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grants now working at the diggins, or consigned by capitalists and bullion dealers to their agents at Port Philip, &c., for the same specific purpose. It is with much difi. culty that the bankers in the city and West End can obtain silver currency to any amount either at the Bank of England or at the Royal Mint, to accommodate their correspondents in different parts of the United Kingdom with silver coinage.

At Birmingham, Manchester, Liverpool, and other large commercial towns, the de mand at the various banks for silver is so great, that they are unable to supply parties with more than £100 to £200, as not only is a vast quantity being shipped off to Australia and India, but the demands for silver bullion and specie for France, Belgium, Holland, Hamburg and the Continent, are also very extensive.

In consequence of this immense call for silver, it appears that the authorities at the mint intend

having a considerable snm coined into specie, and likewise gold currency of half sovereigns and sovereigns for the convenience of the emigrants, who are placed in great difficulties from the want of a small circulating medium in exchange for their gold.

BRITISH CONSOLS AND THE NATIONAL DEBT, We copy from the London Illustrated News the following interesting statement touching British Consols and the reduction of the national debt of England.

Last week Consols were called at par, the Three per Cents were at 100, and there was great cheering on the Stock Exchange. Only once before in the present century has this circumstance happened, and

only three times before since the national debt became a great national burden. We will lay before our readers a few interesting particulars connected with the subject.

The practice of borrowing money for a perpetuity, or on interminable annuities, was begun in the reign of William, III. Previous sovereigns were borrowers; but their loans were for a limited period, and were repaid when their wars were at an end He and his immediate successors borrowed without any intention to repay, and began a debt that has since been increased to the amount, in 1851, exclusive of unfunded debt, of £769,272,562. Instead of borrowing money as private individuals do at some current rate of interest, it was from an early period customary with the government to fix the rate of interest, generally at 3 per cent, and as the market rate was high or low to promise to pay a larger or smaller amount of principal. Hence the mass of the debt was contracted in a 3 per cent stock, and the amount of the debt was augmented nearly two-fifths more than the sum actually lent to the government.

In 1751, the different Three per cent Stocks were consolidated into one stock, which has ever since been known by the name of consols, and, with successive additions has ever since formed a portion of the national debt. Prior to that consolidation the Three per cents rose in 1837 to 107, the highest point they ever reached. Again, in 1749, They rose to 100, and from that time to 1844 they were always below par. In 1844 consols were at 1014, and on Friday last they reached 100, being only the second time consols have been at par since they were created, and only the fourth time within 160 years that a 3 per cent annuity in perpetuity has been worth £100, or more than £100.

The funds have undergone some fearful vicissitudes. In 1700, on the death of the King of Spain, they fell to 50 per cent," whereby," says the historian, “great distress ensued to many.". After the peace of Utrecht, in 1715, they rapidly rose ; and be tween 1730 and the rebellion in 1745, they were never below 89; but during the rebellion in 1745 they cank to 76. They fell to 53 in 1782, at the close of the American war; and, mounting afterwards to 974 in 1792, fell, in September, 1797, to 475. This was the lowest they ever reached. Between that and the highest point, 107, attained in the year 1737, the difference was equivalent to 117 per cent, sufficient to annihilate many fortunes, or to confer great wealth on those who purchased when the funds were at the lowest.

It is customary to speak with approbation of the high price of stocks, and it is advantageous to stockholders wishing to sell; but it is the reverse of advantageous to those who wish to buy. To possess one hundred pounds in the 3 per cent, means a right to claim from the government a perpetual annuity of £3. The price of annuities varies with the interest of money; and as that is high, as a sum doubles itself in fourteen or twenty-one years, a proportionate less sum paid down will purchase an annuity. A high price of the funds, or the necessity of giving a large sum for an annuity, is equivalent to a low rate of interest for money; and, as a high rate of interest is a proof of high profit and of successful industry, a high price of the funds is

not considered a good sign by political economists. The security offered by our gove ernment has undergone no change for the last thirty years, and as it gave £3 a year to receive £75 or £96, the interest of money in the market was comparatively high or low. To all borrowers a low rate of interest is advantageous ; to all lenders, the reverse; and thus, as we are borrowers or lenders, we speak of a high price of the funds as advantageous or disadvantageous.

