stated meeting in October, shall lay before the association a report of the proceedings of the past year.

ART. 4. The President, or one of the Vice Presidents, and eight Directors, shall be a quorum for the transaction of business; and in the abscence of the President, and all the Vice Presidents, they shall have power to appoint a President for the time being. ART. 5. The said officers shall appoint a standing monthly committee, consisting of five members of the association, which shall be styled the Committee of Arbitration, (two of whom shall be rejected by the litigants.)

ART. 6. The duties of the Committee of Arbitration shall be to arbitrate and decide all disputed accounts and contracts, and all controversies of a mercantile character, which may be brought before them by the members, the parties having previously signed a penalty bond for such an amount as the committee may require, to abide by the decision of the same.

ART. 7. The Committee of Arbitration shall render their awards in writing to the parties in controversy, through the Secretary of the Board, within one week after their decision shall have been made.

ART. 8. The fees of the Committee of Arbitration shall not be less than $5, nor more than $25; the amount to be left discretionary with the committee, and to be paid to the Treasurer for the use of the Board.

ART. 9. Any members desiring the services of said committee shall notify the Secretary in writing, and state the character of the case for investigation.

ART. 10. Whenever a report of a case which has been investigated by said committee is to be sent abroad it shall be signed by the committee, attested by the President or one of the Vice-Presidents.

ART. 11. No member of the association who is cognizant of any fact or facts in a case before the Committee of Arbitration, shall refuse to give testimony before said committee, if notified in writing by the Secretary of the time and place, when and where his evidence may be required, upon pain of expulsion from the association, without a satisfactory excuse, for such refusal.

ART. 12. The Secretary shall keep an accurate record of the transactions of the Board of Directors at their monthly meetings, and of the annual meetings of the members, attend the sittings of the Committee of Arbitration, record their decisions, give notice to said committee when their services are required, render a copy of their verdicts to the parties in the case, collect the fees of arbitration, and all other monies due the Board, and pay the same over to the Treasurer, read the minutes of the last previous meeting at the monthly meetings of the Directors and annual meetings of the members, and report the proceedings of the Committee of Arbitration at each meeting of the Board of Directors.

ART. 13. The Treasurer shall receive from the Secretary all monies belonging to the Board, shall disburse the same when approved of by the President, or one of the VicePresidents, and shall report the receipts, expenditures, &c., at each monthly meeting of the Board, and annual meeting of the association.

ART. 14. The funds of the association shall always be subject to the control of the Board of Directors, but they shall have no power or authority to enter into any contract, binding on the members of the association, beyond the funds in the hands of the Treasurer.

ART. 15. Any individuals or firms (residents of Baltimore) may become members of this association, on the payment of three dollars per annum, payable in advance, which shall become due on the first Monday in October, said firms to have but one vote, and any neglect or refusal to pay said contribution for one year shall be considered as a withdrawal from the association, and the name of the party shall be stricken from the

same.

ART. 16. The Board of Directors shall have power to make such by-laws as they may deem necessary; to fill any vacancy occurring among the officers; and to alter or amend these articles of association, provided a majority of three fourths of all the members of the same is obtained in favor of said alteration, at an extra meeting to be called for the purpose, by order of the President, of which the Secretary shall give each member of the Board notice.

The following gentlemen have been elected as the officers of the association for the year commencing in October, 1849:

John C. Brune, President; William M'Kim, Herman H. Perry, Henry Tiffany, and Nathan Rogers, Vice-Presidents; E. B. Dallam, Treasurer; G. U. Porter, Secretary;

T. C. Jenkins, W. P. Lemmon, Joseph C. Wilson, P. H. Sullivan, James George, Enoch Pratt, Daniel Warfield, G. W. Lurman, W. G. Harrison, W. R. Travers, A. Schumacher, Alexander Rieman, D. S. Wilson, Josiah Lee, Thomas Wilson, William Bose, B. C. Buck, Chauncey Brooks, T. W. Levering, G. B. Hoffman, J. J. Abrahams, Hugh Jenkins, E. S. Courtney, and G. K. Walter, Directors.

