The emigrant aid journal of Minnesota. [volume] (Nininger City, Minn. Terr. [i.e. Minn.]) 1856-1858, 1858-04-07
Our New York C0rresDOndence.
New York, March q. 1858,

""HS"t -" sAC ~kpoAVOCAJ PEctCEudSuG1l t90RuOT, WHICH
seems to be almost universal throughout the various
manifestations Of trade. Speculation is held in respect
full reserve, and the volume of legitimate business ia
circumscribed to such a degree, that unemployed CAPT
tai is largely in excess Of the demand, and the rates Of
interest, on undoubted security, are certainly low enough
to suit the exigencies Of the times, A great many peo-
pie are p~erplexed at the plethora Of gold 20 soon after
the financial crisis Of las: Fall, while others are puzzling
their brains to reconcile the superabundance Of capital
with the difficulty Of obtaining the same long credits
on ordinary commercial security as during the period
Of imitation for two or three years anterior to 1857.
But, the most logical argument We have met with on
the subject, is the following, from tho New Orleans
Bee - -.
As q general rule, the old axiom that a bountiful
supply Of any commodity renders it cheap, is entirely
applicable to the precious metals, bu: exceptional csses
sometimes occur, and the present times offer a siShal
exempli6cation Of them. The revulsion Of last October
has passed away, but its consequences still remain. The
process Of liquidation occasioned by that event is set go
ing On. One halt OF the community are paying their
debts, and the other half are receiving them As
money accommodates, it is placed in Bank, because CAPT
taists have not yet fully recovered from the distrnst
crested by the financial difficulties Of last Fall. and will
not invest their means, unless returns are sure, and
profits reasonable. Hence, the Banks are overlooking
With coin, though the circulation of these institutions is
far below the average point. The rude lessons. Of the
past are too recent to Be forgotten, and those who are
we'll supplied with ready money prefer for the most part
to let It lie Idle, rather than incur the smallest risk in
its Investment. Disasters, like that which occurred q
few months age, leave their traces leaf after the eesss-
ton Of their immediate and palpsble results. It cannot
be expected that, because the Banks everywhere have
resumed cash payments, and are strengthened almost to
the point OF impregnability by acquisitions Of gold and
silver, confidence is suddenly to revive, and spring 10
once more in full and undiminished proportions. The
laws OF political economy arc rigorous. Credit DESTROY
ed, can be regenerated only by slow gradas;ous. It re-
mains long sckly and languid, and cannot be forced
into mushroom growth. We are even now witnesses Of
its progressive revival Trade is improyine. and re.am.
ing somewhat Of its normal character, but prices, With
some special exceptions, are still depressed to y point
which shows how closely pruned have been the rasbnifca.
lions Of the credit system. Probably another season
will be needed to extricate us completely from financial
embarrassment, and place US where we stood prior to
the late monetary crisis =
State Stocks and Bonds, attract the attention Of seeos. |
lators, who are at . loss to know how to place their ex. |
cessive funds. But yesterday there was a reaction,
is probably but q temporary check TO the upwsrl
The orders from Europe ars said to be in.
which is one Of the favorable signs Of the
times. As Europe was q shsrer and sufferer in the re. !
troubles, 80 is she subject to the same popularity
Of a money glut, and a dropping credit. Capitalists
abroad rarely enjoy opportunities Of employing their
means at once with absolute safety and 1T decidedproat
md hence they are disposed to look to this side Of the
water for good Investment. We are not, therefore, a.r.
prised to learn BY late foreign advices that American
Stocks-especially those which evinced something like
during the panic-are in considerable demand.
species Of security, though subject to dangerous
increases in value very rapidly while the
Country is prosperous, and pays handsome dividends.
It is consequently exceedingly attractive to the. money
ID men of Europe, who, under oef&a3lai Inn !. s~inounis
ire obliged to content hemselv.lass66ffiee y tetseaflay
moderate profit. G&s3a : 'ssSseS
Inland navigation is being resumed nearly . month
'arlier than last Spring, and the opening Of the great
channels Of communication cannot fail to have a favor
effect on trade at an early day. We have reason
% believe the: the New York Canals will be opened for
navigation on or before the Goth of April. The quaint.
y Of grain accumulated at various points in the interior
s large, which will soon be released, as vessels are now :
N their way to Buffalo, which is supposed they will {
each BY the LIST OF April. The straits are clear. !
Throughout the West, there must soon be q loqsening
the.checks on trade and o~usisess, afordipg indica, /
Of increased activity in all branches Of commerce. !
The papers Of aneighboring cities, one and all, speak G
# dull times in business circles. The Boston 7+uyel- .
e. says - Il
Probably the business of this city for many years, e
las not been 40 much depressed as at the present time. U
Especially is this depression felt among the large job
ling houses, and on the wharyes. The former. are do
ng very little, and tie cessation Of arrivals, and almost
ntlre absence Of sales and movements of merchandise !
a'ise or wLarves to look all the time like Sunday. G
VI uch less than one. half OF the usual number of arrivals, :
md the average receipts Of goods will be ,esa this year.