The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1867-09-12
European None, Market.


4 ralsnse Of q quarter per cent. in the price OF
| Consos will provoke many repetition OF the IN
oriry so common during t lc last SIX months, why
business j. so dull. The. - Widespread Dti'el
that trade is undulV der ressed. and the bclei Is
M, without some TO- .ndaton IN reason, even
rhouqh the dapresso'. itsclr may be cxpEcablc
from ordinary causes The Bank rate OF discount
is low 1t has never Jeen lower Bills are, however
discounted in what called the open market at even
lessrates than thai charged by the Bank OF England
The value of nor ~ on the Stock Exchange is lower
still The rate laid for its use on short loans does
noi exceed one er cent. per annum. And Yet IL 10
said an unexampled supply creates no deh'ahd
et the rate of interest be reduced ever 80 low no
ono is excited TO new ventures or 10 increased
trade The ordinary Taxims OF political economy
appear to fail. There is no movement Ill thc
Commercial world The slHggihhncss OF the mer-
camille temper Is invinclbe. lhe cefta,i"{ "i
n,0ve abundant harvest in America ana tiis i.ns-
nact of ~, ample harvest at home me-circumsiances
pph;ob i'm common times are powerful To re-
yiye the dropping spirits Of men q, oil business
arc th;s wear without influence. There Is dead
and an unhealthy cam' ,..,...,,4o5
1be position of the money market is undoubted-
IL singular, if not uneEamped. lEc Danh rate Is
at two per cent. and as the bank hcldS nearly
fifteen millions of money in hand to meet cllrrchb
liabilities amounting to little more than twenty
six millions the rate ought according 10 tle orul
nary pocT Of the bank directors, to be still tuI
ther lowered TIE Bank OF England Is moro1;fr nor % M
Golfers an amount Of coin and bullion altoSethet
out oi proportion to the necessity imposed
on its management by the amount ol us
liabilities. The Bank OF France has more
than thlrty-scven millione Of money III manu-
to meet current demands 9i 2li Eihus OF less
than sixty-two Millions, and IN siock oil
com and bullion at the Bank of Flarce cont, mos
10 increase. At first sight it would be thought
that these fACts must produce an instant ana oe-
cisiye ei,ec. on the trade OF the world here are
two important funds OF money IN the handS "i 'iir
two Great lenders o. capital waiting, or rather seek
ING. e,uI!oyment The management in each case
is desr0us 0 setting free some OF lts stock Oh cash
and proclaims its readiness to accommoaatc ''or
rowel.s upon the most moderate terms. Accord
ing to established theory.. the temptation
should prove irresistible. lht nei' oi pus;-
ness WHO arc looking out fos .olportuin-r
ties. who nicely calculate the chances OF
pro.it. aid make the difference of quarter per
cent the occasion OF new enterprises, ought u
rush into speculation. .is matter Oh iact' 'he!
do not. Why are they so reMl;s We Deileyc Tue
explanation Is not far 10 seek. BhiLt children
fear the fire. and they not uncommony have sGcn
wholesome recollections OF recent suffering llit'
ihey shrink from anything that looks even Warh.
The pee liaiity OF the present t2e ls that mohel
is st once cheap and dear. We nave swo tiiiiiSS
side ,v side In years Of ordinary prospect; ana
comfort when the bank rate is low and TIE banS
Golfers arc full, all kinds Of investment SHOW
the influence Gs the fact. Government lh'Hts
of III nations, the stocks OF baiikiha auu
commercial ASSOCIATIONS are hlSh III tlio
market Ii is not so nUr. Inc EiiSNsH
and French funds are indeed sufficiently high.
The Rentes are nearly 70; the price of coSois s u
tween 81 and 9J, and remembering now niaIiA
stocks bearing Il goyernmeni guarantee nov com
pete with ihe funds as u mode oi petmaueh' III
vest.neBt, Tie price is extremely high !h" lhdi;lh
secur,lcs III the sane way, arc enhanced ia nc
i estimation or BUYERS. II il, unnecessary Ia enhhel
ate the details of the other sl!e vi the picture
The funds OF all governments Which, gaVc any e'.-
ment or doubt or lnsecurlty attached 10 .iiii are
vOefuiiy depressed. The stocks "f al COMP
nies are low in the market. The inieronce Is
Obvious. Money is cheap, but II is not cneal' l"
all II is cheap to some: 1t IS dear, ~ !eiher l-
accessible TO more. 1t is cheaper iide Il, !" que
| favored few because the rest cut OF from tic
| supply. When il is sad ior Hltancc that the
bank rate is 2 per cent, and that discounts are
| lower i'll the open market, it is meant that ne re
strict, class whom the bank directors feed, ai,!
the trusted merchants whom ether baths and hili
| dscounters supply with money, c9n have IN II
| wants supplied at these rates. How many tdll 10
| obtain accommodations altogether 'ali oniv ~
known approximately to a few, and can be known
exaciy by none
The effect of such phase Of distr,,st a. that
| through which the commercial world has p, 'scl
sine iast year is to shut ont the speculative nan
altogether from the possibility of action, and TO
make the cautious dealer more cautious stii. Ihe
| whole course of trade shows 4 correspondent dam
njiton in extent. Stocks are barely Kept uP, tia
produce oi manufacture is reduced n much as
possible; each and all endeayor to Ies!rain thcIt
operations within known and easily controlled
limits.
There is nn :econ,hc secret II the present sitna
ton OF commerce and hnance. There rs no stIi'
aud Immediate remedy which car be applied t.
oayc ts evils The root OF the matter - por7H'''
aud il Is only D. SLOW degrees THAT he sii'i-l -
pa. SCISSORS Of 2apital can be ab.tei.
Ev aud b., src liill tide OF cOn,idcnCo WI! i'.''