The daily union. [volume] (Washington [D.C.]) 1845-1857, 1855-05-24

Fgox oUR COMMERCIAL CORRESPONDENT.
srw Yoax, May "a, lss


srw Yosx, May a, 1855.
The reaux u capital Englaad c0nDaes to have great
influence upon The markets. and the wad
ynp&ize With London great financial centre the
u lAnguor which IL the that
state d reposs succeeds generally excitement and Is
profound Ia proportion 70 the o. the pTcvioas
The former great period stscaiaon commenced lss2
when, barrests being good cheap the import Of
aia into England erased and money became exceedngy
cheap, favoring The loan OF ar negro
patton that cheap money Of London spread the
eFei-l World stimulating speculation, which than assumed
the shape o. banks and stock companies
regions, until The process then
went On, and capital returned gradually England, until
its fearning eheArness stimulated railroad spec1xcns
which exploded in the famine aud Subsequent resolutions q
lssss Recovery rapid aided By the gold discoveries,
and IN September, ls52 money per ia Lon-
don, and stocks at Ia per cent per snnn,
brokers refusing take IL Ia any Of interest The
eonsequenee very rapid development Of speculation,
shch drew capital gooas for export mostly Australia
the United States and California The aggregate exports
rcaeAed 500 900 600 which considerable proper
ton lost but all long creaits The intervention
Of var Of short harvest and high prices FOR food added
losses ventures checked business and the capital which
EaEsnd exported returning her from all quarters,
IN addition that whie in ordinary times kept employ
b the great London bankers through their agents aad
elsewhere Notwithstanding the decline of fully onehird
inpotz 81 goods the export az gold continues very
large, having reached in the last week s2I3o15e The
great questions Of and harvest fully suffice para
yEe the employment of capital, and Induce its the
eontro u ts As matter Of in such state
Of affairs gold areumulat in the Bank Of England and the
money falls the Bank having reduced per
for years. Rassia Imports Of necessity
large supplies and her exports greatly redueed By the
war geld floss 70 the London market where the
that coming ronl Australia and that from the United
tatss exchange being Of En- gland from all quarters
Two alone will make important changes this
respect IL the goes the gigantic scale
plated loans be had, and all the gold required
by all TIE allies supplied from Englsnd Under sach
circumstances the gold usually spent bearded The
tent Of the and o incidental demand for coin
matter hch cannot vet deierined, great
cpgers fortify themselves far possible The
English loan payable at TIE rate Of s. 600 900
per month, and loan will be made before that il
All paid In addition this contingent demand there
il probability tia, large imports Of food will be
quired high prices requiring coin for payment Both
these questions VIII be decided few weeks, and the
OF the specie drain they may induce win be de-
veloped The position Of the United States but i'm
prove The capital here saheet recall England viii
gone aDd easily spared the stagnaton 81
business dispense with large The value
Of cotton il rising consequence Of the Of growing
crops erea in the Of the difficulties which threaten
abroad and any event, the exports o. breadsufs viii
eonal The Whole quantity that be spared from crops
These promise be large Hence il y estimated that
with the availability Of the crops, the coin going
England may be brougbt back In payment Of produce since
bevond dispute that this ceurtry mist be the chief
source where England draw whatever supplies she
During negotiation Of peace, and when il hoped
might the movement OF specie from New
York subsid-d the conference broke up the
experts became more active than ere and eoatnue Wax
on gigantic scale which ihrsxens large
supply "A gold question is again raised, whether
paper rsoney will become national
in the new sanefgercy Metallic money alwsys furnished
T commerce for any country, and il aisars
furnishes precisely mach II requires, and
ben government pefors its duty IF coinng the metals
that commerce. furnishes. its fnncton The govern
rea F England operation receives annually from itx
debtors or the tax-payers ESQ in bank notes,
Gers ca the Bank Of England These pays its cred
ftors annually the country Ii does require take
frxn commerce the metallic money it has furnished
for ito nse and specie payments easily maintained
Under all circumstances. When however, the government
cones into the market and demands millions Of CON-
BE- again laarsed be Of the country r par
ose foreign to commerce, disturbs violently the usual
course ar Affairs Trade deprived 81 It's medium at the
reut it has become difficult supply The
Of ier Alfred paper porey il thea demanded subs
t1se for the which the has withdrawn This
depends UPON the and the harvest
Oh the BANKS England would affect this market IN
~ other aay than that il would diminish the demand for
aal circulate freely would under fears Of
rension would enhance the demand for produce.
Al London the financial centre Of the world, drawing
funds towards from every secton New York the
certre for this country Thus notwithstanding the large
shipment 81 dariag the last week the amount in
the banks shows eonsderabac increases as follows