The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1875-12-11
COMMERCIAL MATTERS, Etc.

COMMERCIAL MATTERS, Etc.
There is not word in the Presidents mes
sage about the whisky frauds. One would
have thought that conspiracy maintained
for four years, which has, it is said, robbed
the government Of s., 900, 900, and the reve-
lation of which has SO profoundly shocked
the country, is entitled to few lines in an
executive message OF an unusual length.
The Presidents message gives no facts in
regard to the navy which are not already
quite generally known. All the single-tur-
reted monitors, fifteen in number, have been
thoroughly repaired in bulls and machinery,
and are ready for sea as soon as they can be
manned and put in commission. The five
doubls-turreted iron-clads could be made
ready IN from four to six months. Forty
wooden vessels are now afoat in the Atlantic,
of which one-third are in effect new ships,
and the rest in excellent condition for active
service.
The message states that the receipts into
the Federal Treasury for the year ending
June 80 last, were $751; 1877. 720 from customs,
$1,000 493 from internal revenue, and less
amounts from other sources, making the
total 1888 000,05l. The expenditures were
$274, 623, 1872; in addition to this there was
paid on the public debt $40, 405, 936-making
the total disbursements fer the year 1924,
029, 329. AS we intimated short time ago.
the President thinks the government needs
larger revenues, and therefore recommends
the reimposition of the taxes on tea and COT
fee. He estimates that these taxes would
yield S1S,000,00 a year without increasing
the prices of the articles; and If they be re-
imposed, he advis that the tariff on large
number of articles that enter into manufac-
lures be removed. E
In Chicago the experiment is being tried of
paying the wages Of Employees on Monday in
cfao Of dow ha n ms mo 7
Saturday, leaving working people night and
day of rest in which to spend their earnings,
was long ago found to conduce to waste and
dissipation and the new plan is commended
as avoiding great deal Of trouble that was
inevitable under the former method. In New
York the banks have also made complaints
against Saturday payments Their depositors
draw out large sums of money Saturday
morning, which are paid to their employees
and to tradesmen of every kind, and which
does not come hack to the banks again until
Wednesday or Thursday Money has thus to
be boarded to meet the demand, ind there is
regular stringency for part Of every week.
When the market is easy there is no trou-
BILE; but when it is feverish an incipient panic
may be greatly aggravated by the absorption
of the banks circulating capital Instances
have been known, the Erening Post says, IN
which mercantile house has been forced into
failure because it happened to need loan at
the end of the week and could not get it. On
Monday or Tuesday the amount could have
been paid, but the firm could not wait until
then, and SO it went down. For the sake OF
the banks, the mercantile community and the
employees, it is urged that manufacturers and
the trade should adopt Monday or Tuesday
for payday instead of Saturday, and it is
further urged that the employers and the
banks had better take little trouble for the
sake of helping each other.
nl fat,
The Controller of the Currency gives an
elaborate table showing that the national
banks of New York city have held an average
of only about 81. 200, 900 of actual coin during
the period from October 3, 1872, to November
/, 1875. All the rest of their "specie," as
reported to the Clearing House-rangIng IN
amount from S12, 0oO, 900 to $4,000, OO0-has
been coin certificates me oo total amount OF
"specie reported by the 2087 national banks
of the United States on October lst was So
O5O, 1923, but of this amount only 49, 1854, 569
was actual coin, the other 81, 4S5, 760 being
coin certificates. The amount OF specie
reported by the national banks of that date
- was smaller than at any previous time for SIX
years. and instead of their previous average
of from S12, 600, 600 to SIS 600, 900 of ''specie
(that is, coin and coin certifcates) the ma ional
banks Of New York city only held an aggre-
gate of 81 POI, 72O The Controller, in com.
menting upon this, attributes it to the In
creased drain of specie out of the country to
settle the balance Of foreign trade against us
Included in the Controllers report is an
estimate made by DR.. Linderman OF the
Stock Of Coin in the Country.
After great deal of labor, DIR. Linderman
figures the entire stock Of gold coin and
bullion down to S127, 600 on June 3d.
1876 since which time, as everybody under
stands, the stock has been largely depleted.
But throughout the whole Of his calculations
DR.. Linderman shows an evident disposition
to exaggerate the stock Of coin in the country
one evidence of it being that he brings into
his calculation an estimate OF the product O
the mines for the two years. ending June 80
1874, at $40 900, 900, and for the year ending
June 80, 1875, estimates it at $40, 600, 00O All
I this is only guess work. If DR.. Lindermar
had figured up the stock of gold coin actually
known to exist in the Treasury and the banks,
and made liberal estimate for all that was in
circulation on the Pacific Coast, he could mo-
possibly have shown over 500, DOC, 600 OF golC
coin and bullion in the United States.
Mediterranean Trade.
It is curious fact that while England has
for number Of years given special attention
TO Egypt the emigration thither from Great
Britain has been insignificant compared witt
that from other European countries. Durint
the past thirty years the European population
of Egypt has increased from 5000 to 81, OOo =
this total $4,000 are Greeks, $4,000 French
1890 Italians, $500 Austrians, while COON
comprises the entire British element includ
ing Maltese. The first three of these are sait
to be not only ahead as regards population
but are controlling the greater portion OF tn
Mediterranean trade. The Greeks are fore
most in cupidity and keenness in mercantile
transactions. The Italians have gradually In
creased their mercantile power, and now ranl
second in importance. On the Whole, i
would appear that the general European com
merce OF the Eastern Mediterranean is gradu
ally assuming the Importance it bore IN time
past, and with renewed rivalry among th'
different nationalities this commerce may b.
expected to increase.