highest, of themselves were of little influence in stopping its rise. They served, however, to turn the current of speculation from operations for a rise to operations for a fall, which caused gold to become cheaper, and therefore to favor the interests of those who sent it out of the country, thereby producing ultimately a greater scarcity of the metals. It is obvious, that with the rise and fall of gold the value of all goods was changed in respect of the foreign trade. A fall in gold favored remittances, and stopped the exports of the regular produce of the country, because it lessened the ability of the shipper to sell his bills, and it was equivalent to a virtual rise in the price of imported goods. It nevertheless affected business, because buyers of goods claimed a reduction in the prices as the consequence of a lessened cost of importation. It also by its effect on the prices of stocks caused a large amount that had been held abroad to come home, and induced the realization of a considerable amount of debts due here to foreigners, who seized the moment of a favorable state of exchanges to get home what was due them. The decline in the price of gold then checked the exports of produce, induced capital to leave the country, and stocks

to come home, and promoted the export of specie, all of which caused a renewed rise in the price, which again reversed the movement of international trade. It has been seen in the table of prices above that commodities did not fall so much as gold, for the reason among others, that there was no depressive speculative action exerted upon them. The renewed rise in gold was simultaneous with a very active fall trade. The rise in bills induced active shipments of produce which enlarged the supply of bills. The same cause promoted an active speculation in exchange. The rapid rise induced numbers of operators to buy in order to benefit by the rise. But the large importers had also provided for their own wants by buying options of bills from banks, who covered their sales by purchases of commercial bills, or by the export of gold. The season was, on the whole, a very successful one with merchants, and closed with smaller stocks of goods on hand than in many former ones.

If there was little speculative action among merchants, there was a great deal among stock operators. The transactions under each general head for each month through the year are seen in the following table:

Under this law, small banks began to form in many of the States. The Secretary of the Treasury stated, in his annual report, 134 new banks in all the States, with a capital of $16,081,200, or an average of $120,000 each. The amount of capital paid in by 134 banks was $6,784,710, and the amount of stock lodged for notes ordered was about $3,675,275.

The following instructions were issued by the Comptroller of the Treasury for the guidance of those desiring to form National Banking Associations:

TREASURY DEpartment,

}

OFFICE OF COMPTROLLER OF THE CURRENCY, WASHINGTON, July, 7th, 1863. For the instruction and guidance of those who may desire to form Banking Associations under the act entitled "An act to provide a National Currency, secured by a pledge of United States Stocks, and to provide for the circulation and redemption thereof," approved February 25th, 1863, the following information is given :

1st. The corporate names of the associations will be National Banks, and they will be designated as the First, Second, Third, &c., &c., National Bank of the place in which they may be located. Even where there is but one in a particular town, and no prospect of another, it will still be designated as the First National Bank.

2d. On the preliminary or organization certificate a five cent stamp is required. The original Articles of Association must be stamped with a five cent stamp for each sheet of paper used, and the copies of the articles to be sent to this office must show that the originals have been legally stamped, and must be certified to as being true copies by some officer of the association. The certificate and oath required by the 10th section of the act must be stamped, each requiring a five cent stamp, one stamp to be attached to the certificate and the other to the oath.

3d. It is important that organization or preliminary certificates of association should be carefully prepared and executed; that the names of the stockholders should be written in full, and that there should be no erasures or interlineations therein. It will be borne in mind that these certificates are not subscription papers, and while the parties to them must sign them with their own hands, and acknowledge them in person, it is not necessary, nor exactly proper, for them

$128,701,000

$158,576,400

to enter their own names in their own hands, in the 4th article.

The right of a partner to seal and acknowledge for a co-partner is at least questionable. It is therefore important, if partners unite in the preliminary certificate for the organization of a National Bank, that they should sign, seal and acknowledge the same individually, and not as co-partners. It is also desirable that

the same rule should be observed in the Articles of Association.

4th. Before a certificate is given by the Comptroller, authorizing an association, organized under the act, to provisions of the 10th section of the act, the following commence the business of banking, according to the

requirements of the act must have been complied with: 1st. A copy of the Articles of Association must have been forwarded to the Comptroller, and also the statement of oath contemplated by the 9th section, and the oaths of Directors required by the 39th section. 2d. United States interest-bearing bonds to an amount equal to not less than one-third of the capital stock paid in, must have been transferred and delivered to the Treasurer of the United States.

5th. The United States bonds held by the National Banks, and that part of their capital invested in these bonds, are, it is understood, exempt from National and State taxation. For the amount of national tax to which they will be subject on their circulation, and on their profits, and for license, reference is made to the laws of Congress relating to the internal revenue.

The 19th section of the act, as far as the amount of taxation is regarded, is superseded by the 7th section of an act to provide ways and means for the support of the Government, approved March 3d, 1863.

6th. Circulating notes of the highest style of engraving, and printed on the best quality of paper, will be furnished to the National Banks at the expense of the Government, under the provisions of the act, at the earliest day practicable, and in the order in which the banks are organized. The notes will first be supplied to the first associations organized under the act; and inasmuch as serious doubts seem to be entertained in regard to the power of Congress to enlarge or increase the privileges of corporations created by the State authority, it may be deemed best to have these doubts removed by the opinion of the Attorney-General, or the decision of a competent court, before the national currency is furnished to existing State banks, under the 62d section of the act.

