THE IMMIGRATION PROBLEM
114
These are the leading concerns through which immi
grant banks transmit money abroad.
The amount of money sent out from Massachusetts
in international money orders at United States Post
Offices in 1912 equalled $6,214,009.80. This, of
course, represented only a part of the amount of
money sent abroad, but indicates that the total sent
from the United States in any one year runs into
very large figures.
The remittances of immigrant bankers formed
probably 90 per cent, of the total amount of money
sent abroad each year by the above companies. It
appears, therefore, that approximately $125,000,000
was sent abroad, through these agencies by immigrant
banking establishments in 1907. The influence of the
period of financial depression after that year is ap
parent, transmissions through these nine houses fall
ing from $141,047,381.92 in 1907 to $77,666,035.46
in 1908.
It is important to recognize that these transmittals
of money do not properly constitute foreign exchange
as it is commercially and economically understood.
They are not commercial payments arising out of im
ports or the expenditures of tourists, but represent
savings withdrawn from circulation here, and sent
abroad ifor the support of families, for payment of
debts contracted prior to or in coming to this country,
for investment, or for accumulation for future ex
penditures there.
During 'the serious industrial depression following
the financial breakdown of November, 1907, a great
many alien workmen withdrew their deposits from
the banks and returned to their native lands. Those
without savings, many of whom had been in the