The daily union. [volume] (Washington [D.C.]) 1845-1857, 1851-08-14

Of trade running merchants and by the hun
dred and spreading misery and wreschednes among hou
Ii will be observed that making money cheap should
be taken in its limited OF the emission OF
lheir promises demand that has had a small niu
ence comparatively. Thus, suppose merchant has this
month TO 100000 into bank matured his bill
book shows Tor 900 of coce notes. such
banks have been in the habit Of discountn freely and be
has taken those for goods because the Of The
banks has made them money BY sudden resolution the
esponsibe board they longer money. available
such only great sacrifice Thus Sl00 900 600 OF
notes held by city merchants il at mere whim Of half
dozen cashiers made unavailable for the payment of debts
and ill lose perhaps fifth their value II holders
forced realize 1t in this view that the banks exercise
the greatest power in making money and depre
catng the profits of the institutions When merchants and
manufacturers suffer and fail through arbitrary oppression,
the party prints like the mendacious Tribune cry out See
the effects OF low tariff 20
The avowed object Of the curtalment is prevent
tain houses from exporting specie. And why should they
port specie If they find profit in ita In March las
the banks held OF con and they continued 10
their discounts S. 1000 in the subsequent
three months the end OF which they had S5 spe
cie They refuse discount, and fleece the public
OF large shaves If in March they had loaned more
than prudent why did they not stop increasing the
loans That would have answered the purpose of
ing fuctuation in the value of properly.
The expectation of specie has been from January TO Au
gust S25 097 $685. and the coinage the Unted States
minis in the period has been S36 100000 OF this
about onehaf only has been American coin the remain
der being foreign pieces brought here by immigrants
equeny the United States metallic currency has increased
600 in months and yet the exports of coin
the plea for vigorous contraction This WILL however, in
evtaby upon the banks. The severe the con-
traction the shorter will last and the lower will in
terest fall
The late advces from Europe of better nature
Business active again in advance, and produce
generally frm-ieatures which mpau better tone 10 our
own markets Cotton has gone up in this market cent,
and fair sales being made at the advance. The -four
rket is also well supported, and in adj
vance has been realized sales State at S4aso Michigan
and Indiana; southern, $4 81 Rye -four S3 81. Corn
meal, S3 $3 rs, Brandywne Wheat is in good supply
with sales IS 81 cents, red southern white Mich
igan 100 Corn firm 60 cents. western mixed %
cents round yellow Rye, II rs cents. Oats 40 42a
cents Whskey, 23a cents Pork easy-saes mess
at $l4 so $l4 81; Sl2 81, prime. Beef $S 10 $ll
mess Lard, 8 a 81 cents. Wool is active-manuac
hold off Some spectators buy 35 cents for State
fleece Rice SIS rs So 81. Spirits mrpentine, 33a 81
cents.
FIeighs fair: -four, l3d.; wheat, AID; cotton !.
The market has somewhat recovered from its de-
preston but this is the for much speculative
action another month will eapse before much move