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similar to those in which the powers of $10,000,000 is created for the redempEurope are engaged, inasmuch as that tion of those notes at the end of the in its operation the pursuits of com- year; whereas, if the option authorized merce are not interfered with. The by the law, of borrowing on a stock refears in relation to letters of marque, deemable in 10 years at 6 per cent., is which were entertained when hostili- adopted, no new legislation will be neties first took place, have been removed. cessary at the next session to meet the The expenses of this war are, however, debt. The treasury notes are doubtless large, and the influence which these the most convenient mode of contractmay have upon financial affairs, is the ing a debt, both for the department and chief ground for the inquietude to which the public, and the speedy settlement of the continuance of the war gives rise. the war would, in the operation of the On the 22d of July a law was approv- new tariff, afford ample means in excess ed, giving the Treasury Department of ordinary expenditure, of meeting the authority to issue $10,000,000 of trea- notes as they mature. Should the war sury notes, for one year, not bearing a continue, the quantity of stock to be ishigher rate of interest than 6 per cent. sued would be large and indefinite, and At that time there was in the treasury its price would be very low in the mar$9,890,006. The two sums made, ket. If peace should suddenly take therefore, an aggregate of $19,890,006 place, money could be easily borrowed applicable to extra war expenditures.- at 4 per cent. on a United States stock. The law of July authorised the issue of In such a state of affairs treasury notes notes subject to the restrictions and lim- are clearly the best mode of borrowing. itations of the act of 1837. That act The banks of New York offered to requires the notes to be reimbursed and take a stock at par, bearing 5% per cent. redeemed after the expiration of one interest. This was declined by the year, when the interest is to cease. department, and the issue of 5 per ct. The law of July also made it optional treasury notes continued. with the secretary, instead of issuing The surplus in the treasury at the the notes, to borrow the money on a 6 close of September was, as compared per cent. stock having ten years to run, with former statements, as follows: or to borrow part of the $10,000,000 on such a stock, and issue the balance in treasury notes at his option. The is

Sept. sue of notes took place in moderate Boston.....1,570,297 1,035,513 945,190

N. York... 6,132,107 3,9-24,984 3,821,099 3,212,041 amounts, mostly at New Orleans, in the

Philadelph'a 769,5-2 395,424 397,610 discharge of government debts to indi- Washingt'n. 571,781 viduals. They bear one mill per cent.

N. Orleans.. 560,388 1,181,378 780,410 per annum interest, are payable in 12 Oth'r places 3,220,153 3.745,702 3,193,094 2,327,00) months, and receivable for all public

Total......14,009,898 11,132,638 9,876, 461 7,139,295 dues. It appeared, however, that some opposition to the issue manifested itself. The reduction has been mostly at The collector at the port of New-Or- New-York and New Orleans. The leans hesitated to receive them, on the banks of New York have for five years ground that it was not expressed whe- hold on an average $5,000,000 of govther they were receivable for dues be- ernment money free of interest, and fore or after maturity, and instructions have not failed to embarrass the action from the department on this point were of the department in carrying out the waited for. 'In the mean time, needy people's Independent Treasury law.holders pressed them on the market, The large expenditure of the governand they fell to a discount, from which ment on account of the war has not, they recovered when the doubts were however, as yet, affected the moneyallayed by a circular from the secretary. market, which is easy at 6 per cent. per About $2,500,000 of these notes were annun, with every prospect of a furissued, and some $150,000 worth were ther abundance of money. The fall returned through the custom-house of business has been disastrous to importNew York in the month of September, ers; sales of goods have been at prices being taken for customs. It is evident which do not reimburse the importer that, in availing itself of the authority for his outlay, and considerable lots to issue treasury notes, a demand for have been sacrificed at auction to raise


May Aug.

Oct. 1 39,633





Minis....... 870,000

778,009 674,990

money for duties. This has been partly for their labor they cannot buy largely, owing to the idea that prices will be either of comforts or luxuries. less after the new tariff shall have taken The external business of the Union, effect, but mostly from the low prices as indicated in the imports and exports that have prevailed for produce during of the port of N. York, where usually the last year or two. It is a self-evi- two-thirds of the business is transacted, dent proposition, that unless the great has, for the five months ending with agricultural interests are remunerated September, been as follows :


Dutiable Free Specie
May..... ..3,642,547...1,621,578....200,581.
June .....3,912,473...1,252,506... 79,517..
July.. 6.046,332... 623,930.... 72,427.
Angust.......8,903,468...1,037,595.... 23,000.

1846 Dutiable Free Specie 4,160,360...1,300,751.... .27,286 4,605,527...1,239,006. 29,122 .5,411,595... 729,235.....54,879 .7,585,427.. 826,815.....44,882 5,272,923... 600,849.....10,044

Total......28,104,264...5,961,649....502,990.. .27,035,832...4,696,656....166,213

Decrease... 1,068,432....1,264,993....336,777


1846 Domestic Foreign Specie

Domestic Foreign Specie May. 2,486,300....284,489....200.581.


.294,412....291,041 June. ..2,682,8.39....448,906.... 50,043..

.3,745,687....316,562 July...... .1,770,630....327,873....188,185.

, 2,876,015....162,817.... 80,463 August ..1,899,270....456,092....353,263..

..2,413,782.... 207,256.... 57,589 September.....2,433,451....404,893....427,990.... ..2,238,401....388,169.... 2,255 Total.......11,272,490...1,922,253...1,220,062... 13,802,981...1,369,216....431,348



In the first two months embraced in prices of produce, rather than in anticithe table the dutiable imports were pation of a change in the tariff. In more than last year. In the last three specie the movement has been still months there has been a decline, re- less. Agaiost an excess of export of sulting in a diminution of $1,000,000 $788,000 last year, the excess has been for the whole five months. It is ob- but $336,000 this year. The dutiable servable, that in free goods the decline imports and amount of duties paid in has been still greater-showing that each month, showing the aggregate the falling off in business has been the average rate of duty per cent., is as folresult of interior depression from low lows :

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The average duties have been 1.8 by a diminished import of those goods per cent. less this year than last-a fact on which the duties are highest, and on which may have grown out of the ad- which the reduction will be greater vance in the price of specific articles after December 1st. abroad. For the months of August and The exports of produce have been September the average was two per quite large at advancing prices, being cent. less than in the same months last now $2,000,000 for five months in exyear. This was influenced probably cess of last year, more particularly to

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England. The impulse given to pro- be derived for importing countries, of duce by the failure of the English and which in the case of wheat, France is European harvests, to which we allud- the most important. Continuing the ed in our last No., continued to exer- English quotations for grain from our cise a favorable influence. The facts, last No., we have results as follows: as developed are, mostly, that the potatoe crop in all quarters has proved AVERAGE PRICE OF GRAIN. greatly deficient-almost a total failure

Wh't Bar. Oats Rye B'ns so much as to lead to serious appre- Aug. 29...4710..9 1..3 0.31 10..39 2.38 6 hensions that the root will become ex Sep. 5....49 0..31 0..23 2..32 7..40 4..37 1 tinct as an article of food. Beans, peas

12....50 0..33 7..23 5..32 4..40 11..38 10

19....51 3..36 1..3 7..33 0..416.. 40 5 and barley, in England, and rye in the

* 26....53 1..36 10..23 7..35 7..42 7..15 0 north of Europe are seriously deficient. In England the wheat crop is nearly The advices by the Great Western, an average in quantity or number of to Sept. 12, caused a considerable adbushels, but deficient in weight. In vance in the prices and an increased imFrance and Belgium a scarcity of wheat pulse to exports, more particul irly corn exists, and also in the Mediterranean. and flour. The great scarcity of freight, The latter is so great as to task the however, prevented exports to a great capacity of Odessa to supply it; and extent. The monthly exports and the United States appear to be the only prices have been as follows, from the place whence considerable supplies can port of New-York :



Wheat Corn Flour Price
bush. bush bbls. Flour

.13,370. .13,316....$4 87 Feb'y

7,247.... 6,388.... 4 871.. March..

.18,703....14,656.... 4 75 April... 1,600....20,084....17,122.... 4 68 May.

6,672....24,781.... 4 62.

7,190....27,351.... 4 68 July ....3,902.... 4,702....21,495.... 431 August... 400.... 6,118....50,272.... 4 751. Sept...13,202.... 6,647.

....60,616.... 4 62 Oc. 20. 61,563.... 2,242....22,774.... 5 41

1846 Wheat Corn Flour Price busb. bush. bbls. Flonr 46,591....112.607.. 69,613....85 621

9,276....201, 220.....41,153.... 5 50 25,813.... 10,581.....37,152. 5 50 .64,339....

17,444.....64,497.... 5 37 .51,053.... 92,756. . 70,633.... 4 50 ..,125,816.... 95,089....131,027.... 4 06 ..100.780.... 26,259....102,550.. 4 18

99,664.... 7,231.... 77,586.... 400 .151,765....117,949.... 86,895.... 5 00 .113,125.... 38,055.... 64,042.... 5621

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The aggregate receipts of the same depress prices. It appears to be now articles at tide-water, to Oct. 17, from established, that Indian corn will bethe commencement of navigation in come an article of great export to Eng. 1846, have been as follows :

land and Ireland. In fact, should the

fears in relation to the permanent deFlour Wheat Barley Corn.

cay of the potatoe be measureably bbls. bush.

confirmed, Ireland must depend chiefly 1846... 2,057,539...1,709,121....702,297...1,315,328

on the western states of America for 1845...1,514,587... 634,703....470,028... 28,936

food, a species of “annexation" the Incr... 542,972 1,074,418 232,269 1,286,392 most efficient and indissoluble. It fol

lows, however, that if large exports of The increase in flour and wheat is corn take place, “ returns" must be equal to 757,855 bbls of flour.

made, and the import of those returns It is a favorable feature that, not must be facilitated by the United States withstanding the abundance of money government in still further amelioraand the prospects of the export trade, ting the tariff laws. The quotation very little of the usual wildness of spec- for corn in Liverpool, is 38 a 43s ulation has manifested itself. Stocks sterling per quarter of 480 lbs.. have worked out of the market to an which is equal to $1.21 per bushel extent that warrants the belief that no of 60 lbs., and the New York price great surplus can now accumulate to is 70 cts., leaviug a margin of 51

sales ...

cts., mostly owing to the scarcity of Sale of 900 bushels, or 100 quarters, Infreight. Buyers having no freight en dian corn in Liverpool : gaged, choose rather to take the chance 900 bushels cost in Baltimore 70 cents per of a fall in the price of grain when


. $630 00 freight offers, and there is but little Freight, 9£d.; primage 5 pr. ct...189 90 speculation. A price of 70 cts. for an ar

Insurance, 2 per cent..

16 38 ticle so prolific and of such general Oth'r petty charges, including land

Duty, 1s. per quarter.

22 22 growth as corn, is of incalculable im

ing, wharfage, customs entry, &c. portance to the farming interest; and

and commission of 5 percent on every species of encouragement should

148 50 be given to its transportation, and the return of its proceeds. The English Expense of 900 bushels corn laid practice is to measure maize, or Indi down and sold in Liverpool..$1,006 10 an corn, by the quarter—a quarter con

Net sales at 48s. per quarter.....1.066 66 taining 8 Winchester bushels of 60 lbs.


60 561 each, which amounts to 480 lbs. net

Exchange, 9 per cent...

