The daily union. [volume] (Washington [D.C.]) 1845-1857, 1855-01-26
COMM ERCIAL
FROM OUR COMMERCIAL CORRESPONDENT


FROM OUR COMMERCIAL CORRESPONDENT
SRw foss, Jan. u, lsj
The recuperatve energies Of the country gres
so effective that they prove Of ina
chaerin to the school Of parsans who arr
the advocates Of that bank paper that the eh
seek To ascribe the Of tariff On the occasion
bank revusion, when paper credits unable longer TO
their weight, break down, involving the stoppsgs
business, checking industry, and overwhelming deasn
moment is seized to raise cry in favor Of tariff bss
cry can be circulated, however, the victims Of paper
drop out Of line. the more prudent shorten SAIL ccsc
means and pay up. available wealth promptly change
from those who hold credit 10 those who rsalow
prices reach A low level, and money be coming abu
being attracted by them, business resumes Its
the pressure passes like the nightmare. II s
eight years since the New York Tribune has been wat
the oscillations of paper money, and urging the
tariff at every return OF hard timers The opportuar
orded by the recent panic has mt been lost long End
has been the ciamor against the present tariff, and |
tho asseverations Of tho benefits which return TO .
tariff Of ls42 would confer II II crediby stated
persons who have had an opportunity Of Judging
the chief editor Of the Tribune really believes thai
tariff OF 1912 improved the national prosperity. Just
gress begins to work, however, the market improves
pressure which eight years action OF the present Ar
to have produced begins to be- relieved without any
money gets easy, specie ceases to 20, goods
less quantities, produce Is exported In greater voluns
rise and business begins to its wonted cours+
without any prospect Of high tariff. In the way
extra session Of ls4l called to establish national
without which, il alleged the country could not
eved Of its dificultias, the exchanges regulated
latter according to bAnknote quotations. ranged or
to twelve per cent. Now York from almost all pca
the commerce. because these local Guarantees s
Of the respective banks at almost every shade Of
Al k..I ,~A~ Aorx
PEELED TO pay their debts, exchanges avery n
fell to specie pointas per cent, according to dst
much to the assonshment Of bank men. That uulon
Of low rates has from time to time been disturbed
to the local abuse OF paper money, during the past
Indiana and Cincinnati, hut no one has lRttery propa
national bank the Of raising the value Of &
bank notes, although the protectionirs still assert that
tariff would not only mend broken banks, but make n
ual bsnkrupts solvent. The returning ease in bushes
tiers removes, however, what little point such deen
might have possessed. The spring business has, indeed
very backward but the deaers from the country by
fairly and cautiously and the merchants certainly man
higher degree Of confidence. As indication Of this
the bank movement inspires commercial with couAd
may to the weekly statement Of the city bsnh
Loans Specie Clearing AZ
Dec o.. .sso. ssa.ss1 slo,sta,sol sl1.lss1l t1,
jan ao 49,. ss,s4s,sss isssalas is,sss.soo 81
This gives increase Of 81 800 for the week.
$1,000 900 since December o in which time the specie
creased nearly 900 00O and deposite which ncu
bank balances, nearly So 000 The West and South
tnue to draw some specie but nearly all the recsiph
find their way into the bank vaults the foreign dtn
being small. After long and very unusual depress
bills the rates to-day for the steamer Of Tomorrow have
higher-say IA Oh bat little specie will, however
ported whole amount shipped in January thus far
but $40 900, against 81 800 900 last year The rems
that were last year made account Of tho redemptS
United States stock and for various dividends and u
have this year not taken place TO snch an extent "
last arrival Earrings Brothers reported large sale Of
States 6s in London, and the packet brought 50m Us
States Gs for redemption. These have been mostly m
ll6,, and sent back 10 Europe II is unprecedented
quarters that the continued borrowing Of the govsrns
made necessary BY the war, will sink the values
soils and rcntes to induce the sale Of United staN
the purpose OF taking them. 1t was, however, tS
that consols during the famine Of ls47, when tbs
Of Gs0O0,O00 for Irish relief took place, vent
without inducing much disposition sell other tocp
replace them. In the following year French re'' ie
rs to So without any such rcsult. The fact
American securities, at present rates. pay better
est than any Of those government stocks, even
prices and the lower those foreign prices fall 'h w
err IL the comparative safety Of American ine@'M
The ability Of the market here 10 carry large smcm
stocks il manifest in the fact that $40 600 Of nf
road loans have been subscribed during the pressure
rfie loan oil ~ ,o"0,oAn waA, indeed, to take up ""
bat the balance like the Illinois Central Of g. 600 900
ly cash subscription OF course, The payments are e
to be made In instalments when money shall bsve ~
abundant. The investments IN railroads u
Britain continue to be very large for the continent
"calls" Tor the year 1858 ELL ,2ss a73say sSS
and in 1854 fI3, ,s92say &65, 600, Of which w
cradle portion was for continental railways. How Tar
tinuance OF the may affect these remains 10 Dc secs
il IL probable that il the demands capital II VIII si
its supply by checking enterprises Of the nature o. 'af
vcstments
The rates Of discount continue to decrease and goa
has been done Mt sper cent, longer At sa y, ana
class AT IL per cent at call. Money u had Al w
Many months since the mammoth ship Great nsP"
while NJ the dock to load, WAS burned 10 the sss'
The bu' sold and rebuilt upon. IL again loading
but the boiler Of the hosting engine exploded tins
doing great damage and iniaring severaluwsn.
The produce markets are firm. For Icon the aeD''
fair at III for New Orleans fair. Flour, with fresh q
selis at - 70 ~ 81, common 10 good State esus "
$40 80 a sill southern, - 50 a SO. Bye hosr,
50 81. Corn meal, "a rs IS. Wheat IA firm ~
at 81 80. Oats, So So cents. Corn, with export ~
for France, % " cents mixed western, 81 Pons
frm--saes old mess, $l2 rs sI2 81 mes, sIt
Beef, 50 30 ST. Lard, "a 81 cents.
The stock market has been active improving RATES
railroads that have been depressed 70 be conak
favor, add prices higher under the abundance
At call
Yours. pRESTIn
., IA