304 



FINANCES OF THE UNITED STATES. 



Specie Movement for 1861, at New York. 



GOLD SHIPPBD. 



Foreign 

 Export*. 



$58,894 



1,102,926 



301,802 



1,412,674 



128,900 



244,242 



11,020 



3,600 



15,756 



15,088 



48,385 



898,013 



In December, the amount drawn from the 

 banks was very large, and involved their sus- 

 pension. It is to be regarded as a matter of 

 course, that the stagnation of trade which 

 caused specie to arrive from abroad in place 

 of goods, and which caused money to accumu- 

 late in the banks, also produced unusually low 

 prices for money. Few people wished to em- 

 ploy it, and the lenders were fain to accept low 

 rates. The table on page 303 shows the highest 

 and lowest rates of sterling bills in each month, 

 the highest and lowest rates for money, and 

 the amount of specie in the banks and sub- 

 treasury, forming the total in mints. 



The year opened with a very low rate for 

 sterling bills, being nearly seven per cent, un- 

 der the nominal par, and several per cent, be- 

 low the cost of importing specie. The arrivals 

 consequently were large ; and none of the Cal- 

 ifornia receipts being shipped, the amount in 

 the city rose nearly $20,000,000 to March. The 

 metals continued to fluctuate between the banks 

 and the Treasury in proportion as the banks 

 paid it over for loans and gradually re-collected it 

 from the Government disbursements. The sup- 

 ply of gold from California was indeed less in 

 the year 1861 than for previous years. The 

 State has of late supplied more of its own 

 wants, and has therefore exported less gold, 

 while of that diminished export a larger quan- 

 tity has gone direct to Europe. 



California Gold Receipts, Exports, and Coinage. 



GOLD RECEIVED. 



Uncoined . 

 Coined 



Total receipts. 

 Imports, Foreign.. 



Total supply.. 

 Exports 



Gain for the year ---- 



1859. 



$40,907,996 $37,802.539 , $32.325,863 



5,965,163 



2,516,152 



$49,389,811 

 47,640,462 



I860. 



1861. 



7,409,154j 9,863,214 



$46,873,159 $45,211,693 $41,6^9.077 



1,809,061: 1,702,683 



$47,020,754 .$43,391,760 

 42,325,916, 40,676,758 



$1,748.8491 $4,694,838 $2,715,002 



These results show a successive decline of 

 $5,184,082 in three years from the mines at 

 San Francisco ; but it appears that the decline 

 in exports in the same time has been greater, 

 reaching $6,963,704 ; thus indicating that other 

 industries in California are encroaching upon 

 the mining, which may have become compara- 

 tively less profitable. 



The following is the proportion of shipments 

 from California to New York : 



1854 



1855 



1856 



1857 



1858 



1859 



1860 



1861 



To 

 New York. 



$46,2S9.0'0 

 38,730,000 

 39.765,000 

 35,287,000 

 85,578,000 

 39,831,000 

 35,661,000 

 32,628,016 



Total 

 Shipments. 



$51,828.000 

 48,080,000 

 48,887,000 

 48,592,000 

 47,548,000 

 47,640,000 

 42,325,000 

 40,676,758 



The shipments have declined since 1854, when 

 they were, at the highest, $10,700,000 per an- 

 num ; biit the proportion sent to New York has, 

 it appears, fallen off more than $13,000,000, by 

 reason of the greater quantities sent to China 

 and to England direct. The gold exported from 

 California to New York is in refined bars mostly. 

 These are stamped with the value according to 

 the fineness. The bars, on being lodged at the 

 New York Assay Office for coinage, are charged 

 five cents per ounce for parting the silver, one- 

 half per cent, for coinage. The silver required 

 for coinage is T ~^ of the standard. This is taken 

 from the parted silver, and the remaining silver 

 is coined at a charge of one-half per cent. The 

 calculation is simple. Thus, a bar stamped 840 

 fine, $17 36.4341, will be worth, when coined, 

 $17 42.5951. Thus, 387 oz. of gold, 1,000 fine, 

 are worth $8,000 ; and 99 oz. of silver, 1,000 

 fine, are worth $128. Hence, 387 : 8,000 :: 840 : 

 1736.4341. From $17 36.4341 is deducted 

 -| per cent, for coinage, leaving $17 27.7519. 

 In a bar, 840 fine, the silver is 155 ; hence, 

 99 : 128 :: 155 : 20.0404. 



From this deduct the '/no of alloy re- 

 quired, and the result is 



Charge for parting 5.0000 



Charge | per cent, for coinage 0947 



Adding the 5J- premium for silver, on cents 

 1S.9434 



18.9434 



5.0947 



13.8487 



.9945 



14.8432' 

 Net value of gold, as above 17 27,7519 



Value in coin, gold bar, 840 fine $17 42.5951 



The invoices of gold received from California 

 range from 675 to 950 fine. The average of 

 the bars governs the deposit. We have an- 

 nexed a carefully prepared table, showing at a 

 glance the y^lue of any bar deposited. 



No allowance for silver is made, unless the bars 

 deposited yield $5 above the expense of parting. 



