The daily union., 1854-12-21
COM Nj ERCIAL.
FROM OUR COMMERCIAL CORRESPONDENT.

NEw YoRx, Dec. 10, 1854.
The from the currency excitement of the past few
years still upon the markets. and very large absorption
OF gold continues although the external demand has ceased
Good bills have been sold low per cent and even
less the large banking have atter shown
disposition to convert the bills receivable OF importers into
bills The rate however continues heavy at 81 for the best
and while the receipts Of specie nearly 81 O00
O00 exported but the banks showed accession of
cash their vaults until to-day The demand for currency to
West continues large and the Savings Bank panic in this
city, leading to boarding. has not yet subsidized The United
States stocks held BY these institutions to the extent OF some
81 0o0 have been partly and will be entirely forwarded
Washington for redemption by this the coin paid
for them WILL extentS go directly into the pockets Of
the industrious poor This contraction of paper and filling
Of the circulation With specie is necessary
and of the highest importance to this country in view Of the
which the aspect Of the has taken abroad 1t be-
pretty evident that the expenses be far greater
than at first estimated that France and England both
large loans and that influences to be added
harvest difficulties in checking return to the usual
consumption OF British and continental manufactures 1t
follows that, anything like the usual production Of goods
is be maintained IL must be at low level of prices,
and these will continue to the United States
ket In which will make rigid adherence
the specie level the only safety The relative redundancy
between nations trading with each other is
the only guide specie because redundancy al
mansts in those improved prices which attract goods
carry oil the redundant currency in exchange for it, The
British and French governments come into the market with
the theatre of where, being dsbursed it is
aoared rather than circulated in trade in times of
The of this is diminish the currences OF those
consequently reducing prices below those which must
prevail in country like the United States, undsurbed by
The cheap goods OF those countries then
here Ia greater supply procure gold Anything like pa
per expansion here facilitates that operation and produces
rsyuson. The productions Of Australia and California sup
ply large portion of the extra demand for gold but
questioned whether the absorption caused by is
nearly equal to the production therefore leaving the
mercal circles without accession The effect of the
is however, raise the price aod consequently to confer
prosperity upon California and Australia pointed last
year that what then called the dreadful
in the gold only the natural result of the first
excitement Thus when gold first discovered in those
regions other commodities very and very
dear. The mining of gold, prolific it was, afforded
profit. while goods poured in therefor in boundless
by high prices the production of gold
discouraged the little compensation attached it, Hence
crisis Goods became there cheaper than the places Of
shipment or in other words, gold at the place of its pro-
ducton dearer than else Production
therefore, resumed with ygor, and the supplies that
reach here larger than This would naturally
goods become relatively dearer but for political
which upervene creating extra demand for gold for
war purposestha is to say gold will continue to sell to
good advantage Nearly the elements which the
profits gold States operate depress those of the
States that article il falling. The insufficient supplies
of food Europe and the diminished surplus here
sustain the values of breadstus and provisions For most
articles of American production the demand will be good
and the returns must be proportionaby large in duabe
goods The orders for goods for the coming win be
limited The lesson of the past year has suiced make
both importers and consgnees very cautious and all parties
look forward to greatly diminished odst of production The
Imports particularly Of dry goods for the very
small For two weeks in December they have been fol-