The daily exchange. [volume] (Baltimore, Md.) 1858-1861, 1859-05-18
Bank Circulation
Money
COMPARISON OF MAY 1859 WITH MAY 1858.

Loan: sl14l19,coo sl2essooOo 1851 900
Circulation. 100000 s,49OoOo 9Ss 900
Deposits ........ s3,599,OOO ss 696COO 5,O97, 900
In the specie column the decline is about nine and
a half million of dollars.
With careful review of the circumstances for
eign and domestic, pertaining to the money market,
We are compelled to say that the above exhibit is
not favorable one. The rate of foreign exchange,
the return every week of American securities from
abroad for sale here, the decline in the specie re-
serve, the disorders in Western currency are all
features that may well create uneasness to our COM
mercal friends.
Since April Isl, there has been shipped in Specie,
800, while the receipts from California have
been less than half that amount This will so con-
tinue until the Banks of the city contract Currency
and lower the scale of prices, thereby curtailine
their discounts. Produce would seem to demand
this at the present time. The city Currency is
more expanded than ever before, that of the coun-
try as much at any time since 1887 There
has been engendered an adverse balance in our For
eign Commerce, still augmenting, requiring more
coin to hqmdate it. The in Europe is liable to
still farther increase this shipment of specie bv the
Withdrawal of foreign capital for investment in the
new Government Loan that the war will give rise
to. Already the belligerent powers and others are
IN the market for over two hundred and fifty mil
lions, and the loans will be negotiated, however
great the sacrifice. So many of these loans press
ing on the market at once, they will probably sell
at prices temptingly low, yielding to the holders
quent scarcity of capital for other investments,
will doubtless the general rates of interest to
rule high throughout Europe during the continu-
ance of the war.
The report was accepted and ordered for publi-
cation.
The Hon. John Cochrane said that the subject of
emigration had not yet received its proper con-
slderation in reference to the subject of currency
Since 1850 up to the latter part of 1885, the num-
Der of immigrants at the port of New York was
about 2,e0O,O00 at an average of $40 per capita,
brought over in specie The average was doubtless
much larger, reaching 500, making the full
amount ofspecie brought into the country by i'm
migrants full two hundred and eighty Millions
Five thousand emigrants arrived at this port
during last week. There is every indication that
there will be great emigration during the present
year.
Mr.. Homans said that this amount was balanced
by the large sums expended by our countrymen in
travelling in foreign countries. 1t is estimated
that more than twenty-five millions are spent by
Americans annually in foreign travel.
Mr.. Opdyke said in reply that Americans did
not carry but small amount of coin out of the
country with them. On the other hand, the emf
grants money found its way into the United States
Treasury in payment for land. The question OF
currency is not affected much by either cause
The consumption of coin in the arts amounting to
over twenty-millions has much more to do with the
deficiency of specie.