The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1854-09-06
Commercial summary.

Commercial Summary.
We copy from the Pittsburgh Post the
following summary Of commercial news,
which we presume will be interesting to our
readers.
Money matters are becoming unsettled.
There is good deal OF doubt as to the
safety OF the money OF the Indiana Banks
Some OF those Banks will probably have
to wind up; and the Cincinnati Price Cur
rent thinks that when the Auditor comes to
sell the stock deposited as security for the
issue, they will be less valuable than was
supposed.
The Indiana Free Banking Law is de.
sfective in several respects, and gives a
chance for frauds;and il is supposed some
Of the Free Banks will soon '.go to the
wall"
Considerable quantities of Indiana mo.
ney have been sent home By our brokers
for redemption. Over $4,000 was sent
in one day.
Money is rather scarce in Pittsburg
just now; but the demand for il is lot large
The steamboats, are all stopped, except the
very lightest class; and our merchants
wait for rise in tho river to ship and re-.
ceive goods. The milers find it difficult
to get wheat to keep their mills in opera.
ton. There is no doubt that the farmers,
to some extent, hold on to their wheat in
the belief that considerable advance in
price will occur in consequence Of the
drouth and the failure of other crops. 1,
al.
large portion of the northern States the po.
tato crop will be greatly deficient, and Of
course there will not probably be over two.
thirds the usual crop. perhaps less. Fat
cattle will consequently be scarce, and the
hay crop greatly reduced. This county
has never experienced so severe and wide
" extended drought. Some OF the east.
ern papers estimate the loss to the country,
from the failue of the crops this year, at
from one to two hundred millions dollars
There is no reason to fear famine
There will be food enough for US at home.
but none to spare for foreign market.
Prices will doubtless rule very high. The
most -igid economy will be required to en-
able the poor to live; oil classes will find
abundant reason for retrenchment and
economy.
The above estimate Of the loss by fail.
ure of crops is probably too small. Last
year the corn crop Of Ohio was about six
ty millions Of bushels. This year. it is
believed it will be but little moro than hall
that amount. In the State Of Indiana, Ill
inois and Kentucky, the decrease win be
great. These short crops and high prices
mill Of h.annhao Of h.,ss
ness. The Eastern merchan ants. who have
been anticipating very large fall trade,
because so great an amount Of money had
been sent to the West for grain and pro-
visions. will probably be disappointed. II
the crops are short, purchases will be light
and trade dull.
The Reciprocity Treaty will allow Ca
madam Wheat. and all kinds Of provisions,
to. be brought into the Eastern States free
of duty. That will keep down prices at
the East somewhat. 1t is supposed that
The Canadians will have a surplus OF
twelve millions bushels of wheat this year.
The last weekly statement Of the New
York Banks showed an increase Of specie,
and a decrease in loans aEd deposits. The
p,ics Of money had not increased. but the
demand was more active Stocks falling,
and some stock brokers winding up with
empty pockets.
The Cincinnati Price Current, in speak
ing of the prospect ahead, has the follow
ing: 49,
The fact cannot be denied that we have
been living too last. The purchases Of
goods last season were unusually heavy,
and tor these, the interior merchants are
now largely indebted; while their present
means of paying are comparatively limit
ed, and the i,nmediate future does not af-
ford favorable prospect. Abundan.
crops would have averied, in great de-
gree. the evils arising from past extrava-
gance, but with deficient agricultural pro.
ducts we will have nothing TO Offset fully.
the evil consequences Of our improvidence
and indiscre,loD. There are, however.
many saving features observable even now.
that, if properly used, will servo TO ease
matters considerably. For some months
past, a general curtailmeni of expenses has
been praciiced. There has also been q
cessation of speculative movements in the
general markets. The mercantile classes
have restricted materially their operations.
New railroad projects have been brought
almost entirely to stand, and the demand
for money from this class of borrowers
will hereafter be comparatively limited.
The importations OF foreign goods must
from this lime diminish. The markets
are now oserstocked. and importers are
losing largely and steadily.