ever, is of but little consequence, as from the statement at the commencement of this article it will be seen that there has been a large increase at New Orleans and other ports. We annex a summary of the official returns:

EXPORTS FROM NEW YORK TO FOREIGN PORTS FOR THE MONTH OF MAY.

Foreign merchandise (free)

EXPORTS FROM NEW YORK TO FOREIGN PORTS FOR FIVE MONTHS FROM JANUARY 1ST.

Domestic produce...

Foreign merchandise (dutiable)

Specie..

We also annex a comparative summary of the shipments of leading articles of produce from the port of New York to foreign ports from January 1st to June 17th:

EXPORTS FROM NEW YORK TO FOREIGN PORTS OF CERTAIN LEADING ARTICLES OF

DOMESTIC PRODUCE, FROM JANUARY 1ST TO JUNE 18TH.

Coal.

tons

16,372 17,117 Tobacco, crude...pkgs. 11,725 10,478 .bales 247,434 141,536 Do., manufactured.lbs. 1,754,496 2,857,413 5,691 1,900 Whalebone...... 204,598 1,850,323

This shows a large increase in the exports of breadstuffs and provisions, and from the present prospect of things in Europe the difference will grow wider as the season progresses. The product of wheat in the British Islands, the last year, was of an inferior quality, and a better description became indispensable to grind with it. The supplies from the continent are running short, and the remainder must be furnished by this country.

The recent advance in the rate of discount by the Bank of England has had but little influence upon the money markets of this country, as it was accompa nied by such explanations of the reason for it, as showed it to be matter of pre

caution instead of necessity. In offering to holders of exchequer bills so low a rate of interest, as the alternative of par redemption, the Chancellor of the Exchequer miscalculated the current value of capital. The new enterprises in progress, and increased impetus given to business, were not sufficiently reckoned, as a set off, against the abundance of money. Rates of interest for call loans in this country continue unchanged, but for time engagements there is a better demand, at prices rather in favor of the lender. Stocks have generally declined, and there is very little of a spirit of speculation among operators. The Erie Railroad stock has been somewhat affected by the postponement of the expected dividend, and by the resignation of Mr. Loder, who had been president of the corporation for so many years. The directors have elected Homer Ramsdell, Esq., to fill the vacancy, and those best acquainted with him regard it as a judicious appointment.

The bids for the $3,000,000 loan, advertised for by the Illinois Central Railroad Company, have been opened, when it was found that the amount offered reached $4,939,000, from par to a premium of 5 per cent.

The unfavorable political reports from Europe have had more effect upon our commercial markets than all other causes combined, but the most sagacions among our countrymen do not apprehend any hostile outbreak from questions now pending. All eyes are turned toward China, and the progress of the rebellion there is watched with intense interest. Should that country be thrown open to our Commerce, its effect upon our commercial prosperity would be greater than that produced by the discovery of gold in California. Instead of paying for our imports from the Celestial Empire by purchases of exchange on London, to be repaid in opium to the Chinese, we should open a direct trade amounting to many millions of dollars. In this connection we present the following summary of the imports and exports, together with the actual tonnage engaged in the China trade:

Year ending
June 30th.

1852..

1851.

1850.

1849.

1848.

1847..

tons.

tons.

52,076

26,009

87,264

21,507

27,587 11,327

46,817

10,198

21,969

7,445

17,830

3,106

1111

It will be seen from this that our trade has been yearly increasing; and we trust that for the year ending 30th June, 1854, the imports will amount to twentyfive millions, to be paid for in American produce, other than specie. Our recent settlements on the Pacific coast, together with the emigration thither from China, will hasten this consummation the moment that the doors of the empire are opened.

JOURNAL OF BANKING, CURRENCY, AND FINANCE.

THE FREE BANKING LAW OF LOUISIANA.

At the last session of the Legislature of Louisiana a general banking law was passed somewhat similar to that of New York and other States of the Union. The principal feature which distinguishes this law from those of the other States, is that which requires the banker to keep on hand one dollar in coin for every three dollars of liabilities, exclusive of circulation.

We give below a synopsis of the Louisiana General Banking Act, as follows:SEC. 1. Any one or more persons may transact the business of banking in the State, and establish offices of discount, deposit, and circulation.

SEC. 2. Such corporations "shall have power to discount bills, notes, and other evidences of debt; receive deposits; buy and sell gold and silver bullion, foreign coin, and bills of exchange; lend money on real estate and personal security, and to exercise all incidental powers necessary to carry on said business." The aggregate capital stock of such banker or corporation shall not be less than one hundred thousand dollars.

SEC. 3. Any number of persons more than five, associating themselves for the purpose of banking under this act, may constitute themselves a corporation, and are authorized to become a corporation, with powers and authority.

