March 1, the specie value of exports, as well as imports, the excess of imports, and the amount of specie exported: Thus, last year, to the 1st of March, there had been exported $2,766, 197 inore specie than the apparent balance due abroad. This year, on the 1st of March, there was due $15,090,473 abroad, over and above all the specie that had been exported. By the 1st of March, this year, the public mind became impressed that the Secretary would cause such a fall in gold as to give a large profit to remitters. The effect was as follows, showing the imports and exports from March 1, to April 16: Last year there was a rapid fall in the price of gold, and the amount remitted, with the surplus sent before March 1, $10,000,000, to pay $17,425,253. This year there was remitted only $3,306,549, leaving due $12,800,000, which added to the balance due March 1, leaves over $28,000,000, of which the remittance has been delayed by the hope of a decline from the operation of causes that have totally failed to produce it. On the failure of the plan to reduce the value of gold, by selling certificates, the demand for bills for remittances set in with renewed vigor, and the prices were as follows: During the stock demand in March, the price of bills fell very low, as compared with specie, being equal only to 108, gold prices or virtually 14 per cent under par. When the demand for bills was renewed, the rate rose rapidly to 110 for gold, and most bankers exacted payment in "double eagles." The amount of exchange sold by the government was not large, and was on such terms as not to suit the operations of general business, while the gold it sold was, to a consider a 661 66 a 66 58 a 59 116 a 117 a 661 67. a 67 59 a 59 117 a 118 a 66 66 a 66 584 a 59 116 a 117 674 a 68 68 able extent, in small coin, and not worth so much by to per cent for remittances as the double eagles. The following table shows the coin movement: SPECIE AND PRICE OF GOLD. 668,747 662,616 363,198 1,219,808 24,203,632 564 a ....... 1,201,907 281,204 83,881 21,059,512 62 a 621 375,101 273,900 20.425,504 473,385 273,429 168,912 19,527,665 634 a 681 607,059 302,344 345.471 20,924.287 67 a 71 158,437 269,522 1,002,384 21,687,670 a 89 629,855 8,226,000 24,868,203 294,998 282,876 1,271,836 24,087,343 691 a 704 71 Total.... $6,970,081 $15,903,398 The administration seemed determined to effect a forced reduction in the price of gold, notwithstanding the failure that had attended the measures adopted for that purpose. Mr. SHERMAN introduced a bill into the Senate for regulating the dealings in gold and foreign exchange, which passed. This excited the liveliest fears. The substance of it is thus stated in the foreign circular of one of the leading banking houses: 1st. That if two parties on 'Change, or any other public mart, shall agree for the purchase and Sale of a bill on London, Paris, &c., they shall both be liable to fine and imprisonment. 2d. That if a Bill of Exchange be sold and paid for, or contracted to be paid for, in lawful gold money of the United States, or by a certified Bank Check, or in notes of our City Banks, both parties shall be subject to fine and imprisonment. 3d. That if a Banker, or other party, sell a Bill of Exchange on Credit, if it be only for one hour, to enable the purchaser to go to the Bank and draw the money to pay for it, both parties shall be liable to fine and imprisonment. 4th. That in the case of a commission merchant purchasing a cargo of wheat, or other produce for export, under combined limits of cost, freight and exchange, which he can only draw for against Bill of Lading, if he shall sell his bill of exchange, at the time of the purchase, to a banker or other party, deliverable and payable when the shipment is completed, both parties shall be liable to fine and imprisonment. 5th. That if a merchant sell a cargo of coffee, or other merchandise, payable on delivery, say in ten days, and agrees with a banker for the purchase of Bills of Exchange to remit against it, payable and deliverable at the same time as the proceeds are payable, both parties shall be punished by fine and imprisonment. These bills for the regulation of the interest results inevitably from the use of paper money, are not calculated to support the public credit abroad. The specie movement was all the more strong from these projected loans. The stock market, generally, under the immense pressure that the temporary demand for greenbacks for gold, and gold certificates, underwent a severe revulsion, and the sale of the five per cent loan was a good deal interfered with in consequence. The prices of United States stocks were as follows: GOVERNOR SEYMOUR has issued a circular to the bankers and merchants of New York, calling upon them to provide means, by voluntary contribution, whereby at least so much of the interest on the State debt as belongs to nonresident creditors, if not the whole, may be promptly paid in gold or its equivalent. In March, 1863, the Governor states that he addressed a communication to the Assembly, asking it to provide for the payment in coin or its equivalent of the interest on the public debt, amounting to $392,634, the premium of which, if paid in gold, would be $177,000. Of the whole amount of interest due about $25,000 was owing to foreign stockholders, and the greater part of the remainder to citizens of this State. He impressed upon the Legislature the importance of maintaining to the letter the obligations contracted by the State. The time might come when it would be compelled to rely upon its own resources, and it could not expect to be able again to go into the market if it were to repudiate the conditions on which it had obtained assistance. An appropriation was made for the purchase of coin sufficient to enable the Comptroller to pay in