operation in Georgia, by 1852, 789 miles, leaving 174 miles to be completed. This will, no doubt, be accomplished in two years, when the system of internal improvements, in the State, will be almost completed. The roads already in operation are all prosperous, and are realizing from 8 to 16 per cent, clear profits, per annum. Thus is demonstrated the wisdom and importance of a proper system of improvements. Georgia, after expending nearly fourteen millions of dollars, is now twice as rich as when she commenced her noble enterprises. The American Railroad Journal says, that to the above list should be added the Rome branch, completed, 17 miles. This will make the length of railroads in Georgia, now in active operation, 659 miles. PASSAGES OF THE ATLANTIC STEAMSHIPS, FROM LIVERPOOL TO NEW YORK, FROM SEPTEMBER 21, 1850, TO JAN. 1, 1851. The Pacific (American) arrived in New York on Saturday evening, 21st September, 1850, after a passage of 10 days 44 hours. This was the shortest passage ever made between the two ports. The Niagara (British) arrived at New York on Friday, the 27th September, after a passage of 12 days 20 hours. The Atlantic (American) arrived at New York on Wednesday, 9th of October, at 10 A. M. She left Liverpool on the 25th September, at noon-passage 13 days and 22 hours. The Europa (British) arrived on the 11th October, at 8 A. M. She left Liverpool on the 28th September, at 2 P. M.; thus making the passage from port to port in 12 days, and 18 hours. She anchored, however, outside the Hook, at half-past 9 P. M. on the 10th. The Asia (British) arrived on Thursday, October 24, at 11 A. M., after a passage of 10 days and 23 hours. The Pacific (American) arrived on the 26th October, at half past twelve P. M., after a passage of 11 days 24 hours. She left Liverpool at 10 A. M. The Africa (British) arrived on Friday, the 8th November, at 8 A. M., after a passage of 12 days and 20 hours-her first passage. The Atlantic (American) arrived on Thursday, the 12th November, at 1, P. M., after a passage of 12 days 22 hours. The Niagara (British) arrived on the 22d November, at 9 A. M., after a passage of 12 days 21 hours. The Arctic (American) arrived on Wednesday the 5th December, at 8 P. M., after a passage of 14 days 8 hours. The Asia (British) arrived on Saturday, December 7, at half-past 10, A. M., after a passage of 13 days 22 hours. The Africa arrived on Saturday evening, 21st December, at 12 P. M., after a passage of 14 days 12 hours. The Baltic arrived at New York on the 1st January, 1850, after a passage of 18 days, from port to port; but she arrived at Provincetown, Massacusetts, on Sunday, to take in a supply of coal, and thus was detained more than three days. STEAMSHIPS BUILDING AT THE PORT OF NEW YORK. The first regular steamships built in New York were the Lion and the Eagle-launched in the year 1840, by Jacob Bell, for the Spanish Government. They are now attached to the Spanish navy, and are known as Congress and Regent. The next was the Kamschatka, built by William H. Brown, in 1841, and sold to the Russian Government; but the Washington, of the New York and Bremen line, launched by Westervelt & Mackay, in January of the year 1847, was the first vessel owned in the United States in connection with a regular line of ocean steamers. The steamships United States and Hermann followed in 1848. The former was soon after sold to the Germanic Confederation. These three vessels were the pioneers of American adventure in this important branch of national industry. STATISTICS OF LITTLE MIAMI RAILROAD, OHIO. This road, which was first opened in 1841, extends from Cincinnati to Springfield, a distance of eighty-four miles. The capital stock of the company is divided into 20,000 shares, at a par value of $50 per share. The original cost of the road was $1,262,000.* The following table, compiled from Dinsmore's American Railroad Guide, exhibits the principal places through which it passes, with the distances and rates of fare: The Cincinnati Times, in an article upon the condition of the Little Miami Railroad, gives a comparative statement of the business of the Road for the years ending December 1st, 1847, 1848, 1849, and 1850, as follows: The subjoined statement of the principal articles of freight transported during the year ending December 1st, 1850, together with a comparison with the three preceding years, presents the usefulness of the road in a favorable light: The Little Miami Railroad cost $25,847 per mile—the cost of running the road in 1850 was 63.77 cents per mile. The cost of the road and equipments, to 1850, amounted to $2,160,497. The Columbus and Xenia Railroad diverges from this point to Columbus, a distance of 54 miles. Connects at this point with the Mad River and Lake Erie Railroad, a distance of 66 miles, from Springfield to Patterson. JOURNAL OF BANKING, CURRENCY, AND FINANCE. THE FREE BANKS OF THE STATE OF NEW YORK. In another article in the present number of the Merchants' Magazine, we have condensed, from the statement of the Controller, the leading features of the incorporated Banks of the State. The following summary view, relates to the Free Banks, or banking associations and individual bankers organized under the General Banking Law. The number organized under the law is as follows, viz :—Banking Associations, 71; Individual Bankers, 65. The whole amount of circulating notes issued to said associations and individual bankers, outstanding on the 1st day of December, 1850, was $14,203,115. For the redemption of which, securities are deposited and held in trust by the Controller, amounting in the aggregate to the sum of $14,823,087 46, viz: Alabama State stock, per cent Cash deposits for stocks matured and bonds and mortgages paid.. Total amount of securities held December 1, 1849.. Increase of securities from Dec. 1, 1849, to Dec. 1, 1850.. Total amount of circulation, December 1, 1850.......... 