There is no provision for the allotment of capital to the mother bank or branches, or for the location of either, other than the general location mentioned, These will be provided for in a supplemental bill. 5th. Resolved, That the banks in those states not | Tennessee, and two branches in the western district. now represented be earnestly requested to send delegates to the adjourned meeting of this convention, and that the several delegates from all the states be desired to procure all such information in regard to the condition of the banks in their respective states as may be attainable. On motion of Mr. Williams, of Massachusetts, it was unanimously resolved, That the president and secretaries of this convention be requested to carry into effect the fifth resolution. On motion of Mr. Gallatin, of New York, seconded by Mr. Brockenbrough, of Virginia, it was unani. mously resolved that the minutes of the proceedings of this convention be published. On motion of Mr. Van Ness, of the District of Columbia, the committee to report upon the proper measures, &c. were discharged from the farther consideration of the subject. On motion of Mr. Gallatin, of New York, it was unanimously resolved, that the thanks of this convention be presented to the board of aldermen of the city of New York, for the use of their hall. On motion of Mr. Gallatin, of New York, it was unanimously resolved, that the thanks of this convention be presented to the Hon. Samuel Hubbard, for the able and impartial manner in which he has discharged the duties of president of this convention. On motion of Mr. Williams, of Massachusetts, it was unanimously resolved, that the thanks of this convention be presented to Wm. D. Lewis and H. M. Brent, Esqrs. for their services in aiding the convention as secretaries. On motion of Mr. Van Ness, of the District of Co. lumbia, it was resolved, that when this convention adjourns, it will adjourn to meet in the city of New York on the 2d Wednesday of April next, at 12 o'clock, M. The president then returned his thanks to the convention for the honour conferred upon him, and on the motion of Mr. Gallatin, the convention adjourned. SAMUEL HUBBARD, President. Secretaries. WM. D. LEWIS, H. M. BRENT, New York, Dec. 2d, 1827. The internal improvement part provides that the state shall take half the stock in all the turnpike and rail-road companies hereafter authorised, and issue her bonds for the same whenever the other half shall have been taken by individuals, and fifteen per cent. paid up in cash; and the state is to retain a lien upon the pro. perty of individuals until the sums they have subscribed are fully paid, and also upon the works until they are completed.-Balt. Amer. The private bank of Messrs. Yeatman, Woods & Co., of Nashville, has been incorporated by the legislature of Tennessee; capital, $1,000,000. At Nashville, on the 5th ult., specie was from 12 to 13 per cent. premium. Treasury drafts, 12 per cent.; U. S. notes, 10 to 11; eastern 8 to 10; Ohio, Indiana and Illinois, from 6 to 8. The bill conferring banking privileges upon the Charleston and Cincinnati rail-road has passed both branches of Tennessee, and will, without doubt, receive the signature of the governor. The Nashville Union says:-"We hope it may prove as beneficial to the interests of this state as its friends anticipate, although we have strong doubts of its utility, and of the policy of investing it with so much power." LIMITED PARTNERSHIPS. A bill, authorising the formation of limited partner. ships, has passed both branches of the legislature of Georgia. It originated in the senate, and was concurred in by the house, on the 15th ult., by a vote of 118 to 42. A bill of similar character has been reported in the senate of South Carolina, and having passed a final reading in that body on the 18th, was sent to the house for concurrence. In our own state, a law authorising the formation of such partnerships, was passed, last session, but, so far as we have heard, the authority thus given to the mercantile community has not been acted upon in a single instance.-Ball. Pat. A bill authorising limited partnerships has passed the popular branch of the legislature of Alabama. The prospect was favourable for its complete enactment. DOMESTIC INTELLIGENCE. It appropriates four millions of dollars for internal The books of the Vicksburg water works and bankimprovements-of which sum $1000,000 is to be expended in East Tennessee; $1,600,000 in Middle Ten- ing company were opened, a few days ago, at the Plantnessec, and $1,000,000 in the western district. Thir-er's Bank in Vicksburg, and $352,000 of the stock teen hundred thousand dollars are appropriated to the construction of the Hiwassee and the Charleston and Cincinnati rail-roads, to be equally divided between them. One hundred thousand dollars are appropriated to the common schools of the state, and twenty-seven thousand dollars to the colleges and county academies; the colleges and county academies to relinquish to the state all claims to the lands beyond the French-broad and the Holston rivers. The capital of the bank is to be five millions, to be composed of the common school fund, the proceeds of the sales of the Ocoa lands, the surplus revenue of the general government in deposite with the state, and such additional sum to be borrowed on the faith of the state, as may be required to make up the sum of five millions of dollars. There is to be a principal bank and five branches: one branch to be located in East Tennessee, the principal bank and two branches in Middle tion of president and directors. T. A. Randolph was taken, whereupon the bank was organised by the elec elected president, and S. P. Webster cashier. An &c. and the institution is to be put, forthwith, into acagent has gone to Philadelphia, for plates, notes, books, tive operation.