The American newspapers are very numerous, but in consequence of their great number their circulation is comparatively small. There are few daily papers, whose circulation exceeds 2,000, and not one, which exceeds 4,000; that of most of the newspapers is not more than 400 or 500. The American newspapers have little resemblance to the French and English. They are chiefly mere advertising sheets; they do not direct public opinion, they follow it. This local character does not allow of their having much influence out of their particular district. In New York, only the city newspapers are read; in New Orleans, those of New Orleans are the only ones generally seen; whilst in France those of Paris, and in England those of London are read every where. The Globe and the National Intelligencer of Washington are, however, pretty generally circulated. Newspapers in the United States are not powers, they are mere instruments of publicity within the reach of all. They are consulted for the news, not for opinions. The profession of a writer does not stand so high in England as in France, and is less honourable in the United States, than in England. With the exception of a very few newspapers, at the head of which are the New York American edited by Charles King, and the Philadelphia National Gazette, edited by Robert Walsh, the American press occupies a low rank in the social scale.
Notwithstanding their large size, the American newspapers are low-priced; the cause is plain enough; the profits are derived chiefly from advertisements, and the expenses of editing are inconsiderable, as there is generally but one editor. There is no stamp duty; but the postage on them is higher than in France.[EH] The circulation of some of the French newspapers exceeds 10,000; and some cheap publications have lately had a circulation of 90,000 or 100,000.
Note 9—page 53.
In 1832, the transfer of funds between different points of the Union, or between the Union and foreign countries, effected by the Bank of the United States, amounted to 255 millions, of which 241,718,710 was for domestic, and 13,456,737 for foreign transactions. The Bank received only 217,249 dollars for commissions on this vast sum.
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 |