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anxiety to secure a great bargain, he forgot himself, but the evidence does not so indicate. I believe there was a combination between the parties, and so believing, will sustain the injunction.

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GENERAL ACTIVITY IN COMMERCIAL AFFAIRS-RAPID INCREASE IN THE AMOUNT OF STOCKS AND

BONDS THROWN UPON THE MARKET-NEW ORLEANS CONSOLIDATED LOAN-CONTINUED EASE IN THE
MONEY MARKET-QUARTERLY RETURNS OF THE NEW YORK BANKS-GENERAL BANKING LAW OF
CONNECTICUT-DEPOSITS AND COINAGE AT UNITED STATES MINTS FOR JUKE-COMMERCE OF THR
UNITED STATES FOR THE FISCAL YEAR-LAWS OF TRADE BETTER THAN HUMAN LEGISLATION,
ILLUSTRATED BY TUE REGULAR SUPPLY OF THE NECESSARIES OF LIFE-IMPORTS AT NEW YORK
FOR THE FISCAL YEAR-COMPARATIVE IMPORTS OF DRY GOODS FOR THE SAME PERIOD, SHOWING
THE DESCRIPTION OF FABRICS RECEIVED COMPARATIVE RECEIPTS OF CASH DUTIES FOR THRER
YEARS-EXPORTS FROM NEW YORK FOR THE FISCAL YEAR-COMPARATIVE EXPORTS OF LEADING
ARTICLES OF PRODUCE-FRAUDULENT ASSOCIATIONS.

The Review for this month is usually uninteresting, from the fact that many active business men are absent from the great commercial centers, seeking recreation in the country or at some fashionable retreat. Not unfrequently also, the cholera or some other devastating epidemic has made its appearance and hurried away those who would else have lingered in the haunts of business. But the present summer has been comparatively healthy in the large cities, and, although there has been much bustling to and fro, and many departures, the regular routine of commercial affairs has been less interrupted than usual. Capital is still freely offered, and at lower rates of interest. The disturbance among the fisherman has caused a cloud on our north-eastern horizon, to which the timid have occasionally turned a furtive glance, but there has been no general apprehension of any serious difficulty. Large amounts of stocks and bonds are created almost daily, and thrown upon the market, which seems to suit its capacity to the quantity offering. We have been frequently asked to give our opinion in regard to the security of such investments, but could not do so with. out making invidious distinctions. Should our national prosperity be uninterrupted, it is probable that nearly all of the companies who have thus borrowed a portion of their capital, will be able to pay the interest promptly. Most of the bonds thus introduced, propose 7 per cent as the rate of interest, and have been negotiated, or sold by auction without very material depreciation. The Milwaukee and Mississippi bear 8 per cent interest, and were taken at an average of 96.36. They are now held at par, and are slowly, but surely, gaining in public estimation. The city of New Orleans called for proposals for a loan of $2,000,000, the proceeds to be applied to the extinguishment of the present floating liabilities of the first, second, and third municipalities, and the city of Lafayette, which are united under one financial government. The bonds bear interest at the rate of 6 per cent per annum, and are secured by a most ample provision for the payment of both principal and interest. The bids were opened at the office of Messrs. Corning & Co., in the city of New York, on the 19th of July. It was generally supposed that the stigma of repudiation, which has been fastened upon State securities in that quarter, would operate against the bonds

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Circulation.

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Deposits.

in question, and few were prepared for a higher rate than 90 a 92 per cent. This is manifest from the fact that many who bid a fraction over 91, at which twice the amount was offered, expected to obtain at least a portion of the loan. Above these there was one offer for $1,000,000 at par, and the successful bid for the entire loan at $100 68. This, deducting the accruing interest, brings the bonds down nearly to par, and we are very much mistaken if at this they are not among the cheapest investments made during the year. The bid, it is understood, was on foreign account, and our remarks will not, therefore, have anything to do with its market value.

The ease in the money market has led to the general belief that the banks were greatly extended, and many have supposed that this extension was beyond a safe limit. Recent returns show that this is not the case. The banks of the State of New York have been called on by the Controller for their quarterly statements, and the New York city banks have completed their returns, which give us in round numbers the following comparison :

Loans and
Date.

Capital. discounts. Specie,
June 26, 1852...... $35,343,000 $81,873,000 $12,156,000 $8,202,000 $50,108,000
March 27, 1852. 35,137,870 71,550,054 9,716,070 7,671,989 43,415,125
December 20, 1851... 35,133,640 64,141,399 7,364,439 7,073,345 34,631,459
September 20, 1851.. 34,603,100 65,426,353 6,032,463 7,376,113 36,640,617
March 29, 1851...... 28,875,855 68,106,072 7,955,640 7,048,973 36,500,522

This may be varied a trifle by the official returns, but is near enough for all practical purposes.

