of the government. No nation ever before poured out its means with such lavish hand. It is true that the loans do not take the shape of permanent investments, but are, rather, short loans to be paid at call. Thus the whole permanent debt consists of the following sums: This is the amount of permanent investments in the war debt. The prices of the government stocks have remained very firm: JOURNAL OF BANKING, CURRENCY, AND FINANCE. CITY BANK RETURNS. LITTLE satisfaction can be obtained in examining the returns of our city up with governbanks from week to week; their regular business is so mixed ment transactions that but few definite facts can be learned from these statements. For instance, the bank loans have now reached in New York city $173,126,387, whereas before the war they were only about $125,000,000. From such a statement as this one might suppose that business was now more active than ever before, and that the banks had discounted $173,000,000 of good business paper. The question therefore naturally arises, is this so -of what is this column of loans made up? Suppose peace were to be declared to-day, could the banks realize on these loans so as to pay up their depositors and help their customers; for as soon as the fetters of war are removed, every cent of money that can be obtained will be needed and used by merchants in supplying the extraordinary demands of trade which must then arise. But as we said before, from these weekly returns we get little satisfaction on these points. All they tell us is, that the New York city banks hold $173,000,000 of loans, and that they have deposits to the amount of $163,000,000. If, however, we go back to the quarterly returns in March, 1863, we find, that of the loans which were then $180,000,000, about $74,000,000 were government stocks. Probably the amount of government's is somewhat increased since that time, but even calling it the same and it leaves the ordinary business loans at less than $100,000,000. Is this a safe position for the banks to hold? United States Government stocks, as a permanent investment, are as good as anything in the world; but can the banks afford to hold them, or do they intend as soon as peace returns to throw them on the market? Would not such a course break the market, ruin themselves, and injure the government? Is it not therefore their duty to themselves, the government, and their customers to work out of this position gradually, and now while they can do it without harm to any one? We give below our usual returns brought down to the latest dates. The changes are unimportant. In New York and Philadelphia the circulation continues to decrease. It is very seldom now that one sees a New York city bill. The $5,000,000 or $6,000,000 they have out cannot be in circulation, but must be held mostly by parties who anticipate a decision adverse to the legal tender notes in our Court of Appeals in September. In case such a decision is made, these bank notes will of course have to be redeemed in specie: Date. Loans. NEW YORK BANKS. NEW YORK BANKS. (Capital, Jan., 1863, $69,494,577; Jan., 1862, $69,493,577.) 10,..... 17,..... 179,288,266 38,549,794 9,083,419 168,269,228 298,861,866 Date. February 7,..... 66 14,. 46 21,.. 28,.. 7,... 4,..... 11,..... 18,... 25,.. May Loans. Specie. Circulation. Net Deposits. Clearings. 179,892,161 38,243,839 8,780,154 166,342,777 802,352,571 173,103,592 38,426,460 8,756,217 167,720,880 265,139,104 178,335,880 37,981,310 8,752,536 170,103,758 291,242,929 179,958,842 89,512,256 8,789,969 178,912,695 340,574,444 181,098,822 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 $3,955,122 8,609,723 167,004,466 277,831,351 172,448,526 34,317,691 8,560,602 163,363,846 281,326,258 173,038,019 34,257,121 8,348,094 160,216,418 287,347,704 170,845,283 35,406,145 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 7,555,549 167,863,999 258,654,781 177,364,956 36,846,528 7,204,169 167,696,916 355,557,732 180,114,983 38,002,633 7,080,565 163,656,518 367,560,731 180,711,072 88,556,642 6,901,700 168,879,130 353,346,664 181,319,851 38,544,865 6,780,678 167,655,658 380,304,748 181,825,856 37,692,634 6,494,375 166,261,121 307,680,918 6,..... 