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the silver, always depreciating, we will at last, in the course of time, make the dollar much less in value than it now is, and thus imitate the dishonesty of those European sovereigns, who at various times have defrauded their subjects by the adulteration of the coin, and covered their names with indelible disgrace.

18. The mode proposed of effecting the change would disturb the currency immensely. The new dollar, though much lighter than the present one, would be a legal tender. The old silver coins, instead of their present premium of 2 or 3 per cent, would be worth 7 per cent more than the new. They would be withdrawn from circulation much more rapidly than now. The mint, already overworked with the coinage of California gold, could not, for a long time, supply the vacancy in the circulation. The distribution of the new coin into the channels of trade being always a slow process, involving the outlay of capital by the merchant, would require time, trouble, and expense ; small change would thus be scarcer than ever.

14. The banks would stop immediately paying their demands in silver ; they would redeem their bills in gold, and use their silver to buy up the new dollars as they would issue from the mint. The old coin being worth 7 per cent more than the new, would not circulate as a currency, and a bank whose specie should be mainly in silver, would make large gains by its sale as bullion,

15. An alteration in the gold coin would produce less disturbance. Most of it is held by the banks, and it could be exchanged more readily by them, because in large quantities. Its place can be supplied temporarily by paper, because, being of larger denominations, this exchange would be less objectionable than the substitution of paper for silver.

16. The nominal loss caused by the recoinage of the gold could be made up by a charge of one-half of 1 per cent at the mint for the coinage of bullion. This charge is proposed by Mr. Hunter to pay the expenses of the mint. It is a proper charge, because the government is under no more obligations to prepare the raw gold of the mines for the market by assaying it and stamping it, than it is to prepare the iron, or the zinc, or the copper, by smelting and purifying it.

17. A charge of one-half of 1 per cent for coinage would, in the course of five or six years, repay all the expense of increasing the weight of the gold pieces now in circulation. The gold in the currency is not over forty or fifty millions. An increase of 24 or 3 per cent in its weight would be fully met in the course of five or six years by : per cent on the coinage of fifty millions per year of native gold. No loss would thus fall on the Treasury.

18. This change would involve but little if any loss to the gold digger, because the grains of gold he may have would be fully as valuable in the markets of the world as before, and would buy just as much silk, cotton, coffee and tea, and other articles of consumption, as before.

19. Let Congress, then, direct the mint to issue no more gold eagles of 258 grains, but to increase their weight to 266 grains of the present fineness. Let them charge

per cent for the coinage of bullion, and use this fund to increase the weight of the gold eagles that may be received into the Treasury. After the 1st of January, 1855, or sooner, when probably more than one-half of the gold pieces now in the country would either be recoined or exported, let the present coins of 258 grains be no longer a legal tender, except in sums of less than one hundred, and except to the government, allowing, however, government the privilege of paying them out to all persons when the amount to be paid should exceed one hundred dollars. After the 1st of January, 1858, the old pieces no longer to be a tender except to the government, and that by weight and not by count, 258 grains to the ten dollars. The charge of 1 per cent to continue till abolished by law.

20. The ratio between gold and silver would then be very nearly 16.5 to 1. The pure gold in an eagle would be 239.4 grains. The silver in ten dollars is 3712.5. The ratio is 15.5076, almost identical with the ratio in France and Holland.

21. This change would seem to be preferable to the one proposed by Mr. Hunter, in its justice and good faith to creditors, in its preserving the usual standard of valve invariable; in its making no greater change than the bullion market indicates to be necessary; in its causing less disturbance in the currency; in its imposing less labor on the mint; in its repairing an error we made in 1834, and in its reducing our gold coin to the standard of France and Holland, rather than to the standard of England, where silver is used as a token, and not as a legal currency.

PRICE OF SILVER COINS IN NEW YORK AND LONDON IN 1851. TABLE SHOWING THE PRICE OF SILVER COINS IN NEW YORK AND LONDON, MONTHLY, DURING THE YEAR 1851, AND UP TO THIS TIME. NEW YORK,

-LONDON.

