The daily union. [volume] (Washington [D.C.]) 1845-1857, 1855-03-22


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The demand for money caused BY the notion that /, "a,
going be cheap the rise In priccs and the ab
ton for war purposes in China and Europe oatr IL
above supply added to that coming from Australia AZ q
make money excessively dear The effect OF The ua
produce the counter opinion that money about %
dear hence the disposition to curai credits down
business enterprises and stop production until mau
ring obligations having been met, money has become IL
reality cheap, with every probability OF becoming more
So unless sudden restoration OF pence should sim
uate business enterprise to large demand or
money II is probably the however, that reduced
prices for food in Europe the harvest appgaache
accompanied by peace win induce demand for good
so large as to prevent the usual supplies 10 this mssu
and therefore 70 depress exchanges. The bank line
discounts is nav $4,000 css than in the fall 1885
because the Institutions cannot get enough good bushes,
al even less than the legal rateI per cent per
the former time when their loans were S5oooooO higher
money in the TX a. per cent per month and s
banks were run down with 'otfsrngs at almost any rate
The difference that then the quantity paper outstanding
was very great and smaller than for very many year
at this season. large portion OF the funds which the bank
are offering tho country balances OF banks From Tho
South these funds usually largest at this season when
the weight the cotton crop has come forwards and e
uence Of railroads OF late years has been to keep the western
balances larger through the winter than formerly This
year the extraordinary high prices Of produce have a
all available lots to come forward freely. As the
mer approaches, and the spring purchasers OF good,
with maturity Of fall payments absorb the country cred
its it causes money to become more abundant viii h
city merchants, who the creditors, and ,hey hu
heretofore employed their idle funds upon s,ocks ss
Ia now far less disposition do this, since the immense
losses of the past year afforded lesson which has not m
faded from public recollection; nevertheless the hst M
roads are once demand, and lots being at
prices 20 per cent higher than several months sas
II also the that English capital flows hitherwad
confidence in American investments becomes restored and
fears Of enhanced taxation in England evssts hold
seek avoid such contingency. There are these
Also who seeing the strong dsrepute into which the G
cratic classes have fallen In consequence Of war disasters
fear innovations vested rights may be carried
the extent Of reforming the vast debt which haa 0'u
British industry. The army, lighting establuhnat0
has cost in the last forty years. f7o0, 900. That
would have paid OIL the national debt The debt exists vt
the the army lies helpless before Scbastopo TN
debt created by the artocracy for royal interests The
people paid IL while dsxzled with the glory reflected u
aristocratic crests That glory which was called na
was all that the people got for the money Tbs gor
has departed amid the ross of the Crmea and the ae
racy are marked for "reform which commenced ws
shall set limits its action When the broke oah
its popularity drew such crowds into the ranks OF the army
that II was stated that the standard raised 20 make
enlistments select. We hear that "eompuMy
means must be resorted to to I'LL the ranks The a
racy are eonfessedy incapable leaders The people will
longer ell the ranks. viii they continue to pay ~
point impels capital 10 the United States aeeady
from Europe as from the British islands, extent ba
ready influences exchanges as well as prices.
The imports at this port for the week sl,S6iR
against s 1888 1871 in tho corresponding week last year
nrI mt The Ia
uary.
The produce markets very firm. Cotton bas fA
speculative inquiry at III for fair New Orleans. ls
with better demand, sells 50 s71< ~ rs, mised q
western /; southern -four, 80 50 rs. Rye, 80 50ss
Corn neal 81 u.s. Wheat sells 81 30 white southern
plenty, at 81 80. oats plenty, at 81 cents Corn hh
demand Tor exportsaes 81 cents old round yellow ~
is in fair demand sl4 rs old mess SIS IS do. Bee
hrm . a Is cents country mess. Lard o14 ASK cents
Notwithstanding the large production Of gold Cars
MIA terrible financial rcvulsion has overtaken hef-
among the miners who produce the gold and exchange
manufactured commodities but among the speculato'
their agents, the bankers The failure Of Page Bacon
Impaired impulse to discredt in San Francisco Ii
upon the banks resulted in the failure Of Page Bacon
ans A Co., Wells, Fargo, Co, with Other sass
These banking houses, connected with express y
panies holders Of deposites 20 considerable sa
and like Of the financial concerns, conneeiso
speculative sales OF goods the working people o. s
MIA The quantities Of goods sent thither, and we
legations growing out of them, would have suieed ef ~
mercial people four tunes and wealthy ssN
forna. The necessary depression which followed iaa
action has destroyed all connected with H. and nsap
The result occurred in Australia. This resah =
measurahiy expected and the did not affect Waf"
II than counterbalancrd by the foreign new y
the orders for stocks II IL obvious, however that e
ing up Of the machinery by whicb the specie noEe"es
been heretofore conducted win for weeks ehecs
ceipss this side II the continent The boat sresga
&92, 900. II the specie does not come, however hp
60 While the production Of gold continues, hoss'e
find its way where II Is most wanted there snos
no bankers At all.
The stock market very baoysnt. Prices re- -
per cent the beat descriptions Of railroad ss
under orders from abroad well speculative psfsh''
home account. ,s
Yours, PkhAiN'