the; Myproa
lAFHo
(Gr
pry
DOUBLE SHEET-THREE CENTS.
VOL. VIII-No. 08.
PHILADELPHIA, WEDNESDAY, OCTOBER 23, 18G7.
Pa ami
FIRST EDITION
OUR NATIONAL FINANCES.
The Great Issue of 18G8.
wmmm letter from jay cooxe
'Origin of Our Hanking
Currency Systems.
T17-E IMtliSEXT
NATIONAL
STATUS
BANKS.
or
Tire cubacfcs vs. National Bank Notes
Ktc.( 'fte,, Eto.f Etc., Kt Kte,
The 'fftirflnsby (Ohlc) Register of Saturday, Oc
tober 19, contains tho lollowlng important cor
resp jndcnw, which we are gratified to place
befo retbe'readersof The Evening TELEQBArii,
d (bridged, this afternoon:
B awosky, Oct. 11, 1SC7. Doar Sir: Permit
us tv bhk yoa to give, at your leisure, auswers
to , the following questions:
I. What was the origin of the national bank
1 k system?
II. W bat Is the character of the national bank
currency 1 ...
III. Wliat Is your reply to those who claim
Ibat the Government could and should save
the -eighteen millions or annual intertst now
'paid on UieUulttd Btates bonds deposited by
"the national banks to secure tlielr circulation,
'toy i retiring the three hundred millions of
.national bank; Botes, and issuing a like amount
'-of greenbacks instead ?
IV. What is the present position of the na
"tlotml banks?
V. How and wherein is tho national banking
jBybtem superior to I he old United (States liauk
-on he 81 ale bank system?
VI. Why should the national banking system
be perpetuated?
It seems strange that such a lack of informa
tion as to the origin, condition, objects, and
merits of the national buukiug system should
prevail all over our laud; and we are convinced
that If the system were belter understood by
politicians oi nil parties tbey would cease en
deavoring to damtige it by drawing It into the
vol lex ol political strife. As you have beeu
Identified with the national banking system
from the beginning, we have taken the liberty
of submitting to you the above inquiries, be
llevitig that your replies to them will furnish
much of the information needed by toe people.
"Very truly yours, A. 11. Moss,
President first National Bank, San lusky.
Li. 8. HUJiBAKD,
FresldentSecond National Bauk.Handusky.
To Jay Cooke, Gibraltar, I'ul-lu-Bay, Ohio.
Reply of Jay Cooke.
Gibraltar, Pul-ln-Bay. Ohio. Oct. 17, 18G7. Clentle-Beui-Vuut
favor of the 11th Inst. Id received; and in
ci mplj lug wilb your request as far an I am aole. 1 do
loiiio uiuie readily because 1 regard the national
bunking system as standing upou lit own merit, ami
' not lu auy sense a paity question. With you, I deeply
regiel tlie nilslakeu opposition to this admirable sys
tem of liuance now manifesting Itself In so many
quriers, and 1 can not but believe Unit those ot tow
puilics wbo are now uppareiuly most antaKonlitlc to
tlie national banks, II luey hied nlven as much thought
to Ibis great eub)eci as Its lniportunce demands, would
be buioiik the loiernost defenders or a system which.
1 num. is destined to prove Ithelf wise and oeuellceui
a permanent basis lor our tuture prosperity. I snail
atteiniil to aiinwor your questions in tbe order lu
wblcb tbey occur In your letter.
J. OR1UIN OF tm NATIONAL HAN KINO SYSTKU-
Up to 18li3 our paper currency cjnsisted ot tbe notes
ot barks chartered bv the several (States each Sta o
havnm laws peculiar to itself lor the establishment
oud government of its banking Institutions, luere
was no attempt at uniformity iu bank legislation, the
banks ot one state sisikIIiik on a basis eutlrely dir
lereutfroin those of another. Iu surne cases tue
banks were held to a strict ccuuut0,ll,an r-,
OtilrtU Bl all times to furumb reasonable evidence of
solvency, while In others ine currency was left to
lake care of itself, and bill holders were permitted to
look alter their own Imprests as best they could,
ft be banking systems of Mew York, Ohio, and possl
lily one or two other otaies, were ibe only exceptions
to this chaotic rule.) As very lew estate bank notes
pa sed at pur lu all parts of the country, tbe notes ot
each bank bad a different rate ol discount, and the
notes ol the same bank hud different values lu diUer
eut pi ris of the country at the same time,
1 be cumncy oi oiio btate, although good at homo,
was often rejected as uiicurrent iu another. This state
ot thing rendered exchange between the fcast and
the Wei', inn North and the fcioulb, expensive and
vexatious, entailing constant loss upoa the busluesi
men of every tie. lion. The noies ot no two uauks
were alike In appearance; counterfeits flooded the
country, olteo decelviua the most experienced Judges,
and rendering It unssle lor most people to accept
Earer money othf r than the notes of their own local
aoka (uolesi accompanied by a guarantee) without
cm. Mi'ting an expert Failures were frequent and
c lsastrtus, tbe lots usually tailing lirst upoa the bill
holde-rs, who were least ab'e lo bear It. It was Im
possible to tell what banks were sound and what ones
' were on ibe brink or bankruptcy. The whole system
-was wrapied In a cloud ol uncertainty, and thepubllo
mind was Oiled wllh apprehension. A morechaoilo
and uusailslaclory linauclal condition could uol well
be Inianlued.
.A I such a lime, end under such circumstances, the
nation was engaged In suppressing a great Kebellloo,
and was forced to meet expenditures utterly uu
paralleled In tbe history of auy country. The national
treasury was empty, hostilities were In progress aud
public conlldence lu ti e liimncial situation was at its
lowest ebb. The Government could not, to any ex
tent, avail Itself of the then existing bauklug system,
for, with theexceptmn of tbe noble response of the
Hew York. Philadelphia, and iiostou associated
banks. In furnishing the first tiny-mllilon loan, the
Secretary of ibe Treasury sought In vain for that con
cert ol action and linauclal strength anionic the nauks
of the country necessaiy to meet bis oally increasing
wants. The only manner in wuicn me oiu system
conld bave teen made even temporarily available
would bave been by graining the btate banks the
widest license ot issue, thus lloodiug ibe country
with an irrede niaole aud, to a ureal extent,
unsecured paper currency, which loug before the
close cf hobtl Itles must have led to financial
disaster and collapse: lor not only would tbe then ex
lx Ing In nh s bave greatly Increased ibelr circulation,
but hundreds of olners would bave been established
to piotil by ihe confu-don ot ihe times. This Increase
of banks would naturally nave been greatest lu those
tiiates wheie ihe greatest license of cuoulallon pre
vailed, aiid where there were fewest checks uuon Irre-
pons n e banking. As ibe only mtuns of bringing
financial Older i t.lot cbsos. of giving thecouulrv a
Sale aLd uniform currency, ol restopingthecoutideuce
i f the i tuple, and abjve all. of l'.iriiislilug lue si jews
Ol Ivor, our Government originated, orxan Kd, ami
pi. I In succtsslDl opeiation Inat sp eudid system of
balional banking lustliullous which did much to
enulile the nation to meet its enormous expnii'iltures
and btibl ihe war to a victorious close, and which still
remain, oneoi ihentiblest frulis of our great struggle.
The plan thus devised and put In operation was not
deblaned kg a Umporurv expedient lo meet a great
emergency and die with 11, but was meant to be a per-maui-nt
linauclal system, which should not only
reiK!lien ihe nation during a costly war, but alio
liemiit ibe penp'e ihioush many j ears of peace.
Jielore introducing the new system It was necessary
to remove the old, and Um Inner was Induced lo leave
the field partly In consideration ol the beneficial fea
Uinsuf the new system, and partly bv compulsion.
