Ypsilanti sentinel. [volume] (Ypsilanti, Washtenaw Co., Mich.) 1843-1900, 1846-12-02
$2,277,OlO $54o,252
Circulation Deposites
St,6O5,O33 sl6,9s0,999
5,C73,274 l7,495,l54
e46s,24l S5l4,l55

The amount of Government money in six
banks included in the table, was reduced ST.
279,576, and the deposites of these banks were
diminished $Sl5, 1873; at the same time the de-
posites of the eleven other banks were increas-
ed 81 1929, 2S3. In respect to loans, govern
ment banks reduced theirs S3l9,295. The
specie in the six deposite banks has been redu-
ced $574,23l, and in the eleven others, increas-
ed $56, 1858. These features are very curious,
and present glance at the working of banks
in connexion with public money, as directly in
opposition to the movement of those institutions
which look only to the business of their Gus
toners. When trade is active, and the GUS
toms revenues large, the government deposite
banks are powerful, because the customs are
paid into them from all other banks where the
merchants, who pay duties, keep their accounts.
The large balances thus accumulated in favor of
seven deposite banks, against the seventeen re-
manning institutions, were always vigorously
demanded in specie. More rigidly than under
the Independent Treasury, because the object
was not merely to get pay in good money, but
to compel the debtor banks to curtail their loans
in order to maintain the rate of interest for the
benefit of those concerns that had government
money to loan. 1t is to be understood, that no
combination existed among the deposite banks
to produce this result; but it was the natural
consequence of their selfish struggles for their
own interest, with the power conferred on them
through the collection of the public money!
When the revenues are small, this power ceas-
es, and the drafts Of the department upon the
deposite banks coInPes them to reduce in their
turn, while the remaining banks, released from
their control, extend their operations as seen
in the table. Individual deposites have largely
increased, while foreign exchanges have fallen
and the export trade received new Impulse
from the nature of news down to October 20,
from Liverpool. Under such prospects great
abundance of money is looked for, and, as
consequence, good means of investment is de-
-~sirablc. Treasury notes of 3 2-5 are undoubt-
Under the circumstances, the most Gesra
as being sale, reInunerative, and promptly
convertible into money. They are equivalent
in value to the United States 6's at $l04,which
Was the market Price. Sales of $4,000 were
made at ssl05 cash, which, with four months
accumulated interest, is equal to ssi03 for the
stock. There is nothing certain in the city, as
yet, as to the results of the new loan. There
is but little doubt, however,, that government
securities will soon he sought after. The adop-
ton of the New York Constitution has relicv-
ed one fear that the results Of the election en-
gendered, viz: that tne wings would renew
their debt-cotractlng schemes and fill the mar
ket with promises, to sell under the hammer at
any price as in lS4l-'2.
The state of the produce markets is that
which pow exercises the greatest influence up
on both financial and commercial affairs The
news by the Britannia, your readers are al
ready aware. has not only confirmed but deep
oened those features of the foreign markets that
previous packets developed. Not only were
the accounts Of scarcity in Western Europe and
in the British islands more dreadful, but unlike
similar accounts last year, they were corrobora-
81 vr mi Iv odv eh1 Al
by shrewd purchasers of food, their awful re-
atty was fully felt. 1t is true that these ac-
counts have not Immediately effected the mar
kets here, because of Simultaneous effort on
the part of those receiving orders by the packet
to keep the market down until their purchases
are completed; and also because of the antici
patton of final repeal of all duties upon food
as well as by an advance of freights, which
quote as follows:
November 4 November IL
To London Liverpool London Liverpool
sd sd sd sd sd sd sd sd
Beef and Pork 90 a so 50aO0 0Oa50 so 400
Flour a46 36aOo 40a46 4OaO0
TnIpentne, Asa so 39a40 46 a so 4Oa46
Grain, 400 l0a00IIal2 IlaI2
Cotton, I 8 /
nSt Liverpool, United States -four in bond
H.demand at 23s $685.; Indian Corn SIS.
: a 55s. per quarter of $50 lis. These prices are
rs for corn and Sd per barrel for flour, higher
than by the Caledonia. The duty on wheat
was S., and flour 3s., with the certainty of
reduction to As. for the former and rs. sd. for
the latter. Under the first influence of The
ncws, sales of Genesee flour were made at &c.
u at @6 IS. On Monday sales were made at
36 25, but the price afterwards fell off to Sc,
under the influence above alluded to. The re-
ceipts continue large, but a great portion goes
into store. The receipts at tide-water are as
follows, to the close of the first week in No
vember:
Flour, Wheat, Barley, Corn,
bbls. bush. bush. bush.
lS45 I,935,541 1,093,6l9 9I3,964 30,83S