EXCHANGE AT NEW YORK. 16 5 32 a 5 35 fr. per doll. 394 cts. p. guilder. circulation, with a great pecuniary saving to the nation. The late Mr. David Ricardot sketched out a plan for a national bank, which was published after his death. Bills on London, 60 days sight, 7 a 8 per cent. prem. His project embraces the circulation of the whole country, and proposes to entrust the management of it to commissioners appointed by parliament. There are many regulations for the control of the circulation, and the mode of settling with the Bank of England is clearly pointed out. His plan provides for an issue of one and two pound notes, but as there seems to be a general feeling against notes of a lower denomination than five pounds, and in favour of a metallic currency, this point, which is only one of economy, should be conceded to the wishes, not to say the prejudices, of the public. 66 66 France, Holland, 66 Hamburgh, 35 a 35 cts. p. mc. ba. 79 a 79 cts. p. rix dol. par Philadelphia, discount. 44 24 It is not now necessary to enter into the details of this project, these may be matters of discussion hereafter; the object at present is to estaplish the principle Sovereigns, in its most simple form. What possible objection can Heavy guineas, be urged to a national bank, conducted by intelligent Spanish dollars, commissioners, who will have no interest opposed to Carolus do. the adoption of the best and wisest course, with a paper Mexican do. circulation extending over the whole country, allowed Five-franc pieces, to contract and expand itself under the influence of Doubloons, the foreign exchanges, unmixed with deposites, and unfettered by commercial transactions; with a suffi. cient supply of bullion to answer every probable de- Bills on London, 60 days sight, 9 a 10 p. cent. prem. mand, and with the obligation of purchasing gold from the public at a trifling difference? Under such a system the currency would easily regulate itself according to the wants of the community; there would be no forced contraction or increase of the circulation, no sudden fluctuation of prices, and the evils attendant on such a state of things would be avoided. do patriot, If the public once became fully persuaded of the ad. vantages of this measure, there would be no difficulty in carrying it into execution. The interest of a few bank proprietors could never enter into competition with the interests of the community, and any opposi tion on their part would be easily overcome-indeed, such opposition is scarcely to be anticipated; for agree. ably to the account rendered to the committee of the house of commons, in 1832, the net profit to the Bank of England on the circulation and the government business is estimated at only £178,875 per annum, and as of this sum £120,000 was ceded on the renewal of the charter, £58,875 is all that the bank now gains agreeably to its own calculation-too insignificant a sum to induce that body to offer any serious obstacle to the wishes of the public. Be this, however, as it may, whatever attempts may be made to uphold the present Bills on London, 60 days sight, 8 a 9 per cent. prem. vicious system, they will be easily defeated, if the public opinion be strongly and firmly expressed. It is, therefore, reasonable to anticipate that when the subject is again before the legislature, the plan of a national bank will be adopted, and that this great commercial country will thereafter enjoy the advantages of a well-regulated as well as a secure currency. † See plan for a national bank, by David Ricardo. Murray, 1824. It is with feelings of pride that the writer of this tract claims near relationship to a man to whom the science of po. litical economy is so deeply indebted. His works were in advance of the time in which he lived; but as the subject now becomes more generally understood, the principles he sought to establish are gradually and progressively gaining ground. Mexican do. Doubloons 94 a 25 cents each. $16 30 a $16 60 each. do. 15 75 a 16 March 1. 66 Boston, at sight, par The number of defaulting postmasters, (if we have made no mistake in counting,) which the department has reported, is 1832. This report we shall further examine at a future time. We simply call the public attention to it now, that they might form some opinion of the operation of the sub-treasury system, as exem- Doubloons plified by the post-office department.-Madisonian. p. 5 10 a 5 15 fr. discount. FROM ENGLAND. April 1. Bills on London, 60 days sight, 10 a 11 p. ct. prem. Five-franc pieces doll. 98 a 1 00 cts. each. $17 00 a $17 25 each. 16 50 a 16 75 do. par a par a do. 1 a 11 do. The following information, from the Morning Herald's city article of October 4th, is of considerable interest to the mercantile community. It confirms the opinions we expressed in July.