Savannah morning news. [volume] (Savannah) 1868-1887, 1882-05-25
The Financial and Commercial
Situation.
Nelg YORK EUenfng P0st.

+AN - pm VI FNp1NsDbU VI kOlu uuElUR
the past week, being the largest outward
movement in any one week for the past
year, and making an aggregate OF about
S23 600, 600 Of gold exclusive of silver ex-
ported) since the first of January, naturally
suggests the inquiry as to how long such an
export movement can be maintained with
out depicting the total coin circulation of
the country below what it was at the begin
nisg Of the year.
The most important source OF supply is of
course the product OF the miues and its
coinage at the mint. From the last report
OF the Director Of the Mint we fad that the
product Of gold from the mines in the year
ending June 30. 1881, was $50, 0C0 600, and
Of silver S39, 600 COO; that the total deposits
at the mint in the same year were $35,Sl5,-
OBS Of gold OF domestic production and $2S,-
AZ ,057 OF silver of domestic pro Oluetion.
The total coinage OF the mint in the same
year was $7S,733 S64 Of gold and $27, GAG, j.
y66 of silver.
The coinage of gold that year was more
than double the production of gold during
the same time, and the excess represents
the coinage OF foreignibullion (eoiD) aud OF
domestic bullion produced previous TO thai
year.
The total coin circulation OF the country
June 80, 1850, as estimated by the Director
OF the Mint, was$ sol ,555, I'll, OF which S142,
il was $6ll, ,236 SIG, of which $l7l, ,459, at
was silver. This increase Of $14S, ,OOS, ,140 IL
the fifteen months ending with November
1881, included $l0.6l3, 1893 OF net imports o.
specie during that time. The net increase
from coinage exclusive of recoinage)
therefore, was $l37 1894, ,747, or at the
average monthly rate of say 81, 300, ,00C
OF gold and 81 0OO, 600 of silver. Thi:
estimate OF the Director of the Min
was made after deducting 50 800 600 Of gold
coin consumed In the arts during the fifteeI
months, and was also exclusive OF recoinage
| Notwithstanding the cessation of import:
Of foreign gold, IL is presumsble that the
current production Of the mines, together
with the stock Of bullion already on hand
would be sufficient to continue the coinage
of the mint at the average rate OF, say, 81,
10000 OF gold per month from November
TO the present time.
Another source Ot supply consists in the
amounts brought ia by immigrants. In-
aulry OF the officials at Castle Garden shows
that their estimate Of the amount OF money
brought in by immigrants is from eighty
FIVE to ninety five dollars per capita. But s
large part OF this is In drafts, Bank Of Eng
land notes, and greenbscks, and the same
officials estimate about forty to forty five
dollars per capita as the average amount OF
specie brought in, and of which 1t Is fair tC
presume that at least seventY-five per cent
is gold. The number of immigrants arrived
In April was l04,27 or say 100000 since
January l, which would make, say, Sl2,
OOO, 900 of gold imported in that way.
We have had, therefore, from these two
sources Of supply an addition of about $40,
/ 600 600 of gold to the coin circulation Of th'
| country since the beginning Of the year. l
/ these premises are approximately correct
the total coin circulation OF the country i,
-. 30,
| than on the first OF J January, nOtwithstand-
ing the expectations. They also show tha
we should be able TO maintain an averag,
/ export OF $l5,000, 900 psr month for three
months before the stock of specie in the
country would be less than 1t was on the
first Of January.
It is not presumsble that there will be any
such export of specie. Within a month the
new crop Of winter wheat will begin to bt
available for export, aud even already some
| bills are being drawn against tt-thOugh Il
/ is not to be expected that Europe will take
much of it at present prices. The negotla-
/ ton in Europe of. at least one s. O00, ,OOi
| loan for an American railway during the pas
week, together with the appearance of some
/ borrowed bills in the exchange market snC
an increasing disposition in London to in
vest 10 American securities, all operate ir
/ the direction of checking the export oi
/ specie. VI luE JULIET uhuus AuC kCucId
| conditions Of the export trade are in faYol
OF its continuance to some extent until tht
new crops become actually available fo
export. The stock of all kinds of grain IL
| this country is less than twO-thirds what /
was at tSis tims last year, and only abOu
/ One-half what it was st this time two year
ago. Il is also generally believed that tht
/ stocks of cattle and hogs vet to come for
ward are very much smaller than usua
I aNa Of he he.
/ facts indicate the maintenance o
/ comparatively high prices until th'
actual supply in the market is in
/ creased from new crops and stocks of cattl
prices which will operate against a com
| plete revival of exports of breadstuffs AM
/ provisions for some months. For the las
/ six weeks the acknowledged shortage II
/ last years cotton crop has not been fsc.o
/ in the export trade, because the exports o
/ cotton during that time have been full
eQxal to what they were during the sam
period of last year. The full effect of thi
/ shortage, therefore, remains to be expert
enced yet, both on the exports Of cotton ant
on the price.
The general trade of the country is dull
/ The cold weather, which has been favorabl
for the winter wheat crop, has diminished
| the demand for all classes of spring goods
| The iron trade espec ally is dull from vari
Jus OLuCi causes PioAAlH 0.AANnS W..
is the smaller demand than last wear fol
railroad bars for new lines. The mos
favorable features in the whole situation ar
the fattering prospects for good grain crop:
and presumed increase in the product o
precious metals during the past few months
| Money also continues very abundant, boil
here and in Europe, aud II is apparent tha
foreign capital is only awaiting a LITTLE
greater certainty about crops to take holC
OF American enterprises to larger exten
than ever.