gold the interest on the stocks of New York held by persons residing abroad; but, no provision having been made for the payment in the same manner of the creditors residing in this country, the Comptroller was compelled to forego it. This year a joint resolution has been adopted by both houses declaring "that no distinction should be made between the foreign and domestic holders of State bonds as to the currency in which the principal and interest thereon should be paid." The effect of this resolution, in the absence of any appropriation, will be that no part of the interest will be paid, as it was promised, in coin or its equivalent, and the Governor is therefore compelled to appeal to the moneyed interests of New York to save the State from the disgrace which must be visited upon it by the repudiation of its obligations to its foreign creditors. Principle and policy, he says, unite to urge the necessity of keeping faith with the public creditor. Of this there can be no question. We trust and believe that the necessary funds will be forthcoming. JOURNAL OF BANKING, CURRENCY, AND FINANCE. REPORTS OF NATIONAL BANKS-BANK OF COMMERCE-STATE BANKS TO ORGANISE UNDER NATION AL LAW-QUARTERLY RETURNS NEW YORK CITY BANKS-POLICY OF STATE BANKS-LETTER FROM SUPERINTENDENT N. Y. BANK DEPARTMENT-THE TREASURER VS. STATE BANKS-TAXA TION OF U S. BANKS BY STATES-CITY BANK RETURNS-BANK OF ENGLAND BANK OF FRANCE -MEXICAN EMPIRE. THE most material features of the banking interests is the growing struggle between the two systems of banking-the new and the old. The number of new banks formed and projected is stated to be 375, with an aggregate capital of about $52,000,000. The law requires quarterly reports, by the comptroller, of all the banks, and monthly reports by the institution. As yet only two quarterly reports have been made, and these are as follows: NATIONAL BANKS OF THE UNITED STATES. Synopsis of Quarterly Reports of National Banks for October, 1863, and January There are 12 of these new organizations in New York city, with a capital of about $17.000,000. It does not appear that any of them has much business beyond the receipt and distribution of the public money, the use of which seems to be the main inducement to organize the new concerns. The Bank of Commerce, New York, capital $10,000,000, has sought to become the head government institution for this city, and it put forward claims to have a special Act of Congress passed to constitute it a National Bank here. A clause to that effect was incorporated in the National Bank law, and Mr. SHERMAN, in the Senate, remarked: "It was important that this wealthy corporation should be allowed to come in under the provision of this bill, as it had extended many favors to the government under the provisions of the bill. As it came from the House it would be excluded; and it was proposed to strike out the House clause and substitute this amendment." A clause in the new bill also allowed all State Banks to organize under the new law. The New York Legislation passed what appear to be a transcript of that section, but it has not, however, yet received the Governor's signature. The following is the Act: Section 1. Any bank, banking association, corporation, or individual, incorporated by, or under, the laws of this State, at the time of the passage of the act of Congress, approved the 25th day of February, in the year 1863, entitled, An Act to provide a national currency, secured by a pledge of United States stocks, and to provide for the circulation and redemption thereof," may, at any time within two years after the passage of this act, become an association under the provisions of said acts of Cong. ress; provided that the owners of two thirds of the capital stock consent thereto; and when the directors have procured the authority of the owners of two-thirds of the capital stock to make the certificate of association, as required by said act of Congress, the cashier shall publish notice thereof in some newspaper published in the city or county where such bank, banking association, corporation or individual, incorporated aforesaid, is located, for at least thirty days. Should no newspaper be pub fished in such city or county, such notice shall be published as the comptroller of the currency of the United States shall direct. Such cashier shall send like printed notice by mail to the Superintendent of the Banking Department of this State and to each stockholder. Sec. 2. Any banks, banking association, or individuals incorporated as aforesaid, who shall avail themselves of the provisions of the first section of this act, and the income dividends, property thereof, shall be liable to assessment and taxation under the laws of the State, after the same shall have been organized in pursuance of said section, to the same extent, and with the same force and effect as they, or any of them, are now. Sec. 3. Nothing contained in this act shall be construed as releasing such associa tion from its obligation to pay and discharge all the liabilities incurred before becoming such association; and it shall be continued a body corporate for the term of three years after having become an association under the laws of the United States, for the purpose of prosecuting and defending suits by and against it, and to enable it to close its concerns, and to dispose of and convey its property, but not for the purpose of continuing, under the laws of this State, the business for which it was established. Sec. 4. This act shall take effect immediately. The New York Exchange Bank has become a National Bank. The old State institutions, in view of the struggle they are likely to sustain with the new, have put themselves upon a defensive line of policy. The quarterly returns of the New York city banks have been as follows: |