December 21, 1867. N. 1269.

The Economist, 21. Dezember 1867. S. 1437/1438.
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Why Money is dearer in the Autumn than in the Spring.

Our imports are smallest in the beginning of the year, and augment continually as the years year goes on. Accordingly, we have more to pay in the autumn, and money is dearer; and less in the spring, and money is cheaper.

Allerdings andrerseits our exports grow too as the year goes on, wie die folgende Table zeigt:

Monthly Imports. Import. Exports. Monthly Exports.
1865. 1866. 1867. 1865. 1866. 1867.
Jan. 6,348,256l. 9,847,564l. 9,452,759l. 10,489,339l. 14,354,748l. 12,786,842l.
Febr. 12,855,353 16,610,192 14,828,289 11,376,214 16,116,063 14,446,072
March 13,010,659 19,891,687 17,183,770 13,770,154 17,520,354 15,148,707
April 13,079,816 22,455,968 18,701,332 12,071,111 15,366,414 13,804,908
May 14,595,979 23,225,301 23,275,243 13,194,758 15,870,131 15,936,864
June 15,409,877 23,243,939 20,054,958 13,227,062 14,630,120 15,490,091
July 18,964,728 19,597,929 18,166,789 14,113,410 14,957,834 15,562,430
August 21,000,023 20,940,303 19,784,915 14,158,648 17,450,156 17,880,999
Sept. 21,633,447 18,356,015 20,515,950 17,316,681 16,671,078 16,145,584
15,547,225 16,895,894 15,849,142.

Die augmentation der Exports aber nicht so great as die der imports.

But an increase of export trade, combined with an increase of import trade, would of itself rise raise the value of loanable capital; it would bring more bills and more warrants to Lombard street, even though no gold was exported. But there is a tendency to export gold; da wir mehr Credit für unsre exports geben als wir commonly take for our imports; and, |180 therefore, what we have to pay comes to be paid sooner than what we receive comes to be received – thus making the balance against us.

The Economist, 21. Dezember 1867. S. 1438/1439.
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The Panic in the Railways.

There has been so much painful experience, so many boards of directors have circulated so much which misled, that all which boards now say is searched between the lines; is suspected of ambiguity even when plain; is taken in a sense unfavourable to the railwhen railway whenever doubtful; is believed when against the board, and disbelieved when for the Board. Staat soll official Accounts machen.

The Economist, 21. Dezember 1867. S. 1439–1441.
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American finance. McCulloch’s Report (1st Nov. 1867)

Dollar = 3s., die Revenues der U. St. now 73,595,098l. (waren zwischen 12 und 13 Mill. vor dem Krieg.) (Darunter von Customs 26,452,671 und von Internal Revenue: £39,904,130.

Expenditure for the year ending June 30, 1867 war: 52,009,367l. McCulloch proposes to reduce the taxation to the level of expenditure, or nearly so. Sein Estimate for 30 June 1868 ist: Revenue: £62,574,288 und Expenditure: 58,990,381l.

Paper dollar now about 70 cents to the coin dollar, nearly 3s. instead of 4s. 2d.

McCulloch hat greatly reduced the currency. Nach dem Chronicle (New York):

Currency on 1st Nov. 1865: $929,767,080 vis. 454,218,038$ Greenbacks and fractional currency,
270,000,000$ National and State Bank notes
205,549,042$ Interest bearing notes.
Currency on 1st Nov. 1867: $772,040,669 vis. 387,871,277$ Greenbacks und fractional Currency
297,980,095$ Nl. and State bank notes
71,875,040$ Interest Bearing Notes
Reduction in 2 years of $172,040,669 oder nearly 26 mill £ St. Much discussion has arisen why this great diminution has not brought the value of paper nearer to the value of gold. But the greater part of the reduction, say 19 Mill. l. on the Interest bearing Notes which, like Exchequer bills, do not pass easily from hand to hand. Ausserdem Geschäft contracted seit  Gemeint ist der Amerikanische Bürgerkrieg.
, so daß ohne McCulloch’s interference, paper would have gone down much lower.

On the 31st August 1865 Federal debt on highest point: $2,757,689,571.
On 1st November 1867 $2,491,594,450.

In der Debt included alles legal paper (Issued by the Federal Gvt.)


  • London. 1868.
  • 1866 „The Economist“ (Jahrgang 1866) vol. XXIV.
  • The Social Economist, 1. Oktober 1868
  • „The Economist“ (Jahrgang 1866) (Fortsetzung)
  • Jahrgang 1867.
  • Register der obigen Auszüge aus dem Economist für 1866 und 1867.
  • The „Money Market Review“. Jahrgang 1866.
  • The Money Market Review. Jahrgang 1867.
  • Register Money Market Review Jahrgänge 1866 und 1867