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ESTIMATED VALUE OF THE ANNUAL QUANTITIES OF GOLD AND SILVER PLACED IN THE

MARKETS OF THE WORLD AT THE COMMENCEMENT OF THE NINETEENTH CENTURYSAY IN THE YEAR 1800:

Silver,

Gold. America...

£7,000,000 £1,920,000 Europe, excluding Russia, but including Turkey.

560,000 140,000 Russia.

200,000

88,000 Africa

280,000 Archipelago of Asia

650,000 Divers other sources

80,000 180,000

Total ...

£7,840,000

Silver.

£3,258,000 7,840,000

America ....

Total gold and silver....

£11,098,000 ESTIMATED VALUE OF THE ANNUAL QUANTITIES OF GOLD AND SILVER PLACED IN THE MAR

KETS OF THE WORLD IMMEDIATELY BEFORE THE DISCOVERY OF THE CALIFORNIAN MINES, OR SAY IN THE EARLY PART OF 1848.

Silver.

Gold.

£6,200,000 £2,100,000 Europe, excluding Russia, but including Turkey. 1,320,000 360,000 Russia...

210,000 4,100,000 Africa.

550,000 Asia, excluding Russia and Turkey.

900,000 2,800,000 Total.

£8,630,000 £9,910,000 Silver.

8,630,000

£18,540,000

Total gold and silver..... "Comparing these two statements, the results are as follows :

YEAR 18 COMPARED WITH 1800.

Silver.
Lesy.

More.

Less. America..

£800,000

£760,000 Russia..

10,000 Africa. Asia, &c

820,000

Europe

Gold.

More. £180,000

240,000 4,012,000

270,000 1,970,000

Total.

£800,000

£1,590,000

800,000

£6,672,000

Less.

More .....

£790,000

£6,672,000 "Comparing the two periods in the most general manner, we find that the annual supply had increased in forty-eight years thus :Gold in 1800

£3,260,000 Gold in 1848

9,910,000 Increase

.£6,650,000 Silver in 1800.

£7,840,000 Silver in 1848..

8,630,000 Increase

£790,000 "The greater increase in the annual supply of gold than in that of silver before 1848, arose almost wholly from the Russian supplies. These supplies had proceeded at the rate of about £1,000,000 a year for about ten years prior to 1848; so that, generally, for nearly ten years prior to the discovery of California, the annual supplies of gold had been far greater in proportion than the annual supplies of silver.

* The produce of California, up to the end of 1851, has been fully £30,000,000 sterling, or $150,000,000 ; of which £14,000,000 sterling was obtained in 1851,

* The produce of Australia, to the end of 1851, during six months only, was not less than £500,000 sterling, and most likely £1,000,000 sterling

“The disposal of all this produce becomes the important and interesting question.

STATEMENT FROM OFFICIAL SOURCES OF THE VALUE OF THE COINAGE OF GOLD, THE PRO

DUCE OF THE UNITED STATES TERRITORY, AT THE FOUR MINTS OF THE UNITED STATES, (PHILADELPHIA, NEW ORLEANS, CHARLOTTE, AND DAALONEGA,) DURING THE YEARS AS UNDER.

From California. Other sources, Total.

£9,000 £170,000 £179,000 1849.

1,230,000 185,000 1,415,000 1850.

7,255,000 133,000 7,388,000 1851,

10,540,000 86,000 10,626,000

1848......

£674,000 £19,608,000

£19,034,000 From the establishment of the oldest of the mints in 1792

to the end of 1847, 56 years...

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Total.....

£3,185,000 £22,169,000 STATEMENT FROM OFFICIAL SOURCES OF THE VALUE OF THE COINAGE OF GOLD AND SIL

VER AT PARIS DURING THE YEARS AS UNDER.
Silver,
Gold.

Total. 1849

£7,360,000 £1,090,000 £8,450,000 1850

3,000,000

4,600,000 7,600,000 1851

2,270,000 9,640,000 11,910,000

Total.......

£12,630,000 £15,330,000 £27,960,000 Note. It is important to bear in mind that the £15,330,000 of gold coinage shown above was not derived wholly from new supplies of gold, but was obtained to a considerable extent by the conversion into coin of a part of ihe gold bullion previously existing in the markets of Europe, and especially in France. The published accounts do not enable us to state precisely what portion of the £15,330,000 was old and what new gold bullion; but perhaps more than half or even three-fourths was old.

The general effect of the evidence furnished by these two tables is as follows :In the United States there has been actually coined and added to the circulation of that country since 1848.......

.....gold £19,000,000 In France there has been a similar coinage of..

16,000,000 Making together.....

34,000,000 Deduct for French gold coin obtained from old stock of bullion already in Europe prior to 1848, say.

10,000,000

24,000,000 Californią, supply......

39,000,000 Surplus added to floating stock in market......

6,000,000 Judging from the present amount (£20,000,000) of bullion in the Bank of England it is probable that these figures are not very far from the truth.

“ T'he amount of metallic money in France has, for the last two hundred years, been enormous. Paper money never took root there. In 1843, the amount, as estimated by M. Leon Faucher, was thus:Gold coin....

