MANUFACTURES IN UNITED STATES DURING YEAR ENDING JUNE 1, 1860. AGGREGATE STATISTICS OF MANUFACTURES. We take from the Tribune the following valuable table of the aggregate manufactures produced in the United States during the year ending June 1. 1860. It was prepared by Edward Young, of Philadelphia, who had charge of the statistics of manufactures in the United States Census Office, until it was turned over to the Land Office: Omitting the Southern or non-Manufacturing States the annual value of Manufactures per capita is $77 45. FEDERAL, STATE, AND MUNICIPAL FINANCES. THE BANKS OF NEW YORK.---ANNUAL REPORT OF THE SUPERINTENDENT OF THE BANKING DEPARTMENT, Mr. Keyes, Acting Superintendent of the Banking Department of this State, has submitted his report to the Legislature, from which we extract the following: BANK DEPARTMENT, To the honorable the Legislature of the State of New York: The passage of the act of March 9, 1865, commonly known as the enabling act, precipitated what, under existing conditions, could not long be delayed, the fourth, and, to appearance, the concluding era in the history of State banking in New York. Since its passage one hundred and seventy-three banks have closed business as State institutions, and been received into the national fold, and though some of these had already taken steps in that direction, the passage of the act greatly facilitated their transfer. Besides these twenty banks had received authority, and were doing business under the national system prior to the passage of the act, and of these, ten had effected the change prior to October 1, 1864. The last fiscal year, therefore, has witnessed the practical extinction of one hundred and eighty-three State banks, with all their wealth and influence, to the national guardianship. * * Some time must necessarily elapse before we shall see the end of what is now the beginning, as under the operation of our present law it requires six years to close the circulation account of any bank, even after, by the return of seventy-five per cent of its circulation, it is authorized to withdraw its bonded securities, and make a deposit of cash for the redemption of the remainder of its notes. It is evident, therefore, that the final closing of the affairs of over three hundred banks, is a labor that cannot be speedily accomplished. To facilitate this, however, I would suggest an amendment of section 1, chapter 236 of the laws of 1859, which requires the return of seventy-five per cent of the circulation outstanding at the time of giving notice of closing, before a cash deposit can be made for the redemption of the balance and the statute of limitations be set in operation. The time at which the amount of outstanding circulation is computed is purely arbitrary, and operates greatly to the disadvantage of banks that may have retired a large part of their circulation before giving the notice required. A further proviso, that the cash deposit might be made wherever the outstanding circulation should be reduced to $10,000, would facilitate the closing of a number of banks, and be in no respect prejudicial to public interests. Or the result might be reached by causing the circulation, of which seventy-five per cent must be returned, to be esti mated at the time of greatest issue, as ascertained from the quarterly statemente made by the bank. The sweeping cha acter of the silent revolution which has been progressing in our financial system, will be more fully disclosed by an examination of the general statement, pp. 3 and 4 of the appendix, and of tables 7 and 11. For more convenient reference, I condense from them the following brief summary: The capital invested in banking, under our State laws, on the 24th day of September, 1864, was.... On the 30th day of September, 1865. Decrease during the fiscal year.. The greatest decrease in any previous year, during the last ten years.. $107,306,948 which exceeds by about $2,000,000 the amount returned during the panic year of 1857, and by about $9,000,000 the averege yearly amount for the last ten years. The circulation issued and outstanding on the 30th September, 1864, was...... Decrease during the fiscal year... Securities, including cash, held under general laws to redeem circulation, Sept. 30, 1864.. Securities held under general laws to redeem circulation, Sept. 30, 1865.. Decrease during the fiscal year.... .... ... ... .... ... ... .... The decrease of the different clasess of securities has been as follows: Of United States stocks.. New York state stocks. Bonds and mortgages.. Increase of cash deposits to redeem circulation... Total decrease as stated above....... INCORPORATED BANKS. $13,109,186 .$37,303,524 05 25,469,157 44 ..$11,834,366 61 .$8,528,600 00 2,225,706 00' 233,400 00 936,876 00 $11,924,582 00 9,215 39 $11,834,506 61 On the 1st of January, 1866, will expire the limited charters of the remaining incorporated banks in this State. Four of these have already commenced doing business under the auspices of the national system. The bank of the Mannhattan Company and the bank of the New York Dry Dock Company, with unlimited charters, still survive the decay of the system that gave them birth, and of the systems that have sprung into being since. THE BANK FUND. Contributions to this fund will cease after January 1, 1866, and the charges upon it will be liquidated, so far as presented, on the first day of February following. There will then remain an estimated balance of about $86,000, for the application of which there is no legal provision I quote from the last report of Hon. H. H. Van Dyck his remarks upon this subject as conveying the information necessary for your intelligent action: "The fund thus accumulated was designed to secure the redemption of the notes of insol went safety fund banks. But the over-issue of several insolvent institutions, and the failure of others, exhausted the contributions on hand, and mortgaged those of the future to such an extent that the fund ceased to be regarded as a means of redemption; and, consequently, the outstanding issues of the Lewis County Bank, Yates County Bank, and Bank of Orleans, have been left in the hands of the community, save so far as they have been absorbed by the receivers appointed to administer upon the effects of the defunct institutions. According to the latest returns, there would seem to be still outstanding, or in the hands of the receivers, $168,043 of the notes of the aforesaid banks. As a considerable period has elapsed since their failure, very little of this circulation is still in first hands, and much of it has probably been destroyed in view of its regarded worthlessness. Whether the fund on hand shall be applied to the redemption of notes, and if so, in what order, or what disposition is to be made of it eventually, should be indicated either by legislative or judicial action. An adjustment of the question in some authoritative form seems in every way desirable." I most earnestly renew the concluding suggestion, that some appropriate dispos. tion of the balance of the fund be authorized. * * * * TAXATION OF NATIONAL BANKS. The object manifestly is, to make and to mark a distinction between the capital owned by the corporation and the remoter, though still very near interest of the skareholder in the business in which that capital is employed. This interest, represe ted by shar s, is, by act of Congress, declared to be property. This is what the shareholder owns; it is subject to his control; he can dispose of it at will; in short, it is his property. The shareholder has no ownership whatever in the capital thatis invested in the business of the corporation, more than a citizen of this State has in the Erie Canal. He has an interest in the proper management and control of that capitall as the citizen has in the management of the canal, But he has no property in that capital, he cannot touch a dollar of it in whatever form expressed. Upon dissolution of the corporation he cannot claim a dividend in kind-he can get, after the demands of creditors are satisfied, only the proportion of assets represented by his shares, in lawful money. The stocks were not his; the real estate was not his; the notes or other forms of indebtedness were not his; the shares were his, and for them he will |