The rapid change in the value of bills operates disastrously upon all business. Many importers, indeed, cover their sales early in the season by taking options of the bankers, who, in their turn, covered themselves with gold or produce bills. There were also many who were sanguine of a further fall, and who suffered in the rise. These interests were all opposed to a rise in gold, which has become the point on which values turn, since, being no longer a currency, it is only a commodity.

The activity of business on a cash basis has been accompanied with a continued abundance of money; the most important demand having been from stock dealings, and the rate has been 6 @ 7 per cent. The accumulation of money seeking investment has been large, and the investments in the Government five-twenties have been greatly increased, since the fall of gold made those stocks, as compared with specie, much cheaper. This sudden increase of sales is attributed by many to orders on foreign account, which would compensate in some degree for a deficiency in exports in providing exchange. The prices have been as follows:

The amount actually sold abroad is, however, very small. As explained above, the United States stocks can be bought cheaper in London than in New York. The continued large subscriptions by brokers, new banks, and others, towards the close of October, caused money to become dear and affected the price of stocks. The situation was nearly the same as in June last, when the conversions to 5-20's caused the rate of money to rise to full 7 per cent, and induced a withdrawal of the five per cent deposits with the Treasury. On the 25th of June notice was given that deposits would be removed, the amount on hand having fallen below the legal limit of $100,000,000. The same dearness of money now shows itself from the same cause, but the banks hold $25,000,000 of 5 per cent certificates, heretofore paid in gold, but which ceased on the 1st November. Those certificates may now be paid in "greenbacks," and thus ease the market.

JOURNAL OF BANKING, CURRENCY, AND FINANCE.

BANK ITEMS AND BANK RETURNS.

UNITED STATES BANKS US. STATE BANKS.-We gave last month an article by one of our bank presidents, on the question whether the banks organized under the National Currency Act should be admitted to the Clearing-house, the publication of which has elicited much discussion, and one political paper, we see, has impeached its loyalty! The article in question was handed us for publication, before it was issued in any other form, with the writer's name, and it struck us as a very fair, unimpassioned discussion of an important financial measure. We shall gladly publish any article of equal ability on either side of the same subject.

This United States Currency Act is, however, to us a strange piece of legislation. We can say, with the writer in last month's Magazine, that if the success of this scheme of banking were necessary to the suppression of the rebellion, we could submit to it. But in what respect does it benefit Government? The only suggestion in its favor we have heard is, that it furnishes a demand for United States bonds as a basis for the banks. But even granting it does, what advantage is that, since these same bonds are deposited with Government and circulation is issued on them, so that the sale of the bonds amounts simply to the issue of ninety per cent in currency? Why, then, could not Government have issued that currency directly, without the previous sale of the bonds? Certainly, the inflation caused is just as great, whether the Government issued the notes directly, or indirectly through the banks. Where is the use, then, of Government selling the bonds, and paying these banks five per cent interest for the privilege of issuing through them ninety per cent in currency, when it could have issued the same currency without the banks and without paying any interest? If any of our readers can see how the country is benefited by this operation, we should be glad to hear from them, for we are sadly in need of light. According to our view of the matter, the success of this banking scheme, as it now stands, not only will fail to advance, but must be directly opposed to, the best interests of the Government.

We publish this month the Circular of the Controller of the Currency, which has excited so much remark. It will be found valuable, as embracing the views of Government at the present time and for future reference.

NATIONAL BANKS UP TO OCTOBER 14, 1863.-The following is the official statement of the number, location, and capital of national banks formed up to October 14, 1863. It will be seen that the total capital amounts to less than $13,000,000:

CONNECTICUT-New Haven, Stamford, Norwich...
DISTRICT OF COLUMBIA-Washington City..

ILLINOIS-Chicago, Aurora, Cairo, Monmouth.

INDIANA-Indianapolis, Anderson, Blufftown, Cambridge City, Centerville, Evansville, Fort Wayne, Franklin (2), Kendallsville, Lafayette, Lawrenceburg, Richmond, Rockville, Terre Haute, Warsaw, Valparaiso....

IOWA-Davenport, Iowa City, Keokuk, Lyons

KENTUCKY-None.

......

$600,000

500,000

250,000

1,621,500

250,000

NEW YORK-New York City (3), Adams, Ellenville, Delhi, Danville,
Fishkill Landing, Moravia, Rondout, Seneca Falls, S. Worcester,
Syracuse, Watertown...

1,840,000

NEW JERSEY-Newark....

OHIO-Cincinnati (4), Cleveland (2), Akron (2), Dayton (2), Cadiz, Canton, Findlay, Fremont, Germantown, Greenfield, Hamilton, Ironton, Lodi, Logan, Portsmouth, Salem, Sandusky, Upper Sandusky, Toledo, Troy, Warren, Youngtown...

