American union. [volume] (Morgantown, Va. [W. Va.]) 1855-1859, 1858-11-19
COMMERCIAL INTEL4.iGEyCE,

The South, in d!sposiug Of her crop,
brings the North il debt, to meet which,
specie is sent forward 10 balance. the
account. We hear Of extended sales
OF Stocks, some little reaction having
taken place in consequence Of the large
advance during the month Of October.
There is a decided movement in real
estate, and an advance on out Of town
lots. Spectators arc busy dressing
up stocks; old names are carefully rub
ocd out, and so ingcniously arranged
as to deceive even the very fathers
low strange 1t would DC If AN old spccu-
Iator be caught buying at high prices
that which he had laid aside as useless.
We have heard If old steam boats
beng re vamred- come out under some
popular name, sncl, Central America,
indian Ernpire; and OF Tie lille tugs
lying IN our harbor, hardly one is
known by the. iorigina! numc. Thus
We mad ourselves surrounded by an in
numberable number of high sounding
words intending to impress the public
with their youthfulncss, when in fact
they conceal old age in its worst form.
Our banking system is being careful.
~ discussed; there are some mysteries
hard to be underst God; tie people lend
money to the Banks, on call, without
interest, the Banks lend ito the ucople.
charging interest. Tie system is a
perfect one so far as it may be, to loan
out money in the shape Of credit While
the real money lies dead in the vault.
we have twenty eight millions of
money, no more or less upon this.
the Banks have discounted more lhan
one hundred and twenty millions !:
thirteen millions are paid annually to
the Banks in the shape of interest
u sum nearly equal to one. half the
entire specie on hand. This loaninp
out money, four dollars for one, and
at the same time keeping the one IN
our possession, agreeing to pay the five
on demand providing it is net called
for, Is very well so long as confidence
takes the place Of real money. In our
currency we use the credit, based upon
specie in vault, interest paid and re,
celyed Tor the credit, yet the basis up.
on which the credit stands has not been
disturbed. We buy the credit and
think OF the specie, and 60 on. from
year to year increasing credit with.
out adding to the specie, Spectators
are benefited by expansion, because
they have bought on credit before the
advance, and if they can sell at as HIGH
price they MIKE money. High prices
benefit the rich because they get more
for the nsc Of their property: rents
advance, Stocks go up, dividends are
increased, but the sold wealth of tho
country Is not promoted. It is labor
that enrichcs, md unless this great in.
terest be healthy, none other can pros.
per. By labor, We mean every branch
Of industry. Suppose We throw aside
labor and buy all the Iuynries and nc.
ccssarles Of life, how long would our
money hold out? How long could wc
buy without producing. What its real
estate III this city. beyond theina,,s;o,,
for the family? OF no use, cxcep. il
he TO rent. And here comes in labor.
the foundation upon which we stand !,
the same pays the interest on Govern.
mcht Stocks, dividends on the railroad.
canal, Bank, and other securities.
NoW Yoyk CNroniule.