Silver
United Spanish &

Five- New bars,
Date.
Mexican States

Mexican franc dol's. stan'd.

dollars. half-dollars. quarters. pieces. d. d. 1850-January

14 a 2

å } dis. 95 a 95} 584 594 1851-January..

Ha 4 87 a 34 1 a 2 prem. 967 a 964 694 616 February..

4 a 4+ 8 a 31 1 a 2 97 a 974 894 614 March...

44 a 45 31 a 34 1 a 2 97 a 97} 599 614 April...

4 a 4} 3} a la 1 97 a 977 596 613 May

44 a 4 24 a 3 4 a 2 973 a 977 69$ 61 June...

47 a 41 23 a 24 i al 97 a 97; 691 607 July

31 a 4 2 a 21 la 1 97 a 977 697 604 August....

31 a 4 2 a 27 la 1 96 a 97 597 60% September....

31 a 4 2 a 2 la 1 96 a 97 59 604 October....

37 a 311 a 1 a 1 951 a 96 685 601 November

3 a 37 11 a 14 1 a 1 951 a 96 684 60% December...

3 a 34 14 a 2 1 alt 967 a 964 693 60 1852—January 41 a 41 21 a 24 1 a 21 96} a 97

694 604 February..

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THE-THREE CENT COINS OF THE UNITED STATES. The Treasurer of the Mint gives notice that he is prepared to exchange three-cent pieces for gold, to all applicants therefore. He will also deliver the same, at the ex. pense of the Mint, to any parties requiring them, at a distance, and who may be conveniently accessible on the line of the expresses. The coins being in parcels of $30, $60, and $160. The applications should be for either of those sums, or multiple thereof; and payment in advance will be required in every case.

CONDITION OF THE BANKS OF PENNSYLVANIA, NOVEMBER, 1861. We are indebted to E. Banks, Esq., Auditor General of Pennsylvania, for an official copy of his report, transmitting returns of the Banks and Savings Institutions of that commonwealth, which show their respective conditions on their first discount days, in the months of February, May, August, and November, 1851. The returns of the Banks are made to the Auditor General, agreeably to law.

From this report we give a condensed summary of the leading features of the various Banks of Pennsylvania, in the month of November, 1861. We have omitted in the two following tables a few of the less important items, but they are embraced in the general summary which we have subjoined :-*

Cents are omitted for convenience- it does not, however, vary the adding up materially.-ED. Mar. Mao.

TABULAR STATEMENT OF THE CONDITION OF THE VARIOUS BANKS OF PENNSYLVANIA, NOVEMBER, 1852.

Total
discounted notes.

Banks. other Banks. property. securities. Stocks. resources.
Bank of Pennsylvania

$2,925,521 $640,332 $282,895 $196,352 $90,624 $121,642 $20,150 $4,292,803
Philadelphia Bank

2,141,788 413,341 70,498 272,492 66,500 2,000 25,360 3,482,048 Bank of North America.

1,002,905 517,526 138,932 272,209 45,932 628,508 71,325 3,686,945 Commercial Bank of Pennsylvania.

1,648,705 213,239 67,207 153,748 55,647 1,500 108,556 2,338,144
Farmers' and Mechanics' Bank of Philadelphia 2,528,089 426,882 125,621 511,465 66,519 13,053 151,786 4,193,307
Girard Bank
1,462,256 449,384 1,116,771

3,539,883
Southwark Bank..
707,104 256,678 11,852 1,249 15,000

20,250 1,116,639
Bank of Commerce...

974,003
Mechanics' Bank of Philadelphia..

43,565 14,620 23,867 2,256,594 Western Bank of Philadelphia. 1,132,276 205,983 104,319 161,624 25,000 15,960

958 1,654,637
Bank of the Northern Liberties
840,515 174,350 76,497 198,799 15,213

212,914 1,532,989
Bank of Penn Township

20,002 5,300 6,247 1,135,917
Manufacturers' & Mechanics' Bank of the N. L.. 661,415 169,056 45,466

26,852 1,583 7,909 948,936
Kensington Bank..
641,134 101,972 12,702 50,351 11,764

85,064 977,587
Tradesmens' Bank of Philadelphia.
323,393 161,718 5,911 17,857 10,366 1,048

521,481
Bank of Germantown..

