The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1849-12-01

The aggregate movement of the banks Of Maine since
June, 1s45, period Of more than four years. Since
June, 1874 the banking capital Of the State has In
creased only $4,000 Compared With the returns for
May, lS4s there has been increase in capital Of
$500 in loans and discounts, s32,O2s aud . de-
In circulation In the time, Of $2so6, and
in specie $9seo6. The amount Of dividends declared
by the banks Of Maine at different dates In lsl9, Is
$1l3 49, and che amount Of reserved PROFITS hand
1t the time declaring the last dividend $40 436
The whole amount OF debts due the banks, and not
paid and considered doubtful was at the date Of the
last report SIT OFT sf the loans and DISCOUNTS the
amount due from presidents and directors ss princi-
pals $2ls,e42 CT from presidents and directors Is
sureiss 1898 242 49, will be that the amount
Of specie reported hand by each bank Is small CON-
pared with the amount Of bills in circulation but this
does not show the immediate available means Of the
banks as the Suffolk Bank system of redemption does
away with the necessity Of keeping in the banks large
amount OF specie Each bank has on deposit to its
credit In the Suffolk Bank Boston, amount of specie
,ufacient to meet all the bills of each presented for
demptiop while IL affords facilities to bill holders OF
very portant character The system Of par redemp
tions perfected by the Suffolk Bank, is one of the
grsstsst features in banking in New England and we
have made several efforts TO introduce such system
in this State.
In consequence of it having been reported that Ame
rican gold coin much alleged that the Bank Of
England received 1t without melting down aud
assaying it, the Director Of the Mint in Philadelphia
has in the annexed shown that the report rela
tive false mnage entirely erroneous ana without
the slightest foundation
COINAGE OF THE UNITED STATES.
Mint UNITED STATES
PHILspELpHIA, Nov. "a, lS49. !
SAVIOUR communication Of the 18th inst inclos-
Ing a slip from Of the New York papers, was re-
c.ived two days since itrequred some time especial
If nctp m Sarv wi AMI
or could BE- made grave aud surprising allsga
item force of whichis condensed in the caption of
eFslre AS to accuracy Of assay and melt
ing confidently affirm that there Is not mint in the
world which show stricter faitbfulnsss to the le
gal standards than has been maintained here Tor long
series OF years. .
that the Bank of England does not receive
our eod coin without previous melting and assay Sup
posing It TO be true rs have little doubt Is there
ways Of accounting for the fact which should
writer his subject to hesitate
before pubi ug Wholesale discredt OF the national
currency and woundng the reputation aud the feel
ipxs Of those who entrusted with its manufacture.
The ftst is, that within the past 10 years have
had three various standards established by law for our
gold coin let, up to june 1884, t was y carats or
sl6ss thousandths; at that time 1t was reduced to
sos 225 thousands and in Jan 1887, there was fur
shsr change to the more simple proportion OF 900 thou
sapdtbs or nine tenths OF this fact have been sur
pri,ed TO find that most intelligent dealers in
foreign exchange have not clear apprehension and
a. not therefore wonderful IL the Bank of England
mn nilpg to take the trouble Of discriminating by
dates and devices should the shorter course OF
melting down ana asseyipg
The other solution and rather the more probable
Though they may consist with each other) Is that
1t contrary to usage everywhere for the mint OF one
country the coins of another by .ae or at the
all. ped hneness IL is not done here; receive the
gold sovereign not at the alleged hneness which It
does not reach but at its actual after melting
In matter Of this Kind, there is courtesy to DO
wasted on side or the other The Bank OF England,
YOU are ware "a the channel through which the Mint
Of England is supplied with material the two institu-
tions being closely connected.
you viii perceive then that we have been charged
with false mintage aud the currency Of the country
has been asgraced because have followed the va
rious enacted by law, or else because the
Mint Of England like all other mints, takes our coin
upon their own assay and not upon our testimony
Allow me- In conclusion to express my obligations to
you for having made acquainted with this charge,
and thus enabled me 60 repsl It.
Very respectfully, your faithful servant
u r. NJ PATTERSON, Director