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PEREIRE had anything to do with it, the contrary opinion cannot with any decency be expressed now that those gentlemen have taken it in hand. The Bank of France has clearly put itself out of court.

Nevertheless, we are told that this bank and its friends in which term is included most of the principal bankers of Paris-will, on what they call public grounds, make a vigorous opposition to the Bank of Savoy. On this point, we take the following from the Paris correspondent of the London Economist, October 10th :

“The Bank of France and principal bankers in Paris have already succeeded in inducing the Government Commissioner who attended the meeting of shareholders of the Bank of Savoy at Annecy the other day to declare that a vote which was passed for increasing the capital from 4,000,000f. to 40,000,000f. (£160,000 to £1,600,000) must be considered as given “ under reserve”- mere matter of form, it is true, but still indicative of a wish to thwart, if possible, the arrangements between Messrs. Pekeine and the Bank. Judging, however, from the reasons the adversaries of that arrangement have already presented, the opposition is not likely to cucceed. The first objection they raise is that as the Bank of France has the exclusive privilege of issuing notes in France, no other establishment can be allowed to create botes. This objection would have prevailed if France had retained the limits she possessed when that privilege was granted; but it is of no weight when applied to a new territory annexed to France, and the commercial establishments in which were, by the treaty of annexation, guaranteed the maintenance of all the rights and privileges they had possessed under the Governnent to which the territory bad previously belonged. M. DUFAURE, one of the most learned advocates in this country, having been consulted on the matter, has expressed the opinion that the Bank of Savoy, by French law, undoubtedly retains under annexation all the powers it held before. Another objection is that two sorts of bank notes in a country will present inconvenience and even danger. But when you ask-why? no answer is forthcoming. Great Britain and America know something of banking matters; and in both there is more than one species of note in circulation. Moreover, the Bank of France has itself demolished this objection: in the Memoir' referred to, it proclaims that, though the Government "is favorable to the unity of banks and the uniformity of circulating paper,' it has not interdicted itself from coming to a compromise with that principle, and from admitting exceptions.

** While these, and other objections equally unfounded, are urged against the great act which Messrs. Pereire and the Bank of Savoy have accomplished, loud praises of it are uttered by a large portion of the financial and commercial circles, and no small thing—it is almost unanimously approved of by economists. In the first place, a strong conviction is entertained by these classes that banking—including in that term the power of issuing notes-ought to be free; and they consider that the setting up of a bank of issue in the presence of the Bank of France is the first step toward obtaining freedom—the introduction of the wedge which is destined to shatter monopoly to pieces. In the next place, they think that as the Bank of Savoy can issue notes of 508. and even 20f., whereas the Bank of France refuses to go lower than 100f., it can give a great impetus to credit. In the third place, the Bank of Savoy will discount bills with two signatures, whereas the Bank of France cannot by its charter accept less than three; and the former will thus relieve the higher class of commerce from a heavy charge-for the third signature is almost always that of a banker, and he of course does not give it for nothing-whilst at the same time it can accept the paper of a vast number of petty traders, who hitherto have had difficulty in obtaining discount accommodation. Lastly, the Bank of Savoy can discount at four or six months, or even longer dates, whereas the Bank of France never accepts bills of more than three months, though in certain important branches of commerce such a short period is not adopted.

* The report presented to the shareholders of the Bank of Savoy, in their meeting ou Sunday, may be considered one of the most remarkable documents in financial history. It shows, on the one hand, the almost inconceivable blindness of a great tinancial establishment; on the other, the acuteness of two eminent men. The Bank of France had the greatest interest in preventing another bank of issue from being tolerated in France; and yet it obstinately refused to come to an arrangement with the only establisbment which could compete with it in that capacity. Messrs. PE 29,.. 176,748,618 32,030,056 5,475,964 156,671,695 392,404,680 Sept. 5,..... 178,477,037 31,989,381 5,456,016 158,110,687 394,814,312 Loans. Specie. Circulation, Deposits. to banks. from banks. Jan. 5,... $37,679,675 $4,510,750 $4,504,115 $28,429,189 $6,948,785 $1,994,998

REIRE, on this point, saw at once that what the bank so disdainfully rejected was pothing less than the most powerful instrument that existed in the financial world, apart from the Bank of France-inasmuch as it would not only enable a powerful opposition to be raised to that establishment, but would be a sort of revolution in the financial system of the country.”

