Lynchburg daily Virginian. [volume] (Lynchburg [Va.]) 1852-1861, 1854-09-20
DAILY VIRGINIAN.
WEDNESDAY MORNING, SEPT. 20, is54.
The Money MAJ ket4

inst the New York Economist SAYS that the
Stock market had fairly recovered from its eX
trcme depression and prices all in the adj
vince. Erie railroad had advanced to SD rise
of $50 per share that is 10 say, ca per cent. ON
she investment at the prices cf TIVE weeks since.
The convertible bonds, in r,h,teE to which there
was SO much discussion, were d. ~ per cent.
higher and al fancy stnrks ssnpathsed with
she new state of things. The speculative feel
ing had been developed by the fact that the banks
were oace more disposed To lend or stocks TO
known houses Money had boea offered at &
per cent on Erie during the week, and refused
at over per cent,
We make the following extracts from Il re-
port Of the specie movements for the previous
week.;
The returns for the week show the Singh
lar result Of an increase of specie in the city,
in the face Of a very large expectation. The to-
tai California receipts. since 3lst May, have heen
SI5.5l367l; and the exports here, same time,
s16.6l3,365.
"of the amount exported. S225o,oO0 were fran
Boston, and of that sent from New York cor
siderable portion has been Of the Mexican funds
paid out hy the government Ill follows hat
since the Isl If June Sl,l0o000 more has been
exported than reported receiN ed, AID the emoant
in bank has Increased nearly Sl,ooOoOO, while
the aggregate quantity in the city Is -2,OO0OOb,
and Boston the same. In the same period lnst
wear the receipts were Si4, 59S .53o. and the eK-
ports 50 1882. being an excess of S5,l9l -;
vet the specie ia the banks diminished Sl,Uoo.oDO
and remained nearly the sane in the city, or
thus;
<, f"- 80. 49,, 49,, 49,. l 1:,.:" eo' s 1919
The result j. singular. vet it is in accordance
with the laws Of trade Last yonr the rise IN
breadstufs, then explained, demanded
great increase N the currency in the intcrior.ihc
railroad demand WAS active, and the absorption
0f coin, as well as bills IN circulation, very great.
This year is the reverse: the banks hive expert
enced return upon them Of their paper in creu-
latinn: and the great financial centres now find,
for the same reason, an accumulation of coin IN
their vaults In our number for August 10. We
showed FROM the official return, that during three
wears the increase Of United States coins in cir
culation WIS $4,000, and in bank paper Sill
O60,l53 caused by greater industrial and com
1nercial activity. During the past six months
the reaction has taken place, and both coin ind
paper leave the channels of circulation; hence,
with larger efux of coin, the quantity in banks
Increases"
The Economist goes ON To give table showing
the fluctuations of specie in January, April aud
June, 1853, and from January, 1881, to 18th Of
Aug. s5I. being one year since the accumua
ton in the whole was at lis height, aud proceeds
to say:
The rate of money AZ the bank of France WIS |
then per cont, at the English bank "a. and in
New \ ork full per cent The outflow then com
menced from each institution, mostly owing 10 ihe
rise in brcadstutis The bank of France raised
its rate 10 per cent and the specie WINS at the
lowest in January. The English bank reached
its lowest point in May, when its interest was ID
per cent. Since then specie t.ws back upon al
points. Between June and January la ycar..tl
the banks lost S6o,OOO,UeG, they have snce re
covered S3O000,0O0 The rate of interest IN
England is reduced TO per cent. in France - |
per cent: the National Bank of Belgium redu.
ced it from 3 10 u in the first week in August
The good harvests are now causing prices to fall
on all hands. while the activity of retail trade
which absorbs money into erculation,has mol re
turned hence the rotlux coin to the banks indi-
Gates continued increased abundance
From China MI MoLanes visit to Nankin
The New York Times has a letter from China
giving an account of the visit Of the American
Commissioner, Mr.. McIaue, 10 Nankin Tie
visit was made iii the steam frgate Snsquehan-
ma. preceded bp steamer of light draft to sound
the channel. The progress to Nankn was ef
feoted with but slight delay Arrived there Mr..
Mel .ane demanded an interview with Tai PING
Wang. the great ehieftain of the insurgents
What followed we let the correspondent stato:
An answer was received to-day 10 Captain
Boehanans communication. 1t intimated A.
mongst other things, that an interview might be
granted the United States Commissioner by Tai.
Ping Wang, condition that he would an
proach him according to their own ceremonial.
He must PROSTATE himself in the presence and
acknowledge him King of the World under God
our Heavenly Father. That he would expect 10
receive tribute from the outside state of the Com
missioner represented, in the shape Of gold sill
ver aud precious stones, as none burst eyer
come before him without valuable presents. This
remarkable document came from two high off
GERS of state. In substance, Mr.. McLanes re-
ply to this was that are could mol possibly re-
eogntze the re6etiious subjects Of an emperor
Nth mhOm our Government tcas on terms Of
peace and Gmity, and had formed commercial
treaty, even as equals. and we must therefore,
aeave them without further intercourse
Several OF oar officers, with Western pertina-
city, encouraged and advised by Dir. Fahs, the
assistant surgeon, succeeded in pushing their
way through one OF the gates intoj the city, and
visited the celebrated porcelain tower Immedi-
ately after their entrance, objections were made
TO their proceeding, and at times their uath vas
INSTRUCTED But the perseverance of Dir. Fahs.
backed by the determination of his companions.
accomplished their object. They were taken be-
fore magistrates, but always demanded and oh
tanned their release; they refused to kneel To
some very high officer, telling them that they
kneeled to God alone, and were finally guided t.
the river side where a boat was procured TO car
ry them aboard ship. One of the midshipmen
scaled the walls, and after euding party of sol
ders. who tried to detan him, by knocking one
down and jerking suddenly from the rest was
surrounded, taken, and held prisoner all night
though not unkindly treated.