The daily union. [volume] (Washington [D.C.]) 1845-1857, 1854-08-17
ls9,I6s,G2S
79,s55,952
United States coin exported
5,4sa,esa
49,5i3,s5o

Hence that the net circulation OF the banks has
increased over SAL large proportion OF this IN
crease has been made under the provisions of the general
banking laws of the States which require State stocks
or United States stocks be deposited security for the
notes issued In England where such laws are not IN
force the circulation has been increased in connexion with
railroad projectors for the payment of the hands employed al
the great number of issue located at the West
have been supply New York city with deprecated
CURRENCY for the profit ssuers Perhaps the multiple
cation OF all purposes more rapid during the
fiscal wear 1858 before In New York city alone
from January August, fifteen new BANKS with an aggre
gate capital $40 00o went into operation During the
three years. appears by the returns all the banks of the
Union purchased S22 900 of State tocks these
chases together several redemptions that have taken
place. had the stocks necessary for banking purposes
to become scarcetoo for profitable banking them
The aggregate held by the banks s4 900 ooo
The ability of the institutions to hold this amount de-
pended upon the capacity of the market to sustain the cir
cuaon based them Towards the close of the current
year elements of high prices and railroad sctvy
ceased operator the contrary, they became dull and
prces fell during the circulation upon the banks compel
ling them first stop discounts find specie to meet their
notes or to sell their stocks Here the eests of
crisis At this nncture the Secretary of the Treasury
stepped forward and paid gold for 600 of federal
stock as they presented. What is remarkable in
this proceeding that the purchases not appreciated
until they ceased To illustrate during the activity of the
demand for stocks for bank the bank influence in the
State of New York combined with the canal interest pro-
which 50 900 new stock might be issued purposes
The State is the market for the sale of of
that stock The bank demand has however ceased for stock
wear the whole could have been readily placed The
banks which hold the United States stock would probably be
glad to change off, but the Secretary longer buyer
consequently, there is fixed price which sell the
United States stock and the New York issues will
low figure.
The fall trade is rather backward, being no great
faith in maintaining prices buyers hold backa circumstance
which makes money with Importers checking imports
by preventing advances upon goods With the banks
is more abundant although the Mexican deposite but lit
tie use For the past week the line of discounts has
been although the specie has declined $685.
The payments bank large this season. and have
declined during the week Sc, 1885, and averaging
coo per DAY. The scarcity Of money with importers
hcavines in exchange which closed So 9Ss for sterling
The exports of specie last week about 81 600 and
about 5000 900 less will go Wednesday.
The state of the European the great point ofn-
eres at this Should the promises of fair Weld be
maintained Improvement in general business will take
place Throughout Germany, in large districts rain has
been injurious cut of hopes of potatoes and beada
circumstance which powerfully impels migration the
States Ireland when the potatoes failed the poor
lures had neither buy other food fy The
Germans generally have for the latter and they viii
come here Surplus crops instead of import
ing them into Europe.
The produce markets have been pretty firm Cotton,
demand of about 500 bales per day we'll sustans quo
,ations Of -four the supply light, and the demand
ssaSs so State 80 so $40 fresh ground western SIS 81
50 Is southern Wheat is well supported 81 22] Genesee
81 % southern. Rye 81 10. Oats, Az cents. Corn
has been active for export at so cents southern yellow So
cents do white; 10 mixed. Pork is firm
s2 50 for mess $40 62 prime Beef, Sl2 SIS country
mess Lard 1871 Freights duh at I'D -four ADJ
wheat, cotton 3-l6d.
The stock market has continued very heavy with down
ward tendency in prices There is little disposition
operae and of the rightfu losses that have been
sustained them in the past wear, perhaps little
invest in them. Yours,
PRENTICE.