City Bank RETURNS.—The returns of the Boston and Philadelphia banks exbibit no marked changes during the month; but in New York city there has been a loss of nearly fourteen millions in the deposits, while the loans have not changed 'materially, as will be seen by the following statement : Loans. Net deposits.

Not deposits · October 3..

$206,442,874 $182,663,491 December, . $3,427,279 10. 206,906,902 180,037,283

2,616,211 17. 206,638,749 178,050,317

1,986,966 24 204,013,870 172,487,596

5,562,721 Decrease in pet deposits since September 26...

$13,593,176 It is said that the New York city banks now hold about fifteen million in legal tenders. Below will be found our usual returns for the three cities brought down to the latest dates :

NEW YORK BAXKS.

New York Banks. (Capital, Jan., 1863, $69,494,577 ; Jan., 1862, $69,493,577.)
Date.
Loans. Specie. Circulation.

Net Deposits. Clearings. January 3,.... $173,810,009 $35,964,550 $9,754,355 $159,163,246 $186,861,762

10,..... 175,816,010 36,770,746 9,551,563 162,878,249 249,796,489 17,..... 176,606,658 37,581,465 9,241,670 164,666,003 314,471,457

24,..... 179,288,266 38,549,794 9,083,419 168,269,228 298,861,366 February 7,..... 179,892,161 38,243,839 8,780,154 166,342,777 302,352,571 14,

173,103,592 38,426,460 8,756,217 167,720,880 265,189,104 21,.... 178,335,880 37,981,310 8,752,536 170,103,758 291,242,929

28,..... 179,958,842 39,512,256 8,739,969 173,912,695 340,574,444 March 7,..... 181,098,322 39,705,089 8,693,175 174,689,212 344,484,442

14,... 177,875,949 36,110,085 8,657,016 172,944,034 307,370,817 21,... 173,829,479 33,955,122 8,609,723 167,004,466 277,831,351

28,.. 172,448,526 34,317,691 8,560,602 163,363,846 281,326,258 April 4,.....

173,038,019 34,257,121 8,348,094 160,216,418 287,347,704 11,.....

170,845,283 35,406,145 8,178,091 159,894,731 264,468,080 18,.. 169,132,822 36,761,696 8,039,558 164,122,146 259,417,565 25,..

171,079,322 37,175,067 7,555,549 167,863,999 258,654,781 May

177,364,956 36,846,528 7,201,169 167,696,916 355,557,732 9,..... 180,114,983 33,002,633 7,080,565 163,656,518 367,560,731 16,..... 180,711,072 38,556,642 6,901,700 168,879,130 353,346,664 23,.. 181,319,851 38,544,865 6,780,678 167,655,658 380,304,748

80,..... 181,825,856 37,692,634 6,494,375 166,261,121 307,680,918 June 6,..... 182,745,080 37,241,670 6,34 1,091 162,767,154 289,757,539

13, 180,808,823 37,884,128 6,210,404 159,551,150 302,377,276 20.

177,083,295 38,314,206 6,120,252 157,123,301 259,483,221 27,... 176,682,421 38,271,202 6,004,177 158,539,308 264,819,850 July 4...... 174,337,384 38,302,826 5,998,914 158,642,825 267,785,773

11,..... 175,087,485 38,712,397 5,927,071 160,733,496 319,945,652 18,.....

173,126,387 38,254,427 5,880,623 163,319,544 251,168,769 25..... 173,036,336 35,910,227 5,775,188 164,133,549 284,684,421 August

176,208,597 33,746,681 5,700,452 16!,173,146 292,211,821 8..... 176,559,840 32,156,548 5.706,024 155,868,116 297,384,006 15,..... 175,305,471 32,874,913 5,613,177 155,950,043 298,936,160 22, 175,713,139 31,520,499 5,545,970 156,588,095 373,755,630

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Date.
Sept. 12,.....

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26, October 8,....

10,.... 17,.. 24,...

