The daily union. [volume] (Washington [D.C.]) 1845-1857, 1851-06-26
com N ERCIAL.
Nrw YoE1. Jans 2a-LP,

Nav Yoss, June "a, p. m.
During the pas, week advces Of large cotton ALLURE
"a Liverpool aud accoants Of The great Ore In san fsh
cisco conspired check the baoyancy oi The narAe %
few failures took place. a. wei among ''nah cow"
among Others IA general basiaess ba' hs 80 ~
renees 20 which they acrbed rather Pfe'sAs W
long atened results than actual Of such sNeh@
The California losses known 10 have been mueh oaAs
gerated and the proportion OF the actual loss sassn0u on
the Atlantic coast st exaggerated, while Tue ae
counts from Europe by the Arctic down 70 the i'm
are OF much better character Tor American interests
Both and breadstuhs had advanced nha'I
steady demand, giving greater strength 70 running
credits here, while the market Tor Calofnia Bou Ma
still good Thus not only cotton and breadstuhs bur
the products OF the mines, likely TO nnd pfohtaoe
outlets. The attempts OF such paper as the HcIalu
create panic and dsru oed by the total want oil IN
uence which It possesses in the commercial circles wheie
il is only an object of rdcue. la the last six or seven
years sunk into contempt because IL not only never
has the OF the street until has appeared IN
other city papers, but betrays incapacly TO under
stand its tendency when Others have reported IT, The
Herald seeks attention by constantly attempting 10
alarm OF the public, and prophesyng revision
like of 1887 saying, "a few months, and we see no
probability of avoiding corresponding consequences ;
things are s'precsely similar As well might II re-
fer ptons of the Gohs and Vandds that over
turned Roman Empire for parallel TO The present I'M
migration from Europe, and predict dark age as con-
sequence That paper is still cropping about in the ms
of by gone years. from which has never been able to
emerge.
This hue and cry which the Herald daily ems ABOUT
unversa failure" is matter As an instance jan
uary g. 1885, il held the following language
'For the past eight months every one has been going
rapidly as his capital and cea ha nanny hnys
got beyond their own control and must soon or,as ~ on
we shah again have such easy money market has
sled during the past eight months The receipts OF god
most limits hui all classes becoming extended in
their operations that the demand Tor money likely to IN
full fast, if faster than the supply The bail
has rolling, and it progresses will gain such
an impetus will be impossible to stop it, We have
way of arriving at the increase OF private credits but
impression that the aggregate is at least double what
fore, be comparatively large and the probability Is
the Of interest will soon be above the legal stand
| ard"
In my letter January Is, 1850. indicated the
in operation produce continued abundance OF money,
thusi
"Wbe the amount of business is very large the ability
OF Great Britain and western Europe, well
as United States TO consume is very considerable
and the fact that money accumuate to an unprecedented
the supply of the precious metals abundant but that the
dustrIaI products When goods largely sold
mers credit money becomes in demand 10 supply the
capital When however, production keeps pace with
SUMPTION the articles produced discharge the payment for
purchases without the intervention OF money which accu
muates idly in the great reservoirs
During the eighteen months which have since elapsed
has continued to increase in magnitude and money
in abundance, Notwithstanding the destruction Of properly
by fire in California and the political which have
sent gold OF the country. The "perlect wrecks" which
were taking place eighteen months yet
on a 'ee Shore" but money is more abundant than
then The trade has been larger, but the production Of
has been relaxed, and produce finds
large and increasing market abroad. The Herald how
ever keeps up cry OF speedy ruin" but that cry has
long since been disregaed by business The kind Of
"informaon which daily gives its readers may be
In the following quotations from that paper of the 10th in
slant wing that is neither accurate in its statements
nor sound in It's philosophy;
| 1.-THE steamship Pacific for Liverpool, Saturday,
will take nearly and half million OF dollars IN
lh.saysd thousand dollars The shipments will be made
since the LIST oil june makes the aggregate Of SIR
millions of dollars during the rn three freaks Of the month
Instead of zone and half Million" the took
Ss2S Instead of six millions shipped for the three
weeks, tho amount for the week ending the 7th
81 63 oo6 ending the lab, SI25. 09I ending 2ls
81 1884 total 81 ,557. On the following day il
repeated the assertion of a shipment of "six mil
lions notw Outstanding that all the other papers gave the
true Saturday. But it is useless
assertions Of the Herald, which totally dlsregafded
when not laughed at In commercial circles.
! The returns Of the New Orleans mint for May enable
us ascertain the coinage for the months both
mints and the result is follows The coinage of both
minis for three months ending with May reached Sl6
553. 055:
II Unitsi State, coinage for April and May.