It shows an increase in coin of $2,440,000, thus reducing the relative proportion between the loans and discounts and the specie basis. But even this difference does not fully indicate the real strength of their position. The increase in loans and discounts, amounting to $10,300,000, is made up almost wholly by temporary loans of the increased deposits which can be called in at a moment's warning. We doubt if the time-loans of the banks in question are as large as they were at the date of the previous return. A large amount of the best business paper has been placed in the hands of private capitalists, and the banks have large sums loaned upon the most substantial stocks subject to call. There appears at present to be no danger of any sudden and unexpected demand for money. It is not at all unlikely, as the fall business commences, that more capital will be required, and the competition among business mer may slight strengthening of rates. Such a movement would have a most salutary effect by checking rash enterprises, and limiting the expansion of the oversanguine.

The Legislature of Connecticut has passed a general banking law sinee our last, and we annex a summary of its principal provisions.

It authorizes the Treasurer of the State to procure suitable bank-bills to be issued under the provisions of the Act. It provides that associations for banking purposes shall consist of not less than twenty-five residents of the State, with a capital of not less than $50,000, or more than $1,000,000, half to be paid in before commencing operations, and the other moiety within one year. The circulating notes are to be countersigned in the office of the Treasurer of the State, and issued to the associations, upon the deposit of the stock of the United States, either of the New England States, the States of New York, Ohio, Penn

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sylvania, Virginia, and Kentucky; the cities of New York and Boston, or of any incorporated city in the State of Connecticut; all such securities to be taken not above par, and to be made equal to a 6 per cent stock. Upon non-payment of the notes upon presentation, they may be protested; and if not paid within ten days thereafter, with costs, the Treasurer must sell out the stock and call in the circulation ; the holders of the bills under protest being entitled to 12 per cent interest until they are paid. The Treasurer conjointly with the School Commissioner, whenever in their judgment it is necessary for the safety of the bill-holders, may require the deposit of additional security by giving due notice to the parties. The stockholders, in addition to their stock, are made individually liable for all debts of the association to an equal amount.

The officers of the association must make annually, and as much oftener as directed by the Treasurer, a full statement of its affairs, to be published at its own expense.

There was no seeming necessity for a general banking law in Connecticut, and its enactment was of course strongly opposed by the banks already chartered in the State, but the provisions of the new Act possess but few objectionable features.

In our Journal of Banking will be found a complete statement of the deposits and coinage of gold at the United States Mints, from the date of their organization down to the 31st of May. We now present our usual statement for the month of June:

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Total coinage
461,000 $308,000 3,450,466

$4,345,303 The total deposits for coinage at our mints of California gold, since its discovery to date, amount to nearly $130,000,000; and the total production of the California mines may be safely estimated at $200,000,000.

We are now enabled to present some important statistics of the Commerce of the country for the fiscal year which expired on the 30th of June; by which it will be seen that our previous estimates of the course of our foreign trade, have been fully vindicated. Many predictions were put forth, in certain quarters, concerning the ruin which should come upon the country by the overstock of foreign goods; and the assertion that there could be no falling off in our receipts, unless the government interposed, has been more than once repeated. Our own opinion, heretofore fully given, has been that the laws of trade would regulate this matter, far better than eould be done by mere human legislation. It is strange that with such experience of the wisdom of the Divine Lawgiver, men should be so afraid to trust themselves in this, to the same rules which govern them in other cases. Take, as an illustration, the supply of food necessary for the daily subsistence of a large city with a population of half a million. What an immense amount of provision is consumed there in a single day! What government would undertake to feed so great a multitude, with such a variety of luxuries as they now enjoy ? What could mere human legislation do, toward limiting the supply, so that there should be nothing lacking and nothing wasted! If, in the changing seasons, some article of usual consumption fails, who would undertake to supply its exact equivalent in another commodity, so that there should be no essential want or waste? Place the population of New York city in the most uncultivated of our inland States, and soon the necessaries, and even the luxuries of life, would reach them methodically and without stint. Now, shall we undertake to regulate such supplies and demands by our petty laws, when the subject is not only far above our wisdom, but is already ordered for us by One who can make no mistake? Such restrictive policy is founded in selfishness, and cannot stand before the progress of light and truth. As shown in our last number, Commerce tends to unite all nations in a common brotherhood, and its direction should not, therefore, be entrusted to men of narrow minds.

In illustration of the workings of the laws of trade, we see at the port of New York, in the total receipts from foreign ports, for the fiscal year just closed, a falling off, as compared with the previous year, of $12,943,573, exclusive of specie. The apparent falling off in specie is $7,862,110, but this is owing to the fact, that during the previous year, some of the receipts of gold dust ria Chagres, were entered as foreign imports. There is an increase in the receipts of free goods (chiefly tea and coffee) of $3,607,870, so that the decline in the receipts of dutiablo goods is over $15,500,000. In the following tablo, the fifth column shows the total actual receipts from foreign ports, and the seventh column gives only the amount of such goods thrown upon the market. During the year 1850-51 (the totals of which are added at the foot of the table) the amount thrown upon

the market was considerably less than tho receipts at the port, more goods having been warehoused; for the year under review, the reverse is the case, the stock in bonded-warehouse having been drawn down more closely; so that the amount thrown into the channels of consumption is greater than the receipts :

14

VOL, XXVII.NO. II.

