October 1, 1887
The Record and Guide.
THE RECORD AND GUIDE,
rublished every Saturday.
191 Broadv^eiy, IST. "ST-
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Commuuications should be addressed to
C. W. SWEET, 191 Broadway.
J. T. LINDSEY, Business Manager,
OCTOBER 1. 1887.
The Stock Exchange has been ratlier tame during the past week,
but the tone has been tirnier. and the beard have not been so con¬
fident in tlieir onslaughts on tlie market. Still the feeling i.s not
buoyant, for although there is plenty of moaey on call time, loans
cannot be had except on the very choicest dividend paying securi¬
ties, backed by 20 per cent, margius. Stock3, however, are all in
strong hands, but the money of the country is actively employed
outside of Wall street in all manner of productive enterprises. It
is as yet Coo early to say anything definite about real estate, but
during October there will be several large estates sold on the Ex¬
change. The parcels offered will embrace choice business and resi¬
dence properties, as well as very desirable vacant lota. The bidding
will tell the story of the immediate future of the real estate market.
It is a noticeable fact that in the various party platforms recently
put forth by the several State conventions nothing has been said
favoring an exclusively gold coinage. For years back the party
conventions of the Northern and Eastern States have objected to
the silver coinage, but this year the subject has been dropped. It
is now realized that were it not for the standard dollars and the
silver certificates issued against them the busiuess of the country
would have been in a far worse condition than it is. We want
more currency, not less, and if we cannot have gold coin then
silver dollars will be gratefully accei)ted.
The architects aud leading builders all agree in saying that there
is to be very little new construction for the present. Then the
plans for new buildings filed are few in number and unimportant
in character. Prospects are much better in the suburbs—in Jersey
City, Newark and the Oranges, Yonkers and New Rochelle. There
the prospect for the winter and spring is exceedingly good. While
there is little new construction talked of in New York there is
great activity in completing the houses already under way.
Indeed, there is so much domg that the labor unions are seriously
interfering with the master builders and contractors. Strikes are
infrequent, but there are minor demands made by the " walking
delegates" which is adding to the cost of houae construction.
Indeed, not for years has the materials which enter into a house
been so high as at present.
The Western and Southern tour of President Cleveland means
that he is a candidate for re-election. But an excursion such as he
is on imperils his chances. In his impromptu speeches he may aay
something indiscreet. He is by no means a brilliant orator, nor
are his views cn public afi'airs particularly impressive or statesman¬
like. He stands the chance of being misreported and running a
fire of hostile crowd criticism that will make him appear at a
disadvantage to the average voter. Even should all his own
utterances be discreet, there is sure to be some orator on hand to
say things which will do him damage. The Burchard episode in
the Blaine campaign explains what we mean. President Cleveland
Btands well, not only with the best elements of his own party, but
with the country. But he is risking his popularity in making
speeches to promiscuous audiences such as he will meet in his
Ex-Governor Sheppard, of the District of Columbia, is to receive
what the newspapers call an "ovation" frora the people of the
city of Washington, a fact which is considered scandalous by a
number of journals which have been in the habit of classing him
with **Bos8" Tweed. It w^'s said of Augustus Caesar that he
found Rome wood and left it marble ; and those who wish to honor
Alexander Sheppard say that ho did for Washington what Caesar
did for Rome. It was a shabby Southern town when he com¬
menced his improvements. It is now a city worthy of the nation,
for the changes for the better are on the lines marked out by him.
It is true his building operations and street improvements were
unnecessarily costly, but the work was done iu paper money times,
when public and private expenditure was at a high rate. Baron
Hausmann, who almost re-created Paris, was very extensively
abused, as i* was alleged that he profited persoaally by the public
money he expended. There should be no condonation of crimes
committed against the public ; but it is a fact not to be forgotten
that some of the world's best benefactofs have had to accept, as
their reward, a great deal of undeserved obliquy. His Washing¬
ton admirers are talking of a statue to ex-Governor Sheppard.
More Facts about the Currency.
The figures given in our last issue, showing the total circulation
of gold and silver coin, greenbacks and national banks notes, with
the average circulation per head of tlie four currencies, is supple¬
mented by the following table, which gives the entire circulation
of all the currencies, including gold and silver certificates in and
out of the Treasury, items which were not taken into consideration
in last week's table :
2 i. 18
2'i 2 ■.
In the above table tlie amount per capita is mislea'iing, as the
gold and silver certific ites are practically counted twice ; that is,
the gold and silver is allowed for as well as the certificates that
represent them in the channels of trade. The active circulation of
the country aro the le^al tender notes (greenbacks) not in the
Treasury or the banks, the national bank notes, the gold and silver
certificates, the silver dollars actually in use, and the minor coins of
the country. But the gold and silver iu the Treasury and in banks
and the legal tenders held in reserve do not count in estimating the
active currency of the country.
AVe are indebted to Deputy-Assistant-Treasurer Muhleman for the
following figures, showing ihe imports and exports of gold and silver
coin and bullion for the fiscal year ending June 30, 18S0, until the
same date 1887:
It will therefore be seen that we imported $193, 471,669 more gold
than we exported during the past eight years, and exported $75,-
080,635 more silver than we imported. Hence it follows that while
the business of the country is constantly expanding: the amount of
available money with which to transact it is steadily diminishing.
A financial crash would seem to be imminent, unless the currency
supplies aro in nome way increased so as to be commensurate with
the business wants of an enterprising people.
Total gold and silver coin and bullion imported and exported,
together with excess of imports and exports:
1831 ............... 110,575,497
24, i 73,'id i
Showing an excess of $113,39l,03i for the eight years of imports
over exports. During the years from 1S71)-81 it will be noticed that
the excess of imports were particularly heavy, amounting to
It should be borne in mind that the above figures, though
oflicial, are misleading. Gold, silver and greenbacks stored up in
Treasury vaults and banks are of no value to the current trade of
th*^ country unless they are circulating in some ropresentative
form, such as gold and silver certificates. It is the amount actu¬
ally in the channels of trade which can be called currency. On
this point tho following, which was sent by a friead to the editor
of this paper, throws a good deal of Hght. We suppress the name,
which is that of a well-known expert in bullion production, for
personal reasons :
I send you a table that ahould hav3 a le3=ion. U sh^ws the paper circu¬
lation at th© disposition of our people ou tbe 24th instant, as compared with
that which tbey had available for buiiu-ss^ in 1SS3—say 1st July, to wit:
lfl83. September 24, 1E87.
Treasui-v notes..........................;..$(7O,6-*i,0l6 $346.739.l.^-s
National bink notes...................... 3.-)6 M5.5ro l7l.5Mi.589
Gold certificates outstaodiQ?................ .^9.fU7,3:o H9.341.500
fc^ilve^ certificates outstaadiog............... 72,6i0.6K(i \:,\ ,054,044
Total circulation......................$83>,9M,612 Sr£.9.8o3,GG2
Shrinkage since 1st July, 18-53..................................... $06,120,990
Or exclusive of silver certiGjitea...............................$155,114,348
In ISSS the population was about 55,000,000 only. Now it has come to be
about 63,000,000, with a business expannon and consequent increased