, 1861-12-27

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4 depreciation Of our bank OF national currency
br oyer-issues Of irredeemab1e paper notes would
advance the prices Of oar produce, stop cur e1-
@ veek q otRe1 % soantsee. It .S DepTee i5ep1
ated or indated currency would at the same time
Increase the amount Of foreign imports, By ena-
wbieh they would ship 70 E5Tope IN gold. fl;
financial policy adopted by Congress in January
will be fraught with great good Or eTil to the fa-
with e taxation to the yearly amount Of $15o 900
to $500 o00,G GOO, including fye per cent tax on
domestic manufactures, which would yield from
&c, ,0G0t Geo to $50, GOO, ,0G0 per anpum.
from the New York Herald, aath1
The bill draughted BY the House Committee Of
Ways and Means in Congress for raising revenue
by the 1ssue Of new banking currency, is 3 very
Objection to it il that ar Chase WON'T get dollaz
under it, There is no iudncement whatever for
the banks to buy 6 per cents Of Mr. Chase, and de-
banks hare already as much circulation as they
want, aud II they hadn't they would buy United
States per cents In open market at 50. and de-
basis for circulating notes. By SO doing they
would avoid the necessity Of keepDg Is per cent Of
their circulation in coin in their vaults, is re-
quired BY the new Congressional bill. Bat this
apart, nobody wants to extend tho circulation OF
the existing banks, OF to eet up new onea. The
times are not pzopitious for Euch enterprises.
Condition of the New York Banks.
The New York Ford, of Tuesday, in giving its
weekly statement Of the New York banks, in cona-
parison with former Jeats, saJs:
The New York banks hold about onc-third more
specie than the largest amounts ever held ut the
corresponding dats il II any year sinee the state-
more than the average for the preceding five years
The ratio Of coin to the liabilities including the
s l9a sna R ta he i Gyss #
country was stagnant and money worth about
four per cent; On call, in consequence Of no de-
1ot 3 e
1857, just after the crisE. when the coin bad ac-
cumulated in the banks from the reaction In our
foreign trading. The position Of the banks is
stronger than Usual in years past, OF active, pros
we're ss' made at Sse 20
immediate, future, for speeie 70 ship to E95opes,
and that which was sent last week, under S50000
sisted Chiefly Of foreign coin &e. whieh hsa never
been on deposit in the banks. The average amount
of specie held By the New York city banks at the
ss o eo $751; IS seea fe1 aoMs @ uS ~
Specie In banks Dec. %, 1855. ST. 0&s $50
Specie in banks Dec, 20, 1856. Isl ,3l7
Specie in banks Dec. 19, 1887 1885, ,326
Specie in banks Dec 81, 1859. 9.....~.... 19690.797
Specie in banks Dec. r. 1850. y ST, ,979
Average Of the six years .......... l9,6s7,ST7
Present amount, Dec. a. 1se1.---..-... 3s,sl3,s6s
| The New York banks hare paid on nccount Of
| account Of 500, ,55s835 looms taken by them.
| The decrease of specie In bank and Sub-Treas-
ury, since August IT, before the loans we're taken,
i about $1,000, coo and since last week about
$1,000, GOO. The coin has gone into the channels
q trade N the country and among the people,
thereby strengthening the circulating currency
and displacing bank notes to the same amount It
has not gone abroad The movement cannot be dis
adrantageously too our banks or the community. in
| aEmnch as reference to preceding years, quoted
above, when the trade Of the county vas much
larger, viii show that our banks held usually spe-