A high price of the funds being equivalent to a low rate of interest, whenever the funds have risen to par or above it, the interest of the national debt has been reduced, or an expectation has prevailed that it would be reduced. It is now talked of, but apparently without reason, as consols have declined, and their immense amount (about £380,000,000) will prevent the reduction of interest upon them, unless the interest of money remains permanently low, and consols rise and continue above par.

The first reduction of interest was made by Sir Robert Walpole in 1716, wher, being enabled to borrow at a low rate, he induced the national creditors to accept a lower rate than they had lent their money at. In 1794 a similar operation was carried into effect by Mr. Pelham, a brother of the then Duke of Newcastle. No similar reduction was possible from that period almost to our own. times. In 1822 Mr. Vansittart reduced the interest on a 5 five per cent stock to 4 per cent; and in 1824, Mr. Robinson, the present Earl of Ripon, reduced the 4 per cent stock to 31. In 1880 Mr. Goulburn followed the same course, and reduced the new 4 per cents to 3}; and in 1844 be reduced the 31 to 37, to become 3 per cent stock in 1854. By the several reductions of interest, it is estimated (what Sir Robert Walpole saved is not stated) that, Mr. Pelham saved per year...

£655,000 Mr. Vansittart

1,230,000 Mr. Robinson

375,000 Mr. Goulburn, in 1830......

778,000 1844..

625,000 Total.....

£3,563,000 To which must be added the prospective saving to take place in 1854 of £625,000, and making a total annual reduction of charge by a reduction in the rate of interest of £4,188,000. Notwithstanding that reduction, the annual charge was not less in 1850 than £27,902,572; and we cannot flatter our readers with the hope of any further reduction at present. Californian and Australian gold has had no effect in raising price, very little effect in lowering the rate of interest, which was lower in 1844 than in 1852, and giving no reasonable prospect of, as some persons have said, facilitating the liquidation of the national debt.


The government of Great Britain has appointed an assay office at Adelaide, at which gold, of a not less quantity than twenty ounces, shall be received and weighed, and a receipt given for the weight; the same shall then be assayed, converted into ingots, stamped, and delivered at a bank, to be named in the receipt, to, or to the order of, the owner, for the weight deliverable ; two parts out of every hundred to be taken; one for the expense of the assay, and the other to be deposited in the treasury in case of the correctness being disputed. It may afterwards be reassayed. In exchange for such assayed and stamped gold, the banks shall pay at the rate of £3 11s. per ounce in notes, which they may issue to the value of the gold bullion they shall so acquire. The banks are allowed to issue notes to three times the value of their coin : so that for every £100 of coin they may issue £300 of notes... These proportions are to be strictly adhered to, under a penalty of £100 for every failure. Accounts to be furnished to the treasury every week of the notes in circulation, and the coin and bullion held. The notes of banks to be a legal tender, so long as they pay on demand in coin or bullion, by all except the banks themselves. Ingots stamped at the assay office shall be a legal tender by the banks in payment of notes, bills, and checks, at the rate of £3 11s. per ounce. Forgery, &c., to be punished with imprisonment and hard labor, for a period not more than fifteen years, and not less than two years. The act to continue in force for twelve months,

THE SMALL NOTE LAW OF MARYLAND. The following is the law passed at the last session of the Maryland Legislata re "to prevent the circulation of notes or bills of a less denomination than five dollars."

Section 1. Be it enacted by the General Assembly of Maryland, That on and after the first day of October, eighteen hundred and fifty-two, it shall not be lawful for any person, firm, or association of persons, corporation or body politic, to pay out, circulate or receive in payment of any debt, any bank note, promissory note, or other obligation, payable to bearer, or indorsed in blank or to bearer, or any other note, token, scrip, or device whatsoever, devised or intended for circulation as currency, issued out of the limits of this State, of a less denomination than five dollars, under the penalty of five dollars for each and every offence, to be recovered by an action of debt in the name of the State, before any justice of the State.

Sec. 2. And be it enacted, That one-half of the penalty recovered in any case under the act shall go to the informer, and the residue shall be paid to the collector of county or city taxes for the use of the county or city where the same may be prosecuted for; and in all cases the informer shall be a competent witness.

