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CITY WEEKLY BANK RETURNS.

Loans. Jan. 8 128,538,642

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22 29

NEW YORK WEEKLY BANK RETURNS.

Deposits. 113,800,885

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clearings. deposits.

20,974,263

Specie. Circulation. 28,399,818 7,930,292 92,826,622 129,349,245 29,380,712 7,586,163 116,054,328 20,598,005 95,456,323 129,540,050 29,472,056 7,457,245 116,016,828 20,950,428 95,066,400 129,663,249 27,725,290 7,483,642 113,012,564 19,174,629 93,837,935 Feb. 5 130,442,176 25,991,441 7,950,855 114,678,173 22,712,917 91,965,256 12 129,106,318 25,419,088 7,872,441 109,907,424 20,560,606 89,346,818 19 127,476,495 26,344,955 7,766,858 108,937,564 19,911,207 89,026,357 26 125,866,083 26,470,171 7,736,982 109,000,892 19,785,055 88,215,837 Mar. 5 125,221,627 26,769,965 8,071,693 108,646,823 22,626,795 86,800,028 12 126,205,261 25,530,054 8,100,021 107,458,392 21,270,283 86,188,109 19 127,587,943 25,043,183 7,996,713 108,353,336 21,911,543 86,441,793 26 127,751,225 25,182,627 7,998,098 106,581,128 20,237,879 86,343,249 Apr. 2 128,702,192 25,732,161 8,221,753 110,176,088 22,438,950 87,737,138 129,865,752 25,748,667 8,449,401 111,692,509 23,549,945 88,142,544 16 129,968,924 25,478,108 8293,459 111,695,711 23,607,914 88,087,797 23 129,192,807 26,068,155 8,289,112 112,627,270 23,671,453 88,955,814 30 128,706,705 26,329,805 8,300,672 113,217,504 23,655,166 89,562,338 May 7 129,519,905 26,086,632 8,804,032 115,586,810 26,714,767 88,872,043 14 129,680,408 25,171,335 8,490,933 113,141,178 24,445,039 88,696,639 128,701,553 26,090,008 8,352,723 112,731,646 24,177,516 88,554,130 28 127.137,650 24,319,822 8,232,653 107,064,005 21,501,650 85,562,355 June 4 125,006,766 23,728,311 8,427,642 108,207,002 20.628,166 82,578,836 8,391,116 99,042,966 20,159,422 78,883,536

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11 122,958,928 22,132,275

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7,704,870 7,805,577 7,542,472 7,565,826 7,289,128 7,549,033

23 57,996,456 6.700,975 7,018,197 20,845,917 30 57,318,243 6,874,399 6,664.483 20,769,103 June 6 57,430,695 6,738,384 7,009,878 20,718,977 7,090,735

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WEEKLY AVERAGE OF THE PHILADELPHIA BANKS.

7,852,924

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Short loans.

Specie.

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16,013,189

10.. 20,453,417

Circulation. Deposits. Exchange. balances. 9,551,324 22,643,428 9,882,602 2,331,233 16,294,474 10,383,734 21,756,592 9,866,131 2,540,573

17.. 20,904,840 16,343,810 10,819,419 22,194,957 9,666,070 2,380,707 24.. 21,442,167 16,279,655 11,224,464 22,549,305 9,492,871 2,057,217 31.. 21,837,791 16,101,158 11,616,119 22,554,889 9,508,708 1,861,866 Feb. 5.. 21,809,628 16,365,053 11,913,009 22,743,175 9,747,755 2,000,056 12.. 22,594,245 16,700,188 12,148,174 23,830,045 9,686,145 1,879,644 19.. 22,677,390 16,949,263 12,241,954 23,620,711 9,474,473 2,174,619 27.. 23,126,625 16,806,998 12,522,244 23,203,848 9,217,655 2,320,031 Mar. 12.. 22,944,605 16,828,140 12,581,934 23,501,784 9,046,372 1,959,638

19.. 22,633,181 17,013,593 12,777,999 22,364,430 8,563,771 2,432,776 26.. 22,420,444 16,837,405 12,681,931 22,589,661 8,770,788 2,420,725 Apr. 2.. 22,465,730 16,179,137 13,054,416 22,465,730 9,059,382 2,545,873 9.. 21.655,921 16,250,790 12,985,616 22,066,164 9,493,761 2,582,084 16.. 21,132,186 15,975,547 12,777,079 22,356,833 9,949,531 2,243,528 23.. 20,287,903 15,705,599 12,666,116 21,792,705 10,055,454 2,449,421 30.. 19,926,487 15,650,736 12,578,111 21,315,664 9,537,886 2,100,219 May 7.. 19,443,947 15,539,235 12,711,640 21,396,145 9,271,213 2,029,992 14.. 18,948,824 15,534,148 12,513,001 20,569,681 8,489,088 2,127,956 21.. 18,925,857 15,203,875 12,326,726 19,890,960 7,428,213 2,062,447 28.. 18,594,556 14,784,944 12,032,821 19,445,178 7,190,460 2,089,701

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From investigations into the amount of scrip and other evidences of indebtedness, which have from time to time been issued by the State, it appears that on the 1st of December, 1846, the total amount of interest scrip dated March 1st, 1840

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$807,079 85

Total in circulation, December 1, 1846......

Of the above there was funded during Governor French's term, dated July 1st, 1847:

In bonds for the principal..

For lost or stolen scrip.

