The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1851-05-24

euuash IN setting OF drlzzlng, stormy, dsagreeabe
weather. when past experience led Us to expect the
reverse general accounts from the mining districts
bringing daily less and less cheering intelligence,
and the consequent necessity under which
IN The country rested to be cautious how the actual
demand for consumption should be overstepped by
them in their purchases from our markets, alto
gother created the most gloomy spprehensions, and
not altogether groundless fears OF ultimate wide
Speeding bankruptcy. The emi-monthly accounts,
also, received from the Atlantic side fand from
foreign ports, of the almost insane reckessness with
which shippers adhered TO the vicious policy Of
sending goods to a market already overstocked,
added to the dependency Of the sellers, aad stimu-
lated the caution of buyers by holding out certain
prospects Of still decreasing rates. fortultous
causes have, most opportunely, put OF what most
of our merchants considered certain and, very pos
sibly have reduced the probability Of greatly ru-
ucus sacrifices to Us entirely One strong feature
Of the change perc@tiblc in trade undoubtedly
sts in the action OF bankers raising the price Of
gold dust. although we cannot think dealers in the
dust haze been materially benefited by the change,
inasinuch as nothing goes tor gold dust now that
has q goedly proportion OF sand mixed with il.
Cleaning the gold from the sand in most cases rc-
duces the aggregate value quito az much as the
bankers increased rates would to raise ii. But
Tho very fact Of such action to make the ma
!orlty of holders Of dust feel Themselves suddcnly
richer by the difference Of rates, and therefore
able TO buy II seems to be, not change Of value,
out o sudden creation Of confidence. The last ton
days have brought down very much better news
from the mines Some rich discoveries have recently
been made. IN various locations, which have tonded
partially idle miner to greater activity. As their
means Increase, they bay more As cheering ac-
counts come in, greater numbers push forward to
Inc mincs th9rTSy creating greater demand 10, i0r
recent increased activity ofour trade Immense guam
cities Of goods have left wharyos during the last
zen days for the interior, and there soems to b.
immediate prospect OF abatenentin such shipments.
Many goods which could not be sold here have been
bought up for Shipment to other ports, that the
market has less the appearance of being enormously
overloaded. such are some OF the more imnodi-
ate causes Of recent improvement in trade but,
although better feeling Is row apparent than at
Last adyices, still, it by follows that there
are goods enough already here to yield an abundant
supply in every particular article, except perhaps
aour, barley, and liquors, for the next six months,
10 say nothing Of If heavy cargoes soon
TO come in we draw tho sttenton Of shippers SON on
the Atlantic side very particularly to those facts
and we also caution them to examine more closely
our mercantile reports, and Judge for themselves.
There sufficient data sent by every steamer
20 enable merchants 20 judge of our markets with
very great accuracy il they so choose, although
sheIe may be, in tho different journals published
here some slight discrepancies in quotations. Then,
too, it should be borne in mind that here we have
basis Of valuation such rs exists in the older
cities Of the states We haveno six months and
eight months paper here, which, BY being long
certainty that, before the credit expires, the
goods can be turned over to advantage. We hare,
therefore, only to buy what VIC know, or think, we
u
thatvery many must sell at rates reduced from the
market through pressure Of circumstances in such
community. and that such sales will find their way
INTO the Journals part Of days transactions, j
viii cease 70 be wondered at that extreme fuctua-
lions III prices at short intervals should exist. Or,
be quoted FOR daily information to our community,
IND, through these eaily quotations, 80 to other
ports accounts currsH. OF the state Of our market
We hardly know what TO say about money. To-
day il ia very plenty, and loans be effected Mt
very inscEs.1ofable rates, ne our market stands.
