The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1857-12-08

.aaseiy commences an Imitation Of prices, which 4
tsa. asn ~. tne sirae makes demsnd for money an
Aeeps up us relative value. AT ell times the sp,
.ie must he the standard; and the pressure OF an
ee VIII bring the currency to the test OF the rea
hos aftncia value and at fret, far below the stand
IN ,nis crisis, the production Of gold initiate
| "e currency, and its export left not enough I
pear and to redeem the overissue of paper circuis
ton: Tue only redeemiug power is 10 the immsns
production OF other things besides gold TO pay on
aebts and bring TO us specie.
| Early ia the year the secretary OF the treo.r,v
mr. Huthrie. mace his report on the condition :
the banks OF the United States. This was enougl
TO SHOW all men Of foresight that prudence reauIr
nas e'nsrae.len rather than an expansion OF busi
| snd specie, and the importations were stim
| ulatcd beyond our means TO purchase ar th
eAsggersted prices of the times Aan,
speculation in lands and every thing else go,n,
on at an extravasant rate the banks conid nc, H.,
| De deeply affected in their immediate means am
iaoiiities and We now see the result The hank
| eTs nave stopped their negotiations, payments snt
pronts; are obliged to contract their issues ana ~
collect their debts; and their deb ora must fs;, ~
tsii into the hands of brokers. But Yesterday tb,
demand was Tor money to begin new business ant
undertake new enterprises Of speculation, and an,
| sort OF medium would do; and to day the de NAH
IL stronger rtili for money but il is for r,l ,no.,,
and no other will do, to pay Of old debts and settI
old transactions. The difference between the tv,
demands for money will now be felt and seen. ant
all will know whether gold has depreciated n- MOI
in value, and whether specie can be long or fs- ia
parted from as a standard. From the report or
tho condition OF the banks We may learn some i'm
| portant lessons.
The condition of the banks of the United State,
must be looked to, as they existed on the lat Jan
uary 1857, the latest date II which we have gsDer
al reports, in order TO judge justly of the course
pursued by our own banks lin the present revuIsion
There are thirteen principal centres of trade con
trolling the financial and commercial relations in
| the United states. Two are primary national cen
tres-the one the importing, New York: and the
other the erpsrttn9 centre, New Orleans. The 9th
ers all are hut satellites and secondary as compar.
cd with these. In the northeast, weshave Boston
Philadelphia and Baltimore. In the southeast
Charleston, South Carolina, Savannah, Mobile In
the northwest, Cincinnati, Chicago and Buffalo
aud st. Louis. On the Pacific, San Francisco
The centres of Boston, New York philsdelnhia
and Baltimore, in the northeast, operate upon an
0ct,re commerce, and large mining, manufactur,nO
and d3r,ctarat interest The centres of the south.
east and south operate upon .the export cortmerc,
aud upon the planting interest The group of cen
tres ia the prong Of the ohio and the Mississppj
operate upon large agricultural and mining intsr
eSf upon s9H'e manufacturing, and upon the lake
trade 81. Louis operates upon a large agricultural
interest and the trade oith the Indians and Santa
f. San Francisco upon the Facl6c commerce, ana
mining.
And the striking fact is exhibited, that the fostr
great CENTRAL middle, Atlantic aud Ohio front states
slavehoding tobacco growing and bread stuff pro
ducng agricultural and grazing states full of iron
aud coal aud copper for mining, Virginia, North
Garoilna, tennessee ana kentucky, hGtS centre.
Of lr OscH, but dependent upon centres aro,tsd
ttcDs, north and so,h east ana iesSt! And propose
to generalze the facts reported by the late
tary OF the treasury up 10 the LIST January last in
order to show the effect Of the operation
of these centres relatively upon states with
and states without them, exhibited by the rels.
tive condition of their banks. | have grouped the
centres by themselves, and in the following tables
compare them with the contiguous states without
centres.
In table No. / we have the statement of the con-
ditioh Of New York and Massachusetts as com par.
with the contiguous states Of Maine. New Hamp-
shire, Vermont Rhode Island and Connecticut
Table No. will be found in Doc. on pages 10,
II and Il, of the Reports to the House.
