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December 31, 1844. No. 20.-Report on mate and occupation upon human life in
the necessity of erecting new buildings the United States. It contains matter for the War and Navy departments, and which, properly carried out, would suprecommending an appropriation of ply a great desideratum, viz., a means of $100,000 to commence the work, modifying the tables used by insuratıce
under the direction of the President. companies upon lives in the United January 28, 1845. No. 89.-Further re States, a business that is becoming of
port on the same subject, accompanied great importance, and requires the deby a plan of the proposed buildings to velopement of facts to regulate rates of
be located on the Executive Square. insurance in the United States. The January 28, 1845. No. 78.-Report on whole is evidently the projection of a
the expediency of altering the Hall of comprehensive business mind, alive to the House of Representatives, so as to the many wants of the community. An obviate the difficulty of hearing within elaborate and very valuable document. the chamber.
February 25, 1845.-No. 185. Additional January 28, 1845. No. 79.-Remarks on Report ou the Public Edifices at Wash
presenting the Memorial of Asa Whitney ington, with plans and estimates of the of New-York, for aid in the proposed proposed new buildings for the War and construction of a National Railroad, con Navy departments. necting the Atlantic and Pacific. Col. March 2, 1845.—No. 200. Report exhibPratt believed the project, though a iting in detail the Salaries of persons stupendous one, was feasible, and that employed in the various public offices once completed and properly managed, at Washington, a very interesting docuthe road would become the great high ment, showing among other facts the way of nations.
following :-There are 733 persons emJanuary 28, 1845. No. 80.-Report on ployed upon stated salaries in the dif
the preservation of National Trophies, ferent public offices at Washington, their recommending that a suitable building salaries ranging from 500 to 6000 dollars. or place should be provided, in which These are exclusive of the Officers of the the flags and other trophies taken by Army and Navy. Of these persons, it our heroic troops from the enemy in appears that the different states furnish
battle, may be arranged and preserved. the following proportions. February 7, 1845. No. 110.-Further report on the importance of establishing a
No. in Ofi. Agg. Sala Bureau of Statistics, submitting a letter in favor thereof from the Secretary of Virginia,...
144 $200,396 the Treasury.
133 170,305 February 15, 1845.-No. 138. Report on
District of Columbia,
99 77.455 the Extension of American Commerce Kentucky,..
5 to Japan and Corea. Col. Pratt proposed South Carolina,
17,800 that measures should be taken to effect North Carolina,.
10 16,300 commercial arrangements, similar to
3 those with China, with the empire of Tennessee.
4 Japan, containing a population of 50,000, Delaware..
1 000, and the kingdom of Corea, having Alabama...
1 nearly 20,000,000 of inhabitants—be- Mississippi
1,500 lieving that it would result in great and Pennsylvania
43 permanent advantages to this country. Massachusetts
37 February 15, 1845.— No. 139. Report in New York,
63,250 favor of the Publication of the Patents New Hampshire
23 42,000 recorded at the Patent Office in Wash- Maine.....
25 31,150 ington, and of providing for the distribu. Rhode Island.
24,100 tion to every town in the country of the New Jersey.
15 descriptions and engravings so publish- Convecticut
22,815 ed, for the information of the people.
5,545 February 25, 1845.—No. 186. Report on
6 4,400 the Statistics of the United States, particularly with reference to the popula. land, 19;" England, 14 ; France, 5 : Germany, ?;
Foreigners in Ofice, at Washington City.--Iretion, business, and relative progress of Scotland, 6 ; Switzerland, 4 ; Morocco, 1 ; Prussia, the North and South, and the bearing of 1; Spain, 1'; the admission of Texas upon the great interests of the country. The document March 3, 1845.—No. 165. Letter of the not only displays the comparative indus Secretary of the Treasury, in reply to a try and productiveness of the different call of Col. Pratt, transmitting a statesections of the Union, but throws a great ment, exhibiting the amount of duties deal of light upon the influence of cli on imports and tonnage, and expenses VOL. XIX-NO. CII.
of collecting the same, from 1789 to
3d June, 1843. Same date.- No. 284. Report in favor of
testing the new mode of taking yeas and nays in the House of Representatives, proposed by Lieut. Farley, of the U. S. Coast Survey, with the correspondence of Professors Morse, Bache, Hare, &c.
