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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.

13. The mode proposed of effecting the change would disturb the currency immense ly. 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 They would be withdrawn from circulation much more rapidly than now.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 Cal. ifornia 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 21 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, 1868, 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 } per cent to continue till abolished by law.

20. The ratio between gold and silver would then be very nearly 15.5 to 1. The pure gold in an eagle would be 239.4 grains. The silver in ten dollars is 3712.6. The ratio is 15.5075, 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.

Date.

-NEW YORK

-LONDON.

Silver United Spanish &

Five- New bars, Mexican States Mexican franc dol's. stan'd. dollars. half-dollars. quarters. pieces. d. d. 14 a 2 at à dis. 95 a 95} 583 694 41 a 44 37 a 31 1 a 2 prem. 967 a 964 595 61$ 4 a 41 8 a 31 1 a 2 97 a 974 696 616 44 a 43 31 a 3 la 2 97 a 97$ 694 613 4 a 41 34 a 37 1 a 1 97 a 977 598 615 44 a 47 24 a 3

973 & 973 59 61 47 a 41 21 a 24 1 a 1 97 a 971 592 603 31 a 4 2 a 21 la 1 97 a 97} 697 604 31 a 4 2 a 21 la 1 96 a 97 597 603 31 a 4 2 a 27 la 1 96 & 97 59 608 37 a 3 11 a 2 1 a 1 951 a 96 685 603 a 37 11 a 14 1 a 1 951 a 96

584 608 3 a 34 18 a 2 1 a 11 967 a 961 59$ 60% 41 a 41 21 a 24 1 a 24 961 a 97 697 601 37 a 2 a 27 1 a 2 96 a 961 581 604

1850—January
1851-January.

February.
March.
April
May
June...
July
August.
September...
October...
November

December... 1852-January

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 expense 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 $150. 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, 1851. 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, 1851. 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. Mer. Mag.

TABULAR STATEMENT OF THE CONDITION OF THE VARIOUS BANKS OF PENNSYLVANIA, NOVEMBER, 1862.

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Resources of the Banks.
Bank of Pennsylvania
Philadelphia Bank
Bank of North America ..
Commercial Bank of Pennsylvania.
Farmers' and 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

Bills
discounted
$2,925,521
2,141,788
1,002,905
1,648,705
2,528,089
1,462,256

707,104

600,261
1,653,058
1,132,276

840,515
152,994
661,415
641,134
323,393
366,929
300,460
555,117
170,651
145,795
753,286
444,349
207,303
649,154
156,624
618,217
913,211
452,729

Specie
and Treasury Due by
notes.

Banks.
$640,332 $282,895
413,341 70,498
517,526 138,932
213,239 67,207
426,882 125,621
449,384 1,116,771
256,678 11,852
335,732 19,458
412,949 72,657
205,983 104,319
174,350 76,497
265,187 48,157
169,056 45,466
101,972 12,702
161,718 5,911
36,214 19,991
59,750 26,817
104,350 72,604
13,777 10,885
33,916 17,531
93,226 11,738
30,483 130,586
15,716 58,658
72,900 7,625
45,912 8,569
68,967 26,672
107,726 26,840
75,284

4,433

Notos and Real estate Bonds, mortgages,

checks of & personal and other
other Banks property. securities. Stocks.
$196,352 $90,624 $121,642 $20,150
272,492 66,500 2,000 25,360
272,209 45,932 628,508 71,325
153,748 55,647 1,500 108,556
511,465 66,519 13,053 151,785

511,471
1,249 15,000

20,250
11,000

43,565 14,620 23,867
161,624 25,000 15,960

958
198,799 15,213

212,914
20,002 5,800 6,247

26,852 1,583 7,909
50,351 11,764

85,064
17,857 10,366 1,048

86,481 7,745 8,520
2,509 4,000 63,145
9,933 28,250 42,936 27,380
9,494 8,061

7,605
8,148

300

762
26,255 6,786 50,609 23,675
23,222 52,643 55,629 18,285
10,690

713
3,133 9,433 84,506 2,830
6,300

8,031
18,727 34,174 1,269 123,210
42,956 13,140 29,155 67,510
22,828 8,503 25,088

Total
resources.
$4,292,803
3,482,048
3,686,945
2,338,144
4,193,307
3,539,883
1,116,639

974,003
2,256,594
1,654,637
1,532,989
1,135,917

948,936
977,587
521,481
500,316
459,039
852,031
240,074

211,401
1,100,826

778,920
292,972
855,591
225,437
896,289
1,262,663
588,374

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.

