Yet, until a bank shall close up we do not see that the Legislature has anything to say about the matter, except to regulate the amount the banks may hold. So long as these saving institutions are in operation, this surplus money remains to make good to depositors any losses consequent upon a depreciation in the par value of their investments. This is, of course, as it should be. At the present time, especially, the condition of our country is such, that the necessity is liable to arise any moment for them to consume their entire surplus, in order to carry themselves safely through the trying ordeal to which all financial institutions in the country must, sooner or later, be subjected, in consequence of the unsettled state of our present currency. Under no circumstances, however, should this fund be allowed to accumulate too rapidly, and all banks should be required to regulate their rate of interest with a view of preventing such a result. The amount of ten per cent, now allowed by law as a surplus, is large enough, and anything over that should be divided among the depositors for the year in which the additional surplus is made. Any other legislation on the subject would be, we think, extremely unfortunate. A small amount of surplus, in a well-regulated savings bank, shows a fair rate of interest to the depositors, and discourages unprofitable investments. On the other hand, a large surplus in the hands of bad men encourages dangerous investments, and jeopardizes the interests of depositors. JOURNAL OF BANKING, CURRENCY, AND FINANCE. BANK RETURNS THE PAST MONTH. THE decrease in circulation by the banks throughout the country has continued through the past month, as will be seen below. The latest returns of New York country banks are those of March 28th. Had we later returns the same fact would be shown, only more decidedly: Thus, since the year came in, there has been a decrease of circulation at the points above mentioned of about $11,000,000. The deposits also seem to have increased the past four weeks, which was unexpected, in view of the large amounts being invested in government securities, while in New York city the specie has increased over $2,000,000. Below are our usual tables for New York, Boston, and Philadelphia, brought down to the last week in May. NEW YORK BANKS. NEW YORK BANKS. (Capital, Jan., 1863, $69,494,577; Jan., 1862, $69,493,577.) Date. January 8,.... 66 10,..... 64 17,..... "6 24,..... February 7,..... 46 14,. 21,.... Loans. Specie. Circulation. Net Deposits. Clearings $178,810,009 $85,954,550 $9,754,355 $159,163,246 $186,861,762 175,816,010 36,770,746 9,551,563 162,878,249 249,796,489 176,606,558 37,581,465 9,241,670 164,666,008 314,471,457 179,288,266 38,549,794 9,088,419 168,269,228 298,861,866 179,892,161 38,243,839 8,780,154 166,342,777 302,352,571 173,103.592 38,426,460 8,756,217 167,720,880 265,139,104 178,335,880 37,981,810 8,752,536 170,108,758 291,242,929 179,958,842 89,512,256 8,739,969 173,912,695 340,574,444 181,098,322 39,705,089 8,693,175 174,689,212 344,484,442 177,875,949 36,110,085 8,657,016 172,944,034 307,370,817 173,829,479 33,955,122 8,609,723 167,004,166 277,831,351 172,448,526 34,317,691 8,560,602 163,363,846 281,326,258 4,..... 173,038,019 34,257,121 8,348,094 160,216,418 287,347,704 170,845,288 85,406,145 8,178,091 159,894,731 264,468,080 169,132,822 36,761,696 8,039,558 164,122,146 259,417,565 171,079,322 37,175,067 7,555,549 167,863,999 258,654,781 2,..... 177,364,956 86,846,528 7,201,169 167,696,916 355,557,782 9,... 180,114,983 88,002,633 7,080,565 168,879,130 367,560,781 16,..... 180,711,072 88,556,642 6,901,700 168,879,130 358,346,664 23,.... 181,819,851 88,544,865 6,780,678 167,655,658 880,304,748 7,... 14,... 21,.. 28,.... 11,..... BOSTON BANKS. BOSTON BANKS. (Capital, Jan., 1863, $. Date. ; Jan., 1862, $38,281,700.) Loans. Specie. Circulation. Deposits. Jan. 5,.. $77,339,046 $7,672,028 $8,190,496 $33,372,648 12,.. 77,427,000 7,751,000 8,373,000 33,063,800 17,006,000 46 9,.. 16,.. 23,.. 66 66 13,520,000 19,.. 76,624,700 7,710,600 8,199,600 33,382,000 16,547,800 13,727,700 26... 76,354,000 7,710,700 8,008,500 33,847,000 16,811,700 13,958,000 Feb. 2,.. 76,496,800 7,685,000 8,865,000 84,076,800 16,889,000 14,490,000 78,421,000 7,707,000 8,074,000 35,178,600 16,932,000 14,188,000 78,481,000 7,794,000 8,001,000 84,903,000 17,070,700 14,095,500 78,782,600 7,624,000 8,002,000 34,965,500 17,331,000 14,583,800 Mar. 2,.. 79,127,500 7,553,000 8,001,980 35,245,500 17,523,500 15,004,000 9,.. 79,274,700 7,582,000 8,225,000 35,215,000 17,340,400 14,446,500 "16,.. 79,636,134 7,609,238 7,780,062 32,955,149 17,230,300 13,434,500 46 80,.. 