Sec. 3. And be it enacted, That in case any person against whom any judgment may be rendered for the penalty provided by this act, shall not immediately pay the same and costs of the prosecution, or give security satisfactory to the justice rendering the judgment, for the payment, he shall be committed to prison, there to remain until the same shall be paid, or until the expiration of ten days from the date of the commitment, whichever shall first occur.

Sec. 4. And be it enacted, That from and after the first day of March, eighteen hundred and fifty-three, it shall not be lawful for any bank, savings institution, corporation, or body politic, of this State, or for any person or association of persons, to make, issue or pay out any note or device, of the nature and character described in the preceding section of this act, of a less denomination than five dollars, under the penalty prescribed in the said section for each offence, and to be recovered in the same


CONDITION OF THE BANKS OF SOUTH CAROLINA. The circulation, deposits, specie, and discounts of the Banks of South Carolina, according to the official statement of August 31, 1852, have been as follows:

Circulation, Deposits. Specie. Discounts Bank State South Carolina..... $1,575,027 $484,297 $92,233 $2,196,460 Branch Columbia

119,727 4,577 1,105,588 Branch Camden

27,547 2,493

430,685 S. W. Railroad.. 438,954 221,247 86,613

409,989 Planters and Mechanics'..

354,020 270,547 167,172 1,045,970 Union Charleston....

218,355 173,372 106,463 700,157 Bank South Carolina...

360,162 263,506 144,468 860,956 State Bank, South Carolina, .

459,285 291,598 114,396 986,187


$3,406,293 $1,851,841



FINANCES OF THE ROMAN STATES. In the Budget for the current year the income is stated at 60,000,000 francs, the expenditure at 69,300,000 francs. The income, divided by the number of the population, gives an average of 19 francs 65 centimes of taxes per head. The Pope's civil list, the keeping in repair of his palaces, of the muse

ums, the expenses of the noble guard, the Swiss troops, the salaries of the Sacred College, of the Nuncios, and the Roman diplomatic body,

francs 3,300,000 The public debt amounts to...

21,000,000 10,000,000 2,800,000

500,000 5,000,000

cost annually....

The army costs.
Public works ....
Public instruction...
The pensions amount to..

80 on.

ARITHMETICAL ACCUMULATION OF MONEY. Kelloga, in his “ Labor and other Capital,” forcibly illustrates the accumulation of capital from various rates of interest. À late French writer says, that a sum of money, invested at 5 per cent, compound interest, is doubled in fourteen years and some months, quadrupled in less than thirty years, octupled in less than forty-five years, and

From this it would appear that if a centime had been placed out at such interest, pro bono publico, in the year 800, when Charlemagne was crowned Emperor of the West, the 30,000,000 Frenchmen inhabiting the country at the revolution in 1830, would have enjoyed an income of 100,000,000,000 francs.

Such aithmetically true and economically impossible results of old deposits, are made the groundwork of some work of fiction; but writers of another class are obliged to attend to the obvious fact, that in order to effect such an accumulation of capital the business of the bankers and the wealth of the community would require the increase in the same proportion, Money does not breed spontaneously:. The party to whom it is entrusted must use his money in such a way as to enable him not only to pay the interest, but to derive a profit from the transaction.


To up

STATISTICS OF THE TRADE AND COMMERCE OF CINCINNATI. In another part of the present number of the “ Merchants' Magazine and Commercial Review” will be found a review of the Trade and Commerce 'of Cincinnati for the year ending August 31st, 1852. We give below tabular statements of the imports and exports, destination of specified articles, value of principal products, and prices of the same for the year ending August 31st, 1852. For similar statistics, for previous years, the reader is referred to the Merchants Magazine for October, 1851, (vol. XXV., pp. 485-489,) and the volumes of this Magazine from its commencement in 1839 : DESTINATION OF SPECIFIED ARTICLES EXPORTED FROM THE PORT OF CINCINNATI DURING

To New To other down

Via canals &

By flatCommodities.

Orleans. river ports. river ports. railways. boats, Beef.. .bbls. 16,614 393 1,021 1,987

16 Beef.



10 Butter.. ...bbls. 1,731



430 Butter ...firkins & kegs 25,045 4,551

648 1,151 1,049 Corn..

.sacks 7,398 2,364 38,331 3,138 1,320 Cheese

60,119 79,178 4,746 6,646 4,073 Candles...

