Am't of bonds outstanding

in 1854.

Planters' Bank Bonds-Scheme for their Liquidation.

Annual int. Total am't of Annual ap-
thereafter. int, up to 1854. propriation

607

Calculation of the Planters' Bank Bonds, continued. improved prices. California and Australia have both required large supplies from 1854. Years, of coin, and these have been drawn $1,912,000....$114,720..$1,200,240..$250,000..1857 from England and the United States. 1,912,000.... 114,720.. 1,064,960.. 250,000..1858 The demand for silver was naturally 1,912,000.. 114,720.. 929,680.. 250,000..1859 1,912,000... 114,720.. 794,400. 250,000..1860 more urgent than for gold, because being 1,912,000. 114,720.. 659,120.. 250,000..1861 of lower denominations it enters more 1,912,000... 114,720.. 1,912,000... 114,720.. 1,912,000... 114,720.. 1,912,000... 114,720.. 1,895,000.. 113,700..

388,560.. 250,000..1863

250,280..1866

250,200..1869

250,280..1873

523,840.. 250,000..1862 into practical currency than the dearer
253,280 250,000..1864 metals. Hence, gold dollars and quar-
118,000.. 250,000..1865 ter eagles have aided much in the ab-
250,580.1867 sence of silver. To impose a seignorage
250,040..1868 upon the coinage of these pieces is to en-
hance the demand for silver. This de-
250,540..1870
250,600 1871 mand the government has now begun to
250,980..1872 supply, and so by out-bidding every body
250,220.1874 else for the raw material. Thus, Mexi-
250,460..1875 car dollars have been worth 4 to 414 per
104,940..1876 ct. premium. The mint offers 5 per cent.
For other coin that was worth 3 to 3%
premium, the government offers 4 per
cent., paying either in gold or new sil-
ver coin, at the option of the holder.
The operation is thus, for 480 grs., or one
ounce, of standard silver, the govern-
ment gives $1.21, or for 100 ounces,
$121, and pays in depreciated silver coin,
as follows:

THE NEW COINAGE LAW OF UNITED STATES. In our last number we gave the official notice of the purchase of silver by the department, for the manufacture of the new silver coin for circulation. The notice indicated that those South American and Mexican coins which approached nearest to the United States standard, together with the thalers of Northern Germany, the mint will buy at $1.21 per ounce.

The leading provisions of the coinage bill are, first: the weight of the coin is to be reduced from 20614 grains per half dollar to 192 grains-that is to say, 7 per cent.

The government alone deposits silver for coinage.

Not over $5 in silver to be a legal

tender.

Depositors of gold may have it cast into ingots of standard fineness, of weights from one to five ounces, without extra charge. If coined, half per cent. seignorage is charged.

With the establishment of an assay office in New-York, where these ingots may be assayed and cast, at one quarter per cent, less than coin, in addition to the saving of the expense and delay of sending to Philadelphia, a considerable margin will be established in favor of exporting ingots rather than coin, amounting to a premium upon exporting the gold rather than using it as a currency. The effect of this is to increase the demand for silver. It is obvious that the great demand for circulation which every where exists, arises from the large production of goods and merchandise, the activity of trade and

* From United States Economist.

This is an odd way of paying a premium-viz., taking a quantity of silver and giving back a less quantity; but the holder of the silver can do better.

There is no doubt but that the new coin

on their first appearance will command a premium, as gold dollars and three cent pieces did for a short time.

