The daily union., 1854-01-05
55l SOL l74,944,8l0 205 $685. 80


These dsbouchss have increased their deliveries
8i5 900 O00 or 80 cent In three
that railroad competition has been growing against them
with great yigor The New York canals contend
against northern line, the central and the Erie, yet
their business does appear ag The Ohio canals
have very seriously felt the influence OF the railroads,
which have also diverted the East considerable quant
ties that formerly descended the Mississippi The tonnage
the Weand canals has also increased 10 per cent in
tho last year. mostly American The value Of wheat which
arrived at Hudson this year the canals S27o57,
5O5 against $l6 @ 652 in l5an increase of $loO0 600
I Ss 81 I BY y ao .oa aa 81
Il the that when those crops have been realized
that money will accumulate in the city the credit OF
the West and be again applied TO loans stocks and
bonds promoting speculation as usual This use OF west
err funds by the city banks has been the main Of
the pressure of the last few months 1t affords means
which the banks being subject TO on "ca use Eat
call !" and when called upon, the borrowers
PEELED pay. To do so, they realize, and prices
fall while discount rises. Thus from the West and
elsewhere funds flow into The city at certain
of the year for employment This the city banks take
ia per cent, and discount upon IL at per cent, if
they get IL or lund upon stocks. Money becomes
p, and the merchants led sales OF goods
credit When, the last summer by the rise
in breadstu there If western demand for money, 1t is
whdra from the banks and they call in, TO send home
money which they should have loaned For instance
the Bank of America had SO. .296 600 OF countrybank
money, which it had loaned 600 upon
When the country banks called for their money it began
cuai and has yet stopped curta men,; no,withand
ing which, its president complains loudly Of the American
Exchange Bank for It's expansion
II has been observed that Of the banks borrowed
Of banks equal $50 per Of their
capitals and these loaned call spectators
Ia stocks When breadstufs the money recalled
and the dealers in SOCKS, OF tkem could pay
and The banks peied carry the and call
the oney in from merchants, who compelled pay
immense for interest," frequently taking from them
their whole years profits 10 meet their engagements
merchant may have TO meet $50 900 in all October be
has sold his goods udicousIy and his portfolio
$4,000 Of good notes. precisely such the banks during
the busy season. showed themselves anxious discount
his affairs, therefore, in sound The general
cond of the Observation-Disclosures Ia possession of special
privileges granted by awhas been such the
sale goods for the lie has sken In exchange
The time approaches 10 meet his payments and he offers
his Tor discounts to his dmay, he finds all rejected
and he is compelled cell them prices ruinousy low
send bis goods TO auction 10 price, making any
rhce sustain bis credit after his sacrihce made and
his eger, instead of showing handsome profit exhibits
terrible balance the wrong side created by lhe pres
sure" tie banks begin to expand and oer money on low
II he ventures ask what has been the cause OF
the squeeze, he is replied 70 mysterious manner plainly
indicating that he is troublesome. The plea of being
obliged eurai because OF the export specie is not
borne on, by the facts.
The most severe period from October II to O. and
the banks curtsilea with increasing specie. They have
since expanded with decreasing specie follows