Thus We see that the great national I'M
porting commercial centre state of
New York has balance against her
due to other banks, SI6, ,9.6
And including that balance against her,
ths surplus OF her total Moan over
the efficiency of her immediate means,
is n,52I.734
Or only per cent. on her sum total of
means 2S7.4So, 80
balance in her fcfror, due from 9th
And including that balance in her IA
yor, the surplus of her total means
ever the dGfIcteacV Of her tmmedtdts
means 26,so6,45i
Or, Pa per cent. ON her sum total of
1898, 1925
The 'bslance due to other bank" of the
two centre states combined, is Ggdin.t
ttsre l4.Os7.766
them, The sulpluS of their total means
over the efficiency Of th-ir Immediate
means, Is on SS,32S, ,iSs
| And these centres haze this surplus of
| total over deficiency OF mesns remain
ing out of sum total of means Of. 407 AIS, ,575
| Or, their surplus of total means
their dsfciehcy OF immediate means
is about pa per cent. only of their
sum total OF means.
| A comparison of the contiguous states
without centres, with them, shows
that Maine, New Hampshire, Yer
| mont Rhode Island and Connecticut
have a balance g due fUm other
banks" in their favor, 5,2, ,2la
| And, including that balance i'll their ia
| yor the surplus of their total means
| over the deficiency OF their imBed'dtc
And the sum OF the total means Of the
Ave states without centres, is but. Io,.s94 22,
| Or their surplus Of total means over
| their deficiency of immediate means,
| is about 81 per- cent. Of their sum total
| If means.
| Rhode Island alone, as compared with
| New York, has q balance against her,
due to other banks" of only........... 2l9,s9!
| Aud Including that balance against her,
| the surplus OF her total means over
| the de cfctcaCy Of her satH,edtdte means,
| lf3yO,E
| And the sum of her Total means, s.,.. 32,ii2,09
! Or, her surplus of total means over her
| deficiency of immediate means, is
about As per cent. of her sum total of
| means.
| And the whole statement shows that
| New York and the six New England
states, with sum total of means, Of 5lO2e2, ,7s'
dcfeiency OF Immediate means, ofonly U,26I,27
| Or, only IA per cent. of their sum total
| of means.
Aud in spite of the balances in favor OF
| the six Nsw England states " due
from other banks" the balance
| d0ai,ist the seven states com bined with
| New York, due to other banks" is... 0,55;
In other words nearly double this balance sgaiHs
the whole seven due by the grea., national
| importing centre alonel
| 4be next table. No . shows the condition of tn,
! centre states Of Pennsylvania aud Maryland, will
that Of the group of states without centres conti
| suous to them.
| TSee pages 10 and II of Report for Table 81
| Pennsy lvania and Maryland, like Bos-
| ton, are sateliiteso Of New York. And
| we that Pennsylyania has bal
auce IN her favor, due BY other
And including that balance in her Ia
! vor the deficiency of her inla6didts
means means Sa S sr.~~ m 0.52s,ss
! Or her sur1,Ii4s that much less thdn...... o
Mary land. on similar account, has
| balance against her, "due To other
banks, 4S
And incluling that balance against
/ her, the surplus of her total means
over the deficiency Of her immediate
Or, 10 per cent. on her total means Of 3o,570,76
Tic Two combined have a balance cue
| from other banks" of..........-;...... WIZ
Ana inciuding that balance in their Ia
yor, the az fctehcy Of their l1imalidte
IueaDs over the surplus Of their t0tdE
lheahs ls..i,. -
| These centres arc deficient Of apy sur
aiiare Incaps. by.................,,.. ss2 So
Out 0f n sum total of means Of......... O5,t993
And comparison of them with their
| contiguous states without centres,
| shows that New Jersey and Delaware
have balance 'due by other banks"
I,Iof ,oi
| Aud including that balance in their fa-
vor, the surplus OF their total means
means. is oGIy . 1858
tsco states without centres, is......... a2.s4e,74
/ Or, their surT1l,.S Of total means over
| their de Gctency Of tmmestdte means,
is less than one and q half per coat, of
their sum total of means
AMI The statement VI the whole shows
that pennty iyania and Mary land, the
4 tw,t centre states and their cODtlgu-