, 1870-10-27

500, 600 by the ls, of November, and S8,00O,-
600 by the let Of December, whep the same
amount Of three per cent cert i6cates will be
cancelled and redeemed.
THE hoCTH rEcUNIARlLY.
The South has applied for but small cum
OF this new issue. because the South il IL poor
as . rat, used up By tho :erocious energy Of
her var, and without the capacity 10 buy
handsome engraviugs which iio at the basis Of
! our National banking ssstana. -.-
Kentucky haa applied for tie largest amount,
VIZ: si,11O,0o0; Iouisiana has asked for
| $500 COZ Of The Lew eurrcal; Alalama for
S4.700, 900 Missouri for f8A 100.
The demand in the Sout upey ia i'm
ruense, but there IL little c. N.Y. ID no cash.
| Ultimately, no donbt, thetc .ll arise under
tho rev law about .o0 rev b.nks. tho richest
Of Which can receive but $500, GOO OF clrcula~
!ees than one-balf.
NAssEn Of on'ssrz1So NEW nAsKs.
A new bank Is organized in this way:
At least i've petsons agree to be incorpo-
rated as banking association. One or all Of
them apply to the Comptroller OF the Cnsren-
cy for recognition and certfcation, giving al
necessary points as to population, needs.
wealth, and existing banking associations Of
the place. They also refer to responsible per-
/ sons in public or commercial lie as KuArAn-
tees for their integrity and eoisenes, ana, NJ
DIR rrescnt a1za1gemente. arc obliged 10 or
tain tho !ndoreement Of tic Congreasman for
| their district
This application is read, considered. and
replied to by Mr. Hurlourd, or Mr, huox,
Comptrollers Of the Currency, OF, really. Mana,
States Treasury. The aprlcants are some
times discouraged, again put OF, at other
times adnouishea that their section u entitled
to none Of the new issue, and, in few cases.
they are written to for further and moro e1-
plcit information. or their proposition il in
, l formally nrrenteG
II accepted, they receive an envelope con.
timing Instructions and copy OF the law, all
Of which are extremely explicit. The law
alone makes severity oetas9 e. psGas. ~ ihis +
o. tle new bank shall be called in aa au initial
, tiuty, and, with the money thus paid up, ths
; / corporatoss 80 into the market and buy United
, STATES bonds to the amount Of nne-thttd o.
With tic Treasurer Of the United States, ani
!. receive 90 Per cent Of the value 10 clrculatol
:. rl.tce are prepared TOR the new bank By TIL
. government, tie plates costing from 3i25 +
!. 300, and the new bsnk is charged with th'
= expense, although the government DAYS to
does not even set possession OF the plate
:. The plate. print four notes At once For ex
= annie, there is one p1ste containing four i've
dollar bills; another contains three ones au
!. Atwo; third contains three tens and tweu
:. Is. Nhen.the bank chooses to cali its remain
II and gets more circulaiion- The bank note
Il coer the 6oyeEucnt only about half Ger
spiece. and the gorernmen; taxes on th
= hanks it permits and creates. anouns TO inu
600 o0O gear Stata banks are kept do~
81 BY taxing their circulation ten PEI cent, a.
y hence. Ut tho present time, there is no st.'
s s bank circulating it's notes. There have bee
~ eichty-fSine National Banks closed up either
~ voluntary dcsife to quit business, OF by fA1lus
II The worst failures have been in Washington
III viz the Merchants National Bank. tot
~ tuash.-and in New Orleans, where tits 2,
y cent OF tho losses was reCosefea. Inc =
- - t:opA1 bank which has the most eitc1taslt
r. r. in the whole country, is ne Bank Of 70;
merce, New York, with %, ooo 0oo Of caEcni q
sx tiop, at present reduced to about S4ce.co
A bank called the kiddef National Go
Bank Of Boeton has been organized nude: Il
| late act, to do business on gold faets :!
ceiying 50 rer cent Of the amount Of lts Q
of poeised bouis in gold-notea. Another bank
rr about TO he organized in California. to be call
d,. the san Franc1seo National Gold Hank, With
in lsken With the go1d-notes prepared for the
n aud similar banks npw organizing. !ney
n55.iIiSi nue5.Iiiona 1a o. a sse IL
n. rqustelr aesumes; On the go!a-oahis, ils, pou'
Il, market raiue OF gold more than 20 per ce'
DE- HcGu n'cC11ocH-
to This sound and discreet, albeit heaEtE, n
itb | Of Affairs has secured bus pA&saSe 10 Eonot
en- aud will sail on the 9Th daE Of november,
the in.ugur7te the London banking nrm of ~
II cou1teous, xubicund look, long, Scotch be.
Eas stomach md hips equal to Rob Roy acc
the is,more than probable thlt be alll distlngu
mi. his cnuntry and e.emplifT his coantsEN
5a- abroad by establishing = house which N1l1
!; OF stout, positive, and conscientious. Nha'
ind commentary upon Tea1s and pex1oos u ae
led zee Chase going to the country iof resi-,
l,n- cullceh going abroad for fortune, and 10
se1- well eomplscently squaf1hs re S3c'e Oh
)OO \ ton Of hir heap --.-..-.--
I'M | The THREE caASCELLoRs OF oTR E1cNEqI
Of You NAV bs curious to know what tue
In ysi1,nc theory il toward the Treasury Depi
ple- nent about the respective ADMINISTRATIONS
[ou- Chsee, McCulloch and Boutwell,. As expi
s6s. red By careful and conservative Esntiea
p;1e in tho public service: I think you Vln get
fst best eentiment in this compact shApe
ded Boutwell, eaid IE lu1oftnAAt. sSa's. I
ius. the head Of adairs 1t n comparatively
snss time, His party ia unified and q harmo
h,i, C0urrcss ia in thorough Accord Wsth the
on. ecu1iye government, ard yet. Congress
nan. i;tt1e more reverence to Nj. BeutWeils
the gettione than it Paid to Neculoeh .,
him him x;,s III 1f'a f. feSaSs SousSSs 20 undoabtsdls:
i al rot general theory about the national Ct
= n shcl, rndicxtes itself. He insists upon N
.antr ;n1s tha interest OF the public debt, aE. q
,s.ed | dn,uc mnra than that TO pay on = coa,1
1icht able Eart ot the principal, even pe1ota
ns Of redu1ed, Whethcr this is necessary or
pt Of it certainly will have the entet 2. ennao
ma nf his depsrtroent. 3lr. Boutwell, ia pis -hea
,.ata: ob.tIl ate, aud tricky. u1gsrS Mt!s sa'nSe
ANN. i r;,icn]nus yebemence, and puSn'n in1e
land | ,rrrne uos5tions where large N3,n Woul
'ney sLv TO asse5t an upinior. With B,it'shc'