7th. The act provides that the preliminary certificate, with a copy of the Articles of Association which shall have been adopted, shall be forwarded to the

Comptroller, &c. This would seem to indicate that these instruments should bear date about the same time, and, as near as may be, be concurrent acts.

8th. Section 11 of the act seems to require that the Articles of Association should limit or fix the time for which the association is to continue.

9th. On the certificate of each bond (coupon or registered) to be deposited with the Treasurer, as the basis of the National Currency to be issued thereon, there must be written or printed (to be signed by the President or Cashier of the Association depositing the same) substantially the following words :

"This bond is deposited with the Treasurer of the United States by the (Here insert the No.) National Bank at (Here insert the name of the place) in trust for said bank, under the act of Congress entitled "An Act to provide a National Currency, secured by a pledge of United States Stocks, and to provide for the circulation and redemption thereof, approved February 25th, 1863." When registered bonds are deposited they must be issued to the Treasurer of the United States, in trust for the bank depositing the same.

It is desirable that no bond of a less denomination than one thousand dollars should be offered for deposit. A description of the bonds thus deposited will be entered upon the books of the Treasurer and on the books of the Comptroller, and the bonds will be kept in the fire-proof vaults of the Treasury. With these precautions on the part of the National Banks, and the proper officers of the Government, it is difficult to conceive of any contingency by which any loss or injury can result to the owners of bonds by reason of their having been deposited with the Treasurer. 10th. Except in special cases, which in the judgment of the Comptroller may render an actual examination necessary, the statement, under oath, of the President or Cashier, and a majority of the Directors of the respective National Banks, setting forth the place of residence of the Directors, and the amount of stock held and owned by each, the amount of capital actually paid in, and the fact that the requirements of the act have been fully and in good faith complied with, will be considered sufficient evidence to entitle the associations to commence the business of banking; and on the receipt of such statement, the Comptroller will give to the associations, respectively, the certificate contemplated by the 10th section of the act.

11th. Whenever a new Director or Directors are elected, the oath taken or subscribed by him or them, and duly certified, must be forwarded to the Comptroller, according to the requirements of section 39 of the act. 12th. Before circulating notes will be delivered to any bank organized under the National General Banking Law, the Comptroller must have satisfactory evidence, by the report of an examiner, or otherwise 1st. That the Bank is located in some city, town, or village which is easily accessible, and not in some out of the way, inaccessible place, selected for the purpose of making the return of its notes difficult or expensive. 2d. That the bank is supplied with a suitable banking room or banking rooms, unconnected with any other business, and also with a vault, or safe, for the safe keeping of its funds. 3d. That the bank has procured such books as may be required for the transaction of a regular banking business, one of said books to be a record or minute book, in which shall have been recorded its Articles of Association, copies of which shall have been forwarded to this Department, and in which the proceedings of the Board of Directors shall be entered and preserved. 4th. That the bank shall have adopted by-laws for the management of its business approved by the Comptroller. 5th. That the amount of its capital stock required to be paid in, has been so paid, and that the same remains in bank, in cash, or with some safe depositary, subject to sight check, or has been invested in United States bonds, or in some other satisfactory manner. 6th. That the bank has in its employment competent officers for the transaction of its business, that its Directors are men of fair standing, and that the bank has been organized to carry on legitimate banking.

The Comptroller will afford every aid and encouragement in his power to banks organized for the purpose of carrying into effect the spirit and intention of the law, but it will discountenance and prevent, as far as practicable, all attempts to pervert the law from its proper object, by establishing banks upon fictitious capital, which, by their inability to meet promptly their engagements, may at any time bring the system into disrepute.

NOTE-Under the late act of Congress, all communications addressed to the Department must be prepaid.

The rise in the prices of all commodities, and also of rent, accompanied by a drain of labor from nearly all pursuits, forced upon working people the necessity of higher wages, and at the same time presented the opportu nity of making the demand successfully. To give the rise in rents in large cities is rather difficult. In many parts of New York city a dense population has rapidly filled up places which a few years before were waste, or sparsely settled.

In other sections, on the east side for example, quarters which were formerly occupied as places of residence by Wealthy families, have been invaded by tenement houses, and the character of the neighborhood entirely changed, while other places, formerly occupied as residences, have become great business centres, and have experienced an enormous rise in their local rentage.

Where none of these or other causes have interfered to change the character of the section; where localities remain about the same, and have experienced only the effect of the steady increase of productive real estate, rents may be said to have advanced from twenty-five to fifty per cent. within the past fifteen years. In many instances, however, even in the more unchanged sections of the city, a higher percentage than this has been reached, and in some the rate of augmentation has not been so great. But these figures will cover, for the most part, the increase in the price of the middling class of houses.

In tenement houses, the price of rooms and floors hardly averages as much now as in the years preceding the war. Many former occupants have enlisted or been drafted, the tide of immigration, until quite recently, had somewhat lessened, and other causes have combined to prevent this class of houses from being crowded. At the commencement of the war, rents fell very low, and continued so during 1861. Many landlords did not profess to insist on stipulated rents, but took what they could get. This was especially the case in tenementhouses. But in 1862 rents began to rise again until tenement rates have now reached almost their old figure.

The rate of increase in wages from 1845 until 1863, is perhaps best exhibited in relation to carpenters, a class whose pay is generally the last to be increased, and the first to be lowered, on the occasion of any change in the condition of the affairs of the community. The wages of this body of laborers will be seen to have reached the price which they held at the beginning of this year, in 1851; and to have undergone no change except in 1854 and 1857, which