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❝ 15... 875,730 829,807

8... 878.805

3,685

32,905

31,926,609 17 a 20 33,064,575 167 a 17 748,523 34,022,490 14 a 16 890,552 34,611,069 124 a 13 700,431 35,301,778 14 a 15 919.825 35,538,486 15 a 15" 1,137,644 35,640,984 18 a 16 551,097 36,138,928 16 a 184 1,042,835 37,125,245 19 a 194 490,895 37,863,037 17 a 17 996,892 37,592,552 16 a 16 713,075 38.325,587 224 a 224 807,616 2,255,513 39,263,086 234 a 24 1,714,551 38,759,256 334 a 37" 768,121 2,024,380 37,453,531 27 a 311 351,547 87,980,436 31 a 31 711,607 38,794,768 32 a 324 708,781 1,894,708 39,348,947 31 a 32 921,207 2,458,529 83,110,216 30 a 30

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Total.. 36,790,571 3,303,018 21,169,626 55,384,015

The impulse given to shipments by the rise in the price of exchange in the month of October subsided with the reaction in the price of bills, but was resumed again in November, when the decline in bills and the rise in freights, accompanied by a considerable decline in the price of breadstuffs in England, checked the exports of produce. During the month of October the general average price of wheat in England fell from 588. to 488. per quarter, or 15 cents per bushel, making nearly 20 cents in the amount in paper to be drawn for. The price of wheat at the beginning of November was in England 24 cents less per bushel than at the same date of the previous year. The very large importations, particularly from America, were the cause of this decline. The quantity of wheat shipped to England this year in September 1 to November 18, is 9,132,417 bushels, or 4,028,659 greater than for the same period last year. The rates of sterling bills have continued very high, governed by the price of gold and by the demand for remittance. The rates have been as follows:

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The rate of sterling bills remaining about 13 per cent above the price of gold, gives a high rate for the bills as measured in specie. The mode of quoting sterling gives rise to much misconception in relation to the exchange. Thus, the actual par of American for British gold is $4 84 for a pound sterling, that is to say, the exact quantity of pure gold in $4 84, is the same as in a sovereign, or $4,844 gold dollars melted and coined would make exactly 1,000 sovereigns, that is the actual par; but custom has continued to call the £ $4 44, which was its value in Spanish silver before there was any American coin. With the change in the American coins, 9 per cent added upon the old dollar, $4 44 is called the par. The price of bills at 145s., gives $6 44 as the price in paper of the £, which is $4 84 in gold. Hence the paper in which the quotation is made, has depreciated 26 per cent. On Paris the quotation is different, the par is 5 francs 19 centimes for $1 in gold, but the French will now only give 3 francs 85 centimes for one paper dollar, a decline of 1 franc 34 centimes or 26 per cent. In this case there is no fictitious premium on gold or exchange, but the real decline of 26 per cent in the value of the paper used here as a currency, and with that decline the precious metals become daily scarcer. The disgraceful proceedings of the Board of Brekers, in stopping transactions in gold at the board, at the wish of the Secretary of the Treasury, who weakly imagined he could make his paper promises valuable by keeping gold out of sight, has been recinded, and gold is now not only dealt in as before, but is speculated in on time.

The effort seems to be, by making very large time sales of gold at 30 @ 60 days, to fictitiously depress the market up to the time of the meeting of Congress, when the financial report shall have been made. The effort is so manifestly ruinous to individuals, that is is hardly to be supposed they would engage in it, unless very ample guaranties were behind them. The gold was restored to the banks on the 17th, and in four days $900,000 was sold, one-half on time, by persons who did not hold it. The exporters took the time sales, and as it is delivered to them it will leave the country. The "short sales" of the gold are therefore a premium to export it. When the gold can be had at a low rate, bills are lower, and consequently there is less disposition to ship produce. Hence, all the loss sustained by attempting to get down the price of gold for political effect, is actually a premium paid to cause it to rise at a later period. The high rate of gold seemed to alarm the department in relation to the flood of paper, and it was resolved to issue the $13,500,000 three-year' 73 bonds that remained of the $150,000,000, which were authorized, and of which the banks took $100,000,000 at par for specie. The amount of bids for the lot was $23,500,000, and the award was made at an average of 34 per cent; the range of bids was 3.05 @ 4 per cent. The market price for the day was 104. The Secretary had these notes on hand a year, and did not issue them, but continued to pay out paper money. The rate of money in the market was very low all the Fall, although the speculation in stocks had absorbed a good deal, but when the Secretary was ready to sell his bonds, he, with singular fatuity, went first to the banks and borrowed the amount in advance. To lend him the sum, the banks called in loans, and disturbed the market so as to cause a rise in the value of money, at the very moment when it was to the interest of the Treasury that it should be cheap. The real price of the loan, as compared with that taken by the banks last year, was 77 per cent, or 23 per cent less than last year. An English or Canadian capitalist, who might last year have bought the bonds for 100, would this year get them for 77. The general price of stocks has been as follows:

