lawful money, and three-fifths of which may be in these certificates, or, if preferred, one half of this reserve may be in cash deposits, with the Redemption Agent in New York. two-fifths in lawful money, and the remaining one te th in the three per cent. certificates. I am, very respectfully, JNO. JAY KNOX, Deputy and Acting Comptroller. CHARLES G. NAZRO, President North National Bank, Boston. We may add to the foregoing statements that the "lawful money" required as reserve by law may consist of gold and silver coin, of greenbacks, or of Compound Notes at their face value, while under the designation of country banks are included all those outside of the cities of New York, Boston, Philadelphia, Chicago, Cincinnati, New Orl ans, St. Louis, Louisville, Detroit, Milwaukee, Cleveland, Pittsburg, Baltimore, Albany, Leavenworth, San Francisco and Washington. Below we give the returns of the Banks of the three cities since Jan. 1 : THE BOOK TRADE. An Essay on Man. BY ALEXANDER POPE-With fifteen original illustrations, and Notes by S. R. Wells. gilt, $1; paper, 50 cents. One vol., 12mo, fancy cloth, beveled boards, Whatever may be said by theologians concerning the orthodoxy of this great poet's religious views, his ESSAY ON MAN will continue to be regarded one of the mas ter-pieces of English verse, and will attract the attention of and instruct the intelligent and thoughtful. The views of Pope on the Great Creator and His wondrous works, as enunciated in this poem, are unsurpassed for grandeur and deep-toned thought; and no writer, either of ancient or modern times, has so infused his sentiments and spirit into the literature of his nation by a single production, as Alexander Pope. The publisher of this new edition, appreciating the lack of an illustrated Essay on Man, and willing to do the public a substantial favor, has caused the work to be carefully illustrated, annotated from the phrenological point of view, and printed in an attractive style on superior paper. A succient biography of the poet, and his highly esteemed Universal Prayer," are published with the "Essay," making, together, a very desirable volume for the library or the center-table. 66 8. Liability for the Counterfeit SevenThirty Notes 369 371 12. Prospects of the Gold Premium...... 377 381! 9. Our Foreign Exchanges since 1861.. 10. The Routes of the Precious Metals... 374 11. Rensselaer and Saratoga Railroad..... 376 29. Obligations of Banking Institutions as 13. Crops of 1866 in Europe.. 17. Artificial Meerschaum.... The following advertisements appear in our advertising pages this month: 27. United States Mint for October.. 393 393 Bailees 393 Finance 402 THE MERCHANTS' MAGAZINE AND COMMERCIAL REVIEW. DECEMBER, 1 8 6 7. THE DOMINION OF CANADA AND THE RECIPROCAL TRADE. Absorbed as we are in the regulation of our own internal affairs, after the derangements of a great war, it is not surprising that we should overlook the importance of cultivating advantageous relations with our neighbors. It is nevertheless a fact we can ill afford to ignore that on our northern frontier we have a young nationality, rapidly growing in population and rising into commercial importance. Our misfortunes have indirectly advantaged Canada; for while the war has augmented the burthens of our people and diminished the profits of industry, our neighbors have escaped these ill fortunes and thus gained a higher vantage ground in competing with us for the markets and the surplus population of the Old World. The Dominion of Canada now occupies the same position, in respect to foreign trade, we occupied in 1795, while its population is about 600,000 less. Compared with our rapid growth, its increase in population may appear trivial, but its progress, nevertheless, is equal to our own at the same stage of our history. Judging from the progress of the provinces since 1860, it is not to be deemed among the improbabilities of the future that fifty years hence the population of the united provinces may equal that of the United States at the date of our last census. It is estimated by the Canadian authorities that since 1861 the population of all the provinces combined has increased from 3,300,000 to about 4,000,000; and although this increase may not be considered in itself as specially important yet it indicates a ratio of progress which, at no very remote period, is destined to give to our neighbors a commanding national importance. The following statement shows the area of the respective provin ces, their populations in 1861 and the estimated population in 1867, as published in the Canadian reports: The commerce of the Dominion is large compared with its population. The combined imports and exports of the former Province of Canada, for the last fiscal year, amounted to $105,000,000; which is equivalent to about $34 per head of population. In 1860 the foreign commerce of the United States averaged $27 per capita. This comparison shows great vigor and prosperity on the part of our neighbors. The standing of the new Dominion in respect to tonnage and foreign commerce is shown by the following statement: COMMERCE AND TONNAGE; AVERAGE FIVE YEARS, 1861-65. [Projected Dominion.... 2,751,844 2,846,151 54,318,328 64,959,324 1,029,764 The tonnage above given for Canada is the seaward tonnage; besides which there cleared from inland ports to the United States on the average of the same five years 3,291,069 tons, and entered at inland ports from the United States 3,144,207 tons. This is exclusive of ferry navigation. Thus far the Provinces have conducted their finances with commendable economy. Their total debts amount to about $75,000,000; an aggregate, it is true, equal to the whole debt of the United States seven years ago; but yet less than one-fifth the rate per capita of the present Federal and State debts of this country. The total governmental expenditures of the Provinces are, in round numbers, $15,000,000; which, with a population of four millions, amounts to a burthen of $3 75 per head of the population. Our own Federal taxation at present averages $13 95 per capita, to say nothing of our State burthens. As illustrating the finances of the several sections of the Dominion, we present the following statement of receipts, expenditures and debts: REVENUE, EXPENDITURES, DEBT, ETC., 1865, (EXCLUSIVE OF LOAN Account.) --Expenditures.- Canada Cust. & excise. Tota'. Interest. Total. debt. $61,744,651 New Brunswick.. 775,941 Nova Scotia 1,047,891 1,070,604 360,596 1,168,074 5,821,445 5,627,458 |