Total..

286,722 26,043 37,442 9,693 12,680

223,575 610,420 230,100 15,185 9,395 5,511

260,901 163,980 56,541 11,232 11,322

9,425

77,937 18,837 352,586
319,316 34,661 30,918 13,882 9,800 91,972 29,321 566,876
459,771 70,563 190,188 48,226 37,469 72,569 - 91,719 1,005,975
371,531 132,219 7,218 15,510 5,534 6,500 14,209 555,869
317,314 26,314 6,884 6,672 8,991 19,337 7,903 431,196
166,431 10,471 10,177 1,649 2,229

10,000 221,216
121,417 32,278 64,677
61,595 9,215 55,000

1,200 349,771
190,154 52,753 7,840 13,255 9,374 80,880 2,500 377,225
1,701,973 157,182 182,204 67,562 30,000 3,089

500 2,244,151
966,359 91,512 157,983 25,365 55,548 14,583

1,440,974
998,157 107,682 122,505 14,662 33,257 129,954 10,393 1,416,612
281,452 92,567 56,697 5,880 4,132 6,496 10,000 460,705
243,059 24,419 118,768 27,946 3,251 6,392

424,039
239,602 57,531 48,510 16,515 3,406 11,574

380,204
475,987 24,787 22,909

6,000

528,695
268,598 21,582 173

283,730
231,821 14,697

18,265 2,646 11,281 280,806
87,029 3,166

91,774
659,576 61,471 25,566 17,202 6,000 90,588

57,459 917,863
119,601 6,023 2,127 66,914 4,500

188,532
637,347 19,646 44,772 7,415 6,686 38,070 3,600 691,445
335,774 21,691 14,728 1,065

7,524 300 385,814
18,150 1,199

19,995
No return.
170,929 20,978 13,620 8,300

215,639
$36,706,793 $6,685,729 $3,808,438 $2,436,147 $998,970 $2,399,936 $1,501,965 $65,618,886

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

Liabilities of the Banks.

Dividends
unpaid.
$9,389
4,716

Discounts,
Contingent interest &
fund.

exchange.

$92,493
$292,965 87,548

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

1,596

27,725
40,027 27,652
200,000 57,113
87,033 50,189

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

23,406
22,669

Capital

stock.
$1,875,000
1,150,000
1,000,000
1,000,000
1,250,000
1,250,000
250,000
250,000
800,000
418,600
380,000
225,000
300,000
250,000
150,000
152,000
156,640
225,000
92,220
60,000
400,000
199,930
100,000
886,866

80,320
800,360
408,900
176,188

Due other
Circulation. Banks.
$545,309 $492,178
486,321 298,403
359,394 599,759
188,329 839,165
535,438 506,794
509,630 628,802
174,105 101,507
178,240 22,149
284,266 207,516
194,230 129,509
209,809 94,698
213,466 80,620
183,210 34,700
176,090 36,348
112,795 42,622
105,699 9,321
100,276 2,034
307,158
72,569 7,535
79,140 1,962
873,010 91,789
840,380 45,814
135,780 3,433
196,649 24,328

98,960 2,900
403,596 83,462
487,007 88,056
286,706 47,783

Due
depositors.
$1,037,850
1,140,928
1,383,990

723,189
1,664,951

623,530
616,311
451,194
606,939
770,450
709,766
502,741
329,460
440,192
187,064
190,506
170,165
277,723
39,946
69,027
122,987
144,260

30,157
173,291

34,862
104,807
208,916
82,694

3,142
8,228
38,355

895

42
3,024

857
20,525

601

871
12,821
4,562
8,345

637
9,742

836
2,982
29,202
1,032

62,779
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
3,539,883
1,116,639

974,003
2,256,594
1,654,637
1,532,989
1,135,917

948,936
977,587
621,481
600,316
459,039
852,031
240,074

211,401
1,100,826
778,920
292,972
865,691
226,487
896,289
1,262,663
688,874

[blocks in formation]

8,181

21,396

[blocks in formation]

7,569
60,000
29,775
13,516
53,638

2,684
83,986

17,061
4,583
1,058
1,314
10,694

259

42
18,388
33,948

89

12,401

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