Washington telegraph., 1843-09-06

Ir this seventeen hundred thousand dol
lars. paid IN the way Of exchange on our own
money aihume, be added the immensc loss
by The sudden depreciation (in many instan-
ces amounting 10 one halfits nominal value.)
Of MISSISSIPPI MONEY, which formed
nu inconsiderable portion OF our circulating
medium from 1897 till all the banks Of that
State went down in 1899 i0-ihe loss on
ALABAMA MONEY, two or three per
cent. in 1887 fire per cent. during tie re-
sumption Of 1889, and from TEN TO FORTY
PER CENT. last year--togeihef with the
discount on Tennessee money reniiied
from The interior oG the State, for The want
Of exchange to New York aud Philadelphia,
(at one time INVENTIVE FIVE PER CENT.
discount in Philadelphia during the spring
of lSi2. D and the i. rand total irou'd net fall
short Of FOUR MILLIONS OF DOL
LARS, a loss By erchange and deFeeia-
hon, principally rHhiA lhe last fire gears,
EIGHTY FOLD greater than The entire
exchange paid % The Branch Bank IF the
United States during the same number Of
years.
ALABAMA MONEY.
We take no noie of The depreciation OF
Alabama money until the spring Of 1912.
Owing 10 the high rates Of exchange here,
and the facilities for converting Alabama
money at Mobile and the north during The
cotton season, IT ranged within O. per
cent OF our own money, generally al com
parariyely small discount, il was sometimes
taken and sometimes refused by the Banks
in payment of debis, aud was Occasionally,
from the cause Just named, al small pre-
MUM In The winter and spring OF lSi2,
however, IL took downward course nj Mo-
bile ia the midst Of the cotton season. and
such was the rapid and arbitrary nature Of
the decline, that all calculations as 10 hio
probable resEh lccrc bl1Rcd.
The scale Of depreciation and fluciuation
may he gathered from the following quota
rions from The Mobile Register, Demo
cratic journal published at tie great sea port
of Alabama. These quotations correspond,
substantially, with the rates of discount on
Alabama money al New York and Philadel-
phia. and with the rates at Nashville allow
ing the current difference in exchange.
MAY 20, 1872. ave are again obliged
10 advance our figures TO keep pace with the
upward course Of rates; specie 2 or per
cent higher than our quotations last week" !"
Specie quoted al % or 25 per cent. pre-
mumi
June 3. Specie 2s a 80. Exchange on
New York % 2S. Exchange on New Or
leans (w:ihin 10 ur Is hours Iravel Of Mo
bile 27s2s-
Ill has been frequently impossible, (says
the II. risier, y "a procure fu nds even in small
quantities, on some poiDis there IS not Q
dollar 10 be had--noIhing offering"
June 10. "Mauers have been daily grow
ing worse for the last five or six weeks,
In Ihe month Of Move mber,sPecie WIS selling
at6a7 per ceEt. premium-in June II II
worth 30 32'
July 1. "Gold sold in the first Of ihS
week at 10, has since risen 10 43. WI
quoted specie last week at 81 Sit sole
yesterday a. AZ per cent premium - Ala
bama currency"
Julyls. aSpecie reached the maximum
on Wednesday, small sums hGring sold q
high as 66, and large amounts az 6l prc
Hlium-since when The tendency has beer
down, with reduced demand, on yesicrda!
IS per cent. was all . that could be Oh
tanned. unless for uncomfortable sums"
August 4. aSpecic Gl a 90. Angus
-. 13 45; SepicH,ber 10, 36 3Si Octo
Der 8, - IS; November 5, Is a is
December 8, l2i ID; January 8, 1913
ID 10.
January %, 1913. Exchanges are a
sea again. Specie ls a I'D.
January 26. Erchange-In this depart
meni, we have had another week Of cUnfu
sion" Specie 23 "a.
February A. Erchdngc-The marke
opened in the first Of the week al 20 2.
FOR sterling, Is fur New York sight aad 81 ;
- for New Orleans and specie-from which
il continued steadily advancing At the rate
a 2 per cent. day, until "Wednesday
when il jumped up about per cent ane
sThc raie in 1897 was 2i per cent. ill
The suspension in May; after that time II
ranged from IA to 20; the Banks selling II
months post notes al 3 per cent. premium,
equal 10 IA per cent. including interest.
THE rate in 1899 was about "a till the
second suspension in October; after that i
wen, upio or q per cent.
tThe rates il 1871 ill the lst June,
ranged from "a to Ia per cent. the Banks
occasionally drawing at 3 70 H. After
June till tho resumption in August, post
notes were drawn at cost, including in
,eresr, of about per cent The rate for
The balance Of the year ranged from 2 10 3
per cent