-Louisville Journal. of Mr. Branham, introduced some time since in the legisGEORGIA. The Augusta Sentinel states that the bill lature of Georgia, to compel the banks to resume specie payments, has been finally rejected. A motion to reconsider was lost by a vote of 95 to 73. The legislafrom issuing notes of a less denomination than ten dolture has also refused to pass a law probibiting the banks lars. The Charleston Mercury, of Dec. 20, says: "We understand that the Bank of Charleston has made an arrangement with one of the first banking institutions in England, to keep a direct account with them, and is prepared to buy sterling and foreign exchange from purchasers of produce, and also to supply sterling bills to importers of foreign goods. This is the first arrangement of this character ever made by a bank in this city, and we consider it a highly important step towards opening a direct trade with Europe." ILLINOIS. The zeal and energy with which this state has entered into the prosecution of an enlarged system of internal improvements, are creditable in the highest degree to her citizens, and may well put to shame the supineness, indecision and contracted views which mark the proceedings of some of the older states. At a late meeting of the Illinois board of public works, no less than two hundred and sixty-six miles of rail-road, in various parts of the state, were directed to be put under contract within the ensuing six months. SPECIE. We note American gold, 31 a 3 prem.; half dollars, 3 a 34; Spanish dollars, -; Mexican The chamber of commerce of New Orleans have pre-five franc pieces, 97 asked. pared a memorial to the legislature of Louisiana, praying that the bank suspension may be legalised, and the obligation to resume postponed to a distant day. We understand that an agent of "the Monster," the U. S. Bank, has purchased from the State of Missouri Bank, the sum of one hundred thousand dollars in Treasury Notes- a discount. EXCHANGES AT NEW YORK. France, fr. p. doll. specie, at two per cent. advance, payable in checks on Bills on London, 60 days sight, 9 a 10 p. cent. prem. the U. S. Bank at Philadelphia. Such is substantially the statement of the facts as current in the city, and of the truth of which we entertain no doubt.-St. Louis Rep. Resolutions in reference to the banks were introduced into both houses of the Louisiana legislature. In the senate it was proposed to organise a board of control which shall demand at stated periods an account of the condition of the banks, their circulation, amount of specie, &c. The board indeed is to have full powers to act as a legislative body, and ready to act upon all occasions where the banks might stray from a safe and legitimate course of operations. In the house of representatives, a resolution was offered to appoint a joint committee to make a detailed investigation of the af. fairs of the banks-their circulation, deposites, loans, discounts, specie on hand, the nature and description of property and assets and any other matters or things relative to the banks and their situation.-Balt. Rep. OFFICIAL. Treasury Department, December 1. In conformity to the 12th section of the "act to au 5 25 แ Holland, 66 40 cts. p. guilder. 66 cts. p. mc. ba. 81 a 81 cts. p.rix doll. 66 Boston, at sight, 12 a 24 discount. 66 Philadelphia, 66 thorise the issuing of treasury notes," approved October Bills on London, 60 days sight, 9 a 10 per ct. prem. the 12th, 1837, it is hereby published that "the amount of all treasury notes issued" in pursuance of the provisions of this act, to the 30th ult., inclusive, is $1,495,464 07. NEW YORK BANKS. Aggregate Statement of the condition of the banks of the state of New York, on the first day of December1837, taken from their reports to the Bank Commis, sioners pursuant to law : RESOURCES. 21 27,324,276 11,780,084 15,705,146 27 New York N. River & 47 Country Banks. Discounted bills and notes, Other loans, Real estate, 957,268 Overdrafts, 82,364 Expenses and per. est. 162,476 Bank fund, 356,082 Specie, 2,373,632 Notes of other banks, 4,656,902 511,864 WEDNESDAY, JANUARY 3, 1838. The Phoenix Bank of New York resumed specie payment of its notes, but not of its deposites, onthe 18th of December. In reference to this step, the Journal of Commerce of the 26th, says- "The Phoenix Bank has had no little trouble on resuming specie payments, to 3,745,524 741,222 470,898 make out to pay checks without issuing its 436,068 91,596 own notes, as the other banks decline taking 92,679 63,112 113,972 certified checks. In this way bank bills are 107,048 161,750 in a fair way to bring par very soon. The 576,923 532,065 banks receive deposites payable in bank 543,951 462,808 bills;' but as the matter goes now, it will be502,360 213,948 4,680,252 1,669,052 2,943,746 come as difficult to pay bank bills as to pay specie. The circulation of the Phoenix Bank 6,770,490 409,232 516,844 on the 1st of December, was $104,489, and 3,057,059 358,796 189,213 the specie in vault $209,562." 