Total......

$762,000 00
7,000 00
$769,000 00

Leaving a balance in circulation of only $38,079 85; yet, by examination, it appears that, from December 1st, 1854, to December 1st, 1856, there was taken up with the fund appropriated for the purchase of indebtedness, the sum of $47,398 50, of different kinds of canal indebtedness, an excess of nearly $10,000 more than there was outstanding.

REPORT OF THE BOSTON CLEARING HOUSE.

FOR THE YEAR ENDING MARCH 31, 1859.

In presenting to this meeting the third annual report of the association. in conformity with the provisions of the constitution, we would beg leave to state, that we do not find much matter of note to comment upon in regard to financial and banking affairs during the year which has just ended.

The great financial troubles of 1857 have been followed by a long protracted stagnation in all branches of trade and industry throughout the country, the paralyzing effect of which has acted more or less on our banking institutions.

The demand for money has been limited; good business paper has been scarce, and much sought for by the banks generally; and although our resources have been large, and our loans higher than at any former period, still the ruling rates of interest have been so reduced that the profits for the past year must, of necessity, be small, compared with former years.

Two new banks (the Bank of the Metropolis and the Safety Fund Bank) have been organized, and are now in successful operation, under the provisions of the general banking law of 1851, whereby any ten or more persons are authorized to become a body corporate for the purpose of carrying on the business of banking.

The essential difference between this law and the law by which banks are organized under special charters, is in the obligation of all banks doing business under the first-named law to secure the circulation of their bills, in full, by pledge of public stocks of any city or town in either of the New England States, State of New York, or the United States; and the amount so secured to be exempt from taxation, provided it does not exceed three-fourths of the capital stock; and also the right to pay from their own counters bills of any bank in this Commonwealth.

In this connection, perhaps it may not be considered inappropriate to inquire if there does not appear to be a want of harmony between the two laws? And if, in some particulars, one is not in direct conflict with the other? Or else, by the passage of the general banking law, are not all the banks in this State relieved from certain restrictions imposed upon them under their special charter?

By reference to the 69th section of the 36th chapter of the Revised Statutes, it will be seen that it is provided, "If, during the continuance of any existing bank charter, any new or greater privileges shall be granted to any bank which may hereafter be created, every bank in operation at the time of such grant shall be entitled to the same privilege."

And, also, by the 11th section of chapter 93, all banks are prohibited from paying any bills from their counters except their own.

By the provisions of the general banking law in regard to this subject, it ap pears that new, if not greater, privileges are allowed to banks; and in view of this fact, the question at once suggests itself, have not the banks in this Commonwealth, doing business under special charters, the right, by the enactment of the general banking law, to pay from their own counters bills of any of the other banks in this State? And, also, have they not the right to avail themselves of all new privileges which may have been granted to any new bank?

The specie held by the associated banks for the past year has been larger than ever before in this city, the highest amount being on the 10th day of December, viz., $9,669,000. The average for the year has been $8,538,000, which sum is much above the limits required by law.

From actual calculation it appears that 9.49 per cent has been the sum required in specie, during the past year, to meet the balances growing out of the daily exchanges at the Clearing House; which fact would seem to indicate that the legal minimum of specie is sufficient for almost any emergency which may arise in the ordinary business of sound, legitimate banking.

Still, the committee would respectfully suggest that, in order to maintain the position which the Boston banks have so justly held, each and every bank connected with this association should keep on hand a specie reserve larger than the amount required by law, which, in the aggregate, would average on the legal lia

bilities—that is, the circulation and deposits--for the past year, about $4,025,000; so that the weekly published statement may never exhibit the volume of specie to be less than $5,000,000.

We are all members of one fraternity, and there is a community of interests which cannot be overlooked or ignored. Our influence and dependence is reciprocal, and any deviation from sound and healthy rules of finance by either one of us acts promptly on the whole. Hence, the great importance of such united conservatism in all our financial transactions as will serve to give increased confidence in, and stability to, our banking institutions.

The amount of public stocks held by the Auditor of this Commonwealth on the 1st instant, for the security of the circulation issued by the banks, under the general banking law, was $182,000.

Four new banks have become connected with this association since our last meeting, viz., the Hide and Leather, the Mutual Redemption, the Metropolis, and the Safety Fund, making an addition, in all, of sixteen since the first establishment of the institution.

The whole number of banks now connected with the Clearing House is fortyfive, with an aggregate capital of $35,771,700, the increase for the past year having been $2,361,700.

The exchanges for the year ending March 31, amount to $1,262,795.000; balances received and paid during the same time amount to $119,323,000; the whole amount of certificates issued by the Merchants' Bank to April 1st, 1859, was $12,229,500; the amount canceled to the same date was $9,069,500; the total amount in circulation among the associated banks to the same time was $3,160,000.

The following gentlemen were elected officers for the ensuing year :--Daniel Denny, Chairman; Charles G. Nazro, Secretary; Andrew J. Hall, Thomas Lamb, A. D. Hodges, J. Amory Davis, Benjamin E. Bates, Clearing House Commillee.

TAXES IN TENNESSEE.

The population of the State has increased about 50 per cent since 1840, but the expenditures have increased 300 per cent. The State tax is mainly raised by an ad valorem tax on property and a tax on polls. These have been at the following rates:

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ABSTRACT OF THE GROSS REVENUE OF THE UNITED KINGDOM IN THE YEARS ENDING MARCH

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