.£14,000,000 stg. Silver coin.

120,000,000 Total ....

£134,000,000 “Both metals are legal tender in France, as in the United States. Until 1850, silver was the cheaper metal, and therefore silver was mostly sent to the French mint to be coined, and gold coin was withdrawn from circulation as soon as issued. Since 1850, this state of things disappeared. The agio on gold ceased; and in and from 1861, gold has been at a discount in Paris, compared with silver. This gave rise to the enormous increase in the gold coinage of France, or, in other words, gold became the cheaper metal. Gold will take the place of silver, independently of any aid from government, while the existing mint regulations are continued. It is so in the United States, where, since the act of Congress in 1834, gold has been overvalued as compared with silver, and hence the strong tendency to introduce gold into the currency, in place of silver. The conclusion drawn from these facts is this :

** That so long as the process, which has been going on so extensively since 1849, in the United States and France, of introducing a gold coinage in replacement of silver continues, the effect will be to lessen very much the effect of the new supplies, both (1) upon the relative values of gold and silver, and (2) upon the general state of trade and prices.

** And this position is readily illustrated. For, if instead of £24,000,000 stg. of gold having been absorbed for coin (out of £30,000,000 produced) since 1848, leaving only £6,000,000 of gold to operate by way of positive addition to the previous stock of that metal, the whole £30,000,000 had been left so to operate, it is tolerably plain that the effects would have been much more serious and startling than any which have hitherto been observed.

““We may, perhaps, reckon with certainty on the continuance of the present absorption of gold as coin, at the rate of £20,000,000 a year, for some time to come; but then no change must take place in the mint legislation of the countries at present baving a double standard.'

"It is stated, on good authority, that Australia will supply this year £10,000,000 stg; and California £16,000,000 stg.

* The immediate effect of this supply, caused by its accumulation at the fountainhead of circulation, the commercial capitals of the world, is to lower the rate of interest until the bulk of it be taken thoroughly into the circulation of the world, displacing other currency-silver and paper.

• The increased amount of gold will greatly stimulate production, which, in the opinion of practical men of eminence and ability, will at first lower the prices of commodities, notwithstanding the large supplies of gold, before they can be rendered higher, which can only be the result of a very large demand and consumption, which will, however, ensue. Where there is a large and excessive amount of floating capital, the tendency is always towards its conversion, more or less gradual, into fixed capital. Any sudden conversion of this kind would change an easy money market into a comparatively tight one.”

PRODUCTION OF THE PRECIOUS METALS FROM 1492 TO 1852.

An officer of the United States Treasury Department at Washington, in answer to a semi-official inquiry made at the Department, bas presented an elaborate report, estimating the production of the precious metals from 1492 to 1852. The writer, after an examination of the standard authors upon the subject, Humboldt, McCulloch, and Jacobs, estimates the total product of the world, exclusive of Australia, as follows: America, exclusive of the United States..

$6,877,833,800 California, received at Mint....

$98,408,000 California, foreign exports, manufactured, etc...

51,592,000 Other United States gold at Mint..

15,865,000 Ditto not brought to Mint ....

1,145,000

Total United States.......

167,000,000

Total America......
Europe and Asia, exclusive of Russia..
Russia

$7,044,833,800 1,755,000,000

213,581,000

Total production, 1492 to 1852.....

$9,013,414,800 The present annual product of the precious metals, the writer estimates as follows: All South America .

$30,710,000 Add for any probable increase, according to the best authorities.

3,290,000 Hungary, Saxony, and Northern Asia..

4,000,000 Russia, at the highest estimate of late yes

20,000,000 Africa and South Asia (a rough estimate)

1,000,000 Carolina, Georgia, etc

500,000 California.

64,500,000 Total...

$124,000,000 The compiler of the estimate remarks: -" It is not clearly expressed by any of the authorities quoted, whether the amounts of the precious metals stated to have been produced at different periods, applies to the amount coined or to the entire production, but the inference is strongly in favor of the latter.

“ The limited production of gold and silver in the last years of the fifteenth century, may be very naturally accounted for in the limited number of people who at first ventured to explore the New World, and in the scarcity of those metals in the lands first occupied by Columbus ; but it will, perhaps, excite surprise to find that the first deposits of California gold in the mints of the United States, in the year 1851, exceed the highest annual production of gold and silver in Mexico and South America by nearly 40 per cent."

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CAPITAL AND DIVIDENDS OF BANKS IN NEW YORK, We give below a statement of the capital and dividends of the several banks in the city of New York for the first half of the year 1852, as compared with the same time in 1851. The capital which paid dividends last year averaged 41 per cent for the preceding six months. This year $4,592,500 of new capital pays dividends, and the average is slightly less.

1851.

1852. Banks,

Capital. 1st diy. Amount. 1st div. Ainount. American Exchange

$1,500,000 5 $75,000 5 $75,000 Bank of America ...

2,001,200 4 80,048 4 80,048 Bank of Commerce. 5,000,000 4 183,956

183,956 Bank of New York.

