whatsoever in which money is to be paid by the United | opportunities of ascertaining the truth are unquestionStates, or by the post office department; nor shall any able. Among them were two or three from the state bank note, of any denomination, be so offered, unless of Mississippi itself. the same shall be payable, and paid on demand, in gold or silver coin at the place where issued, and which shall not be equivalent to specie at the place where offered, and convertible into gold and silver upon the spot, and at the will of the holder, and with out delay or loss to him: Provided, that nothing herein contained shall be construed to make any thing but gold or silver a legal tender by any individual, or by the United States." We applaud the spirit evinced by the Register. The conduct of these shavers does indeed deserve all the execration which can be meeted out to them. It is bad enough, under any circumstances, for the holders of Mississippi paper to lose from thirty to fifty per cent. upon it—but when in addition to this, we see those who ought to be engaged in reducing the discount, lending themselves to the opposite purpose, it is worthy of the most emphatic expression of abhorrence from every honest man. Hence, you will perceive that, whatever you may receive for postage, you are responsible for gold or ST. LOUIS, April 20.-Every day proves more strongly silver; and that it is unlawful for you to offer in pay. the prevailing scarcity of money in this community. ment to contractors, or others, any note of any bank With the exception of the circulation of Illinois and which does not pay its notes in specie. As the post-Indiana bank paper, with an occasional note from some master general has no power to release you from your other of the western states, we see nothing else passing. responsibilities under the laws, and as, on the contrary, Mississippi, Alabama, Wisconsin, and Michigan paper it is his duty to see them faithfully executed, he has is abundant, but is nearly useless. A great psrtion of deemed it expedient to give you this notice, that you it cannot be sold at any price. Even boats refuse it in may guard yourself against loss in the collection of payment of freights and passage money. Whenever your postages. Wisconsin or Michigan money will buy lead, it will be taken by the boats, but not otherwise. Business of all kinds is languishing, and not a tenth part of last year's business will be done this season. The stocks on hand, though small, are good; but merchants neither wish to buy or sell, on the time or to the extent, heretofore al Very respectfully, your ob't servant, ROBERT JOHNSTON, Second Assistant Postmaster General. C. Postmasters, who may be under instructions to re-lowed. tain the proceeds of their offices until drawn for by the department, will observe the following regulations, viz : Those whose nett proceeds are five hundred dollars or more per week, will report the amount weekly to the department. Fractions of weeks at the beginning and end of quarters need not be reported separately. Those whose nett proceeds are not five hundred dollars per week, but amount to that sum or more per month, will report them monthly. The last month of each quarter need not be reported separately. At the end of each quarter, all postmasters at draft offices will immediately ascertain the amount of nett revenue accruing at their respective offices during the quarter, and report it forthwith to the department, setting down the sums, if any, which may have been reported weekly or monthly, and deducting them, thus exhibiting a balance not reported. All these reports must be by letter, addressed to the postmaster general, which must be sent separately, and not enclosed with the quarterly accounts, or tied to them, or to any other letter or packet on other business. Nor must it be delayed until the accounts are forwarded, if it can be sent sooner. Postmasters will not be permitted to use or loan ou any of the moneys belonging to the department, but will keep them always on hand to meet its drafts. A violation of this regulation will be considered_good cause for instant removal and prosecution. Every draft must be paid on presentation. The traveling agents of the department will be instructed to call occasionally on the draft offices, without notice, for the purpose of counting and reporting the cash on hand, and reporting also the manner in which it is kept. Eastern funds and exchange have become very scarce and rising in price. We believe that exchange upon New York city is not to be had, to any consider. able extent, and would command from 7 to 9 per cent. On Philadelphia, it ranges from 5 to 7 per cent. The purchase of specie on Eastern and Southeru ac. count still continues, and the