36,481 7,745 3,520 500,316 Bank of Delaware County 300,460 59,750 26,817 2,509 4,000 63,145

459,039 Bank of Chester County.. 555,117 104,350 72,604 9,933 28,250 42,936

27,380 852,031
Farmers' Bank of Bucks County
170,651 13,777 10,885 9,494 8,061

7,605 240,074
Doylestown Bank of Bucks County..

762 211,401
Easton Bank..

753,286 93,226 11,738 26,255 6,786 50,609 23,675 1,100,826 Miners' Bank of Pottsville..

444,349 30,483 130,585 23,222 52,643 55,629 18,285 778,920 Farmers' Bank of Schuylkill County.

292,972 Bank of Montgomery County..

649,154 72,900 7,625 3,133 9,433 84,506 2,830 855,591 Lebanon Bank

225,437 Farmers' Bank of Reading

618,217 68,967 26,672 18,727 34,174 1,269 123,210 896,289 Lancaster Bank. 913,211 107,726 26,840 42,956 13,140 29,155

67,510 1,262,663 Lancaster County Bank. 452,729 75,284 4,483 22,328 8,503 25,088

588,374

Specie

Notes and Real estate Bonds, mortgages, Resources of the Banks. Bills and Treasury Due by checks of & personal and other

511,471

600,261 835,732 19,458

11,000

1,653,038 412,949 72,657

752,994 265,187 48,157

366,929 36,214 19,991

145,795 33,916 17,531

8,148 300

207,303 15,716 58,658

10,590 713

156,624 45,912 8,569 6,300

8,031

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Columbia Bank and Bridge Company..
York County Bank.
Bank of Gettysburg..
Bank of Chambersburg.
Harrisburg Bank.....
Bank of Middletown....
Bank of Northumberland.
Wyoming Bank of Wilkesbarre..
Honesdale Bank..
West Branch Bank..
Bank of Pittsburg.
Exchange Bank of Pittsburg.
Merchants' & Manufacturers' Bank of Pittsburg.
Monongahela Bank of Brownsville.
Farmers' and Drovers' Bank of Waynesburg.
Franklin Bank of Washington..
Dauphin Deposit Bank.
Farmers' Deposit Bank of Pittsburg
Lancaster Savings Institution.
Hanover Saving Fund Society
Farmers' Bank of Lancaster..
Carlisle Deposit Bank
York Bank
Bank of Danville.
Shrewsbury Savings Institution.
Somerset Savings Institution ..
Farmers' and Mechanics' Bank of Easton.

286,122
230,100
163,980
319,316
459,771
371,531
317,314
166,431
121,417

190,154
1,701,978

966,359
998,157
281,452
243,059
239,602
475,987
258,598
231,821

87,029
659,576
119,601
587,347
335,774

18,150
No return.

170,929

26,043
15,185
56,641
34,661
70,563
132,219
26,314
10,471
32,278
52,753
157,182

91,512
107,682
92,567
24,419
57,531
24,787
21,582
14,697

3,166
61,471

6,023
19,646
21,691
1,199

87,442

9,395
11,232
30,918
190,188

7,218
6,884
10,177
64,677

7,840
182,204
157,983
122,505

56,697
118,768
48,510
22,909

173

18,837
29,321
91,719
14,209

7,903
10,000
1,200
2,500

500

9,693
6,511
11,322
13,882
48,226
16,510
6,672
1,649
61,595
13,256
67,562
25,365
14,662

5,880
27,946
16,516

9,425
9,800
37,469
5,634
8,991
2,229
9,215
9,374
30,000
55,548
33,257
4,132
3,251
3,406
6,000

65,000
80,880

3,089
14,583
129,954

5,486
6,392
11,574

10,393
10,000

610,420
260,901
352,586
566,876
1,005,975

555,869
431,196
221,216
349,771

377,225
2,244,161
1,440,974
1,416,612
460,705
424,039
380,204
528,695
283,730
280,806

91,774
917,863
188,532
691,445
385,814
19,995

2,646

11,281

25,566

2,127
44,772
14,728

57,469

18,265
6,000
4,500
6,686

17,202
55,914
7,415
1,055

90,588
38,070
7,524

3,600

300

20,978

13,620

8,300

215,639

Total..

