, 1859-01-01
FINANCIAL MATTERS.
The following table shows the price Of Sight
Exchange on New York for the pas. yea1:

- euoolo 70 uoAeeo tna1 these rates indicate
the price Of exchange for Illinois, Wisconsin
and other ordinary cuzrency-cur1ezcy. and not
Specie being the standard in this city. Practi.
caly We hare no banka of circulation. tbe
amount the Marine Bank had out at its last
quarterly report being but the nominal sum Of
thirty-nine thouaand dollars Henco exchange
Is always quoted at the currency standard, For
gold, bankers draw at a quarter to 4 half pre-
mum, depending upon it, scarcity or abundauce
IN the market. 1t will be perceived from these
tacts that exchange rules here At shout the QUO
sations OF St Louis, where the discount On cnr
fency and the premium on exchange together
About equal its price in this market
Strangers must not infer, however. that h.
cause our monied institutions do not b.va . c;r.
eu'.''oo' 'ne9 haTe not sufficient amount of
business to deserve the name Of banks. From
'oen ne can scarcely eTer obtain any figures to
$40" the amount of business done: but the facts
IN this review show that If mus. be immense. The
money TO pay for the hundreds OF millions NJ
1ee' o1 lumber annually bought and sold in tbis
na9ket-the millions Of bushels Of erain. the
hundreds OF Thousands of barrels of b. .ef and
pork paeked-the eighteen millions Of do11ar.
o'Faa~sy Fecelpts-the money tha. sustains the
mercantile and manufacturing interests of the
city Is mainly handled, and much of it fur.
n'shed, oy some half-dozsn leading institutions
houses that will compare, both in tho extent
o1 'nelr business and the amount Of their cspi-
a. with the banks in any city west Of New
York. The Marine Bank, in a simple NINTH
during the past year, hard as the times b.re
oeep' has drawn sight exchange on New York
for moro than million and quarter Of dollars.
During the six months just closed, the total
amount Of sight exchange drawn on New York
o7 thls institution alone, has averaged mora
than s51 900 per day-or, to be exact, x6,742 900
during the Fix month";
The hgoFesinth table show that the year com.
mencea IN commercial disaster, and that We
neFe nad asure outa gradual return to financial
condition more hopeful aud EN- couragug. There
appears to be we'll grounded conviction in the
minds of all men that the worst il over, and that
We have now sale basis for permanent future
progress The revu1sion 30 disastrous in ita
eaecta commenced with the failure Of the OHIO
Lille and Trust Company. in August, 1857. Uni.
VeTsnl dlatfust seemed to take possession of all
men, me- Inc lssues Of the banks Of Illinois aud
wisconsin are secured By State stocks, but they
were utterly unable to redeem their bills in
coin. At this fearful janc.ure, with degree of
WISDOM ana courage seldom seen at such times,
our clt5 bankers determined to tako aod pay out
the bills OF these banks as currency. Both the
people and the city banks, by common consent.
voted II Infamous "to RUM them for coin, and
tnelr bills passed from hand to hand in the pay-
nent Of deo1s But as the banks could neither
furnish exchange nor coin for their bills. ex.
toa9 ~ a'nao'' laoo'ous hgure', aud
"ao VETO oetesmlned to
1.' ~ ps}'ns 'oef notes at
oaN., .14es 49,. 'sAf'u' sac'lnees 10 GO IT, In
as1. . a.s-: .0''' s1.aAos' rose 10 ags per
- e ano 1n'oa*n mos' OF october
.''a a. ~ pef een'. in's was the rate at
aA ~ 'eA' ea$o"e's' oas outsiders were
i''cea !" pay t"elFe and eSen hfieen per cent.
on tho street Was reached in some instances,
Through November and December it varied
from 7tJ5 and had touched AZ On tn. 6r,t If
January Of the present year. January 1otb ).
sunk to 3 per ceut, aud Marca 81 tonched .
gradually falling. till on the 18th NJ Nav Ixa,t
down to: *. Between thi. fieure and ~ r.,osd
till about 25;h of Nov. vhcn All thu h,,r, ia
1t X premium. the lowest ratas i. h.. ton,baa.o
ia, u va remember. for the lat tar xa,,, =.
49,