The daily union. [volume] (Washington [D.C.]) 1845-1857, 1854-12-07
Import. port Of Nee York, January 70 December !.


three years although the decrease has been
great the last months Tho imports were, doubt
partly the consequence this Of the bad haveas abroad
which reduced consgnments but the abundant currency
here made the markets available for those consgnmen
turning the exchanges strongly against this country 1t has
resulted that the exports of the precious metals since June
have been S2 000 against s2 600 in the period
last year. This export Of con complicated With short crops
and railroad difficulties precpated the bank panic and it is
estimated that at least of stocks have been
here to specie for the redemption of the If
estimate that of the large imports only $4,000 900 in
duced by these notes. then they have occnsonsd
mand upon New York for $4,000 ooa of coin in three
months, viz onehGf Ia pay for the goods they induced
here for SALE and the other half redeem II cir
notes II they had been issued under the old system
without security the would simply have failed
and the been worthless in the hands Of holders and
that demand upon the cities for specie would have exist
ed As it is they indirectly cause demand upon the cities
for 100000 gold to pay for foreign goods and during
the spgeney which that demand requires $40
600 for their redemption. The effect has been
directly disastrous the bankers themselves than to
most other classes Many gave for instance, ITO for
gnia SIS in paper promise, as basis for notes then buy
back sell at 81 in specie redeem the notes This it Ia
which has prolonged and heightened the
1t probable thai; bad these isses been allowed the
iniux of gold from California would passing through the
mint have gradually filed the channels Of circulation as
have impaired undue stimulus prices The for
egn demand would have been great we the gold TO
supply il would have existed in interior forward
when produce fen shortthat say unctre as
this gold would have from the interior instead Of being
sent thther 10 be hoped that important element
in generating and aggravang commercial distress
be done with the universal adoption of the
principle Of the federal government The
sippi has already taken step in this direction by issuing
circular requiring the Of the State to be paid
the constitutional currency only The coinage tho mint
since the discoveries in California reported S25l
29I gold half Of which, e drawn into circulation by gen
eral determination take nothing else money would
haze given currency greater than exiss liable dis
credit and fraught with no disastrous revusons,
The from Europe by the latest dates
very The price of food RISE
while money in demand for purposes with pros
pec Of continued complication The community
dread in the Crimea the signal OF ggan
tic preparations for prolonged and expensive war fail
take Sebasopql i already operated upon in the
conviction ,ha raising Of the siege would produce great
panic in Europe Should the allies take it, it is supposed
may be easily heldthe allies thus appearing triumph
for length of time without mourning greatly increased
outlay further serious complications The high price
food western Europe and England s serious matter and
will greatly retard Of business In consequence
the failure for the third year great quantities Of
grain and potatoes distilled also the refuse Of the
gar beet from which seventy thousand sugar
France made in year. This year the dslaton Of
all breadtus prohibited and the whole Of the sugar
stied-a circumstance that must create like de-
mand sugar aud Gals in year when the Louisiana
crop is very This may increase the supply of food
France quantities usually demanded in England will
not be forthcoming 1t would be the however,
that England notwithstanding the alleged large crops and
the high prices the quantities of British wheat sold at the
market is less than last year for tree months ending
with October. The demand for corn from the United States
continues yeyy large, The quantity exported srom New
York is, aimee January, as follows;
Export Corn from York. January o December 4: