the whole, they are a source of profit to the corpora- | peared this morning, has occupied the attention of men tion-(hear.) Mr. Selwyn asked if, since the period when they last met, there had been any of the dead weight annuity parted with. The Governor-Not a shilling-none whatever. The governor then put the question, and the dividend was unanimously agreed to. A proprietor asked whether the profits of the corporation had increased or decreased, since the last half. yearly meeting? The governor stated that the profits in the last half year had not increased; they were rather less than in the preceding half year, but the sum was too small and insignificant to require any comment-(hear, hear.) The Governor-None. The following is the quarterly average of the weekly liabilities and assets of the Bank of England, from June 27, to Sept. 19, 1837, inclusive: LIABILITIES. Circulation, £18,814,000 | Securities, 11,093,000 | Bullion, Deposites, ASSETS. of business in the city more, perhaps, than any document of the kind did before. A belief prevails, but not among a very numerous party, that the policy which it holds forth as the future course of the American government, may be averted by a vote of congress; but the more general impression is, that he will succeed in establishing it, in which case the most important consequences are expected to follow it. As regards the banks in the United States, the measure of con. ducting all government business through the medium of specie receipts and payments will compel all those banks who are really solvent to resort without delay to specie payment, and all the rest to disappear entirely; so that instead of 700 banks, which was the number in action throughout the Union at the breaking out of the late crisis, there may probably be not more than 100 which are able to maintain themselves under the new state of things. As the banks have been the support of speculation and high prices, it is thought that they will now range generally at a much lower level, and £26,605,000 that this must necessarily affect very materially our 6,303,000 own trade with that country. It is conceived also that it must tend after a short time to direct specie thither. £32,908,000 Whether it will improve the position of those merchants who have failed through their transactions with the United States, and whose creditors depend upon the returns from thence, is a point much debated. Mr. Van Buren seems to hold out hopes of a complete solvency, but this is spoken in a national sense, rather than of individuals who have yielded to the crisis, and it is to be feared, therefore, that their prospects cannot be much mended by the general establishment of specie payments and low prices. Another conclusion to which "It is said that some assistance is to be given, of a many have come, in considering this question is, that more effectual nature, in the liquidation of the claims the banking system throughout Europe must be affectof the American houses in New York, and that a gen-ed in a greater or less degree by the example set in Lleman of much experience in such business, accompanied by one of the confidential clerks of the bank itself, is about to proceed thither for that purpose. Whether this mission is undertaken expressly by the orders of the bank, or at the solicitation of other parties, does not appear; but coupled with the total silence of the directors on this subject at the meeting yester. day, it proves the correctness of the general impression in the city, that the realisation of the effects of those houses in America is going on very badly. £29,907,000 Downing street, Sept. 22, 1837. A comparison of the above with the last account shows, that the circulation has been increased by £352,000, the deposites increased by £88,000, the securities decreased by £112,000, and the bullion increased by £549,000. American Merchants.-The London Times of the 22d September, in alluding to the commercial affairs with this country, holds the following language: America, and that those countries where the paper system exists in full force, can only protect themselves against its consequences by guarding with the most jealous care against any over issues of paper. The opinions of the measure as expressed in the United States journals are so various and contradictory A most bitter party as to be worthy of no attention. spirit is excited, and dictates all that is said on the subject on either side. The actual effect of the message has been to put an immediate stop to all speculative business and to lower prices of all kinds. LONDON, September 26. There has been plenty of money for all those whose change, and in some