The daily exchange. [volume] (Baltimore, Md.) 1858-1861, 1858-11-12
FROM WASHINGTON

more and Cincinnati mail agent for files of Gin
cinnati papers.
FROM WASHINGTON.
The correspondent of the New York Times
SAYS: y Co.,
The views of the "Amercan Cabinet" touching
/ Nicaraghan affairs, have undergone considerable
modification within the past few days,-not, how
ever, through the presence of General w alker but
in consequence of the receipt of reliable information
as to the true condition of the popular feeling in
that country. The information comes from high
! ly intelligent and wealthy planter in Nicaragua,
whose estates have In times past yielded him $50 600
per annum, and who is brother-in-law to distin-
guished United States Senator from .sdown East"
This gentleman, writing from Nicaragua, saws:
| HIou know was much opposed to Gen. Walker,
but if the Government of the United States through
Commodore Paulding, had not interfered with him,
ne would have had quiet possession of the State in
few weeks after bis arrival at punta Arenas Nearly
the entlre population OF Leon, and that section,
success would have saved the country from ruin-
We have no hope of stability or permanent peace
with the native, governments, and even now, the
northern portion of the country is in state of rev.
oution, and the clergy everywhere declare against
Martinez" e, -.
This letter, coming from such source, and lust at
| tins time, has had a decided influence upon the
| feelings of the Administration, and Mr. Buchanan
said to-day, that although he should continue to en-
! force the neutrality laws with all the power he
! could command, yet if General Walker did succeed
| in placing himself in power in Nicaragua it would
not be matter of complaint with this Government
FREE BANKING IN MINNESOTA The new law au-
! thorizng free banking in the State of Minnesota
was adopted in July, 1858. The law will give rise
to the establishment of large number Of small
banks, owned wholly in part by remote managers.
This was found the result in the early stage OF the
Illinois, Indiana, and Wisconsin free bank laws.
The important provisions of the Minnesota Act are
| as follow: ' '''
|: The minimum limit of capital is fixed at TWEEN
/ fv-t lo1Io
II. The place where Bank is proposed to be es
tabshed must contain at least two hundred inhabi-
| tants.
| III. Upon the deposit of United States or Minne-
| sofa Stocks, "of the Stocks fany other State of
the United States which shall not have been sold at
less than their par va ue at the Stock Exchange in
the city OF New York within the next six months
| preceding the auditor may deliver an amount of
| circulating notes equal to the deposit All such
Stocks to be made equal to Stock producing per
cent. Under this provision the Bonds of Indiana
Virginia. Missouri, California, North Carolina Ten
nessee, and Louisiana, cannot be received as col
aterals as they are not at their par value in this
market. Another provision is that eff in The
opinion of the Auditor and Governor, any Stocks of
lerea snail be deemed insecure, they shall not be
received" as collaterals
~ issuers of circulating notes are entitled to
forty days after protest to redeem them; otherwise
the Stocks to be sold at public auction in New York
y. list OF Stockholders to be filed in the Office
OF Register otDeed, of the county, where located
Stockholders are individually liable to double the
amount OF their stock, for the debts of the Bank
" In case of insolvency, the bill holders are en-
TITLED to preference creditors.
VII. Notes of a Bank to be received at all times.
in payment of debts due it.
Will Banks may receive charge interest at
the rate of fifteen per cent. or less per annum,
Nsq2eet to further and general la'cs as to intcrest
*. Quarterly Reports Of each Bank to be filed
with the Auditor of State.-Ne,c York Courier and
Enquirer.
THE WRECKING SYSTEM OF FLORIDA.
In the new work on 'Wreck and Salvage" by
Judge Marvin, from whose decisions there is no
appeal except to the Supreme Court United States
ne furnishes much valuable matter for underwriters
He says that prior to 1921 when Florida BELONGED To
Spain, wreckers from the Bahama Islands CON
stantly cruised along the Florida reefs, and saved
large amounts of shipwrecked property, which
they carried to Nassau. In 1921, the country was
transferred to the United States bv Spain: and soon
after that event, few houses were built. and
small settlement of Americans were made by John
W. Simonton, Pardon c. Greene, and others, on
the island called by the Spaniards Cavo Uueso
Ozone lsland), and by the Americans Kew West.
In 1922, Congress established port of entry at
this place. The settlers built wharves and store
houses, and were very soon in a condition to re-
ceive and store goods, and repair and reft vessels
OF moderate size. In 1925, Congress prohibited the
| carrying of wrecked goods found on the coast to
any foreign place, and required all such goods to
be brought to some port of entry in the United
States. This broke up the business of the Bahama
wreckers, and Key West became the central point
for the business of wrecking on the coast In 1928
Congress established Court at Key West, vested
with admiralty jurisdiction The Judge was en-
powered to license wrecking vessels. This Court
was abolished by the admission of Florida into the
Union in le45 and District Court of the United
States was established in its place in 1917. The
Judge is authorized, as in the act of 1925 to license
wrecklng vessels. The act reads "No vessel nor
master thereof, shall be regularly employed in the
business of wrecking the coast of Florida with
out the license of the JUICE of said Court and before
| IN mr. ctnr tha ,lrr kali
satisfied that the vessel is sea-worthy and properly
and sufficiently fitted and equipped for the business
OF saving property shipwrecked and in distress and
that the master thereof is Trustworthy and innocent
OF any fraud or misconduct in relation to any prop
erty shlpwrecked or saved on said coast" 1t has
been heldby the Judge, TIL embezzlement of
wrecked goods, voluntarily running vessel
aground under the pretence of plotting her. collu-
ding with the master of vessel wrecked or in dis
tress, or corruptng him by any unlawful present or
promise, are severally, good causes for withhold
ing or revoking the license. The act does not APP
ply to trading transient vessels but only to yes
sells engaged in wreckng as business. Forty-seven
vessels, averaging fifty tons each, and CARRYING
about eight men EACH have licenses at the present
time (l85s This number is fully adequate to all
the wants ofcommerce, and no encouragement ought
to be given to any increase Some of these vessels
fully one-half, associate fishing for the Havana
market, with wrecking. Licensed wreckers are re
CURED by rule OF Court to institute judicial pro-
ceedings for salvage against all property found by
them derelict or abandoned at sea or on the coast
Judge Marvin objects to the Commission allowed
or recommended the Chamber of Commerce of
New York, in cases of re-shipment of wrecked or
damaged cargoes. He considers the charge of ~
per cent as kind of premium on fraud and that
it leads to losses besides being precedent for other
ports.-N Y. Cour. Dc Enquirer.
ALLEGANY CoUNrY.-F From the Cumberland Tele-
graph: The work Dams Nos. A and 5, on the
Canal is progressing vigorously towards compile
ton.
The coal shipments this year up to this time, are
in excess of those of the corresponding period of
last year about sixty thousand tons. This increase
has been transported over the Canal. The ship
ments by railroad have considerably diminished.
1t is understood that party of enterprising gen
tlemen of this city, in conjunction with others from
Boston, contemplate erecting at an early day in this
city, establishment for the manufacture of Para
fine or Coal Oil, from the coal of this locality.
Governor Hicks has appointed Mr.. G. Lewis
Shrvnck n .Insticn of the Pnace oil