The six per cent 5-20 stock payable in twelve years are quoted with the accumulated interest at 1094, which bears a premium of 106 net price, and with gold at 170, this is equal to 63 specie price, at which the stock pays 11 per cent interest, and is therefore better for the buyer than the five per cent at 100. Investments ran very heavy in stocks, but the rise in gold caused some fluctuation, and there was apparent a growing demand to invest in substantial property like mines. Hence attention was turned to the mineral wealth of the west, causing its development to be pushed with great vigor under growing improvements that make gold and silver production constantly less expensive. Governor EVANS of Colorado, in his annual message, remarks: "The improvement in the modes of saving gold from the ores of our mines that have been made during the past year have given a new impulse to our mining operations. By these new processes ores that paid but twenty-five dollars per ton by the old process, are readily made to yield one hundred dollars per ton, while many varieties produce much more largely, and this without greatly increasing the expenses." The improvements here alluded to are as well chemical as mechanical, and are some of them very curious. Thus the gold in the quartz is associated with iron pyrites; it is held very tenaciously, as if combined itself with the sulphur always present. The old plan, after drawing off the sulphur, was to pulverize very fine and then apply quicksilver, which united with all the"gold free, forming a paste which, exposed to heat, lost the quicksilver in vapor, leaving the gold pure. By this process much gold was lost because it adhered to the pyrites and passed off in the tailings. A new process of roasting at a certain heat drives off the sulphur without adding to the cohesion of the pyrites or causing the gold to volatilize. This process increases the produce threefold. In other cases, where the ores are finely pulverized, the gold becomes so fine as to float in the air, thus escaping the quicksilver. This difficulty has been met by heating the quicksilver into vapor inclosed in a cylinder, into which the dust penetrates. The vapor thus fixes the floating particles of gold, and the yield has been raised in the proportion of two to five. There are numerous other contrivances that produce vast results. In addition to this is the application of capital to the mechanical improvement of the operations. Thus the veins crop out on the hills and are worked down one hundred to two hundred feet each in a separate shaft--the product being greater as the depth increases. The Atlantic and Pacific Gold and Silver Mining Company have seven of these shafts that yield largely of silver. The Quarz Hill Company veins give gold. The former company embracing the most responsible and sagacious capitalists organized a large capital with which to drive a tunnel into the side of the hill tapping all the veins, and causing the ore to descend instead of being lifted. The results are so immense frem these new applications of capital that $25,000,000 so employed in one region draws $1,000,000 in gold, or four per cent per month interest. The Mexican Pacific Company is now being organized to prosecute operations on the Pacific coast of Mexico under grants from the Mexican Government to 185§ square miles of land. This is an important enterprise, and the substantial names composing the board of directors are a guarantee of its soundness. These are vast results in gold income from capital investment, and they have stimulated great exertions in the same direction. With great success, aided by the improvements we have mentioned, they have also given color to a cloud of. bogus companies, representing old, abandoned worthless claims, and got up to sell. The unwary will be severely bitten with many of them, while great results will flow from judicious investments in sound companies. The effect that these developments must have upon the future prosperity of the country is obvious. Indeed next to direct support to the Treasury there is no more important national object than working the mineral wealth. The general business has been held in abeyance by the idea that gold would be sold from the Treasury to depress the price and that goods might be lower, a large importation of goods took place however as follows: The importations for the month of February exceeded those of January, and were much in excess of those of last year-while the quantity of goods in warehouse diminished to a considerable extent. $25,106,171 $34,821,525 1863... 117,000 1,278,284 32,109,984 42,095,506 46 1862... 