306 



FINANCES OF THE UNITED STATES. 



The range in prices of the most active stocks sold in New York, comuared as follows in the 

 years 1874 and 1873 : 



The highest price of gold was 114^- on April 

 15th, and the lowest 109 on July 28th. The 

 fluctuations were less than in previous years, 

 and there was an absence of speculative move- 

 ments. The export movement of the year was 

 considerable, the total from New York com- 

 paring as follows with previous years : 



1874 $62,458,440 1 1869 $32,108,448 



1873 49,303,185 i 1868 70,841,599 



1872 71,545,275:1867 51,001,948 



1871 63,865,54711866 62,553,700 



170 58,689,1711 



The imports of specie at New York for the 

 year compared as follows with previous years : 



1870 $11.581,771 



1869 14,318,725 



1863.. 7,103,071 



1874 $6,264,464 



1873 18,779.929 



1872 5,547,311 



1871 8,618,290 



The foreign exchanges were undisturbed by 

 any violent shocks, either from political or 

 financial causes, and rates in New York for 

 sterling bills were unusually steady, and during 

 a large part of the year -very firm. Under the 

 present method of quoting, the specie shipping 

 point is about 4.90|- for demand bills; and the 

 rates reached this point for a considerable 

 length of time in June and July, and again in 

 November and December, leading to consider- 

 able shipments of coin. From the statement 

 of the commerce of the United States for the 

 fiscal year 1873-'74, it will be seen that there 

 was an excess in the exports over imports of 

 $57,171,246, thus placing the "balance of 



trade " to that extent in favor of this country. 

 The American railroad loans placed in London 

 footed up no inconsiderable amount, and on the 

 other side of the account there was a return 

 movement late in the year of United States 

 Government bonds to this country, which was 

 estimated by some of the most competent 

 judges to amount to about $8,000,000. 



The following statistics of local indebtedness 

 were prepared by the Speaker of the Lower 

 House of Congress, James G. Elaine : 



There are in the United States sixteen cities hav- 

 ing each a population exceeding 100,000, and an ag- 

 gregate population of 4,500,000. Each is a city with 

 special advantages, which cannot be taken from it ; 

 each, in the language of the day 2 has a large future ; 

 each has abundant wealth, and still larger prospective 

 resources. They embrace, when taken collectively, 

 the trade of Atlantic and Pacific, of Gulf and lake 

 coasts, besides all the great interior rivers of the con- 

 tinent, and the converging traffic of thousands of 

 miles of railway. Surely, one would think that each 

 might bide its time and patiently await its well-as- 

 sured prosperity, without being compelled to borrow 

 largely, in some cases almost recklessly, of the fu- 

 ture. And yet, taking these sixteen cities together, 

 we find their municipal debts amount to $350,000,- 

 000, being $30 per capita for their entire population, 

 and presenting in the aggregate an amount which, 

 prior to our war experience, would have been con- 

 sidered a large burden for the nation. It would be 

 a gross injustio3. however, to leave the inference 

 that the average debt of these cities is over $20,000,- 

 000; for, indeed, a single city, the commercial me- 

 tropolis of the nation, presents a debt embracing 

 nearly one-third of the entire amount, while several 



