The Washington union., 1857-04-29

1t is simply from Ia cosols that the
existing dsquiet has arisen For the past eighteen months
the belief has been general that the dn which took
place during the war must be followed by stohs re-
turning tide, that the majority of dees and capitalists
haye been eager TO buy securities in the anticipation
that another month two would bring AN easy state
OF the currency, reduction in discount and rise
in prices, which, commenced, would go on for
long time. They have, therefore, been willing to
pay or per cent. for money, in order to be able
to hold consols which pay only per cent, but which
they felt sure would advance in price from
93 to 81 But they have waited in vain, and after
having carried this Improbable game for more than
year, they haye now become thoroughly disheartened
and at length closing their accounts 1t at about
this period according to their latest anticipaton that
the long continued pressure certainly terminate and
when instead of being realized, their hopes were last
week rudely broken up by finding that upward and
not downward, movement in the rate of discount
becoming necessary it seemed useless go struggling
any longer.
The consequence has been that consols, which little
while ago at o. have touched 92i and there is
prospect that they may still remain weak for short tme
since, although tho outstanding speculation has been
brought within moderate limits, il is still far from
being closed balanced But for this weight hanging
the market, however the prospect now would be
by unfavorable and as 1t is an early re-
bound not improbable since the signs in every quarter
that the decrease of bullion will not much longer
continue an opinion in which merchants, money y-dea
ers, and manufacturers all disposed to In
that it will appear has often previously happen
ed that the Spectators obstinate when they should
have been cautious and have taken fright just when the
turn approaching.
Much of the disquet of the last day two has doubt
less resulted from the banks having refused to redscoun
for the bllbrokeIs, bills having than month to
Usually they discount for these houses
bills in the for the public Now they will
only make advances upon them for fourteen days Any
of this sort always produces anxiety than
rise in the rate of discount All principal
commercial paper consists of three-months bills, and
every one becomes careful regarding his future commit
the moment any doubt is raised to The extent to
which they may be negotiable Probably at the end of
the next fortnight the bank will return to their old prac
tce the departure from it being merely precauton
ing but meanwhile all the traders and banking establish
mens in the great manufacturing throughout the
country, who accustomed to obtain accommodation
from bill-broker in the metropolis find themselves
drawn up rather tightly This diffusion Of the of
pressure has naturally caused excitement and this
excitement in the provinces has reacted upon London
AT the time the merchants of the United States
may rely that in quarter whatever is there the slight
est taint of unsoundness. The most careful inquiries
among the leading bankers and discount houses fail to
elicit any for supposng that the demand for
money which has 50 long prevailed is in any degree
sequence of overtrading 1t will be strange if some weak
houses not brought down by the restrictions Of
the past week. but at present there is of ncon
vcnience of this description AT the beginning of
the present month the amount of bills falling due was
unpreccdentcdly large, and they everywhere met
with and punctuality