'rialn r gliiB aud prli lieges were proflered by tbe
Joverumeul to the old banking corporations If tbey
would surrender ihelr (Stale charters, retire their cir
culation, una organize under the uniform plan now
knew n as the national bunking system. Where these
inducements ere lnaullh-ienl lo effect tbe cbanice
tbe stimulus of force was applied In the shape ol a
speolai lax on tbe circulation of ail State banks.
One of those conditions ou which tbe mate banks
Bur tendered their dinners, and conformed them
selves lo the I ational plan, was the pledge from the
Government Ibal tbey should be permitted to Issue
a certain atuouut of circulating notes, particular
mention la here made of this one condition of the
change from tbe old system to the new, because from
it la drawn ibe chlel aritumeut of the opponents of
lb National llama, and also In order thai ihe con
dition mentioned may at tbe oulset appear In lis true
character, as on ot ibe terms of the contract be
I ween Ihe JJatlonsl Government and the old bauk-
The0ch,Mf?nni tbe old lao to the new was rapid
and complete. Tb iMinaeSiate results of tbe change
tmvfU Iwporuuit li7ol wewure, way Ve
ke'chrd lo a single nlncei-.Jt lwnpt frnm t,tM.
ence a currency which was at onc9 monirrel In ar
peerance. unstable In tsi JBi nt Wtn fn axoep
tiors. Insecure In cbarac r, and subsiumied therelor
a i urrency nnlform In feature, everybr equal In
wortb,and naf as tte repubPc I'gelr.
Ii si cured for thf, Government an Immediate and
much needed leap, of three huod.ed millions or bank
onplial.and estr.blisbed thrnuKbout the cou ntry six
teen biinrired 'aiosl elliclent and renponslble agents
lo the negat.iatlnn and dlssemiuatlnn ef other and lar
greater loans. 1 am glad of thii opportunity ol bear
hiRWltrrns to tbe tact that not only in negotiating
tlieliri-t live li una red and Itiuneen million loan of
five twenties but more panlci'arly In the subseuuont
bgotlatlons or the eight hundred and thir y millions
Of seven-thirties, the connury was largelv indebted to
tlie national bank tor the, promptness with which the
national Treasury was bunnlied with sorelv needed
f luds. And the late qoMiers of the Union army
should understand that, at a lime when their monthly
pav was largely In arrears, the money not only for
Ihelr wates. bin fr tfceir riih-datcnce even, was raised
through Ibe act We aed earnest co-operation ot these
Same national banks.
Huch was the urlitln of the national banking system.
J I. CHARACTER Or Til It NATIONAL BANK CUHBBNCV.
'the notes ol the national banks possess every ele
ment required In good clrciilnlliiK medium. As
already temarked, ibey are unllorm In appearance,
tvery where equsU In value, and Just as secure as
public end prlvai credit combined can make them.
riu jnis uniiormny in tne appearance oi toe
national bank tioles euab es everyone, even those
who cnnrol read, lo recognize the currency wherever
met, and to leol perfectly secure In receivmr It with
out the precaution lately necessary, ol constantly con
btililng tbe Wfrklu JluMtt A lit Jlrimrter, or a broker's
Clei k. Owing lo the fact that entirely illirerent plates
a n le kiim are used in printing the bills of dlllerent
cenomlnattons. It is Impossible to alter national bank
not e Irom slower denomination to a hlKher. And
tne Tieasury Department, by Its numerous checks
and guards, and the elaborate perfection of Us work
manship, has so Inr succeeded In producing a cur
rency incapable of being counterfeited, that there is
not now one naimerous counterfeit extant where,
under tbe old systm, there were a hundred. How
gr at an Improvement this Is over the old condltl n
ot affairs, let the tuousands of bard-worklug men
answer, who, in tho days of a mixed and badly
prlnteojctnrencv, have found perhaps their lajthve
dollar note lo be a worthless client.
Htctmtt The unllorm value of the national hank
currency In all parts of the country and at all times
Is a feature which, of Itseir, annually saves the people
millions nt dollars. It removes every obstacle to a
system of cheap exebunge between the various parts
of the country, by giving to the currency of every
Mate and section the same value and credit abroad
that It has at home. Tbe note Issued by the national
bank of an obscure W(sleri) village Is just as current
In Is'ew York or New Orleans as the note of a na'ional
bank In Wall street: aud, on the other band, tbe note
of a national baDk or New York or New Kngland Is
accepted by tho larmers west of tbe Mississippi Just
as confidently as I hey accept tbe notes of their own
local bank, whose orncers aud stockholders they per
sonally know, i.et ibe peon'e compare these facts
wllh tbe state of things before the war, and say if
they bave gained nothing by the change.
Third To prove the perfect, Impregnable security
01 the national currency. It suotild only be noceisary
lo cite tho laws by wblcn the national banks exist,
ItisH mply Impossible lor a national bank note to
become worthless, or even to depreciate In value, so
long as the Government shall exist, aud continue to
hi Uil Us pledges. Indeed, lu one very Important par
ticular the notes of tbe national banks may be said to
be safer than the greenbacks, I' such a thing is possi
ble or desirable, tor wblli the greenbacks are the
nation's promises to pay, unendorsed by any special
p edge of private capital, tbe national bank notes are
the promises to pny ot a private corporation ot capi
talists, endoisea by the phi leu both public and pri
vate credit being tbus united to secure ihe payment
of thesenotes held by ihe people. '1 he double aud
triple character ol the guarantee by which the circu
lating notes of ibe national banks are secured Is well
II mutinied by an Incident occurring la tbe early days
ot tbe new national system.
Id lHd.i. shortly after tbe organization of National
Pauks In Ilnrrlsburg. a solid I inch larmer, ot whom
Pennsylvania has many, and whom I shall call Mr.
bcbmidt, eutertd the Harrisburg National Bauk, and
signified to the cashier. Mr. W ler, that he wished to
draw out t?uuo of bis balance. Mr. Rcbmidt, by the
way. was a stockholder In tne bank to tbe amount of
f lU.ouo, besides boinu a depositor; and It was bis babit,
as It Is of manj' ol bis class, to keep his balance at
bans comparatively small by drawing out his funds
and storing them In various odd places about his
dwfliini;. This was done for tho double purpose of
preventing the ' boys" of Ihe family from learning
the preilse amount ot oa'ernal funds on band, and to
satisfy a sort of vague belief tbat that money wsh
eater lo bis own bauds than In anybody else's. The
rasnier stepped to ins tiesic and tinea up a check for
air. ticbmidt to sign, and then handed nlm two tiiou
HHiid dollar greenbacks or treasury notes, clean and
bright from tbe printer's bunds. Just such as the old
geiitien an bad until now preferred. Tlie hank olll
cer was not a Utile surprised to see his customer
rtttnn tbe notes, with the remark:
"Tank you, Mr, Vier, 1 link 1 not want dem tils
morning; Itakoboiue your uush'nal bauk notes dis
time."
Certainly," replied the cashier, the bank having
Just received Its circulating notes from Washington,
and he counted out the required amount in tlionutos
of bis own bank and banded thein to M r. Hcbmldt.
The latter deposited the new currency carefully iu bis
walstei at pocket, pinned it fust, aud was about to do
f an, when it occurred to the cashier to ask him why
u the world be should preler national bank notes
to greenbacks. Tbe farmer took the proflered chair
and proceeded to slate bis reasons somewhat as
ioiiown:
"Veil. Mr. Vler. I bin read In the law of Congress,
vlcbauthorl.elheso nasb'iial banks, uud 1 bin siinlylu'
It, loo. Jieii 1 bin sludyln' Mr. Cooke's lcetle book
npout how lo organize these bunks, and set 'em
g, leg. Vnd 1 to In you vat I liuds I finds tne
uush'nal bauk notes lsU te pesht puller as green
backs." "What In the world brings you to that conclusion ?"
sold M r. Wler, lo whom tbe view wbb a new ono.