By article eight of the by-laws of the Board of Directors the chair is authorized to appoint annually the standing committees, to consist of five members, as follows:— "1st. Committee on Commerce. 2d. Committee on Internal Improvements. 3d. Committee on Banks and Currency. 4th. Committee on Inland Trade. 5th. Committee on Customs. 6th. Committee on Accounts. 7th. Committee on Manufactures -to whom, unless otherwise directed, all appropriate matters shall be referred and reported on before they obtain the final action of the Board."

The character of the President, and the Board generally, for intelligence and enterprise is a sufficient guarantee that the commercial and industrial interests of Baltimore will not suffer under their auspices.

CLASSIFICATION OF SEEDS AND ROOTS IN THE TARIFF OF 1846.

CIRCULAR TO COLLECTORS AND OTHER OFFICERS OF THE CUSTOMS.
TREASURY DEPARTMENT, February 23d, 1850,

A question having been submitted to this Department, as to the proper classification of certain Seeds and Roots under the Tariff act of 1846, it has been decided that the exemption from duty of seeds and roots, provided in schedule I of the act, comprehends only those seeds or roots not otherwise provided for, and which are ordinarily inconvertible to any other use than that of reproduction, and consequently cannot extend to seeds or roots designated or referred to in other schedules, or any of the sections of said act; nor to any agricultural grains or roots convertible to domestic uses, or purposes of medicine, or the arts, although ostensibly imported as seeds or roots. The principle here applied, in the case submitted, was established in the circular instructions of the 31st December, 1847, and has since been uniformly observed in the decisions of this Department.

W. M. MEREDITH, Secretary of the Treasury.

CHARGE OF TARE ON RICE.

At a meeting of grocers held in the city of New York March 5th, 1850, at the Commercial Sales Room, Henry Suydam, Jr., was appointed Chairman, and James Warren Secretary. The following report of the committee appointed on the 1st instant, to take into consideration the tare on rice, was received and accepted, viz:

The committee appointed at the meeting of grocers on the 1st instant., to confer with the importers of rice on the subject of tare, having discharged the duties assigned them, respectfully report

That they have conferred with most of the importers and dealers in rice in this market, who all acknowledge the justice of our claim, and many of them expressed their willingness to use their influence in establishing it.

Your committee were induced to believe that from those dealers on whom the change from 10 per cent to actual tare would fall heaviest, they would meet with a cold reception, but were most agreeably disappointed-nowhere did we receive a warmer one, or a more cheerful assurance of their co-operation.

The committee, in ascertaining the views of the dealers in regard to the time most suitable for the change, recommend the 1st day of April next, and offer the following preamble and resolution :

As the fact is well established that the present custom of 10 per cent on rice does not cover the tare, and as it must be admitted by all that actual tare is just, both for buyer and seller. Therefore,

Resolved, That on and after the 1st day of April next, we will neither buy nor sell rice except at actual tare.

HENRY SUYDAM, JR., Chairman.
JAMES WARREN, Secretary.

OF SHIPMENTS TO CHAGRES AND PANAMA.

CIRCULAR INSTRUCTIONS TO COLLECTORS AND OTHER OFFICERS OF THE CUSTOMS.
TREASURY DEPARTMENT, February 27th, 1850.

With a view to the indentification of articles of the growth, production, or manufac ture of the United States, as well as imported articles of foreign origin on which the import duties shall have been duly paid, which may be transported from one port of the United States to any other port within the same, via the Isthmus of Panama, manifests of all such articles, of the kind prescribed in the 11th section of the Statistical act of 10th February, 1820, must be provided in duplicate-one to be retained by the collector of the port from whence the transportation takes place--the other to accompany the goods. Upon the production of said manifest at the port of destination in the United States, with certificates inscribed thereon by the consuls of the United States at Chagres and Panama, certifying to the due landing at, and shipment from, those places, and upon proper examination and inspection, it shall be found that the goods agree with those described in the manifest, the collector is at liberty to receive the same as evidence of the character of the goods.

