The daily union. [volume] (Washington [D.C.]) 1845-1857, 1855-10-11
Bank ofFranoe.

Nav
JJ aiy'' 59,oa0'55l l7,22s,8ee 81
August, ", 6s6'sSd i9dlegds =
During large portion Of the time money cheaper in
Paris than London but last spring the English rate Of in
erest fell 81 which, in the intimate relations between the
two countries caused the demand Tor money to be greatest in
Iondon The bank then raised the rae rapidly TO per
cent when money became cheaper in Paris the rate there
being s per This accelerated the demand in Paris
and the bank put to cent? which has prob
aby been followed this by similar rise 10 London,
trg he rate IN both cities per cent IL has become
tain that France will be importer Of beadstus for the
yeor and that Germany will have but little spare Hence
u the military drain Of specie must be added that for
Usually when commercial operations the drain of
specie from England it accumulaes in the bank at Paris
aad returns with the changing value Of money. This
year. since May about $50 has been drained from
both banks addition all has been received in Paris
London from the proceeds of the loan from California
and Australia which raises the drain SO 600 000 and the
gold yet be remtted 00o for the balance Of
Turkish loan well $1,000 GOO per month in coin
drawn by the military chests with the armies in the field in
addition TO the drain for about 10 set nhat is to say
with oneha the specie hand which the banks held last
YEAR they required to meet increasing wants, with
hortcop requirements in addition for the coming year.
The position grave one; but Offset it is generally
admitted that the regular business operations of France and
England, well the United States never in
sound condition. The and sasnaton of the past
year have been admirable preparation for financial difficult
ties that the may The United States stand well,
since gold, well breadstus, sell WE'LL if
should feel the adverse influence of the money strngency
which is however, less likely, the consumption of the
past year probably exceeded the production of goods and
the crop cotton win not be in of moder
business for the year. The difficulties Of the French gov
arising from financial difficulties enhanced by
those which threaten from the DEAFNESS OF foods and is mat
great admiration to find that true economic principles
have far penetrated into the councils of governments that
find in free trade the solution. The laws OF
been sedul protected
those Of England. Not only the frontier
departments carefully guarded from being ruined through
the importation Of cheap food but the interior departments
were guarded by duties from being ruined by each
other. If the harvest in department was good
as to make food cheap and that in its ncrhboring
department failed altogether the hungry ahab OF the
latter were by the paernal government through
the operation of laws from being ruined by the cheap
their neighbos The government that devised this
wisdom but slightly advance Of those Who nl793, de-
creed the sale of food oaeta price, and ascnh
ed find disappear altogether in consequence The present
government however recognises the utmost freedom the
sole means ameoratng the dearth Ii other nations
possessed that which France wants. the only of pro-
curing all obstacles in the way Of its ngress,
and the utmost security to its According
y duties removed from for the coming year. and
every facility granted for its conveyance into France for
consumption. The rivalry which two years since
ed between France and England for the possession OF the
surplus food Of other nations will this year. In Eng
land much dependence has been placed upon the Dragging
that this TO the
great abundance OF the and they destined to be
disappointed The surplus Of food in the United States win
by be great has been estimated. Potatoes
and wheat than expected the former
being much affected with the rot The supplies of farm pro
dace generally, however, such at the prices which
rule will well reward the agrculturists, and give
great impulse to business.
The activity of the fall trade thus far has conferred great
profits holders of goods and encouraged second
orders that mporatons begin exceed those
Of The imports Of dry goods for the past week have
been 81 against S446,764 for the same period last
1t is however, the case with bbers and import
er that the pressure of last year having succeeded
oage Imports the quantity Of goods 10 be carried
larger than usual and the this fall has been to
bring the stocks down close for the end OF the
and many descriptions of goods have been fact
which has sustained the prices Of ALL This is very avora
bic preparation for the spring trade for which it is generally
anticipated the mportatons will be very large 1t is also to
be Inferred food and money both to be dear abroad
that the consumption of goods in England and western Eu
rope will not be great prevent renewal OF consgn
ments to this side in the of last years therefore,
caution ordering goods must be the safest All these
are however, elements Of large customs duties probably
larger than before in and after OF
comparative stagnaon the amount in the treasury after
large purchases the public debt still nearly $22 600 000 the
chances that large mportations growing out of an extra
demand for gold abroad would operate nconyeneny upon
the duties. Great impoTtaons resutng from pa
per speculation with them in the gold paid into the
treasury for duties, their andote but when in the
case they likely arise from payments for gold
sold abroad, the additional demand they may for
gold for duties above the expenditure OF The
become of embarrassment and reduction 10 tho
general level of duties be the proper remedy
Should the exports be carried O00 present
level of duties the goods returning in payment would
give SIS 900, 600, making with the land revenue possibly
Ss50O0 600 per which would swell the pres
ent surplus in the treasury perhaps to sb0,o00000,
inconveniently great even for gold country
The supply of money has been fair, although the banks
have curaed their discounts following the continued dim
mutton Of the deposites. The weekly follows
Specie. C1earings. neposes
Sept 29.. s5225 S9yi92i Sis9o97s7 S57ahs 747
90. 6...... 955l2Ual it,uo6T 81 055iSs 55526. 473
Increase.... 1889 a,lf5, 81