The Portland daily press., 1867-05-07

The examination of our colonial files for the |
past week, has enabled us to make the follow |
ing resume, gilmore or less interest to American |
readers. And as money constitutes to large ex-
tent the sinews of national strength as wel as of
war, we will commence with the following
rom an official. 1oE 20" -ti ul UaHa..-I ma
5ns ,.,l FINANCIAL STATEMENT - 'i
The statement of the Banks in Can
ada for March 31st, Just % puhlisbed.
SHOWS an authorized capital of $50. G.466.-
., w. oap'tai- paid -up-and- employed in
ooo .oV,hoe' ssosd7 S44. Circulation, $780,
A. 20 '" S iaiiing OIL for the month of about
~A'V,'0V IN addition to this circulation of the
nlhks-answenng to our State Banks-tbere
Is circulation OF PAS 200 Provincial or Legal
tender notes, answering to our U. s. preen-
backs, except that they are redeemable in ,ro,d
at one place in the Province-the Rank 90
Montreal This legal tender circulation has |
ostensibly increased during the month, S9oOOO. |
though, as the Montreal Witness SAYS, whether
this is bona de increase of circulation It is of
course impossible to say. 1t is possible that
the whole increase, and more. may be account
ed for by an increase in the amount of legal
tenders held by the banks. 7Hoi 1s JsJol lLH
The deposits in the banks not bearing inter-
est $13, ,433 400; do. bearing interest, S13475-
O92. The gross liabilities of the banks were
SS7 .997 ,2O4; assets, $7017s,599. This looks as
though the solvency of the Canada Banks was
beyond all doubt, and yet they appear no bet
ter on paper than did the Bank of Upper Can
ada two weeks before it failed, and its bills
went down to half their par value. OF the as
sets more than $4s 100000 is in "notes and bills
discounted" and these, ne doubt, as did the
same item in the assets of the bank referred to,
include many millions of worthless paper The
following extract is from the Witness: adl
Now that interest is low in England, banks
do not find it unprotitsble to draw on their
credits on London bankers. 1t is, nevertheless,
bad principle, and one to be discouraged and
avoided as much as possible. The ease with
which the Bank of Upper Canada could obtain
money from its Egnlish bankers was one cause
ofits ruin.I Had it been held tightly up in the
days when the government account was kept
with it, the bank would have been compelled
to ayoda mass Of uns0und and illegitimate
business, which it unfortunately undertook. |
and would probably have been saved from the |
overwhelming calamities which befell it, Can
ada on the whole (including both the govern
ments, corporations, and private individually, |
has borrowed too much money from England |
Tor her good; and her policy should be to trans
fer her foreign indebtedness to her own citi- |
zens. g. aafu --H 7t4 snttl rs-4 n s4A.t t4t |
THE DOMINION" VS.. THE UNITED STATES
Hon. Mr.. Gait, recently Finance Minister of
Canada and more recently one of the Confed-
Grafton Commissioners to London, made a
speech at dinner party in Montreal the other
day, in which he indulged in q good deal of
"buncombe." He glorifed Confederation be- |
cause of its opening up commercial ports to
Canada with uni :, N tbrourl, xha torrto,v Of
a foreign country "not the most friendly dis
posed in the world" and then launched off in a
glorific strain of which the following is SAM
pie: .te.,D .s-r .sH.. G sE 4u. nisai,.gg. H..
L defy any manufacturers of the United
States now to supply anything at the prices at
which it can be supplied from Montreal. Look
over the prices current of the United States,
and Mexico can be more cheaply supplied with
all they want from this country than from
thence. With these facts L say that We may
look forward to not inglorions rivalry with
the United States. 1t is only in two particu-
lars that they have any advantage over u.s.
