SEC. 11. That all Bills of Exchange, Drafts, Orders, Checks, Promissory Notes, or other instruments in the form, nature, or similitude thereof, that shall or may hereafter be made, or be drawn or endorsed to order within this Commonwealth, upon any person or persons, body politic, or corporate, co-partnership, firm or institution of or in, or that shall be made payable in any other state, territory, county, or place whatsoever, for any sum or sums of money, with the current rate of exchange in Philadelphia or such other place within this Commonwealth where the same may bear date, or in current funds, or such like qualification superadded, shall be held to be negotiable by endorsement, and recoverable by the endorsee or endorsees in his, her, or their own name or names in the same manner, to all intents and purposes, as bills of exchange and promissory notes formally drawn and ordinarily in use and negotiable within this Commonwealth, are now by law recoverable therein. MANUFACTURED GOLD AND SILVER.-In a recent American work, "Comstock's History of Gold and Silver," we find this table, each item of which is in a preceding portion of the work separately considered, and the data upon which the amount is estimated are given. It is a curious table, certainly, and as an approximation to the truth, may, we suppose, be received with some confidence. Estimated amount of the consumption and use of the Precious Metals in the United States for other purposes than Coin. This confirms a current opinion, that for every dollar of coin there are two dollars of gold and silver existing in manufactures.-[ÉD. B. M.] FOREIGN INSURANCE AGENCIES.-The law subjecting foreign insurance companies to special taxation is thus analyzed by the Journal of Commerce: Foreign Insurance Agencies.-The law enacted by the last Legislature, imposing a tax of two per cent. upon the amount of premiums on fire risks in this city taken in behalf of underwriters not incorporated by the laws of New York, requires the agent of such foreign underwriters, before entering upon the business of his agency, to execute a bond to the fire department of this city, in the penalty of $1,000, conditioned that he shall, on the second day of February in each year, render a true account, verified by oath, of the premiums received by him, and pay two per cent. on the amount thereof, to the treasurer of the fire department. The agent is further required to report at the same time to the State Comptroller and to the fire department his place of business, and the name and locality of the association for which he acts. And for default to comply with either of these provisions, he is subjected to a penalty of $1,000, for the use of the city fire department. A like tax is imposed on such agencies in every city or incorporated village in the State, for the use of the fire department thereof; and its collection is provided for by similar stringent provisions. But without this city, the penalty of the bond is fixed at only $500; and the penalty for neglect to inform the State Comptroller and fire department, in respect to the locality of the agency and its principal, is limited to $200. IMPORTANT FACTS.-We learn from the Adams County (Pa.) Sentinel, that the stoppage at Wilkesbarre, and the partial stoppage at Duncannon in that State, will diminish the receipts of the State on the Canals and Rail Roads, fifty thousand dollars per annum; and further, the toll required and paid on bar iron on the Pennsylvania Canal is greater than the freight paid on it from Europe. The county of Alleghany, (Pa.) subscribed one million to the Central Rail Road, but not one cent of it can be paid while the present tariff remains, for it renders the stock wholly unavailable. This result is produced by the immense importation of iron from England and Scotland which drives the American article entirely from the American market. These facts are presented for the serious reflection of the people in this region of Maryland. The Chesapeake and Ohio Canal is to be completed by August or Sept., 1849. Well, suppose it to be finished. Iron and Coal are then expected to yield the tolls to pay off the heavy load of debt under which the State has so long been groaning in bitterness of spirit. Now if England and Scotland can furnish the iron which our iron works expect to send to market, at lower rates than we can manufacture it, whence are to come the tolls to liquidate the State debt? And if Nova Scotia Coal can successfully compete with the product of the Alleghany mines, what will be the fate of that noble work, the Chesapeake and Ohio Canal? These we say are matters for serious reflection. We have no doubt they will be viewed by many in the same light. But there is a portion of our fellow citizens, who are most deeply interested in this matter-we mean some of the laboring men at the mines and the iron works-who, until brought to a state of starvation, if then,-such is the force of prejudice-will not believe that the tariff has anything to do with the condition of the Coal and Iron business.-Cumberland Civilian. LONDON MONEY MARKET, April 13.