Year: 1865

1870 A. M......... 200 ZOO r N 1851
1856 p M.... .i9Sls 4:io P. M.......... .2o2sS


100 p M....... 1894 $40 p. M ......... .2o2I


The following decision relative State banks reorgan


zing under law by the Commissioner Of Internal
Revenue explains Itself


When the capital OF bank s transferred to national
bank outstanding circulation should be returned
from the OLD bank; the average amount of crcula-
ton in excess OF ninety per cent OF capital should be
understood to be the circulation in excess Of ninety
cent of the capital the the is made and
the capital il stood when the transfer made.


The action Of some of city banSs-the Park and
American Exchange, among others-contemplating
transfer to the national SYSTEM delayed in anticpa
ton OF the passage of enabling act by the State Leg
lature the state law stands not recognizing any but
institutions organized under the State authority. The
consttuonaty OF the national currency has not yet
been tested and OF State banks making
change question render themselves liable for damages
in certain towards such OF the stockholders may
not have consented to the transfer


1t is reported that national banks shortly to be sup
piled by the Treasury with dollar notes. which is
much be deprecated they will conduce active in
faton and freely into general circulation The cir
cuating power Of the notes is in proportion to their
denominations, and notes Of small denominations will
circulate much rapidly from hand to hand than the
larger ones and contribute to the general abundance
of paper money active circulation and correspond
Ing imitation of values.


Unnecessary and unwise, however, this proposed
is 1t occasions surprise to hear that It
be put execution The entire management OF
finances since the of the has been
obviously bad that each blundcr is only In keeping
with the past and have ceased TO hope for radical
improvement in financial administration The same
rendered the French assgnats OF the Revo
luton, and the rebel money of the present day,
next to worthless are at work among ourselves. The
government having adopted false system in the begin
ming and pcrsevered in il long, will not be likely to go
back. Is prejudces and popular inclination are
opposed to retrograde movement Contraction ia
too painful process 10 be invited by those who
have made money by rising with the tide Of
imitation Many openly admit and many tacitly
believe that the currency In circulation will never
be appreciated to with gold and they look for
ward compacenty If not gladly further issues Of irre
deemabe paper expecting to make huge profits by the
rise Of prices corresponding with the depreciation that
will follow. They know that evil day must come
when the public credit will suffer for its financial
errors; but it is too distant TO any |
serious apprchensons in their minds They hope 10 be
prosperous accumulate wealth in the meantime, and
when the crash comes their motto viii be- "Every |
for himself and God for ALL ore5ver, they have
blind faith in the OF the country being grea.
enough to couneract all the evils OF financial ega
tion, and they think everything viii cut right in
the end But the experience OF the world demonstrates
that "as shall reap" and no nation can |
squander by deprecatng its currency with
suffering the full penalty Of its in the end


Had the Of the North been greater than
those Of the South finances would have been better
than those Of the rebel government day and the
would have In danger OF breaking down for want Of
money carry II with for the spirit and unity dis
played at the South but which are giving way has
m tha onn 1
money has been more indispensable the North than TO
the rebels But the eject othc depreciation Of
the rebel currency In the deserons taking place
from The rebel army lines. Soldiers will not
fight f they help II unless they paid at least
enough to furnish them with whiskey and tobacco.
Money therefore, has been inapy called the snews
OF war;
The decline Of gold and the consequent decline
Of values generally has had a good effect II
resulted directly from important navel and
military successes, and the government might |
have ayailed iis2lf Of this opportunity TO still |
further lower the gold premium with view 70 the early
and gradual resumption OF specie payments the adop
tion Of the course We not long since But the
government is blind to opportunity does not wish TO
court temporary unpopularity among the speculative
and mercantile clnsses by bringing down gold and
prices IL prefers 10 pcrsevere in the old course,
which means further Issues Of currency the
urgent wants OF the Treasury may dictate, fer An
indefinite period TO come, and I'LL the currency
finally breaks down Of Its own weight The present
price OF gold cri.4non whatever OF the future II
is Influenced by and failure 10 the led tho
tatons Of opinion and the caprice Of speculation. In
mediate influences and the prospects of the immediate
future alone guide speculation in gold The mon who
sell to-day expect TO buy tomorrow next week at q
profit 70 themselves, and rice versa.



suggested that Mr. Fessenden should resign and
allow secrctary OF the Treasury to frame new
policy before the adjournment Of Congress- but the
policy Of Mr. Feysendens will probably be In
harmony with what has gone before him. and his views
In this direction will unlikely be his passport occ


Money continues moderately active with railway shares
I. coiaserap; but with the rational banks which lend
only on government securities s easy Seven per cent
w. however, tho minimum rate In ordinary trsnsactions
The Treasury Ia drawing very lightly on It's repositories
being apprehensvs Of causing further depression OF
national securi.ea ~ should act otherwise. Com
mercia parer raeu from eight TO twelve per cent and
only that Of the FIRST class Ia In demand


Foreign exchange Is dull At former rnfcs The ex.
pcctcd fall Of Wilmington and POSSIBLY OF Charleston as
well ~ the anticipated arrival within short time At
ahis port OF large quantities Of cotton from
has depressing effect upon quotations under tho light
demand consequent the prepondence Of our exports
over our imports Bankers bills at three days are
ouotsd al 1lox 1lok; sixty days at 1oo,s a Iosx.


The following table compares tho prices Of gold and Of
shs priacIpal railroad and miscellaneous shares repre-