7 25 weight, and by this standard are prices regulated. The last highest quoted Net proceeds of 900 bushels in prices in Liverpool was 48s. per quar Liverpool..

$67 81 ter, which is equivalent to $10 66) U. S. currency.

The English government will, doubtThe average weight of a bushel of less, enter largely into the internal imcorn in our market is assumed by com

provement of Ireland, with a view to mon consent to be 53 lbs. ; hence about enable laborers to buy food with the 9 bushels are considered equivalent to

money earned. an English quarter, as 9x53=477,

All the internal evidences of the state which is only 3 less than the required of business in the United States afford inweight of 480 lbs., but which it proba. dications of a great state of prosperity. bly sometimes exceeds by that amount.

The enhanced dividends on stock comThe following, then, is assumed as cor- panies, particularly banks, show similar rect:

results. The Boston bank dividends have for five years been as follows :


Ann. Dividends

1846 1842-3-4-5



Div'd Am't Div'd Am't Atlas..

. $500,000..41..4..3..6......3 .$15,000......3....$15,000 Atlantic.. 500,000..6 ..3 ..5..6......3 15,000......3

15,000 Boston.

600,000..7 ..7 ..7..7......3.... 21,000......3.... 21,000 Boylston... 150,000..


7,500 City ..

..1,000,000..2..3..5..6... .3 30,000......3 30,000 Columbian

500,000..6 ..5..2 ..51. .3 15,000. ...3 15,000 Eagle......

.... 500,000..

..5..5..64.....3.... 17,500.. 3 15,000 Freeman's 200,000..7 ..7 ..7 ..7.. .4

8,000. 4

8,000 Globe ..1,000,000..6 ..6 .,6 ..6......3

.... 30,000.

.31. 35,000 Granite

500,000..41..5 ..5..6.. ..31 17,500.. .3 17.500 Hamilton ....

500,000..6 ..5..2 ..6.. ..3 17 500 ..31 17,500 Market.... 560,000..6..6..6..8.. .41.... 25,200..

25, 200 Massachusetts,

800,000..4...4..41..51.....3 24,000.. ...3 24,000 Mechanics.. ... 120,000..5 ..54..6 ..7......4 4,800.. 4

4,800 Merchants.

-3,000,000..7 ..61..6..7..........105,000. .31 105,000 New-England... ..1,000,000..6 ..6 ..6 ..6......3 30,000.. 3

30,000 North....

750,000..2 ..4...21..6... .3 22,500.. 3 22,500 Shawmut..

500,000..6 ..41..5 ..6.. .3 17,500......3 15,000 Shoe and Leath. Dealers.. 500,000..7 ..6..6..6. .31 17,500.

20,000 State...

..1,800,000..6 ..5 ..5 ..6......3 54,000.. ..3 54,000 Suffolk . 1,000,000..8..8..8..8.... .4 40,000. 4

40,000 Traders..


..5..6......3 .... 12,000.. .3 12,000 Tremont..

500,000..3 ..41..2..6. 3 15,000.. .3 15,000 Union...

800,000..6 ..5....6......3 24,000......3 24,000 Washington...

500,000..51..3..41..54.....3 15,000......3 15,000 Total $18,180,000....




The Boylston bank went into opera- $50,000, and the Merchant's, $500,000. tion in December, 1844, and its first The annual dividends has been as foldividend was October, 1845. The lows: Freeman's bank capital was increased



1846 Capital.... 17,010,000........17,010,000........17,480,000........17,480,000........18.180,000 Dividend.. .914,050... ..898.475.

„.907,100.. .1,112,100. .1,196,000 per cent.......5.30...


