The United States Immigration Commission informs the American Congress that savings of immigrants to the amount of $275,000,000 are annually sent abroad to be used in foreign countries, and the commission says in its report: “The sum is sent abroad for the purpose of supporting families in foreign countries, for bringing other immigrants to the United States, for the payment of debts or for savings and investment in the countries from which the immigrants come.”
More than 2,300,000 persons throughout the United States are doing an unregulated banking business, handling yearly hundreds of millions of dollars, their customers being found wholly among immigrant laborers who for the most part do not speak English.
The money actually sent abroad is thus distributed according to countries: Italy, $85,000,000; Austria-Hungary, $75,000,000; Russia, including Finland, $25,000,000; Great Britain, $25,000,000; Norway, Sweden, and Denmark, $25,000,000; Germany, $15,000,000; Greece, $5,000,000; the Balkan States, $5,000,000; Japan, $5,000,000; China, $5,000,000; all other countries, $5,000,000.
Even reducing the amount estimated as being too large, there must be an immense outflow of money from the United States in the direction indicated, and it helps explain why there is an excess of commodity exports, averaging $400,000,000 annually, over imports, to settle the invisible indebtedness of the country abroad.
The great outflow of cash sent home by immigrants serves one useful purpose: it advertises the general prosperity of the great republic, and so helps keep up the volume of emigration from Europe. A growing country requires people as well as capital.
It has been estimated that every able-bodied immigrant is worth to the country $5,000; the Northern republic is receiving nearly a million immigrants annually, and allowing that a fifth part are workers of sound physique the gain to the United States is $1,000,000,000, gold, value a year.—Mexican Herald.
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PROSPERITY, PERIL OF
The following extract points a needed caution to those who are blest with prosperity:
Some time ago we saw a tree that had been struck by lightning and actually rent asunder. It had been blown open as perfectly as if the pith of the tree had been lined with gunpowder and touched off. The reason for this is easily explained. The tree had been struck by lightning before it had been wet by the storm. Consequently the lightning bolt followed the line of least resistance, which was the damp wood under the bark. The electric current heated the sap, and, converting it so quickly into steam, the explosion was the result.