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BANKS OF NEW ORLEANS, NOVEMBER 26, 1842.
Specie. Circulation, Deposites. Bank of Louisiana, $3,997,960 $7,147,896 $1,513,587 $313,746 $1,378,590 Gas Light,
1,854,455 Mechanics &Traders', 1,998,590 3,592,731 1,032,428 247,190 861,884 Commercial, .
3,000,000 3,950,813 154,177 86,810 195,580 City,
2,000,000 3,198,683 154,117 119,665 292,989 Union,
6,995,000 10,113,706 452,582 128,695 585,683 State,
1,938,040 2,709,098 254,749 161,649 346,663 Canal,
3,999,750 5,247,866 40,729 126,840 69,628 Carrollton,
1,949,350 2,400,870 21,014 13,295 42,990 Total for 1843,9 baʼks, 27,733,145 38,361,663 3,623,303 1,197,892 3,774,007
“ Oct. 1839, 16 b’ks. 41,736,768 49,158,700 2,847,497 4,343,533 5,415,230
October, 1839, was the period at character of special deposites, and was which the New Orleans banks sus- liable to be withdrawn and disbursed pended for the last time under the im- at any moment. Hence the circulation mediate influence of the breaking down of the specie-paying banks is scarcely of the late National Bank, after a year thirty-three per ceni. of the specie they of great paper expansion. The result hold, and has been increased in sixty now clearly illustrates the policy of days but about $128,000, although in suspension as a mere matter of interest that period more than $4,000,000 to the banks themselves. They have worth of produce has been received at struggled on for three years exempt that point, and a large part of it exfrom the obligations of paying their ported. During the corresponding debt, and have by their paper issues period of 1839, after the suspension, the driven the precious metals from all that circulation was extended $1,200,000. section of the country, under the pre- This may indicate that the agency of tence of “ relieving the people.” This bank noies in business transactions this process has extinguished $10,000,000 season, is scarcely ten per cent. of what of bank capital and reduced the out- it was in that year. standing credits twenty-five per cent.
The future movements of the banks The effect upon the business of the rest upon public opinion. If confidence people we endeavored to point out in is so far restored that the planters will our last Number, by showing that in hereafter consent to take bank notes precisely the same proportion in instead of specie for their produce, the which bank facilities were curtailed, specie now in the banks will remain did the quantities of produce sent to there, and become the basis of paper market increase, and vice versa. Since issues so great as speedily to pui a the banks have been going through stop to farther imporis of the precious with the process of curtailment, which metals
, and fill all the channels of cirbegan in June last, a current of specie culation with paper, instead of gold and has been setting in, in that direction, silver. In 1839, it appears, when the and has reached near $4,000,000. Of banks stopped, the proportion of specie this amount about $2,500,000 has gone to circulation was $1 to $1 53. As into the vaults of the banks, as the the season advanced, this proportion deposites of private individuals, and increased until it reached in April, the remainder has gone into general 1840, $1 to $2 25. If it should now circulation, being disbursed in the pay- be increased to the same extent it ment of produce. The accumulation would reach $8,000,000, throwing of specie in the vaults of the banks has $7,000,000 paper dollars among the not induced them to increase the issues people, an operation that would of their credits, because the specie has speedily cause export of the been mostly placed with them in the precious metals, and produce a new
distress. If, on the other hand, the States 6 per cent. stock to be sold in precious metals are demanded in all case of emergency to redeem the notes. payments, a continued import will be This stock basis affords no security at sustained until the channels of circula- all.. It would not be paying the notes, tidn are full, and prices rise firmly on it would only be funding them; presuch a basis, free of all tax payable to cisely like the "relief noies" of Pennthe banks, and impregnable to all the sylvania; because the notes would movements or attacks of foreign insti- only require to be redeemed in times tutions. We thus frequently
recur to of panic, or of difficulty, such as now, the position of the New Orleans banks, when the 6 per cent. stock of the govbecause that city being the leading ernment is nearly unsaleable. If, then, point of export for agricultural pro- discredit is attached to the Government duce, the state of affairs there affects paper so far as to exhaust in their the whole country; and also because redemption the specie reserve, the what we, in our September Number, same discredit would attach to the called “the first impulse of re-action," $5,000,000 six per cent. stock, which when noticing the activity of the pre- would represent $10,000,000 of paper cious metals, is now producing conse- afloat. These notes would be greatly quences which, with the opening depreciated, and the holders would be spring, must necessarily be felt througli- the only bidders for the stock when out the Union. All the indications of offered for sale. Having obtained it, returning animation are apparent at all their debt would not be paid, but only those great commercial centres where funded in a six per cent. stock, and the capital accumulates as trade declines, remaining notes would become the but as yet in a more marked degree at prey of brokers to sell to the GovernNew Orleans than elsewhere. The ment debtors, and the Government of exchanges are now equalized, and the necessity would pay them out to its supply of bills will keep pace with creditors as fast as it received them, the growing demand, having hitherto either for its dues or for the stock; and exceeded it; and exchanges, payable $10,000,000 of worthless paper would in a uniform constitutional currency, constantly be afloat. The President will regulate themselves by the great seems to be aware of such a continlaws of supply and demand.
