Western union. (City of Hannibal, Mo.) 1850-1851, 1851-05-29
From the st. Louis Price Current.
Exchange and Money!.

'''S''' 'IItChS vi l)oSlou, 4NcW 1OTk,
Philadelphia and Baltimore are dull, ami
are selling at J per cent. prem; Cincinnati,
Louis vile and New Orleans, par. There
are but few bills offering on the South
We quote as the buying rate for short sight
bills on New Orleans, to | discounts;
thirty days date, l discount and interest;
sixty days, II discount and interest. On
the eastern cities, thirty days date. dis
count and interest; sixty days, | discount
and interest; ninety days, II discount and
interest. There is fair supply of curren-
cy, with limited demand.
Our money marke, continues tight
Good business paper sells from a to 2 per
cent. per month. Business generally is I'M
usually dull for this early period of the sea-
son.
The spring season is nearly over, and all
classes of dealers are greatly disappointed
in the amount of the spring trade. We
believe all set out with the expectation of
doing large and profitable business, but
thus far their expectations have not been
realized. Money has been, and continues
tight, and every man has as much rs he
can do, to meet his demands as they ma
turc. Our private bankers and the bank
'iulll VI tllc uullllGSS anu lOWneSS OF eX-
changes. There seems to be something
wrong, a screw loose in the business ma
chine, and we cannot account for the fall.
ing of in the general business of the CITY,
and the lightness of money, unless we are
now feeling the effects of the calamites
which beiel our city two years ago, and the
mania that seem to pervadc the city and
the whole western country, TO dive into
land operations. In the vicinity of our
city. and for miles around, property that
was under cultivation two years ago, has
been laid of into lots and sold by the foot;
and houses are being erected on many of
Them Real estate has gone up, up, up, and
many are deluded with the idea, that to be-
come suddenly rich, they must buy real es-
tate, pay some part down, and give their
obligation, secured by the property, for
the balance; taking from the commercial
AMI business channel, monies that have
been employed in these and other branches
of business, and diverting it into other, and,
in some instances. sending it out of the
country. In the country, we learn from
all parts, il is even worse. A mania seems
to- possess them, and wild, uncultivated lands
are seized with avidity. The farmers, in
sicad Oh paying lhe country merchants what
is due them, purchase the wild land; and TO
extend their possessions, seems to be their
moving power. The country merchant
departs from his legitimate business, and in
vests in land IS. with the expectation of soon.
realizing handsome profit and enrchinc
himself, and the only Inconvenience he sup
poses will result from such departure, will
be the delay in paying lis obligations to
the city merchant as they mature. Gold
EN- and ilattering prospects seem to present
themselves to the delusve mind. 1t is
strange that intelligent minds are so cas-. !
" led to believe such sophisiry alter the :
many sad reverses that were witnessed du.
ring the years 1885, 1886, 1887, when the
whole country was bankrupt, occasioned
by the same causes. Extend, stretch for,
ward, expand, recklcssly and hcedlessly,
seems to be the order of the day. The
disease seems to be contage Gus, one man
buys and sells at an advance; and he to an.
other at further advance, and so on. As
an instance, a fam in Iowa, which conld
have been bought two years ago n, So per
acre, is now held at SIS per acre, with
some improvement. 1t will not be long
before the bubble will burst and reaction