The Sun.
London, England, 1870-02-24 00:00:00

The Bank Returns.

Tho Bankers' Magazine furnishes the returns of the cu'
culation of the public and joint-stock banks in England
and Wales for the four weeks ending Ist of Jan., 1870.
These returns, combined wish the circulation of the Scotch
and Irish banks for the same period, and the average cir-
culation of the Bank of England for the four weeks ended
the 29th of Dec. (the nearest date furnisb ad by their
returns), will give the following results of the circulation
of notes in the United Kingdom when compared with the
previous month :

Dec 4,
18G9.

Jan 1,
1870. Increase. Decrease.

Bank of England 23,181,190( 22,706,752 .174,438
Private Banks 2,751,71:11 2,66 .1 '. -,,599
.rotnt-stock Banks 2,3 8,739 i 2,281,128 87,541
-----1-- - -- --
Total in England. :8,301,413; 2-,650,070 ' 6 1,57 i
Scotland... 5,287,153:.4,'75, 47; 312, 1
Ireland 7,354,1631 7,1'50,251 k 97,9J7
--- ----
.
United Kingdom.. 40,9'3,269 39,681,373; —,- . 1 .61, 89d
---

And as compared with the month ending the 2nd of
Dec., 1869, the above returns show a decrease of
£412,119 in the circulation of notes in England, and a
decrease of .£50,413 in the circulation of the United
Kingdom.
On comparing the above with the fixed issues of the
several banks the following is the state of the circulation:—
The English private banks are below their
fixed issue • .£1 380 506
The English joint-stock banks are below their
457,442
fixed issue ••• • •• •• • ••• • ••

Total below fixed issue in England £1,837,948
The Scotch banks are above their fixed issue... 2,225,776
The Irish banks are above their fixed issue ... 701,762
The average stock of bullion held by the Bank of Eng-
land in both departments during the month ending 29th
of Dec was £19,091,239, being an increase of £648,033,
as compared with the previous month, and an increase o
£906,873 when compared with the same period last year.
The following are the amounts of specie held by the
Scotch and Irish banks during the month ending the Ist
of Jan. :
Gold and silver held by the Scotch banks ... £3,087,604
Gold and silver held by the Irish banks 2,757,858
£5,844,962
being a decrease of £79,689 as compared with the pre-
vious return, and an increase of £314,579 when compared
with the corresponding ',erica last year

The depots of the 48th and 84th Regiments, con-
sisting of four officers and about eighty of all
ranks, arrived at Chatham garrison, from Col-
chester, yesterday. These depots will form part
of the new depot battalion which is to be stationed
at Chatham when the present depot battalions are
abolished.
There are some severe remarks in the financial
journals of New York on the manipulation of the finances
of the Southern States by " carpet-baggers and scalawags."
No soundness on the main question can, in our eyes, gloss
fraudulent acts and gross and shameful breaches of trust.
It appears, if these papers do not exaggerate, that the
Legislature of North Carolina issued sixteen millions of
"Special Tax" Bonds, of which ten millions were placed
in New York, at from 50 to 65 cents on the dollar, aided
by some prominent firms. The " ring," who used the
ignorant negroes and unprincipled whites to enable them
thus to act, secured from the sale at least $5,000,000,
of which they put about ten per cent. into the roads
and public works, and the rest into their own pockets.
When the people got an insight into what was going on,
in alarm they called upon the presidents of the roads to
state what bad ben done with the money. Instead of
answering, some of them fled, and those who remained
will, we presume, be ready to pile up all the theft on the
shoulders of the fugitives. North Carolina is now testing
the legality of the issue before the Supreme Court of the
State, and the Legislature which issued the bonds have
hastily passed another Bill to restrain the Treasurer from
paying interest either upon new or old bonds. The belief is
general that the special tax bonds are illegal, and the people
are described as saying to the Northern mon to whom they
have been sold —" You insisted on governing us through
the dishonest and unprincipled persons whoa ave perpe-
trated this great wrong, and we will never qestion your
right to keep the bogus bonds you have bought from your
friends." This is one view of the question, but it doubt-
less has another less favourable to the honesty of the
"Old North State." Tennessee has a somewhat similar
tale to tell. Her "ring" has secured the issue of about
$23,000,000, three-quaiters or the proceeds going into the
rapacious pockets of its menffers, and the State getting
little or nothing. Now she refuses to recognize the
debt, making no provision for either interest or prin-
cipal. Such conduct, whoever is to blame, will assur-
edly reflect very injuriously on the State, stigmatizing
it wit7s the opprobrious word "repudiation." In West
Vagitlia a question has to be decided, as to its por-
tion of the debt of the Old Dominion. Both this State and
the old one, of which it was a part, are not likely to swerve
from any liability they have incurred, and iu saying so we
must recognize the difficulty of the position iu which the
two other States were placed. Governor Stevenson, in
his late Message, said, West Virginia was undoubtedly
liable for its proportion of the debt of Virginia contracted
prior to January Ist, 1861, and advised that steps be taken
to adjust the debt on fair and equitable terms, at the same
time saying ho thought the amount was small.