The daily union. [volume] (Washington [D.C.]) 1845-1857, 1853-04-21
COMMERCIAL.
From Our Commercial Correspondent.
Nav YORx, April 10. 1883,

NEW 1ohAs hPIh 10 1919.
The great evils which the mercantile world experienced
from the eatc action of banks prompted earnest
desire TO hnd remedy. In all countries where banks
have been used, the disadvantages resulting from banks
nave caused the currency question 70 be earnestly dls-
cussed but no practical remedy has bsen found The
pressure which overlook the New York market suddenly
In March, and the notifications Of which now passing
over the country had origin except in the caprice and
childish management the part oil few New York
banks The free banking law of New Yok prevented the
Increase of circulating money did nothing 10
prevent the increase of discounts, which equally
money The largest proportion of the goods sold in the
city Tor notes. which money or not according 10 the
whm oil the banks they are money to-day because the
banks will discounl-they are not money tomorrow be-
cause The banks will not discount The motion OF the
banks depends in some degree upon the existing line
oil discounts; yet this vital point with the merchant
VIZ whether the notes In his pocketbook are or are
not applicable to his debls-is shrouded from him
through the secrecy of the banks Formerly the amount
OF discounts was revealed only once in the year.
But some writers urgently pressed the importance OF
more frequent reports and quarterly statements were
dered viz at the close of each quarter This found
10 produce quarterly fluctuations and the law changed,
allowing the comptroller TO call for the return at time
daring the quarter Official neglect however, caused
this to fall into the old routine of the last of the
quarter This with the lesson of the pressure in the last
quarter, has at last prompted the legislature require the
New York banks 10 publish their condition every Tuesday
the go into operation August 1853 Just years
from The commencement OF tho quarterly reports. The
requirement should be made OF banks cities
bur, the latter take their tone from New York; the
Of the metropolitan institutions governs all The port
OF the information thus TO be impaired hardly be
estimated The New York city banks increased their dis
counts, per Official returns from December 25 to February
$3.50 days-S7 100000. and money exceedingly
abundant Al moments notice, and without any reason,
they ceased to Loan and money became excessively tight
Now, II weekly retarns had been required the merchants
would have known with what bank the restriction
mcnced and how great the curaiIment that took place.
has since been developed that government money TO the
of $500 900 had been loaned the merchants during
Februaythat is, at the time that this great expansion
going that Simeon Draper the broker had $780,,
900 more and that these two sums had been demanded
back and partly paid at the time the COM
menced-vz atthe beginning of March, when the change
in administration took place The Preence Tor these loans
was that the stock could be cheaper through nd
vdna than was known that the government was buy
ing. Nothing could be more absurd than such pretence
The stocks would draw interest, all events, in
july and would draw bat per cent up 10 that time.
There holder of the stock that would have been
glad to have returned 1t and taken his money he had
known that the government would pay Money has been
worth from to 10 per for weeks. If the de
men had given public notice that willing pay of
its per stock in such market is there anybody
would have been absurd to have taken III Instead
Of doing the money loaned to persons who, say
the least, did no. buy the stock.
The fact is established that 81 900 900 of government
money had in violation Of the stringent provisions of the
subeasury law, been ade the basis of bank loans du
ring February and that the sudden demand for the
OF this city least GOO 900 In the price OF
money they were required TO pay. Weekly bank state
ments would have made the origin and progress of this
outrage evident at the moment. Ii was a revival OF
the difficulties that Of the old petbank system
The scrambling for specie that time exposed the
inability of several banks to pay specie and several OF
them received assissnce-,hat is 10 say Tedscounts
made. or. in other words, taken in
settlement of balances instead Of specie. In the case
Of The Huron bank, this relief granted only on
the condition that the president and cashier should be re-
placed by others In the OF the State bank larger
lief granted without any condition and other settle
ments made in various ways
Although the pressure and immediate loss have been Sc
for the past month, the influence upon the years bust
IL is hoped viii be very beneficial The country pays
up with facility and the bulk of the spring payments
the city have passed under circumstances which
caution upon the extent Of new credits granted Although
the mpoaons at this port have been large for the reason,
they have sold WELL aud prices have been supported la
face u the money PRESSURE which in usual cases brings
them down Large stocks OF produce, wool, cotton,
breadsuhs, have been held firmly and prices the
advance. Ii has been the means derived from the
county which las sustained the dealers under the
circumstances in which they had been placed. The
exports Of domestic produce, exclusive Of SPECIE have
been M tho first quarter Of the present year Sill 200 O0o
ten per than the highest Of any former year
IsfT-thc famine year-showed SlO 900 for the
spending qnater That figure has this year been exceed
ed but il Is also the that large have been New
York exports the quantity Of southern produce shipped d
rect from South has been larger. The quantity of
North has been 10000 bales say $4,000 less
this year than last, while the foreign exports have been
larger, As follows
Cotton North. 12Jpls 6762B
/" abroad. l,S25,sSl l,S22sl4
Thus the direct foreign shipments have been SSOOUO0O
more than year. but the bills have supplied the New
York market and IN connexon with the anger sh pmonu
farm produce aud the negotiation Of stocks OBJ foad
has eaulred ue specie exc the yrnens for
tnpos cessation Of the export Of specie IL equal to
arse importation OF the metals, because good deal Of
belongs abroad, and ought 70. The export last week
amounted to S2Sl 27, embracing S263 97 which went Ia
ngots shipment fJr asconsinlng tho cost OF
the operation guide future transactions The de-
mand FOR bills, yet, by the steamer for this week IL
small. Some drawers hung back under the notion that as
money became easy importers would remit moro freely
and prices would bills In this they are di.ap-
pointed, as yet.
The produce markets rather sf. Cotton under the
continued falling Of 10 the last year. gather
INK strength From OF sos 900 bales over last
year. February 25 the figure has fallen 81 oOO and
suppose tS The close Of the year il wi be more Than
800 OOo bales, scarcely much the increased
sumption The sales are about $500 bales at say IL I2
cents, fair New odeans Flour is heavy The canals are
about Open and the supplies will be large Sale, mixed
81 62i 81 6Si Wheat, 81 20 tor Rye
80 81 Corn Is quite du st6is 65A Gems, yellow
Pork quite active the close OF the week but again
heavy At sI3 80, prime; SIC. Llrd 81 10 cents
Rice j. better say 81 est F,eahts rather slack o.
f1t aout to Liverpool cotton, 5-l6
Stocks very active, but the market is decidedly
brighter, and prices Using
Yours PRENTICE.
NOT TO BE PULLED DowN-our store is not 70 be
~ pulled a