-Since the payment of the dividends, money has become extremely abundant, both on loans for short time, and discount on bills at and under three months. American Stocks-sales continue of United States 6 per cent. at 106 a 106, and within the last two days $100,000 have been placed at 106. Massachusetts Sterling have been done at 102 ex. div., and Pennsylvania at 78, at which price there are sellers. Buyers of Maryland at 84. No New York or Ohio for sale. Canada six per cent. Bonds offered at par, and 5 per cents. at 90.-Baring's Circular. THE MARYLAND GOLD MINE.-The following results, in connection with this interesting discovery, have been handed us by the proper authority. We may here repeat what was announced in a former number of this paper, that the mine is situated in Montgomery county, Maryland, upon the farm of Mr. Ellicott, and that several specimens were placed in the hands of Mr. Eckfeldt, assayer of the mint, for analysis. The investigation was undertaken by him, because such a discovery, especially as it promised to add another State to our gold region, was a matter of public interest, and had a bearing upon mint operations. There were a number of samples of good size presented, all exhibiting the same general character; a ferruginous quartz, such as is commonly seen in the mining region farther south, dotted more or less with visible gold. The result proved, however, that the larger proportion of the precious metal was disseminated through the rock, in extremely fine particles, as is usual in ores of this class. Three of these specimens were selected at random. The first, about five ounces, yielded at the rate of 744 grains of gold per cwt. The third, about twenty-eight ounces, 206 grains per cwt. And from No. 3 about one ounce was selected, as the most unfavorable portion, being white quartz, nearly or quite free from iron, which gave 33 grains per cwt. The fineness of this gold, by assay, was 952 thousandths; consequently its value is 4.1-10 cents per grain. It is important to add, for general readers, that the above are results of a delicate analysis. What proportions can be realized, in larger and coarser operations, is another inquiry, to be answered by the practical miner.-Philadelphia Bulletin. CENSUS OF 1850.—An Act to make arrangements for taking the Seventh Census. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the Secretary of State, the Attorney General, and the Postmaster General shall constitute and be a Board, to be styled the Census Board; that it shall be the duty of the said Board to prepare and cause to be printed such forms and schedules as may be necessary for the full enumeration of the inhabitants of the United States; and also proper forms and schedules for collecting in statistical tables, under proper heads, such information as to mines, agriculture, commerce, manufactures, education, and other topics, as will exhibit a full view of the pursuits, industry, education, and resources of the country; it being provided that the number of said inquiries, exclusive of the enumeration, shall not exceed one hundred, and that the expense incurred in preparing and printing said forms and schedules shall not exceed ten thousand dollars. Sec. 2. And be it further enacted, That the said Board shall have power to appoint a secretary, whose remuneration shall be determined by Congress, upon the completion of the duties assigned to the Board. Approved, March 3, 1849. THE MINERAL RESOURCES OF ALABAMA.-The Mobile Herald after speaking of the valuable marble deposits found in that State, says: In the immediate vicinity of this quarry, iron ore of great richness, bituminous coal, similar to that of Tuscaloosa, and iminense quantities of limestone, are found. This region is also finely timbered. Pine, cedar, oak, poplar, cherry, walnut, &c. suitable for cabinet furniture, houses, mills, steamboats, ships, &c. can be obtained in large quantities at accessible points; all of which, put into flatboats and rafts, could be safely and rapidly sent to market. Throughout this region, too, any amount of water power, on the Cahawba river as well as its tributaries, can be used for all kinds of mills and manufactories. Neither is any portion of the Union more noted for a mild, agreeable, and healthy climate; and besides, there is a sufficiency of land to produce all the breadstuffs and provisions needed for a large population. Notes on the Money Market. NEW YORK, 26 APRIL, 1849. There is but little relief in the money market since the publication of our last No. Negotiable paper of the best character is yet sold in Wall Street and State Street at 8 to 9 per cent. Causes yet unexplained have been at work for the last six or twelve months to produce this condition of things. Foreign Exchange is in our favor. There has been a large export of Cotton to Europe during the present season amounting to not less than 1,500,000 bales from 1 September to the middle of April. Thus we exhibit an export to Europe alone in 1849 of more Cotton than the entire crop produced for the same period in 1846-7. Great Britain has taken from us this season not less than 1,100,000 bales up to this date, against 700,000 bales for the same period last year. Our exports of Grain are yet larger, exhibiting for the seven months ending April 1, the following shipments to Great Britain alone. Here are shown exports of Cotton to an amount