The republic. [volume] (Washington [D.C.]) 1849-1853, 1851-08-04
New Yorh correspondenee.

The Cool Wsathsr-iS iringency ia the Money Mar
Interruption Of summer IraveI-Ihs Fail
Trade Commencing Houss Of Steoart & CO.
The French Steam frigate Mogadore-No Id
jnstmeHi Of Iphig Differences.
New YoaK, August 2, 1851.
The two most talked about topics just now are
the extraordinary GOODNESS Of the atmosphere and
the stringency of the money market The first is
supposed TO be caused blythe eclipse of Monday,
which, considering the smallness Of it in this lati
tude, has had most powerful effect upon our
planet, and makes fear that, in the north Of
Europe, where il was total. they having wintry
weather. As for the stringency of money
market, the causes of that calamity, | think, were
indicated in the Treasury report of MIR. Corwin
with as much accuracy as the eclipse was foretod
in the almanacs. Gold has been going out of the
country in constant a stream that the banks
have become alarmed, and have determined to
fortify themselves against possible, if not probable
contingencies, by keeping what specie they have
got in their vaults. To do this they had to stop
discounting, and the moment they stopped dis
counting their customers had to look elsewhere for
accommodations" and the next result was a
scarcity of money. To raise money immense
amount Of stocks had to be put into the market,
and this has put down the prices of the ''leading
fancies" from ten to fifteen per cent. 1t was sup
posed yesterday that stocks had reached the lowest
point, but they went TO lower depth to day, and
the panic in Wall street has not yet begun 10
abate. The very strongest mercantile paper has
been sold as high twelve per cent; and loans on
the best securities negotiated with extreme
difficulty. II the next arrival from Chagres
should bring the anticipated quantity of gold
dust. there will. doubtless, be immediate
lssa w of the pressure that now Weighs 30
h9aS1iy upou the money market. But il can
nQ4 l4oe 300K while the country 10 in its present
9RerQN9 cundition, and the confidence of the
H9ople ~ the administration remains unchanged.
Tho pressure will have wholesome effect, by
shocking undue speculation, and essening, to a
considerable extent the amount of fall importa-
tions.
The cool weather has checked to a very great
extent tho summer travel of citizens, and been
the cause Of all places of public amusement being
better hled than they usually at this of
the year.
Already great numbers of merchants from the
southwest are here making their fall purchases.
and the large jobbing houses that depend on that
trade make a great display Of winter goods
Speaking of dry goodsit ia said that the house of
A. 7. Stewart & Co. RENTED to London last
month 100000. to meet tbeir payments for fall
purchases. This house is the largest dry goods
house i'll the world; that is, il sells the largest
amount, with one exceptions; but their store in
Broadway is probably the most extensive estab
1ishment of the kind in the world. The new addi-
ton to it has not yet been opened to the public,
and will not be before September. 1t s generally
supposed that the retail department Of this great
firm is their chief business; but the head of the con-
says that not moro than third of their
business Is retail They have branches of their
house in Germany, Italy, France, England, and
are just establishing house In Canton.
The French residents in New York are going TO
give banquet to the officers of the steam frigate
Mogadore, which dropped in upon few days
since on her passage from Havana to France on &C
count of damages from being struck by lightning
The Mogadore isa very fine ship, and is the first
French man of-war that has visited New York
since the revolution of February. 1t ia in consde-
ration of this circumstance that the Frenchmen in
New York compliment her officers by the offer of
public banquet. The Mogadore is now lying off
the Battery, in the North river, waiting for an OPP
portunityto go into drydock.
We hofe no encouraging news to day from the
two Wig committees in Albany, and it is rather
doubtful whether they succeed in making per-
fectlysatisfactory arrangement with each other.
But, whether they do or not, it must be remem-
berG that they still Wings. and that the
strength of both parties will be given to the sup
port Of the nominees of the Wing party.