77,935,000 7,572,600 7,593,800 81,604,500 17,074,400 11,601,800 April 6,... 76,933,600 7,703,800 7,963,500 32,687,000 15,444,000 12,280,600 "13,.. 74,551,013 7,812,895 7,762,915 82,494,822 14,557,000 12,947,800 “20... 78,459,160 7,799,815 7,278,506 83,209,742 14,132,000 12,658,000 27,.. 73,558,000 7,838,800 7,040,000 82,781,500 13,303,000 11,966,700 May 4,.. 73,218,155 7,854,781 7,438,496 81,949,762 13,237,700 11,622,600 11,.. 73,062,789 7,847,849 7,688,233 81,309,985 13,147,000 11,800,000 "18,.. 73,068,598 7,794,046 7,167,327 82,192,770 12,863,500 11,732,000 "25,.. 72,874,000 7,777,000 7,011,700 33,000,000 12,787,000 11,748,000 66 PHILADELPHIA BANKS. PHILADELPHIA BANKS. (Capital, Jan., 1863, $11,740,080; 1862, $11,970,180.) 66 12,... 64 19,... 66 26,... Feb 2,... 9,... Due Due Date. to banks. from banks. Jan. 5,... $37,679,675 $4,510,750 $4,504,115 $28,429,189 $6,948,785 $1,994,928 37,533,757 4,544,786 4,450,676 28,018,792 6,890,963 1,848,932 37,416,694 4,549,369 4,382,520 27,877,069 7,050,847 2,275,905 87,479,712 4,572,419 4,284,947 28,773,517 6,755,980 2,638,985 37,268,894 4,562,580 4,181,503 29,231,753 6,698,210 2,909,857 37,336,367 4,319,706 4,039,918 28,062,164 6,953,215 2,518,036 37,710,851 4,272,347 3.888,185 28,759,049 7,452,563 2,432,078 37,720,460 4,276,761 3,772,781 29,342,596 7,413,249 2,703,196 37,901,080 4,267,626 3,696,097 30,178,518 7,185,670 2,758,852 38.603,871 4,249,035 3,608,870 30,679,259 7,100,258 2,499,139 39,260,028 4,247,817 8,534,880 30,549,587 7,476,603 1,939,449 39,458,384 4,247,688 3,295,862 30,106,135 7,418,482 1,935,014 38,937,612 4,311,704 8,369,194 29,171,283 6,504,758 2,158,007 87,516,520 4,339,252 3,374,417 29,531,559 5,768,558 2,770,129 36,250,402 4,343,242 3,296,685 30,117,527 5,953,809 3,014,229 36,295,644 4,343.988 3,185,042 81,059,644 5,306,809 8,018,727 36,482,058 4,346,377 8,078,921 31,021,799 5,448,124 2,559,868 2,989,428 80,859,231 5,328,898 2,891,087 2,901,600 80,949,781 4,975,939 2,542,792 2,866,121 31,892,308 4,640,623 2,536,279 2,808,109 32,455,953 4,623,392 2,480,714 36,587,294 4,355,824 11,... 36,593,179 4,359 865 36,887,301 4,357,119 "18,... 25,... 37,116,093 4,357,169 PENNSYLVANIA BANKS. The following statement of the condition of the banks of Pennsylvania out of Philadelphia, we have prepared from the official tables : On the 22d of April the Bank of England reduced its rate of discount from 4 to 34 per cent, and on the 29th April again reduced it to 3 per cent. The Bank of France has also during the month reduced its bank rate to 3 per cent. The following comparative table will be found of interest, affording, as it does, a view of the bank returns, the bank rate of discount, and the price of wheat in London during a period of three years, corresponding with the date of our last returns, May 13: Subjoined is our usual table with the returns brought down to May 13th, 1863: 24... Circulation. Deposits. Deposits. Date. 20,150,398 8,654,499 14,306,497 31,346.731 14,870,795 WEEKLY STATEMENT. Public Private Securities. Coin and Rate of Discount. 44 66 14... 44 21... 31... 20,516,435 8.338,717 15,469,254 32,488,020 14,956,421 8 Jan. 7... 20,927,993 8,782,808 14,393,308 82,620,233 14,635,555 3 21,018,849 4,280,730 16,772,782 31,165,075 14,102,169 4 20 693,931 4,965,798 30,227,086 13,855,849 4 20,771,236 30,238,865 13,611,823 5 29,997,233 13,692,136 5 80,288,406 29,890,503 Apr. 1... 20,965,228 10,107,041 13,172,090 32,775.752 15,141,755 8... 21,279,339 6,714,109 14,829,832 30,946,784 14,963,835 4 21,413,226 6,316,413 14,739,897 30,182,533 15,387,151 3 29 21,452,800 7,178,312 13,606,939 29,994,349 15,348,492 S May 6... 3 21,376,999 7,241,739 13,122,087 29,718,602 15,141,760 21,252,916 6,735,137 13,727,556 30,201,120 14,653,141 8 RETURNS OF THE NEW YORK STATE BANKS. The following table shows the aggregate resources and liabilities of the banks of the State of New York for the last two quarters. The returns for June and September, 1862, will be found in vol. 47, page 544 of the Merchants' Magazine. There were in March three hundred and eight banks in operation, all of which reported, except J. N. WESTFALL & Co.'s bank, Jordan, which had not commenced business on the morning of March 28. FORM FOR THE USE OF PERSONS DESIRING TO ASSOCIATE FOR THE ESTABLISHMENT OF A NATIONAL BANKING ASSOCIATION. The following form has been prepared at the United States Treasury Department for the use of those persons who propose to associate in the establishment of National Banking Banking Associations: 186-. We, whose names are specified in article fourth of this Certificate, have associated ourselves for the purpose of transacting the business of bank |