The daily union. [volume] (Washington [D.C.]) 1845-1857, 1855-03-29


The decline very large, but the demand for coinage
for Australia had very much subsidized in 1854 IL had in the
preceding been large, following the OF events
here in respect California in the first years Of discov
cry 1t TO be observed however that all the British coin
age money for cuation higher denominations than
"a So pieces soyereigns coined and 600
in half soyeregns, equal TO eagles The
rey Of small silver coins turned from the mint
siderable however The is generally the at the
United States mint the largest Of coinage Of
$40 pieces the channels of circulation being filled with paper
dollars This coinage OF large pieces accurately assayed at
the United States Offices combined with that singular state OF
the exchanges that has been before alluded to- greatly
the export OF the precious metals from the country
The that hundred millions of imports and hun
ded and ten millions Of exports from and to Great Britain is
all conducted with bills drawn from this side Of the water is
anomaly trade In all commercial cities of the Old
World exchange and acceptances to be had upon all
other cities except those OF the United States.
We nearly century old, as commercial nation,
and attained credit enough have bills drawn
The merchant Of New York has but when he
wishes remit viz to buy bills TO ship specie himself
The merchants Of all the cities of the Old World either
buy be dran por the market best they
arbrate in direct exchanges in many ways to
avail themselves Of the state of exchanges between and the
abundance Of money in, all other cities than their The
exchange business is entirely in the hands Of few
banking houses that It amounts to monopoly Merchants
of good standing who have shipped produce frequently
not sell the bill drawn against it, with bill Of ladng at
ached within Of what banker gefor
his sixty BILL and frequently the money he gets for the bill
goes with it in the steamer and then employed
forty fifty days before the bill is to be paid Thus the
buyer Of bill is frequently the lender of TO those
bankers in whose bill he has great confidence curious
of this state Of affairs happened last The
highest rate for exchange per cent, q to y
cent. under what it known that it cost to ship
specie. Many remitters win buy bill at lO, rather
than ship gold in less than 1000 Nevertheless
every packet carried large in gold, although good
bills could be had at to g. The fact attracted aten
slx.l ~ sncx
French 1t turned out however, that the
BILE eagles shipped hence and reconed by the Rohs
chds into Frederick dos, Louis dors, and other gold
pieces proaby under the then regulations The Prusan
rescnded those regulations and the proceedings
stopped The amount of TO be RENTED to the United
States the continent and from England is annually
creasng addition to the large remittances due for pur
of produce and these operations afford ample demand
for the which sellers Of goods draw upon New York
chants The establishment of exchange would give
great relief to the money market here at times since would
bring the capital Of England into play for the adjustment Of
balances
The British trade Of the past year shows diminuon
from high figures of the preceding They have been
generally as follows