Loans. Specie. Circulation. Net Depostis. Clearings. 200,028,980 32,018,107 6,457,366 178,588,622 371,510,559 207,679,456 31,014,411 6,414,643 185,576,199° 343,263,949 204,501,984 30,008,566 5,377,886 186,080,773 354,208,025 206,412,874 30,064,614 6,375,586 182,653,494 375,032,638 206,906,903 29,927,281 6,622,178 180,037,283 899,288,099 206,638,749 28,382,473 6,618,764 178,050,317 427,981,203 204,013,870 28,804,915 6,799,097 172,487,596 469,175,465

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BOSTON BANKS.

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Boston Banks. (Capital, Jan., 1863, $38,231,700; Jan., 1862, $38,231,700.)

Due

Dao Date.

Loans. Specie. Circulation. Deposits. to banks. from banks. Jan. 5... $77,339,046 $7,672,028 $8,190,496 $33,372,648

12,.. 77,427,173 7,751,000 8,373,000 33,063,800 17,006,000 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

9,.. 78,421,000 7,707,000 8,074,000 35,178,600 16,932,000 . 14,183,000 16,.. 78,431,000 7,794,000 8,001,000 34,903,000 17,070,700 14,095,500

23,.. 78,782,600 7,624,000 8,002,000 34,965,500 17,331,000 14,583,800 Mar. 2,.. 79,127,500 7,563,000 8,001,980 35,245,500 17,523,500 15,004,000

9,.. 79,274,700 7,582,000 8,225,000 85,215,000 17,340,400 14,446,500 “ 16,.. 79,636,184 7,609,238 7,780,062 32,955,149 17,230,300 13,434,500

“ 80,.. 77,935,000 7,572,600 7,593,800 31,604,500 17,074,400 11,601,300 April 6,.. 76,933,600 7,703,800 7,963,500 32,687,000 15,444,000 12,280,600

13,.. 74,551,018 7,812,895 7,762,915 32,494,822 14,557,000 12,947,800 " 20... 73,459,160 7,799,315 7,278,506 33,209,742 14,132,000 12,658,000

u 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 7,433,496 31,949,762 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 33,000,000 12,787,000 11,748,000 June 1,.. 73,424,000 7,751,000 6,913,000 32,575,000 12,735,000 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 31,477,600 12,285,500 10,541,000

22,.. 73,351,000 7,697,000 7,844,500 31,355,800 12,504,600 10,914,700 " 29,.. 73,421,084 7,683,987 7,040,624 81,477,696 12,388,000 10,900,000 July 6,.. 73,548,918 7,744,827 7,473,800 31,509,263 12,233,000 10,891,000

13,.. 73,485,675 7,774,991 7,508,442 30,277,502 12,193,000 10,712,000 20,.. 73,421,000 7,684,000 7,401,500 29,287,000 13,802,000 10,164,600

27,.. 72,850,716 7,811,513 7,246,797 28,011,571 12,950,000 9,864,300 Aug. 3,.. 72,390,364 7,793,916 7,317,4012 28,384,096 12,655,000 9,646,000

10,.. 71,997,503 7,798,276 7,440,212 28,247,266 12,822,673 10,135,180 17,.. 71,860,078 7,813,497 7,198,917 27,898,073 12,765,527 9,603,257 24,.. 71,447,520 7,780,905 7,303,757 27,510,154 12,662,321 9,578,673

31,.. 71,478,116 7,752,616 7,227,704 27,762,955 12,614,000 9,820,500 Sept. 7,.. 71,717,995 7,637,402 7,527,036 28,778,498 12,379,000 10,874,700

14,.. 75,599,232 7,591,589 7,600,556 81,143,688 13,424,000 11,097,000 21,.. 79,595,740 7,595,358 7,604,161 34,509,214 13,565,000 11,487,500

28,.. 78,358,387 7,707,106 7,620,371 34,495,540 15,315,000 12,138,000 Oct. 5,..

