New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1857-09-23
CANADA.
CANADIAN DEBTS AND BANKS
of The v z Trisu5s.

Cansd., our deb, 90 Europe is very LsaVy oar
humber lie low in price in Ebglaod. We send
thither yearly se7ersl Millions OF dollars for interest
Of the public lebr, which is augmented greatly ~
defau'tirg municipal and raj way corporations, Tor
which our dishonest or stuo'd legislature, eeiag
thereto urged by Messrs. Hncks, Napier con be-
BALI Of British railway jJbbers and con.rac'orsl
Lord Elein, and parties interested, ara sureties.
We owe for heavy purchases made in Europe;
foreign stores ri neries draw the dollars IRON our
bsDks and Golfers TO the Old World. TIE Canad.
Company and other land mOnoposts draw from
Canada full million year. The dividends on
much Of our bank stock go TO Europe. Toronto,
Quebec, Montreal, Hamilton and many Other cities
and villages, are paying heavy interest tn England
We have loan and trust companies (Enghsn) VINO
lend at usury on mortgage; the gains 90 70 Lon
don. Not railway in Canada, believe VIII divide
sixpence out Of actual profits IN le51. Iner man
agement is according TO their own accounts, about
as bad az can be. The immigration of the wealthy
and enterprsing. az a general rule, benefits you.
We get few Of them; but many OF our ablest cltl-
zens are leaving. You have manufactures. Ia no
colony Of England will competition with Engllsh
staple exports be encouraged. We are essentially
agricultural, and beyond the wasteiul profligacy
Of these sent to rule nothing could go; tney are
indeed most worthless guardians Of the public lnte-
rest Usury-enOrmOus interest for the use OF
money-is eating into the very vitals OF the coHn-
try. Nominally our banks discount at per cent,
nut not TO the public. What amount of their loans
are business discounts, and what part Is permanent
accommodation to our politicians, railway aud land
iobbers cannot be ascertsned In lc4S, the Bank of
England discounted eight and a half millions ster-
hog, half Of that at TO - per cent. Next year only
four AID half, mostly at per cent. In $50 seven
and three qua rter millions chiefly at24; in ls5l f-
teen and quarter millions, of which thirteen and
one third at per cent. In 1851, the greater part of
eight and quarter millions was loaned at per
cent: and in 1853 her discounts, were twenty-five
millions increasing her rates from q to > per cent.
Our Provincial Auditor has published a table of
cur bank averages for August ast; but the Montreal
Bank, our largest moneyed institution, had made no
return to him.
The Bank of Upper Canada land its agencies
ard brabehes) had cspital-l mean capital all
paid up--of So 600, 600 in October, looi Sa,Oll,-
$50 in October, 1856; 5000, 800 10 August, 1871.
Durir last month the bank sold Of It's own stock to
the value Of $40, lO5.
lis circulation in August le57, was only 50 7Gj,.
1-}; in October, ls56, it was S3634, 49,, being
decrease of $a6s, 95i. Even in October, ls5i,
with 81 100, 900 less Of capital, its circulation was
S2,9c5, 623. During lust August it decreased
IFS deposits increased s., 800 last August when
they were 81. s75,792. In October, 1856, $685.
81. Decrease, S7l9,536. 10 OCTOBER, 1854,
81, 337 1913; decrease as compared with August,
1857, Sl,46l, Sal.
Its loans in October 1854, were S7,i7l, 800; in
August, 1857, S7.37s,7l9. Its loans are increased
since last October, by 1921 $40, and during last
August, by S63757.
It's specie, August, Io57, was Sii2, III; October,
4 LAST
August $40, O55. In October 1854, the specie was
S477.26l
Our banks are the public treasury for the product
Of customs duties pubhc land sales, certain special
trusts, &C. and, like you, we produce Ja,Ob
Thompson, Jesie Hoyt, &c, now and then
The BraI che. of the Uondon, England) Bank of
British North America had in October 1854,
81, 400, 600 of their paper in circulation, and eight
AID one third millions lent in Canada. They make
no returns to the Auditor and the only security they
offer is their general corporate means. The Gore
Bank remains silent; money is very scarce, and our
wheat crop il rather inferior in quality.
Our second Upper Canada Bank is the CONNER
caI, located at Kingston, with many branches,
agencies, &c. Its capital last August was 49,
go being an increase Of S349, 400, paid up since
October. 1855. In August last it increased $45,-
200; that is, the managers pedded off that amount
of their own stock which they are allowed to take
to Europe on sale. In August 1854 its capital was
only two millions.
tober, 1s56, and August, 1857, when the bills out
were s.. 43O, l4O. In August 1854 the circulation
was 1873, 254 Last July it was only 81 43,99c;
by August last it had increased Slo6, l42.
Its deposits, August, 1857, were 81, ;s2, 76o;
decrease since October, 1856 of 500, $50. Last
August the deposits decreased $s3,332. How peo-
pie in trade continue to pay H. Il and even "A per
cent for the Use of money, is beyond my cOmpre-
hensiOn.
Its specie was lessened by Sl56,659 since Octo-
Der, 1856, viz: October, 1-56. S576,6S4; August,
1857, $500, O25 increase OF specie during last Au
gust, $lO,524.
It's leans were $4,775376 in August, 1854;
S55l Os4 in October 1856; IS, 1863 SIG in August,
1857 increase in loans during 10 months to LIST Of
September last, Sio2, 432; increase last August,
S370,762
The capital of the Bank of Montreal, paid up
July, 1857, was So, 665 62O increase in 10 months,
S3S5 I6l Its loans, October 1850, were SILL
064 ,6s7;, in July, 1857, $l0,24l, 5;2; decrease,
SS23, 155.
Its deposits, July, 1857, were S2,76l. 269 be-
ing a decrease since Oct, lc56, of 1921 100. Its
circulation, July 1857, So l2O, 442, decrease,
since Oct, 1856 of 81 $50, 1872.
am afraid seine Of our banks make up their
accounts, SO as that the same kegs of dollars figure
in different returns, which should be made on OATH
Our Bank Superintendent (sOrne clerk of the
Inspector Genera, has charge OF perhaps $500, 600
Of stocks given in security for the circulation of
few bal ks net chartered. Your Superintendent at Al
bany has suppose the absolute control or custody
Of some $50, 000, 900.
Your Federal Government is wisely avoiding debt,
If it find surplus of SAC, 1000, 900 in the Sub.
Treasury next January, and have no $500 600, 900
sterling debt, like that Of Great Britain, it will DO