375,000 00 6,650 00 34,000 00 212,106 88 $14,823,087 56 $11,916,806 39 $2,906,281 17 $14,203,115 00 11,180,675 00 Total increase of circulation from Dec. 1, 1849, to Dec. 1, 1850 ...... $3,022,440 00 The following new securities were deposited during the year ending December 1, 1850, viz: Bonds and mortgages... New York State stocks United States stocks. Illinois State stock, interest bonds on stocks heretofore deposited.. Total securities deposited during the year... $821,341 11 1,188,009 47 1,835,975 34 3,021 16 62,773 55 $3,911,120 63 The following securities were withdrawn during the year ending December 1, The entire number of notes numbered, countersigned, and issued, (including exchanges for mutilated bills,) by the Free Banking Department, during the year ending December 1, 1850, was 1,754,812, amounting to the sum of $5,204,254. Twenty-three banking associations and individual bankers have commenced business under the General Banking Law during the year, viz: Banking Associations.-Bank of Auburn, City Bank, Oswego, City Bank of Brook lyn, Bank of Fishkill, Hollister Bank of Buffalo, Marine Bank, Buffalo, Mercantile Bank, New York, Ocean Bank, New York, Pacific Bank, New York, Syracuse City Bank, Bank of Utica. Individual Banks.-Adam's Bank, Adams, Citizens' Bank, Watertown, Eagle Bank, Brighton, Farmers' Bank, Hamilton County, Frontier Bank, Watertown, Freemen's Bank, Washington County, Hamilton Exchange Bank, Hamilton, H. T. Miner's Bank, of Utica, Phoenix Bank, Bainbridge, Sullivan County Bank, Monticello, Western Bank, Washing ton County, Western Bank of Lockport. The associations have deposited the following securities, viz: Four individual bankers have given notice of their intention to close their business, and have returned a portion of their circulation, viz:-Henry Keep's Bank, Watertown, Village Bank, Randolph, Cortland County Bank, Commercial Bank, Lockport. In reporting upon the Banking System of the State, the Controller says: "The currency of the State is in a sound and prosperous condition. Not a single bank failure has occurred during the past year. The business of banking under the General Banking Law is rapidly increasing, by the creation of new banks and the deposit of additional securities, as a basis for circulation, by existing institutions. The prínciples embodied in the General Banking Law, as modified by subsequent legislation, have received the sanction of public approval, and may now be regarded as the basis upon which our banking system is permanently established. "The charters of the Safety Fund Banks are gradually expiring, and there is reason to conclude that, as their present privileges terminate, the most of them will re-organize, and continue their operations under the General Banking System, in the manner authorized by the act of 1849. In making this transition from the old to the new system, they will be required to deposit specific securities with the Controller for the entire amount of their circulation." INCORPORATED BANKS IN THE STATE OF NEW YORK. It appears from the annual report of the New York State Controller, made to the Legislature, January 7th, 1851, that the present number of chartered banks, (the banks existing previous to the adoption of the Free Bank System under a general banking law of the State,) in the State is 73, and one branch; the aggregate amount of their capital is $27,664,860; the amount of circulation to which they are entitled by law, is $22,161,370; of which they have in actual circulation and on hand, $20,669,178.* • Two banks are included in this statement, whose charters expired January 1, 1851, viz.: the New York State Bank, with a capital of $369,600, and the Bank of Newburg, with a capital of $140,000both in admirable condition, and have re-organized under the General Banking Law. 25 1 VOL. XXIV. NO. III. The Controller gives a table of the seventy-three incorporated banks and one branch, doing business, which shows their location, date of incorporation, or renewal of charter, amount of capital authorized to be invested, amount of notes authorized to have in circulation, when charters will expire, the names of their agents, &c., &c., on the 15th of December, 1850. From this table we have compiled the following summary view of the incorporated banks: COINAGE OF GOLD AND SILVER IN THE MINTS OF MEXICO. The production of these two precious metals in the Mexican Republic has arrived to a state of prosperity unknown in former epochs, and this prosperity would be yet more considerable if the high price of quicksilver were not an obstacle to the extraction of the silver from the interior ores taken from the mines. According to the report presented to Congress by the Minister of Finance in February of the last year, it appears, that in the eighteen months from the 1st of January, 1848, to the 30th June, 1849, the total amount of gold and silver coined in the mints, without including that of Hermosillo, in which none was coined during that period, was as follows: The charters expire on or near the 1st of January, June, and July, in the years designated in the column. The most of them expire on the 1st of January. Two incorporations, the Manhattan Company, New York, and the New York Dry Dock Company have no limitation of charter. |