Indiana State sentinel. [volume] (Indianapolis) 1841-1853, 1846-05-28
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In 1900 the revenue for the year was equal to the
whole estimated specie in the country and from that
time the amount Of specie has increased by importa-
ton mostly until it amounts to five times the annual
sevenue, which then two dollars and half of the
population, and is now one dollar and half of the
population. The great increase of the internal trade
of the country is indicated in the fact that the pro-
duce sent to New Orleans in 1900 was valued So,
OBS, 7s9 and last year 500 94G000. The internal
trade of New York, which then did exist amount
ed the canal alone last year to 800 eco 000 being
an increase in two items of Sl4S, 100000. These
facts indicate how small and decreasing an influence
the federal finances have upon the of trade and
the operations of commerce. and afford some idea of
the exaggerated anciPations of the evil influence of
the Independent Treasury upon the banking move
ment.
The vast and increasing business of the whole Union
is performed through the agency of individual bills,
drawn against produce and merchandise actually
transported TO represent and meet the bill. The
amount of exchangeable values annually produced in
the Union, according to data founded on the United
States census for 1910, is 81 063, I34 1885, Of this
large sum about one-haf is agricultural products
one-fourh manufactures, and the remainder mining
fisheries, commerce, &c. These give rise to an
amount of individual paper at least equal to the sum
OF the productions In many of the branches of trade
three four bills represent the same transaction
As for ance, there is annually exported from the
United States S60, OOO, 600 worth of cotton There
is drawn against this an equal sum of foreign ex-
change. This exchange is sent to New York and
sold, the proceeds being drawn against by 60 day in
ternal bills in favor of the southern shippers The
cotton when sold in southern ports is drawn against
frequently in favor of the planter. In addition some
$50 100000 of other produce descends tile Mississip
p and give rise to other sets of bills. The Erie Ca
nal delivers at tide water SO 900 600 worth of
farm produce, which is all drawn against, and that
which is exported furnishes double sets of bills All
he Of H.
ted goods, give rise to several sets of individual notes.
the merchandise passes through the hands of
cessve dealers. In view of all these circumstances
it is under estimate to put the bill transactions at
100000 for the year, or 800 ZOO, 900 per
quarter very large portion of this centres in New
York city, where the bank loans only, reach S45,-
aOO,OOO, which, at average of three months make
annually SlSOOO0,000; redemptions of country bank
notes reach probably $50, 100000; all the money
transactions cannot fall short of $500, 600, 900; of
this amount the federal government collects fifteen
millions. There probably runs on New York ex-
change from all quarters of the Union the extent
OF at least 500 Geo 900, in the course of year,
against produce and sterling bills sold of this mass
the federal government requires to draw in its own
transactions, we have above, 50, 900, 600,
two and half per cent. of the whole business Out
of money and bill transactions, which cannot amount
TO less than Loco millions per annum the govern
ment is to receive and pay out thirty millions, making
sixty millions of payments and receipts, four per
cent. of the whole, and yet these transactions ar
looked upon fraught with ruin to the country -
Among 200 millions of bills running upon New York,
tie Secretary of the Treasury pays out FIVE millions
to the public creditor The latter may dispose Of the
Treasury warrant to any one else for what money he
peases a sight draft ON New York, which must
speedily be presented and paid in specie. As. for in
stance, person in Cincinnati may receive Treasu-
ry warrant New York for, say, 81 000 1t will be
worth onc-quarter per cent. premium to person ow