W. M. MEREDITH, Secretary of the Treasury.

JOURNAL OF BANKING, CURRENCY, AND FINANCE.

THE REVENUE OF FRANCE IN 1849.

[The following animated and pointed review of French finance in 1849 we translate from a late number of the Courier des Etats Unis, of the city of New York-a French journal, edited with sin gular ability and untiring industry by M. Paul Arpin. This journal, from the lateness and reliableness of its information, is become an authority on these topics as well as on those of French politics and literature. The Cisatlantic reader who would obtain European, and especially continental news from other than English sources, who would have it direct from the capital of the continent, must read the French correspondence of the Courier. Nor do its able and dilligent correspondents confine their attention to these weightier matters. The lighter aspects, what many, perhaps, consider the characteristic aspects of Parisian life, are fully reflected in the pages of the Courier. The last ball of the Elysee, the last joke of the foyer are faithfully reported.

To return to the article which has suggested this tribute of justice, it is, perhaps, somewhat partizan in its point of view, but doubtless exhibits, in a brief form, the state of French finances and indirectly of French trade in 1849.]

The Moniteur publishes tables exhibiting the income from all sources for 1849. The results presented are not favorable. Compared with those of 1847, the year of scarcity, the indirect revenue of 1849 show a deficit of 118,930,000 fr.; compared with the revenue of 1848, a year of convulsions throughout Europe, the increase is only 24,923,000 francs.

The official estimate for 1849 was much higher. In fact, in the estimates submitted to the Assembly, the receipts from indirect taxes were set down at 749,025,000 fr.; the actual amount realized was but 701,713,000 fr. Here is an error of 42,000,000 fr. in estimates, which was not carried out of the way. The estimates of the department erred in being both too high and too low.

The sources from which less has been received than was anticipated are customs, duties on colonial sugar, on the manufacture of native sugar, on tobacco, the postage rates, and the public mails.

The sources from which more has been received than was anticipated are duties on foreign sugar, export duties, navigation duties, registry and mortgage tax, stamp duties, and duties on liquors.

With reference to those sources which have produced less than the estimates, the duties on merchandise were set down in the budget of 1849 at 91,000,000 fr. in round numbers; they produced, in fact, only 82,912,000 fr., or 8,000,000 fr. less; and the falling off indicates less activity than was anticipated.

A falling off in the receipts from colonial sugars had been anticipated. The depressed condition of the French Antilles had been taken into the account, and instead of 41,500,000 fr. received in 1847, the estimate of the budget was only 35,000,000 fr. But colonial sugars did not yield even this minimum-the amount received being only 30,770,000 fr. Native sugars have been equally unproductive. More than 29,000,000 francs was counted upon: only 23,500,000 fr. were received.

Consumption fell off because the duty is too high, and the general prosperity has diminished; in consequence of the reduced consumption, manufactories were closed, demand for labor failed, and workmen depending on wages for a living were driven into the street. Thus misery, by a sort of geometrical progression, attains, gradually, a terrible force.

The tobacco tax has been the government hen that laid golden eggs. It was thought inexhaustible in fecundity. In 1849 an over-yield was demanded, and the ordinary expedient was resorted to-over-taxation. The tax on tobacco has consequently answered the expectations formed. Instead of 120,000,000 fr. which the treasury pocketed in imagination, it has yielded only 117,000,000 fr.

The postage rates were counted on for near 45,000,000 fr. under the reform beginning 1st of January, 1849. We have already had occasion to remark that this estimate was too high for the first year of a new system. Perhaps this exaggerated estimate was not wholly unintentional on the part of an administration not very friendly to the reform, and disposed thus to secure an argument against it drawn from the fail

ure of revenue.