1,000,000
40,000

50,000 Bank of North America. 1,000,000

34 35,000 Bank of the Republic... 1,000,000 new,

31 35,000 Bank of the State of N. York. 2,000,000 4 80,000 4 80,000 Bowery

365,650 4 17,266 4 17,266 Broadway

600,000 4
20,000

20,000 Butchers' and Drovers'...

500,000 5 25,000 10 50,000 Chatham,

300,000

4 12,000 Chemical. 300,000 6 18,000

18,000 Citizens'. 350,000 pew

15,000 City. 720,000 5 36,000

36,000 Fulton.. 600,000 5 30,000

30,000 Greenwich

200,000 5 10,000 6 10,000 Hanover...

500,000 new.

31 17,500 Irving ...

300,000 new.

31 10,500 Leather Manufacturers'. 600,000 4 24,000

24,000 Manhattan ... 2,050,000 4 82,000

82,000 Mechanics'..

1,440,000 5 72,000 5 72,000 Mechanics’ Banking Associat'n 632,000 4

25,280 4

25,000 Mechanics and Tradesmen's.. 200,000 5 12,000 6 12,280 600,000 new.

30,000 Merchants'

1,490,000 5 74,500 Merchants' Exchange. 1,235,000 5 61,750

49,400 Metropolitan.....

2,000,000 National 750,000 5 87,500

87,500 New York Dry Dock.

240,000

10,000 5 10,000 New York Exchange.

130,000 new

4 5,200 North River..

655,000 5 32,250 5 32,250 Ocean 1,000,000 5 60,000

40,000 Pacific..

422,000 4 16,908 People's

412,500 new.

31 14,406 1,200,000 4 48,000

48,000 Seventh Ward..

600,000

67

50,000 61 50,000 Tradesmen's.. 400,000 5 20,000

20,000 Union 1,000,000 6 60,000

50,000

Mercantile......

Phoenix.....

Total..

$35,044,350

47 1,281,458

4.16

1,378,206 439,064 53 Total resources of the banks......

For the sake of comparison, we give the aggregate capital and dividends of the banks in Boston, New York, and Philadelphia, as follows :

1851.

1852. Capital.

Capital. Boston ....

$21,760,000 $884,298 4.06 $24,410,000 $1,021,250 4.11 New York,

30,451,850 1,281,458 4.28 35,044,350 1,378,206 4.16 Philadelphia..

7,725,000 314,750 4.07 7,755,000 378,250 5.00

Dividend.

Rate.

Dividend.

Rate.

CONDITION OF THE BANKS OF SOUTH CAROLINA. In the Merchants' Magazine for September 1851, (vol. xxv., page 353,) we published under our " Journal of BANKING, CURRENCY, AND FINANCE” a detailed statement of the condition of each bank in South Carolina, from the official copy of their returns, made to the Controller-General, for June 30th, 1851; and in the number for November, 1851, (same volume, page 615,) and also in the Merchants' Magazine for April, 1852, (vol xxvi., p. 475,) we gave the aggregate condition of all the banks in the State, the former for the 31st of August, 1851, and the latter for the 31st of December, 1851. We dow subjoin a similar aggregate statement of their Auditor for the 31st of March, 1852:-* DEBTS DUE BY THE SEVERAL BANKS OF SOUTH CAROLINA ON THE 31st OF MARCU, 1852. Capital stock

$5,991,885 73 Bilis in circulation..

3,933,779 12 Net profits on hand.

647,948 23 Balances due to banks in this State...

1,253,914 69 Balances due to banks in other States..

328,894 87 All other moneys due which bear interest

:13,675 00 State Treasury, for balance, Current Fund

29,543 39 State Treasury for balance, Sinking Fund..

522,909 30 State Treasury, for loan for rebuilding the city

1,759,160 11 Cash depositedt.

2,543,449 41 Total liabilities.......

$17,026,159 87 RESOURCES OF THE SEVERAL BANKS ON THE 31st OF MARCH, 1852. Specie on hand..

$682,912 62 Real estate....

224,765 77 Bills of other banks in this State..

416,111 47 Bills of banks in other States..

20,765 00 Balances due from banks in this State..

106,981 94 Balances due from banks in other States.

165,737 61 Notes discounted on personal security..

7,024,718 90 Loans secured by pledge of its own stock...

221,660 77 Loans secured by pledge of other stock

486,849 81 Domestic exchange..

2,452,896 86 Foreign Exchange

668,828 45 Bonds..

906,705 61 Money invested in stock..

837,938 67 Suspended debt and debt in suit

491,385 66 State Treasury.....

87,087 50 Branches and agencies..

1,519,121 92 Bonds under law for rebuilding Charleston.

320,833 79 Interest and expenses of State loan...

50.793 10 Money invested in every other way.

$17,025,159 87

*This statement embraces the Bank of the State of South of Carolina, and the Branch of the same at Columbia; the South Western Railroad Bank ; the Planters' and Mechanics' Bauk; Union Bank of Charleston; Slate Bank of South Carolina ; and the Bank of South Carolina.

† And all other moneys due, exclusive of bills in circulation, profts on hand, balances due other banks, and money bearing interest.

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