Note 10—page 64.
Specie and Paper Money.
The quantity of gold and silver coined in France with the new die, amounted, up to 1836, to about 750 million dollars, of which three fourths were in silver. It is not probable that more than one fourth of that sum has been melted and exported; there would then remain about 550 millions. A part of this immense sum is out of circulation, and is buried in the coffers of individuals or in the pockets of the poor, who do not dare trust their savings to any person or institution.
In the United States, in 1834, the 405 local banks from which official or semi-official statements had been received, had 65 million dollars paper in circulation, and 14,250,000 dollars in specie in their vaults. There were beside, 101 banks, estimated to have in circulation 12,650,000 dollars of paper, and 2,825,000 dollars in specie on hand. The Bank of the United States had at that time a circulation of 10,300,000 dollars, and specie to the amount of 13,865,000 dollars. The whole currency of the United States, exclusive of the small amount of specie in the hands of individuals, amounted, therefore, to 88 millions in paper and specie. At this time, the banks had withdrawn a large amount of their bills from circulation, their issues before the war on the Bank having exceeded 100 millions. Since 1834, the amount of specie in the United States has been considerably increased, several of the States having prohibited the emission of bills of less than five dollars, a measure, which would tend to promote the use of the metals.
The following statement, showing the quantity of paper money in circulation in the United Kingdom at the end of 1833, is chiefly from McCulloch's Dictionary of Commerce.
| Of Bank of England | £19,500,000 |
| Of Branches of do. | 3,300,000 |
| Of Private Bankers | 8,500,000 |
| Of English Country Banks | 1,500,000[EI] |
| Of Scotch Banks | 2,000,000 |
| Of Irish Banks | 7,500,000 |
| Total | 42,300,000 |
At the same time the amount of the precious metals in circulation and in the banks, was estimated at 45,800,000 pounds, of which seven millions were in silver.
Note 11[EJ]—page 96. Cherokees and other Indians. Omitted.
Note 12[EJ]—page 98. Public Lands. Omitted.
Note 13[EJ]—page 119. Temperance Societies. Omitted.
Note 14—page 132.
Cotton Manufacture.
At the end of 1836, the Lowell cotton factories comprised
129,828 spindles and 4,197 looms, and employed 6,793 operatives of whom 5,416 were women. The quantity of cloth made was 849,300 yards a week, or at the rate of 44 million yards a year; raw cotton consumed 38,000 bales, or 15 million pounds yearly.
In 1831, the American manufacture employed 62,157 operatives, of whom 38,927 were women and 4,691 children. There were beside 4,760 hand-weavers, 40,709 persons employed in accessory labours, making the whole number of persons engaged directly and indirectly 117,626. The factories contained 1,246,503 spindles, and 33,506 looms, and produced 230,461,990 yards of stuffs, besides 1,200,000 pounds of yarn, which were woven in families during the winter. The consumption of raw cotton was 77 million pounds. The value of the products was 26 million dollars, eleven millions of which were paid in wages. (Pitkin's Statistics, 526.)
There were in England, in 1834, according to Baines, (History of Cotton Manufacture,) 100,000 power-looms, and 250,000 hand-looms. The difference between the number of the hand-looms in England and the United States deserves to be noticed. The hand-weavers in Great Britain form one of the most wretched classes of the population. The English factories employed 729,000 persons, or with the dyers, bleachers, measurers, folders, packers, &c., and all hands employed in building and repairing the mills, 1,500,000, In 1833 the English factories consumed 332 million pounds of cotton. The value of their annual products is estimated at from 30 to 34 million pounds sterling; the wages of the 724,000 operatives amount to 13 millions.
In 1834, the French manufacture employed 600,000 persons, and the annual value of its products was about 110 million dollars; quantity of cotton consumed 100 million pounds. If these statements are correct, it follows, that our operatives produce less than the English or Americans.