sending them up IN
England It Is, therefore, the that abundance OF
money in England does not fomery promote exporstC
this country and prevent exports the United States,
bat operates in the legitimate way of causing demand
for exports; and this effective demnnd prices
here advance foundation subject collapse by
the caprice Of the English bank. The large amounts Of
specie swell the Golfers OF tn institution will,
to considerable extent, find lis way hither and the
lines OF running from Chagres TO Nc~ York are
about supersede the royal mail line, by Of their
greater despatch Thus the Avon. mentioned above. left
Chagres the day the Crescent City The dates
Of the latter via New York, reached London the 2lh
December while those by the Avon did not reach there
until the 9th Januaa difference Of sixteen days Those
English merchants therefore, who shrewd enough
remit via New York gained sixteen days OF time. The
effect OF this will be the coin destined for England
into the New York market, where bills may now be
had for ii at per cent?. or IL may be employed
here better advantage than in England. The same
speed which will bring the specie trade this way,
will inevitably under the navigation act, make
our warehouses the great depon for West India, South
America and Pacific produce, IL even decent regard
paid by the Secretary Of the Treasury the public
interest As IL Is however. there never was more
universal condemnation without distinction Of party, OF
the conduct OF any branch OF government, than is AZ
present felt and expressed towards the present admin
istraton of the Treasury Department, well In
spect the outnges that have since July been committed
against the rights Of importers under preence that they
made by the ad raoTem tariff as In rea-
ton to the abominable and expensive In which
the whole public business has been mismanagcd by inca
pabe who put in the places OF tried and efficient
officers and also In relation 10 the more recent outrage OF
imposing specific duty upon certain articles OF impora
because Congress ordered the expenses OF collection
reduced The duty upon pig iron, for instances imposed
by the Secretary Of the Treasury, Of his own wrong" IL
20 per ton-equa to 81 cent ad vaIorem. OF
course these illegal duties must be refunded; but such
conduct by degrading official business the level Of
Mexican and Spanish cxacons Injuries the commercial
character of the country, and tends diminish foreign
trade. Our merchants complain loudly Of similar
lions by Fausn but If his woody majcsvs subjects
export sugar the United States, they make out
strong case against Zachary l.
The OF business done at the New York Gus
m.hose greater, probably, than before. The inn
poaous and duties have Tor three weeks, been as fol-
lows
Imports port Of Hsv Pork rtf a.F
Week ending Specie. Free goods Total Duties
Jan. u, $751; ss sl,l5o4A sI2a2,N e23o,7s
Jan sTssS 1870 1910 $500 sem se iSoseee g,
TOTAL. sss,s5o p74ss eso7,sas loia,Ir as1,ni
The duties Tor weeks have been ~ 5807fls
larger amount received for the whole