« AnteriorContinuar »
following change in the quantities held by the banks of the three cities, reduced to dollars:
SPECIE IN BANK VAULTS IN NEW-YORK, PARIS, AND LONDON.
December 25, 1848...$7,920,230.....$73,143,717.....$46,588,339.... $127,652.286
April 8, 1851...
June 16, 1851.... 11,385,000... .67,760,000.....108,126,230...
At the latest dates there were signs of a reflux of coin to England; a considerable remittance of gold had been received, and the coffers of the French bank, fortified against political casualties, began to overflow. It has drawn from the commerce of the world in three years sixty millions of dollars-more than California has supplied in that time-and it has got enough. The California supplies will continue, and the chances are, that gold will figure as high among the exports of domestic produce as cotton. It is to be remarked, that for the gold which leaves the country we get goods.
The coinage of gold at Philadelphia, with the arrivals at New-Orleans for this year, compare in the aggregate with the exports from New-York, thus:
Coined at Philadelphia..
Arrived at New-Orleans...... 3,134,062..
Total... $12,201,694... Export from New-York...... 1,573,176..
.270,505.. April.... 521,665. May. ...111,443.
83,848,000... .93,003,470.. 107,321,322.
Thus, even the apparent supply exceeds the exports; but the quantity which comes back from Europe is equal fully to one-half the export. The arrival of immigrants at New-York from January to June, is a little more than 100,000, and specie-brokers estimate, that they bring on an average $150 per head, which would give fifteen millions of dollars. One-third that amount will be. 50 per ct. of the exports. The demand for specie to go abroad arose from visits to the "World's Fair." Shipments to sell abroad at a premium to emigrants to this country, disturbed state of continental currencies by government action, and the discredit of cotton bills by reason of late failures-all these circumstances have aided to increase the demand for coins for remittance at a time when the importations have been large.
The imports at the port of New-York for the first five months of the present year, as compared with the aggregates of the same period last year, were as follows:
IMPORTS AT THE PORT OF NEW-YORK FOR FIVE MONTHS.
44 '50.. 5,901,979.. 4,944,311.. 24,528,282. '49.. 1,986,595.... 4,481,478.... 17,464,447 .
Increase. $11,309,376 4,141,857
17,359,108 .19,864,075 . 11,904,177 .9,623,235 .9,839,480
The specie imports were in some degree mixed with the California receipts in 1849 and 1850, so that the figures do not represent the just movement of the foreign trade. The free goods have not varied materially from that of 1849, but are 10 per cent. less than last year, as are also all dutiable goods, with the exception of dry goods, which have been larger apparently; but owing to the fact, that in many cases they have been sold at a great sacrifice, it is probable that the losses on the goods consigned will reduce the aggregate sum to be paid abroad to an amount not higher than the import value of last year. Since the month of May the quantities of dry goods arriving has been less, as compared with last year, and the chances are, that the imports for the fall will be circumscribed. It is undoubtedly the case, that as far as these goods have been sold to the country the payments have been prompt, but at such rates as afford little encouragement for a continuance of the imports. It would seem to be the case in relation to Ohio particularly, that although the debts from that region have been pretty well paid up, it has been through the agency of bank loans, which are traveling to an inordinate extent. They are as follows, distinguishing the three kinds of banks:
OHIO BANK LOANS.
Independent. Loans. February, 1850..$3,796.454...$10,364,377 . .$2,145,038...$16,305,879...$7,272,840 August, ...3,556,602. 9,885,881. .2,157,557 15,600.040. .7,425,171 November, " ...3,829.112. . 10,881,433. .2.349.048. 17.059,593. .7,489.009 May, 1851..... ..4,449,521.. 11,994,120....2,710,724.. 19,154,366....7,628,626 The loans of these banks since August last have increased $3,500,000, while the capital has only increased at all, and the aggregate of loans is nearly three times the capital. The proportion of loans to capital in Indiana, Ohio, NewYork and Massachusetts, is as follows :
Ohio. Loans... $19,154,366.. Capital...... 7,628,626..
The loans of the Ohio Banks are twice and a half the capital-a higher proportion than is reached in any other state-and this range of discounts are increasing, while the value of the produce of that region is low in this market, under extraordinary competition of that of other states. It would seem to be · the case, that unless produce is sent forward to sell, less and adequate prices are not reached, that the drafts drawn against produce are met by accommodation discounts at the Ohio banks—a state of affairs which must speedily burst in ruins. The exports of produce from the United States at prices now ruling, will no doubt be very large. The export of flour from the United States to Great Britain has been over one million of barrels, against one-third that quantity in the same period last year; and now, when under the considerable supplies which pour down from the canals, prices have sunk below four dollars, with rising prices, and abundant steady freights, there remains no room to doubt of a very large export up to the new year; and while the supplies on the sea-board may be diminished by the small remuneration they receive, the stock here will be depleted by shipments; thus raising the price, by burning the candle at both ends.
