The daily Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1841-1845, 1843-09-26
THE UNITED STATES OF AMERICA
(uy AN AMrnrcAN, RrslpnNr IN EuRorE.

/ rny oil tDe - Unlleu sptctace - pea
sing one TO contrast their actual condition for the
commercial year, commencing on the Isl September
! 1872 with that which commenced on the Isl Septem
ber 1886, precise estimate cannot be placed upon
the value of the exports, to foreign countries from
the crop Of 1912 bu, enough has been ascertaned to
warrant the belief that it will fall below $685.
100000 The shipments from the manufactures
the forests and the fisheries, will extend TO s3J000
900 more; to which may be added $4,000, 600 for
the coinage of native bullion and the gold and silver
belonging to emgranis, The receipts thus swell
ed, from all sources, 10 the enormous sum OF SlO5-
000000!!! The imports, if we take the first quar-
ter Of the year. beginning LIST September, as crte
ron of their value for the other three will only reach
$40 900 600 but will estimate them at $50 600 900
and balance Of trade will be then left in IpOr of
the United States, for the year terminating the 3st
day of August, ls43 of s90,000,000. This, with
SIS 600 from the mint and emgrants, increases,
in i,oirs months their pecuniary strength sO5,OoO,
00O!l! Now, let us go back to the commercial year
of 1886, when the people Of the United States
regarded peculiarly prosperous, and when every
description of securities, having upon their face the
name of one Of the sovereign States Of North Anne.
r;ca, eagerly grasped at in the funds market
ulis Sue OF tle lUe Imports, curing
| period reached the value of about Sl95, 600 900,
while the exports Notwithstanding the high prices
which cotton, tobacco, ec. etc., commanded,
only TO the value Of $50, 600 900. If we calculate
the amount coined at the mint and carried by emf
grants, at the same in IS42, the balance of trade
against the United States sos 000, 000 making
change, favorable to them, between the two years
1886 and 1892 of 50 o 0O0, 900! Was such result
ever witnessed in any age in any country before
The world may be curious to know in what way such
singular transition from adversely prosperity was
occasoned. 1t can be readily explained
In 1896, the Bank circulation in the United States,
was 5000, 900. 10 ls4l it was reduced to So
100000. In 1912, 10 S55,O0O, O00--snd in March,
ls43, 10 500 100000. In 1896, this paper currency
was so abundant and consequently so easily obtained
that industry was diverted from its legitimate pur
suits. A specializing mania prevailed among all
classes, from The millionaire down to the huinblest
farmer, Of most demorazing character. The la
borers implements---the axe, the plough, the hoe
became rusty for want Of the fields were cover
ed with brias and thises instead Of golden harvests
As an evidence Of this, the singular phenomenon was
beheld of great agricultural nation importing bread
| $3.50 - .-Nah.s ,ao-
|
counts were termed, TO the merchants, planters, and
others, stopped payment from Maine 10 Georgia They
ascerianed that their debtors had the ability to
meet their engagements as they maturcd and,
change upon Europe had rsen above par, on account
Of the demand TO pay for the extraordinary imporia
tons made the previous autumn shipments Of specie
commenced, which caused run upon them, under
which they were forced 10 yield. Having in most
instances, violated their charters by falling TO redeem
their issues on aton, they sought the clemcn-
cy Of their respective legislatures which was inyar.
ably extended. Ii was believed that in a twelve
month so soon as another crop was in market their
position would be so strengthened that they could
sustain themselves As the Banks, however, could
not retire their own obligations, they could not with
any propriety, resoro coercte measures with those
whose bonds they held and hence their ability TO pay
daily diminished. In 1888, in the autumn, arrange
meh's we're made for resumption during the next
! spring. The United States Bank Of PENNSYLVANIA
led of, and was followed by those in most Of the
! other States In September, 1885, the solvency OF
this mammoth institution, United States Bank be-
came so questionable TO most Of lis notes TO
be presented at its counter and its vaults were spec
Oily drained of every dollar which they contained
When IFS true situation became apparent, confidence
was much shaken in all Banks that they could keen
circulation gloa, aud the result was, that such as
had larger issue than their immediate assets were
| forced to suspend a second time. Many were forced
into liquidation while heavy losses were sustained by
the holders Of their notes but this depreciation ena
bled the debtors 10 them TO make payment In lsiI,
the currency was reduced half from what it
amounted TO in 1896 Facilities were entirely cut
of and ligtness in the money market experienced
before unknown. The sgricuIturests now began TO
realize the pcrous dilemma in which they were
placed, and to look about for means to enable them 10
extricate themselves Happily they were near at
hand. The fertile soil had only TO be TILED G,LG,I,
to insure them. The husbandman awakened from
his reyerie Of castle building in the air and what
do we behold Such yield Of products from the
earth, last year. asonishes the world SIG 075 ooo
bushels Of grain; 9i60000O0 pounds OF cotton
2I2OOOOOO pounds Of tobacco TO say nothing of SIN,
gar, rice and various other articles The season II
may be said, was propitious one but all Va,ous are
so, The aborer does his duty 1t cannot be other
wise IN country embracing such vast territory
Refreshing showers of rain, and the geni, RAYS Of
the sun, always descend a large portion Of il.
heds The harvest Of ls43 bids fair 10 be eve, o,or
full than that Of IS42!ll
The bank circulation has attained lis utmost point
OF contraction, al which it i'll remain nearly station.
ary IL IS not larger than the specie which il repre
sens, and therefore its value is undoubted AItboueb
reduced to ss9OOoOoO, it is ample, aided by the gold
and s,ve (which has been let loose b, quidane banls
and by capitalists who had boarded way for necessa
~ wants. This sonnd currency is constantly Augment,
ing. From the fr>t Of January to the 18th Of Nov
S22 600 600 we're received at New York. New a.,
leans, and Other ports 10 exchange fsr cotton ,obsc
CO. &c nc. similar result will be witnessed nex,
year and every year thereafter as long a, the nso.
pie continue Industrious Economy and ,n,lns,,v