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The rate of money rose under this loan operation to 6 @ 7 on "call." The bank returns in another column indicate that loans increased and the deposits diminished under the transaction. It will be borne in mind that, gold being no longer currency, all the operations of the banks are based on the legal tender notes, and they are therefore compelled to keep a reserve of those notes on hand, and this absorbs a large amount. It is also to be borne in mind that the rise in prices has of itself swollen the sum of the deposits, and the amount of the loans. The shape in which the finances will come before Congress is matter of great solicitude. There are many projects of improving the finances of the government by changing the descriptions of paper to be issued and the mode of borrowing,as if borrowing in any shape was a remedy for a deficient treasury. The idle boast of Mr. CHASE, that his paper money is a loan "without interest" from the people, comes home with melancholy force to the hearthstones of the poor, who, in the extra price of fuel and food, are paying with their heart's blood for the use of that money. The number of men in the army has been estimated at 800,000. If half of them have families, and those families consume the usual estimate of one barrel of flour per annum each, then those families alone pay $600,000 per annum tax on the single article of flour, which the shipper sells in Liverpool for $1 50 per barrel less than in New York. The pay of the soldier is fixed at $13 per month, while, by the use of the paper money, all the articles they buy with it have risen 30 per cent. In other words, the soldiers alone pay $30,000,000 per annum tax on Mr. CHASE's loan without interest.

There is only one way in which the sorrowful course of this paper money can be retraced, and that is, by a truthful statement of the present amount of debt and a clear statement of current expenditures-to present the exact facts to Congress and to the public. The next step is to impose taxes to the whole amount of the current expenditure, and then fund the existing outstanding paper at any price to get it out of the market. No observing man dreams that the debt is at this moment less than $1,200,000,000, notwithstanding the statements made by Mr. CHASE and others. That sum cannot be placed under 8 per cent, and will cost, with the sinking fund, over $100,000,000 per annum, which must be raised by taxes, in addition to the $800,000,000 per annum of war and ordinary expenses. Last year the report of Mr. CHASE caused the banks to suspend, because it destroyed confidence. That confidence has shown no disposition to revive under the system of false statements and concealments, in violation of law, that has been practised in relation to the public debt. The time is now fast approaching when nothing will stand between the government and financial ruin but a thorough system of honest taxation.

JOURNAL OF BANKING, CURRENCY, AND FINANCE.

1. BANK RETURNS OF NEW YORK STATE. 2. CITY WEEKLY BANK RETURNS. 8. MASSACHUSETTS BANK RETURNS. 4. PENNSYLVANIA BANK RETURNS. 5 RRODE ISLAND BANK RETURNS. 6. NEW JERSEY BANKS. 7. NEW HAMPSHIRE BANKS. 8. BANK OF ENGLAND. 9. AMERICAN CURRENCY IN CANADA. 10. CIRCULAR TO COLLECTORS OF CUSTOMS.

BANK RETURNS OF NEW YORK STATE.

WE are able to give this month the quarterly returns of the banks of New York State, which show remarkable changes during the past year. For instance, it will be seen that on September 28, 1862, the circulation had since September, 1861, increased nearly $10,000,000, and that the deposits had increased $75,000,000. Truly we might be said to be growing rich if paper were money! The following shows the movement of the State banks for the year, in respect to five principal items of their respective reports:

Date.

Stocks and govDiscounts. ernment notes.

....

Circulation. Deposits. Specie. September, 1861. $28,015,748 $111,895,016 $38,089,727 $176,055,848 March, 1862. 28,330,973 121,988,259 34,301,092 162,017,987 June, 1862. 83,727,382 150,438,244 32,882,693 184,501,261 September, 1862. 37,557,373 186,390,795 39,283,981 165,584,063 107,116,775

64,838,009

The following are the returns at large for the last two quarters:

QUARTERLY REPORTS

OF THE BANKS OF THE STATE OF NEW YORK FOR

JUNE AND SEPTEMBER, 1862.

RESOURCES.

-June 28, 1862.

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-September 27, 1862.-
$165,583,063

431,799 $1,071 and

507,511

21,720,212

24,071,691

6,131,205

9,271,652

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10,000 and

9,609,059

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