gency, because he limits the issue to The question in relation to some $15,000,000; whereas, had he full conpational paper machine " to regulate fidence in the inherent soundness of exchanges” is, and will continue to be, the currency thus created, there would matter of discussion until-unless pre- be no reason why it should be arbitraviously interfered with-mercantile rily limited. On the other hand, principles shall have vindicated them- should no panic arise, the bills could selves, and exposed the fallacy of not be kept in circulation at par. The attempting to stem the current of com- treasury notes now in circulation answer merce with paper issues. The Chief the purpose of currency and exchanges Magistrate has, as was anticipated, in which could be performed by the prohis annual message, again brought his posed notes; but, besides those properExchequer Scheme to the notice of ties, they bear 6 per cent. interest, and Congress. The general features of the are largely held by the banks as well project are those which we discussed as by individuals. A large amount of in our last Number, as the plan which the small denominations are kept as had received the approbation of Daniel ready money, in the pockets of indiviWebster, Esq. The subject is treated duals, who sell a $50 note as their of in the Message much in the manner occasions may require. Their money that a timid person handles a loaded is thus always at interest, and yet weapon. He is aware that its object readily available. Notwithstanding is mischief, and is afraid that it may these favorable circumstances they are explode in his hands. The proposal is scarcely at par in New York, and are simply to issue $15,000,000 of paper at 1 per ceni. discount in New Orleans; dollars on the credit of the Govern- yet the amount outstanding is scarcely ment, in payment of the Government $10,000,000. It is true that the prodebts. There is nominally $5,000,000 posed bills are to be redeemable in of specie to be retained to redeem the specie at the place of_issue, which is notes, and also $5,000,000 of United not the case with Treasury notes.
This latter fact is the reason why the stock of the United States at any price Treasury potes do not come into com- from one end of Europe to the other petition with Bank issues, while the without finding a bidder. Now a Whigproposed notes would do so directly. elected President, after recounting this The notes are to be paid out for Gov. disgrace, proposes to issue Governernment debts; and being so paid out, ment paper money as a means of borthe greater proportion of them will be rowing, a means never resorted to redeemable in the city of New York, except in time of war, and to cap the where most of the financial move climax, uses the following arguments ments of the Government are made. in support of his proposition : The circulation of all the city banks of New York has seldom been over $10,000,000; and should $10,000,000 the debts of the Government with the
“ It purports to do no more than pay of Government bills be put afloat here redeemable paper of the Government–in in addition to the present circulation of which respect it accomplishes precisely the banks, great confusion and diffi- what the Treasury does daily at this time, culty must necessarily be created. in issuing to the public creditors the There would be no demand for Gov- Treasury notes which, under law, it is ernment notes except from its debtors, authorized to issue. who would purchase them from the creditors at the market rate. As the The choice, in the present state of public Message expresses it, “this is the sentiment, lies between an exclusive chief purpose of the proposed Exche- specie currency on the one hand, and quer, thereby realizing the great want Government issues of some kind or the of the age.” This is really a singular other. That these issues cannot be made expression. If the great want of the by a chartered institution, is supposed to age is $15,000,000 of paper promises to be conclusively settled. They must be circulate as money, the age is certainly made, then, directly by Government blessed.
