The daily union. [volume] (Washington [D.C.]) 1845-1857, 1855-03-15

FROM OUR COMMERCIAL CORRESPONDENT.


I YKw Yoax, March IS, 1855.
The shipments of specie during the past week again
pretty large reaching 400 The demand for
change not so active the supply small as TO
shipments necessary to discharge the regular pay
The transactions grow OF the
alous condition of American exchanges and the monopoly
which extent exists among drawers The exports
from this country England year reach about sl2o
00o against which bills drawn The imports Eng
land about 800 0O0 pay for which bills pur-
chased Now in the in which exchange has been
aged there general market for bstha is to say the
remitters viii buy only we'll known bankers
quenty instead Of the bill drawers having the demand from
all the importers, they have demand only banks and
bankers who buy the bills and sell them of
cent This Is not in any other country In London,
Hamburg, Paris, Frankfort any other city, when
chant has payment To make abroad he either buy bill
to remit his correspondent to ap him. Thus
pose merchant in Paris has payment to make in Hamburg
he acerains for what be buy in Paris bill Hamburg
The latest adves tell him for what his correspondent sell
in Hamburg bills himself II also ascertans the prices OF
bills acceptances in Hamburg all other points, and the
rates ruling in Paris He then chooses either first to buy
bill Hamburg; second, to order his correspondent to
sell acceptance him. or, third, whether he may buy
bills London Frankfort any other point, and send
them his correspondent for sale in Hamburg He adopts
cheapest mode These advantages out of the fact
that all European cities merchants and bankers not only
draw but are upon In the United States importer
OF goods He buy specie and ship it,
buy BILL He orders his correspondent to
upon hiu II remarkable fact that while the Uni
ted States in seventy years have gradually reached the
foremost rank in the commercial world bills the United
States unknown In the foreign markets This arises
colonial origin, when there capital much
business Few persons abroad wished to send money
this country and if they did, would not trust bill
ona merchant As wealth and credit and commercial
pac have been developed here the custom has not been
parted FROM bills the United States counter
change" are yet unknown in the financial world
This of things is not only tacit asperson upon
American commercial character but several times within
years money market has suffered severely in
quence at this moment it is again beginning to OPP
Thus money in London is dear, and perhaps
little dearer than in New York Nearly all the leading bill
connected with houses there. One of these
may the bill Market and sell for (say) Wednes
days $780, 900 sterling at a. With the proceeds
those bills he and ships the gold in the steamer
which in days. The gold in London may
9A per cent? and the house has the of it fifty days
before the bills being drawn sixty days. to be paid
The interest the present rate is y per cent This OPP
Grafton may be carried almost any extent and banker
with credit only might fill his London vaults with gold at
profit The shipments of the gold tend to tighten the
Market and the banks cut of the importers facilities for the
purpose stopping gold shipments The Tribune and the tariff
the gold goes for want of whg tariff Now the
obvious remedy which is always such time promptly APP
piled in other countries is for the importer instead of buying
bills order his correspondents to draw him. He will
then have benefit Of the time the bill instead Of Civ
ing it banker and the exchange monopoly will be bro
KEN The supply Of American bills good houses
regular upon the foreign markets. there will be
sons whose business will be to buy and the market for
them will established 1t has been the within
that the export Of American produce to
the general European markets has much increased
queny that there is greater variety of bills offering here
for remittance Bills Cologne, Berlin, Leipsc, Frank
fort, &c. common here.
The imports continuing small the regular demand for bills
is small but the supply is aso much reduced The value of
produce exported from this port from Janu
airy March is 826,48, than 40 per cent de-
cline from corresponding period OF last year. This is
mostly to be attributed to the stocks Cotton par
cula behind last year, the reduction being alto
gether in Alabama where the low state of the Warrior Big
bee Alabama rivers has cut off large supplies from
gons where crops good The bank continue
show very large supplies of specie The amount in the
city by far larger than before money consequently
very upon securities and good short business
There signs of regular glu of money but as yet
business starts and among dealers and merchants in bust
ness way, money apparently diff
cult got Although money abundant in the great
reservoirs does circulate and there is activity Of
commodities for the that prices continue too high
No one buys speculation the dearness of food
the quantities consumed
The bank returns of the week as follows;
Neo York City Banks.
Loans Specie. Clearings. Deposites.
March g. 9a3ssa5 Sie53,,a.9 sl6.s9aol $50 os9 l43
I" 10, a233i,7e9 I6,s70669 l6,76268 59,543,2a
Decrease, 5a,3B 1895
Increase, 3393sO As407s