on the subject. May 25, 1845.--No. 514. Report in favor
of appropriating a plot of ground on the public Mall, in Washington city, to be called Monument Square, in the centre of which a National Monument should be erected, and in favor of giving the Washington Monument Society suffi
cient aid by the sale of unproductive
In addition to the above reports men- establishment of banks in the District, tioned, there were other and promi- upon the system of the free banking nent objects to which Col. Prati gave law of New-York. The bill, however, his attention. Among these was the was not acted upon for want of time, elaborate report, in 1839, in relation to and the circulation of the District of the public buildings at Washington, Columbia is almost entirely in the paconcluding with a resolution declaring per of banks acting without a charter. that thereafter all the government He was also the author of the bill to buildings should be constructed of the establish a Branch Mint in the city of hardest and best material. He intro- New-York. He introduced a bill produced, as early as his first session, the viding that the income of the Smithresolution to reduce the rates of post- sonian Fund should be appropriated age, which he lived to see accomplish- for improvements in agriculture, meed at his last session. He moved the chanics, and literature, so as to be benebill for the amendment of the natural- ficial to the people of all the states ; ization laws. He moved, also, a reso the spirit of this bill of Mr. Pratt has lution requiring the Secretary of the since been embraced in a law. He Treasury to furnish blanks to enable also introduced a resolution for a perithe banks to make uniform returns. He odical and careful examination of the introduced, while the Texan question bonds and other securities held by the was pending, a resolution calling on the government, and for taking an invenSecretary of State for a statement of tory of the public property. His resothe amount of the public debt of Texas, lution, authorizing the loan of the govher imports, exports, revenues and ex ernment marquees and tents to state penditures for the years 1843 and 1844; fairs, led, no doubt, to much facility in her population, free and slaves; her the arrangement of these useful aspublic lands under grant, and the semblages. He was also one of the most amount estimated as suitable for culti- efficient advocates of a Dry Dock at vation ungranted. In the District of Brooklyn, N. Y. Other important proColumbia there is no law authorizing positions were submitted by this gentlethe business of banking, the charters of man, from time to time, which we all the banks having expired. Col. have not space to enumerate. Pratt introduced a bill authorizing the
FINANCIAL AND COMMERCIAL REVIEW.
There has been little change during ments to be made by the importingthe month in the general features of houses to the custom-house, and, conthe markets. The causes which have sequently, the demand for money. been in operation since August, to pro- That is to say, the amount of public mote exports at advancing prices, have money on deposit in New York, Aucontinued to affect exchanges, sinking gust 1st, was $3,924,983, which was the rates rapidly, until they approxim- reduced to $2,232,266 Nov. 1st; being ate the specie-importing point, both a withdrawal of $1, 692,717 more from here and at New Orleans. Money New-York than the current revenues has been, therefore, gradually becoming for the quarter. The customs were, more abundant, notwithstanding the however, in August, Sept. and Oct. withdrawal of funds by the govern- $4,505,568, against $5,742,622, in the ment from the deposit banks here, for same months of 1845. Hence, altransmission to the south, in extra war though the government sept away expenditures. It is to be considered, $1,692,717, it received $1,237,060 less however, that although the govern- money from the New-York importing ment, by sending funds from New- merchants, or reducing the foreign York to New Orleans, apparently di- trade of the quarter in New-York, as rinishes the amount to be loaned in compared with the same quarter last New-York, yet the diminished import year, to a kind of account current, it of dutiable goods has reduced the pay- will stand thus :
1845. Goods imported... Paid in produce.
.11,962,144. specie........ 1,135,209 Daties cash...
$18,016,440 .$8,972, 189 9,924,057 120,194
The difference is here very great. produce have been greater by 590,007; There has been $1,015,015 less specie under such circumstances money could sent abroad, the value of foreign goods not but be plenty, and the effect on the purchased being less by $3,463,095, exchanges is seen in the following table and $1,237,060 less paid the govern- of rates, by each packet, from August ment, making $2,252,075 less outlay 1st to November 16th. by the importers, while the exports of
Sterling. Francs. August 1........91 a 91.. .5.25.
15..... .91 a 10 .5.231. September 1.. ..94 a 10
.5.22). 15......97 a 10
.5.221 October 1........9 a 10 5.22 15..... 91 a 10
.5.221 November 1......91 a 104. ...5.214
15......93 a 104......5.211.
1846. Sterling. Francs. Sterling. Francs. 10 a 101. .5.271.. .74 a 74. .5.40 ..10 a 101. 5.25 .7% a 81......5.37} .94 a 101. .5.25
.83 a 9
..5.311 .91 a 104......5.25 ......9 a 9
..5.30 ..9* a 10 ..5.25
.81 a 81 ....5.30 9......5.25 ......8 a 8}......5.31 ..91 a 91 -5.25 ......6a 7......5.374 .8) a 9 ......5.261......64 a 6
The prospect is, that this state of New Orleans. The rates of bills are things will continue for some time at as follows, on the 1st of each month :
The rates of bills are still very specie, notwithstanding that the quanheavy at New-Orleans, and must soon tity held by the New Orleans banks conbe followed by renewed imports of tinues very large-as follows:
BANKS OF NEW-ORLEANS.
Cash Liabilities. Cash Assets. Circulation. Specie. Nov. 1, 1845.......11,781,742.. ..13,387,978........4,295,665....
.......6,208,381 May 30, 1846......13,450,078.. .....16,244,363........5,865,056........6,698,031 Nov. 1, 1846.. ..12,599,188.. ...15,611,804...... 4,840,511.... ..6,627,027
This large amount of specie has thing in the position of affairs at that been held by those institutions for more important point which can indicate any than three years, and has, we see, in- scarcity of money. The banks of the creased during the last year; while a state of New York are equally strong new year has opened with exchanges in their position; being, according to 4 per cent. below par. There is no- their reports, as follows:
IMMEDIATE MEANS AND LIABILITIES OF THE NEW-YORK BANKS.