182,745,080 87,241,670 6,341,091 162,767,154 289,757,539 13,..... 180,808,823 37,884,128 6,210,404 159,551,150 802,377,276 177,083,295 38,314,206 6,120,252 157,123,301 259,483,221 175,682,421 38,271,202 6,004,177 158,539,308 264,819,856 174,837,384 38,302,826 5,998,914 158,642,825 267,785,773 175,087,485 88,712,397 5,927,071 160,733,496 319,945,652 173,126,887 88,254,427 5,880,623 163,319,544 251,168,769 2,..... 9,..... 16,..... 23,..... 80,..... Jan. 5,.. $77,339,046 $7,672,028 $8,190,496 $33,372,648 13,520,000 "6 19,.. 76,624,700 7,710,600 8,199,600 33,362,000 16,547,800 13,727,700 66 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 9,.. 78,421,000 7,707,000 8,074,000 35,178,600 16,932,000 14,188,000 16,.. 78,431,000 7,794,000 8,001,000 84,903,000 17,070,700 14,095,500 23,.. 78,782,600 7,624,000 8,002,000 34,965,500 17,831,000 14,583,800 Mar. 2,.. 79,127,500 7,553,000 8,001,980 85,245,500 17,523,500 15,004,000 46 9,.. 79,274,700 7,582,000 8,225,000 35,215,000 17,340,400 14,446,500 79,636,134 7,609,238 7,780,062 32,955,149 17,230,300 13,434,500 77,935,000 7,572,600 7,593,800 31,604,500 17,074,400 11,601,300 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 7,799,315 7,278,506 33,209,742 14,132,000 12,653,000 "27,.. 73,558,000 7,838,800 7,040,000 32,781,500 13,303,000 11,966,700 May 4,.. 73,218,155 7,854,731 7,433,496 81,949,762 13,237,700 11,622,600 11,.. 73,062,789 7,847,849 7,688,233 31,309,985 13,147,000 11,800,000 "18,. 73,068,598 7,794,046 7,167,327 32,192,770 12,863,500 11,732,000 "25,.. 72,874,000 7,777,000 7,011,700 83,000,000 12,787,000 11,748,000 June 1... 73,424,000 7,751,000 6,913,000 32,575,000 12,785,000 10,704,500 8,.. 73,592,000 7,738,557 7,030,286 31,728,285 12,626,700 10,874,700 15,.. 73,237,000 7,780,000 7,109,000 81,477,600 12,235,500 10,541,000 66 22,.. 73,851,000 7,697,000 7,344,500 81,355,800 12,504,600 10,914,700 29,.. 73,421,084 7,683,987 7,040,624 81,477,596 12,888,000 10,900,000 64 " 66 July 6,.. 73,548,918 7,744,827 7,473,800 31,509,268 12,233,000 10,891,000 PHILADELPHIA BANKS. PHILADELPHIA BANKS. Loans. 12,... 19,... 26,... Feb 2,... 66 9,... 66 16,... 46 23,.. Mar. 2,.. 66 9,... "16,. « 23,. "30,... (Capital, Jan., 1863, $11,740,080; 1862, $11,970,130.) Due Due Date. Specie. Circulation. Deposits. to banks. from banks. Jan. 5,... $87,679,675 $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 2,658,985 37,268,894 4,562,580 4,181,503 29,231,753 6,698,210 2,909,857 37,336,367 4,819,706 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 2,432,073 37,720,460 4,276,761 3,772,781 29,842,596 7,413,249 2,708,196 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 80,679,259 7,100,258 2,499,139 39,260,028 4,247,817 3,534,880 30,549,587 7,476,603 1,939,449 39,458,384 4,247,688 8,295,862 30,106,135 7,418,482 1,935,014 88,937,612 4,811,704 8,369,194 29,171,283 6,501,758 2,158,007 37,516,520 4,339,252 8,374,417 29,531,559 5,768,558 2,770,129 36,250,402 4,343,242 3,296,685 30,117,527 5,953,809 8,014,229 36,295,644 4,343.988 3,185,042 31,059,644 5,306,809 8,018,727 36,482,058 4,846,377 3,078,921 31,021,799 5,448,124 2,559,868 86,587,294 4,855,324 2,989,428 80,859,231 5,828,898 2,891,087 36,593,179 4,359 865 2,901,600 80,949,781 4,975,939 2,542,792 86,887,301 2,866,121 81,892,308 4,640,623 2,586,279 87,116,093 2,808,109 32,455,953 4,623,392 2,480,714 87,143,937 4,357,021 2,706,958 31,888,763 4,707,278 2,363,548 87,157,769 4,357,076 2,649,283 81,549,839 4,645,712 2,318,744 87,228,627 4,857,025 2,621,098 81,648,959 4,914,425 2,892,278 87,219,216 4,356,744 2,596,115 31,293,830 4,868,495 2,065,918 $7,250,665 4,359,548 2,556,855 31,466,204 5,116,69% 1,820,600 35,036,811 4,360,745 9,564,558 28,504,544 5,060,096 1,961,814 84,866,842 4,360,003 2,507,258 28,701,813 4,784,843 2,580,552 84,662,966 4,361,999 2,482,986 29,931,608 4,580,822 2,981,867 Apr. 6,... 