8.590,238 The exports of the month were much less than for the same month last year. The value of merchandise was $14,196,409, whicht a the average price of specie realize in bills $9,120,000 making with the specie a value equal to $12,135,000 with which to meet a specie value of $21,643,937 of imports-showing a deficit of near nine and a half mil lions. This was brought about to some extent through the influence of the gold bill agitation, which spread the belief that there would be a fall in gold, that would favor importation and discourage exportation. The natural effect would be a fall in price. JOURNAL OF BANKING, CURRENCY, AND FINANCE. BANKING MOVEMENTS IN THE UNITED STATES-LONDON MONEY MARKET-BANK OF ENGLAND, ETC. BANK OF FRANCE-BANK OF MEXICO-NEW LOAN ACT-THE ACT ALLOWING TREASURER TO DISPOSE OF GOLD. BANKING MOVEMENTS IN THE UNITED STATES. THE bank movement of the three cities, the last three months, is of much interest in a general way, since it has been marked, as during the previous month, by symptoms of collision between the new system called into being by the National Banking Law, and by the workings of the five per cent interest bearing legal-tender notes paid out by the Government. Our readers will, doubtless, bear in mind the loan made by the associated banks to the Government on the 5th of September, the details of which we have published in full in former numbers. That loan bore six per cent interest, and was not paid until the year 1864, when the banks received $50,000,000 of legaltender notes, drawing five per cent interest from the 1st of December, 1863. These notes, it was supposed, would be taken up as an investment, and not act directly upon the markets as currency. A very little experience, however, showed that this view was erroneous. At the time they were paid to the banks money was worth seven or eight per cent; and the one year six per cent certificates of indebt. edness of the Government were selling at ninety-seven cents per dollar. It is evident that, as the new notes in their character of legal-tender could be paid away for certificates that would give nine per cent interest, they could not be held for the sake of five per cent interest they bore. They were, therefore, freely paid out by the banks as currency. The government, at the same time, emitted others to meet its daily wants, and in doing so, stamped the notes with the dates of emission in order that they should draw interest only from the date of emission. The notes so uttered were received and paid out freely by the Treasury, and the banks without reference to the interest. This large supply of currency, added to the influx from the country on the commencement of the spring trade, caused the deposits in the banks to increase to a great extent as will be seen in the table of the weekly returns hereto annexed. It is the custom of the banks in making those returns to include all that draws interest under the head of "loans." Hence, when in September they advanced to the Government $50,000,000 the loans were swollen by the amount. But when the Government paid off the loan in interest, bearing legal-tender, as that paper was more currency than investment, it did not appear among the loans. The accumulation of money, however, soon exceeded the demand, and the price o money fell from eight to five per cent. The interest bearing legal-tender there. fore became available with their accumulated interest as an investment. The peculiarity of the paper is, however, that in order to realize the interest it must be held until June 1, whereas if they were deposited with the Treasurer for five per cent deposit certificates, these would be available with interest at ten days notice. Therefore, when money became cheap in February, the banks deposited them to the extent of nearly $10,000,000 with the Treasury. A new element here came into action. The national banks had multiplied to an extent that forced their circulation, with its privileges and peculiarities, upon the public attention. There are now two hundred and seventy-eight National banks organized, with a capital of $33,042,000. Eight million dollars of the new National currency in fives and tens have been issued to one hundred and seventy-eight banks. Of the new banks, ten are in the city of New York. All the circulating notes issued by the National Banks are a legal-tender between the Government and the people, although not among the people, and any National Bank may put out the notes of any others. Thus, a New York bank may pay out the notes of an Oregon or New Orleans bank, and the latter may pay out New York bank notes, while the Government pay all of them out anywhere. That is the notes received in New York for taxes may be paid in the west or elsewhere. Inasmuch as the notes of the National Banks are redeemable in greenbacks only at the place of issue, a very little management will render it a perfectly inconvertible currency. This is a serious matter, the possible consequences of which must be guarded against by solvent institutions. For this reason, therefore, the associated banks agreed that they would not receive notes of, National Banks that were not redeemed and guaranteed by an as. or checks upon, This determination was reached February 29th, at a meeting of sociated bank. bank officers, held at the American Exchange Bank, at which thirty-five of the city banks were represented. We give the following resolutions passed at that meeting, only the last two of which, however, refers to this subject. Resolved, That the resolutions adopted at the meetings of the Clearing-House Association, held on the 7th of March, and the 23d of April, 1862, authorizing the use of the temporary loan certificates of deposit, issued by JoHN J. CISCO, Esq., assistant treasurer of the United States, as a medium for the settlement of balances at the Clearing-House, to the extent of forty million of dollars, be now rescinded, and that all such United States temporary loan certificates, heretofore