-N. Y. Com. Adv. Our commercial money market continues very easy, and for the present all apprehension upon the question of the taking up of the guarantee notes of the parties who became securities to the Bank of England direc tion, on account of their late advances to the suspended American mercantile firms, has been dissipated. It has been stated that hints were given to the guaran. tees, nearly a fortnight past, that if it were not exactly convenient to redeem the securities which would fall due this day that they had given, the bank direction would renew them for three months. In most instances, if we are correctly informed, these guarantees have been liquidated, and where it has been a matter of convenience to renew them, we understand that it has been promptly agreed to on the part of the Bank of England. So far, all this is very satisfactory, since it proves that the bank has confidence in the present general state of commercial credit, as well as in the guarantees of the firms which have suspended pay. ment; it may be inferred that the directors are also satisfied with the steps which the houses alluded to have taken to liquidate the claims upon them, and to this renewed disposition on the part of the bank to assist them, we may pretty certainly attribute the present easy aspect of the money market; in fact, the bank directors could not well adopt any other course without detriment to their own interests, as well as those of the commercial community in general; notper ct. premiom. withstanding, it is still the opinion of many men of business, that they seriously committed themselves by taking up those firms in the first instance. To let them down now, without any decided or just motive, would 2 a 5 per cent. prem. only be adding wickedness to a very great excess of 24 a 5 Bills on London, 60 days sight, 10 a 123 per ct. prem 5 15 a 5 17 fr. p. doll. 40 a 41 cts. p. guilder. 35 a 36 cts. p. mc. ba. 82 a 83 cts. per rix doll. para per ct. discount. par a แ at sight, do. 66 Hamburgh Bremen 66 66 Boston, Philadelphia Baltimore 46 par a do. 1 a 1 do. Bills on London, 60 days sight, 12 a 16 per ct. prem. Mr. Wildes and Mr. Pickersgill stated to the meet 5 00 a 5 15 fr. per doll. ing that they were still confident, and that, notwith42 a 44 cts. per guilder. standing the additional loss from their having been 37 a cts. per mc. obliged to suspend their payments, they were sol 824 a 83 cts. per rix doll. vent, and that they had the expectation of a consider. para per ct. discount.able surplus to themselves; and therefore they were desirous that they should themselves liquidate their affairs, but under the advice and inspection of such gentlemen as the creditors should name as, and would act as, inspectors. 46 66 Holland 66 66 Hamburgh แ Bremen Philadelphia do. Mr. Wildes and Mr. Pickersgill also stated to the meeting that the gross amount of the debts owing by them, (including therein their few private creditors, which do not in the whole exceed £500,) not exceeding £100 in open account, nor on any single bill £100, was £6,000 or thereabouts, and that in their judgment it would be desirable for the general good that those 8 a 9 per cent. prem. creditors be forthwith paid. 8a9 8 a 9 $5 25 a $5 30 each. 5 25 a 5 30 do. do. do. That it is the opinion of this meeting, from the This quotation is clearly erroneous. It should have been higher than the new coinage, as it had uniformly been be accounts of the concerns of the house laid before them, if time be afforded, and proper measures adopted, fore.-ED. in the liquidation of the concerns of the house, there is property sufficient to meet all claims on the house, and to leave a considerable surplus. "That it is the opinion of the meeting that it will be for the interest of the creditors that George Wildes & Co. should liquidate the concerns of their house under advice and inspection. "That Mr. Alderman Thompson, Mr. Thomas Baring, Mr. Edward Mills, and Mr. Thomas Dent, be requested to become inspectors-and they having signi fied their consent to become inspectors, they were appointed accordingly. "That George Wildes & Co. act under the advice and opinion of the inspectors, and their (Geo. Wildes & Co's.) solicitors, in all matters of their estate. "That George Wildes & Co. be entirely governed by the opinion of the inspectors as to what amount in hand shall be sufficient to make payment on account to the creditors, and so from time to time. "That George Wildes & Co., whenever required by the inspectors, call a meeting of their creditors. "That the advice and opinion of a majority in number of the inspectors, shall be deemed the advice and opinion of all of them. "It is the opinion of the meeting, that it is desirable that all creditors of an amount not exceeding £100 in open account, nor on any single bill, £100 be forthwith paid. "That the bill holders be recommended to present and protest their bills in the usual way, and to send out their protests and take such steps as will secure their recourse on other parties to the bills, but to retain their bills in this country for the present. "That a copy of the above be sent by George Wildes & Co. to all their creditors not present at this meeting, and with such statement and explanation as to their affairs as they should think necessary for their fuller understanding thereof." It was moved by Mr. Alderman Thompson, seconded by Frederick Huth, Esq., and carried unanimously, "That the meeting should not break up without their expressing the high opinion they have of the honourable and worthy conduct of George Wildes & Co., in the arduous situation in which they have for the last four months been placed. (Signed) "J. Horsley Palmer, Chairman." FIRST ACCOUNTS COVERED. Assets. Bank accounts to be provided for £45,000 Collateral securities in America 400,000 Do. estimated to have been received 100,000 65,000 SECOND DRS. ACCOUNTS UNCOVERED. For manufactures, &c. shipped to Am. Deduction for estimated loss on suspended accounts, the major part of which are covered, £189,000 -£408,000 505,000 Beware of Counterfeits.