$35,706,793 $6,685,729 $3,808,438 $2,436,

$998,970 $2,399,936 $1,501,965 $55,618,886 TABULAR STATEMENT OF THE CONDITION OF THE VARIOUS BANKS OF PENNSYLVANIA, NOVEMBER, 1862.

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Discounts,
Contingent interest &
fund. exchange.

$92,493
$292,955 87,548

51,427
117,600 59,396
232,894

1,596

27,725
40,027 27,552
200,000 67,113
87,083

60,189

Liabilities of the Banks.
Bank of Pennsylvania.
Philadelphia Bank....
Bank of North America..
Commercial Bank of Pennsylvania..
Farmers' & Mechanics' Bank of Philadelphia.
Girard Bank.
Southwark Bank.
Bank of Commerce
Mechanics' Bank of Philadelphia
Western Bank of Philadelphia...
Bank of the Northern Liberties..
Bank of Penn Township.,
Manufacturers' & Mechanics' Bank of the N. L..
Kensington Bank.
Tradesmens' Bank of Philadelphia.
Bank of Germantown.
Bank of Delaware County.
Bank of Chester County.....
Farmers' Bank of Bucks County.
Doylestown Bank of Bucks County.
Easton Bank..
Miners' Bank of Pottsville.
Farmers' Bank of Schuylkill County.
Bank of Montgomery County
Lebanon Bank..
Farmers' Bank of Reading.
Lancaster Bank..
Lancaster County Bank

Capital

stock.
$1,876,000
1,150,000
1,000,000
1,000,000
1,250,000
1,250,000

250,000
250,000
800,000
418,600
880,000
225,000
300,000
250,000
150,000
152,000
155,640
225,000
92,220
60,000
400,000
199,930
100,000
886,866

80,820
800,360
403,900
176,138

Due other

Banks,
$492,178
298,403
599,759
339,165
506,794
628,802
101,507

22,149
207,516
129,509
94,698
80,620
84,700
35,348
42,622
9,321
2,034
8,181
7,585
1,962
91,789
46,814

3,433
24,328

2,900
83,462
88,055
47,733

Circulation.
$645,309
486,321
359,394
188,329
635,438
509,630
174,105
178,240
284,266
194,230
209,809
213,465
183,210
175,090
112,795
105,699
100,276
807,158
72,569
79,140
873,010
840,380
135,780
196,649

98,960
403,595
437,007
265,705

23,406
22,669

Due Dividends
depositors. unpaid.
$1,037,850 $9,389
1,140,928 4,716
1,383,990

723,189 3,142
1,664,951 8,228

623,530 38,355
516,311 895
451,194 42
606,939 3,024
770,450 857
709,766 20,625
502,741 601
829,460 871
440,192 12,821
187,064 4,562
190,506 8,345
170,165 637
277,723

9,742
89,946 336
59,027 2,982
122,937 29,202
144,260 1,082

80,157
178,291 17,061

34,852 4,553
104,307 1,058
208,916 1,314
82,594 10,694

52,779
40,920
55,509
23,000
24,118

Total
liabilities.
$4,292,803
3,482,048
3,686,945
2,338,144
4,193,307
8,639,883
1,116,639

974,003
2,256,594
1,654,637
1,532,989
1,135,917
948,936
977,687
521,481
600,316
459,039
853,031
240,074

211,401
1,100,826

778,920
292,972
855,591
225,437
896,289
1,262,663
688,874

[blocks in formation]

21,396

[blocks in formation]

7,569
60,000
29,776
13,516
63,538

2,534
83,986

[blocks in formation]

12,401

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