If, however, the government should pay in gold, the depositor will, indeed, have an advantage of the one-half per cent. coinage over the person who deposits gold to be coined. It is also the case that the mint will now pay out to depositors of gold, the silver which belongs to them. The silver in these deposits averages about four-fifths of one per cent., and the whole amount was returned in gold, the mint reserving the silver bullion to itself. The rule established at the mint was, that depositors of mixed bullion should receive the return in the description which constitutes its principal value. There would be no hardship in this, if the market value of gold and silver coin agreed with the legal value as recognized by the mint. But this is not the case. For insta a certain bank in Wall-street

every two weeks in the mint about bank-notes have, by supplanting it in

$400,000 in bullion; from this there is
parted $3,500 in silver, and the balance
is gold. The bank is then paid in gold
coin, the mint reserving the silver, al-
though it charges the bank the whole
cost of parting it. The bank had then
to take the gold coin and purchase silver
coin for its own use at the counter, at a
premium of 3 to 4 per cent.
This in-
volved a loss to the bank of, say $122.50
on every deposit. This is now changed,
and the mint will pay out the silver to
the rightful owner.

circulation, aided to drive it out. The
import and export of the metals from
1821 to 1852, inclusive, have been as
follows:

IMPORT AND EXPORT OF PRECIOUS METALS IN
U. S. FROM 1821 TO 1852, INCLUSIVE.

Import.
Export. Excom import
$533,591. $6,379,488
Gold bullion. $6,913,079..
Gold coin.... 92,281,169.. 41,351,692. 51,929,477
Total gold.....$99,194,248.. $41,885,283. $58,298,965
Silver bullion. 11,024,401 1,170,796.

9,853,605 Silver coin.... 163,188,117..140,607,617. 22,580,300 Total silver.. $174,212,518. $141,778,413. $32,434,105

The demand which has existed for silver currency has been more marked in those countries where silver is the exclusive standard, than here, where issues of small gold coins and small years-as follows:

1821 to 1842.

$140,529,748.
104,395,582.

The excess of silver imports for the whole term does not apply to the last few

Import.

Export.

Excess import...

Excess export.

$35,134,166.

$5,484,913.

Hence, since the discovery of gold, the calling in of the gold currency of the current of silver has been outward Holland, and substituting silver. The in the extent of over $8,000,000, because American eagles figured next in importthe increased demand for circulation ance; but, henceforth, probably ingots" abroad has not, as in the United States, will embrace American gold. The been met by a supply of small notes and comparative coinage of France, England, gold pieces. We are now to export gold and the United States, for 1851, was as ingots, in place of those eagles which, follows: to a very considerable extent, returned into the country in the pockets of immi- G. Britain... 21,121,972 France

Gold.

Silver.

Total

$48,276,650..$11,449,980..$59,726,530 424,766 21,556,738

Total...$123,013,114.. $12,649,143..$144,672,158

grants, from whom a demand exists for U. States.... 62,614,492 774,397 63,388,889 them in the European ports. The ingots will probably return, if they return at all only in the shape of foreign coin. Thus the gold coinage of France for 1851, was from the following material:

The coinage in England was doubled in 1852, with a simultaneous great decrease of coin in bank; and this fact has led to the question of the expediency of imposing a seignorage upon coinage, with the view of preventing the Eng 57,249,908 65 lish mint from manufacturing coin for all the world. This seems to be a short

COINAGE AT THE FRENCH MINT, PARIS, 1851.

Franes.

241,382,772 22

Value of the gold coinage.
Value of the silver coinage.
Total of the silver coinage...
Details of the Gold Coinage.

Dutch florins.
American eagles

Russian imperials...

English sovereigns...

Prussian thalers

Ingots and sundry coins.

.298,632,680 87 sighted notion. If the coins of any country are exported to such an extent 74,865,304 67 as to enter into the currencies of other na37,819,312 98 30,406,320 26 tions with which it deals, it follows that, 8,283,372 85 with the turn in exchanges, the remit1,651,961 32 tances to it will be made in its own coin 88,356,500 14 -a most desirable form. The want of a 241,382,772 22 mint in the United States for many years operated in favor of England. When 10,135,873 52 exchanges were in favor of the United 43,115,238 37 States, English sovereigns came here and remained in bank vaults until the exchanges carried them back, in many The Dutch florins were furnished by cases without even having been opened.