-The $3 bills issued by the corporation of the borough of Harrisburg have been very extensively counterfeited. The paper used in the counterfeit is of a lighter colour but much heavier texture than the genuine. A Counterfeit. The York (Pa.) Republican cautions the public against counterfeit certificates of the 25,000 borough of York, of the denomination of fifty cents, 90,000 printed with blue ink, and signed Jacob A. Fischer, (or, as in some instances, Jacob A. Fisher) assistant town £620,000 clerk, have been lately detected in circulation. Base Coin. A new Orleans paper says, at this moment there is circulating in the country far more counterfeit specie than paper money. A western gentleman states that almost half the specie circulation of Michigan, Illinois, and the vicinity, is bogus, a term to express spurious coin. -£610,000 Counterfeit Coin.-A large quantity of spurious coin is at present in circulation, consisting principally 623,000 of half crowns, which are well executed. A considerable number of counterfeit sovereigns is also in £1,233,000 circulation. They are composed of a mixture of platina and copper, and cannot be distinguished from the genuine metal by the weight, which many persons 35,000 consider an infallible test.-English paper. The salary of Major W. G. McNeill, of the corps of topographical engineers, as principal engineer of the Charleston, Louisville, and Cincinnati railroad, has been fixed at $11,000 by the convention of stockholders lately assembled at Flat Rock, N. C. The salary of the president of the same company is $4,000 per an num.-Army and Navy Chronicle. A Strike. We understand that all the journeymen carpenters employed upon the new hotel, numbering about 75, struck on Saturday last in consequence of their wages being reduced from $2 25 to $1 75 per The St. Louis Bulletin of the 24th of October, remarks:-"Boats are now arriving in this city almost every hour, filled with freight and passengers. The water in the river continues high, and if the fall proves favourable, we inay expect a large emigration to our state, and a considerable accession to the population and business of this city. Only one circumstance is likely to prevent this, and that is, the derangement in the money market and the consequent stagnation of business throughout the country, by which enterprise is checked, and success rendered so precarious, as almost to discourage the effort. Yet, notwithstanding all these disheartening prospects and accumulated diffi-day.-Charleston Mercury. culties, emigrations into the fertile regions of Missouri are very great and constant. Our roads leading into the interior are thronged with families and trains of teams, with stock and hands to settle on our new land. This scene is animating in the extreme, notwithstand ing all the embarrassments to which these hardy settlers are subjected in search of a new abode." NEW ORLEANS, November 9. The Levee.-A stroll along the levee late last evening convinced us that business was reviving, and trade had somewhat improved. We cast our eyes up and down the river, and thought New Orleans was once herself again, when we counted forty-three steamers, and witnessed a young forest of masts. But still the contrast of other years rushed upon our mind, and we involuntarily exclaimed, “this city is not what it has been, what it should be." True, we saw a bustling, busy scene before us-but the crowd and business was nothing to what we have witnessed at this time in other years. The Tuscumbia (Alabama) Register of the 26th Oct. says of the cotton crops: "From present prospects, the planters in the Tennessee valley have reason to anticipate, at least, an average crop. The staple is generally good, and hands are now able to pick out from a hundred to a hundred and sixty pounds per day. Should heavy frosts hold off a week or two longer, which the present state of the weather appears to indicate, the crop will be "beyond the reach of contingencies." Loan to Texas.-The Louisville Journal of the 21st inst. says: "We understand that Mr. Burnly of this city (Louisville) who is now at the east, has succeeded in negotiating a loan of two millions of dollars for the government of Texas." Labourers in Demand.-The Illinois and Michigan canal is, according to the Peoria Register, going on with spirit; many of the hands who quit on the reduction of the wages, have returned to work again. From two to three thousand more are wanted. Wages $20 a month. Labourers are represented to be in great demand at Peoria, Illinois. The Grand Gulf Railroad Bank is advancing fifty dollars per bale on cotton delivered at any landing on the river, and subject to the order of the cashier of said institution. A great many planters are disposing of their cotton in this way. It appears from the Arkansas papers, that the cotton crops in the counties bordering upon the Mississippi and the Red river, are very excellent both in quality and in quantity, and that they promise to excel every previous crop in that quarter. Canals in the United States.-The Buffalo Journal gives the aggregate of three thousand miles: six hundred and seventy-eight of which are in New York, eight hundred and forty-seven in Pennsylvania, five hundred and sixty-one in Ohio, three hundred and sixty in Maryland and Virginia, one hundred in Louisiana, one hundred in New Jersey, one hundred in South Carolina, &c. Emigration from Britain to America.