The daily union. [volume] (Washington [D.C.]) 1845-1857, 1855-09-28


NEW Yosx, Sept IS. 1885.
The continued export Of gold from London and Paris TO
The seat OF war than absorbed the receipts from
California aud Australia, and money has become dearer IN
London inducing the bank to- raise the rate from va
10 per cent The remittances Of the Turkish loan re-
ouire great deal aud the English expenses leading to new
loan viii require still The demand for money from
this cause not however, governed BY the usual influences
When gold flows out Of England under ordinary cireums
stances simply matter profit and to check II II IS re-
qared only diminish those profits by raising the rate OF
interest When however the demand is from government
for purposes OF State necessity price object The ras
ing OF the rate of interest, acting II does as warning
against commercial enterprise, tends TO concentrate capital
the the government The exports OF gold from
England to the East for purposes is estimated at
$500 600 weekly, and from France much more. The
opening the Danube provinces to the export Of grain
will probably swell this outward current which may also
be increased by the extension of the operations The
tendency u.s. therefore, higher rate of Interest in England
at the time that point greater supply Of cap
ia consequently of lower interest here Commercially
nothing due Great Britain from this country, while all
productions here In active demand consequently, the
volume Of all that constitutes capital is rapidly increasing
without existence of any unusual demand for IL, and
prces may lower relatively to its value England than
heretofore been accustomed to- This state OF affairs
may lead the Withdrawal Of English funds placed here
simply with the view TO lucrative employments than
could be found at home WHILE the other hand sums
be permanent Investment escape the
which may grow of the war. There indications
OF permanent rise in the value Of capital in England
relatively the continent. is stated that large
of French capital has been applied 10 great enterprises
ondonone the consolidation of all the omnibus lines of Lon
don Paris plan and the establishment of rival nsttu
tion to the Bank OF Engandremarkable instances of the
change the direction of capital since that OF England has
usually been applied to the wants Of all the world In the
United States since the days when the fathers of the revolu
ton applied the governments Of France and Holland for
few millions Of dollars for objects of the first State necessity
has
even the demand which local enterprise for it,
The has been enabled to discharge all its debts
and the expense OF the Mexican war; which nearly equal
TO that the revolution, not felt by the nation which
has been enabled also successfully to carry out large
enterprises with constantly decreasing dependence upon
foreign aid until it may BIO said to be independent
Of it for all Legitimate objects. Not only is this the
case but there are already indications that surplus
is coming into existence that will permanently cheaper the
rent of capital relatively England. sauary indication Of
this that cash purchasers of goods abroad are to consd
cradle extent substituted for the long English credits for
mery granted The operation OF the cash system to cheap
the of imported goods and to supply the markets with
better selections In the past money capital has been
very dear The large expenditure of capital for railroad pur
poses followed by great loss Of capital through crop
failures The of food thus occasioned time when
great numbers of skfu persons ready to enhance the wealth
Of country idle for want Of capital to employ them
resulted in general stagnaon Of businessa circumstances
which has partly caused great dimnuon in immigration
The number of arrivals the leading ports 5l5 against
1879 2DS in 1854 the first five months of the year. The
Irish migration mostly depended upon remittanccs from this
country. The British emgran commissioners reported the
sums last year fl 100000 1t evident that in
where work is and food very dear the
mittances be affected, aud the dependent
upon them lesened. These events apparently mainly
owing the uisappcation Of capital, the tendency Of
which always to the conversion Of floating into fixed capital
than the reproduction of floating capital Although
the Of capital in the country increases it is
difficult for the actual producers to command it than former
~. Farming is the foundation Of all wealth; yet in the
United States compared With foreign countries, little
capital applied farming. The land therefore, pro-
duces less and that production is exposed to the vics
tudes Of the than in England Mechanical employ
ments command capital with far greater difficulty than spec
uaons in real property The annually absorbed
for building immense. In Europe, including Great Brit
ain buildings remain from generation TO generation and the
cities undergo but little change. Edces centuries old s
the purposes for which they built and real
absorb very little capital In this country the
The cities almost rebuilt by each
incredible The New York Of the present day almost
entirely city since $780, What then the city
been nearly rebuilt with great alterations in the Streets and
entire city large the old has been built
it in expensive The ia true in Boston,
and other old Cities while incredible number Of entirely
cities have been built in the West This and
tnued expenditure added that in railroads. ships &c.
productive of revnson every time the weather
fail If portion Of the capital expended applied
agriculture guarding far practicable, by irrigation,
drainage ubsoilng &C., against the yicsudes of climate,
the annual product would always be greater and the loss by
unfavorabe less extensive This year the climate
and weather have favored produ elton when need
ed and capital is likely to be abundant whatever may be
the effect Of the expenditure In London. Starting
this point, it is impossible that the United States may
rival England herself in her monetary supremacy and
control at least the operations Of these two continents
America by extent of capital England formerly drew into
her docks the wealth of all the world by advances of capital
to producers the condition OF consgnments Of products
The cotton Of the South long slaughtered under this
operation but the United States getting above that
in their existence Its capital protect its
products The regular operation Of real capital will
do what Mr.. Biddle attempted with paper credits
The money market is well supplied and there is appa
rnty Improvement in the rate for money although
banks under the specie DRAIN disposed to curta
exports OF specie for the past week reached nearly mil
lion and the bank movement follows:
Sept ...$ 3970o St1232o S5,5a6 424 gel 2G3 sel
:" 2a...... se1s ,7at ii65Sf9i l9,sias95 Gc762,s5s
Decrease. si5a75 $3.50 POI 90
The depostes have decreased S. 900 since August
H. and the loans have decreased but So that time