Immed. Liabil. Nov. 1843. Aug. 1844. Feb. 1845. Nov. 1845. Feb. 1846. May 1846. Aug. 1846. Nov. 1846. Deposits .......$27,380,160 28.757,122 25,976,246 31,773,991 29,654,401 30,868,337 28.110,553 30,629,196 Neit circulat'n...12,952,045 15,349,205 16,126,394 19,366,377 18,407.733 18,409,977 15,537,425 19.847,453 Due banks... 4,941,414 7,744,118 3,816,252 3,296, 249 4,662,073 2,973,658 5,266,583 3,660,361 Canal Fund..... 1,157,203 1,210,794 1,607,572 1,581,330 896,843 646,328 433,715 581,737 United States.... 1,645,320 3,674,171 700,064 3,002,649 2,580,711 3,493,622 2,115,640 1,098,330
Total.. . $48,076,142 56,735,410 48,226,528 59,020,596 56,201,761 56,391,962 51,463,916 55,817,07T
Total. .$14,605,645 15,108,836 11,733,122 14,832,120 14,731,685 14,011,324 13,614,530 15,835,083 Loans.. ...61,514.149 71,643,929 66.883,098 74,780,435 71,897,580 72,591,431 68,652,486 71,950,191 Excess Liabil....33.479,607 41,626,574 36,493, 406 44,188,476 41,470,071 42,380,678 37,849,386 39,971,994
The net circulation of the banks is interest. The loans are, therefore, larger than ever before, being at this of the same nature as the new one, season paid out freely in the interior having six years less to run. The old for produce which, on coming down, loan sold at 106, with four months infinds a ready sale to meet the notes as terest accrued, which was equal to 104 they arrive.
Notwithstanding this for the stock, at which rate the stock, large circulation, there are less country 16 years to run, will pay 54 per cent. bank notes in the hands of brokers than per annum interest on the money inusual, showing that there is less holding vested. The new stock to pay the of produce for account of the interior same rate of interest, for 10 years, is than is generally the case in times of worth 102.52. More than double the speculation. Notwithstanding the with- amount of the stock was bid for at par, drawing of United States deposites, and was sold on the day the proposals which for the whole state amounts to were assessed, to the New York'stock $2,133,288, the private deposites have board, at 101 for the opening of the increased in banks $3,634,621 during books. Small sales of the old stock the quarter. The “ cash items" of the · were made at the same time at 107, banks have increased largely, being to but did not establish the price. The some extent, treasury notes.
wants of the government will probably In such a state of affairs, the new require a further loan.
The quarter, loan asked for by the federal govern- which ends Sept. 30, is usually that in ment was a desirable investment. The which the largest revenues are secured loan asked for was $5,000,000, at 6 for the year. The revenues and exper cent. stock, payable semi-annually, penditures this year in that quarter, as redeemable Nov. 16, 1856, or in ten compared with former ones, are as folyears. The old loan is redeemable in lows: 1862, and bears 6 per cent. semi-annual
UNITED STATES REVENUES AND EXPENDITURES FOR THE SEPT. QUARTER IN
The quarter for 1843 was the first tunately comes into operation on the of the operation of the tariff of 1842, 1st December, and with the prospective and the customs were rather more than abundance of money, and large exports in the same quarter of the fourth year to supply the wants of Europe, the imof its operation. The great specula- ports for the next year must be healthily tions of 1844 produced a large revenue large, and, as a consequence, the govin the Sept. quarter of that year. It ernment will derive improved revenues. fell off $2,000,000 in 1845, and again The government debt is now as fol$2,000,000 in 1846. The new tariff for- lows:
UNITED STATES GOVERNMENT DEBT.
412,283 97 Do. Do. under act of
.....1 mill a 5 2-5ths 2,660,000 00
Total actual debt, Dec., 1846.
This is the state of affairs after six ple of England, all countries have been months of warfare, and of actual opera- seeking to turn the industry of their tions in the field, by which several vast people from the production of food into provinces have been added to the terri- other employments, apparently on the tory of the United States.
assumption, that in any and all events Independently of the financial, politi- there will always be abundance of food cal and military operations of the fede- produced, they are, in the midst of fanral government, the state of affairs is cied prosperity and of vast accumulation such as to present the greatest prospect of wealth, suddenly threatened with of national and agricultural prosperity. famine.
A combination of events throughout Almost all the products of industry the commercial world, conspires to give other than food, can be produced in expermanency and stability to the free cess of supply, so that for long periods trade policy adopted by England and of time they will go on accumulating in the United States, and which is pro- surplus stocks. Not so with food. Not gressing in France and the countries of only does it usually happen in all counWestern Europe, and also to promote tries, and in all ages, that the quantity the commercial ascendancy of the Uni- raised by the inhabitants of a country, ted States. While following the exam- in each year, is about equal to their con