53,164 33,188 17,615 17,760 717 Cotton



35 6,912 1,838 Coffee..

5 13,749 9,081 20,810

22 Flour.

.bbls. 309,589 85,712 11,107 1,803 135,466 Iron

• pieces 4,673 87,306 9,226 71,204 Iron..

738 21,598 2,464 11,568

66 Iron.

62 2,079 1,642 7,546

270 Lard. ..bbls. 26,749


410 Lard.

..kegs 87,769 4,863 5,910 17,303 5,697 Lard oil.

.bbls. 10,120 2,977 4,951 6,782 Linseed oil ....... 3,181 2,089 1,391 2,716

11 Molasses.

4,294 25,154 19,418 Pork..

.hhds. 22,577 2,351 14,917 4,088 727 Pork .tcs. 12,422

760 12,373 8,843 260 Pork

.bbls. 117,007 2,968 5,173 6,412 2,095 Pork

lbs. 1,556,010 581,385 1,471,358 575,230 575,230 Soap.

14,266 4,278 4,003

219 Sugar. .bhds.

2,005 8,144 10,205 Whisky.


148,848 46,736 4A 736 8,520 27,440

.. bxs.




3,456 2,629


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Total imports. Average value. Total valce. Apples, green.

1,182 $1 60 $106,844 Beef,

1,609 9 00 14,481 Beef.

1,145 15 00

14,885 Bagging.


2 00

143 Barley. .. bushels 49,994

45 40,447 Beans

14,137 1 60 21,219 Butter.

...barrels 10,203 25 00 265,075 Butter..

,firkins & kegs 13,720 13 00 178,360 Blooms.


4,036 50 00 201,800 Bran, &c

..sks. 131,014

50 65,507 Candles.


653 2 00 Corn... ..bushels 653,788

30 196,136 Corn meal.


40 Cider..


874 3 00 Cheese.

46 12 00

552 Cheese.

...boxes 251,753 2 40 604,141 Cotton,

...bales 12,776

50 00 638,800 Coffee.

sks. 95,732 17 00 1,627,444 Codfish.


431 25 00 10,775 Cooperage.

pcs. 135,118


81,070 Eggs.. .. bxs, & bbls. 10,544

4 00

42,166 Flour.

...bbls. 511,042 8 20 1,635,334 Feathers..



12 00 80,592 Fish, sund,


20,076 9 50 190,722 Fish...

kegs & kits. 1,075 2 00 Fruit, dried.

bushels 24,877 2 00 49,754 Grease...



15 00 29,040 Glass. ....boxes 44,004 2 25

99,009 Glassware. packages 36,602 4 40

18,265 Hemp... .bdls. & bales 18,334

25 50 467,517 Hides, loose.

54,647 2 40 27,269 Hides, green..

....lbs. 54,905 Hay...


9,270 2 50 23,195 Herrings.




2,574 Hogs..

..head 410,210 9 00 3,691,890 Hops..



60 00 95,460 Iron and steel.

.pcs. 194,107 1 45 291,160 Iron and steel.

bols. 54,078 3 75 202,729 Iron and steel.

..tons 10,111

24 00 242,664

pigs 54,733 3 12 171,040 Lard.

.barrels 36,047

21 00 756,987 Lard.

...kegs 82,283

4 25

137,201 Leather.

.bdls. 11,384

9 60

102,456 Lemons.



500 Lime. ...barrels 64,817

80 51,853 Liquors. ..hhde. & pipes 3,162

90 00

284,580 Molasses, barrels 93,132 13 00

1,117,584 Malt. bushels 33,220

29,889 kegs 64,189 3 00

192,567 .., barrels

8,395 28 00 282,540 Oranges

.bxs. & bbls.
4,547 6 00

27,280 Oakum..

12 00

22,116 Oats. bushels 197,868 25 00

49,467 Oil cake... lbs. 247,400

1,287 hhds. 10,338

45 00 Pork and bacon.



22 00 Pork and bacon.

.barrels 22,501 Pork and bacon.

15 00 ...bulk 16,582,884

6 Potatoes

...barrels 20,739 1 25 Pig metal...

..tons 22,605 24 00 543,570








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Pork and bacon

465,214 43,714 337,515 991,973 25,923

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