The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1879-08-12
ern States

1877 - 81 .423 127.753 $4,000 900
1873 200 600 about 600 572 600 900
| The PROJECTS Of the money market are dis
cussed as follows by the New York Evening
Post:
1t is not to be supposed that with mercan-
tile and manufacturing business improving,
with the diversion OF capital to new enter
priseS, and with the increased volume OF
speculation at the Stock Exchange and at the
commercial exchanges, we are to have long
| continuance OF 2013 per cent quotations for
money 1t would certainly be unreasonable
than the middle of September unless large
amount of gold is to be imported.
At present it is an open question
whether we shall import much gold;
but as muchas comes will strengthen
the bank reserves and will form a
basis for four times OF much OF the kind OF
bank credit as constitutes the currency with
which stock exchange and all wholesale mer-
camille transactions are settled 1t must be
remembered, too, that the disbursement dur
ing July of the fund of legal tender notes
held by the treasury to redeem fractional
notes has been an important aid to the money
market, it having furnished basis for some
thing over $50 600 900 OF the kind Of bank cred
Its Just alluded to. Taking into account, how
ever, everything that IS favorable, 1t IS diff
cult to arrive at any other conclusion than
that Of the last three months OF the year we
shall have much fuller rates for money than
VI
the last few years.
A very decided effort Is making by the
treasury department to have the standard
silver dollar circulated. The demand for 1t
has grown since Secretary Sherman issued
his order to disbursing officers to
pay it out, and next day the treas
urer, Gilfilan, proceeded to pay in silver 10
per cent of the amounts due the department
clerks here. Mr.. Gilhllan thinks that if he
could pay out 10 per cent Of the joint expenses
he would very soon get into circulation the
mass Of silver In the treasury that has been
growing larger and larger after each months
coinage Last fall, by means of circulars ad-
dressed to national banks, Offering special in-
ducements to them, he succeeded in getting
rid of the silver about as fast as it was
coined, but Secretary Sherman directed him
to stop these efforts, as in his opinion they
were contrary to the spirit of the resumption
act. For the quarter beginning July l. 1878,
and ending October the amount Of silver dol
lars in circulation increased from 1856, 143, to
S4,051,927. After the efforts ceased in obedi-
ence to the order THE Secretary, the amount
in circulation at the end of each quarter was
as follows: January /, 1879, 1929, 272, April l,
1879, Sc 621 1876; June |, 1879 S6,493,655. This
was an increase of something like S250,00O
month. More than 100000 Of silver dol
lars are now piled Up in the treasury.
In commenting on the annual foreign trade
statement Of the United States, the New York
Commercial Bulletin reaches the following re-
salts for the nine years preceding the panic
anI +ba civ hot fnlj
m NINE YEARS PRECEDING THE PANIC.
Excess Of goods imported over ex-
ported. $500 900. 900
Deduct net export Of specie 527 100000
Commercial balance against U. 8 1868 100000
.@a SIX YEARS FOLLOWING THE PANIC.
Excess of goods exported over i'm
ported -...-.-, $50 900 900
Ado net export of specie. .--....,.z- ia 900 $50
Commercial balance to credit Of q. S 1924 900 900
During the nine years of the first period
this country paid Europe, In addition to the
commercial balance Of 1868, 600, 900, not less
than S600000,0 900 interest on bonds Of different
kinds. It would therefore appear that within
these nine years we accumulated a foreign in
debteduess of somewhere about 81 ,00O, 600, 900,
which was represented by the various form of
securities sent out of the country within the
peElou. DeuuCLlHR lEOil LIE ldVOEdDle Dhlauce
Of 1924 100000 since the panic the annual pay
ment Of about S7o000,000, which it is calcu-
lated has been required to pay interest
abroad, a balance OF about $500 900, 900 would
appear to have been available for the liquida-
ton of this country's debt in other countries,
except SO far as it may have been required
for the settlement Of unknown elements in the
account OF the kind above alluded to. In any
event, these figures show that a very impor-
tant amount Of our foreign Indebtedness
must have been liquidated since the panic Of
1873, and it is important to keep In view the
fact that these payments will materially re-
duce the amount to be paid in the future for
interest on our foreign Indebtedness.
AS an evidence OF the Willingness of man
kind to pay for luxury 1t may be remarked
that there are In the United States Is, 992 |
cigar manufacturers and l049 tobacco manu-
facturers. The average annual product of
cigars, cheroots and cigarettes for the last
five fiscal years is 1860 709,213, and the aver
age annual product OF manufactured tobacco
and snuff for the same period is 10, 769, 654
pounds. The estimated quantity of leaf to-
bacco consumed by the manufacture Of tobac-
co, snuff and cigars annually for the past
five wears averages 1913, 453, 606 pounds, |