Veil,' was tbe reply, "greenbacks lsli iroot, very
gout, gnot enough for any body; but I belief the notes
01 your uash'nal bank isU leetle petier, becatiso 1 liuds
In ihe law that peloro lis bank can issue ono lollar of
circulation, it must deposit mlt the Treasury at
Washington one lollar and ten cents In Government
bonds, uud so if lis bank wnuts lo Hsue one hundred
tousand tollari, it must deposit mit Mr. bliplnuer.
United Slates Treasurer, one hundred undten tousand
iniiais in nonas to secure mat circulation; so ir tn
bank runs away uud dou't pay, the notes of
the Government will pay 'em. Und this mar
gin of ten per cent, must always be kepi
gout. If ibe bonds goes down in the ma ket
den le banks must depobit more mit te Treasury to
keep te bonds always wort ten per cent, more as to
cuculutlou. Veil, that make te nash'ral bauk notes
Jo.8t so goot as greenbacks, and ten per ceut. more,
onlv they lsli not legal-tender. Den, Mr. Yeir, 1 linos
on dsr uush'nal bank notes te great seal of our Gov
ernment, und le names of Mr. (Sphlnner und Mr.
Col by te same which Is signed on te greenbacks; uud
dese gentlemrn Bay on all tbe bank notes that dese
botes vlll pe received by the United stales in payment
of all dues except gold customs, and vlll pe paid out
fy te Government in payment of all debts except gold
merest. Veil, that makes 'em so goot as greenbacks
twice.
"Den, Mr. Vler, T looks on dese nash'Dal bank notes
In mine bucket und I sees your name uud te name ol
Mr. Kerr.de president of dls punk, und I knows you
poih isb goot honest men, und 1 knows your names
on de nolea mi kes de punk liable lor de payment Just
as mooch as it de Government vas not held for 'em.
'Veil, 1 finds all dls;ls true, Mr. Vler, und sometlug
more. I tluds dat every stockholder In dis pauk is
liable for te i otes und debts ot de pank lo de amount
of der st ck. Una den I begins to open mine eyes, lor
I Isb a stockholder mi sell, and I find my farm Isu
mortgaged to pay tbe bills of dis nank. Deu ( kuows
u est de other sto k holders ef dls pauk. und (ley Ish
goot solid men, mit bropeity. bo you see, mr, Vler,
dat pefore my nash'nal bank notes can proke. de gov
ern., ent bonds, mitten ber cent, marglu, must git
wort noting at all; de United Stales Gnveruoieul m'ist
git nan I rupt und be a scoundrel, ioo: de broh-rly ot de
pank must ail pe lost, und de broberty ot all dose
btocanoioers must pe used up,
"Dat, Mr. Vier, Is vy 1 culls te nash'nal pank notes. te
pebi.
Mr. Wler, experienced banker as lio was. had re
ceived from the shrewd old furmer new viowsof tbe
nullonal bunking system and luller appreciation of
the protection wblcb this system throws around the
people as tho holdets of the national currency. Iu a
word, the national ba' k notes are lo all Intents and
purpuses a Joint obligation, uc1 lug as a lirst lien upon
the Treasury eeparinieut, upon all ihe assets ol the
bank or corporation, und upon the private fortunes of
the bunk stockholders to the amount of their stock.
Do the American people realize that In this currency
they have ihe most secure circulating medium ever
devised or likely lo be devised f
Put suppose that a national bank, from any cause,
sua, ends busluess aud goes out of existence, whut be
comes of lis circulating notes? 'ibey continue lo
pass at par as before, wholly unaffected by tne sus
j enbloii or dest ruction of tne banic whose name they
bear; for the United stale-bonds pleJged for tbelr
redemption still remain deposlteaP in the untlu i
1 resaury, and will so remain until tbe scattered notes
are fathered up aud redeemed at par Dy the Treaaurv
Department, imaaurj
In this connection I may as well rerer to the remark
of Mr. Treasurer Spinner lhat "the notes of a brokan
national bank are belter than thoseot a sol vent one "
In one important regard this saying Is true, aud It be.
comes true In Ibis way :
Tbe volume of national bank currency Is limited
bv law to three buudred millions, and n..i ..,... .
already Issued, hence new banks organizing under
the national system, as well as old Ones are deprived
ol tbelr share of circulation until Congress shall ex
tend the limit. When, therefore, a national bank
having a cln nlatl n surrenders Its charter and goes
outolexls euce. or Is closed up by ibe Govern ment
for aay cause, anv national bank not having lis share
ol circulation by gelling special permission from the
Treasury Department and by ralnerlug up tbe s 'al
tered notes of the defunct institution and presenting
them at the United Htates Treasury for cauce'luilou,
can have the amount of circulation thus cancelled
transferred lo luelf. In thus gathering np the scat
tered notes of an extinct bauk, parlies sometimes
ofler a premium or from two to live percent, for them,
tbus making them for the time being worth more
lb an the notes ol an existing solvent bauk.
III, St'lSSTITl-TtOW r,jr CIRKF NRACKS KOR NATIONAL
Dank notks.
Your third question touches a part of the subject
which most Interests the people, at the present time,
and wbicii Is most discussed and least understood by
a certain class of polltl na. My answer la this;
'trte Kven It It were true that the Government
Is pai Ing eighteen millions annually into me coffers
ot the national banks which could as well be saved
to tbe people by a substitution of greenback currency,
yet It won d be far better to pay this sum than to bave
the gieenhack or Treasury note stem permanently
fastened upon Ihe country, I regaid me Issue by the
Government of legal-lender notes, to bs used as a cir
culating medium, as an anomaly In finance, it was
pii'ely a war measme, Justifiable because necassaiy to
the Ire ol Ihe nation, sod like otner war n leisures
should end with the return of prosperous pence. It
Is iiot desirable lhat the greenbacks be Immediately
or suddenly withdrawn, but tbev should be gradually
nd stireiy replaced with a currency which Is legiti
mate und permanent.
Kcoiid It whs an Important part of the contract
between the Government and the old State hanks,
when Ibe latter surrendered tbelr Slate charters, that
It they oraaulKed under the new national system they
should be entitled lo a certain proportion of clra lo
tion. This was also tbe principal Inducement offered
for the Ini mntinn of new banking Institutions. With
out this pledge of circulation few if any of the old
banks would have surrendered their Slate charters,
and It would have been Impossible to establish Ihe
national s stem al all. That circulation cannot now
be taken away without a palpable breach of fultb
touari slhe combined capital of the uailon such a
bieach of taltu as wouid ever afier render cant'al
tmnd, cautious, and backward In it denllugs with a
Government w hich would thus disregard its pledges.
However plnus hie the proposition may seem, the
pe pie ciinnol possibly be benefl ed by anv financial
measure which practically repudiates the contracts oi
their Government. .
Third I Ms claim would be equally good against
any system of banking, lor ihe actual point ol Ihe
nig iii eni Is thin .o long as there shall be a national
debt ibe Government ought to supply all tbe currency
of the country. In order to save Interest, isiippoae the
old State nan k ssiemwero now In existence, wltti
three hundred mlll'ons of comparatively ntiieoured
cirrnlailon, thie would be still stronger reasons why
the Government should force tbe sta e banks to re
t re their circulating notes, and 1 sell supply the
needed currency. Tne peaole would, in ihissuopose t
ci'se, save Just as much Interest as they would now
save by retiring the national bank notes. Hence, tne
real question Is: Shall we have any banking sys'em at
all? tor Ii Ihe present excellent system be destroyed.
