Evening star. [volume] (Washington, D.C.) 1854-1972, 1857-09-11
WASHINGTON NEWS AND GOSSIP


of the criticisms of the New York city CONNER
cial journals upon the late Knoxville Conven-
ton, while frankly admitting that the result,
so far, has merely been the generation of foren-
sic gas, though the supply thereof had pre-
viously VIGOROUSLY glutted the market. The
Dispatch, in this connection, wonders over the
change that has certainly come over the dream
of those journals concerning Southern CONNER
cial progress in the last three or four years,
previous to which they were exceedingly soli-
citous to bring about increased production
throughout the South ----
The explanation of their change of tone on
this subject, lies in the fact that in that time
the South has, with one accord, turned its at
tention to the necessity and certain profit of
direct trade with Europe, and it has become
clear that the system of domestic agitation for
1t to which the leaders in the movement have
resorted, bids fair soon to result in something
more than forensic gas, which is, in effect, the
black smoke coming frem the engine funnel
when the fire is first lighted. That is always
premonitory that the steam will shortly be up
to effective power, it will be remembered
The time is coming, and at no far distant pc
ventions will be seen in the escape of the South
from her present commercial dilemma of having
to pay tax to the North on all she buys
not produced at home, and all she sells beyond
her own limits, whether consumed at the North
or abroad.
The invidious criticisms of which the Dis
patch complains are caused by the now general
realization at the North that in due time North
ern capital to be used proftably in connection
with Southern commerce, must be located at the
South, just as European capital invested in
Northern United States commerce has now of
necessity to be permanently located in the hands
of merchants residing in New York city
The NEW YORK MONEY MARkEr-As it has
become q matter of prime necessity for those in
trade everywhere in this country, and more
especially for those in the banking business, to
watch the New York thermometer, we transfer
to the Star the following from late number of
the New York Commercial Adrsrtiser, as en-
bracing, perhaps, the most reliable sketch of
the existing condition of the financial affairs in
Gotham
The MONEY MARKEr.-The contraction i'm the
discount line is the largest that has ever taken
place in any week since the banks commenced
the publication of the weekly reports now more
than four years since. One of the most severe
periods of calling in of loans, previous to the
present, was at the commencement of report pub
LEGATION under the present law, when the amount
of discount gradually fell from S97, ss96l7 on the
9th OF August to SCI, So2 400 on the 18th of No.
vember, decrease of SIS, OU7 POS in little more
than three months. The largest contraction in
any one week, however, was - 400 292, not "A
great deal more than one half reported during
the present week
In the succeeding year, 1854, there was SINH
lar state Of things, commencing at the identical
time, but continued little longer On the 5th
of August the discounts amounted to Sa3. 7,3 All.
and reached the minimum on the 9th of Decem.
per OF $50 366 decrease Of Sl3, 129, 795, being
less than that of the preceding year, and extend.
ing over four weeks more of time. The largest
one weeks contraction during this period was
-, 76l $50 -"
In 1855, the contraction commenced two yreels
later, on the 18th Of August when the discounts
amounted to SlU1 Isl 060 and lasted NV until the
Sith OF November, when they had fallen to
SR 312 ,iCe, decrease of IS Sal $50 The largest
weekly reduction at this time was 81 $40 3Oa
Last year the summer maximum attained on
the I'd OF August, SIP ,22l ,563, and the m nmum
showing decrease of 50, III ,92i and the largest
weekly contraction was 81, 162 $40
SinSularly identical in point of time with the
n iOut preceding years, commenced the present
counts reported were Si22 or $50 and on Satur-
day last they had diminished to SIP 221 365-a
decrease of 80, SCI in only four weeks showing
weekly average reduction of 50, 1853 g72 or
nearly up, for the whole time, to the maximum
contraction of single week in 1853, heretofore
considered the seveTest pressure passed through
IN New Ork since the time of the general sus-
pension Of specie payments by the banks and
when the average weekly contraction of the four
teen weeks during which the restriction con-
unued was only Si,O7l,7i3
1t Is not our purpose to speculate at this time
whether the present state of affairs in to continue
as In previous years, until the middle of Novem-
Der or first of December. From the extraordinary
efforts made by the banks to strengthen their DO
sitions, we think the pressure, though more Sc
we're for the time, will be of less duration But
we think there is moral in the facts which We
nave advanced, worthy the attention of bankers
ana the mercantile community in genera. 1t is
now four years since the banks commenced
making their weekly reports. During each of
these years we have seen exactly the same state of
affairs occurring, and at very nearly the same ex-
act tme-a summer expansion during the dull
months, succeeded by sharp contraction at the
very time that the fall business is about to COM
mence, and continuing until the time has ar
rived for US to begin to realize from the crops of
tue year. We have neither room nor time TO-DAY
to make the application. We leave that to the
Intelligence Of our readers.
The FAR NoRrH-WEsr.-The contract not
long since made by the Postmaster General
with the Pacific Mail Steamship Company for
supplying Oregon and Washington Territories
extension along the coast, up to the British DOS.
sessions, of that Company's line from Panama
to San Francico-of course in other and smaller
steamers-is subject of very general congrat.
ulation among the newspapers of the CONNER
cial cities, without distinction of party Well
it may be, for we really know of nothing of late
accomplished by the Government more needed
than to put the mails in that quarter on a proper
footing. Day by day our Pacific coast settle
ments are becoming of more importance to the
rest of the Union, and our Pacific Ocean com.
merce is rapidly increasing in the value of its
returns for the capital and labor invested in it,
In no quarter Of the Pacific is the increase of
its Importance more marked than in that of the
North West coast, with which, up to the COM
pletlon Of this contract our mail facilities were
most insufficient. We take from the New York
correspondence Of the Inteliigencer the first of
the two following extracts, showing the manner
in which the formation of the contract men