BANKING IN MAINE AND INDIANA.

The Indiana Constitutional Convention have adopted a General Law System of Banking, similar to that of the State of New York, as will be seen by the subjoined sections. This system of general laws for the creation of monied and other corporations, which first obtained a foothold in the "Empire State," we view as among the wisest and best reforms that have ever been effected in Commercial legislation. The younger States show a disposition to follow the example of their elder sister. The Legislature of Maine passed through the Senate, last year, the New York Free Bank Bill, in substance; and we are assured by an esteemed correspondent, whose sources of information may be relied upon, that if the session had been one day longer, it would have passed the House. But for want of time, that branch of the Legislature referred it to the Bank Commissioners, to report upon at the next session, which convenes at Augusta on the 2d Wednesday in May--in the meantime, ordering it to be published by all the newspapers in the State. It will, we are assured, pass at the next session, beyond a doubt. But for the provisions of the Indiana Constitutional Convention :—

The Legislature shall not have power to authorize any system of banking, except under a general law, based on the principles of ample security for the redemption of the bills in specie, to be filed with some State officer, registry of notes; preference of payment to bill holders, in case of insolvency, and individual liability of stockholders to an amount equal with their stock.

Provided, however, that the Legislature may have authority to charter a bank and branches, (without collateral security, as described above,) which branches shall be mutually responsible for each other's circulation, the stockholders of which shall be individually liable to an equal amount with their stock, and in which the State shall not be a partner. But this shall not be construed to prohibit the investment of the trust funds, their safety to be suitably guarantied.

Sections were engrossed providing that bill holders shall have preference over all other creditors, in case of insolvency. Also, that stockholders shall be individually liable to an amount over and above their stock equal to that of their stock. Also, that no suspension of specie payments shall be recognized.

SCARCITY OF SILVER COIN.

A correspondent of the Journal of Commerce, alluding to the uneasiness that prevails, in business circles, lest we should be left without a sufficient supply of silver coin, takes what we consider a common sense view of the subject. He says:

"It is clear that the price of silver must be lower than it is in Europe; otherwise shippers would not export it; it costs, I presume, at least 5 per cent, (say 3 per cent premium, and 2 per cent charges and profit,) to place it where it is wanted. It seems curious that the continental powers should insist on their people using for currency, silver, which is so much dearer in proportion than gold; and much more inconvenient. But as they will do so, the silver will go there, until they have the necessary supply. I look on it in the same light, as if they should compel those who are fond of poultry, to eat woodcock or pheasant, instead of barn door fowl. But probably before a great while, the powers in Europe will find out their mistake; and then the tide will run the other way. If a demand should spring up for flour, we would think it wrong, if laws should be passed to prevent its export; even if we were afraid the export would advance the price.

VALUE OF THE REAL ESTATE OF MEXICO.

By a report presented to the Government of Mexico, by the general office of contributions, the last year, it appears that the number of estates in the country is 13,000, the value of which is estimated at $720,000,000, and the value of city property is estimated at $635,000,000. The result is that the whole of the real estate of the Republic is reckoned to be worth $1,355,000,000.

MERCANTILE MISCELLANIES.

COMMERCIAL SUPREMACY.

THE ARVIVAL OF THE FIRST AMERICAN VESSEL AT LONDON FROM CANTON, SINCE THE REPEAL OF THE BRITISH NAVIGATION ACT.

The arrival of the American ship Oriental, at London, in ninety-eight days from Canton, is noticed by the London Times with some comments upon the repeal of the Navigation Laws and the superior speed of American vessels. The Oriental was the first arrival at London from Canton, since the repeal of the Navigation Laws, and the Times is of the opinion that the profits derived from her thus far will be sure to lead many others in her train.

