The daily union., 1854-12-28
COMMERCIAL.
FROM OUR COMMERCIAL CORRESPONDENT.

NEW YoRK Dec. 26, 1854.
Perhaps one of the most marked features Of the
ent time the very general assent accorded to those general
principles and for which the democratic
party have long and successfully conended Free trade
has become rule, and if melancholy monomania like
the faucy of the Tribune cngs to the whim of
by gone ages only to Investigators into the
fossil notions that prevailed when absurd laws upon the stat
ue-books gravey enacted to make rich without
work. The workers have long since like the poor apothe
cary been told by that the world create
no law to make them rch Cheap transportation freedom
OF enterprise and sound currency are recognised as the ec
ments of prosperity, individual and national The exner
ment OF Tree trade fatal to protective notions So Also
has been the experiment OF the treasury fatal to bank
theories The belief in the virtues Of banks paper money
was but few years siAce more firmly fixed than even
protective notions The discussion of sound principles
trated by the has thoroughly purged the
commercial circles of old acies that reputation greater
than that of Daniel Webster would be by the
terance of such speech that delivered in Wall street.
lsAo upon the necessity Of CIRCULATING bank with the
odor of nationality" There has, however, remained
tolerance of small notes. if well secured. The experience
OF the past six months however, has completely shaken
confidence that ultra whg papers clamorous for their
suppression under S0 and for the sound paper
money when well secured evil by the uctua
ons causes in the currency than it does good when pro-
of expansion Thus, the louisville Journal frankly
m that Small notes expe coin from the channels of crcu
aon thereby stimulating the boarding of coin at the
men when revuon has been caused by the export of the
the The notes. therefore,
paid in full to the holders in moments of dscredt
double demand for coin TO 20 out Of The market This home
demand is the evil but Ii l operation traught with
lasting good if the future issues of small notes be
strained This is matter apparently within the Of
Congress to regulate the currency very strict
sucton principles the issue of paper notes to circulate
money the main Of that rreguary whence
evils mainly fow 1t formerly conended that the
operao hanks to promote the industry of the
try by facilitating the of capitp Som. even
ndulged the falaoy that capital thereby and
if the notes secured that the poor holders lost moth
ing good would result This has been the in the pres
passing panic Notes have been secured and holders
paid in gold The pressure is nevertheless that
holders turned out of employ and lose their OF
what is to the worker that he gets pay for the small
he holds he turned out of employ for the winter and
nothng2 The loss of wages this winter caused by
the bank penc and tie depreciation of the national wealth
this Siner by production would probably pay the face
of all the small notes FIVE times Seaduess currency
the desdaa, and this be approximated only by the
dsuse Of small notes. The quantity of the metals in the
country is very great, as follows:
country 1890 .........
Yield Of mines 10 1877 H. T4I G53
49,74i, $50
impntt 10 lny l.
Export 4" NEUTRALITY-SUSPICIOUS., 32laS,DaD
Excess expar 4st79 4o5
Balance .. ia5a a4s
Received from California Jan 1855 25s o6s, 1867
In the country January 1885,. 2S3l us
IN banks per official repors... LOCO
et, t.......H. A--- s5,aoi 900
". .;xo,,o,,,, o.o ~