instances four or five per cent. Money has been in demand to-day at the stock exsecurities or character would allow them to avail them-interest was paid for loans on security of exchequer selves of it, and the terms of discount have been 4 bills and consols; this, however, is only for short amongst them, but we have heard of private discounts periods, and the continuation of 3.16 per cent., which at 3 per cent. is paid on consols from the settling day in October, (the 12th,) until the 28th of November, little exceeds interest at the rate of 1 per cent. per annum. The prices have been steady, and close as follows:-Consols for money, 913 to 92 for the 12th of October, 92 to 1-8, and for the November account, 924. There was a public meeting of proprietors of bank stock on Thursday, and the accounts of the last half year show, that while so many houses have severely suffered, the bank, which contributed to these sufferings, has suffered nothing whatever itself, or the very next to nothing, for a dividend of 4 per cent. was declared. September 29. Money has become more easy on the stock exchange, and may be had at from 2 to 3 per cent. The consol market has been flat all day the closing prices were 91 to 92 for money, 92 to 1-8 for the account, and 92 to 3-8 for November; exchequer bills 47s. to 49s., and India bonds 48s. to 50s. premium. From the London Times. MONEY MARKET AND CITY INTELLIGENCE. FRIDAY EVENING, Sept. 29. Mr. Van Buren's long expected message for the open. ing of the extraordinary session of congress, which ap This being the settling day in the foreign market, cash was also wanted there, and on some stocks more than five per cent. was given; but the extent of business done was not considerable, nor was there much variation in the prices. LONDON, October 9. The consol market has been inactive, and the attendance in the house slender. Consols remained without variation all day at the closing price, 924 to 3-8 for money and account; exchequer bills 51s. to 53s., and India bonds 53s. to 55s. premium. By the advices from Hamburgh, the price of gold is 437 per mark, which, at the English mint price of 31. 17s. 10d. the ounce for standard gold, gives an exchange of 13, 114, and the exchange at Ham. | 1-8d. to 1-4d. per lb. Our quotations now are nearly burgh on London at short being 13 11, it follows that gold is 0.12 per cent. dearer at Hamburgh than in London. The premium on gold at Paris is 8 per mille, which, at the English mint price of 31. 178. 10d. the ounce for standard gold, gives an exchange of 25 363, and the exchange at Paris on London at short being 25 52, it follows that gold is 0.64 per cent. lower at Paris than in London. The price of sovereigns at New York is 5 37, which gives a par of exchange in paper of 120 82 per cent.; and the course of exchange at New York on London being 121 per cent., it follows that the exchange is 0.18 per cent. in favour of England. Bullion. This article, as we expected, continues to accumulate without interruption, and will soon become a drug, unless there is a portion of it taken off by the commercial balances with the continent. The last three American packets brought specie to the value of $750,000, and the Mexican packet to the amount of $930,000. Meanwhile, no amount worth naming appears in the return of the exports. It is proper, however, to notice, that considerable amounts, not included in any return, are taken out by emigrants to America, and also by sojourners on the continent, and that to an extent to be sensibly felt on the exchange. But no doubt can now remain on the mind of the most skeptical, that the Bank of England will obtain all she can desire, without difficulty. The cost at which it has been obtained is another matter.-London Economist. LIVERPOOL, September 25. Cotton Market.-The week's import is 10,415. The sales this week are 26,900, of which 2,400 are on speculation, and 2,750 for export, leaving a stock of cotton now in port of 284,820, which is 50,320 bales more than at the same period last year: the stock of American being 10,240 bales more than at the same period last year. Though there has been a very fair amount of business done this week in cotton, yet, throughout, the market has appeared quiet. The particulars of speculation, this week, are 1,400 American and 1,000 Surats; and of export, 1,100 American, 450 Pernams, 600 Maranhams, and 600 Surats. Yesterday we had a very fair attendance of the trade, but they have purchased only sparingly, and the market closed quiet, the tendency of prices being in favour of the buyer: 420 Sea Island, 14 to 24d.; 5,780 Upland, 5 to 9; 2,290 Mobile, &c. 5 to 74; 10,610 New Orleans, 