It would be impossible to originate another which
would not be open lo tbe same objections. If an ex
clusively greenback currency be adopted, of c iurse
we can have no system ot banks, either State or
national, having the privilege or circulation.
t'imrth Put It Ib not true tbat the Government
would hunually save eighteen millions ot dollars, or
nry part or tbat sum, by destroying tbe national
banking pysiem, and Issuing greenbacks in place of
the national bank ctnrency now In circulation.
This fact, which 1 shall soon substantiate, Indicates
bow little this subject Is understood by those wbo are
most persistent In their attacks upon the preseut sys
tem of banking.
It is not a question whether the Government ought,
or ought not, to pay to the banks the Interest on the
United States bonds owned by them, and deposited at
Washington lo secure their circulating notes. These
bonds are the private properly of the banks the
agglomerated capital of Individuals who have thus
united Ibeir means In a legitimate business and no
matter wbo held these Government securities, the
Interest would have to be paid all tbe same. The
national banks are just as much entitled to the Inte
rest on the United States bonds they have bought and
paid lor, oh are tbe larmer. tbe mechanic and the mer
chant, to ibe interest ou tbe bonds held by them.
ll being plain, then, that the Government confers
no special pnvllege upon the banks by simply paying
tbem Interest on the United States bonds they bold,
It becomes necossa'y to look lurther lor tbe
"favonllsm" aud Ini-s lo Government of which we
hear complaint. My statement made above being
necessarily admitted. It will be claimed that national
banks are permitted to Issue three hundred millions
ot circulating notes, which amount they loun to tueir
customers at an average Interest ot six percent.
tbus lu reality receiving a double Interest on a single
Investment of three hundred millions of dollars.
Then follows tbe additional claim that Ihe Govern
ment muy Just ts well sitpoly this three hundred mil
lions ol circulation, and with it buy up and cancel an
equal amount o United Slates bonds, tbus saving to
tbe people the tlghtecn millions of annual Inieiest.
This bus a plausible look and mlstcuds many, liy
this show ing the banks stand charged with eighteen
minions or annual luicrest derived rrom tbelr circu
lating notes, which amount, If It really be received
and to equivalent be rendered by the banks. Is vir
tually a tirniuiiy or special privilege eujoyed by tho
national banks. The interest on Go vernment bonds
li .otliliiH lolftkwllh tlin miluent the ruvirlllHin."
If such there be. Is connected exclusively with ihe
circulation of the banks.
Unt I rei ly the national banks do not receive any
thing like eighteen millions of Interest ou ilielr three
hundred millions ot circulation. What tiny do re
ceive the following fuels, whcli are accessible to all,
win show: -
Tbe very law which authorizes the national banks
te Issue circulating notes at all also requires and com
pels them lo keep constantly lu their vuults an ave
rage ol twenty per ceut. (twenty-live per cent, in
cities and lllteeu per ceut. in tbe country) of the
amount of that circulation as a reserve. Here are
sixty ot ibe three hundred millions of circulation
lying Idle In bank the year round, and the amount on
which tlie hiiiiks can receive Interest Is thus reduced
10 two hundred and forty millions.
Again, Ihe same law requires and compel tbe banks
to keep a reserve equal to twenty per cent, t twenty
live per ceut. In cities and llllte.i lu the country) of
the average amount otihclr deposits, both publ.c and
private; and ibis reserve must be In lawful money.
ri he average total oldc po dts during the lust rear was
..T J .( CO 0 0; thus $114 tiOti.ijiio of tbe non-interest bearing
legul-teiider holts wero carried by the barks during
tlie past year, which sum Is a Just offset to lhat
amount ot circulating notes received from the Gov
ernment by the bunks. This deducted from the
f25ii(KK).(il(l leaves only 12G (Xi'.dtjoot the t:W!'".otio ot
circulation uvalmblo to the banks us tbe result of a
balance-sheet bet ween themselves uud the Govern
ment on tnis ((Mention ot circulation, six per cent. In
terest on SIM.WiO oih) Is ir7 ,66o,l on. This latter amount,
then. Is the sum to'al ol the prolll which tho bunks
cull derive from tbelr circulation so loug as tho Gov
ernment bus legal tfiuleis which it wishes to buve
cuirled wlibotit interest.
t-omeniuy object to my thns coupling the reserve
reqnlied lo be held lor deposits with tbe reserve lor
cinniatlon. This objection might bave some weight
1 1 tbe Government w ere not Itself profiting by the
lhMie ot non-Interest bearing notes, a lurire nronoriinii
of which ure carried by the national bunks with the
very means supplied to them by the gratuitous Isiuo
of li elrown notes. Tbus this amount of tH4.fioti,i;U
Is a lair deduction from the clrculutlon which the
blinks are allowed to Issue.
Put there still remains an apparent profit of
l7,6Wi,0iu, derived by the bunks irom their circulation,
what have the banks to offset to this seeming sub
sidy ?
First They pay to the Na'ional Treasury one per
cent, per annum (one-ball of one percent, semi-annually
) on the whole amount of their elrculullon, Bay
t;i,i oo boo. '
ttrorwI-Tbey pay to tbe Nat lonul Treasury one
ball ol one per cent, per annum on the averuge
amount of Ibelr deposits, which, as the deposits lust
veai averngeu OTl,ouu.owi, amounts to 2,is5a,0Jti.
3i int-Tlify pay a national tax on tbelr capital
stock, over and above that invested In government
bonds, wblcb tux last year amounted to H'H) nOO.
(The above three IU insure required by section 41 Of
tbe amended National Currency a:t.)
i cm in-J hey pay a tax or one-halt of one per cont.
per unnum on tbe net amount of dividends and
amount curried lo surplus fund, which tax for the
past year amounted to ,3.am,0n0
ijth-'l bey pay a license tax of two dollars on every
one thousand dollar, of capital. The aggregate ut
national bank capital, us last leported, Is U4 wv.im.
and ibe license lax on this Is ls.oco.
(The iivestims above numed.umotiutlngtotlO 403 coo
are paid by the bunks directly Into ihe nationil trea
sury, aim tbey alone exieed the amouut charged
against the banks as prolils on ihelr circulation by
dollar's lt hiwI1) ""Jred aud furiy-ihree thousand
Huin-in addition to the above Items of notional
taxation the banks puid during ibe past liscul year a
State aud local luxation, us shown uy relume to thu
Comptroller's departrueiit, amounting to about eight
nilllloiiB ol dollars-t,onu,(;un. "
Thus 1 have show n thul ii the Items c f State and
nullonal luxation the nulioual bunks are aunuslly
paying back to the people nearly eleven million dol
lius more than they annually receive lu the way of
Intel est on Ibeir circulation.
'lh public will notice thul none of these facts have
been even relerred lo by those who baveot late under
taken to discredit the national banking system.
ll Is true that the JSational Bank notet are all
printed al the expense of ihe Government, for the
dounle purpose ol securing unllormuy and of pre
venting over Issues; but to compensate for this I have
purposely leu out or Ihe above list many Items
which might otherwise have added materially to the
aggregate paid by Ibe banks to the Government lor
the piivilege ot theli existence. One of the most Im
portant of tbeee Items which I have omitted Is itie
gratuitous services of the bunks lu receiving, trans
mitting, and disbursing the uoverument revenues.
Ihe depository bunks bave, during the past year,
transferred to the Tieasury, Irom all nans of tbe
country, the vast sum of f:t3 ejiiu.wtPM at least ninety
percent, of It without any Cost to tbe Government.
