The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1852-11-20

followed BY other banks al over the Union. The
New York Legislature being in session ct she time,
passed act egalizpg the suspension for one year
The great fault Of free banking is, that the
legislatures should have omitted to require
specie deposits as a basis for banking. Much
could be done to remedy the existing evil,
ard to avert impending danger 1t viii be per
ceiyed by the bank returns We have given, that
between the years 1886 and 1913, a most extra
ordinary bank reyulson occurred, and which is
without a parallel, if we excep. alone the South
Sea bubble and Laws financial scheme, in France
TIE reaction in property Of all kinds was 50
great and universal that it seemed to be little short
OF national bankruptcy, and bankrupt law, Tor
once, had majority, which was passed, did its
efice fer the moment, and was repealed The
causes for ell Ibis extraordinary reaction are dl'
closed BY the bank returns Of 1913 We fad that
the capital Of all the banks had fallen of, from De-
cember, 1886. to December, 1913, $2l9 600 lo3
Their circulation had decreased in the same PERIOD
SSl 1877 430 Their specie had fallen off So 1873 49,
and their depos,es declined $5s,935, SIT.
These facts abundantly acc ,unt for the depres-
sion Of real estate and low prices Of food in 1913
Although high or low tariff may influence to soma
nothing which ext rcises more powerful Influence
over importatido than the expansion Of paper
money protsctionsss really desire to restrict the
introduction offoreign goods they should by all means
oppose all banking but that founded the precious
metals as basis which is the only legitimate and
safe capisal for bank issues And when the people
suffer few more reval sions, they will find it out.
IMPORTS AND ExponIs UsiTEp States
Imports sls99so 600 Exports s12s 6sa 900
Population Of the United States, about. 100000
lS43
Imports siOol6s 900 Exports 49,. slO4 SOL 900
Population of the United states about. IL 500 600
No OFF .ial returns yet published
Imports (estima- Exports (estima-
Population of the Uated states about. "a 900
We thus see that in 1886, when the banks had a
circulation of $l4Oso 03S Of per money, that the
imports for the same year exceeded the exports by
$7l 81? 000 while in 1913, when the circulation OF
the banks had dropped down 10 $50 563, Cos, which
was less by $9l 733 43O than in 1886, We find for
the sane year the imports only exceeded the eg-
ports by $4.529,0OO
Again, we find that on the LIST of January, 1851,
the circulation of the banks had increased to
$l53, SOS, 3S8- showing excess OF paper money in
circulation. over that Of iS43 of $95 40l 7S0 This
excess probably by this tine does not amount 70
less than from 500. 600 to $lO5 600 600. The
imports for the year ending the 30.h Of June, 1852
have, by the best estimates to be had exceeded the
exports by about $40 600 600 to $50, 900, 600.
The following statement of the value of real
estate in the city of New York. for the three periods
we have stated, exhibits the influence of bank OF.
pansions and contractions on real estate well
on other articles which enter into the expenses Of
living
Value Of Value personal amount of
1896 s ssss 7s:ss s Rs7s 5ss ss s soesss
49, 8 ssScIa s5i7o57ss 556si p g 8
We thus see that the tosal valuation otproperty
in New York, real and personal, declined $50 27l,-
s32, from lS36-she year of inaation-to 1Si3
the year of depression, while the city taxes
increased $66l, 544 10 From 1913 to 1852, follow
ing another paper expansion. we find the total in
crease in real and personal estate to be $l2S,4,-
ZIG, and the increase Of taxation 81 ,6S2 994 Az.
We proceed to give the following tables, showing
the valuation Of real and personal estate in the city