MONEY MARKETs
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they expected news Of hig ly favorable character


The continued absence Of the steamer caused con-


traction Of transactions and the week closed Friday


very inactive; but prices nrm at the quotations


The arrival of the steamer yesterday Christmas


enabled all parties to fully digest the before busi


ness Was again resumed The suspension Of business
caused by two holidays coming together gives op


portunty receive all parts Of the country by
telegraph, the eeot Of the upon other markets


BY the opening Of this market tomorrow, shall
from half dozen different markets of the
cept Of the news and operators here will able act


more understandiogly than If the European accounts
had been received upon regular business day. 1t is
impossible to tell what the first effect of the news


Will be upon our great staple productions The
sdvicss from Europe are not favorable as anticipated
Tor our interests although for Great Britain s more
encouraging The decline In breadstufs and In cotton
Of immense advantage for all classes In the United
Kingdom while It reduces resources, restricts our
EXPORTS increases imports, and places our bullion in
dangerous position. When prices for corn were ad-
vancpg we always had important article of export
hand and there less danger drain Of specie in
liquidation OF balances but the moment reaction
takes place, and prices tend downward this whole


mtnt ceases, and specie again moves forward. When
prices for two great staples deprecatng su


fer douby aud have either to hold and let specie
forward submit to whatever prices the speculaors
Of Great Britain at to give We are, to a certain
tent at the mercy Of the speculating capitalists OF Eu
rope they control us in controlling prices for staple
productions and so long they possess this influence
upon prices for these articles shall not be ndspen
dent Of England 10 internal financial affars IL is


very extraordinary fact that with the important
staples any country possessed dependent
upon nation the very existence Of which depends upon
proper supplies OF each being received from It is
really humiliatng that still much In the power
OF country which could not exist twelve months with
ont US and which should ba aa dependent unou rs as
any consumer depends upon the Of supply
Where would the manufactures Of England be in
year. our planters turned their attention to the cu


vation Of other products than cotton 1t is not diff


cult question to answer 1t is the salvation Of the man.
uacturers and capitalists Of England to retain the power
they Of this important staple for the moment
they lose it, that immense psret Of the kingdom rapid
ly decays Prices for not of much Importance
They can afford to pay high prices for bread If cotton
only remains cheap; but they cannot afford to pay high
prices for both or the two food had better be nigh than
cotton, the demand for manufactured goods
n those countries which experience
ing demand for their surplus breadtus the opera
tves Of England better pay high prices for bread
when fully employed, than pay low prices without any
employment.
The financial accounts from the other side very
conflicting character. There appears to be little more
ease in the money market little confidence in
copmsrcsl circles little reduction In the
terest, considerable increase in the amount of bullion
ia tho bank slight improvement in the manufacturing
districts and, the whole, slight let up in the panic
and moderation In the revulsion The indications
by satisfactory although they appear for the
present favorable for England than for the United
States The English capitalists not yet satisfied with
the depreciation In for cotton and They
not yet pressed them down enough With starvation
staring millions of the population of Ireland full in the
with the destruction of the potato
out Europe settled beyond doubt, and with only fair
Aversgs yield in the crops Of the kingdom rally,
prices for breadsus at the latest dates tending
downward. With every probability In the world Of a
deficiency IN the supply Of food for the lower of
Great Britain and Ireland and of the most
aging prospects of an advance in prices to po mt
where In the vicinity of those ruling last year there


decline reported in breadsufs That this decline is
the result of natural causes perfectly plain and that
It is the result of artificial causer, ia equally clear
That prices for breadstufs to supply actual
deficiency In the harvests, should d-precate in the
face OF an improving money market when they had |
been advancing in the earlier stages CT the revuson
and more stringent money market, is a very |
curious circumstance of itself but when connected with
the movements of speculetipg capitalists is nothing
strange or wonderful As regards cotton, there are
variety OF causes for the depression in the markets and
depreciation in proes the most important at present is
the prospect Of very large yield 1t this that
caused the recent reduction in Liverpool which in
necton with the efforts of manufacturers in England to
press them down still further and the natural effect OF
the money market, have had very uufavorabs effect
upon the market and deprecated prices much more
than the planters in tn country will relish


II is very important matter for consideration what
VIII be the ultimate effect of these movements in this
country That the entire financial power of Great Br


ein brought into requton deprss the prices
or.rg =.
remains to be seen whether that power be Offset
bya greater power this side of the Atlantic 1t Is
yet question whether cotton planters and grain
producers are not more powerful than the capitalists
o Great Britain We are probably, in better position
TO hold these two great staple productscotton and
corn-now thon ever we were before The planters and
farmers are comparatively rich to what they have been
and many of them bave set their minds upon certain
prices from which they will not recede fraction. |
Every things depends the extent of this deernna
tion, and their ability to adhere to It, If it s general
the starving Stomschs of the people of England and Ire
LAND will call 30 loud for relief that they cannot be put
on and the manufacturers will have to submit to our
terms or suspend operations 1t is impression that
we nave IN the aggregate the ability to hold long enough
10 Drng the consumers Of both staples terms but
the combination cannot be made sufficiently general to
accomplish the object in view. We are not however so
much st the mercy Of the cotton and corn


nSano es IN years past we consume of cotton
anu are more able to hold the balance than when we
sofge IN debt to the world 1t will require few years
before shall be able to extrcate ant,-a
ly from the thradom have long experienced md
before sha be able to say t. the manufacturers Of
Gurope, there is cotton and corn and If you
want it, you can take it at such price, or leave
it, just as you please" Until we are thus inde.
pendent Of England and all other countries we shall
be subjec. to the revulsons which now threaten US IL
Is In the power of the capitalists of England to create
panic In financial affairs in this country at their plea
sure and whenever Is for their interest to So they
will Great Britain has experienced the force Of re-
vulsion greater than has been known for many


Failures involving liabilities amounting to about one
hundred nd City mliona OF dollar. ha alraadr ha.