The Washburn times. [volume] (Washburn, Wis.) 1896-1976, 1907-10-24
MILLIONS ARE SENT ABROAD

4 En- LIAM
r. Itsis estimated that the foreign born
population of this country sends every
year to its friends and relatives abroad
about three hundred and fifty million
| dollars. or nearly a million dollars a
| day.
People Of foreign birth who have
emigrated to this country are con-
stantly sending money to their friends
| and relatives abroad. and many send
| their surplus funds for deposit to some
bank in the "Old Country" as they
| usually term their native land.
| Many Of these immigrants borrow
| money to pay their passage over here,
and their first thought after becom-
| ing located in this country is to earn
money sufficient to pay their debts
abroad. Very frequently a number Of
| families in some little village combine
| their meagre savings of Lifetime to
send some male member to this coun-
try to make his fortune and prepare
| the way for the coming of those left
| at home. AS soon as he accumulates
| some money he sends it home and pres
emily another bread-winner arrives
here to assist In the earning of funds
to bring over those who have remained
on the other side. Thus a regular end
less chain Of remittances from Ameri-
ca to Europe results.
! Most of these small remittances are
| sent abroad through a system known
as postal remittances, by which the
actual foreign currency of the country
where payment is to be made is deliv-
cred to the residence Of the payee. This
ruStau1 in favor hacanSa Of re sim
plicity, since it avoids the trouble of
mailing draft or money order and
enables the payees abroad to obtain
their monev quickly. The greater pro-
portion OF this class of business is
handled either directly or indirectly by
the American Express Company
through their numerous agents and
bank correspondents in this country
and abroad. Many banks and steamship
Agents receive money from their pat
ons for remittance to foreign couK
tries, giving their receipts therefor;
and then turn the money over to the
American Express Company for trans
mission and delivery to the payees
abroad. 80
Although, as stated above, a great
majority of the immigrants are very
poor, they naturally always have a
small sum Of money in their pockets
when they arrive in this country
There are also a few, of course, who
are wealthy and bring over large sums
Of money. All this foreign money is
exchanged by the immigrants on their
arrival in port. In former years this
exchange of money business was con-
Quoted by private brokers and ex-
change dealers and the uneducated
foreigners were frequently taken adj
vantage of in such transactions. The
Government of the United States now
maintains a supervision over this ex-
change business in order to protect the
foreigners from unscrupulous dealers,
and the American Express Company
has been awarded a contract by the
Government giving it the sole and ex-
elusive right to purchase and exchange
all foreign money brought in by immi-
grants coming in at the Ellis Island
Station. Under this arrangement the
immigrants are paid the highest rates
of exchange for their foreign money.
1t is very interesting sight upon
the arrival at Ellis Island of a vessel
bringing in immigrants from foreign
countries to see how these people are
carefully scrutinized by representa-
tives of Uncle Sam. They are led in
to the station, which is an enormous
building, through a wide corridor into
a large enclosure, where they await
medical inspection. All those that pass
the medical inspection are shown into
another large room where they can
arrange for the exchange of their
money, and transportation further in
land. In this room the American Ex
press Company maintains an Office with
several clerks for the exchange of all
kinds of money. Interpreters, speak
ing all the principal foreign languages,
are provided by the Company, who as
sist the immigrants in every way to
become acquainted with their new sur
roun dings.