Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1861-07-07

stock Of specie n the co1ztrys me Hee2ly SUD
plies OF California gold that are SC baz0ned abroad
seem to have impressed the public mind win The
idea Of afiuence, ard caused 70 IS overlooked ne
fact that the gold goes IS E comes leaving ID 3
cumnlaton. The money has bsan spant g taat -
It vas earnad.
n ths tweiYe years ending with 1850, the excess
Of gold receipts over exports was only s6s i4ess-
Hence the amount in the country Is verT small cora-
pared with the poDaar estimats. u exists pr0poE-
dOnalf7 az the South. lis u the shap5 Of small
nlser "a large eZtsnt and 3 utterly inaaequaie 2
/ any great ezigency. For illustration We have com
piled fTcn official sources The whole moTemsnt q
1 metals into and from the country, beginning win
the estimates ef Mr.. Gsllatins secretary Of ne
Feaanry FOR 1870, CT the amount then = sne co1p=
~. since the Official returns are foll0Tel "a .1e
annsd TIE table proportion Of the specie IN elrc1
l4toh 81 he North OF the South, i Is impossible q
estimate OF he plate and jeEely, fair proper
ton Is in his section OF The smoEnt held By ne
banks, SS5 92S ,IS1 IS at the South. Following tins
pzoporaon. the amount Of specie as the North would
be $I370 900 Of which one-haf Is silver against
Ss5sQo 600. at the South.
The smount Of specie available for the exigeHeres
Of the North is, then, by no means large, and
moderate outward current viii be f4taf to the
banks The sic, 1000 held by the Eesz Orieans
banks was forEseFly resource Ia the exigeneieso Of
trade but it is 60 no longer and adverse exchanges
win now throw the drain altogether uDOn Bos
ton. New York and Philadelphia, and a sudden col
lapse is inevitable. The supplies Of gold from Cal
ifornia it viii be borne IN mind, VIII not help the
Atlantic States It IS not our gold, and we can get
it only By giving goods for r. Caliiernia bays more
and more from England and sends her gold tbItsleF
VIA. New York for convenience In face Of the facS
that the crops Of England are good, the Northern
States viii have little 20 buy foreign goods with but
gold and the stock that remains OF that Wh not %
far. Six months Of importation Ike last year VII,
under present circumstances, exhaust the whole
Of it.
srzcu N the UNTED ErAEzs-
EStluatd in the country, -.
P P15Se ~ ~ T1 " states n:s to s s.
Amount exported Der ocaI returns 1921 70 s l5l62s
Net snOusE remaining in tae country January lsss L4sSi
PrOduee OF mines lsls to JAY, 1860 gold SfsS5z5s9
Produce Of mines lsss July, $50, silver 3ss4I65
imported per ofheial rstaans $3.50
Eupply............-.... Sss7I7,729
EzpOrtei per Official retarn...-.--....-. ss4OS4,oz3
Net amount in the country, July, ,sso,5
Producs Of nss.-....-....-....--... go Osc.oOO
Imported ---..-.-..--.... y lSa3Aoo
supply....-... - T2 $4,000
EEDortzi ..-.....-..-....... 236l200o
Net amount in the country, July g77sss
This is very nearly the actual amountin the eoun-
try. It is true that immigrants have brought large
amounts into the country in the last ten years;
siderable amounts have also been carried cut Of IT,
of which there are no record. In this country,
boarding has been little pFscticed in this country
The cracked teapot theory of those who seek
TO support cracked" Administration By urg-
ing popular loans, has little fOundat ion in fact
The proof is that as soon the immigrants arrive
q continued flow Of foreign coin fnds its way to
the bullion brokers Of Wall street. and are By them
packed for shipment-they berg worth more to ex-
port in their foreign shape than after they are re-
coined. A large portion Of the specie in the eoun-
try has been wrought up in the arts. How much.
ia mere matter of estimate. The chances are that
the amount ia not considerable, since great deal
of the metal comes into the country watches and
iewelry which, in time, Is worked over. The value
of jeWelry, watches &c, annually importedis about
SIS 600, 00O. These, as fashion changes, 60 TO the
mint in considerable quantities supplying the waste
Of the raw material in the arts.
The distribution of the specie in this country is
nearly as follows
In Banks, esAS9t-G
In Sue Treasury, t,t3lsJso
In plate and srnaue1s, 400o9,0O
10 circulation, s3.2sl ,ss7
Total in country, S22s 81 .534
or which Of the North, IL ,oon,000
OF the amount in circulation very considerable
portion is silver fractions Of the dollar. The amount
Of their coinage since the passage Of Mr.. Hunters
bill Of 1852 BY which the silver in the coin was d.
minished per cent in order TO prevent export has
been $40 POI .56S which Is probably Sll in cireula
ton in addition 70 much Of the S7S.90isl9 coined
before that date.