agents. For several years past they have In a former Number we took occa
been thus made in the form of Treasury sion to remark on the great change notes, and have answered a valuable purwhich had overtaken the Whig party in their views on financial matters, when we published a letter from Mr. So, then, after nearly two years of Cushing, defending his plan of an experiment, the Whig party are driven exchequer, on the ground that it did back upon something which they not differ materially from the project of recommend as being as good as the old Gen. Jackson. The
late Message of the policy of the Democratic party which Chief Magistrate affords a similar in. answered a “valuable purpose.” This, slance of recantation. When in 1837, a however, for reasons given above, is not revulsion overtook the commercial the case. world, and the Federal Government, like The Report of the Secretary of the States, corporations, banks, and indivi- Treasury shows a most extraordinary duals, was caught with large expenses state of the finances. It appears that and a diminished revenue, it had re- the expenses of the present year are course to an issue of Treasury notes to a actual and estimated at $34,000,000, of very small amount, which, with the which $9,000,000
for debt ; sagacity, vigilance, and prompt energy and receipts, $34,166,593, of which of Mr. Woodbury, the then Secretary, $18,000,000 are from the customs, sustained the character and credit of $1,000,000 from the public lands, and the Federal Government when all $15,166,593 from loans. This is the other financial operations throughout result of the economy (!) of the new the country were prostrated. This administration. In our September issue of noies was the constant object Number we took a brief survey of the of the vituperation of the whole Whig course of the Government finances party. For years all the attacks of since 1831, down to the first six months mercenary editors, political brokers, and of the present year, showing the great spouting politicians, were directed to change which had taken place in the these unlucky notes. That Whig party Government finances since the acceshave now been twenty-two months in sion, in March, 1840, of the present power, and have hawked a six per cent. party to power. The present state
ments show a continuance of extrava. receipts and disbursements for the first gance which we then commented upon. six months, and the operations for the The following is a statement of the third quarter of the present year:
This gives an expenditure of been in several years by all the cash $25,000,000 for the current expenses of duties paid on the new imports in the year, and $9,000,000 on account of addition to the maturing bonds. In the the public debt. Now it appears from next year, when all outstanding bonds the statements in our former article shall have been matured and the alluded to, that for the whole seven revenue depends entirely upon the years of the late administration so fre- imports of that year, the receipts are quently and freely charged with ex- likely to show a great falling off, travagance, the expenditures, indepen- giving occasion for a further increase dent of debt, averaged but $22,652,619 of the present debt. per annum, during a period of great No positive indication bas yet apgeneral speculation and very high peared in Congress, of its probable prices. Hence it seems that the new action on the Exchequer question. We administration, whose watchwords have every reason, however, to feel were economy and retrenchment, have assured that it will be impossible to exceeded the extravagance of the unite a majority on any measure which former Government by $2,347,381, can receive the Executive sanction. thereby extending the national debt The Democrats will stand fast to the $6,000,000. This being the case, what principles of the Independent Treasury, becomes of the cries against the former from which Mr. Tyler's Exchequer administration that had in “four years plan is certainly very far removed, pushed the expenditures $30,000,000 and there is no danger that the latter beyond the revenue ?" The customs will be forced on them by the united receipts during the third quarter have force of the voting majority. Indebeen large, owing to the fact that the pendent of other reasons for embittered new tariff makes the whole duties on hostility to the policy and wishes of imports payable in cash at the same the President, many of them really moment that the bonds of former regard the Sub-Treasury as unpopular exports have been falling due. During with the people—one of the greatest the months of July and August, there mistakes they have ever committed. was a strong probability that no tariff Well knowing that its restoration will bill would be passed, and the duties be the first glad and proud act of the would for some months at least remain next Congress, they think it their at the then low rate. This caused policy to leave it to be thus done by orders for large amounts of goods to be the Democratic party, in the hope that sent abroad, which on their arrival it will operate against its authors in were unexpectedly niet by exorbitant 1844. Be it so; on this point we shall high rates of duties payable in cash. harmonize beautifully, and we can Hence the customs of the quarter were desire no better issue on which then swelled beyond what they would have again to go before the People.