It is not surprising, therefore, that the yield of this tax did not reach the estimate of the budget. It reached, nevertheless, 38,626,000 fr. In case of renewed and sustained activity in commercial affairs, it would soon exceed even the exaggerated estimates of the treasury. The experience of England authorizes this expectation.

Lastly, the receipts for the public' mail-stages were estimated at 17,000,000 fr. They reached only 15,000,000 fr.

With respect to those sources which yielded more than was anticipated, in the first rank stands the registry and mortgage rates. They were set down in the budget at 179,000,000 fr.: they produced 184,000,000 fr.

The treasury may regard with pride a result like this. But we are hardly prepared to regard an increase of this kind as a sure sign of prosperity. For him who looks behind figures this can indicate but one thing-the shattering of estates, the sacrifice of mortgaged property, and mortgages covering property that was clear. Are these signs of prosperity? Alas! no. This branch of the revenue has the sad privilege of being most productive when the country is most distressed.

The receipts from duties on foreign sugars were put down at only 1,500,000 fr.: they have yielded more than 14,000,000 fr. Here, too, there is no cause for self-gratulation. There is every reason to believe that most of these sugars of the class of those which, after being refined, will be entitled to a restitution or re-export. To get at the real amount of receipts by the treasury it will be necessary to offset against the amount received the amount paid for drawback. There is but a trifling increase in the receipts from export and navigation duties. The stamp duties, estimated at 29,000,000 francs, produced 32,738,000 fr. The duties on liquors, estimated at 90,000,000 fr., yielded more than 92,000,000 fr. But whom can this increase gratify, in view of the vexations, the trouble and injustice which, as appears from a recent discussion, have attended it!

On the whole, the decrease in the revenue is a symptom of real depression; the increase, with but few exceptions, indicates only an imaginary improvement. Nothing has been said, as yet, respecting the results of the reform in the tax on salt. This subject we have reserved to the last. On and after the 1st of January, 1849, the tax on salt was reduced two-thirds. In 1848 this tax produced about 63,000,000 fr. If, then, in 1849 the reduction had not stimulated consumption, the receipts in the treasury would not have exceeded a third of this amount, or 21,000,000 fr.

Now, the product of this tax in 1849 exceeded 33,000,000 fr. This is 12,000,000 fr. more for the first year. This figure indicates the sale of 3,300,000 quintals of salt, or precisely 1,000,000 more than in 1847; 1,200,000 more than in 1848. There is every reason to believe that soon the deficit caused by this reduction from 30 francs to 10 francs will be made up.

Direct Tax. The total amount collected up to the 31st of December last, on the tax lists of 1849, was 390,291,000 fr: 47,314,000 fr. remain to be collected. The tax of 45 centimes is nearly paid in. Of the 192,000,000 fr. required from it, over and above all expenses of collection, 191,445 fr. have been paid. Only about 600,000 fr. remain to be collected. France has had to bleed almost to the last drop to meet these excessive demands. Is this not one reason more why we should hasten on to the era of economy and reduced taxation?

CONDITION OF THE BANKS OF THE STATE OF NEW YORK.

In the Merchants' Magazine for January, 1850, we published a table which we compiled from the Controller's statement, showing the condition of the banking institutions of the State of New York on the 1st of September, 1849. We now subjoin a similar statement, compiled from the Controller's report, showing the condition of the same banks on the morning of December 29th, 1849.

SUMMARY OF THE ITEMS OF CAPITAL, CIRCULATION AND DEPOSITS, SPECIE AND CASH ITEMS, PUBLIC SECURITIES, AND PRIVATE SECURITIES, OF THE BANKS OF THE STATE OF NEW YORK, ON THE MORNING OF THE 29TH DAY OF DECEMBER, 1849.

The charters of the Bank of Auburn, Bank of Ithaca, Bank of Monroe, and Bank of Utica and Branch expired January 1, 1849. The Bank of Ithaca and Bank of Monroe did not report; and no reports were received from the Champlain Bank, Walter Joy's Bank, and Warren County Bank.