4 to 9; 610 Egyptian, 8 to 13; 960 Pernams, &c., 8 to 10; 670 Bahia, &c., 7 to 8 &c. The sales to-day are about 2,000 bags, and the mar ket very quiet, the supply of cotton being more than equal to the demand. The market is somewhat easier, though no decided change can be noticed. Taken on speculation this year, the same as those at the commencement of the month, with the exception of Egyptian, Brazil, and the better qualities of Surat, which are 1-8d. to 1-4d. per lb. higher. October 7. We have again to notice a very limited demand increase their stocks, and prices have consequently re throughout the week, consumers not being disposed to ceded generally 1-8d. per lb. October 9. On Saturday the market was very flat, and the sales were only 1,200 bags. To-day there has been rather more doing; the business is 2,500 bags; prices steady. MASSACHUSETTS. Comparative statement of the "Associated Banks," in Boston, at the close of business on the 11th day of May, day before the suspension of specie payments, and the 14th of October, 1837. Capital-same both days, Circulation-after deducting the bills held by each other, viz. 14th October, 2,117,130 00 11th May, 1,533,424 00 Increase, Individual deposites-14th October, Increase, Loans-14th October, Increase, Specie-14th October, Increase, $20,400,000 00 $583,706 00 $6,523,606 94 3,772,513 18 $2,751,093 76 BALES. 116,200 Same in 1836, Forwarded into the country unsold this year, 48,000 Same in 1836, Notes of other banks, Increase of import this year compared with Circulation, the same date last year, Deposites, Increase of stock, 45,300 Capital paid in, Decrease of quantity taken for consumption, 23,400 September 29th. 17,575 Cumberland Valley Railroad.-We learn from the Franklin Repository, that this road is now nearly com pleted from Carlisle to Chambersburg; and that, unless During the first week of the present month the de-operations on it should be retarded by bad weather, it mand for cotton was very extensive, and a trifling is confidently expected the first locomotive will arrive advance was the consequence; since then, however, at the latter place from Carlisle about the 16th inst. the demand having very materially fallen off, our mar- The road from the river to Carlisle was opened for ket has been dull, and prices generally have declined travel, some weeks ago. Treasury Drafts-We note them 1 a 21 prem. 59 October 28. Long Island Rail-Road, 58g Doubloons, do. patriot, $16 80 a $16 90 each. 16 40 a 16 50 do. WEDNESDAY, NOVEMBER 8, 1837. The Farmers' and Mechanics' Bank of this city commenced on the 23d ult. paying in specie fractions less than 50 cents, by which process we understand it pays 1194 out more than it receives, about $20 a day, which, 77 estimating the premium on specie, or, rather the de98 preciation on paper, at 7 per cent., occasions a loss of 72 $1 40 per day, or about $450 per annum. If each of 944 the sixteen banks in Philadelphia could make up its 631 mind to a similar sacrifice, the expense would be 112 $7200 per annum. But in reality the sacrifice would cost nothing, for if all the banks would reject notes of a less denomination than fifty cents, the public would imitate the example, and drive them wholly out of circulation. 58 613 96 66 Boston and Worcester Rail-Road, Treasury Drafts-We note them 1 a 14 per cent. premium. Treasury Notes-1 a 1 do. The banks of Philadelphia, it is said, have not received the proposition with favour, and it is even thought by some, that delegates will not be sent to the convention. A gradual and steady reduction of bank loans is the only true policy that can render a resumption permanent, and those who keep their eye steadily fixed upon the market price of specie and exchange, and upon the monthly reports of the banks of Boston, New York, and Philadelphia, can form as correct a judgment of the capacity of the banks to resume, as the wisest of the bank directors. When bank notes and bank deposites are rendered equivalent to specie in the market by a diminution of their amount, specie payments may be safely resumed. The period at which this desirable event may take place, we have heard variously estimated by bank directors, ranging between the 1st of April, 1838, and the 1st of April, 1839. Let it take place when it may, it must be preceded, we think, by a severe pressure for money. The following is a copy of the circular referred to. "Treasury notes bearing two per cent. interest were for the first time yesterday offered for sale at the Board of Brokers, and one and a half per cent. premium, payable in bank notes, was asked for them but few bidders. They were subsequently offered at 94 per cent. payable