The changes are unimportant, except it may be the increase in the loans and deposits, which increase will be found to be quite regular each month during the year past. BOSTON BANKS. (Capital, Jan., 1863, § Loans. ·; Jan., 1862, $38,231,700.) Date. 19,.. 26,.. 76,624,700 7,710,600 8,199,600 33,382,000 16,547,800 13,727,700 76,354,000 7,710,700 8,008,500 33,847,000 16,811,700 13,958,000 Feb. 2,.. 76,496,800 7,685,000 8,865,000 34,076,800 16,889,000 14,490,000 9,.. 78,421,000 7,707,000 8,074,000 35,178,600 16,932,000 14,183,000 16,.. 78,431,000 7,794,000 8,001,000 34,903,000 17,070,700 14,095,500 23,.. 78,782,600 7,624,000 8,002,000 34,965,500 17,881,000 14,588,800 PHILADELPHIA BANKS. The returns of the banks of Philadelphia will be found below, brought down to the 23d of February. PHILADELPHIA BANKS. (Capital, Jan., 1868, $11,740,080; 1862, $11,970,130.) Date. 12,... 66 46 19,... Loans. Specie. Circulation. Deposits. Due Due to banks. from banks. Jan. 5,... $37,679,675 $4,510,750 $4,504,115 $28,429,189 $6,948,785 $1,994,928 37,533,757 4,544,786 4,450,676 28,018,792 6,890,963 1,848,932 37,416,694 4,549,369 4,382,520 27,877,069 7,050,847 2,275,905 87,479,712 4,572,419 4,284,947 28,773,517 6,755,980 2,638,985 37,268,894 4,562,580 4,181,503 29,231,753 6,698,210 2,909,857 37,336,367 4,319,706 4,039,918 28,062,164 6,953,215 2,518,036 37,710,851 4,272,347 3.888,185 28,759,049 7,452,563 2,432,073 87,720,460 4,276,761 3,772,781 29,342,596 7,413,249 2,703,196 Feb 2,... 66 9,... 46 16,... 46 23,... MISSOURI BANKS. Annexed are the principal items of the semi-annual statements of the banks of Missouri, made December 31, 1862: $3,666,017 $4,037,277 $3,434,262 $7,334,128 The banks also hold $699,624 exchange matured, and $1,771,023 exchange maturing. Their total capital is $11,247,681. GOVERNMENT SECURITIES HELD BY NEW YORK BANKS. Mr. VAN DYCK, bank superintendent, has prepared a table showing what United States stocks and notes were held by the banks of this State on the 19th of January. They had the following amounts: Stocks and bonds of other corporations, etc. STATE OF THE BANK OF KENTUCKY AND BRANCHES, JAN. 5, 1863. RESOURCES. Bills of exchange, maturing and past due $1,587,137 45 Notes discounted, 66 Suspended debt in suit, notes and bills... 126 bonds city of Louisville, 6 per cent.. Loan to State of Kentucky... 1,751,086 80 Real estate for debt... 64,270 27 Assets of Schuylkill Bank. 125,844 59 $4,264,276 95 Due from banks other than Eastern... 1,596,217 29 Real estate for banking houses. 81,250 97 gal tender. Cash-Gold and silver. Notes of other banks and U. S. le On deposit in New York and Phila. 1,368,151 44 Government stamps... Deduct seized and carried off by the rebels at Columbus, by Gen. POLK.. LIABILITIES. Capital stock... $3,666,400 00 Contingent fund required by charter.... $74,000 00 Fund to cover bad debts.. 71,320 21 Profit and loss after deducting dividend No. 50 and tax.. A large proportion of bills of exchange and discounted notes belonging to the Southern and other Branches are now past due, and not yet renewed, in consequence mainly of the interruption of communication by the occupation of territory by the rebels, the want of the necessary revenue stamps, and the general disorganiza tion of the country. REPORT OF THE SECRETARY OF THE TREASURY OF THE CONFEDERATE STATES. The report of the financial officer of the Richmond Government was published on the 10th of January, and from it we get an inside view of the condition of their Treasury, past, present, and prospective. They tell us that from the commencement of their government Febuary 18, 1862, to the 31st of December, 1862, the receipts and expenditures were as follows: RECEIPTS AND EXPENDITURES UP TO DECEMBER 31, 1862. Navy Department.. 20,559,283 Civil, miscellaneous, foreign intercourse, and customs.. 13,673,376 Total... $375,244,413 Public debt.. 41,727,322 Grand total.... $416,971,735 Add balance against the Treasury on February 18, 1862 26,439,572 This balance consists in part of the coin on hand received from Bank of Louisiana, and the remainder in interest bearing Treasury notes. The appropriations made by Congress, and not yet drawn from the Treasury, are $81,879,913. The estimates for the support of the government to 1st July, the end of the fiscal year, are $290,493,713. In order to ascertain the amount to be raised by Congress, we must add The debt of the government was, at the same date, as follows: Bonds and stocks $145,475,870 Treasury notes. Total 420,629,692 $566,105,562 EXCESSIVE CIRCULATION-THE REMEDY PROPOSED. The Treasurer tells us that the issue of Treasury notes on the last day of