These bars are about twelve inches long, half an inch thick, and from one to one and a half inches in width, according as they are to be used for different sizes of coin. Before they can be wrought, their fineness is tested by an assay; and those which are found better or worse than the legal limits, are sent back to be melted and cast over again, at the proper rate. The coining presses are of various sizes, to suit the different denominations of coin; those for the dollar and the half dime, compared together, are as a ponderous machine by the side of a plaything. The usual speed of striking is sixty pieces per minute for the dollar and halfdollar, seventy-five for the quarter-dollar, ninety for the dime and halfdime. The mint is now manned by about sixty officers, clerks, and workmen. By the addition of ten or twelve men of the latter class it would be competent to a coinage of six millions of dollars annually, half in gold and half in silver, with a due proportion of small coins, and at an expense to the government of $70,000. But if the institution were put to its utmost capacity, and with a still further increase of hands, it is estimated that it would accomplish a coinage of twelve millions annually, the cost of which would be $106,000. The suite of apartments in the mint, appropriated to the exhibition of coins, ores, and national medals, occupies the front of the buiding in the second story, and measures sixteen feet wide by fifty-four feet long. Originally there were three rooms, connecting with each other by folding doors; the removal of these has made one large saloon, with recesses, very commodious and suitable for the use to which it is applied. The eastern and western rooms are of uniform size and construction; the central one has a dome and skylight, supported by four columns; with a corresponding window in its floor (protected by a railing) to light the hall of entrance below. The ancient coins are displayed in eight cases, mitred in pairs, and placed erect against the walls in the wide doorways and the middle room. The modern coins are variously arranged; part (including all those of the United States) being in a nearly level case which surrounds the railing above mentioned; and part being in upright cases, disposed along the walls of the middle and west rooms. The ores, minerals, and metallic alloys, are placed in the west room; in the eastern are shown the national and other medals, and the fine beams used for the adjustment of weights. All the cases are fronted with glass, and besides allowing an inspection of every specimen, present an agreeable coup d'œil on entering the room, especially by the middle door. At the present time, the aggregate of specimens of old coins is, in gold, 605; silver, 2047; billon, (a mixture containing silver, but less than half,) 324; brass and copper, 822; platina, 4; in all 3802.-Compared with the numismatic cabinets of Europe, our collection is indeed but a dwarf in size, and may stand second, in that respect. The above particulars, if not satisfactory to the reader, will at least aid him in understanding the routine, whenever he may please to visit the mint. Visiters are admitted in prescribed hours, if attended by an officer or conductor of the institution. BANK ITEMS. NORTH CAROLINA.-The Bank of Fayetteville, N. C., has been organized by the election of John D. Starr, Esq., as President, (salary $500,) and William G. Broadfoot, Esq., as cashier, (salary $1000,) the officers are preparing to put the Bank in operation at an early day. The amount of capital subscribed is $140,000. MASSACHUSETTS.-At a meeting of the stockholders of the Milford Bank, Mass., on the 21st May, Lee Claflin, Esq., was elected President. BANK OF COMMERCE, NEW YORK.-A change in the policy of this Institution having taken place, we annex its statement for May 14th: The Bank commenced its operations April 27, 1839. The total of bad debts from that time to this is $63,764. No bad debts were made during the year 1848. A dividend of 4 per cent. was made for the half-year ending January last-being the 19th dividend since the commencement of business. Owing to the existing provisions of the Constitution of the State, rendering stockholders liable individually for the debts of banks of issue, the Bank of Commerce, at a late meeting of shareholders, adopted the following: Whereas, it is manifest that if this Bank shall not, in fact, after the 1st of January, 1850, issue notes, or any kind of paper credits to circulate as money, no individual responsibility will be incurred by the shareholders-therefore Resolved, That the Bank of Commerce in New York will issue no notes after the 31st of October next, nor any kind of paper credits to circulate as money, and the President and Cashier are directed to carry this resolution into effect. PHILADELPHIA BANK DIVIDENDS, MAY, 1849.-The following dividends were declared in May. Capital. Rate. $1,150,000 7 Amount. $80,500 Notes on the Money Market. NEW YORK, 1 JUNE, 1849. The rates for money have been essentially reduced within the last thirty days. We learn that the banks of Boston, New York, Philadelphia and Baltimore, are doing nearly all the good paper that offers; and that loans are readily made, on call, at 6 a7 per cent. in the street. The foreign exchanges have become more equalized, and the importations of specie from England are now small. Bills on London per the last Steamer, (30 May,) were sold at 1,08 a 1,09. Paris, 5,271 a 5,25. The abundance of money in London has induced a more active demand for, and enhanced prices of American Stocks. The quotations for the last month were as follows: U. S. six per cent loan, 1868, May 18. May 11. 106-107 108 a 109 In our own market, U. S. six per cent. 1868, has reached 115. Maryland sixes, 102. It will be seen, by reference to another page, that the Bank of Commerce, in this city, has determined to cease their issues, in order to obviate the liability of their stockholders for the debts of the institution, beyond their own stock. This step will probably be followed by others of our city banks, as a measure of safety. The policy of the law is a very questionable one. The profits to city banking institutions, from their circulation, are not sufficient to induce them to run extra hazards. If the existing law be politic in any States, it is less so in New York than any other. The community is fully protected by the free bank system, om any eventual losses by bank circulation. Under this system, bank issues cannot become redundant; while, at the same time, they are based upon the credit of the State, and may be deemed as safe as those of any in the world. It would, in our opinion, subserve the interests of the public, if other States adopted the New York free bank system, whereby their own stocks, and the general government stocks would be taken up for permanent investment, and their values be more fully sustained. Ohio is the only instance thus far in imitation of New York. The Suffolk Bank system, perfect in its operation as it now is, while public confidence exists, would be better adapted to extraordinary emergencies if fully based upon State credit, in addition to their ordinary stock of coin. The absorption of State securities would not, as the Treatise on Banking in this No. intimates, abridge bank circulation. It would be simply a change of hands. A chartered bank in the State of New York, in adopting the free bank system, would be enabled to maintain the same circulation as formerly. The aggregate circulation of the State would be the same, and equal to the demands of the business community at large. Thus an old bank, with an ordinary line of circulation, of $300,000, would, in becoming a free bank, invest that amount of its old issues in State stocks. As a new institution, it avails itself at once of the same amount in registered circulation. The same aggregate circulation is maintained, and the only perceptible result is that the $300,000 of New York bonds are taken from the stock market, and deposited with the Comptroller at Albany; and the former holder invests the proceeds of sale in a new channel. The capital remains in the State. The bank circulation is undisturbed, and the bank contributes its aid in the maintenance of PUBLIC CREDIT. |