The exports of farm produce promise well for the coming year; and in order to form a guide to the prices in England, we have compiled a weekly table, from official sources, of the imports into Great Britain, and the average prices for three years, as follows:
From January 18 to March 22, the averages fell from 38.9 to 37.2—that is to say, in nine weeks to 19d. per quarter; and they recovered that fall in the subsequent six weeks. At the close of April, after an importation of 1,280,44 6qrs. against 721,090 qrs. in the same period of the previous year, the averages stood 11d. per quarter higher, and are in an ascending state. The importations of wheat into England arise from the great abundance in France, and the accounts now from that country are of great damage to the growing crop, and consequently of advancing prices. Although England has received large quantities from France, those from the United States also have been very large in the last few yearsmore particularly in the first quarter of the present; and this last period may very properly be regarded as not only the turning point for agricultural prices in the west of Europe, but also of manufactured goods-resulting from the influence of the revolutions of 1848. In that year there was a universal disposition to get rid of goods, and to stop production. That was the first impulse of the pendulum, and in the following year great activity manifested the opposite oscillation. Continental goods had been pushed into every region of navigable seas at lower rates, and the stocks thus put off in a year of activity left a scarcity when political quiet allowed a renewal of the trade; and in 1849-'50, the production has been so great as to glut the markets of the world with both British and American goods, and none in a greater degree than the United
States. The losses sustained have been very great; and once more diminished production marks the opposite oscillation. The surplus goods of Europe have beer poured upon us, under a so-called low tariff, in unprecedented abundance; and the re-action has taken place without having in any degree produced financial distress. The steady currency of the country under the admirable independent treasury system has carried it safely through the dangerous crisis consequent upon the over-production of goods attending the re-action from the European revolutions, and our market for the export of breadstuffs has been maintained in the face of the low prices consequent upon the re-action of the famine prices. The exports of breadstuffs from the United States to Great Britain have been from September 1 to June 18-in four years-as follow:
It will be observed that, although the prices in England have this year been lower, yet the quantities sent thither have very much increased—that is to say, the English average price of wheat has been, since January this year, 37s. 10d.; last year it was 39s., or 1s. 10d. higher; yet the United States has sent thither 5,500,000 bushels wheat against only 1,800,000 last year at the higher price. If now, with ample means of transportation, the prices in western Europe have been at their minimum, the future promises very large markets for the produce of our farmers.
And the English dates, down to the middle of June, produced very active shipments of breadstuffs from New-York, with advancing freights. The returns of the shipments of gold, breadstuffs and cotton, of which the price, after a considerable fall, shows signs of again rising, will continue to act favorably upon the government finances.
When the subject of the government finances is under discussion, it is useful to recur frequently to the views and facts furnished by those who have been in charge of that department, in order the more readily to distinguish between the designs of party and the enunciation of logical deductions from the operation of sound principles. Thus the party which succeeded the brilliant administration of Mr. Polk attempted undisguisedly to swell the expenditures of the government in every possible way, in order to afford a pretext for exacting more taxes from the labor of the country, thus enhancing the patronage of the government, not only through the expenditure, but by means of the interests which shared with the government the tribute exacted from labor. That is to say, if the usual estimate is correct, that 10 per cent. of all the goods consumed in the country are imported, and that the price of all is raised to the consumer for the protection of the manufacturers in the proportion of the tariff, then for every dollar of customs which the government receives, the manufacturing interests which it protects receive $9 from the consumers. Hence the $40,000,000, which the government drew from customs in 1850, was the means of taking from labor $360,000,000 to swell the profits of capital; and the result of such injustice is manifest in England, where, after 150 years of protection, the pauper
condition of the laboring millions affords so awful a contrast to the vast wealth of the few, as to extort a cry of horror from those who, on occasion of the World's Fair, visited England for the first time. Most truly did Mr. Walker, in his report for 1848, state, (page 7)—“ The adoption of high tariffs is a war upon labor," recognizing the true principles of national prosperity. He stated, (page 3 :)
"This statement shows a balance in the treasury on the 30th June, 1849, of $2,853,694; and a balance in the treasury on the 30th June, 1850, of $5,040,
In the following year came Mr. Meredith, with his large expenditures and projected loans; and in his report for 1849 he states, (page 6 :)
"It will be observed that there is estimated a deficit on the 1st July next of $6,828,121, and on the 1st July, 1851, of $10,547,092—making, in the whole, an estimated deficit of $16,375,214 to be provided for, arising from the expenses of the war and treaty with Mexico."
Last year came Mr. Corwin, with his schemes and queries. He informs us that the balance in the treasury, July, 1850, was $6,604,544, falsifying Mr. Walker, and showing a difference of over twelve millions from Mr. Meredith's estimate. He estimates the customs duties for the year 1851 at $45,000,000, and the money on hand July 1, 1851, at $458,996. We now come to the actual customs for the eleven months of the year elapsed, and the amount of money on hand, as follows:
UNITED STATES REVENUES FROM JULY TO MAY, INCLUSIVE, AND CASH BALANCE. July to June.
Cash in treasury.
This is an average amount of customs equal to $4,400,000 per month, a continuance of which for June would give nearly $49,000,000 as the customs revenue for the year, leaving a large balance in the treasury, and enabling the Secretary to issue his notice for paying off on the 9th August next the five per cent. stock of 1846, which was issued in payment of the four and five instalments of the old Mexican claims, due in April, 1844. The amount is $303,573. Thus, instead of a loan of $16,000,000 to meet a deficient revenue, the old loans are paid off as they fall due to the extent-including the Mexican indemnity and claims, and that payable in August-of nearly $7,000,000, leaving a large balance in the treasury. This is a result that must "puzzle that Philadelphia lawyer."
It is a little remarkable that men who are so shrewd about selling out their own claims upon the treasury at good round sums, making such good bargains out of the treasury, should be so very blundering about making bargains for the treasury. Our friend, Mr. Corwin, estimated (page 21) that the California mines would yield fifty millions per annum, and that out of that we might be able to export annually from ten to fifteen millions, which, added to one hundred