in constitutional currency. No purchasers!" It would thus seem that this first attempt to issue government paper upon a par with specie has failed. It is questionable whether 6 per cent. interest would render them convertible into specie at par, and if those now issued bearing 2 per cent. interest, have been paid away to public creditors at par, such creditors have been paid in a depreciated currency, and not in the constitutional currency, all the professions of good faith to the public creditors to the contrary notwithstanding. The money market in Philadelphia during the last month has remained easy, notwithstanding the heavy reduction of bank loans. Post notes will command money at 5 to 6 per cent., and good commercial paper from 8 to 12 per cent. per annum. "NEW YORK, October 20th, 1837. "Sir,-At a general meeting of the officers of the banks of the city of New York, held on the 19th of this month, the committee appointed on the 15th of August last laid before the meeting the communications received from banks in the several states, induced the rate of interest on loans to 4 per cent. answer to the circular of the committee of the 18th of August last. The Bank of England on the 7th of September re The Bank of the United States paid the Secretary "Whereupon it was unanimously resolved, That of the Treasury, on or about the 14th October, the the banks in the several states be respectfully invited balance due for the first annual instalment of the to appoint delegates to meet on the 27th day of No-government's stock in the late Bank of the United veinber next, in the city of New York, for the pur. pose of conferring on the time when specie payments may be resumed with safety, and on the measures necessary to effect that purpose. States. It had paid on account of this sum soon after the stoppage of specie payments to the navy department, in bank notes current at the places where the funds were wanted, $510,353 90 "We pray you to communicate this letter to such other banks in your state as you may deem proper, The amount recently paid, was in treaand leaving the number of delegates entirely to your-sury drafts on deposite banks given to selves, we only beg leave to urge the importance of some of the states, and sold by them, $1,145,150 16 having every state represented. And in specie "We have the honour to be, Respectfully, sir, Your most obedient servants, "The objections raised by the Philadelphia banks induced us to wait till after congress adjourned before we called the proposed convention. We were indifferent as to the place of meeting; a preference for Baltimore was expressed by no other banks than those of Virginia; and the doubt whether those of that c is would unite with us, rendered it inexpedient, in o opinion, to select it for the seat of the convention. "A. G." Treasury Notes.-The first emission was announced in the Globe of 25th October, as being chiefly of the denomination of $50 and $100. The amount issued during the month of October, is thus officially declared. TREASURY DEPARTMENT, Nov. 1, 1837. In conformity to the 13th section of the act of October 12, 1837, "to authorise the issuing of treasury notes," it is hereby published that the whole amount issued during the last month has been $53,723 83. LEVI WOODBURY, Secretary of the Treasury. Their first appearance in New York was thus noticed by the Courier and Enquirer of the 3d instant. 522,459 71 Making a total of $2,177,963 77 There was a demur for a time at accepting these drafts, but a section was added to the appropriation bill passed at the recent session, authorising their reception. TERMS. 1. The Financial Register is published every alternate Wednesday, on a super-royal sheet of 16 octavo pages, com mencing on the 5th of July, 1837, and will comprise one volume of 416 pages in a year. 2. The price of subscription is three dollars for one copy, or five dollars for two copies, per annum, payable in advance. 3. No subscription will be received for a less term than one year; and in all cases prior to the first of January next, where inoney is remitted from a distance, it will be considered, unless otherwise expressed, in payment of the current volume, and the back numbers will accordingly be forwarded. 4. All postages must be paid, but the risk of miscarriage by the mail is assumed by the publisher. dollars at one time, shall be entitled to five copies. 