-By the custom-house returns in Britain it appears that the number of persons who emigrated to the British North Ameri can colonies during the last year was 34,226, and to the United States of America during the same period, 49,774. In the year 1834, the numbers were respectively 40,060 and 38,074, and in 1832, at which time emigration seemed to have reached its maximum, 66,320 and 32,980. We learn that Mr. John G. Wolf, a member of the board of commissioners of the Northern Liberties, has introduced a resolution in that board providing for the appointment of a committee to meet similar committees from the other corporations of the city and county, and confer on the propriety of an immediate redemption of the certificates of stock of those corporations. An official statement of the condition of the Farmers' Bank of Virginia, made up to the 1st Nov. shows that since the 1st of June last the bank has increased its specie $27,471; has diminished its circulation and deprofits and additions to the contingent fund, $205,015. posites $368,717; and has increased its resources by The circulation on the 1st November was $2,336,980, and the specie on hand $440,143. Bricklayers are receiving $3 50 per day in Grand Gulf, (Miss). The editor of the Advertiser says he is authorised to say that from fifty to one hundred bricklayers could obtain immediate and constant employ-vocate states that the contractors on the line of the Chesapeake and Ohio Canal.-The Cumberland Adcanal, from Cumberland eastward, are preparing for active operations. The Advocate adds:-"It is one of the heaviest undertakings known in the country, and will require many thousand labourers in order to complete it. The number now employed is computed at about six thousand, and when the whole line is under way it is thought the number will be increased to about fifteen thousand. Average the wages and board of this number at one dollar and twenty-five cents each, per day, and the sum expended per week will be one hundred and two thousand five hundred dollars." proposes December 4. Girard Bank, Kentucky Bank, 60 days B. Schuylkill Navigation, 66 60 66 60 3 66 66 Lehigh Coal, 19 66 do. 66 Newcastle Rail-Road, Commercial and Rail-Road Bank.-This institution is now advancing $40 per bale on cotton, and to ship to Europe and refund the planter the difference $15000 Draft on New York, 30 shares U. S. Bank, in exchange which at present amounts to upwards of 30 per cent. The immense advantage which our planters will derive from breaking off all connection with the New Orleans commission merchants, is al ready manifest. Our home market will just put about 30 per cent. more in the pockets of our planters. While cotton is now selling in New Orleans for from 8 to 11 cents, it commands 12 to 13 cents in Natchez, Grand Gulf, and this place; and this too without the enormous taxation of commission, drayage, and all the etceteras of deduction from the account sales in New Orleans!-Vicksburg Sentinel. The Brandon Bank.-The cotton pledged to this bank last summer begins to come into market. Already more than one hundred bales have been brought to Vicksburg and nearly as much to Grand Gulf. bank will receive upwards of twenty thousand bales at this place during the season. It will be seen at a glance that the master stroke of policy pursued by this bank last summer, while it rallied around it the devotion of our planters, will give it the command of eastern funds or specie, and thus place it in a better position than any other banking institution in the United States. The timely aid which it afforded to our planters last summer has awakened a feeling in its behalf all over the country. It is decidedly the most popular bank in the state; and it has the means at its command of resuming specie payments sooner than any bank in the south. We have heard that it intends to commence redeeming its small notes in specie on the first of October next.-Ib. The Baltimore city councils, on 15th of November, passed an ordinance appointing six commissioners to issue certificates of stock, to an amount not exceeding $100,000 in the whole, in sums of 5 cents, 25 cents, 50 cents, 1 dollar, and 2 dollars. The Richmond Enquirer of the 18th of November, says:-"It is said that our own Bank of Virginia has negotiated the sale of about half a million of scrip, assigned to the James River Company, and issued on the faith of the state. There is every reason to hope that these negotiations will be made available to the banks; and they may possibly enter the stream of commercial transactions, and contribute to lower the foreign exchange." Cincinnati and Charleston Rail-Road.-A slip from the Nashville Banner of the 24th ult., informs us that the bill to grant banking privileges to this enterprise, was in a fair way to become a law. The consent of Tennessee to this measure, is all that is necessary to ensure an early completion of the great project. SALES OF STOCK AT PHILADELPHIA. November 27. $12000 Draft on New York, 101 100 144 shares U. S. Bank, 123 100 25 Doubloons, Savannah, 46 New Orleans, 66 American gold, do. new coinage, Sovereigns, 50 Carolus do. 50 Half dollars, 161 30 Mexican dollars, Five-franc pieces, 11 a 12 premium. 5 a 5 do. $5 10 a $5 13 each. 5 10 a 5 20 do. 8 a 10 premium. |