The change which has taken place of late years in the style of naval architecture by which the size and capacity of merchant vessels have been greatly increased, is now undergoing another modification for the purpose of combining superior speed with enlarged dimensions. Commercial competition, in fact, is rendering it all important that ships bound to distant markets should be fast sailers, even although their capacity should be reduced by the necessity of conforming to the clipper model. Fast sailers always command freights, and at higher prices than “slow coaches”—since to reach a market first, when there are fluctuations attending the value of cargoes, is an object for the attainment of which much may be risked, much sacrificed. In reference to the skill of the American people in constructing fast sailing vessels, the London Times says:

Everything now conspires to render speed as indispensable to success on sea as on land. By the aid of steam, we have intelligence within two months from every considerable port in the world, excepting only our own Australian colonies. In the third week of October we had Californian newspapers to September 1. Notwithstanding the immense cost of our postal communications with the West Indies, Central America, and the Pacific, the Americans are able to anticipate them so far that the news brought by the West India packets is generally out of date. By the electric telegraph, intelligence is conveyed almost instantaneously, between Roston and New Orleans, "beating time" by half an hour. The completion of the continental railroads will soon shorten the journey between London and Alexandria; and there is at length some hope that the journey between Bombay and the two other presidencies will be measured by hours. But the quicker the conveyance of intelligence and of travelers, the quicker, too, must be the conveyance of goods. At all events, the more certain is the swifter conveyance to take away all profit from the slower. But at this time when Atlantic steamers multiplying every year, railroads increasing by a thousand miles per annum in the New and the Old World, and the electric telegraph, seem to quicken the pace and the pulse of the world, the discovery of California drives the competition up to fever heat, and for a time threatens to put the United States at the head of the universal competition. There is no doubt that it will draw into this new and almost miraculous opening much of that enterprise which has lately been rewarded with wonderful results nearer home. We have several times had to direct attention to the fresh and fresh lines of steamers on the American rivers and lakes to vast additional lengths of canal, and the endless ramifications of the railway system; as also to the new manufactures introduced whenever an opening offered. The rapid increase of population in the States, augmented by an annual immigration of near three hundred thousand from these isles, is a fact that forces itself on the notice and the interest of the most unobservant and uncurious. All these promise to develop the resources of the States to such an extent as to compel us to a competition as difficult as it is unavoidable. We must run a race with our gigantic and unshackled rival. We must set our long-practiced skill, our steady industry, and our dogged determination against his youth, ingenuity and ardor. It is the father who runs a race with his son. A fell necessity constrains us and we must not be beat. Let our ship-builders and their employers take warning in time. There will always be an abundant supply of vessels, good enough and fast enough for short voyages. The

coal trade can take care of itself, for it will ever be a refuge for the destitute. But we want fast vessels for the long voyages, which otherwise will fall into American hands. It is fortunate that the Navigation Laws have been repealed in time to destroy these false and unreasonable expectations, which might have lulled the ardor of British competition. We now all start together with a fair field and no favor. The American captain can call at London, and the British captain can pursue his voyage to New York. Who can complain? Not we. We trust that our countrymen will not be beaten; but if they should be, we shall know that they deserve it.

"THE PHILOSOPHY OF ADVERTISING."

It will be remembered that we published in a former number of the Merchants' Magazine, an essay on the " Philosophy of Advertising;" the essay which received the prize of "a silver cup," which had been offered by Mr. Palmer, of "the American Newspaper Advertising Agency." We remarked, at the time, that Mr. Greeley, the successful competitor, was one of the proprietors of the Tribune, a journal of large circulation, and that Mr. Palmer was the general agent for nearly all the newspapers in the United States, a circumstance which, we presumed, would not impair the force of the arguments and illustrations brought forward in support of a liberal system of advertising. The soundness of Mr. Greeley's views rest entirely on the force of his arguments and the truthfulness of his statements, and not at all on the motives of the writer, however interested they may have been. Believing, as we then remarked, that the essay was calculated to promote the interests of our patrons, the Merchants, and our friends of the newspaper press generally, and further that it related to a purely commercial topic, we concluded to lay it before our readers for the benefit of all whom it might concern. As the proprietor of a magazine, depending on its circulation, we have little or no personal interest in the subject—not so with the newspaper press, whose chief support is derived from advertising. This remark is especially true, in regard to the penny newspaper press. The large circulation of the New York Sun, for instance, is a positive loss to the enterprising proprietors of some ten thousand dollars per annum. This loss is not only made up, but the large profits accruing to the establishment in addition, are derived from the advertising revenue.