5. Any postmaster, or other individual, who shall remit ten 6. The notes of banks of five dollars' denomination and upwards, which pass current at the capital or in the principal town or city of the state in which the person who remits them resides, will be received in payment, as will also the notes of the banks in all the Atlantic cities, if transmitted any time before the first of January next, after which the publisher may find it necessary to alter this stipulation. Subscriptions received by Weeks, Jordan & Co., Boston; P. Hill, No. 11 Old Slip, New York; Adam Waldie, Carpenter Street, Philadelphia; OF THE UNITED STATES. DEVOTED CHIEFLY TO FINANCE AND CURRENCY, AND TO BANKING AND COMMERCIAL STATISTICS. "It is the interest of every country that the standard of its money, once settled, should be inviolably and immutably kept to perpetuity. For whenever that is altered, upon whatever pretence soever, the public will lose by it. "Men in their bargains contract, not for denominations or sounds, but for the intrinsic value."-Locke on Money. Vol. I. No. 11. WEDNESDAY, NOVEMBER 22, 1837. From the National Gazette of May 17, 1837. NO. I. * The fifth instalment of the French indemnity was paid in Paris to the banker of the American government early in February last, amounting to upwards of a million of dollars. Its amount was specific and was known to At the time of penning the article headed the government, so that no difficulty could "The prospect before us," which appeared have existed in ascertaining the precise sum on the 10th of May, the present writer intend-to which each claimant was entitled. Had, ed to withdraw from the field for a period, therefore, the course been pursued which jusuntil a new state of things should arise, and tice and a true regard for the interests of the furnish fresh themes for examination, which claimants dictated, each would have been furmight interest the public. He foresaw, in-nished in the month of March, when the acdeed, a suspension of specie payments by the tual payment at Paris was known at Washingbanks as more likely to happen before than ton, with a treasury draft for the amount of after the first of July, but he certainly had no his share. At that period, and ever since, idea of its being so near at hand as it proved bills of exchange at sixty days on Paris have to be. As a prophet, therefore, he made a been at two per cent. above par, and these narrow escape, for, in less than two hours drafts being payable at sight, and of undoubtafter the first copies of the paper in which it ed security, would have readily sold in the appeared had been struck off, news reached market at 1 per cent. higher. Not only, Philadelphia of the intention of the banks of therefore, would the claimants have made a New York to suspend, which having been ac-profit on their drafts of 3 per cent., but complished on that very day, the measure was they would now have been in possession of followed by those of Philadelphia on the 11th, their funds, for two months, embracing a and by those of Baltimore and Boston on the period when some of them perhaps had to pay 12th. The same result has taken place in 2 to 3 per cent. a month for other money. every quarter from which intelligence has Now what was the course pursued? General been since received, with the exception at Jackson, before he went out of office, ordered the city of Washington of two small banks, this amount to be imported in gold. This he with capitals united of less than 900,000 dol-did, not only without the consent of all the lars, which, it is supposed, are upheld by the claimants, but in spite of the remonstrances government, and one or two others which of some of them. It was done ostensibly for were willing to stand a run for a few days. their benefit, and they were accordingly In addition to this disaster, which cannot be charged with the freight, insurance, comtoo deeply deplored, the fact has lately be- missions, and other expenses attendant upon come known, that so early as the 2d of May, the importation, and according to all laws of one of the deposite banks at Natchez stopped justice and equity they were entitled to repayment in specie on a government draft, and ceive their money at the mint in the identiit is known to the writer, that on the 13th of cal gold which was their own property, or at May, claimants of the French indemnity in least in its equivalent in other specie. A nonthis city, for whose sole and individual use gold was imported by order of the govern. ment, but at the expense of the claimants, were refused payment by the deposite bank charged with the settlement, in their own gold, or in any thing but bank notes not redeemable on demand. In reference to this last transaction, a few words seem to be called for by the occasion. * Exchange on Paris as quoted in the New York Price Current, was as follows: 1837, March 15, 5 20 to 5 25 25, April 1, 66 15, 5 15 to 5 173 5 10 to 5 15 |