Glasgow weekly times. (Glasgow, Mo.) 1848-1861, 1854-06-01
Money.

money.
We call the attention of readers to the fol-
lowing extract from the money article ofthe
St. Louis Price Current. There is di-
rectness in it which we heartily commend,
and its facts should be well pondered by
our farmers and business men:-
Sight checks on Boston, New York, Phil
adelphia and Baltimore are selling at per
cent premium; Cincinnati, Louisville, Chi
cago par, and New Orleans from par to ]
discount
Eastern exchange continues very scarce
and our private bankers find it very difiult
to keep their eastern CORES pondents in cash
funds. We hear similar complaints in Chi
cago, Louisville and Cincinnati, Of the diff
fcuty ofkeeping up supply Of eastern eX-
change. The fact is, the whole west has
gone ahead too rapidly the past few years,
We have run in debt, and now owe more
than we are able to pay. This is shown
pretty plainly by the unusual high rates
of eastern exchange at the prominent points
in the west. The products Of the country
do not furniSh a supply equal othe demand,
Our private bankers are compelled to ship
coin to keep up supply.
Time bills are taken upon the Eastern and
Southern cities at II per cent per month
of.
The street rates for money is as follows;
Long pa; er, secured by real estate, at the
rate Of II per cent per month; good COM
mercial paper ! 10 = e cent per month.
The amount Of merchandise brought into
the country has been much larger than the
wants of the country demand. Goods lave
been urged upon the west, without taking
into consideration the ability Of the country
TO gay for them within the specified time
The country merchants have been forced, in
consequence to sell their goods to the far
mers in much larger sums than their posi-
ton would Justify, and now when the mo-
ney ought TO be realized they are not in
condition TO pay for them. The result Of
I this illegitimate, and forced trade, is that all
are hard up for money to meet maturing OBJ
! legations. The facilities heretofore extern
ded by banking institutions in the Western
States, are restricted in consequence of the
adverse rate Of eastern exchange, brought
about by this forced process of overtrading,
The loss of coin from the banking institu-
tions, and the rapid return Of their issues
upon them for redemption, compels them to
restrict their operations and limit their ac-
commolations. They are forced to protect
themselves.
We have never known period resem-
bling the present in the aspect Of financial
affairs. Money is very tight. Eastern ex-
change high and difficult to make. The
great body of the products ofthe West have
gone forward 10 market, still the exchanges
are against us. This continued high rates
OF exchange is draining us of coin. The
Bank OF Missouri is compelled to withhold
her accommodations from the business men
in our city, OIL account Of the continued call
upon her for coin. Time paper cannot be
negotiated to the eastern cities, unless at ru-
nous rates OF interest.
We can see nothing in the present aspect
Of things, that is TO materially relieve pecu-
niarly the wants OF business men, in this
section OF the country, until another crop
is gathered and forwarded to market.