A late number of the Boston Pathfinder, a spirited, well conducted journal, has an article on the subject of advertising, which, aside from the laudably interested design of the writer, illustrates very clearly and conclusively the benefits of advertising. After stating the incontrovertible fact, that every Merchant, Trader, Storekeeper, business man, etc., who may desire to increase the number of his customers, can effect such a result at a comparatively small expense, by advertising, and commending the Pathfinder as one of the best papers to advertise in that can be found in the New England States, the editors of that journal go on to illustrate their point in regard to the importance of the system, citing their own example, as proof positive of their position. We quote nearly the whole of the Pathfinder's remarks:

"We have fully tested the value of advertising in our own business. Two years ago the Pathfinder Job Printing Office consisted of a few cases of type and a small hand-press, the whole not requiring a room more than ten feet square. Only one man was employed in doing the work, and he had not half enough to keep him busy. At that time we began to advertise pretty thoroughly in our own paper, and also in other papers, the fact that we had opened a new Job Printing Office. There has been, ever since, a constant increase of our business, and we have been compelled from time to time to add to our stock of type and other fixtures, and to enlarge our office, until we now occupy more than five times the amount of room we had two years ago, and have none to spare at that. Our small hand-press has been exchanged for one of large size, and a new job press-the fastest and best machine that has ever been invented-has been added to the establishment, which will turn out more work in one day than we could have done in a week two years ago. We have also a card press, which enables us to print cards in a superior manner, and with great rapidity. We keep four or five

hands constantly employed, and sometimes more. They are all experienced workmen. In short, we have one of the best printing establishments for job work in the city, with just as much business as we can attend to. In no instance have we enlarged our facilities until compelled to do so by a press of work. No extra exertions, aside from advertising, have been made to secure public patronage, and yet we are almost daily called upon by entire strangers, or rather by those who know us only through our advertisements, to do some job of printing. Without advertising we candidly think our business would not have been more than half as large, and the value of our establishment at the present time, of course, would have been correspondingly less. Therefore, we are prepared to say, from our own experience, that advertising pays. It has doubled our business, enhanced the value of our property, and crowned our efforts with success. And it will do the same for every man who will try it fairly, judiciously, and perseveringly. Some people think that because they do not immediately see the fruit of the first ten dollars expended in advertising, the money has been thrown away, and, terrified at the alarming fact, they immediately stop advertising, and renounce all faith in its efficacy. As well might the farmer despair of raising apples because his young trees do not bear for several years, while they cost him much labor in transplanting and pruning. The advertiser, if he perseveres, is as sure of reaping a bountiful harvest as the farmer."

ADULTERATIONS OF COFFEE AND PEPPER.

HENRY WARD BEECHER, in his discourse on the "Benefits and Evils of Commerce," a large part of which we published in the Merchants' Magazine for February, 1850, in describing the evils of trade, alludes to the preperations for markets, home and foreign, wholasale and retail, to the long list of "impositions, adulterations and frauds, under every letter of the alphabet." Mr. Beecher says, in his unpicked words, or rather in words picked, because they say just what is meant, that such "goods are incarnated lies." "We that consume are daily in the consumption of lies--we drink lying coffeewe eat lying food-we patch lying clothes with cheating thread--we perfume ourselves with lying essence--we wet our feet in lying boots-catch cold, however, truly enough--are tormented with adulterated drugs, &c. In publishing this extract, we stated, in a note on the same page, in illustration of Mr. Beecher's philipic, that Dr. Bailey, during the nine months he held the office of Examiner under the Government of the United States, rejected at the port of New York over fifty-five tons of spurious or adulterated drugs and medicines. These "incarnated lies" were of foreign origin. But who that understands the natural properties of such commodities, or whose taste has not been vitiated by the constant use of impure compounds, is not conscious of consuming daily, in one form or another, these lies of trade. We have before us two illustrations in point, and as they occurred some three thousand miles from our vicinity, we may be permitted to quote them without incurring the imputation of being personal. A late number of the London Lancet contains a useful paper on the adulteration of Coffee; in which it appears that a microscopic examination of thirty-four different qualities sold in London, showed, that with three exceptions, the whole were adulterated. Chicary was found to be present in thirty-one, with the frequent addition of roasted corn, beans, or potatoes, and, in some cases, the quantity of coffee was not more than a fifth of the whole article.

The other case relates to the adulteration of Pepper. A London cotemporary, of recent date, says, that at the Court of Inland Revenue, on Wednesday, Thomas Christie, the proprietor of a tea and grocery establishment in Bishopsgate-street, the Commercial-road East, and White-chapple, London, was charged, on three informations, with adulterating pepper with rice and other articles, by which he had incurred, for every such offence, a panalty of £100. The information contained three other counts, charging him with having such adulterated pepper in his possession, by which he had incurred a further penalty of £300. It was proved that the proportion of rice was about one-third. The defendant was fined in the full penalty, on three counts of the information, of £300. Two other dealers were fined in £100 each, for a similar offence,

COMMERCE JUSTICE-GOOD FAITH.