.6.57 Thus, from 1844, the earnings of the to the profits earned by capital em. Boston banks have, in the aggregate, in- ployed more directly in commercial creased 1.38 per cent. The year 1844 pursuits. The institutions do not, howwas, it appears, one of the least profits; ever, have a regular time of declaring and these have largely increased in the dividends, as in Boston. As far as the dilast year. This is the state of affairs in a vidends have been paid this year, they manufacturing circle. The dividends are as follows: in the city of New-York afford a clue DIVIDENDS OF THE NEW-YORK BANKS, FOR 1844 AND 1845.



Capital. Semi-a. d. Amount. Div. Amount. Div. Amount. New-York*

.$1,000,000..4 4 .. $80,000..4 4..$80,000..4 4.... $80.000 Merchantst

1,490,000..34 3.. 104,300..4 4..119,200..4 4....119,200 Mechanics

1,440,000..31 31..100,800..31 4..108,000..4 4.... 115,200 Union*.

1,000,000..4 4 80,000..4 4.. 80,000..4 4.... 80,000 Bank of America|| 2,001,200..3 3 ..120,072..3 3..120,072.. 31...150.078 City Bank*

720,000..34 3.. 50,400..3.. 4.. 54,000..4 4.... 57,600 Phenix.

1,200,000..3 3 72,000..3 3.. 72,000..3 3.... 72,000 North River||

655,000..3 33.. 45,850..3} 3.. 45,850..3) 3... 45,850 Tradesmens il.

400,000..5 5 40,000..5 5.. 40,000..5 5.... 40,000 Fulton*..

600,000..5 5 60,000..5 5.. 60,000..5 5.... 60,000 Butchers' and Drovers't 500,000..34 4 37,500..34 4.. 37,500..4 5.... 45,000 Mech. and Traders'*. 200,000..3 3... 14,000..334. 14,000..4 4.... 16,000 Nationalý

750,000..3 3.. 45,000..3 33. 48,750..34 3.... 52,500 Mech. Ex.ll.

750,000..3.1 3.4.. 52,500..34 3.. 52,500..3.4 4.. 56.250 Leather Banki.

600,000..3) 3... 42,000..31 31. 42,000..3 31. 42,000 Seventh Wardll.. 500.000..24 24.. 25,000.,3 3.. 30,000..3 31... 35,000 State*.

2,000,000..2.1 24..100,000..3 3..120,000..3 3. 120,000 Bank of Commercell.. 3,447,500..3 3 ..196,485..3 3..196,465..3 3. 206,850 Mec. Associationt.. 632,000..34 3.. 44,240..3} 31. 44,240..4 4.... 50,560 Am. Ex. Bank. 1,155,400..23 3 63,527..3 3.. 69,324..3 3. 69,324 Manhattan Co.... 2,050,000.,

3 3. . 123,000

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Total....... 23,084,100 6.63 1,373,600 6.31 1,433,907 7.09 1,616,412 * Dividend paid May and November. # Dividend paid February and August. t June and December.

April and October. || Dividend paid January and July. The Butchers' and Drovers' Bank gree of prosperity which those classes declared an extra dividend of 4 per of business, dependent upon bank facent., or $20,000, in addition to the cilities, enjoy. Bank profits arise from above, for a dividend omitted in 1842. two causes, viz : extension of loans and The Dry Dock and Greenwich Banks, rate at which they lend. Hence, it with capitals of $200,000 each, declared arises from the nature of the moveno dividends. For the year 1846, it ments that a sudden increase in their appears the Boston Bank dividends are

profits is, in some degree, indicative of 6.57 per cent., and those of New York, public distress, as when banks are push7.09. The latter, doubtless, were swol- ing out their loans, competition for palen to some extent by the use of the public per makes money cheap. When the money which was not only loaned by the line of discount is full, and they stop deposite banks, at exorbitant interests, making new loans, the public become but the rate of money to the commer- pressed for money, and the rate rises cial public was forced up by the adroit to the great profit of the banks. management of the fund. The Bos Other indications are tolls on public ton Bank dividends, as compared with works, and on the two great avenues, those of New York, indicate the de- formed by the New-York and Peng

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