Jiad ibis work not been performed by Ibe depository
iiauks, an Immense txpeudilure would have been en
ii t ,l'ou tt" revenue department lor additional
n i ' Vttu"s. safes, express charges, etc. etc
r, . ..... . "uove. mere is ihe lietnnl reveuue stamps
Si'i."?'? '.'y l"e banks. 1 consider these two Items
the foirowl,T""U'eul uuk tBnd ered'""1 wlin
legal le.,dSt,'..l!,.tei''st 00 HK.OOO.OflO In
for dVpisiu" "eW by lUe """ksasa reserve
$6,840,000
8,(00,000
TTiiT. i. fJ . y u,,n' 'o ibe cost of eugravlug and priut-
?.!r?i,-",lt""kl B1' currency,
tlie ah..pJ.' l"'8e ol "bow log at a glance the result of
niar). i! the following recapitulation Is
n"kuig uu the account h-tweem tne bonks
- One per cent per annum tax on .100.000,000
Circulation ..
4 One ball of one per cent, per annum lax
on .'.7l eoo.iieo of deposit
I On" halt of one per cent, per annum tax
on nmnuntot capital of national banks not
Invested In Government b nds
GOne half of one per cent, per annum tax
on dividends and amount placed to sur
plus fund ol banks dnrlnv tbe past year.,,,
7 Two dollars per thousand per annum
license tax on i'i4,ooo,0(0ol capital
Amount of Siate taxes paldbytl.e na
tional banks during the past year, as re
poned to the Treasury Department
S,000,'5
l.aiS.OUO
400 Ono
3,800 000
818.000
8,00,OfX)
Total..
! 813 IHJ0
Drducl six per cent, interest on fills) Don Ouoot
circulation nirnioneu to me Banks..
18,000,000
Pnlance Jio.8ln.ouo
Tills na'ance sheet between tbe banks and tne peo
ple eveiy Item ol which Is based up in nillclul daia,
shows tbat not only la the "eighteen millions subsidy"
aw allowed np by It e very terms and stringent provi
sions o' the law, bin. an e"ess of 0 (H ooo Is paid I i
c-an to IheGivernment by the banks fur the privilege
ol exlstli g. This 1 call laxa'lnn wllh a votiaeance.
Ai d lei the people remember that until this national
system was adopted, and tee Government took entire
control of the currency, no revenue whatever was
derived by the nation Irom either the circulation or
dtp' alts of the banks, or In return for Ihelr chartered
privl tges.
To turn tip the whole matter In a word the Ameri
can t eople, by destroying ihe national hatiklxg sys
tem, retiring Ibe national bank currency and sabstl
tut lug gre enbucks therefor, would lose more lu net
revenue alone now paid to the Government by ibe
banks tbnn tbey would gain lu the cancellation of
Ihelr own inieres'-beamig n, lies This statement of
the rase call be comprehended by all ami cannot be
denied by any. And ibis Is leaving wholly out of
view tbe far greater loss which the people would
sutler by the destrucl'on of the present nob e system,
and s return to the linauclal confusion and Insecurity
of other times. It seems lo ine Impossible that any
large poitlon of the American people, after fully un
ders andlng the facts In tbe c:ie. can advocite the
abolition of the national banking system, unless they
aie deliberately determined to commit financial
sub lde.
IV. l'BFSINT POSITION OFTBB NATIONAL RANKS.
Those banks that bave channed from the 8tte to
the national system, having given up ibelr lormer
and much largei liberty ol circulation and deposits,
togetber with the new banks. Hud themselves tlueat-
ened with being deprived not only of their national
circulation out aisn oi tueir positions as nscai agents
of tbe Government.
Tbe profits if Ibe banks during the war. like those
of almost all branches of busluess, were large and un
usual: hut as mailers now stand, I think 1 only ex
press tbe opinion of bank officers generally when X
slate that. In view ol the aggregate of taxatlin
already Imposed upon their prolils and business, the
nullonal banks cannot, for the Immedia'e future,
dec-late average annual dividends of more than seven
per cent., and do a sale and legitimate bankiug buai
DevB, These national banks constitute now our only sys
tem of banking, end are Interwoven with all our
business and Industrial Interests. So far as tne
olllcers and stockholders ol the national banks are
concerned, I venture to express my belief that a large
nialorlty oi them would. If U were a mere question ot
profit, gladly return to tbe old btate system, could
they be assured ol tho same privileges formerly eu
JojeO under It. Are our merchants, farmers, me
chanics and workiugmen generally prepared lor
Buch a chance ? For such a change tbey will have It
they do not rally to Ihe support of ibe national sys
tem. Already. I undeistauu, an enabling ac. has
been applied lor, or bus been i blamed from the Legis
lature of New York to enable the banks of tbat p iw
ertu) Commonwealth lo return to Ihelr former con
dition as Slate Institutions.
The fact is, the stringency o! the National Bvik'ng
law, Ibereduced liberty ol clrculailon, the compul
sory reserves of funds, the Slate and national taxa
tionall combine to render the present system much
more favorable to the people, aud less attractive to
the banker, thau tbat formerly In vugue.
'I Lei umber ol nailonai banks now lu existence,
and iiood etundlng n is 9, having an aggregate capi
tal ol 14-4 4 11, fit. I. Thenumberi t national ban ktised as
oepoMioi leg of public moneys Is 3.l, having an ui;t re
sale capital ol t)l30.(i 0.' ( 0. '1 hee depository biuki
bad on dep. sli at Washington. July 1, 1KA7, as
fecuiity for Government ueposits wuh the bunks,
Uni'ed States bonds ot various issues amounting to
I ,., 4M, to c cure a total amount oi Hover moot
dei t sits at Hat date ot f-9,7t4,.M'09. Tne average
ami uut or non-interest bearing legal tender not
held by tbe banks during ihe putt fiscal quarter was
fin? 4iil,: o.
'1 be national banks have on deposit at the National
Treasury, to secure their ctrculutlou, six per ceni.
imnoa atiKjuutina to 92nt.441.sd,, uud live pur cent,
bonds amounting 10 (su,U6s,liO, being a total of
t:no,7li9 !i5o w lib w liich lo secure an aggregate circu
lation ol (KO.uutuno. Tbe I ati'-nal banks that have
tailed since the lnauguiation of the tysiem are nine
bavltg an aggregate capital of f 1.6 n.uu . Twenty
three other banks have voluntarily gene lntollquida
lioo. Ihelr aggr ('e capital helug (3 sim.uou.
J. egardlug the failure of national bunks a word is
sulltclent. Some national banks have failed, and
others will do so In Ike future, for Ihe simple reason
that In tiny business and with any system It is impos
sible to guar', at all limes, against the cupidity and
dlsfoiitsly of agents. If a dishonest bank oflicer
tboeses lo abscond with Ihe funds of his hank, it is
difliciilt to see wl at temedy there could be under any
sysiem. Hut under the national system the securl.y
egaiiiHt oci'iiteinu of every kind is as ne.irly per
fect as practicable, and Is a vast Improve
ment over tbe old plan. For under the pro
sent ajsiem the bill holders are completely
and always secured against every possible accident,
w hile de post ors have lar greater security than uuder
any former system. Nine-tenths of the peoule are
diieclly Interested only In the security of the circu
lating no es of the banks, for these are in every
man's pocket, and tbev cannot be a Uncled In value
by anything tbe bunks mav do, the Government
being i ledged lo tbelr redemption. It Is also lu
81'i.cllve to note the very small number ut failures
since tbe change from ihe old system lo the new;
only nine out of nearly seventeen hundred having
lulled In four years.