The two closing paragraphs of a speech, by the Hon. WILLIAM H. SEWARD, on the Claims of American Merchants for Indemnity for French Spoilations, delivered in the Senate of the United States, January 21st, 1850, contain sentiments appropriately and eloquently expressed, that should find a response in the bosom of every honest and patriotic statesman in the Union. The tribute to Commerce is as just in morality, as it is comprehensive and beautiful in expression:

Sir, Commerce is one of the great occupations of this nation. It is the fountain of its revenues, as it is the chief agent of its advancement in civilization and enlargement of empire. It is exclusively the care of the federal authorities. It is for the protection of Commerce that they pass laws, make treaties, build fortifications, and maintain navies upon all the seas. But justice and good faith are surer defences than treaties, fortifications, or naval armaments. Justice and good faith constitute true national honor, which feels a stain more keenly than a wound. The nation that lives in wealth, and in the enjoyment of power, and yet under unpaid obligations, lives in dishonor and in danger. The nation that would be truly great, or even merely safe, must practice an austere and self-denying morality.

The faith of canonized ancestors, whose fame now belongs to mankind, is pledged to the payment of these debts. "Let the merchants send hither well-authenticated evidence of their claims, and proper measures shall be taken for their relief." This was the promise of Washington. The evidence is here. Let us redeem the sacred and venerable engagement. Through his sagacity and virtue, we have inherited with it ample and abundant resources, and to them we ourselves have added the newly discovered wealth of Southern plains, and the hidden treasures of the Western coasts. With the opening of the half century, we are entering upon new and profitable intercourse with the ancient Oriental States and races, while we are grappling more closely to us the new States on our own Continent.

Let us signalize an epoch so important in Commerce and politics by justly discharg ing ourselves forever from the yet remaining obligations of the first and most sacred of all our national engagements. While we are growing over all lands, let us be rigorously just to other nations, just to the several States, and just to every class and to every citizen; in short, just in all our administrations, and just towards all mankind. So shall prosperity crown all our enterprises-nor shall any disturbance within, nor danger from abroad, come nigh unto us, nor alarm us for the safety of Fireside, or Fane, or Capitol.

THE CATAWBA WINE OF OHIO.

We noticed in the windows of Fellows, Van Arsdale & Co., Maiden-lane, a beautiful prize goblet, manufactured by Gale & Son, of New York, bearing the following inscription:-"This cup was awarded to Thomas H. Yeatman, by the Cincinnati Agricultural Society, December 21st, 1850, for the best native Catawba wine offered for the firstclass premiums. Vintage, 1849." We understand that Mr. Yeatman also received the first premium for his wine of the previous year's vintage. We knew this gentleman some twenty-five years ago, when he was a mere youth, and a midshipman in the navy; since which time he has changed his occupation of plowing the ocean to that of plowing the land. Judging from a number of notices we have read in the western papers, Mr. Yeatman's vineyard is peculiarly situated on the hill-sides of the beautiful Ohio, or "la Belle Riviere," and has the aspect and soil of the favored South-side vineyards of France and Germany. His vintage this year yielded upwards of four thousand gallons, or six hundred gallons to the acre, and the quantity will probably increase (as his new vines come to bearing) in a few years to ten thousand gallons per annum. From this wine, which has the character of dry Hock, the finest sparkling Champagne is made, which will vie successfully with the most favored brands of Europe. Mr. Longworth, who is also a resident of Cincinnati, we understand, is now having prepared about one hundred and fifty thousand bottles. The great preference given to the native over the imported wine, makes it difficult to supply the demand. By a publication of Mr. Buchanan, we observe there was, in the year 1848, "seven hundred and forty-three acres of vineyards within a circle of twenty miles around Cincinnati.” At the present time, it is estimated there are two thousand acres in the State. These will, on the average, produce four hundred gallons to the acre, and we shall have of Ohio wine, in a year or so, a yearly yield of 800,000 gallons; and if it continues at the present price of $1 per gallon, it will be a large item in the products of Ohio.