improvement in price in New Orleans has greatly improved the demand here: though we have not learned that the price is improved. It is bought at 3 per cent. premium. From the Mobile Commercial Advertiser, April 18. IMPORTANT DECISION-A question of great importance came up yesterday before the Circuit Court of the United States, now sitting in this city, and was decided by the court, Judge McKinley of the Supreme Court of the United States presiding. The Carrollton Bank, a banking company chartered in Louisiana, purchased in Mobile, through an agent, a bill of exchange, which being unpaid, the bank brought an action against one of the parties to the bill. The court decided that a bank corporation of another state could not make a contract in this state, for want of capacity to contract, and therefore that the bank could not recover on the bill. The case will go up, as we understand, to the Supreme Court of the United States, where the question will be settled. The above decision has produced great excitement here, and is the subject of general conversation and alarm. Its ruinous consequences, if it be sustained, can scarcely be imagined. A NEW BANK ARRANGEMENT.-The New Orleans Herald of the 14th April gives the following information: The Merchants' Bank, although it had made every exertion, backed by the United States Bank, to aid the community, is so restrained by her charter that she cannot make loans to an extent equal to her admitted From the New Orleans Picayune of April 13. capacity. Under these circumstances, an arrangement We are somewhat surprised to see that the editor of has been made by the Atchafaylaya Bank, through the Vicksburg Register professes ignorance in regard which we understand a portion of the funds of the to the Mississippi Bank agents, who have been buying United States Bank will be loaned out to the commuup their own money at a heavy discount in this city.nity. Our democratic and anti-bank friend, James W. The Register may be assured that our statement is true, beyond all mistake. It was made by us upon the authority of a number of respectable gentlemen, whose Breedlove, (a director in the merchants' Bank) has been appointed president, and, we understand, that Charles Harrod, Esq., will be elected cashier. BANK STATISTICS. From the New York Journal of Commerce. LATEST BANK RETURNS. The annexed table has cost us a good deal of labour, notwithstanding its brevity. The returns which it embraces, are later, on an average, by some months, than those contained in the report of the secretary of the treasury of the 8th of January. Yet in order to make it complete, we have been obliged to admit some old dates. The average of the whole is about the 1st of January last. The only banks which are omitted, are those in the territory of Wisconsin, and the unincorporated banks, commonly called “Wild Cat" banks, in Michigan. The incorporated banks of that state, 14 in number, are included. Comparing the footings of this table, with those of Secretary Woodbury's table of all the banks in the United States (excepting as above,) for January 1, 1837, or as near to that date as he could procure returns, it shows a diminution of loans and discounts to the amount of $54,042,319; a large sum to pay off and cancel in so short a time, but which nevertheless is much below the real diminution, for the reason above indicated. The specie in the vaults of the banks, according to this table, is as great, within $1,000,000, as it was four to six months before the suspension; and if we had returns based upon the present condition of the vaults, the amount of specie would be seen to be largely increased. Since the date of the returns for New York, not less than $6,000,000 has been brought here from foreign countries, most of which, it is presumed, has already found its way into the banks. The circulation appears to have been diminished $38,765,006; but even this is less than the reality. The whole amount of paper money now afloat in the country, including what is held of each other's notes by the banks, does not, in our opinion, exceed $100,000,000. The amount of individual deposites has diminished about $46,000,000; indicating a hard squeeze. Of this diminution over $15,000,000 is in the state of New York. We annex the table. Except Morris Canal, which bears date Feb. 1, 1837; State Bank at Elizabeth, Sept. 16; and Commercial Bank, Amboy, Oct. 23. Three at earlier dates. Except the Planters' and Merchants' Bank of Mobile, which bears date June 1st. h Except the Atchafalaya, of which we can find no later return than Sept. 1836. i The Planters' Bank at Natchez bears this date; the Agricultural, Sept. 15th; the Commercial of Natchez, June 26th; the rest still earlier. j Except seven banks, whose returns bear date Jan. 1st, 1837. For the convenience of comparison, we subjoin Mr. Woodbury's table, above alluded to, which will enable the reader to contrast the returns of each state at the specified dates. For Connecticut, where the circulation has probably diminished two thirds, and the loans a quarter, the returns are the same in both tables; none of a more recent date having been published. In making comparisons, particular reference should be had to the dates of the respective returns. Table for 1st of January, 1837, or as near that date as returns could be obtained. CONVENTION OF THE OHIO BANKS.