Import and Export of Silver-Statistics of Cotton Trade. 609

SILVER COIN. The scarcity of silver coin in England has been brought to the notice of the Chancellor of the Exchequer by a Parliamentary inquiry. He stated in reply that the demand for gold was so pressing that there was no chance of their being able to apply the mint to silver coinage. Half a million sovereigns per week were now being turned out; that was to say, about twice as much as was supposed to be the regular work of the mint, and means were being taken to increase that supply in order to meet the demand for sovereigns, of the diminution of which there was no immediate prospect. With respect to silver, something he hoped had been done to mitigate that demand. During January £92,000 of silver coinage was struck, which was a very considerable amount, and the Government was not given to suppose that the want was now extreme; but at all events more would be done to meet that want as soon as the demand for gold would allow.

The London Economist of March 5th, contained an interesting article on the operation of the British mint, from which we glean the following pertinent facts and figures. Since 1848, the aggregate coinage of the mint has been £19,838,375, of which £19,264,473 was gold, £561,594 was silver, and £12,308 copper. The disparity of silver coinage is apparent at a glance.

The coinage of gold each year was as follows:

1848.

1849.

1850.

1851.

1852.

1,491,836

coined in the five years, no less than £13,142,681 was coined in the two last years. The transactions of the mint have assumed a new and novel character since the recent gold discoveries. Its operations are no longer limited to the supply of the home demand for circulation. In about two years a sum equal to nearly £15,000,000 has been exported in the shape of English coin. No doubt a considerable portion, probably not less than one-half, of the whole of this large amount, fully equal to the other half, has been exported to various foreign countries, where English sovereigns have acquired a certain value as a circulating medium, and where, therefore, they have a somewhat higher price than bar gold. In view of this state of things, the Economist thinks the character and functions of the mint will be entirely changed; and in such a way as will render it imperative that the principles upon which its expenses are defrayed should be reconsidered. If the mint is to become a great manufactory of coins for various foreign countries, as it has been during the last two years, it will soon become obvious that there is no good reason why the people of England should continue to defray the cost of that establishment. It will become a matter of serious consideration whether that cost should not be defrayed by a charge on the coin equivalent at least to its amount.

STATISTICS OF THE COTTON TRADE.£2,451,999 We are indebted to H. C. Beach and Co., 2,177.955 Commission Merchants, of New-York, for 4,400,411 some very valuable statistical charts 8,742,270 relating to the fluctuations in prices of The silver coinage has amounted to raw material and manufactured goods £561,594 in the five years, in the follow- during the last and previous years. The ing proportion in each year:charts are on the plan of those now being applied to life statistics, etc., and give, through the eye, a ready aid to the un129,096 derstanding. We copy the following 87,868 tables, which will be of great use to planters and merchants.

1848.

1849

1850

1851

1852..

£35,442
119,592

189,596

The large amount of silver coinage during the last year, compared with any former year, at least shows that the great inconvenience which has been experienced from a scarcity of silver coin has not arisen from any decline in the work of the mint, notwithstanding the great additional work which it has been called upon to perform in furnishing gold coin.

Of the entire £19,264,437 of gold

Fair Upland Cotton.-Average price in New-York for 1847, 11.67 cents; 1848, 7.14 cents; 1849, 8.97 cents; 1850, 13.65 cents; 1851, 11.94 cents; 1852, 10.17 cents. Average price for the above six years, 10.44.

Heavy Brown Sheetings.-Average price in New-York for 1847, 8.00 cents; 1848, 6.84 cents; 1849, 6.68 cents: 1859, 7.81 cents; 1851, 7.11 cents; 1852, 7.05, cents. Average for above 6 years, 7.25

BANKS. Mechanics'.

Merchants'.

Massachusetts Rail-Roads-Manufacturing Stocks, Etc.

611

Div. years has declared a dividend of six per

Par.

