American union. [volume] (Morgantown, Va. [W. Va.]) 1855-1859, 1859-03-25
COMMERCIAL INTELLIGENCE.

The demand for cotton in Europe continues,
and prices are firmly maintaincd. The south
have good crops and can dispose of them on
| advantageous terms. The south aud east have
prosperity, but that groat valley, lying towards
tho setting sun, has no smile upon its broad SUR
face. The country is depressed and the poople
sad. Why il thisf Her staples have faiisd
| snd her natural productions no longer find a
market in Europe. She is undersold by a COM
pettor possessing great advantages, and driven
rom thc~field. What is to DO done The
great west cannot be idle. She must eithor
compete ia tho markets of Europe, or look out
some other employment for her people at home.
During the Crimean war, Russia was shu, up
In the Black Sea, and America supplied Europe
with bread. Peace came and the granerics oil
Russia, cmpted their conteats into England
and France, since that timc we have been shut
out. We are competing with Russia in tho
production of whent. We produce under high
prices, she under low. She underselIs us a
broad, and can at this time lay her wheat down
on our shores under the shadow of tho wIngs Of
the eagle. This not only true in the ra sing of
wheat. but will apply to almost yerything we
can mention Is higher here thar at any other point
That rs to say, we command moro Of the crcu-
lating medium, gold and silver. We can buy
under our system cheaper than VIC can produce
most strange state of things, yet true. How
II VIII end, time, that certain revealer of events
VIII inform us. Wo see some indications Of
what may be expected in the state OF finances
existing atWashington. All the Departure nts
are calling for money. The Post-offce is said
TO be six months in arrears quite equal to sir
millions OF dollars. The officers of the Navy
are asking for an increase of pay, the expenses
OF siving having doubled while their pay remain
ed the same. tbs so in alLthe departments of
government. Tho States and cities are in like
csnditon, all borrowing money, living beyond
their means j.. sliding gradually into debt.
The people have caught the disease, and are
travelling the same road. They begin to com,
n 10 hn pIn ,,r al
on labor-adds to the cost Of production, en-
courages importations from abroad, puts the
cost oil what we produce above that of The ma.
tons trading with us, and we arc C compelled g. to
pay Tor what we buy in gold and silver, instead
ot the products of our labor. How long think
ys, a country can be prosperous with such odds
against il ! a.
There is but slight change in the value of
money. The banks have extended their loans
at the risk OF losing specie. Notwithstanding
there is slight Improvement in rates. Tho
last remittance from California, was much light
er than usual The shipments 10 Europe being
heavy, leaves us with a reduced average. Ex-
change continues at the specie point, 0AalO
for sixty day bills. The impor,ations are ex.
oeedingly heavy while business is droo ping -
inns arises from the fact that southern buyers
have leil town, and merchants arc confined TO
the home and western demand, the last of which
VIII be exceedingly light. No country can buy
Tor any length of time without selling, and as
wy "cst"d'c hotnihS 10 sell excepta an exhausted
credit they cannot buy. Prudent men give sor,
rowtul accounts from that country, their being
neither money nor produce, and tho Sc expec Il no
topay are exceedingly cautious how they buy.
FROM this time to the close OF the season, we
must expccta dull business, ccom panied by
reductioh in the value of merchandise -.
The demand for goods in this country has
been 30 great as TO cause an advance in wool Of
iorty-two per cent, and of merchant Else in l. ng-
land and on the Continent, to fully fifteen per
cent. So much for the high price Of cotton and
the liberality OF bank discounts--the two work.
ing together in producing these mighty results.
EXTRA SESSION OF CONGRESS.
lite believed that we are to have an extra ses-
SION OF Congress, to provide for the deficiency
In the Post.ofiicc Department, and devise the
ways and means for carrying on the overnm mt
II is not unlikely, with new Congress, that be-
Tore adJourning they will give us tariff If we
Dehevcd that Congress would exercise wise
discretion, we might rejoice at such an event
AZ revenue laws heretofore passed have favor
ed the rogue at the expense of integrity. To
such an extent has this been carried, that the
Importation of many articles is confined to the
unacrupu!ous.-N Y. Chronicle.