13,... "20,... "27,... May 4,... 66 11,... "18,... 25,. June 1,... 66 8, 4,357,119 4,357,169 The following is a statement of the amount of United States legal tender notes held by the Philadelphia banks at the dates mentioned: The bank returns July 1st showed unusually important changes as follows: Increase of securities...... Increase of active circulation. £3,734,056 1,213,091 In speaking of these changes the London Economist says "several circumstances have combined to produce them. First. There is the great movement consequent on the payment to the Hudson's Bay Company, which amounts to £1,500,000, and which, as the new capital is not raised, and the old one paid off, to a considerable extent must be borrowed from some one. "Secondly. The public balances being unusually large, more than £10,350,000, the ordinary advances from the bank at the close of the quarter are larger than usual. "Thirdly. Several of the Indian railways have taken some large amounts for dividends. "Fourthly. There is always a large increase of active circulation at the close of the quarter to pay salaries, &c." The returns for the next week, July 8th, show the effect of the disbursements on account of dividends during the week. The following comparative table will be 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 July 8th: Subjoined is our usual table with the returns brought down to July Circulation. Deposits. Deposits. Securities. Coin and Rate of Discount. Date. Dec. 17... £19,932,360 £8,507,144 £14,033,994 £30,539,368 £15,031,658 8 pr. ct. 66 24... 20,150,398 14,306,497 81,846,781 14,870,795 3 8,654,499 s 31... 20,516,435 8,338,717 15,469,254 82,488,020 14,956,421 3 Jan. 7... 20,927,993 8,782,808 14,393,808 82,620,233 14,635,555 3 66 66 66 14... 21,018,849 4,280,730. 16,772,782 31,165,075 14,102,169 4 21... 20,893,931 4,965,798 14,993,225 80,227,086 18,855,849 4 66 28... 20,771,236 5,416,863 14,414,763 80,238,865 13,611,823 5 Feb. 4... 20,709,154 6,351,617 13,852,287 29,997,233 13,692,136 5 66 11... 20,444,454 6,952,808 13,596,356 80,288,406 14,070,651 5 66 18... 19,916,496 7,418,275 18,769,276 29,890,503 14,589,222 4 66 25... 19,715,828 7,901,658 13,367,153 29,709,079 14,614,096 4 Mar. 4... 20,322,055 8,036,003 13,368,086 30,880,805 14,504,517 4 46 11... 19,801,665 8,673,899 13,282,605 31,096,327 14,828,178 4 66 17... 20,012,331 9,843,499 13,003,088 81,482,170 14,547,812 4 20,136,276 10,364,471 12,742,282 81,896,338 15,025,274 4 20,965,228 10,107,041 13,172,090 82,775,752 15,141,755 4 21,279,339 6,714,109 14,829,832 30,946,784 14,968,835 4 21,326,820 5,769,276 15,013,391 29,974,677 15,229,237 4 21,413,226 6,316,413 14,739,897 30,182,583 15,387,151 3 29. 21,452,800 7,178,312 13,606,939 29,994,849 15,848,492 May 6. 21,376,999 7,241,739 13,122,087 29,718,602 15,141,760 3 21,252,916 6,735,137 13,727,556 80,201,120 14,653,141 3 21,268,815 7,610,278 13,983,654 31,484,815 14,529,451 4 20,909,819 8,002,346 13,842,718 81,412,190 14,500,019 4 June 8... 21,009,892 8,779,887 13,896,450 82,889,044 14,425,553 4 24... 20,525,655 10,279,053 13,809,996 32,756,459 15,026,118 4 July 1... 21,738,756 10,356,373 16,274,739 86,490,515 15,080,271 4 5,593,834 18,595,718 84,647,836 14,824,969 4 10... 21,080,460 9,782,830 13,783,263 83,240,192 14,556,121 4 VOL. XLIX.-NO. II. 10 |