The southern press. [volume] (Washington [D.C.]) 1850-1852, 1852-05-11


the amendment Of Mr. GAYLORD was agreed to.
The SPEAKER moved to lay the resolution on
the table. upon which motion the yeas and nays
were ordered, when
The House adjourned.
HUNT ON COMMERCIAL MATTERs--The Nav
number of Hunts Merchants Magaziue con.
tains as usual, singularly clear, comprehensive
and philosophical expose of our commercial and
financial affairs. We give below few Of the
leading passages from Mr. HUNTS Commercial
Chronicle and Reuie0, for the month, TOUCHING
the general aspect of trade and commerce
throughout the countryside spirit of specula.
tion-the advance of real estate-the decline in
the value Of merchandise--the sacrifice Of Eu-
ropean goods. and the effect of supply and de-
mand upon bread stuffs, &C., as follows:
The present condition of various sections Of
the country affords some singular comparisons.
In all OF our Atlantic cities, capital is very
abundant, and offered at a low rate of interest,
and spirit of speculation has sprung up which
seems to take hold of all classes. This is par.
ticularly true Of New York and its adjacent &.
ties, where real estate has advanced in nominal
value 10 to Is per cent above the ordinary rate
of increase, and where almost every species Of
property other than pershable commodities, has
rapidly changed hands for speculative purposes.
But while real estate, stocks and bonds, and
fancy investments, are thus selling at enhanced
rates, most articles of merchandise are selling
at unusually low prices. Nearly all descriptions
Of European continental fabrics are actually Of
fered both by auction and private sale at value.
not only far below their original cost, but also
below the price at which they can be replaced.
This is true not simply of fancy goods, tho
style of which may go out of fashion, but of sta
pie fabrics, Identical with those which must be
reproduced for next seasons consumption.
Plain black silks, which will doubtless be worn
for centuries yet to come, have been sacrificed
in tie face of a firm European market, at prices
below the rates at which any one can hope to
land them for another season This is equally
true of other staple tissues, which have been
crowded off far below the cost at which thew
can be replaced. A considerable portion Of
these goods has been consigned here by foreign
owners; but sales have also been made by our
own importers at similar sacrifices. The truth
appears to be, that the production throughout
the world, has been in advance of the consump-
ton, and producers in their eagerness, each to
close his own stock, have carried the competi-
ton 50 far as to ruin the whole trade. This
sacrifice in the prices Of goods, will 90 far TO
correct the evil, by stimulating the consumption.
Fabrics have shared to some extent, in the same
general losses. This is particularly true of
spring dress goods, for which the season has
been very untavorable, the cold weather having
materially limited the demand for them.
Cotton has continued very steady in price
the fluctuations for the last three months having
been less than for many years. The. crop, it is
now ascertained, will prove very large one, and
yet with a good demand both ut home and
abroad, there has been no paric and no general
decline. Breadstutfs have been seriously de-
pressed great hopes were entertained of a
spirited demand from Great Britain, and there
are still indications that beyond even the large
supplies which have gone forward from our
Southern Cities there will be room for further
shipments. But the interior of our country il
full Of cereals and there is no outlet promised
of sufficient capacity to absorb the surplus. 1t
is seldom that the supply continues 80 abund-
ant for many years, and with the greatly in
creased consumption produced by low prices and
good wages, one short crop would restore the
equilibrium.
Since the thirst for speculative investments
has become so general in our Eastern cities,
many have fattered themselves that it would
lead to no serious losses, because the schemes
proposed are less wild and visionary than those
which produced such general disasters during a
former commercial crisis. We are not so sure
upon a careful comparison of the favorite
schemes at both periods. It's true, few are now
willing to buy town lots lying outside of low
water mark and fancy bubbles of the precise
color of those which once exploded are not
likely to be in vogue. But human nature is the
same, and the traps to catch the unwary are
quite as thckly set "a of old. Not to mention
other plans for securing golden fortune in an
easy tide, we may instance building associations,
as affording all the necessary machinery for
fleeing the many for the benefit of the few.
The obj ct is ostensibIy good one, and MANY
of the model enterprises have no doubt been
started from motives of benevolence, and wisely
conducted for the best good of those for whose
benefit they are intended. There is just enough
Of plausibility in the plan to secure the appro.
baton of those who are heartily DESTROYS of do.
ing something to provide the comforts of a home
for the mass Of the lower classes; just enough
of a prospect of extravagant gains to lure on
those who, with small capital, are making haste
to be rich and quite enough of opportunities
for the selfish and designing to fleece both par
ties to the extent of their investments The
great difficulty in the way Of these societies il
not in the management, but in the principle upon
which they are founded. There is no mode of
investing the property of rich or poor, with the
prospect of realizing scent per cent" by short
process, without corresponding increase of
risk. Royal roads TO wealth are always tempt
ing, but never safe
This spirit OF speculation has been aided by
the expansion of bank accommodation, although
this has been confined as yet, within very safe
limits. AT New York. for the last quarter, 40
banks have increased their loans and discounts
about $S 100000 but their specie has increased
S2,35o,000 and their deposits $S7Sl ,OO0 so
that they still stand in very safe position.
machine has been put in operation in New
York city, which sweeps carpets as fast as dozen