Southern Wealth And Northern Profits As Exhibited in Statistical Facts And Offi
Southern Wealth And Northern Profits As Exhibited in Statistical Facts And Offi
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If their funds did not draw interest at the North, and their own paper was payable on demand, actually as well as nominally, the exchange rate would be as often be low as above par. At bottom, the same system exists as with the external exchange, viz. , always to draw, and never to be drawn upon. As we have seen in a former chapter, the South sends north per annum $522, 000, 000 in value, which becomes the basis of at least 1000 millions of exchange, which the banks monopolize ; and the proceed...s are the basis of large moneyed operations at the North.
It is not a matter of surprise, under all these circumstances, that notwithstanding the large production of wealth at the South, capital accumulates there so slowly. All the profitable branches of freighting, brokering, selling, banking, insurance, &c. , that grow out of the Southern products, are enjoyed in New York ; and crowds of Southerners come north in the summer to enjoy and spend their share of the profits. The profits that importers, manufacturers, bankers, factors, jobbers, warehousemen, carmen, and every branch of industry con nected with merchandising, realize from the mass of goods that pass through the Northern cities, are paid by Southern consumers.
What to read after Southern Wealth And Northern Profits As Exhibited in Statistical Facts And Offi?
You can find similar books in the "Read Also" column, or choose other free books by Thomas Prentice Kettell to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
If their funds did not draw interest at the North, and their own paper was payable on demand, actually as well as nominally, the exchange rate would be as often be low as above par. At bottom, the same system exists as with the external exchange, viz. , always to draw, and never to be drawn upon. As we have seen in a former chapter, the South sends north per annum $522, 000, 000 in value, which becomes the basis of at least 1000 millions of exchange, which the banks monopolize ; and the proceed...s are the basis of large moneyed operations at the North.
It is not a matter of surprise, under all these circumstances, that notwithstanding the large production of wealth at the South, capital accumulates there so slowly. All the profitable branches of freighting, brokering, selling, banking, insurance, &c. , that grow out of the Southern products, are enjoyed in New York ; and crowds of Southerners come north in the summer to enjoy and spend their share of the profits. The profits that importers, manufacturers, bankers, factors, jobbers, warehousemen, carmen, and every branch of industry con nected with merchandising, realize from the mass of goods that pass through the Northern cities, are paid by Southern consumers.
What to read after Southern Wealth And Northern Profits As Exhibited in Statistical Facts And Offi?
You can find similar books in the "Read Also" column, or choose other free books by Thomas Prentice Kettell to read onlineMoreLess
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