The daily union. [volume] (Washington [D.C.]) 1845-1857, 1850-05-23
MERCIAL..


Asw york. May 2l-s. p.
AT the present moment thFs se disposiuon 10 ship
silver 70 Europe, some Szooo having gone this week.
The Of good bills now is % al0 ard at the present
rates of silver Londonvzi 6std per ouncedollars
viii cost 81 per premium TO remit. or less by per
cent than bills but American gold canno, be RENTED for
less than iii per CENT cent higher than pres
ent rate Of bills while heavy sovsreigns Nigh, be
llOl The price of dollars here however, would speedi
" rise under any considerable demand and ofcourse
tabIsh higher exchange This movement OF specie
be connected with political events on the cont.
nsn together with the increasing abundance Of gold and
May be well that the Finance COMMITTEES OF the House.
in view Of the possible necessity for readusment of the
standard, should be "posted up" In exchange matters
The honorable member of the fifth New Jersey district has
succeeded in bamboozng them out of bill TO his i'm
mediate frends-hoden Of mint certificates for Csforna
600 900 out OF the coin in the treasury under pre-
Of relieving the market and when they have their
money the bill for increasing the coming facilities, In order
that the thousands Of small holders who have dug their gold
may got money for H. may 60 TO sleep.
For long time probably some centues-say since the
discovery of Amercalver has been falling In value,
compared with gold. AT that date. Of gold
worth of silver the close Of the century,
was worth fifteen OF silver In 1884 worth
sixteen Of silver; and is probably worth
England makes gold only standard. silver being legal
tender only the Of forty shlngs. All yhs
of Europe make silver only the standard. In 1870.
Russia reformed its and extended the Of s
yer; and all the continent greater demand from the
growth OF general prosperity. took place for that metal
and this has been enhanced by the revelations Of 1873
This tendency raise the value oil silver relatively 10
god and the great supplies Of Russian and California gold
producing the effect by depressing the value OF
that metal The effect is send gold England and the
United States aad silver Europe, gradually altering the
par of exchange This matter Of exchange as complicated
the double standard Of gold and silver adopted by this
United Sates is matter very little undersood and Tn
case the New Jersey member stufs" the House commit
that subject also, may as well make some sugges
tons. - ..s I.
The quotations of exchange usually mado at pre-
MUM. and the par is called 81 premium, which arises
from supposed value Of the dollar Under the colonial
state currency here almost all Spanish dollars and
these were in England 4s 3D. EACH which made
81 A 10 the value Of pound sterling Since then the dol
lars gradually fallen in value, until they average In
the last twenty years As 0d ounce One thousand will
weigh 866 ounces consequently they are worth ~ 1 or
sod each making 81 80 pound sterling Now instead Of
quoting this way Of many pence the dollar many
dollars and the pound il has been the custom 70 as
difference Of exchange, and 10 call the fall In silver
rise in bills. The operation 10 thus; owes 81 900
in London the currency Of this country dollars be
viii remit that COIN which. however, is not money In
London, be sold market price, created BY
the supply and the continental demand, and that price 10
always varying Thus. 1880 dollars worth in Lon
don 3d. per and were NJ par In Now York The
French revolution Of thar caused demand that raised
the price London to A. Hid, and consequently in New
York 10 q premium dollars remitted therefore, their
value depends the price herethe of transport
ation and what they will sell for in London. A. the latest
date they were worth i0}d in London, and II premium
here The expense Of shipping dollars TO- then, follows.
$4,000 COS. in New York II premium I. s2osso %
Kegs, packing, insurance, &c. 1875
Cost board S2O,48s IS
o. in London - 80 f49al 10 10
Less freight brokerage, charges. &c. So 10
Proceeds in London Eii66 VI 90
Thus every realized ia London has - 81;
quently, pay GI0o0, must outlay 84,S2O, and not
the supposed par IT. however, instead Of shipping
dollars, he buys bin Of exchange, his account will stand
thusi ft
Advance 10 per cent. ~ ~
AeS8 g.
4 Brokerage per cent IL "a
| #E 84,90l H.