454,509 55,620,834 17,306,443 21,914,933 18,111,200 7,085,260 9,155,000 The following resolution was adopted in 4,004,059 2,667,597 7,237,237 the house of representatives of Pennsylvania, 2,664,500 301,200 209,041 on the 14th of Dec., by a vote of 55 to 42: 1,290,706 823,812 778,950 Resolved, That the committee on banks be 5,349 31,588 177,454 instructed to enquire into the expediency of 131,237 7,600 57,806 Due individual depos., 12,843,437 1,696,143 1,561,350 bringing in a bill compelling the banks of this commonwealth to resume specie pay54,643 15,680 4,272 3,838,910 703,371 251,271 ments of their notes on or before the first 5,884,144 2,377,939 448,851 Monday of February next. The same bill to 3,774,212 1,538,793 1,897,873 provide for such restrictions upon the present 3,018,437 57,460 135,628 system of banking in this state as may proTotal liabilities, 55,626,834 17,306,443|21,914,933 mote the interests of the state and the happiness of the community. Total Resources of the 95 Banks. 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. WEDNESDAY, JANUARY 17, 1838. From the National Gazette of June 17, 1837. NO. V. * No. 15. any one may owe to another under the penalty of handing over to the creditor party the choice of its bills receivable,† but combina tions of this sort between all the banks of one state, or, between those of different states, are not to be looked for, and we may, therefore, Incredible as it may appear, there are persons of the administration party, who main-take it for granted that until a general restoratain that the general government should not tion of specie payments is effected, the curtrouble itself about the restoration of specie rency of no two places will be precisely the payments, but should confine its operations to same for any length of time together. That the simple object of collecting its revenue and it should be so, is in the nature of things, and paying its debts in coin, leaving each state to nothing can prevent it, unless the twentymanage its own affairs in its own way. Had eight governments which have created the this policy been pursued in the year 1834, it banks, should all agree to enforce a resumpwould have had something to justify it, but at tion. Such a course, with the recent examthis period its advocacy comes with a bad pies before us, of the states of New York and grace from those whose party leaders have Connecticut sanctioning by law the suspenbrought the country into its present condi- sion of all their banks, the former even tion. But let us examine the proposition a authorising them to augment their loans, and little, and sce to what it will lead. of the state of Mississippi's granting two new There are now eight hundred and twenty-charters for banks with large capitals, is not three banks and branches in the United States, to be expected. Indeed, when we look at holding charters under twenty-five states, two the enormous amount of debts existing at this territories, and one district, making twenty-time throughout the Union, which it is for eight independent sources. According as the interest of so many people, and amongst each of these banks is conducted with more them no small number of legislators, to postor less prudence, the extent of the deprecia- pone, any thing like a concert of action tion of its notes will be less or more extensive, and it is now quite possible that there may be several hundred local currencies differing from each other, and all of them differing from the metallic standard. It is true, that in cities and large towns, arrangements can be made amongst the banks of the same place, to check the issues of each other, by voluntary engagements to pay interest for daily balances, and to limit the amount which * A communication in the Globe of the 15th inst. amongst the state governments is not likely to happen at an early day, and all calculations built upon such an event will prove to be utterly futile. A depreciated paper currency, therefore, is just as certain to be fastened on the country, should the government remain quiescent on the occasion, as that it now exists, and it is for that reason that I have thought it worth while to offer these remarks in addition to those which have been already advanced. The currency of a country is, for the time being, the standard measure of the prices of commodities and property, somewhat in the same manner that a yardstick is the standard measure of cloth. So long, therefore, as the currency is coin, or paper exchangeable on signed "Franklin," takes this ground. The writer says, in reference to "the amount of payments annually made by the people of the United States in their private transactions with each other, it is a matter with which the government of the Union have no possible concern. Its powers are strictly confined by the constitution within certain prescribed limits. In what mode the people of the several states may choose to deal with each other-whether through the medium of This arrangement, it is said, was adopted in Phiold wigs,' or any other currency, is a concern apper-ladelphia, immediately after the suspension of specie taining to themselves, and the states to which