The daily union. [volume] (Washington [D.C.]) 1845-1857, 1853-10-20

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Al the former period tho decrease in bank balances
which the only active demand upon the banks,
PEELED them call in their money from merchants
whom they had loa ned it, and tho pressure very
the best mercantile names sold per per
month The daily papers, including Herald supposed
universa bankrupci"s general soIvences." 'he be-
ginning of the end 'the revuson Of 1857 had alt
rived, with many more dire evils TOO monitor.
pointed the feenk Of the process, and under
date Of October Is wrote CT
/" he is sppare' ally removed the country
bank balances are paid W e xchapge down. with proc
poets Of going oweria Nee Orleans sterling sells at 81
discount. which would @ aablish rate Of a in New
York less and gold is shipped at loss when
The Of atfr irs continued regular, with cheap
money and accnmu ang apital down July last when
the news from abb Dad in relation the crops took effect
and the internal demand for money In the interior drew
upon the large balances which have alone amounted 10
xlSV0OoO nce June, at least Sl2O00OO0 OF that has
been draw, and the banks have regularly drawn il in
from the merchants to whom they had loaned. 1t will
be observed that that is the only item in the bank
mean that has been cuItaed The capital Of the in
teri increases rapidly, and usually tends towards
New York for employment; at times when, a spec
uIaon in produce, from any other cause, there
active demand in the country, il is withdrawn from
poyment mere ana sent nome his is the process which
has been going forward The payments from the county
have been large however. and the merchants body
have paid 10 the banks whoat Inconvenience The
with them has by been in 1851
because their country paper has freely been paid
The funds which have been drawn into the county will
the shs OF volumes of produce to the rising
markets which Europe presents The pressure is al
ready greater The Erie railroad put their eights this
week The stock brokers the pinchcd, aud the
following prices contain the philosophy OF the market:
heat Corn r n. ud liver.
s Ses H. n:. So siiss s ss.ss g 8
These railroad prices the lowest that the stocks
touched in the pressure. The banks in June had loaned
the broker So $780, 0OO has beer withdrawn and
into the :ounIy The merchants have paid up their
counts, and. the weekly show have increased
the de posiies 900 600 This money they the
ndsposed employ by Of the uncertainty
in foreign affairs and ridiculous rs is the brayng OF the
He raid about " universal failure repetition of the
OF 1886" responsibility OF the government, and
foies Of ia relation to the surplus, IL is
,,hon certain eec, among ,imd causing them
pc ue aud inducing ho deuded country readers send
dow their stocks sell sacrifice for the benefit Of the
sb srks in whose interest the Herald writes
The great activity impaired to public works in tho
interior by the produce movement confer great
revenues upon them for the present year The same
cause producing pressure here. however. has stopped
fclties for building roads for the present by COM
peling the negoistoIs refuse further advances and
this NAV be- considered a very fortunate feature. When
money was very abundant, and almost all descriptions
of roads could obtain credit, very many speculative
concerns projected tina, were not demanded by the
actual wants of the locality. The shutting down the
gates specuative projects time when the West
becoming rich from u resources will lead TO
just discrimination Of the merits Of each work Where
rail plank road 10 really demanded by local wants,
practical OF the farmers, who sell their
we'll his year, will fail discover effect the
struction The will receive far suct consder
alton it, the presentation OF few the money
be borrowed in New York for expenditure The stoppsgs
nft ntook ~.
sale Of bonds will probably be sufficiently great az
feet business any extensive locality The borrowing
leads waste but the actual ndure under
direction of those interested nsures prompt and cheap
| construction.
The great element OF the pre,en activity
vests abrord and there appears be in England some
difference Of opinion In respect to the matter Many good
England deny that the wants will be great
represented but III trse that large portion OF Eu-
that usually supplies grain vii psyea al least have
none spare and the Black guided by hostio
armies, has yurpins II England and ffsnse become en-.
gagged in the war, they may by their combined hseis,
keep the and allow Of the free passage OF grain at high
but Russia will prohibit the export. Ia OF con-
peace IL 10 probable all the Black wheat will be
de nded IN the Mediterranean.
The shipments OF wheat from Odessa, August TO Sep.
sember Is, six weeks were as follows
| B..h..
To Mapeine., Leshorn, and 0enos 20 soo
Trieste, .o0ooN
England S,
Total Shipment, 4 o0o, 600
Tho English markets at this moment are the cheapest;
and Ieisht from Odessa TO England double what they
were last year The only mode in which England can
draw her usual supplies is 10 ouibd other countries
that purchasers IL Is evident while the supplies
in England equal the actual wants. that such rise
take place until towards the close Of the crop year
Hence the present high rates abroad regarded with 30
much dsrus to make importers OF goods cautious oil
produce bills Tho produce markets generally firm.
bu, -four for day weak. Sale. western IS rs
S. 81. Wheat. 16l cents Rye, 81 % cents. Corn,
e6 cents yellow. Cotton Is lower by 10, making cent in
the week. The of the hsrvess and the trouble with
the hands point to diminished consumption. Pork is
rather quiet at ST. mess Beef 81 500 $40 Lard, III
a ~ cents.
Money Tor the day quite tight, bu, there is demand
for good paper IL per cent The new yestsbllsbed
clearing house compeIs the banks prune down their
loans thus many persons like the government broker
Simeon Draper, ESQ., In the habit OF getting checks
certified the banks for $40 900 $4,000.
u inake Ihena good Xh.a