PENNSYLVANIA-Philadelphia, Carlisle, Erie, Girard, Kittaning, Hollidaysburg, Huntingdon, Johnstown, Newville, Pittsburg, Scranton (2), Strasburg, Towanda, Wilkesbarre (2), Marietta...

RHODE ISLAND-None.

125,000

4,458,000

1,721,500

375,000

$12,776,000

On the evening of the 22d of October, Mr. McCULLOUGH, Controller of Currency, addressed a meeting of gentlemen at the Fifth Avenue Hotel. The object of the meeting was to take measures for organizing a large national bank in this city-probably the same one that was contemplated as the Third. The following was the call issued:

NEW YORK, October 19, 1863. SIK-You are respectfully invited to meet the Hon. HUGH MCCULLOUGH, the Controller of the Currency, at eight o'clock on Wednesday evening, October 21, at the Fifth Avenue Hotel, for the purpose of a conference in relation to the establishment of a large national bank in this city. (Signed,)

Peter Cooper, John J. Astor, Jr., Freeman Clark, John J. Phelps, Morris Ketchum, David Dews, Paul S. Forbes, Joseph Stuart, E. D. Morgan, Jonathan Sturges, George Opdyke, Isaac N. Phelps, O. De Forest Grant, Isaac Sherman, A. Arnold, Elisha Riggs, B. H, Hutton.

Besides the gentlemen above named, there were present Hon. Samuel Hooper, of Massachusetts, Chairman of the Committee of Ways and Means in Congress; Mr. H. B. Hurlbut, President of the First National Bank at Cleveland, Ohio; Samuel T. Dana, of Boston; Mr. Leonard Jerome, General Wm. K. Strong, Colonel Vermilyea, Mr. Jaques, VicePresident of the Metropolitan Bank, Mr. Cisco, Mr. David Hoadley and others. After listening to the remarks which Mr. McCULLOUGH had to make, the chairman of the meeting presented the following resolutions, which were adopted:

Resolved, As the sense of this meeting, and after listening to the able exposition of the necessity which exists for such an institution from Hon. HUGH MCCULLOUGH, that it is expedient to organize a national bank in this city, with sufficient capital to meet the wants of the country, under the system recently inaugurated by Congress. Resolved, That the capital of said bank be $5,000,000, with privilege to increase the same to $50,000,000, from time to time, as may be found expedient.

Resolved, That a committee of three be appointed by this meeting to select seven suitable persons as commissioners to receive subscriptions to the capital stock of said bank.

Messrs. Hutton, Grant, and Vermilyea were appointed a committee under the last resolution, and after a vote of thanks to Mr. MCCULLOUGH for his interesting and able address, the meeting adjourned.

THE $50,000,000 LOAN TO GOVERNMENT.-We gave last month the history of the late bank loan to Government. The following have been the payments on it:

But two calls have been made on this loan this month, on account of the unusually large receipts at the United States Treasurer's office from increased sales of bonds and custom duties. The balance with the Assistant Treasurer, October 23d, was $35,745,688 77. The banks receive interest on the whole amount of the loan from the time it was taken, irrespective of the dates on which they actually pay the money. As yet the banks have not been troubled in the least to make their payments to the Treasury on account of the loan. It may not be known to all of readers that the loan committee was revived to equalize the holding of the legal tenders among the banks, as the specie was managed during a late financial crisis. Then the specie was put into a pool and the banks which ran below a certain per centage were allowed to draw from the banks which accumulated, by depositing securities with the committee. In this way, however, there was an inducement for each bank to keep up its line, because when it ran down, and the bank had to borrow, interest must be paid, and this interest of course inured to the benefit of the stronger bank. In the recent arrangement, the legal tender notes were all to be held as common stock, with this exception, that no provision was made for compelling each bank to maintain a certain per centage. Thus, a bank which foregoes interest to hold a million in legal tenders really maintains this surplus at its own expense, but for an equal benefit to the institution that allows its surplus to run out. If the latter were obliged to borrow of the former when its balance run down, and pay interest for such accommodation, the arrangement would conform to that made concerning the coin when the loan committee was constituted.

SEMI-ANNUAL BANK DIVIDENDS OF BOSTON.-The following table from the Boston Shipping List, presents the capital of each of the Boston banks paying dividends at this time, together with the last two semi-annual dividends, and amount paid on Thursday, October 1st. Of the fortythree banks in the table, the dividends average 8.64 per cent. Three banks divide 5 per cent, two 43, fourteen 4, fourteen 34, eight 3; the Massachusetts Bank pays 3 per cent, or $8 per share, and the Traders' passes its dividend. The Metropolis is closing up its affairs. Sixteen of the banks increase their dividends: