2. Comparative View of the Condition of the Banks in different Sections of the Union in 1850-51, and 1853-54.

Sect.

1850-51. 1853-54. 1850-51. 1853-54. 1850-51. 1853-54. 1850-51. 1853-54.

$

1.

191,777

$

$

$3 $ $ $3 39 883,501 1,912,134 2,015,838 409,496 757,883 9,661,775 13,032,448 2. 15,419,701 24,458,149 5,249,774 6,993,606 2,152,420 1,056,988 17,728,833 19,370,777 3. 2,957,874 7,292,894 8,425,580 9,490,007 2,903,203 2,108,791 11,138.910 7,899,880 4. 1,198,225 2,653,322 3,594,784 3,078,778 2,836,593 2,695,359 7,565,472 7,743,566 5. 2.621,412 9,062,464 1,037,452 789,243 634,260 222,408 4,623,025 7,469,414 22.388.989 44,350,330 20,219,724 22,367,472 8,935,9726,841,429 50,718,015 55,516,085

Sections.

1850-51. 1853-54. 1850-51. 1853-54. 1850-51. 1853-54. 1850-51. 1853-54.

$

$9

$

$

1. 32,220,921 49,396,107 17,397,742 24,898,038 7,750,247 10,546,638 653,103 1,765,563 2. 45,619,039 61,116,263 78,012,354 116,917,925 30,199,200 27,811,364 3,151,500 5,956,919 3. 36,176,977 40,854,139 11,906.342 14,597,101 3,888,838 3,422,446 1,480.206 1,305,636 4. 25,768,805 33,258,965 15,284,247 20,064,818 3,118,040 5,832,246 670,732 2,897,091 5. 15,379,509 20,063,733 6,357,027 11,710,862 1.460,603 2,709,468 482,786 1,514.067 155,165,251 204,689,207 128,957,712 188,188,744 46,416,928 50,322,162 6,438,327 13,439,276

1. Eastern States. Maine, New Hampshire, Vermont, Massachusetts, Rhode Island, Connecticut.

2. Middle States. -New York, New Jersey, Pennsylvania, Delaware, Maryland. 3. Southern States. - Virginia, North Carolina, South Carolina, Georgia,

4. Southwestern States. Alabama, Louisiana, Mississippi, Tennessee, Kentucky, Mis souri.

5. Western States. Illinois, Indiana, Ohio, Michigan, Wisconsin.

3. Comparative View of the Condition of the Banks in the United States, according to Returns nearest to January 1, in 1837, 1843, 1848, 1851, and 1854.

Aggregate of current credits,i.e.,

of circulation and deposits, Aggregate of immediate liabilities, i. e., of circulation, depos

$ $ 290,772,091 228,861,948 204,838,175 227,807,553 301,376,071

525,115,702 254,544,937 344,476,582 413,756,799 607,287,428 12,407,112 28,380,050 26,498,054 22,388,989 44,350,330 19,064,451 22,826,807 20,530,955 20,219,724 22,367,472 10,423,630 13.343,599 8,229,682 8,935,972 6,841,429 59,663,910 20,666,264 38,904,525 50,718,015 55,516,085 36,533,527 13,306,617 16,427,716 17,196,083 22,659,066 5,366,500 6,578,375 10,489,822 15,341,196 25,579,253 37,915,340 33,515,806 46,369,765 48,671,048 59,410,253

149,185,890 58,563,608 128,506,091 155,165,251 204,689,207 127,397,185 56,168,628 103,226,177 128,957,712 188,188,744 62,421,118 21.456,523 39,414,371 46,416,928 50,322,162 36,560,289 7,357,033 5,501,401 6,438,327 13,439,276

276,583,075 114,732,236 231,732,268 284,122,963 392,877,951

its, and dues to other banks, 339,004,193 136,188,754 271,146,639 330,539,891 443,200,113 Aggregate of immediate means, i. e., of specie, specific funds, notes of other banks, and sums due from other banks, Gold and silver in United States treasury depositories,

Total specie in banks and treasury depositories,

139,479,277 74,067,062 112,191,828 131,926,342 163,164,657

8,101,353 11,164,727 25,136,252 54,471,118 59,835,775) 84,546,505

NOTE. — In January, 1837, the inflation of paper credits consequent on the deposit bank system and other causes had nearly reached its height. The revulsion that followed was most severely felt in the latter part of 1842 and the beginning of 1843. In 1848 the first deposits of California gold were made at the United States Mint. The statement for 1851 in this and the preceding tables is not taken from that printed in Executive Document No. 132, 32d Congress, 1st session, but from a report that was prepared with more care, and presented to the House of Representatives in February, 1851, but not ordered to be printed.

XXVIII. AMERICAN SECURITIES HELD ABROAD. On the 4th of April, 1853, the Senate adopted a resolution requesting the Secretary of the Treasury to procure for the Senate the following information, viz.: "The aggregate amount of federal, state, city, county, railroad, and other corporation bonds and stocks, or other evidences of debt, held in Europe or other foreign countries on the 30th of June, 1853, specifying separately, so far as the same can be ascertained, the amount of each of the above descriptions of bonds and stocks." On the 2d of March, 1854, the Secretary of the Treasury communicated the results of his inquiries to the Senate (Senate Doc. 42), from which we gather the following information. In some cases the amounts are estimates merely, but generally they are from official sources. The column containing City, &c. Bonds, is supposed to include all of any amount, except those of Albany, N. Y. and Norfolk, Va. It is thought that in the column of Bank Capital is included all that was held by foreign stockholders at that date. Most of the canals are the property of the several States. The first table shows the aggregate foreign indebtedness; the second gives it more in detail.

1. Aggregate of American Securities held abroad on the 30th of June, 1853.

2. Amount of the Securities of the several, States, &c. held in England and other Foreign Countries, June 30, 1853.

Total, $72,931,507 $21,462,322 $6,688,996 $378,172 $43,169,777

*This includes an estimate for twenty-two companies from whom no returns were received. †These miscellaneous companies, if they are meant to include "all other corporations, are entirely incomplete. In Massachusetts there had been incorporated up to June, 1853, 1,115 companies, with a capital of $226,397,998, exclusive of banking, insurance, and railroad charters.

1855.] FINENESS AND VALUE OF CERTAIN FOREIGN COINS.

217

XXVI. FINENESS AND VALUE OF CERTAIN FOREIGN COINS. By the acts of Congress of January 25, 1834, and of March 3, 1843, the director of the mint was required to ascertain and report to the Secretary of the Treasury upon the fineness and value of certain foreign coins. Under the requisitions of the provisions of those acts, he made a report to the Secretary under date of January 28, 1854, which report on the 1st of March was sent to the House of Representatives, and is published as House Document No. 68. The report is given below:

"I submit the following report of the fineness and value of certain foreign gold and silver coins, as required by the acts of Congress of January 25, 1834, and March 3, 1843; said coins being therein made a legal tender upon certain conditions, which are contingent upon this report.

"Gold Coins. — The law provides that 'gold coins of Great Britain, not less than 915 thousandths fine, shall be received at 94.6 cents per pennyweight.' In a long series of years, and operating at times upon large quantities of such coin, we have not been able to find a higher average result than 915, and it was upon this basis that the enactment was framed. But under the present management of the British mint, and of its assay department, beginning fairly with the year 1852, there is an upward tendency more strictly conforming with the legal standard of 9163. The assay of a few pieces of 1852 and 1853 (the course of trade preventing the receipt of large quantities here) gives an average of 916), and the consequent rate would be 94.7 cents per pennyweight. But it will evidently require a large emission at this rate to make a perceptible improvement in any promiscuous parcel; and some years must elapse before the rate fixed by Congress can be elevated.

"The gold coins of France are made current at 92.9 cents per pennyweight, provided their fineness be not less than 899 thousandths. Their legal standard is 900; but the actual fineness, down to 1852 inclusive, cannot be rated higher than 899.

"Gold coins of Spain, Mexico, and Colombia, of the fineness of 20 carats, 37 carat grains,' equal to 869.14 thousandths, are receivable at 89.9 cents per pennyweight. While occasionally parcels have been found to be of this fineness, or slightly above it, they are frequently not higher than 866, and would, therefore, appear to be thrown out by the terms of the law. Moreover, the gold coins of New Granada, which is a part of Colombia, have been minted since 1849 at the new legal rate of 900 thousandths, and, upon repeated trials, are found to average 894. But it is very rare to find any longer in circulation a gold coin of Spain, Mexico, or Colombia.

“The gold coins of Portugal and Brazil, made current upon condition of being not less than 22 carats (9163 thousandths) fine, are really not higher than 914 thousandths; they are now only known amongst us as curiosities, and it is believed are scarce even in their own country.

“Silver Coins. —The Spanish pillar dollars, and the dollars of Mexico, Peru, and Bolivia, of not less than 897 thousandths fine, and 415 grains in weight, and the dollars of Chili and Central America, and those restamped

in Brazil, of not less fineness than 'ten ounces fifteen pennyweights in the pound,' (895.8 thousandths,) and 415 grains in weight, are receivable at one hundred cents each. The present average fineness and value of these coins, as appearing in our circulation, may be stated as in the ensuiug table, with some doubt as to the item of Central America, whose coinage is very irregular.

"The five-franc pieces of France, if not less than 900 thousandths fine, and 384 grains in weight, are made current at 93 cents. They continue to maintain this average to the year 1852, which is the latest date assayed here.

"It is to be noted that the foregoing valuations of silver coin are based upon the legal rate of the United States, as fixed by the act of 1837. Under the act of March, 1853, the mint has been and is now paying a premium upon these rates to procure silver for coinage; consequently, the laws making them current may be considered nugatory and obsolete. The same remark, for other but obvious reasons, may be applied to all the gold coins mentioned in this report, except those of Great Britain and France.

"I embrace this opportunity to suggest that there is no longer any propriety or necessity for legalizing the circulation of the coins of other countries. In no other nation, except in the case of some colonies, is this mixture of currencies admitted by law, either on the score of courtesy or convenience. When these laws as to foreign coins were passed our coinage was inconsiderable, but during the last few years the pieces struck, in number and value, it is believed, are scarcely inferior to that of any other country. The last year more than seventy-six millions of pieces were struck, of the value of upwards of sixty-four millions of dollars. If this sugges tion is approved, and the laws which legalize foreign coins be repealed, it would be proper, by a standing regulation of the Treasury Department, or by legislative enactment, to require an annual assay report upon the weight and fineness of such foreign coins as frequently reach our shores, with a view to settle and determine their marketable value. Such a report would be a judicious substitute for the one now presented."