The daily union. [volume] (Washington [D.C.]) 1845-1857, 1853-03-17
COMMERCIAL.
From our Commercial Correspondent.
New Yosk. March Is. Isas

NEW fohAs March ID, ico5.
The s,ringeney ofthe money market which so com
planned Of ast week among the stock spec is now
lar less apparent When the country full of capital
aud 50 prosperous as now, works It's own
cure The banks OF New Pork city have for months been
soeng dealers to take heif money Tor promises at low
rates They have induced many persons by ihe facilities
they have held out TO them, large obg ATOMS
and then suddenly discovered that they had loaned
than they possessed Panic stricken they turned suddenly
round demanding prompt payment for calls loans and
maturcd paper, and rushed into the sell paper
that matured The public paid up what was due
and private capital purchased the good paper that emba
raised cashiers offered This process caused rapid dim
mutton in the slime" oil loans. Everybody pad nobody
iaiedno holders OF fancy stocks the cashiers got
over their panic and begin 10 want those whom they have
squeezed to borrow again OF them. The manuiaetute OF
small notes Tor circulation has received check in the
failure Of small batch owned by w L. Chitenden,
broker These the Woodbury. Bank of Connecticut,
the Eastern Bank West kilngy and the Bank Of East
Tennessee The OF these banks stopped, and he
word 10 the northern banks, that unless they aided
him his banks must stop committee came down, and
examined his assets The circulation OF the two first
named about $3.50 900, and he offered security for
assistance amounting TO about Sl72000. OF this,
$40 deemed good besides about $2e geo of railroad
bonds consequently he stopped These We're not tree
secured notes. bus were irresponsible issues of
paper TO circulate money This paper put afoa in
country through Chenden and his agents for
paying Woodworking people on railroads, and industrious
for their produce What done with the pro
Ing show for them There are numerous other banks
started in the eastetn States for circulation the West and
banks which good and call themselves especta
be indirect put out their paper az the West
This process of forcing paper money into circulation Is an
evil which requires remedy but which can be applied only
by the entire Of all counenance from
paper money in any shape. These notes Of Chcndens
would have been palmed upon the western people,
had the State OF Connecticut given them stamp OF
legitimacy by granting them charter All the interests
society require that the independent treasury system OF
The federal government should be carried OUT and strictly
enforced in all the States, requiring all State dues 10 be
pa in specie, and refusing all counienance paper i
sues
The spring business thus far has been in high degree
prosperous The OF exchanges has been in favor
OF the West and South during the winter and that crcum
has enabled tho dealers make their appea
for the purchase of goods with ample and business
continues remarkably brisk ut firm rates for most goods
Produce has, indeed, under the latest advces from abroad
been dropping for few weeks, and among the dealers in
those articles particularly cotton Hour and pork, there is
less degree OF buoyancy Arising from the check given by
the pause in speculation abroad The arrivals of gold will
reach for March nearly five and half millions with
port OF million. large portion Of this will go into
the interior in remittance for produce and railroad
investments, well those who have earned it in
California. It's presence West and South have no
other result however, than vyify trade, and cause
il ultimately reluu. u a great profit. specie cur.
rency at the "at Is not the most prohtabc TO the
eastern Interests The products of the new States
chiefly goods pplicd from the East specie
for currency and railroads and other OF communal
cation. The goods purchased generally consumed and
the is renewed IT, however, instead OF using paper
for circulation, they invest several millions in the precious
metals currency necessarily, to that extent, the
purchases of goods cuailed snd moreover after the
emulation considerable specie, If admission is found for
bank notes. the specie will be driven out for the purchase
Of goods and the business enhanced while the spe
Gle lasts The OF specie South and Yves, has been
one OF tho bank difficulties the seaboard during
the past few weeks.
The abundance Of capital here continues, however
very great and for desirable objects there Is lack
means As instance, there has been taken to-day
million dollars of the 10 per bonds OF the great Wet
ern railroad of Illinois by Messs ketchum, Rogers, IL
Bemen of this city 1t is understood that the whole
taken for themselves and clients, embracing the most in
luential rcsnte firms in New York This was during
an alleged of "hghness in the money market'-
that say when stockholders, shinpaster banks and
quack nanciers borrow without security. At such
moment, however, few Of the merchants of New York
subscribed million to meritorious enterprise, a
ter of courte.
TIE great Western railroad Of Illinois orhe most
poran in the whole country, inasmuch that il is the
Illinois link in that direct from New York towards the
Pacific which Is in process of construction the Missouri
river The road was originally pau OF the great system
OF internal provemens adopted by Illinois in 1897 IL
was projected TO run from Quincy, the Mississippi
across the Illinois river due east through jacksonville
which contains the great public charitable institution Of
.
ing the Central railroad Decatur, and proceeding to the
India line in the direction Of Lafayette This line was
about 1870 miles, and called The Northern Cross
road" More importance attached TO IL than al.
most any other State work. Accordingly IL the only
put in operation by the State. After pendttufe of
about 900 0e8 upon the whole line, the from the
Illinois river 10 Springfield mes-wen into operation In
1910 In 1915 company organized called the "Str
Canon add Morgan" and the State sold this company
that part Of the Northern Cross-road from the Illinois river
ITO miles-to the Indiana line with all its property pots
stations, incomplete work. rights and privileges This road
discontinued profitable in operation and has attracted
its route considerable population IN the time the
great system Of railroads in Ohio connecting with New York
and Philsdepbis has been developed and continued by
successive through Indiana the Illinois line. 90
he west the road from opposite Quincy has been com.
menced Missouri on Its way the Pacific The
road from indianapolis Terre Haue is about being tx
tended to The Illinois line, and the sangamon &c Morgan
road have determined relay their track and complete
their extension to and when the great
lines coming from Toledo from Wooster and from Column
bus would Illinois with the Mississippi
The expense Of this extension would be very much m6d
fed by the remains Of The Old State work, the grading
and masonry of which remains good The expense of
600 900 would put the whole In workipg order from De-
catu the junction with the Central and with the Tere
lila roads, the Illinois, where steamboat conner ion
with ST. Louis is already formed. To the loan The
whole road, with lis depos stations, rights and franchise
moitgaged in trust to the Farmers Loan Trust Com
pauy, New York. for the payment Of the bonds years
These bonds, have sad werc promptly taken and
the wotk is being tapily pushed 10 completion The iron
has been purchased and portion has already arrived At
New Orleans, and the "ties' arc on the line.
The proceeds OF the bonds (ouo millions doars) arc 10