V. SUPERIORITY OF THEN A TIONALI1ANK KYHT1CU.
The superiority of the national over the Slate b-iuk
syste-m hits beeu quite fully discussed iu my a isweis
lo previous questions, aud I cuu oily recapitulate
heie. The btate system Involved this grave error,
thin it gives thirty-six mutually Independent nowors
control over a vital public interest which is Indi
visible and strictly national In it character. If ihe
currency of one Slate never circulated lu auuiher,
but were always conlined within Us own
State limits, then a State system might be
the proper one; but these Sta e bank notes (in
the event of tbe re-establishment of the State bauk
BiHtem), whether good or bad, would become a part
of ihe nation's currency, and the people of all the
States would be equally interested to bave them well
secured, which wouM be en'lrely impracticable. A
subject which thus Interests all tbe people of the coun
try equally , and which In Its workings pays uo atten
tion lo bluie Hues, should Btirely be under national
control, lo order that there n ay be uuity of purpose,
and In oraer that all the people may share In deter
mining through their central Goverumeul the charac
ter ol the cuireury tbey must use.
Under the Slate syBiem there Is no check upon un
due expan-ion or contraction, and thus a degree of
uncertainly is constantly Imparted to the financial
lutuie. Under the balional plan the volume of the
currency Is determined by Congress, and Is oulv In
creased or d mlnlshed as the needs of the people and
the business or ihe country require. Thus stabillii
and comparative cerlulnty are secured and publio
conndence maintained. Under the Statesvsteut the
currency question places u constant lemptullou to
corruption before thirty-six different legislative
bodies; under tbe national system the corrupt
ing power of the bunks, II they have any at al'
Is confined lo a single national legislature, and as the
present law Is framed, and with the gaze of a nation
concentrated upon on tress corruption rega'diiiJ
the currency Is next to Impossible even there Under
Ihe state system the currency Is unlike In appear
ance, unequul lu value, and so Insecure as to br ng
constant and heavy lossuponblllboldera.who are em
phallcaliy ihe people; under the national system ihe
currency Is uniform in appearance, has the sYtne
value n al part of tl e land, aud Is so perfectly Te?
fbing. " Ul UiX CB"U"1
As 10 tbe superiority of the preent system over th
Untied Stales hank, little need be said, Vs lew Tf any
U"-" - -- . ."o tailor. nut l ie Nullonal
...... nLR0Uui nl I 1 1, a i. ,1 .... "''iiil
oflheol jecllonable features, of the old United SiateM
Hank, ludeed. the national system Is a go'.b.i. S
aysieu, ui.ii,i,Kb Willi re I
between tne huiie system aud the United Slates
r, , , n , t 1 1 1 1 , ilia otnu lu,,fl r.
blues the unity ol action and general control, and lV
uulfornilly of curreiicy-whlch were tbe beat le iiure
of ihe United Stales llauk-w lib tbe diffusion of
and fieedom In looal management which cbaracieny
the State system. riise
Considering the preseut extent or our country and
the preseul aud prospective magnitude of us busluew
Interests, I regard the establish meul and maintenance
of a United Slates hank as uexltua financul impts!,!
blllty. Besides. Ill not the province of any Govern
ment to be the banker or the people. The people can
do iheir own banking best; but Government shuiihi H ,
far Interiere a- to systematise, conirol, and r-gulate
Ihe banking Institutions of the country, aud to secure
to all Ihe people asale and uniform currency. This I
all lhat our Government does through the Nailoual
Bulking act, and all that It proposes to do.
Tbe National Banks are totally non-political In their
organisation and tendencies. My observation ha
been that men of all political parlies are fouud amomr
bauk olllcers. directors, and stock holders in about the
same proportion as tbey are found In any branch ol
enterprise or Industry. This one fact renders It almoly
imixiaslble for any political or party movement to ba
organised In, through, or by the Nailoual Bank.
VI. WHY SHOULD THE NATIONAL liANKIMO SYSTBU
1111 l-aUJ-KTUATaoT
My answer to this queulon may be Inferred from
all tbat goes belore, but further reasons will suggest
themselves to all who are witness of the beuellc'ai
results of a sound and well regulated system of
banking. No country can be prosperous, anil keep
up with the inarch of clvihutlloii which lias uol sucu
system.
In conc'nalnn I would earnestly urge on all parties
ml persona the adoption or Ibe Idea that the perpetu
ation or the national banking system e'uinld not bn
regarded as a party question, but a subject in which
al alike are deeply uteres rd. If any better s em
or finance can be orlgluat -ft, Demtiera's and Repub-.
Ilcans are alike hdeiesteo in lis substliu'l.in: but it I
my llru eonylciTon that, after a lew coniemoiaied
ararndrrents shall have been made to tbe present
bank lug law, the national system will be as nearly
perfect as It Is possible to render any tjsie u of
banking
If the reasons I have given above shall In any way
Conduce to tlie wlihdiawal of the ani,Jcl from tbe
arena ol part strife, help to strengthen the confi
dence of ihe friend of the system, ami to g tin over to
It the good will of ibe masses who are so ile-plvln -realed
in Us perpetuation 1 shall he gratified at this
opportunity ot express ng my views.
Very trulv, yours, JAY COOKE.
To Mtears. A. II. Mots and L. B. Hubbard.
FINANCE AND COMMERCE.
OrricB of ttth f.vskiho Tt.jraph,
Wednesday, Oct, 23, Isfl7.
The Stock Market opened very dull this
morning, and prices were unsettled and droop
ing. Government bonds were a shade higher.
July, '06, 6-20s sold at 10GJ, a sllfrat advauce.
lOOj WH hid for 10-40s; 104 lor June and July
7-oOs; llli lor . of 1881; 1J2 J lor 'b2 6-20; UK)
ior 'G4 6-20s; and 10!) tor '66 5 2()9.
City loans were unchanged; the new Issue sold
at 101 i, and old do. at OH, no chan.'c.
Kmlroud stiarcs, a; we have noticed for some
time pas', continue the mo-l active on the
lift, ltcadtnjf told largely at Irom 484
closine at the former ratr, a decline of i; Ctm
den aud Am boy at 124, no cuhuuc; LeliltfQ Val
ley at 611, a dec'ine of 4; ntid Hennaylvan a
Knilrond at 61jj, a decline of i. 04 was bid for
Ni rrudown; 68 lor Minouill; 30. for North Penn
sylvania; 30 lor Elroira common; 41 for pre
ferred do.; 26 for Ca'awissa preferred; and 26$
for Philadelphia and Erl".
City Past-enger Uailroad oh arcs wore un
changed. 64 was bid lor Tenth aud Eleventh;
30 loi Green and Coatc9; and 12 for Ileston
viHe. Bank shares were firmly held at full prlceo.
108 was b d for Seventh National; 245 lor North
America; 142i for Karmers' an 1 Mechanic'; 58
for Commercial; 110 for Kensinittaii: 65 for Pcnn
Township; 694 lor Girard; 90 lor Wesioru; 314
for Manufacturers'; 60 for City; 44 lor Consolida
tion; and 62 for Commonwealth.
In Cannl shares there was not nine doinrr. 37J
was bid for Lebieh Navigation; 35 for Morris
Canal; 90 for prelcrred do.; and 14 for Susque
hanna Canal.
Quotations of Ootd 10J A. M., 143J; 11 A. M.,
143j;12 M., 143$; 1 P. M., 14:IJ.
FHILADEU'IIIA STOCK EXCHANGE SAI,V,S TODAY
lteporied by Bebaven A Bro., No. 10 S. Third street
Flits T BOA III).
K?60Pa6s,lserIes....loaHi UtOsu. Heading...... ...
taiitjtl J'a 68. W L..cp....liW i P'O
ilonuciiy 8s, New. 101 ' too
do s'a
do .........Slid- 4S ',
do.. ...h3'JL. 4V-4
do slio. 4l ','
do...ls.eBki- 4s
do C.4S44
do.. Is. 4H',
do bin. 4d',
do c- UH
axi ao. iew.....iiu , phi
ioo N Peuna lis.. ..c. 87 2 0
(loon do M 2' ill
5 sh Cam A An) 121S UK)
60 ah l ata I'rt. 27 2u)
10 Bh JLeh V K CI1 1 t'O
l'Osh fenna M 5Ta i HKI
12 do Al li 2IH1
do ..Mil. 4X'.