-Jan. 1st.--
1852. 1853.
.100....103....112.... 8
..100....108....113...

8

..100....108....114.

8

.100....100..

.106.. 7

.100....100.

8

..100....105.

8

109. ..111.

Shoe and L. Dealer's....100....110....113..

State..

Suffolk.

Traders'.

Tremont.
Union..

Washington.

8

60.... 62 64.... 6%
.100....136....133. 7%

.100.... 99....107.
100....107....113.
.100....108....113..

..10

8

8

..100....100....105 6% There has been a very general rise in all descriptions of these stocks, and in manufacturing investments the advance seems to be higher than the actual dividends warrant, but probably there has been an improvement in the value of the stocks, through rise in property, on the books of the companies.

cent.

The Wilmington and Manchester Road will cost $1,800,000, capital invested by Wilmington $500,000. It is in course of rapid construction, and when completed will largely add to the trade and prosperity of this place.

Our citizens have likewise invested $138,000 in the capital stock of the North Carolina Rail-road, which is being pressed forward to completion, and which it is expected will likewise contribute to the growing trade and importance of this town, by emptying into its limits a portion of the resources of our western counties.

The Deep River Improvement has a capital of $320,000 dollars, of which $30,000 are owned by citizens of our The Legislature has recently town. appropriated $80,000 for the relief of this enterprise, and its early and thorough completion is looked forward to with anxiety. Should this improvement 32,336,889 meet the confident anticipations of its 3,409,016 friends, a new impulse will be added to

HOME AND FOREIGN COMMERCE OF WILMINGTON, N. C., FOR 1852, (JANUARY TO DECEMBER INCLUSIVE)-The facts and statistics included were collected by a retired merchant of Wilmington. Lumber, feet.

Timber, feet.

EXPORTS.

Spirits turpentine, bbls..

Turpentine,

Rosin,

Tar,

Pitch,

Peanuts, bushels..

Cotton goods, bales.

Value of coastwise exports.

66 of foreign Total..

96,843

19,659

96,667 our commercial operations. It is ex339,200 pected that the vast deposits of our coal 7,806 regions, ascertained to be inexhaustible 93,255 and of all qualities, will, by means of 4.136 the navigation of the Cape Fear and Deep rivers, find an outlet here, thus opening a new source of wealth, the future results of which cannot lightly be estimated.

$3,991,561 83

549.107 74 -$4,540,669 57 The following additional information is appended.

There are 23 stationary engines, amount of power not ascertained.

We have 7 steam saw mills, and 2 planing mills, capital invested about $275,000. These saw in a year over 30 millions feet of lumber, and dress about 4 millions do.

There are 10 distilleries working about 25 stills, capital invested probably $100,000. These use in the course of a year about 150,000 bbls. turpentine.

The banking capital employed here is $1,150,000. The Commercial has sought an increase of capital, and a charter for a new bank is asked of the Legislature. One or the other of these objects should be attained.

There is a plank road in course of construction from this town eastwardly towards Onslow.

There are 9 steam and 20 tow-boats plying between Fayetteville and Wilmington, absorbing a capital of $110,000. Two new steamers have been contracted for at a cost of $32,000, one of which (a passenger boat) has recently arrived. There are, in addition to these, 4 steamers carrying the U. S. mail daily to and from Charleston and this place, 2 steamboats of light capacity, 2 towboats for carrying vessels to sea, and 1 additional, nearly completed, making on the river in all 19 steamboats.

There are three rice mills, one extensive, steam, and 2 propelled by water. We have 2 marine railways of ample power.

The Wilmington and Raleigh Railroad cost over $2,500,000. The capital invested by the people of this town is about $500,000. It is in excellent condition, equal to any road in the country, the great highway for the travel, north and south, and for the last two in the world.

The average rice crop, yearly, is about 180.000 bushels, worth 80 cents per bushel. The rice is said to be the best