77,798,427 8,042,052 8,107,720 35,485,811 13,498,000 13,765,500 12,.. 78,160,899 7,991,999 8,399,769 35,784,989 19,909,500 14,123,700 19,.. 78,216,436 7,880,832 8,323,451 35,127,597 13,506,500 13,967,000

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PHILADELPHIA BANKS. PaiLaDeLPHA BANKS. (Capital, Jan., 1863, $11,740,080; 1862, $11,970,180.)

Due

Duo Date.

12,... 87,533,757 4,544,786 4,450,676 28,018,792 6,890,963 1,848,939 19,... 37,416,694 4,549,369 4,382,520 27,877,069 7,050,847 2,275,905 26,... 37,479,712 4,572,419 4,284,947 28,778,517 6,755,980 2,688,985

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Due

Due Date.

Loans. Specie. Circulation. Deposits. to banks. from banks. Feb 2,.., 37,268,894 4,562,680 4,181,503 29,231,753 6,698,210 2,909,857 9,...

37,386,367 4,319,706 4,039,918 28,062,164 6,953,215 2,518,036 16,...

37,710,851 . 4,272,347 3.888,185 28,759,049 7,452,563 2,482,073 23,... 37,720,460 4,276,761 3,772,781 29,342,596 7,413,249 2,703,196 Mar. 2,... 37,901,080 4,267,626 8,696,097 30,178,518 7,185,670 2,758,852 9,... 38,603,871 4,249,035 3,608,870 30,679,259 7,100,258 2,499,139

39,260,028 4,247,817 3,534,880 30,549687 7,476,603 1,939,449 23,...

39,458,384 4,247,688 3,295,862 30,106,135 7,418,482 1,935,014

38,937,612 4,311,704 3,369,294 29,171,283 6,501,758 2,158,007 Apr. 6,... 37,516,520 4,339,252 3,374,417 39,531,559 5,768,558 2,770,129 13,... 36,250,402 4,343,242 3,296,685 30,117,527 5,953,809 3,014,229

86,295,644 4,343,988 3,185,042 31,059,644 5,306,809 3,018,727

36,482,058 4,346,377 3,078,921 31,021,799 5,448,124 2,559,868 May 4,... 36,587,294 4,355,324 2,989,428 30,859,231 5,828,898 2,891,087 11,...

36,593,179 4,359 365 2,901,600 30,949,781 4,975,939 2,542,792 18,...

36,887,301 4,357,119 2,866,121 31,892,308 4,640,623 2,536,279

37,116,093 4,357,169 2,808,109 32,455,953 4,623,392 2,480,714 June 1,..: 37,143,937 4,357,021 2,706,953 31,888,763 4,707,278 2,363,548

37,157,769 4,357,076 2,649,283 31,549,839 4,645,712 2,313,744 June 15,... 37,228,627 4,357,025 2,621,098° 31,648,959 4,914,425 2,892,278

37,219,216 4,356,744 2,696,115 31,293,830 4,868,495 2,065,918

37,250,665 4,359,543 2,556,855 31,466,204 5,116,692 1,820,600 July 6,... 35,936,811 4,360,745 2,564,558 28,504,544 5,060,096 1,961,814

34,866,842 4,360,003 2,507,253 28,701,813 4,784,343 2,530,552

34,662,966 4,361,999 2,482,986 29,931,608 4,580,322 2,981,867 27,... 34,517,347 4,227,448 2,418,463 30,448,430 4,805,045 3,034,009 Aug. 3,... 34,390,179 4,187,056 2,417,739 30,799,448 4,963,290 2,772,717

10,... 34,645,243 4,112,013 2,380,720 30,513,961 4,740,391 2,538,096 17,... 35,390,179 4,112,542 2,353,396 29,959,127 5,161,573 2,158,440 31,...

35,296,376 4,113,309 2,292,607 * 30,195,167 4,551,031 2,219,071 Sept 7,... 35,773,596 4,113,162 2,258,306 30,654,672 4,574,037 1,997,534

14,... 39,575,410 4,103,115 2,223,533 33,626,702 4,997,015 1,801,678 21,... 40,175,698 4,102,701 2,224,632 33,039,035 5,079,742 1,802,889

28,... 39,485,313 4,116,683 2,224,374 32,402,783 4,616,754 1,822,228 Oct. 5,...

