The emigrant aid journal of Minnesota. [volume] (Nininger City, Minn. Terr. [i.e. Minn.]) 1856-1858, 1858-04-07
Our NeW York COrresDOndence.
New York. March 27 1885

seems 70 De almost universal throughout the various
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 rates Of
interest, on undoubted security, are certainly low enough
to suit the exigencies Of the times, A great many peo-
pie are ~perplexed at the plethora Of gold 40 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 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 - &c.
Al q general rule, the old axiom that a bountful
supply OF any commodity renders it cheap, is entirely
applicable to the precious metals, but exceptional cases
sometimes occur, and the present times offer a siiahaal
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 vet go.
ing On. One half Of the community are paving their
debts, and the other half are receiving tnen.s AS
money accunulates, it is placed in Bank. because cani-
talists have not yet fully recovered from the distrnst
created by the financial difficulties Of last Fall, and will
not invest their means, unless returns are sure. and
profits reasonable. Hence, the Banks are over6ovinp
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 suppiied 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 a
few months ago, leave their traces long after the cessa-
ton Of their immediate and palpakle results. It cannot
be expected that, because the Banks everywhere hsye
resumed cash payments, and arc strengthened almost to
the point OF 'mpregnabl!ity by acquisitions Of gold and
silver, confidence is suddenly to revive, and ser;ae. 10
once more in full and undiminished proportions. The
laws OF political economy arc rigorous. Credit destroy.
ed, can be regenerated only by slow 2rsdatious. II Re-
mains long sickly and languid, and cannot be forced
into mushroom growth. We are even now witnesses Of
its progressive revival Trade is improving, and resum.
ing somewhat Of its normal character. but prices vnh
some special exceptions, are atill depressed to !, point
which shows how closely pruned have been the rsaafaifca.
lions Of the credit system. Probably another season
will be needed to extricate us completely from 6nancial
embarrassment, and place Us where we stood prior 10 !
the late monetary crisis a.
State Stocks and Bonds, attract The attention 81 stecs. !
.lators, who are at . loss to know how 70 place their 81.
cessive funds. But yesterday there was q reaction,
which is probably but q temporary check TO tie apwirl
movement. The orders from Europe ars said to be in.
;reasing, which is one Of the favorable signs Of the
lines. As Europe was 3 shsrer and sufferer in the re.
troubles, 50 is she subject to the same peculiarity
a money glut, and a dropping credit. Cap;txlists
abroad rarely enjoy opportunities Of employing. eheir
means at once with absolute safety! and It de~cided;pQsgat
md hence they are disposed to look to this side Of The
water for good Investment. W are. not, therefore, alr.
'rised to learn BY late foreign advices that American
'tocks-especially those which eviaced something ike |.
irmness during the panic-are in considerable demand.
This species OF security, though subject to dangerous
increases in value very rapidly while the {
COUNTRY is prosperous, and pays handsome dividends. 9
t is consequently exceedingly attractive to the money
d men of Europe, Who, under o ss&lii : ( s;rdanIAi IS, +.
Obliged d.s to content 'hsn's'' ,sSI'als. = 3 - ,
Inland navigation is being resumed nearly . month {
arlier than last Spring, and the opening Of the great =
hannels 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 !;
avigation on or before the Goth Of April. The quaint.
: Of grain accumulated at various points in the interior
large, which will soon be released, as vessels are now I
y their way to Buffalo, which is supposed they will g
Zach BY the LIST Of April. The straits are clear. =
the West, there must sosn be q loqsening y
the-checks on trade and ~ouaisess, sfordipg indica- /,
Of increased activity in all branches Of commerce. p
The papers o. snsighboring cities, one and all, speak o.
{ dull times in bnslnesse circles. The Boston Tsayel. o.
says:- r
Probably the business of this city for many years, 9,
az not been 40 much depressed as at the present time. q,
specially ID this depression felt among the large Job.
ing houses, and on the wharses. The former. are do
g very little, and the cessation Of arrivals, and almost ;,
absence Of sales and movements Of merchandise !.
DIR wharves to look all the time like Sunday. o.
llch less than one. half of the usual number of arrivals. p
nd the average receipts Of goods viii be sesp this year. t