Morning journal and courier., 1882-11-02
Wealth of Immigrants.

Talk with IA Castle Garden Money
Broksr-The Majority of the New Ar
rivals Very Poor-Rates OF Exchange
mt the Gnrden-Margin of Brokers'
Profit Very SmaII-The Draft System
Patronfzed by the Immigrants.
from the New York Times
chow much money do I suppose the i'm
migrants who land here bring into the coun-
try every year ?" said a money broker doing
business in Castle Garden in answer to a
question the other day. "Ihat would be i'm
possible for any man to tell. You see the
bulk of it comes in the shape of drafts and
greenbacks, the amounts of which we have
NO means of calculating with accuracy. You
may have seen in some of the reports on i'm
migration printed in Washington that each
foreigner brings an average of fifty dollars,
which is added to the wealth of this country
But if I were to make guess I should put
the average at considerably less than ten dol
lars. Superintendent Jackson and others
have come to US and asked for statistics on
this point, but we know nothing about the
means of the majority who pass through
Castle Garden, for the reason that they never
come to US. Years ago it was different
They would buy their railroad tickets for the
West here in the Garden and then they would
show their money, and while they were about
it they would change what they had left for
American money. In those days the draft
system was not patronized as generally as it
it now. But at present they not only sell
them steamship tickets at the European of
foes, but also railway tickets to their points
of destination. Then the immigrant shows
his money to the ticket seller, who induces
him to buy draft for the remainder, with
the exception of a few dollars for incidental
expenses or spending money. Several years
ago, when business was not good as it is
now, and the immigrants who arrived were
not we'll off as those who land here now,
| our firm undertook to figure out an average
Al
| each immigrant. We reckoned it at s. rs
| during the dull season and 81 Is during the
busy season But now we would not under
| take to guess at the average. A great many
| immi grants bring their money in green backs
| 1t is surprising how much money is carried
| abroad or sent abroad in the shape of green.
backs, and then comes back again in the pos
| session of immigrants. Occasionally p >or
person whose eyes are not very sharp will
have bad bill passed off on him for lawful
| American money. There very un
| fortunate case of this sort not long ago. A
poor fellow passed through the Garden with
| a one hundred dollar Confederate bill in his
possession. He had given gold for this in a
| shop in Berlin where he making some
purchases. Drafts are now used very extern.
sively by immigrants. Banking houses in
| Europe have gone quite largely into the bus
mess of supplying immigrants with drafts
| 1t suits the poor people, as it is very safe az
we'll as convenient method of transporting
money from the Old World to the New. The
consequence is that the demand for drafts
is constantly increasing The arrangement
is also highly agreeable to the bankers them
selves for the money is deposited with then
when the draft is purchased, and in addition
to the rate of exchange they have the use o
the money until such time as the immigran
presents the draft for payment. Some of tn
people now exchange the foreign coin 70
American gold and silver before they set sal
| from the old country. This mode of ak
change is also on the increase, so that onl
the odds and ends come to US nowadays
And yet the New York rate of exchange j
smaller than that which is asked in Europe