December amounted to $290,149,602, exclusive of interest-bearing notes. By adding to this sum a sufficient amount to cover the State Treasury notes and the bank notes in circulation we can arrive at the sum total of the currency. Twenty millions added to the Treasury notes would probably represent the whole. It is this aggregate, he says, which must be kept in view when we deal with the currency as a measure of values. It is the whole mass as it is accepted by the community in exchange for its various commodities which by its proportional relations to those commodities determines their prices. By a law as invariable as any law of physical nature, these prices rise or fall with the actual volume of the whole currency. Neither skill nor power can vary the result. It is, in fact, a relation subsisting between two numbers, the one representing the total values of property and the other the total circulating medium. The nature of that medium cannot change it. It would exist with a currency of gold with as much certainty as with one of paper, if the gold were kept within the country by restraints equal to those which retain the paper. The Treasurer then goes on to say that the circulation must be reduced, as that is the only remedy for an inflated currency. Before the war the circulation in the Confederate States was about $100,000,000. In order, therefore, that prices may be brought down to the usual point, two-thirds of entire volume of the currency must be withdrawn, which would leave a circulation of about $150,000,000. The remedy proposed is that after the lapse of a reasonable time the issues of Treasury notes bearing date prior to the 1st December, 1862, shall cease to be currency. This can be done with the least possible injury by following up the action of Congress at the last session, and fixing a period of limitation for fund⚫ing these notes. The Secretary adds that as the law now stands, these notes are receiv able for government dues, and the holder is entitled to fund them in eight per cent securities, until the 22d of April next, after which date he can fund in seven per cent. I propose simply to fix a period of limitation for the exercise of this last mentioned privilege by enacting that after 1st July next the privilege of funding these notes shall cease. Six months have already been allowed for investment in eight per cent securities, according to the contract on the face of the note. Two months more will be allowed for investment in seven per cent, and if, after so long a notice, the holders do not choose to avail themselves of their privilege, the good faith of the government will stand clear of imputation. But it is essential to good faith that ample means should be provided by the government to secure and pay the principal and interest of the securities in which the holders are required to invest. This can only be effected by an ample and permanent tax. Such a tux is the corner stone of the whole fabric. Without it, the scheme has no foundation, and can secure neither public confidence nor success. To provide against any future redundancy, he proposes that the States should guarantee the war debt of the government, which he thinks will enable them to reduce the interest on their bonds to six per cent. The scheme proposed then is embraced in these three essential features: 1. A limitation upon the privilege of funding the notes issued prior to 1st December. 2. A war tax. 3. A guarantee by the State. TAXATION PROPOSed. On this point the Secretary savs: It must first be ascertained what amount it is necessary to raise. It has already been shown that up to the 1st of July next Remaining funded....... The annual interest on this sum at eight per cent is.... To this must be added the interest upon about one hundred and twenty million dollars of 7.30 notes..... And about $60,000,000 of six per cent certificates..... Also the interest upon eight per cent bonds and stock, say about $100,000,000... tax. $500,000.000 150,000,000 $350,000,000 $28,000,000 8,760,000 3,600,000 8,000,000 $48,360,000 This amount shows the lowest figures which should be raised by the The soundest considerations of policy would add as largely to this sum as the people of our country can bear. If the tax be made payable in all kinds of Treasury notes it would absorb so much of the first issues, and, by reducing the amount to be funded, would abate the force of the objections to the scheme. If sixty millions of notes could be thus called in, the benefits resulting would fully counterbalance every possible hardship. The currency would promptly recover its value, the bonds would become |