38,798,830 4,227,265 2,193,000 32,258,554 4,427,097 1,976,561

39,046,434 4,239,551 2,169,314 32,536,502 4,446,684 2,035,819 19,... 38,833,337 4,238,677 2,159,638 32,684,915 4,361,072 1,926,707 The following is a statement of the amount of United States legal tender notes held by the Philadelphia banks at the dates mentioned : June 22.. $6,082,729 31..

$6,853,540 6,952,150 Sept. 7..

7,382,810 July 6. 5,953,622 14.

7,081,480 13. 6,916,751 21.

6,573,404 20. 7,066,593 28.

6,375,334 July 27. 7,903,732 Oct. 5.

6,273,091 Aug. 3. 8,430,782 12.

6,342,746 10. 7,780,640 19.

6,525,827 Aug. 17.

7,530,339 EUROPEAN FINANCES—Bank of England Returns.—The past month, (October 8,) the Bank of France raised its rate of discount to five per cent, a considerable amount of specie having been taken from the bank. We take the following from the London Economist, as it represents pretty fully the alarming condition of the London and Paris money markets, together with the cause and future prospects. It will be remembered that the Bank of France makes its returns not weekly, but monthly :

The condition of the Bank of France is not, indeed, very alarming ; there is not enough to excite a panic; but it is impossible not to see that there must have been

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much in it to cause apprebension for some time past. It is only at the moment before publication that the rate of discount has been raised. It is impossible to imagine a greater censure on the present managers. They are willing to suffer in silence and inaction a progressive drain till the moment at which it is known; and just before it becomes known, they take in baste the steps which ought to have been taken long since, and which would have been measures of precaution, if they had been so taken. The account is this, in comparison with that of last year:

1862.

1863. Notes in circulation of the Bank and branches..... £31,688,870 £32,824,076 Drafts

drawn on the Bank by the branches, or by the Bank on the branches, and payable in Paris or the provinces.

226,869

184,430 Acknowledgments for money deposited.

259,406

179,438 Public deposits....

3,468,368 2,135,136 Private deposits..

7,785,349 7,686,082

Total liabilities.....

43,428,862 43,009,162 Against a reserve of bullion of..

13,674,772 10,899,184 - which should have caused caution lately, but which should not cause panic now.

If we turn to the account of the Bank of England, we find that it has been affected by several circumstances, but that, even after allowing for those circumstances, it is not in a satisfactory state.

The figures relating to the banking department are :
Public deposits..

£9,510,057 Private deposits.

12,898,649 Seven days' bills.

777,032

Total liabilities.....

23,180,731 against a reserve of £7,737,662.

It is true that the reserve is always low at this season of the year; that the close of the quarter always augments the active circulation of notes and the circulation of coin ; that, on the whole, this period is not favorable to the position of the Bank ; still the mere figures, after every explanation and mitigation, are far worse than any to which we have long been accustomed. The reserve is much less than one-third of its liabilities, and one-third is the very minimum with which the Bank ought ever to be content, and of late it has usually been nearer to one-balf.

As to the absorption of sovereigns, of which so much has been said, we have heard that there is nothing unusual in it. We believe that the issue of sovereigos at the Bank between tbe beginning of April and the end of October was nearly six millions in 1861, nearly seven millions and a half in 1862, and that it has been only about six millions since the beginning of April to the present time. There is, therefore, no absorption of sovereigns to be accounted for, and the various recondite speculations on that head are so much waste paper.

Much more serious matter remains. We now have:
The stock of bullion in the Bank of England.

£14,836,037 The stock of bullion in the Bank of France..

10,899,184

25,735,221

Total....
Against last year:
Stock of bullion in the Bank of England....
Stock of bullion in the Bank of France..

16,548,156 13,674,772

Total.......

30,222,928 Although the rate of discount, as will be seen by the comparative table in our city article, is considerably higher now than it was last year, still such a reduction of bul. lion in the two banks together (which, now that the two money markets are so closely connected together, and practically so very near, should for many purposes be added together) must necessarily make the money market of both countries sensitive and delicate.

The liabilities of Europe, and of England perhaps especially, are large. The demand for bullion for India must be considerable:

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