they be- payments, and if universally adopted, would tend long." greatly towards the restoration. ing evil; and it cannot be doubted that a national institution is now a favourite measure with a large party who opposed the rechartering of the late Bank of the United States. Considering it as certain that one of the first steps taken by congress at the ensuing session, will be to discuss the merits of such a plan, I will venture a few observations in re vocably committed against such a bank, in his letter to Sherrod Williams, that it is altogether impossible that he can sign a charter, or, connive at its becoming a law by retaining the bill ten days in his possession. demand for coin, so long is the standard invested with a degree of fixedness, but the moment that the convertibility of paper into specie is gone, that moment is the fixedness of the standard gone also. In such event it resembles a yardstick that can be made to shrink at the pleasure of the person who is measuring with it. The project of receiving and paying the public revenue in specie,lation to it. while the states and the people collect and The charter of a national bank will meet pay their debts in paper, is precisely the same with opposition from all those who hold such as if the government were to use a true a bank to be unconstitutional, which is no standard yardstick at the custom house to small party in congress, as well as from those measure cloth with, and the states and the who may hold it to be inexpedient. people were to use others of as many different Should it pass by a majority of both houses, lengths as the fancy of the makers of yard. it will meet with the veto of the president, sticks might suggest. In such a case, it is whose honour and integrity are both so irrevery manifestly to be seen what classes of persons would be most injured, namely the ignorant and illiterate, who not being as able to judge as their intelligent neighbours, of the precise difference between the true and the false measure, would be cheated and imposed upon every time they bought or sold. That the officers of government, and the thousands of persons who live upon fixed salaries in its employ, should all be in favour of being paid in specie is natural enough. They would For the sake of argument, however, I will like to have their cloth measured by the me- suppose that a charter for a national bank shall tallic yardstick, and they probably would not be granted, with a capital of fifty millions of care if the officers of the state governments dollars. This capital, I will suppose to be had their cloth measured by yardsticks only made of government stocks subscribed on the two feet long. But with such professions of part of the United States, or, of state stocks devotion to the interests of "the democracy subscribed on the part of some or all of the of numbers," how is it possible that congress states, or by individuals, or, partly of one and can justify itself in measuring its own cloth partly of the other, to the amount of forty with a metallic yardstiek, and leaving the millions of dollars, and the balance of specie. people to measure theirs with the yardsticks I create the capital in this way, for the purmade of gum elastic? The idea is inadmissi-pose of obviating the common objection that ble, and notwithstanding that a powerful in- a capital of fifty millions, or even of half the fluence will be brought to bear upon its de- amount could not be obtained from indiliberations, by those who flatter themselves that time will heal their financial wounds, yet the country has a right to expect that the efforts of that body in September next, will be immediately directed to the great object of restoring specie payments. In case of a veto, it is hardly possible that two thirds of both houses can be found to pass the bill, unless indeed, General Jackson should approve of it, in which case it would most certainly become a law. viduals, either in this country or in Europe, which appears to be the general opinion of intelligent men. In the case of both the former national banks, it was found necessary to make four fifths of the capital to consist of public stocks, and as there are now existing The writer has carefully watched the organ no such stocks issued by the federal governof the administration at Washington, to see ment, those of the states would have to be what new plan for the relief of the country [substituted, or congress would be obliged to was likely to be proposed. Since the project become the chief proprietor of the bank by of receiving and paying the public revenue in creating a stock for the purpose. I will not gold and silver, examined in my last, and stop to examine the constitutionality of a go which appears to be abandoned as a measure vernment bank, or the expediency of creating adapted to restore specie payments, nothing a political machine, of immense pecuniary has yet been officially thrown out. The signs power, because I want to come to the main of the times, however, in numerous other point at once. I will suppose such a bank, quarters, sufficiently indicate the gradual con- or one formed in any other manner; such, for centration of public opinion in favour of a instance, as the bank projected last year in great bank as the only remedy for the exist-New York, upon the security of real estate, |