Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1854-01-27
From the United States Economist.


Currency.
,,,dad last week TO the fact of the great de-
we nr,oncv or currency throughout the coun
nand 10 20 very limited manufacture in metallic
ny, anu rho deposits of gold at all the Minis have
form ner official reports for the year, $50, 37s,
been ~ SrF+bis there has been coined into money,
O95 , % 1O1 at Philadelphia, 100000 at New Or
S1l Zoo qs at Charlotte and Dahlonega-m making
eaos' %|o T52. O19 The whole of the remainder
all s;nto ingots and bars-say, at Philadelphia.
9as caS' 6s6 at New Orleans, 81, 100000. Among
$500 or slugs, we include the $50 pieces, which
ingOs soryice as circulating coin. Thas, then of
are Oh nI of gold, only fifth has been manufac
he So! It3 coin the rest has been put in exporta
ureo Is onlv The coinage of silver has been large
howl" - oo5OOO, together, $9,O74, ALTERNATING,
cans ro cold coin, supply of money amounting TO
win W. ,IO OF this probably little has been ex
9l051 because the $50 ingOts preferred for that
pofeu.,. All the MINIS have been worked to their
PnfPoo'' canacitv, and money has been in great de-
lt"o59 navertheless the manufacture has only been
HaD eitb of the supply of the material. The de-
ODE f currency has, however, been supplied, part
manu- w. hanks on the seaboard These institutions
y " ,nar minis that work with far greater facility
are tbe Government money machines They have
Da W. SIGN paper, and the promises to pay fly to
u' ,a5cst regions of the West. lew of the late
tue rotnrns indicate in how great degree they
.-rIOt
R. Island Sept sa,ssssl4 4SsS5se i 3SFs;ss
Do N''' and over 1872 SOP 2lO2s sos s64l oo6
~ 40 under S. 80. 3,7S9,S67 1887, 1894 5,598,l27
DO o New York lee ~ geo 80 4O2502 42sOI42
DO \ O., Jan. 1854. 5,478,65 6,9l6,O54 I,437, 4O3
s5l, 645 694 72,625,657 1644s, 1863
Those banks alone have increased their issues of
nor money! during the year. to very nearly the
PoIo amount as that of coin manufactured by the
nd ho IN hnnn Of
massachusetts, the issues under IS rose from So
20 867 to SO 1887 1884, being increase in that State
Ioo If as much coin under IS as was manufactured
Ir The Government fOr the whole Union In New
~ tbc increase has been large, although the banks
o,a compelled to depOsite securities in stocks for
% er issues and those stocks have risen high in
price as to diminish the profits of banking on them
The demand for circulation has been such as, in
r wears to raise the securities 81 600 900 at very
t,gb nrces Of the Eastern banks, where the secu-
Wv system does not prevail, g0Galy amount of
his was emitted for Western circulation on the
lines of the rail rOads-a process by which farmers
and others supply the capital for those works on the
omses of Eastern banks These promises, float
mo- from the sellers of wheat into the hands of shop
.p5pers comes back for redemption, and if met they
cause a demand for real money; if they not, the
Western farmers lose their produce. This state of
Ings has become so INJURIOUS that among the noti-
Ohio is one to prohibit the emission and circulation
of bank notes under the denomination of five dollars,
and another prohibiting all under ten dollars some
measure of this kind being absolutely necessary to
aid in the substituting specie for much of tho per
now circulating as money. Other movements are in
progress having the same tendency. 1t is evident
that if the Government does not manufacture money,
that the supply must come from other sources; and
il is not a little remarkable that when the question
Of an efficient Mint in New York was before the
House, with a view to supply the coin, Mr. Disney,
Of Ohio, in that narrow spirit for which he some
times is noted opposed it the ground that it would
ggrandise New York. The people of Ohio are now
the first to cry out under the infection of paper sub
ituted for the coin, of which Mr.. Disney helped to
refuse supply.
The currency of the world has, during the past
year, been diminished to considerable extent, by
boarding and accumulation. The amount in the
banks Of four cities has been follows:
London s9l S9l 854 SIZES 4s1 1856 s5S .4ff
Scotch and Irish... 2O549,584 l7,275OOO 1924, 584
........... 9O455,767 59,O57 448 81 1893, BIC
New Orleans 82i0,S84 7,462245 us, i3c
The decrease is large at every point except New
York, whence currency has been supplied in Eastern
paper In Europe the purchases of breadstuffs, and
the retention of the money paid out, for boarding as
well as the exports to India, have kept up drain
upon The banks. According 10 a statement just pub
IBhed by Mr. James Low, the shipments of specie
from England TO India and China, from the goth OF
January, 1853, up to the Goth ultimo, have amount
ed to &6,682.l III, of which 9986574 gold, ana
The remainder silver. The proportion of this taken
out by the steamers of the Peninsular and Oriental
Company, wasE6, 32l 1888, while those of the Gen
eaI Screw Company carried G36O,194. The sum
included in the aggregate total having been SEN
direct to China, is E1,6l4,892.
This large sum, amounting to $50, 700, has
to considerable extent, accumulated IN the shape
Of silver in the Indian Treasures, which are repre-
ented as holding $50, 900 900.
In the United States boarding has not been prac
Ned; on the other hand, large sums of the boards
brought here by immigrants have been disbursed
bull the demand for currency has grown out of en-
Amced business The number of persons in tn
eountry-the quantity of land brought under cult
7anon-the increase of means of communication
making the produce of that land accessible to mar
Aet at cheaper rates-have all tended TO enhance, il
double ratio, the individual means of making pur
cbases, and consequently demand for currency an
although the external trade of the country has grea
increased, it has not kept pace with the interna
trade
Hon. H. s. FOOte.
This Notorious individual 1--WE do not know how
better 10 characterize him) being arrested in his pre-
SePlate flight from Mississippi by high water in tn
Doc riUor I'D IN,