known as Clearing-House certificates, which are held and reported by the banks on the morning of the first day of March proximo, may be used at the ClearingHouse for the settlement of balances until the first day of April next, but not after that date. Resolved. That if any bank, member of the Clearing House Association, shall elect to hold such United States temporary loan Clearing-House certificates, after the first day of April next, that they shall continue to report the amount of such certificates so held, to the Clearing-House daily, until the morning of the third day of May next, that being the date when the next payment of interest will become due thereon; and the interest upon the certificates so held and reported, together with the interest upon such certificates previously held and reported, shall be paid to such banks as heretofore, by the chairman of the Clearing-House committee, and the manager of the Clearing House; but that after said third day of May next the interest accruing upon such certificates shall be collected from the government by the banks holding the same. Resolved, That the Loan-Committee be authorized to receive any United States five per cent legal-tender treasury notes that may be deposited with them by any bank, member of the Clearing-House Association, and to issue therefor loan certificates, equal to the amount of such deposit, in certificates of one, five, or ten thousand dollars, as may be desired by the bank making such deposit. Resolved, That such certificates shall bear interest at the rate of five per centum per annum, payable monthly on the first day of each month after their issue, and until they shall have been returned to the Loan-Committee and exchanged for the five per cent United States legal-tender treasury notes upon deposit of which they were issued. Resolved, That the loan certificates issued as provided by the preceding resolutions may be used in the settlement of balances at the Clearing-House until the 6th day of June next. Resolved, That a statement of the amount of the United States five per cent temporary loan (Clearing-House) certificates, and the amount of loan certificates held on the morning of each day before the commencement of business, shall be made to the Loan-Committee daily, at or before 11 o'clock, A. M. On motion of the President of the Manhattan Company, J. M. MORISON, Esq., it was unanimously Resolved, That Messrs. C! P. LEVERICH, GEORGE S. COE, J. D. VERMILYE, R. H. LOWRY, and H. L. JAQUES, who, as a Loan-Committee of the associated banks, for several months past, have had the management of the arrangements connected with the loan made by the banks to the United States on the 8th of September last, and who have discharged and completed the very important business referred to them in the most satisfactory manner, be respectfully and earnestly requested to continue to act as Loan-Committee, on behalf of the banks, until the arrangements for the issue of loan certificates which have been made by this meeting shall have been completed. After some discussion the following resolutions were then unanimously adopted, viz.: Resolved, That the banks composing the Clearing-House Association agree to receive from their customers at par the notes of all such National Banks as are guaranteed to be redeemed at par in lawful money of the United States by any bank member of the New York Clearing-House Association, and that all National Bank notes that are not so redeemed shall be considered and treated as uncurrent money. Resolved, That we will receive on deposit certified checks on such National Banks in this city, as are redeemed through the Clearing-House. by any bank member of that association. Provided, that such member shall first engage, by notice given to every other bank member of the association, that it will be responsible for such checks to the extent required by the provision of the constitu tion of the Clearing-House Association. On motion, the proceedings of the meeting were ordered to be printed, and a copy thereof sent to each of the banks, and the secretary was directed to request the banks not represented at the meeting to assent to its proceedings and unite therein. The meeting then adjourned. MOSES TAYLOR, Esq., acted as Chairman, and GEORGE D. LYMAN, Esq., as Secretary. These resolutions look to a permanent policy, but practically at present the national circulation is to the associated banks of little importance since it is eagerly sought after by Government to pay troops. The $467,000,000 greenbacks which have been already issued are mostly of large denominations, a fact growing out of the extreme haste in which each issue has been got out. They were prepared only when the Treasury was under the pressure of immense arrears, and therefore notes of large denominations only were printed. The notes of old banks are not receivable by the Treasury. When, therefore, the troops are to be paid a great want of small notes is experienced. To meet this want there is a constant and urgent demand by the Treasury for all the National Bank notes. There is, therefore, no difficulty on the part of the banks at present in receiving the national notes and turning them into the Treasury. This will be the case as long as the Government continues to borrow $2,000,000 per day, and |