They are more in numbers and their wealth is
greater than ours But in proportion to num-
bers our population is more homogeneous and
better than theirs, though we have descendants
from the people of France, as well as descend
ants from each of the United Kingdoms. The
descendants OF the two greatest nations of Eu-
rope, however, may well hope to do better than
the mixed population OF the United States.-
Then though the wealth of the United States
is greater than that Of Canada, it is burdened
with claims arising out Of the late war to an
extent that makes it comparatively unproduc-
tive. High taxation causes high prices and
the result is to diminish the real rewards for all
kinds Of labor to the same low standard.
The London Free Press, deriving its inform
alton from such journals as the Evening Post, e.
which have free trade on the brain, n,-gets off the
following highly important information:
The American tax system is now felt by the
people to be so oppressive Us to be exhausting
to industry. 1t interferes in every part of every
business; it raises prices unnecessarily, by tax
ing products at successive stages of their man
ufacture; it interferes with production and SALE
disables them from competing in foreign mark
cts with other nations; and has already almost
exterminated several of their most useful and
important industries and driven millions of
capital out Of the country, because it can be
| more profitably employed in Canada and else
where than in the United States. s.lt $685. Il
1t is a sufficient comment upon this state
ment to call attention to the frequent com
plants in the Provincial papers of the exodus
of the young men of the country to find en-
ploymentin the Western States. While the
prices of living are some higher with us than
in Canada, the wages of labor rule twice as
high here as there. 1t is also proper to remark,
that while taxation with us is reducing our
public debt, and thus removing gradually its
| own cause, the public debt of Canada is con-
stantly increasing. Her revenues are not ade-
quate to the payment of her civil expenses. 4
WENDELL PHILLIPS FROM CANADIAN STAND
'@'' 'H'' '7'" i'A -iA" POINT. ii'"' 50 a-"' W
The editor of the Toronto Glo6e-a Scotch
man by birth and education-thus speaks of
the great American Agitator and the progress
of radical ideas in this country:aqn ei'U'ai (
| Nothing has ever illustrated the rapid
| change of sentiment in a people more than
| the receptions accorded to Wendell Phillips,
the radical orator, par excellence, of the United
| States. Before the war, and at the commence
| ment Of it, it was hardly safe for him to utter
| his sentiments outside of Boston Rotten eggs
i were the prompt answer to his abolition teach
| lngs in most places, even in the North, and no
| one was wild enough to suppose that his the
| cries could possibly be accepted in Democratic
| New York during the present generation, OF
even tolerated from the platform. But, on
| Tuesday evening last, he addressed an audience
in the Brooklyn Academy of Music, in terms
compared with which his oratiOns before the
war were purely conservative. Men who have
| in the past been looked upon as advanced Rad
| icals, were held up to scorn as trimmers or
were applauded to the echo by an audience in
the city of Brooklyn. . --.....t
| THE N. #. SEAL FISHERIES.
The arrivals at st. Johns, Newfoundland, up
to the latest dates, were Ills seals in 16 yes
sells, giving an average of 2,570 to each vessel
The reports from other parts of the island are
also very favorable. 1t is confidently believed
that this season will, on the whole, turn out
well. r.-..-r ..-......v -r+..-f.....t u ....i
/ The melancholy tidings Of the loss of ten
women and two men off Catalina and Ragged
Harbor while in search of seals, cast sad
shade upon the cheering accounts respecting
the prospects of the seal fishery.
Lat. THE MADoC GOLD MINES.
The Canada papers are laboring hard to cIe-
ate the belief that second California has been
discovered near the, north shore of Lake On
tario, but, VIC judge, with indifferent success
A correspondent of the Montreal Gazette says
The Richardson Mine was opened on Satur.
day, 9th. Two blasts were put in and the
quartz taken out-an affidavit for the purpose
Of getting an injunction in Chancery to pre-
vent Messrs. Lombard & Co. from prosecuting
the work pending the prosecution of the suit
was sworn to this afternoon, stating that from
these two blasts quartz and gold to the value
of thirty thousand dollars were taken out OF
the mine. aEHeG 4
in offset to this we give the following IRON
our own rrespondent"-"Steve, VINO mas
been all the way from New Hampshire TO Ma
doc to look for himself Under date OF Madoc,
| lInrua