NEW BOOKS OF THE MONTH.
Self-Culture. By William E. CHAN. his attention more directly to the de.
NING, D.D., with a Biographical pressed classes themselves, and sought, as Sketch of the Author. Boston: James it were, to find out some means by which Munroe & Co. 1842. 16mo. pp. 128. the slave could work out his own freedom.
Hence this Discourse on Self-Culture,--a Nothing which can come from the gifted noble discourse, full of a truly Christian and lamented Channing, on the subject spirit, and of an enlarged benevolence; of human improvement, whether indivi- full also of wise suggestions; but it is dual or social, can fail to be worthy of characterized by an object common to the serious and profound study; and of all greater part of reformers, namely, that of that he has left behind him on this sub- underrating the influence of external cir. ject, nothing, in its way, is superior to cumstances in producing those moral and this Essay or Discourse on Self-Culture. intellectual evils they seek to redress. It shows very clearly the deep interest You must take the drunkard from the which the author took in the great move gutter, wash him, and dress him up in ments of the day for the melioration of clean and decent clothes, before you can the moral, intellectual, and physical con count upon his forsaking his cups, or condition of the Laboring Classes. For tinuing to walk in the paths of sobriety. several of the last years of his life, almost So you must, in general, bring the poor his whole mind was given to the con- and needy physical relief, before you can sideration of what could be done to work do more than palliate their moral and out a higher order of civilisation for man- social evils. It is in vain that you tell a kind, and a better condition for the poorest man to be contented with his lot, when he and most numerous class.
sees it is that which all men despise, and amongst us was more struck with the run away froin as fast as they can. It is fact of the wide disparity there is in men's in vain that you call upon men to be indesocial positions, even in this land of pendent in their spirit and bearing--10 boasted equality; and no one felt more maintain the dignity and self-respect of deeply the utter worthlessness, nay in- freemen, when they are dependent on the justice, and mischievousness of our artifi- will, caprice, or else the ability of others cial distinctions of ranks or classes. His for the very means of subsistence. You great principle was always, “ Honor all will never make all men free, independent, men.” He saw in all men, in the lowest, moral, till such is your industrial rela. the most wretched,-nay, in the most pol- tions, that every man can be sure always luted and debased, something to love and of employment if he wishes it, and that reverence,-some traces, faint indeed, by moderate labor he can obtain, not only but not all obliterated, of that image of an honest but an honorable living. Never. God in which the human soul was origi- theless, we esteem very highly this Disnally created. He could not see man's
course on Self-Culture, and are glad to see noble nature wronged in any of its it republished, and in a style of great aspects without being filled with horror, neatness and beauty. and he protested with a sweet, eloquent, but with a loud and startling voice, against all the forms of man's injustice to Pleasant Menories of Pleasant Lands. man. This was his mission and bis By Mrs. SIGOURNEY. Boston: James glory.
Munroe & Co. 1842. 16.no. pp. 368. Dr. Channing's great effort for several years was to enlist the more favored This is a very agreeable book for those classes in the work of elevating the less who like the kind of reading it contains, favored. “ But,” said he, one day, to the and the publishers have done all that we writer of this notice, “I have been laboring could ask of them to increase its attracunder a mistake. I have wished to make tiveness. The volume is beautifully the more favored classes the instruments printed and done up, and a fair specimen of reforming their less favored brethren; of the finished style in which our Boston but I have found that the instruments publishers send out their books. with which I attempted to work, needed Of Mrs. Sigourney's merits as a poet, themselves to be reformned quite as and also as a prose writer, we have not much as the classes which I proposed now to speak for the first time. She is, they should reform." In consequence if we may so say, one of the established
reputations of the country, and her name