3 do 6I.'1 1 OHh Big lt.
. 3
Messrs. Jay Cooke 4 Co. quote Govern
ment si'cuiltieH, etc., as follows: U. S. (is ot
m. 1118lll; old 6-20s,112jrr)1123; new5-20s,
18C4. 1085109f; do., 1865, 10"a,10'J; do.. July,
1(I64((?;107; do., 1867, IQGidiUI; 10-408, 100i
100J; 7-30s, June, I04QlU5; do., July, lOiidi
106. Gold, 143i(3ll43i.
Messrs. Ue Haven & Brotlier, No. 40 BoutU
Third street, report the following rateB of ex
chancre to-day at 1 P. M.t U. H. 6s ot IbSl.Jllj
(gilllS; do. 1862, Il2jrill2j; do.. 1804, lhSJfa
109j; do., 1H65, lOOJttJlOUi; do., 1865, new, 106.
107; do.. 18G7, now, 10i tl07t do. &, lu-40s,
100:l()i)l: do. 730, Juue. 104i105; do.,
July, 104106; Compound Interest Notes,
Jute, 1S64, 119-40; do., July, 1864, 119-40;
do. August, 186, 119-40; do., Octoher. 18d4,
119-40(oill9i; do.December,!, 1185 ff75118J : Jo.,
May, 1SC5, 117i117il; do., August, H65, U6j
1163 : do., September, 1H65, 115,115J; do.
October, 180ft. ll5if3H5J. Gold, 1-13(31133.
Silver, 1J71384.
Messrs. WUllam Painter A Co., bankers
No. 36 S. Third street, report tho follow
ing rates of exchaime today at 12 o'clock :
D. 8. 6s. 1881, llljt?nilf; D. 8. 5-20s, lG2,
112i1128; do.. UGi, 108,(31031; do., 196o
1091gl09j: do. July, 1865, 106107; do. July
1867, 106107; 6s, 10-40p, 10U31001; U. ri!
7-30s, 2d series, 104(3105; 3d series. lOljtO
106; Compound Interest Notes, Decern her. 1864
118 ; Mav, 1865. 1174; August, 1805, 1161;
tcmber, 1866, 1153; October, 1865, 115. Gold,
143143 j.
Mr. Boucicault ia writing a nevf drama,
which will be originally produced iu America,
niider the direction of Mr. Henry Palmer.
LATEST SHIPPING IKTELLIGEr.CE.
JFbraddUional Marina Hew$ tee 77ilrf Pag.
POKT Oif. PHILADELPHIA OCTOBER 11,
STATS OF THKBMOWKTKB AT TBI XVZMIMO TKLB-
fiHAPK oryicH.
TA. M. Mill A. M 56J P. M..,,, 60
CLEARED THI9 MORNIVO.
Brg Altaretla, Bibber. Boslon, Broad Ton 9tea mbout
Bchi N. K. Clark, Clark, Boston, Mammoth Volu Caul
Bchr W. 8. Thompson.Yates.Georgetown.Van Du3en.
Loch man A Co.
Bcbr W. A. Orler. Fleming, Tompkins' Cove. do.
bchr Kmtui M. Fox, Chase, i'all itlver, blnulckson &
Co.
Bchr Nellie Potter, Someis, Charleston, J. G. fe a b
Keppller.
Bchr Cast er Heft, Bhoe, Fredericksburg, Blaklston.
Clraell'dt Co.
Bchr T. G. Kmlth, Lake, Roxbury, Reppller 4 Bro.
bchr J. A, Blrkle, Uemmiugway, Hartford, Uartlord
Ohs Co.
Bchr H. O. Fly. McAllister, FoitresB Monroe, via Gos-
port. U. H. Quartermaster,
Bchr Charm, btarr, UeorKetown. Captain,
tichr H. Llltle. Godfrey , Norfolk Navy Vard.CaptalD.
Bchr I). K. Wolle, Dole. Leecbville. Captain.
Kchr M. V. Cook, Falkenburg, Boston, Captain.
Bt'r Diamond Blale. Itobtusou, Baltimore, J. u, Ruoff,
ARRIVED THIS MORNING.
Steamship 'l'ouawanda, Jennings. 70 hours from
Savannah, with cotton, etc., to Philadelphia and
boutheru Mall bteuuisblp Co.
bchr a. H. Carty. Wood, s days from Saco, with
beading to tt. A w. Welsh.
bchr F. L. Porter, Huiail. 4 days from New London,
with mdse. to (J. H. Crowell.
bebr Three blsiers, Parker, from Dorchester, In bal
last to J. T. Justus.
bebr T. U. Builiu, Lake. days from Boston, la bal
last to captain
bchr J. A. Blrkle, Uemralngway, 5 days from Sea
brook, In ballast to captain,
bchr N. K, Clark. Clark, from Fair Haven.
Bchr F,. M. Fox. Case, Irom Ureeuport.
bchr M. V. Cook. Falkenburg. Irom Boston.
bchr Roanoke, Barrett, Irom He iretowu.
bchr ( barm. blrr. from Wilmington.
bch.' M. A. drier. Fleming, Irom Odessa.
bteamer 11. L. Gaw, Her, la hours from Baltimore,
with melse. in A. Groves. Jr.
bteumer W. w b II Idin, Illggans, from Baltlmore.wlth
nidse. to J. D. RuoO.
MEMORANDA.
Barqne Thomas Whitney, Weaterdyke, hence, at
Barbados luih ult.
Brln b. V. Merrick, Worden, hence, at Key West7lh
instant.
BrlK Anna, Morrow, hence, at Cteniuegns 9th Inst,
bchr Eva May. Richards, heuse lor Portland, at
New York yesterday.
lnstautrgU" Kye' 'lowaaeDi hence, at Key West lath
saJ&m10?, ' Philadelphia,
fromJrNirWIlchWrs,tl,n.ltl0n' f' W "
nrIineSiV " ' T. Price, for Philadel
phia, sailed from Providence 21st lust.
PeSlJcas,1"' '' "
cietr,ed.tBosXSOi:i.?s,t!kr'0n' Philadelphia.
ge.S.Wb' ?n",mU' 101 "Plla, cleared
bchr H. W. Benedict, tor Philadelphia, sailed from
Newport Mia lust, ' ""'" IV""
DOM 8Tl(7 PORTS.
JXAlt hl AI.PPO.
bteamsblp Arhuina, Maury, from Asnlnwall.
BKasushlp Raleigh, MhmiJ, IrouJ New Orleans.
SECOTJO EOlTIOn
News from the South Atlantic Sqaadron.
WAsninoTON, 0ct. 23. Kefir-Admiral Davis,
commanding, the South A'lmitlc squadron, re
ports to tlie Navy DeDarfment, from on board
the flagship Ouirrinre, Kio de Janeiro, Aua-nst
79. that on Wedccsdav. lhe 28th of that month.
ibe Brazilian Minister, and Hecretary of 8Ute
for the Navy, visited that sb0, ac
companied by a largo civil aud naval stall,
and were received with tbe appropriate
honors. Ills Kxcellrncy passed more than an
brurand a halt on board, and examined the
hip very thorouehly, with Biauy eipresslons of
lnii rei-t and attfaUtoo.
Fuitber desnstches from Re-ir-Admlral Davis
report the health ot tbe squadron as very good.
Notbine of other Interest thau the aboye-men-tloncd
had occurred.
