The daily union. [volume] (Washington [D.C.]) 1845-1857, 1855-02-09
COMMERCIAL.
FROM OUR OoMMERcIAL CORRESPONDENT.

COMMERCIAL
FROM OUR COMMERCIAL CORRESPONDENT.
SEw YoHx, Feb. s, 1855.
The cry among the peaceful American people for the last
months has been s'wAnt Of credit" no confidence"
great railroad campaign has ended dsAtrouy, and money
has been unattanAble By the speculative rulers In
like Europe excited By battle blood and bread deficiency
during the last six months great Crean campaign has
nearly ended dastrousy, and money Il freely offered
the spectators in than before in the history u
the world II has been the boast Of the bbng interest
during years that Great Britain in the last
the Napoleon raised and expended $500 900 OF
this the English took the most bat the egmist
in Europe took large proportion. After six dynasc
changes in France the nephew Of that Napoleon to put
down whom aroeAcy spent much money, chosen En-
peror Of the French Legitimacy denies that the election
either free fair but nevertheless that Emperor be-
the nucleus around which Europe musters TO
the Gar under whose lead they mustered TO put down the
first Emperor IAasrnuch that legitimacy and sockjob
beers inerewho have arrogated themselves the purse
strings Of Europe refusing few years onf ank to
permit United States stock To be negoatedlooked cody
last year upon the Emperor, he them aside in
yiting the Of money, down very small to
directly 10 his treasury aud lend the without
the Intervention Of obbers brokers The success
immense. new loan announced in January for 500
900 900 francs be taken In the in small sub
scption The books open twelve days, and the result
follows:
Account required soe 600 900 $1,000 900
Amount subscribed. a7sooOOoo a6,77oyooo
Excess offered .............Is75ocOO 900 SO6,77o,OoQ
The subscriptions Of England l50 600 900 francs and Of
Germany aud other countries
excluded OF the subscribers 900 in the depart
and 900 in Paris and Of the whole subscription $780,
900 francs in equal TO 500 per interest
each The number OF subscribers to this single loan
than equal the whole number Of the the British
debta fact which shows the immense popularity of the
II may be considered that the existence of such immense
means France available for loan when the denomination
within the reach OF small capitalists is which
has been suspected by observing Ii Is particularly like
in country exposed to the violent revolutions
that France frequently encounters when during the
past few years gold has poured into France and time
when agricultural produce has been high If the crops
not been prolific, they have probably yielded much
money The disposition invest their savings in the
loan may enable the receivers general reply the que
tion What becomes Of the gold ?" The rural districts
emnenty religious and the attempts Of the Car TO make it
Of religion may have awakened such response in
Catholic France. At all events the influence upon financial
affairs be beneficial Already the O00 which had
BEEN per cent deposited with the London agents for
loan have been returned and the demand for exchange
the Of $50 0O0 which anticipated for Eng
h remittance will not take place. The revival
of gold shipments hence extent influenced BY
those subscriptions II is to be hoped that with the
and confidence long credits which the and
almost only Of the recent difficulties, will be re-
newed. Many merchant this day, when looking the
losses Of the past year. fully realizes the force of that pro-
found remark which for scofed viz 1Those
who trade borrowed capital ought to break They
ought break before they had under the color of false
credit absorbed the of others to lose them in wild
schemes the spawn Of sangune heads and settle with the
bankrupt law. When dealer enjoys good credit and the
merchant is disposed him six, nine twelve eighteen
months it be wondered at that in times of specua
and buoyancy he will avail himself of that credit and
buy II is idle to suppose who trading, and
who possessed of the idea that prices to RISE will
Ak n.
get Their money is invested, and their credit far
viii stretch 1t is also evident where this idea generally
prevails did in the last two three years under the
gold excitement that the aggregate purchases of all dealers
must be very great Let us estimates The gives the
value of all manufactures in the United States at 81
0O0 The average importations $3.50 600 This
makes 81 900 Of goods to be sold by retailers The
of 1850 gives the number of these 81 00 and their
capital $3.50 G00 five take the number o0O
and their capital $3.50 000 it will average 900 each
Now these persons SELL above, ST. OOo about
SIS EACH per We may consider this be reg
ular years business Now year of great confidence
and buoyancy. The banks discount freely, and importers
and manufacturers finding that they paper largely
disposed extend credits Each of those 10 dealers
possessed with the idea that the goods he deals are
rise. He consequently buys much he giving IL IS
months for extra purchases If these carre the
of per Of his usual trade the aggregate
s252 600 worth Of goods long paper These
large purchases rise, which is sustained by,
operates against consumption. The railroad expenditure
falls off the shelves full the banks break and the
city merchants have portfolios full Of long that the
banks trade and which cannot be sold The sight
them repentance They denounce long credits hold
meetings agree to cut down. caor against the banks
the midst of which the loud bsying of Tribune heard
advising tariff The merchant, having turned goods
into long notes-suggestve of the Of the sellers
told that the notes would be shortened by duties His
not long enough for that however mer-
chant who writes commercial articles for the weekly
religious paper edited by the Rev. Mr.. Beecher com
plains loudly that the banks lend money on call to bro
kers instead of dcounng long paper with it, He calls
for law prevent this of stock gambling
but il the banks discount long notes. would they not
encourage silk and cotton gambling The is however
that the banks lend call only that money which they
liable pay call in gold. II they brokers' to
ploy of town funds CALL they discount with it,
If the merchants would take example by this caution and
not sell at twelve months goods which they pay for
themselves in four months there would be difficulty Al
though the of the banks continue show large in
in discounts mostly of their call loans upon stock
coaera aordng little direct relief the market for
merca paper The weekly to-day are as follows
Loans. Specie. CleaHngs Deposites
Jan "a ..ss6654.67 SIC 69 aso sls,@sss6 SIS ia, a
Feb. &c.. ss,i4i,6g1 l7,i39 90 esI077O 567I2S47
Increase. I,s9i,s5O 7l,s6 Iaaosa Isst6l5
This increase ofdeposte mostly enhanced
from sales Of southern sterling bills the payment Of west
drafts These funds applied stock loans and the
call in per Mercantile paper Of the
best class short) is however, in demand greater
than the supply at Boston and Philadelphia the market