The daily union. [volume] (Washington [D.C.]) 1845-1857, 1851-05-22
$4,000


Thus actual export OF nearly six millions, there
was an increase of nearly million in the city. The
in the treasury has been reduced since Friday by
payments on of the Mexican awards-82S5, 900
was paid Friday 8700,OO Saturday, and $685.
on Monday. These payments swell the abundance of
money already great by reason OF the large receipts OF
produce from the interior and the declining mporatons
The large mpoations OF the present spring may be said
to crisis OF the change in tariff policy The grea,
prosperity which resulted from the considerable exports Of
products in the of short harves,s abroad
naturally produced enlarged demands for goods both do
nestle and foreign. Tho market has been fed with the
latter TO excess and old credit system evul-
would have followed but the admirable independent
treasury system OF the government, by keeping The pre-
cious metals active and consequently the banking inst
buttons always the alert, has confined operations TO
strictly business character. The foreign mportaons
ing specie and comparatively nhexibe currency, felt in
fall prices the influence of oversopply, which threw
the where beIonged-upon the foreign shpperssnd
they learning to be cautious 10 manifest In the
declining importations Iassfefa s1 4
The sound financial principle which the present char
ter the Bank Of England based in 1S44-viz that
there should be restraint upon the movement OF the
precious metals but that they should and precise
y a. tho ope lions of impel themh been ad
miraby u sra,ed the working of independent
ury system According the English Bank charter, the
institution must give gold Tor noes, notss Tor gold,
cordng the demands Of the public. Thus standard gold
bullion by taken by the Bank OF England in er
change for its us Sd. per The English
son is, however, worth us lotd per The differ
did is the Of delay which averages month
English mint. Forty pounds OF standard gold
is at min, coined $50 sovereigns One of
IL therefore worth Us Iohd. and the lower price for
bullion is allowed the bank TO compensate for delay
Whatever quantity OF gold imported into Eng and. the
bank on demand Of its owners, must issue the
above rate. But all gold ported Standard and to
become must DO assayed private assay houses
the expense ofhc The expense Of aysnyng varies
very much with different descriptions of gold. California
bullion 10 very expansive and therefore Lon
don hut of Eugla nd sod IN
receive the eagles and double eagles freshly issued
from the United States office 76 3D. per ounce
Is 3D. less than standard bullion per difference
Of per against the American coin, which rather
more than between the standards That
1, say. 10000 eagles will weight follows
On. dwt. .I,.A sd
ss1 1s T. :: :. ,si g. am, "a $50 800 81
5 ei.sss9 ....y s as,ss
The average United States coin is n grains ,covs than
the British. and the reception Of the American by tho
bank at rate equal 10 the Of facilitates the mi
grafton Of the bullion hither This results from the
the phlade phis only the large pieces
for which there crcua ting demand here, and which
favorable remittance This ought be RENE
died. tina, all the emitted by the mint should be that
which is demanded by the wants of circulation The in
gress and cgres OF the metals might then be le with
tire safety 10 the operations snece where
government restrictions There result evil from
the OF any trade IL ia but lew years ago
tho oil the corn laws OF England the
necessity OF import Of corn convulsed the
whole ns ncis fabric Of the British empire. An importa
ton of bushels of wheat in 1896 the
mos, evuson OF the present century The inporta
ton of 10 3s bushels In 1850 entirely upnotced,
and had no influence Whatever upon financial
The trade had become regulated, and, such,
had produced channels and accommodated itself
all others II is the with the specie hero
The activity bestowed upon the precious metals by the in
dependent treasury plan Of the has compelled
the banks confne their operations tho basis OF
sotua business and as long the debts due them
cured npon tho products Of industry and promptly paid
follows uperringly that they always command
much money can be demanded Of them. az
The quantity of produce which this year comes down
the canals particularly OF breadstuHs double
th OF last year, and prices give way under this enhanced
supply This Decline however, stimulates the export de-
mrnd, and the freishs to England improve in conse
quencc thus imports decreasing and exports are m
creasing from the cause low prices. arising rom
overabundance-an operation which tends to correct me
exchanges and stop the OF money at the momen
when it most sccumulsses here. The bulk OF the pay
due abroad made for the season. he mpor" are
the produce from the country enhanced
the payment, by out Of the treasury on ac