IMPORTS ENTERED AT NEW YORK FROM FOREIGN PORTS FOR THE FISCAL YEAR ENDING

JUNE 30T4, 1852, COMPARED WITH THE PREVIOUS YEAR.
Entered for Entered

Withdrawn from Total thrown ennsunprion. Warhorse Free goods

Spe's
Total

chinirket July... $12,374,701 $1,022,725 $1,027,481 $81,143 $14.506,050 $1,167.644 $14,650.969 August.. 11.279,004 1,338,089 638,331 186,103 13,461.930 1,252.945 13,356,086 Septem'r. 8.384,172 864,916 366,153 113.550 9,730,791 1.669 304 10.535,179 October.. 5,790,795 1,204,994 1,558,720 23,165 8,577,674 1,60-2,436 8,970), 116 Novem'r. 4,399,085 938.0.56 415,-38 21,473 5,971,452 1,377,100 6,110,496 Decem'r. 5,073,162 1,050,183 575.601 23,376 6.724,324 1.117,456 6,791,595 Jannary.. 8.8.51,311 1,281,591 1,041,456 104,736 11,012.097 1,52 1.62 11,315,155 February. 7,1124,952 1,003,383 1,110,919 110.293 9,249,577 1,7-8,997 10,035.191 March... 9,302,024 916,519 1,843,938 525, 121 12,387,902 1,605, 49 13,277,232 April. 8,4111, 448 732422 1,496,449 3:27.400 10,960,719 1.213,129 11,489.726 May.. 6,096,996 453,109 789,16 330.324 7,719,735 1,380,371 8.646.997 June.... 7,620,181 640,722 1,062,947 429,747 9,759,597 911,479 10,030,354

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Total.. $94,345.831 $11.466.714 $11.926,912 $2,528,391 $120,267.848 $16,712.962 $125,514,096 Do. '50-1. 107,559,164 14,209,8:24 8,321,042 10,390,501 141,073,531 12,201,313 138,472,020

The falling off in the imports of merchand se, as shown above, has been more than half of it in dry goods, divided between woolen, cotton, silk, and linen fabrics, all of which have been received in smaller amounts. Miscellaneous dry goods, including embroideries, artificial flowers, gloves, matting, &c., show a slight increase, as will be seen by the following comparative summary :FOREIGN DRY GOODS ENTERED AT THE PORT OF NEW YORK FOR THE FISCAL YEAR. Description of goods. 1850–51. 1851–52.

Difference. Manufactures of wool.... $17,067,031 $14,388,565 Decrease $2,679,466 Manufactures of cotton.. 11,671,500 9,982,547

1,688,953 Manufactures of silk... 24,858,850 22,319,951

2,538,899 Manufactures of flax,... 7,058,731 6,316,259

712,472 Miscellaneous dry goods.. 3,957,635 4,183,740 Increase 226,105 Total......

$64,613,747 $57,221,062 Decrease $7,392,685 But a small portion of this decrease occurred during the first six months of the fiscal year, that is, from July to December, inclusive ; much the greater portion having accrued since the first of January:

1850-51. 1851-52.

Decrease. First six months, (July to December.).... $31,731,481 $20,964,465 $1,767.016 Last six months, (January to June)... 32,882,266 27,256,597 5,625,669 For the year.......

$64,613,747 $57,221,062 $7,392,685 We now annex full particulars of the imports of dry goods at New York for the year. The first table shows the amount of the various fabrics entered directly for consumption, to which the total of the second table (which contains the amount withdrawn from warehouse) is added, to make the total thrown upon the market. The third table shows the amount entered warehouse, to which the footing of the first table is added, to make the total receipts at the port:

VALUE OF FOREIGN GOODS ENTERED FOR CONSUMPTION AT THE PORT OF NEW YORK FOB

THE FISCAL YEAR ENDING JUNE 30TU.

July...
August.
September
October.....
November.....
December
January......

WOOLEN.
1850–51. 1851-62.
$3,552,120 $2.354,643

2,254.069 1,736,232
1,380,248 1,293,205
676.580

416,738
879,399

285,303 226,717

690.489 1,600,098 1,306,322

COTTON. 1850–51. 1851-52. $1,607,776 $1,193,817 943,925

870,116 546,523

600.073 314.028

229,166 267,516

264,439 306,972 676,453 1,843,441 1,308,452

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