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

ramihcations Of trade. Speculation is held in respect
full reserve, and the volume Of legitimate business is
circumscribed to such a degree, that unemployed CAPT
tai is largely in excess Of the demand, and the rate, 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 80 soon after
the financial crisis Of last 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 daring 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
Bees sua3g ~ s0Y :.sfss1 +.
AS q general rule, the old axiom that a bountiful
supply Of any commodity renders it cheap, is entirely
applicable to the precious metals, but exceptional cSses
sometimes occur, and the present times offer = sif2Stal
exempli6cstion Of them. The revulsion Of last Oetober
has passed away, but its consequences still remain. The
process Of liquidation occasioned by that event is ~ go
ing on. One half Of the community are paying their
debts, and the other half are receiving tneln.s AS
money accunulates, it is placed in Bank, because cspi-
talists have not yet fully recovered from the distsust
created by the financial difficulties Of last Fall. and will
not invest their means, unless retur1s are sure, and
profits reasonable. Hence, the Banks are ovefgowinp
with coin, though the circulation Of these institutions Is
s~S "SAOV Wv 0VSA0& ROs0Vs ~ U00 BUSu - tW6
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 whichsoccutrsd :
few months ago, leave their traces long after the. esssa-
ton Of their immediate and palpabe resulta. Itscsnnot
be expected that, because the Banks everywhere, have
resumed cash payments, and arc strengthened alu66t 70
the point Of impreguability by acquisitions Of aeold and
silver, confidence is suddenly to revive; ana s66r;ae 10
once more in full and undiminished proportions. The
laws Of political economy arc ~rigofous.i Cftedit destroy.
ed, can be regenerated only by slow Rrradasions. III T.
mains long sickly and languid, and cannot lie forced
into mushroom growth. We are even now WITNESSES Of
its progressive revival Trade is improving, andsressuum.
ing somewhat Of its normal character, but 'trices, With
some special exceptions, are still depressed 10 4ipoint
shows how closely pruned have been the. rSz3faasfca.
tons Of the credit system. Probably Standardization
will be needed to e~xtricate Us completely from HAaScisl
embarrassment, and place 10 where No stood tSrior. 70
the late monetary crisis ~ f#@3s ?-4 ~ s4r4a1
State Stocks and Bonds, attract he sstsntioans q steos.
lasors, who are at > loss to know how o phase their 81.
oessive funds. But yesterday there WAS . reaction,
which is probably but . temporary shtek 70 tlsapwiel
movement. The orders from Europe ~ said 70 81 II.
which is one Of the favorable signs Of the
lines. As Europe was . shsrer and sufferer in tie n.
troubles, 90 is she subject to The same peculiasity
# . money slut, and q dropping credit. Capisxlists
.broad rarely enjoy opportunities Of enployink tAeir
means as once with absolute safety asndlE * 1ecidsdi
md hence they are disposed to losk 81 9his, edo ~ he
for good investment. ~, thsssSsss, siir.
prised to learn By late foreign .dviess thae Ansfiosa
3tocks-especially those which sviacsd sonsthinr lie
irmness during the panic-are il considerable ds.1ad.
This species Of security, though subject to daaesrous
luctsasions, increases IN value very rapidly While the
Country il prosperous, and pays handsome dividends.
: i consequently exceedingly attrse6bsss. to tie money!
d men Of Europe, Who, under q
We obliged to content themselv$
aodsaase profit. sFsAsMT sFkSR
Inland navigation is being resumed nearly ! n11ssth
arlier than last Spring, and The openiag Of the great
hannels Of concentration cannot fail 70 have favor
bic edsct on trade At an early day. We have reason
. believe thss the New York Canals will b opened for
~'avigation on Or before the Goth Of April. The suapi-
, Of grain accumulated at various points in the intsriog
3 large, which will soon be released, a. vessels are nov
y their way to Buffalo, which is supposed they will /
zach BY the LIST Of April. The straits ale clear.
Il SQqghopt the West, there must sosn BE- > l-oqeenipg |
+ tls,chscks OF trade and bpaisess .fordipg indies,
~ ink9aaeed activity in all branches Of conmtrcs.
The papetJ9h esighboring cities, one and al, speak
{ dull times II Mhcirclss. The Boston Tfaoes
e. says IL
Probably the business q ~ city for many years, |,
'as not beeu 80 much depreseatAs At the,present time.
is this dspressipn &Hkt apone the large sob
ing houses, aud o. ethe. Aa<Re&dsTk formers are Do
ng very little, and the c~assate3 s agrjvai, and almpse
ntire absence Of ssles and 80 Its os lpesshandise :
ause DIR wharves TO look u ~ tine like Sunday. =
1uch less than one-hslfQ al The ussnl number Of anivaia
md the aVoraun Hncnsnta ~ noo3a I'm ~ ~>u <A:e -.