1. To have and enjoy succession by a corporate name, for any period expressed and limited in the article of association, not exceeding twenty years.

2. To hold, receive, purchase, and convey all or any property, real and personal, as may be indispensable to the objects of the association; provided that the real estate shall be such as is necessary for the transaction of their business, or such as shall have been mortgaged to them in good faith as security for loans; or such as shall be conveyed to them in good faith as security for loans previously contracted; and also such as they may purchase at sales, under judgments or mortgages held by themselves. They shall not have the privilege of holding any real estate longer than five years, except such as is necessary for the transaction of their business.

3. To use a corporate seal, as described by the articles of association.

4. All managers and directors to be citizens of the State of Louisiana; the number of whom to be prescribed in the article of association.

To make and ordain, and revise, alter, or repeal by-laws for the proper management of the corporation.

SEC. 6. All stock subscribed in associations formed under this act must be paid in full, in specie, within twelve months after the commencement of business.

SEC. 7. No loan shall be made by any such company on a pledge of its own stock. SEC. 8. Shares in such corporations shall be deemed personal property and transferable in conformity with the by-laws. No stockholder shall be liable for its debts for a greater sum than the amount of his shares. Unincorporated bankers shall be liable to the full amount of their obligations and contracts. The liabilities as stockholders shall apply to persons on the books of the company as such, and also to any equitable owners of stock; and to such persons who shall have advanced the purchase money or installments in behalf of minors: also to guardians or trustees who shall invest funds in such stock.

SEC. 4. Corporations under this act shall be organized by written articles of association, duly executed by a notarial act, and recorded in the office of the Recorder of Mortgages-a copy whereof to be filed in the office of the Auditor of Accounts, and published once a week, for four weeks, in the official journal of the State.

SEC. 5. The act thus recorded and published, shall contain the signatures of the subscribers and associates; the name of the banking company; the name of the place in which the business is to be carried on; the amount of capital; number of shares; names and place of residence of the shareholders and shares held by each; the period fixed uron for commencement and also for termination of business; number of directors, &c.

SEC. 9. The responsibility of shareholders shall cease in respect to stock duly transferred by them in good faith, and without intent to evade any responsibility as hold

ers. The assignee in such cases, shall assume the liability of such prior shareholder for the debts and contracts of the corporation.

SEC. 10. Every banking company established under this act shall, on proof of insolvency or of noncompliance with the provisions of the act, forfeit its corporate rights; and the District Court, at the instance of any creditor or of the Auditor of Publio Accounts, on proof thereof, shall appoint commissioners to liquidate the affairs of such corporation.

SEC. 11. The Auditor of Public Accounts is authorized to cause to be engraved and printed, in the best manner to guard against counterfeiting, circulating notes of dif ferent denominations, not less than five dollars each: such blank notes to be countersigned, numbered, and registered by him, "so that the notes issued to the same banker or banking company shall be uniform." Such notes shall be stamped "secured by pledge of Public Stocks."

SEC. 12. Banks and banking companies established under this act, upon depositing with the Auditor the bonds of the U. S., or of the State of Louisiana, or of the con solidated debt of the city of New Orleans, shall be entitled to receive from the Auditor an equal amount of circulating notes in blank. Such stocks shall always be equiv alent to a six per cent stock, and receivable at not more than their par value.

SEC. 13. The Auditor shall collect the interest upon all bonds and stocks deposited with him, and pay over the same to the parties making such deposit, so long as the market price of the stocks or bonds does not fall below the rate originally taken by him. In case of depreciation, the Auditor is directed to retain such interest until the securities recover their original value. The Auditor is also empowered to require an additional deposit from the bank or banks, as security for such notes; and on the failure to comply with such demand within twenty days, the Auditor shall take immediate steps to liquidate the affairs of such company, as in cases of insolvency-the banker having a right of appeal in such cases to the District Court: and further, to the Supreme Court of the State.

SEC. 14. The securities pledged with the Auditor in compliance with this law, shall be held exclusively for the redemption of the circulating notes; but he may change or transfer them, on application of the bankers, upon receiving others equivalent in value; or upon receiving au equal amount of the circulating notes to be canceled.

SEO. 15. All such securities deposited with the Auditor shall be described in a list to be filed in his office, signed by him and by the depositor; and a copy of such list shall be filed and recorded also in the office of the Treasurer of State. The securities shall be delivered to the Treasurer for safe keeping and a receipt therefore given to the Auditor.

SEC. 16. The Auditor shall not countersign bills for any banker or banking company to an amount greater than the securities deposited-under a penalty of five thousand dollars and imprisonment for ten years at hard labor.

SEC. 17. The plates, dies, and other materials used for engraving and printing of notes under this act, shall remain in the custody and under the direction of said Auditor. The necessary expenses attending the engraving, printing, &c., of the notes, shall be paid by the bank or banker for whose use they were ordered.

