Daily Richmond Whig. [volume] (Richmond, Va.) 1861-1862, 1861-10-21

in 1887 We fad that beyond the sum $4,000 OOo ell
vas credit The sum OF specie and Bank no'cs was on,
$40 900 00O and yet their deposits were S9o
IL il apparent that these ninety millions Of deposits
we're the proceeds Of the bills receivable discounted oy
the banks for account Of their customers, Which oens
passed 10 the credit of the debtors OF the banks
deposits aud represented In the operatonsoi uaSe
by certified checks, which checks were USED II tuo
puIchase and movement Of commodities ana were
rsceived by The banks il payment OF dsots due 10
them and as the debts aud credits blanced eacn
Other the payment OF thirty millions asiy vas
arranged through the clearing house oy an efcosBe
Of the certified checks. For IL ia apparent that sky
banks held thirty millions of bills receivable which we're
represented by thirty millions Of certified checks "nco
checks had on the day before been paid out In the pu
chase or movement of commodities, the sums que eaeI
hank were equal 10 the sums due by such oahks Auu
therefore the sums which eech bank was entitled 10 re-
ceiye we're equal to the sums, which such oinhs
REQUIRED 10 paw AID IL found that each oank
In the course Of its business receive SUN Oh tue
cer,iied checks of other Banks sufheient 10 pay
al of It's own certified checks or nearly so anu 'nA'
If upon an exchange of these checks through 'he cea
ing house. each day. the accounts were not balanced AL
,hs, va reouirec was an arrangement between the
links for a6ls,ng the balances ard this was done py
danositiDe spscie or bills receivable with bank OF
,ru,ees mutually chosen, thus creating fund.- eheek
mon which was received in payment was tnus lnA'
the crsdi, OF the banks was made ihe OASIS VI te'e
onsra,ons and enabled the merchants OF New YORK 10
move the immense mas Of commodities, which ehtereu
nd
into thar dom site and foreign trsd' Of that year. anu
of which the exports oil Confederate S'a'e' '0"'
the greater part. .I,.A ...a;,
lu further Illustration OF tne eAseus -. - com.
nav be used under the improved machinery OF cum
marco We refer 10 the fact stated by CheValtr ss Ans-
s,ed by Mr. Golden that by the official returns OF tne
hIuks of England aud aes lTr yen s - no,ss b.d
1856, the aDnusl average eFeuia'io9 " ~ a,ar
diminished 81 ''o= oVo, taIs 81 Exchange had
oihc' appears lhat Sne ,S COO .S snnrn and that
iAcrtafed al inc rA'e " 90, To- ~ h.rLs notes In the
Sith creulluon oil 500 wa, 100 VI oAuA . =; IsE7
Uned Kingdom there were ~ sborn
S9OOOOOOOO OF oIs oi tAslHna " 80 re- ,.io,,,
most conclu'iySE now SUI " 81 creSt upder
metals ID tqaireo 10 malI va Al VIZ
well regulated system OIL 3 5,s,, of tho limited
b. the h;id re urns 10 the lIeasa.y VI '"'
SAFES ending July, 1907 aPP0e
The Exports of the Confederate States, 100000,
we're. sl.Looooo9
Whilst their imports were but z''|oo''oi'
----- 100
leaving an eIctsJ OF Exports OF slo4''=''o0''
The Imports Of New York. Fennsyt ,,. col, oos
ysnia and Massachusetts, were ssoo SOC SO
Their Exports, t|o'f"'''
--o-a., -,
Making ali excess OF Imports Oi tIoo,e4f. 41i'
mr, - q, Nor,haro imports are paid for by the
- of Southern ,,oort, The process OF payments
80 - Nortbern or European Banker came to
NJ Orleans Mobile ,vauuah or Charles and pur-
49, or made al apces on cotton other produce,
and
NV York. which bill upon New York was Pald Dy
s,cond hill upon London AID the bill on London was
Maid BIZ the products OF sales of cotton LTeipooL
The cotton "A transirr was the basis o. the oils
~ exchange as well as those upon London, as o. those
mon New York, and the Southern psnters' through
ne avercy of the Northern aud European
in London this sum Of sl54 327 OCT TO the credit o. the
bs1ks Of New York which had purchased the second
biis of exchange The New York backs purchased
these second bills upon London, because tue
of New York purchased goods in Manchester ana Lay!
ons and therefore want funds in London and faIis ana
tie buk,iuNes Orleans, Aob., savannah ana VI a'es-
,o uurohased the first bills Oh New ORR, oeGaase 'hs
southern merchants purchased goods in Ne" YORK ana
therefore reQairsd funds in New ork ,.
When We take into Gccount tpe ae 'nAi lhee guau,
ttss o. cotton, too ceo noaF tpu na'a s.o'.s,
la the Confederate States, were i1oi~daa 10 tue exports
ron Eez York II will be seen that, iHAnaeu y lno
surplus prcducta OF the south constitute so arg PSI
NJ the bass OF The trade and industry OF haIoPeau va
tons, We have in the Oonederste SLAVES
'Ur such regulation OF ihe ioit'gu u W. nonov
Is from thos) continual Fuo'"lt' o 49,, ~ ~
m8rke Of Edgland Whlea nave unuSr 'ns s!se" =, W.
reign trade OF the u States psoduGed s1cn ia.uouS
contraction and expansion Oh me 'auss o. pvr will
Again. By reieHng 70 'tle 'Soiv 49, go a. - SaJ
b, seen tina; although the Bank oil hnsiod 81 o"
sPsce Pssment IN 1874 ana u not .SuIs 900 ~
Lle b1nh Oh II lE4-h" - - 90 . osnt