Hear-Admlral Thatcher, Commsndln? the
North Pacific squadron, reports, under date of
Sail Francisco, September 30. the folio inir dis
position oi the vessels under bl command;
The Lackawanna was on hi r return to Hono
lulu from Brook Ulan I. The 0-sipe was en
rcu'e to Alaska. The Mohican was reotlrlnir at
Mare Itdnud: tbe UcsacH on her voyage to Sitka
tho SurnDac cruislutt on tho wo tcoastof Mexico
tlie Suaanee In tbe (iulf of Mexico, but under
orders I'.ir Panama; tbe Sadnaw was repairing;
at Mare I'landj tbe Jame.-town was at Alaska;
the Mohontro awaiting ollicers and ere off Mare
Islnnd; and tbe Cyane preosrlnar for Panama.
Ihe Petisacola, flajr-shtp at the date mentioned,
was off San Francifco.
Arrival of Steamers.
New York, Oct. 23. Arrived steamers Bo
rtissia, from Ilamburir; Ville de Paris, from
Havre, aud the Columbia, from Nassau.
From New Hampshire.
Concord, N. II., Oct. 23. Arrangements are
bcins made here lor the reception of General
Sheridan. (
Sailing oi' the Cuba.
Boston, Oct. 23. The Cuba 6ailed today for
Liverpool, but took no specie. She has sixty
two piisfenccrs for Liverpool, and tw eukv-flve
for Halifax.
Personal.
Washington, Oct. 23 General Skinner, the
First Assistant Postmaster-General, Is somewhat
better to-day.
From Vermont.
Burlington. Yl" 0rt 23. Charles Waleott,
Jr., of Burlington, fell from the cars of the Ver
mont Central Kailroad yesterday, and was
killed.
A Ship Ashore.
ew York, Oct. 23. A ship carrying Thorn as
Dunham's sicnal, went ashore near Fort Hamil
ton this morning.
Two Brothers Drowned.
Concord, N. II., Oet. 23 Charles and Horace
II. Rolie, brothers, were droned near Lacouin
jesterday by tbe npseltiu of a boat.
The Prince Napoleon Dinner at the
Whits House.
The OommerrUil has not that story right. Some time
attert he dinner, Caleb e-uillli, then tteoretary of the
interior, called on Secretary r eward. '"Heward," said
be, "that bill of Uautier'a (li e t rench restaurateur)
has been sentlu to me again; tbe old woman (meaning
Al rs, l.lnciln) refusers to pay it, and sends blm to me,
aud I have no authority to pay it out of the
money appropriated by 1'ongre.s tor repairs, stanllng,
fire wood, gardening, eic. etc." Well, Caleb,'
said hewara, "to avoid sen mini, we bad bet
ter divide It belween ourselves and pay
ll. ll Is only eighty seven dollars and a hal f apiece .
an.' we can both ufTord thai, I think." -BvJovel"
said ibe t-eeretary ot Ibe Interior,' it is :kh aolece:
Ibis bill Is 18 0." "well," said the Secretary of
blale, "I do not see how that can be: I had tbe same
guests at ny dinner: It was pre-ared by ibe same
man, Uautler: if anything was different between tne
two, the extra cost was ir my fa.or. for I had belter
wines than they had at the White House, and my
bill was Il7i. If this is so, I will not pity ooe-hlf
of Ibe bill, nehber, aud let ibinxs take tbelr
curse." Hie bill was not paid by anybody at
lhe W hite House, and the restaurateur was Impor
tunate. At Inst Mrs Lincoln sent for the Becielary
oi the Interior. "Mr. Hinlth." said she, "I'll tell you
bow thul llltle bill C4ii oe Bet. led. You see. there are
three cavalry regimen. a stationed on our property
(Ihelurge msll back of the White House). Mow
those homes have left heaps of manure, and ll all be
longs to us. Now you want manure for thepubllo
eiounds, particularly thuse around tne White House.
Now, 1 will sell it all to you lor Itiou loi Kardenlng
imrposes. You Bend me the mouey and I'll pay
lauiler." -
li Is probable tbat Oasptirln Laboulaye and other
eminent Kronen people who admired the late Piesl
dent, would not bave presented Mrs. Lincoln with
Ibe memorial gold medal which ctuie over, hail they
known bow Ihe bill was paid for the dinner to Pi'luce
Napokou. JS'. 1'. WorM.
The New Governor of Demerars-Csrfl
mcrcial Failures The Black Vomit
Coolies Going Home With a Fortune.
GroiiORTOWN, Sept. 30, via Havana, Oot. 22. -His
Excellency Governor Hicks has Justarrlvel
to lake eht rge of the Executive, uud there Is
great public rejoicing. The late conflagration
has Induced many commoicial failures. The
"black vomit" Is raging. It has taken off eight
victims In a fortnight. Five hundred Chinese
aud East Indian coolies who have aorved out
tbe term of their apprenticeship have availed
thomselves of the provisions of the law, aud
taken their departure for home, being shipped
by the lmtnlgiailon agents. They carry with,
tbem a net savins of earnings amounting to
SoO.OOO.
Good Harvest Prospects In Jamaica
Proposed Conference with the English
Colonial Office.
Kingston, Jamaica, Oct. 19, via Havana, Oil.
22. The ripening crops all over the Island
piomlse for the most part an abimdaul yield.
II In Excellency (sir Peter Grant proposes to
make a trip to Ktiglund, In order to confer with
Ins (Jrace the Duke ol Buckingham, Heoretary
of Ktsle for the Colonies, on the future policy to
be observed In the goverumeul of the island.
Should lhe Governor tarry his Idea into execu
tion, tlie executive authority here will be vested
In 8ir Henry tttorks. as his substitute, during
his absence. -
Markets by Telegraph.
New York, OciCier 2S Htockt are heavy. Chicago
and Kock island, lia'u; headlnn.tw:1,-, Caut. u Onuueny,
4i': f.'ie. 71; Cleve.uud aud Pituuurg, SI; Michu.ua
Central, KS'.i: do. Is ulberu 7u?,: New torkCeuiral,
llu,: lllltioM Ceutral, V'i'ji C uuberland preierre 1, 2tf,
Vugliilit tts, 45; Missourls, ii-7, MtiUmu Kiver, 1-7;
United Blates Flve-tweuties, lseii, ll.it,; do. 1S64, 10'.
do, istift. liw',: len-lnr les, luo'4 Heven-'.hlrtieyi, lus;
Sterling Kxcbange, lo'J. Money, 7 puf cent, Uold, 143;,.
Philadelphia Trade Keport
Wednesday, Oct. 23. There Is no vitality In
the Flour Market, and prices are nominally In
favor of buyers. The shippers have waited la
anticipation of a decline, and the home oon-t-umers
operate with great caution. Sales of ft
few hundred barrels at 7 50(38 25 for extras
tlill-60 for Northwestern extra tomy.n
ll(!Vl2 60 for fancy hrands.acoordlog toQuiJ
his Ki.iur sella aL tH 7oiM 2 nothing Uoiua
Corn Weal. ... .n(J prices oon-
Tbe Wheat Market is"! : $att lo'
Itnue to droop, wales of U lv-nla Rye
rd. and li 10 fr California -ru demaud is
.. I 71 L,U I '70. Ll"rV r.r VMllOW
limited ud,r?rl"n",uUl ttt
lUtHS.aiid Wesiernr'0u-rjeU BoutJ
qnlet. wllh '7';g cents. -l'iiusylvania"7Url
mnr9 active,
llsriey udf)e ft" mer at tVibV60.
n" w J
1 j ) rijtii tt rA
I Hlf 1 we-
ibeU Southern ad
Bales of
aud 1000
"K ff beld armly at 155
petiyPrioes are nominally nnohanged.