The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1879-07-11
THE NEW ORLEANS DEMOCRAT, FRIDAY, JULY H. 1879.


weeks have been spent by the mills in e11
deavoTing ID secure new help Ia place Oh Ins
strikers, but 30 far with p1oF success, hL 49,
with their supply OF purchased yarns ex-
| ha11stesI. as they cannot afford to pay the
market price asked for new supplies, the re-
suit Is looked for by al with considerable ln.
terest In the meanwhile aH reports; agFsee
/ that fbe large body IF strikers. continue To
| conduct themselves In an orderly and quiet
manner ----..-
They are troubled with great overprodue-
tion Of oil i'll Pennsylvania. The stock on
hand IL 100000 barrels, and the product II
| that State Is over $4,000 barrels day, while
the consumption is $4,000 barrels, three
fourths Of which Is shipped abroad. 1t is be-
| ieved that d large number OF oil-well pro-
| prietors will GO out OF the business before
| long. dozen fires like that at the oil ware
| houses in Philadelphia q few days ago would
make big hole in the 100000 barrels sur
plusage.
| The boatinen Oh The Erie canal complain
loudly that the railroads are drawing from
the canals q large proportion OF the grain
| transportation. For the three weeks ending
June 81, 1894. 9D7 bushels OF grain we're moved
by rail- TO New York, against 2,49G, 252 bushels
during the same weeks last year. In other
| words, it ls estimated In New York the rail-
roads have more than trebied their movement
OF grain, while the shipments by lake, as
compared with last year, have Increased only
100000 bushels. 1t is noticed also that 8 the
quantity Of grain that goes to lake ports at
ALL otherwise than In GERS eastward bound
without change, Is steadily decreasing.
! The last San Francisco Herald sums UP
the situation In this buoyant spirit:
| The weather continues glorious, and the
harvest Is progressing finely. Our grain
crops are yielding we'll. Business Is revivlng
quite generally Iii nearly every trade depart
1 lnent. Merchants and traders seem to be
more encouraged and more hopeful OF the fu-
| ture than we have seen them In many months.
The comparatively high prices received for
our large clip OF wool has put considerable
money Int oireulati2n giving II, The far me,
tnral implements, grain sacks and family
stores generally. All this Is inspiriting to
our merchants, who feel somewhat relieved
| from the stagnation OF previous months. Ion
| mage promises to BIZ very abundant for the
year to come, with every prospect Of low
freights, and this Of itself will in D. great de-
gree result Id enhanced price Of grain to the
farmer.
Il
States House Of Representatives from Ohio,
has prepared an elaborate table compiled
| from official treasury statements. He shows
that the volume Of currency In 1865, when
| the volume was at the maximum, was
s9s3, Bis, Gs5, with population OF 25,0oo.oo0,
OF over 500 per capita. In 1873 the total
volume was $4,000 ,3Gs, with d population
Of 42,oDO,000, OF d little less thau $1s per
capita. In 1878 the volume actually In circ-
ulation was $6ss5g7,2 75, with d population
estimated ut 47,O00,0to, OF $14 80 per capita.
! In 1879. an actual circulation Of sGa9424 ,G43.
| Gen. Warner says: In addition to the
above there was coin in the treasury, April
| 80, 1870 according to the Secretary's report to
/ the Senate, S13S0OO0O0, but plainly neither
this coin nor other currency which has been
purchased by the sale OF bonds and hold I'M
der the resumption act as q hoard, or gathered
In the treasury as the result Of IN excess Of
revenue overexpenditures, ought to be count
cd as part Of the circulation, for certainly IT
can have no effect whatever upon prices.
Taking The present population Of the United
States at 100000 the above volume $685.
424, G43D gives $14 per capita No account In
tile statement for either Of the above periods
has been taken Ut the gold and gold notes
(now about 81, 100000 Of the latter In cireula-
tion On the Pacific coast. The coin In circula-
| ton upon the Pacific slope has been variously
estimated from s15, 100000 to $25,O0o,0o0; but
| whatever it may be 1t has not changed enough
to change the comparison Of the different
periods given Accompanying these state
| ments Is compilation showing the cfrcula-
ton Ia England, France mad Germany. Eng
i land In 1878 had an actual circulation Of $917,
/ 445, 900, with population Of 34,D00,00O, giving
nearly SGT per capita; France had q popula-
ton Of 100000 and on actual circulation d
81 ,642 100000, or $44 per capita; Germany an
- tual circulation of $500, G62, 900 with o popt-
1ation Of 43. 100000, which gives s23 per capita
Gen. Warner says: While these differences
In the money volume OF different countries ex-
ist, 1t nevertheless is strictly true that prices
depend on the relation OF the money volume
to commodities and TRANSACTIONS and 1t ID a
matter OF the most vital Importance to under
stand that the volume Of money III any coun.
try can never be materially contracted without
breaking down prices, checking enterprise,
sitting production and producing idleness
bankruptcy and the long train Of miseries
that follow. There Is no other cause OF the
present prolonged stagnation of trade and
business in this country, but the reduction Of
the volume OF money First, the reduction
of the paper volume; then the reduction Of me-
tallic money from gold and silver to gold
alone. The change was nothing less than q
high crime against the whole people"
AT the last meeting of the Mississippi Val
| ey~Cotton Planters Association, held last
week, the President, Mr.. Morehead, illustrated
the magnitude Of the cotton interest by the
following estimates OF cost and profit OF the
crop:
| crop of 100000 bales, averaging three
acres to produce q bale. would give us