The daily union. [volume] (Washington [D.C.]) 1845-1857, 1853-11-10

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Nov ST.. ssssssss SssS 20 sss
These figures tho Of the October pay
men's, draining down the deposites six millions
ma,nred which the banks held TO. inslsad OF
meeting the emergency by discounling the paper which
the merchants hold payments The specie has In
creased nearly Sl,Oo00o0 in face OF export Of 81 56
Tor the week. and the deposes also greater Tho dis
counts ON Saturday higher than the above figures
which are an ascending average; and sterling bills
again lower bankers names selling ut 81 with good pro-
dnce bills at "a q cessation In specie ports looked
for. unless 1t is carried away by kng operations New
York has been compelled supply railroads with money
capital for produce purchases in excited Market pay
$4,000 600 the city banks and advance specie Lon
don bankers and she has done this without the failure
regular merchant The most prominent stoppages are
H. Dwight, jr, banker, man of large MEANS but
der liabilities probably for 500 900 for the Chicago
and Mississippi railroad and NJ d. Patchin OF the Patcbn
Bank, Buffalo, but under large liabilities for The Buffalo
and New York city railroad Both these roads good
propey but the impossby of negotiating their credits
involved suspension. The Ma.sion Bank OF Ohio
ported have stopped. through its connexoa with Mr..
Dwight also the Owego Rank New York but the latter
goes The chief has been among the railroads.
and it is highly gratifying fact that it is inssmuch
that the mania checked thereby while il Is yet confined
useful works. and has get seriously involved the
means OF the country.
Under date OF February 49, 1851 wrote you in relation
to the pending excitement after enumeating the Of
several States:
For the space of twelve years the country has been
very productive and economical causing very consdes-
years has sensiby diminished This great
accumulation TO be applied the construction OF
rairoadsthose iron arms which lock together States in
and indissolubIe unon opening up and
making them accessible market. Following the
be law OF such excitements engagements TO greater
than the surplus capital OF the country readily
esed for III ma The saeendups w however, saos
great activity in local business The demand for labor for
with funds drawn from the Atlantic States. must add
greatly the welfare OF southern and localities. In
to investment banks lands mostly,
there remained nothing TO show for the when credit
been speculalo', disspaed and squandered,
without the production OF any equivalent similar
the different States before Revision shall have
There will remain. however, useless patches OF half
as was the case before,
construction but each road under the jadcious action Of
board OF directors, will remain useful and vaua
bio work The only question which will 10, whether
the business which that road will have created will be suf
fcient interest its The rapid multi
pcaton OF these works will prevent such income by
oyecompe'on anu as was ne case a IN Engsna, wan,
involve holders in immense losses"
These features have become HISTORICAL but fortunate
ly checked in their The remedy flame
iorang these evils suggested, tho
foreign market for the produce of the lands aversed by the
new roads, through the action OF Congress
"It impen,ively duty of Congress at once to
duce largely the duties those foreign goods which
the medium OF payment western and southern produce
Ii this alone give pc value 10 invest
ments being made ali the Union. To that
foreign demand Tor produce, than anything else.
directly upon revenues only necessary every
man interested to inspect the returns oil any work in the
what was called the famine year"
Congress did in the matter and increasing exports
have swollen the public revenues by duty returns
nordnae extent The short crop abroad however, do
for the country in respect Of the railroads. what Con-
gress ought have DONE Ii has induced
mand for produce which win put in requson every
Market illustrating the value OF the roads built,
while it has caused, by dive ring capital, sudden
check the conversion of floating into fixed capital
shape of railroads This check has already prompted the
closest cfutny the operation OF the roads and while
favorable sales oil produce drawing capital from Europe
into the hands of farmers, empowers them each
in his several district apply much Of he pleases
the prosecution Of the works For tho coming year cap
tai will be drawn less rapidly into the West, bat 1t
will be in produce instead Of promises sold.
The of bonds issued thus far has been grossly
by the public press It, this time. does
exceed 900, and the sold abroad does
equal the quantity of federal and State stocks retained
REDEEM pon and for free banks In the several States
The works thus have bee mainly butt with American
capital and the whole expenditure capital and oans up
me since the first railroad built, Is per
report 1872 10000 Great Britain spent in owth in
Isi7 the midst oil fighun famine, Els 6St 000 say
sI4O 600 600 That oveftradna" The United States
year make It's produce and freghis half
large railroad expenditure for the The
diture for was figures SIS 000 and this
year alreadJ il has probably been much
The specie exports from this port present curous facts
The receipts per steamers, and the exports September
LIST to November 9Th, as follows;
Received gold SlO42t 1870 8lo2i0OST
f;x port specie 47A,563 s76i $3.50
The export last year United States gold coin and
foreign pieces This year the quantity OF esin exported has
been than last year he bulk of exports has been
sold ngois commodity In this shape 10 In demand
in Paris while the shape OF IL Is urgently in de-
ma nd the West An efficient mint at this point would
simply the latter de and ia preference the former
The late accounts from England in relation the crops
have given stimulus the export Of breads,u. and
As compared with year 1885, business
been follows
Exports port Of New York.