-Delegates from sixteen of the banks of Ohio met in Columbus on the 30th day of April, and continued in session two days. A majority of the banks not being represented, the convention adjourned to meet again on the 6th day of June next. The Columbus Journal says-"The subject which engaged the attention of the convention, was the establishment of a system of mutual credits. The accomplishment of this object would have a most excellent effect in equalising the currency of the state, and securing to each and every bank the confidence of the community. SPECIE PAYMENTS-New Orleans, May 8.-The Louisiana State Bank has resumed the payment of specie on all its paper. There are now five banks in our city that redeem their circulation in specie, and it is expected that several other institutions will soon follow the example. At a convention of the Michigan banks, held at Ann Arbor, on the 1st of May, the following resolution was adopted: Resolved, That the banks of New York having determined to resume specie payments on the 10th day of May inst., and the Detroit city banks on the 16th inst., the other banks of this state, here represented, will resume specie payments in sixty days thereafter; that the same measure be recommended to all the other banks in the state. The directors of the Brandon Bank of Mississippi held a meeting on the 10th of April, when resolutions to the following effect were agreed on, viz. That they would, in seventy days from date, issue post notes payable in Philadelphia, in redemption of their circulation, payable at their counter; that they would discount only on cotton, and that their customers of last year would be furnished with funds which would buy provisions at par. 119,322,726 27 118,405,859 01 117,166,542 59 118,173,545 12 126,426,031 77 28,124,800 00 28,124,800 00 28,124,800 00 6,875,200 00 33,636,080 59 28,124,800 00 28,124,800 00 6,875,200 00 6,875,200 00 34,948,080 50 37,252,403 94 Notes issued, 6,875,200 00 32,155,356 69 Dividends unclaimed, 1,164,877 28 72,671 55 6,875,200 00 33,199,356 69 377,327 47 566,508 08 Profit and loss, ... 4,291,210 65 4,755,985 32 4,755,985 32 Contingent fund, less losses chargeable to it, 1,276,667 93 1,291,733 35 1,291,733 35 1,291,733 35 1,320,834 21 Due to Bank U. S. and offices, 31,917,081 01 1,812,827 23 1,247,867 59 Baring, Brothers & Co., Hope & Co., Hottinger & Co. 138,172 68 300,129 14 572,158 31 680,077 29 361,418 77 Fund for extinguishing cost of banking houses, Deposites, 2,259,738 33 2,367,556 73 2,401,595 54 Loan in Europe, Interest on 26,388 68 Bonds in Europe, 26,388 88 4,318,149 28 Late bank for issues, Bonds to United States, Interest on 119,322,726 27 118,405,859 01/117,166,542 59 118,173,545 12 126,426,031 77 CONDITION OF THE UNITED STATES BANK IN 1837. 381 5,267 32 1,078,622 75 33,427,613 16 6,189,458 67 5,267 32 15,140 27 UNITED STATES IN THE YEAR 1837, ON THE DAYS MENTIONED. October 2. November 1. June 3. July 1. August 1. September 1. December 1. $11,615,864 57 $12,184,962 59 $11,296,474 07 $11,511,544 35 $10,866,932 49 $10,678,606 61 $10,734,999 65 2,262,198 55 1,554,157 23 1,504,018 97 1,452,917 46 1,379,340 96 1,372,965 96 1,189,682 38 29,262,114 54 24,973,006 60 17,805,413 79 15,297,515 08 755,676 05 717,188 30 33,829,174 95 33,123,579 50 2,654,866 58 3,940,070 67 5,267 32 25,310,608 45 24,724,645 27 23,258,548 28 22,546,390 70 21,693,140 72 9,062,428 70 9,351,569 92 8,723,551 85 8,643,390 26 1,117,015 80 1,130,704 28 445,363 94 435,134 92 128,908,671 65 132,859,071 91 133,994,574 51 134,335,456 89 130,189,597 21 127,597,991 40 128,004,523 77 28,124,800 00 35,000,000,00 35,000,000 00 35,000,000 00 35,000,000 00 35,000,000 00 35,000,000 00 6,875,200 00 + 128,908,671 65 132,859,071 91133,994,574 51134,335,456 89 130,189,597 21 127,597,991 40 128,004,523 77 * From this date the notes of the old bank were separated from those of the new bank, as shown lower down in the column. + The stock held by the government was purchased by the bank, and it is presumed makes one of the items in the stock account, which first appears in this month. The amount paid for the stock is represented by the bonds due the government for $7,946,356 16. |