The daily union. [volume] (Washington [D.C.]) 1845-1857, 1851-11-20

New York. Nov. IS IS, p. M.
The money market remains very easy and the move.
ments OF specie begin affect the operations Of the
banks in less degree. The steamer Saturday took
1864 0e0, and that of to will take ST.
much will 20 Saturday. The fact that specie
staple export of the couatry and that il will hereafter
enter largely into our commerce, consequently keeping al
ways the exchange double specie rate, is coming to be
unde rstood That greater less demand for specie will
take place at certain seasons OF according the
ply Of other bills is inevitable In the winter when
cotton forward freely with good confidence in the
bills drawn against the rate may fall TO check for the
moment the flow OF specie but this will at once be
sumed and to the full extent Of the surplus production
This "surplus will OF be continually varying in
tent according The degree in which paper credits disturb
the quantity in circulation is to be supposed however,
that the banks OF tho seaboard, which most readily
thin reach OF the exporters OF the metals will protect
themselves by the increased In making discounts If
they adhere to their legitimate business OF discounng ort
business paper maturing without renewal in a lin Pc
Rod, the flow of specie cannot affect them llitAe the
safe rule has been supposed 90 days within which paper
should AZURE keep the funds OF institution within
its complete control. Hereafter it may be necessary TO
keep larger amount OF specie on hand, and cnrail
the credits TO average OF % days and business viii
by suffer in the exchange. Where such large
bodies of specie in short time, the reservoirs
whence it is drawn must have greater capacity. and
bank which has its due from city merchants in GO
days reduce the market make gold worth its
weight in diamonds for short period The export OF specie
will regulate the market making greater SKILL and per-
hsps lass profits, necessary the banking business
There another light in which this export OF specie Is to
be considered and that is the duties The customs this last
yielded SOL 10000, which is double what il
ought to have been. This collected from the
OF and breadstus sold abroad, 10 the
of nearly $50 Now, If to that export is be add
ed $50 100000 worth of gold, corresponding tax on the
returns will swell the duties TO $685. OOOO and the
product OF California increases this dangerous
will swell in magnitude 1t is obviously the duty OF Con-
gess reduce the duties onehaf at their next session, in
order only reduce the but to the
siIicton which some OF those duties put in the way
OF selling produce. Thus the crops OF Germany and
Western Europe have almost entirely failed, and those
countries, If peace is preserved must purchase large
ly OF produce, well as oil tobacco To
facilitate direct Intercourse, the duties on the arti.
Giles which they tender in payment ought 10 be re-
moved IL Is the coarse crops-tho.e which yield the
best profit western farmers-whlch will be in demand.
Already the German mlers and bakers are in Paris buy
ing old grains TO substitute for the rye crop, and
carpoes in England aoa purchased for the des-
tnation The large exports Of gold which will undoobl-
eddy take ace guarantees that the total removal OF
dudes u very long list OF those articles which most ia
citate our European intercourse would In no degree
leopard the revenue. This advance towards FREQ trade is
required only by and southern, and northern
INTEREST," but Il inevitable result of the great general
movement towards more liberal governments. Kossoh
nobly expressed this truth at London;
Ab,ontism is prohibory IL must be so, because II
fears free trade and free commerce from political motives,
beca Tree trade and free commerce founded upon
the development of freedom, and are the most powerful
lever. OF political rights"
That speech has stricken the New York Tribune Mr..
Carey and the whole host OF capital worshippers, dumb
They were clarifying the great Magyar with great una
nmity and singlsnes Of purpose They were obsequi.
ousy pa ssing round the Hungarian cap collect German
votes when exploded in their midst as the Venice glass
was said TO burst when poison approached H. creating
nishme nt that has not yet spent Its force.
The freedom of intercourse the restraint of government
patronage aud psse-sng, the only "eyers Of polt-
vtyhts and wi obtain
either by by selfoperang laws imposing indirect
taxes political rights win always suffer IL is TO be hoped
,hat iii. i'm portant political well financial question
win force itself upon tho attention OF Congress at the
coming session.
The supplies OF gold fully equal 10 the shipment-in
fact It is tho receipt, which the shipments IN con-
neriou sh the circumstances at home and abroad The
port Of cotton continues be small because the de-
mapd. from the This point sustain rates
above the views of h ppers the limits Of orders The
sIate nl h. crnn l. nenLlY LollOMsl