Tomorrow tho chances arc, that the interest holds
At but little less than half the principal. We have
tic per ccntagc discount rule at ~ per cent in
the morning, and less than half that rate taken IN
The evening; the securities being equal. We hayo
seen Per G. ut demanded of ono Tor the Of his
money or dust on deposit, ten minutes afterwards
10 have seen per cent allowed on deposit to al
other. At tbs corner Of the street heavy shave
has been demanded aud paid at the other, less
than half these rates has been all.that demand
81. What caa VIC sag OF such money market.
and give, ny cur representations, anything like
reliable account Money is plenty here. IL has
been plenty always; but our bankers and other
who happen to have few dollars In their Golfers,
choose 10 use il article Of merchandise, sub
icct to an enormous profit.
OF course objection can be made 70 the i'm
srovcmeEt cf cppcr,unity but we cannot help ask
ing Of the money trading mon, Why should heavy
rates be submitted To There Is no reason why
asury should rule 80 high ne il now does.
The silly enactment Of q primitive Iegisla-
turr elected by accident and acting by impulse, has
iyYoeed upcn q il gal rate Of usury Of per cent
per mon.h for al moneys loarod; AM, because
certain nrinser of wiscacrcs happened TO DO in s
POSITION Rhcb had the appearance ofpowec and
dignit, ~ must s,iil COW % such law with proper
humility, aud pay ) PER cent per month usuIy
We thin that there must Lc sonnet hing wrong
il the foundation Of cur money mattcrs lfmoncv
houid rule at or per cont Per annatD. there
would b. 20 greater dcmand than now exists.
People generally h,yc an idea that shc banker.
rule tie rcncy market. They ara entirely nis
taken. The bankers only care TO make a pee cent
tgs out o',te fluctuations Of tho 'aasset Ia com.
mon scr.e communities these matters are governed
by public opiGlon and public action, aud such CON-
mon sDnse usua,ly rates money at what II II actual
ly worth. Is money rated at what IL Il actually
<or,h ID ibil ETY. There may be- . eau'e f,r 70
much Of thi crii ling cent Per cent feeling existing
ia the ,aiscno la4ity Of our publc monstaty a..
ton.
our STATE asys '.value received, wili raw A.
u. sI0r. on dcsIand." The obligation il prssat-
cd, ard Mr.. a. y. + forced 10 take up With less
.han lslf tbS amount. 4 county caVs upon Gre
iulous public for money, and when he money y
wanted sy the lender, no money eau b. bad tecm
tho borrower; and it, promise to pay II havkei
about tho strct ~ AZ barely nominal rate. To
,rown TIE whoie, large aud prosperous city uu-
1srtakes 10 10 that foy which Il cannot pay in
money, aud tbc streets ere flooded with is pro-
niscs e. p4y NJ les than half their lace.
There Il a singular beauty about all these trans
actions; ! distinct ard distinguishing feature
sh.sb, for private individual. would he an mex.
hlrstible fount Tin Il wealth. 4 i tl,s, an opca
snd successful assumption Of great weslth and in
eortsncc Ne s0berly snd honestly ask tho oh
Of money transactions 10 look NJ tho follow
ing table, and then say whether they think We are
Iltogcthcr right in cur oneyed Transactions
state fonds, rcr cent ......... Doc. Iar
state WsTrsnts .......s.....t..s*...s.tD DE 30
city scrip, (old issuel .......s.........i5c oe.
City Scrip, (rcceus ISSUE. ......... -Sc Tie
Money vcry abundant, but, for want II CONF
tcnce IL securities, eight disposition exists 10 in.
vest Very little paper u Discounted At best sccu
.sity. Rstcs rule ficul at per cent per month on
sQrst class securities.
such Is our money market. a foolish aud CON
sAemptbe assumption Of dignity without worth. and
u ncalh without ans constitutes the whole Of IT,
TSTrrf srrNg PROM rur PLAivs.--N csterday cvo
ming, We had TIE pleasure 81 shaking Tho hand o
Capt. =. Ven Welt, oc tho Quarter crs Depart
ment, direct from Fort Laramie. The Captain re
turls from long AID arluoua service The Plains
mi. Van N. IN Enrt lnrnraia N Tho L. 4 IL