Lynchburg daily Virginian. [volume] (Lynchburg [Va.]) 1852-1861, 1854-12-09
The Money Pressure.


The monry market report of the New York
Journal of Commerce, which is always accurate
and reliable, confirms the evidences from other
SOURCES of a disposition to returning confidence
and ease in the money market We find the fol
lowing in its report of the 9Th inst:
The money market is much more bnoyant.
and capitalists appear far more hopeful than for
many weeks.
Foreign Exchange has declined and the high.
est rate of leading drawers on Lo.don is now be-
low the pdr-i. @, is in favor nf this iuntry.-
Reckoning tho sovereign at si,s5 the par would
be 1904, but a, sI.sl il Is 100. The best bills in
the city could not I've sold To any extent at 1854,
and fair commercial bills have been sold this
morning at 1861
The panic about the shipment of specie is of
oourse, over--nof to be renewed trust, for
many months. Even If the nominal excess OF
imports over exports should be s2do0O,oO0 las
some prn, it, instead of S6,oDOoOO, a 1t Is IN
the SCI setary's report, we do not well see how
further demands can be made upon our coin. es-
cert perhaps, TO ship the surplus not needed by
our banks and business communities.
Stocks have felt this confidence aud all des-
criptions have advanced. The most noticeable
imprc cement is in Hudson River. Erie Income
bonds. which sold Saturday at SD, brought
to-day o."
The monetary stringency which has taken
place in commercial circles is certainly most re-
markable, when we consider il in connection with
the financial condition of the producing colnmu-
nifty, as well as of the Federal Government and
the respective State Governments The report
of the Secretary of the Treasury. part of
which we publish to-day. exhibits an eAtraordi-
nary surplus in the national treasury. and the
States, though many of them are largely indrbt
l.
meeting existing liabilities. And among the PEG.
pie the great agricultural community, there Is
at this time degree nf prosperity never sur.
passed All the products oi their labor bring re-
munerating and unusually high prices, while
the articles of general merchandise for which
their exchanges are made arr procured with
out a m iterial advance Of former rates. The
sta e articles cotton corn. wheat, tobacco and
cati''. command prices from twenty five To ses-
ent, Ave per cent higher thaa the average Of
the Inst twenty or thirty year, with NJ propor-
tionae increase in the cost Of production Of land
or of .abor The difference then is in the
pockets If the producers. Nor have they
scarcely Ia any extent nlngcd in the
wild spirit of real estate speculation which
preceded and 10 great extent induced the
revul.on Of 81 and %. The increase in the
value of real estate has not, either been approx
mately proPortionate Except whore real value
has been created By the operation Of railroads. 10
the increase in the value of staple agricultural
products. and hence ngnin the balance of prof
its has been largely in favor Of producers. Now,
these facts, going they do To show broad
basis for general prosperity, do not present, Of
fbpIns solves WI confess. "a sntiS fugfpt.V
why, whom confidence is impaired, there should
not legitimately exist stringeuoy in the money
market suchas the piosent 1t is in fact n statc
of thing. when panic from amy cause Is star
ted just calculated TO produce that result, and to
urge it on by the inevitable effect of enusng the
curtailmcnt of country lonn~ and the withdrawal
from banks and commercial channels of large di-
posites to the safer asylum Of the private draw
er. Banking accommodations thus crippled.
and prosperity itself converted into the means Of
arresting confidence aud producing ultimately
bankruptcy and disaster. Bnt it is Ia be hoped
that returning confidence will assist 10 re
vert such n result.
The New York Economist OF Inst week CON
cludes anable article ON Produce and Cur
rency" with the following remarks:
There is nothing in the general state of the
country that should cause uncasincss. since tho
productive power was never greater than at this
moment. That the confidence necessary 90 the
motive circulation of floating credits, on which
prices have necessarily been made IL depend,
received wide shock through the series of de
facations that began with the development fthc
Schuyler frauds is evident and that the stock of
goods ordered from abroad, and held on sale,
were deprecated through the rivalry of consign-
ments from abroad is also true; but there is
nothing in either of these circumstances To di-
mnsh the national wealth, or check the produc-
tive power of the country. An immense amount
of capital has been invested in means of locomo-
tion, mostly railroads, but those have generally
been successful although the enterprises have
in the aggregate absorbed more capital than can
conveniently be applied to them. Capital accu-
mulates in the country, however, with enormous
rapdiy, which has not ceased during the last
eighteen months. in which great check has been
experienced in its application fact which must,
sooner or later. on the restoration of that conf
deDce necessary 10 an active circulation of CAPT
tai, manifest itself in greater abundance than
ever"
Hung in EHgy Again
Our citizens were yesterday morning present
ed with the spectacle of an etfgy of DR.. Thomp-