not less than forty-five millions of dollars, and Bread Stuffs not less than ten millions, with four months of the year unexpired. The home demand for Cotton is likewise rapidly increasing, thus indicating beyond question the success of our Cotton Factories at the South and the North. The North has already taken this season from the South, above 500,000 bales of Cotton. The Plough, the Loom, and the Anvil, are at work in all quarters of the Union. Two Liverpool steamers have brought to New York and Boston this month above $750,000 in coin, being the beginning only of an accumulation from Europe for our bank vaults. There is a fair demand for American securities in England and on the Continent. U. S. six per cents. are producing 1.06 in Europe, with 7 per cent. exchange, equivalent to 113-14. Every steamer and packet carries out U. S. stocks, Ohio, New York and Pennsylvania bonds, to meet foreign orders. The London money market is plethoric. Three per cent. is the best rate at this time, and bills have been recently done at 2 per annum. The whole continent of Europe is disturbed by intestine commotions, and the shrewd and the cautious are looking abroad for places of safety for their wealth. These facts are before us. They admit of no question: yet money is worth ten per cent. in Boston and New York-and is scarce in all the Atlantic cities. There must be a variety of causes to produce this pressure: and among these we may name over trading and long credits; and the temporary absorption of a few millions for California. This latter will soon be remedied by the return of cent per cent. and perhaps four-fold. Boston and New York for the time being absorb a portion of the capital of Baltimore and Philadelphia, and other Southern cities. The paper held in Boston, due by Baltimore, is sent forward for discount, at any rates, when Boston is pressed, and although a re-action eventually occurs, yet Baltimore is compelled to feel the pressure existing at the North. This remark may be likewise made as to Richmond, Cincinnati, Louisville and St. Louis. There has been a demand for increased bank capital in Massachusetts. Several new Banks have been chartered during the present session of the Legislature, and a large number of the old institutions have petitioned for an increase of capital, which has been granted in nearly every instance. We refer our readers to the extracts from the able Report of Mr. Fillmore, late Comptroller of the State of New York. In this Report he recommends the adoption of U. S. stocks in part as a basis of circulation; and the adoption by other States of their own securities added to those of the general government, as a general security for bank circulation. A specie circulation is so generally discountenanced, for gov ernment purposes, that the Treasury will, we hope, recommend such measures to Congress as will furnish a secure paper medium. Such a circulation is entirely prac ticable, guarding against any loss on the part of the people or that of the Treasury; and at the same time placing the coin of the country where it belongs, in the vaults of the banks to the credit of private capitalists. We have given place in our present No. to two valuable contributions upon California-the first, from the pen of J. Morrison Harris, Esq., of the Baltimore bar, upon the history and resources of California; the second, from an able English journal, upon the policy of the British government in reference to that newly acquired territory. More space will be devoted in our forthcoming Nos. to recent law cases respecting banks and banking, and to papers upon bank history and bank statistics. Among these will be found accounts of the Bank of North America, the London and Westminster Bank, and the new British Bank. We omit our usual tables of stocks. There are no important changes among these. Pennsylvania fives have advanced to 82, which is equivalent to par for a six per cent. stock. Sales of Philadelphia six per cents. at 101. Baltimore six per cents. 1003 a 101. U. S. six per cents. of 1868 at 112. There is a perceptible influx of coin at New York from the West. The Boston and New York banks have declared dividends within thirty days to the amount of more than a million. Exchange on London has advanced to 107 a 107, and we may hope for a gradual reduction of the stringency in the money market, which all classes have been compelled to feel for the last few months. DEATH. At Hudson, New York, on the 28 March last, James Duff, Jr., Esq., aged 31 years, Cashier of the Farmers Bank of Hudson. Translated for the Bankers' Magazine, from the Journal des Economistes, March, April, May, 1848. [Continued from p. 595, April No.] AT Zacatecas, a single vein, la Veta Grande, which has been worked since the 16th century, and which up to 1738 furnished often in one year as much as 3 million piastres, has put in circulation the masses of metal, as below: Guanaxuato which, it is true, used to furnish even in my time as much as 755.000 marcs of silver [383.500 lbs. avdp.] a year, has on the other hand fallen latterly to less than the half of this yield. Thus it gave in Whenever these superb countries, favored by nature in so many regards, shall come, after a long fermentation and profound internal |