SEC. 18. The notes authorized by this act, when executed and signed, shall be ob ligatory as promissory notes in law, payable to bearer on demand, without interest, at the place of business of such banker. All such notes shall be signed by the banker, and his or their cashier, and by no other person for them; provided, that no individual firm or corporation, except the legally chartered banks now existing, shall issue and circulate as money any notes unless authorized by this act, under a penalty of one thousand dollars.

SEC. 19. Upon the failure of any bank or banker to redeem in lawful money of the United States, any notes issued under this act, they may be protested for non-payment, and the auditor shall give immediate notice to the maker of such notes, through the official journal of the State, and if not redeemed within three days, notice shall be given to the public that all circulating notes of such banker will be redeemed by the auditor out of the trust funds deposited in his hands.

SEC. 20. Whenever a notice of protest of nonpayment of such circulating notes shall be filed in the circuit court, the court shall forthwith issue a writ of sequestration and appoint a receiver to take charge of the assets of such banker: and a writ of insolvency shall ensue, unless such bank or banker show cause why the said note or notes were not paid on presentation.

SEC. 21. No Banker or Banking Company shall, after the protest of his or their notes, make any assignment, or transfer or sale of any portion of their assets, and any

assignment, &c., made shall be null and void; and any banker, director, or any officer assenting to such assignment or sale, &c., shall be liable in full for all the debts of such bank, &c., and may be judged guilty of a misdemeanor-provided, that the protest of the first note shall constitute a lien for the benefit of the creditors upon all the assets of the bank, not in the hands of the Auditor.

SEC. 22. The Auditor, on giving notice of the nonpayment of any such note or notes, shall advertise for sale at public auction, the stocks or bonds deposited as collateral therefor, such sale to take place after the expiration of thirty days from such advertisement. The proceeds to be applied pro rata to the payment of all the circulating notes issued to such banker.

SEC. 23. If the proceeds of such sale exceed the circulating notes of such banker, such excess may be paid over to the general fund of said insolvent, but if the proceeds prove insufficient to redeem such notes, the deficiency shall be made up out of the assets of such insolvent, in preference to any other claim or debts; and the stockholders shall be liable for the full amount of all notes unredeemed, in the ratio of stock which each may own.

SEC. 24. The holder of any protested note or notes of an insolvent banker, shall be entitled to damages at the rate of twelve per cent per annum, in lieu of interest, until final payment.

SEC. 25. Bankers and Banking Companies doing business under this Act, may charge or receive interest as allowed on conventional obligations, and their contracts shall be regulated by the laws in regard to interest upon contracts between individuals.

SEC. 26. Every bank or banker is required to have on hand at all times, in specie, an amount equal to one-third of all their liabilities, (independently of circulating notes,) and two-thirds in specie funds, bills of exchange, or paper maturing within ninety days.

SEC. 27. If at any time the specie should fall below the proportion above specified, and remain so for a space of ten days, such bank or banker shall not make any loan or discount until their position is re-established according to the terms prescribed: “A violation of this provision shall be held to be an act of insolvency; and every director who may participate in such violation, shall become individually liable for all its debts and obligations."

SEC. 28. Every bank or banker doing business under this Act, out of New Orleans, may keep an office or designate an agent for the redemption of their circulation at New Orleans. Written notice of such place or appointment shall be filed with the Auditor, with the Board of Currency, and in the office of the Recorder of Mortgages. Provided that all such paper shall be redeemable at the counter of the principal bank. SEC. 29. The Board of Currency shall supervise the execution of this act, and perform all the duties imposed by the laws in regard to incorporated banks. They may examine the affairs of any bank or banker doing business under this act whenever they deem it necessary; and require from such bankers weekly statements, verified upon oath by the banker or his cashier. This statement shall include the following particulars :

:

1. Capital of the bank.

2. Amount of stock deposited with the Auditor.

3. Amount invested in real estate.

4. Amount of loans having over ninety days to mature.

5. Amount of suspended debt and protested paper.

6. Other assets not realizable in ninety days.

7. Loans on paper maturing within ninety days.

8. Amount of exchange, foreign and domestic.

9. Amount of deposits.

10. Amount of circulation.

11. Amount of other cash liabilities.

12. Amount of specie and cash assets.

SEC. 30. The statements above prescribed, shall be regularly filed in the office of the Board of Currency; and the statement furnished in the last Saturday of every month, shall be signed by the Board of Currency, and published in the official journal on the first Wednesday in the following month.

SEC. 31. A list of the stockholders in every banking corporation, shall be furnished monthly to the Board of Currency.

SEC. 32. The legislature shall annually appoint a joint committee to examine the securities deposited, together with all books and papers relating to the business of