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haps the clause which repeals the exemption from State taxes. We trust, how. ever,

that Congress will strike out the opening section which authorizes the issue of $100,000,000 of bank notes in addition to the $300,000,000 already authorized. The country has suffered too much from the evils of an inflated paper currency to submit to any increase in its amount.

The follow.ng is the section of the New York Clearing House Constitution wbich bas just been amended by the addition of the words in italics :

The checks, drafts, notes, or other items in the exchanges, returned as “not good," or mis sent, shall be returned the same day directly to the Bank from whom they were received. And the said Bank shall immediately refund to the Bank returning, the same, the amount which it had received through the Clcaring House for the said checks, drafts, notes, or other items, 80 returned to it, in specie or legal tender notes. But checks, drafts, notes, or other items to be returned for indorsement, or informality, may, after being certified by the Bank returning it, be returned through the exchanges the followirg morning, not exceeding $5,000 in amount to any one Bank.

As far as this applies to the questions in dispute between the Commonwealth and Continental, it will simply require the former to refund the money it collected from the latter upon the disputed check, without at all affectieg its legal claim to make such collection. If the Commonwealth can legally establish the truth of its assumptions. the Continental will probably be compelled to pay the check.

The Bank returns of the three cities we give below. It will be seen that the specie in New York banks has largely increased during the month and especially the last week, having reached $19,736,929. This is probably due to the payment of gold interest on the five.twenties. The legal tender reserve is also drawn down quite close, but it is still $9,845,000 in excess of the legal requirement.

NEW YORK CITY BANK RETURNS.

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Date. Loans. Specie. Circulation. Deposits. Legal Tend's. Ag. clear'gs Jan. 6, 1866... $233,185,059 $15,778,741 $18,588,428 $195,482,254 $71,617,487 $370,617,623

234,938,193 16,852,568 19,162,917 197,766,999 73,019,957 608,082,837 " 20.

239,337,726 15,265,327 20,475,707 198,816,248 72,799,892 538,949,311

240,407,836 13,106,759 20,965,883 195,012,454 70,319,146 616,323,672 Feb. 3..

212,510,382 10,937,474 21,494,234 191,011,695 68,796,250 508,569,123 242,608,872 10,129,806 22,240,469 188,701,463 68,436,013 493,431,032

243,068,252 10,308,758 22,983,274 189,777,290 64,802,980 471,886,751 24..

239,776,200 14,213,351 22,959,918 183, 241,404 61,602, 726 497,150,087 Mar. 3.

235,339,412 17,181, 130 22,994,086 181,444,378 58,760,145 526,539,959 233,068,274 16,563.237 23,033,237 180,515,881 64,341,802 594,204,912

233,517,378 15,015, 242 23,303,057 185,438,707 68,402,764 579,216,509 " 24.

234,500,518 13,945,651 23, 243,406 185,868, 245 69,496,033 593,448,864 237,316,099 11,930,392 23,736.534 188,554,592 72,158,099 529,240,640

242,643,753 11,486,295 24,127,061 189,094,961 71,445,065 602,315,748 * 14.

244,009,839 11,035, 129 24,533,981 193,153,469 78,910,370 578,537,853 242,067,063 9,495,463 24,045,857 196,808,578 77,602,688 535,834,778

245,017,692 8,243,937 25,377,280 202, 718,574 80,589,022 545,339,668 May 6. 253,974,134 10,914,997 25,415,677 210,373,303 81,204,447 603,556,177

257,621,317 13,970,402 24,693,259 217,552, 853 85,040,659 523,098,538

255,690,463 13,595,465 25,189,864 217,427,729 85,710, 107 579,342,488 " 26.

257,969,593 19,736,929 26,223,867 208,977,905 73,829,947 713,575, 444

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The returns of the Philadelphia Banks have been as follows :

Date.
Jan. 2, 1866.

8.. 6 15.

PHILADELPHIA BANK RETURNS. Legal Tenders. Loans. Specie. Circulation. Deposits. $17,181,229 $45,941,001 $890,822 $7,226,369 $35,342,306

17,236,320 46,774,150 983,685 7,319,528 36,618,004 17,267,412 47,350,428 1,007,186 7,357,972 86,947,700 17,052.559 47,254,622 1,012,980 7,411,337 36,214,658 16,244,277 47,607,558 1,008,825 7,482,534 85,460,881

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BOSTON BANK RETURNS.
(Capital Jan. 1, 1866, $41,900,000.)
Legal

Circulation
Loans. Specie. Tenders. Deposits. National. State.
$91,421,477 $801,415 $19,507,300 $38,451,794 $21,497,354 $1,401,721
92,215,129 1,031,327 19,914,065 41,718,132 21,806,180 1,328,793
92,959,364 1,029,105 20, 138,014 40,939,870 21,946,595 1,273,948
92,605,111 1,040,114 20,750,698 40.300.6.9 22,034,612 1,215,675
92,877,783 1,009.013 20,514,530 39,153,816 21,889,318 1,157,848
94,578,358 805,237 20.568,125 40,436,163 22,325, 128 1,125,728
94,033,827 632,591 20,412,59 33,708,019 22,348,038 1,057,328
95,250, 429 508, 128 20, +18,909 38, 194,696 22,602,331 1,033,391
93,539,000 521,292 20,202,177 36,399, 181 22.887,971 1,048,022
92,990,512 556,856 20,031,963 35,581,876 22,606,835 1,306,719
90,705,159 623,938 19,905,120 3),297.498 22,730,329 721, 809
91,902,811 606,992 20,170,018 36.696,321 24,018,916 910,740
91,931,236 513,153 20,913,521 35,887,368 23,019,897 901.620
92,351,979 532.556 20,761,014 36,697,227 23,087.693 869,329
92,112,975 487, 155 211,334,370 37, 126,561 23.266.612 830,069
91,250,892 457,618 19.9.2.617 37,06,696 23,635,013 777,198
86,120.97 411,693 19.309,145 36,946,12 22,469,458 744,041
86,723,001 401,113 19,5 19,614 39,396,210 22.856,6156 744, 425
90,369,569 670,250 21,415,716 41,205,276 23 516,3:30 719,688
90,329,551 501,013 22.162,022 42,021,976 23,551,579 695,527
89,631,864 472,172 22,98,509 41.61 ,149 23.195.968 661,819
91,833,402 436,391 23,658,956 41,631,746 23,722,277 6 14,658

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THE UNITED STATES DEBT. We give below the statement of the public debt, prepared from the reports of the Secretary of the Treasury, for April 1, May 1, and June 1, 1866 :

DEBT BEARING INTEREST IN COIN.
Denominations.

April 1. May 1.

June 1. 6 per cent. due December 31, 1867..

$9,415,250 $9,415,250 $9,415,250 6 do July 1, 1868..

8,908,312 8,408,312 8,908,342 5 do January 1, 1874.

20,000,000 20,000,000 20.000,000 5 do January 1, 1871

7,022,000 7,022,000 7,022,000 6 do December 31, 1880

18, 415,000 18,415,000 18,415,000 6 do June 30, 1891...

50.000.000 50,000,000 50,000,000 6 do June 30, 1961, exc'd for 7.30s.

139,281,650 139,213,150 139,3i4,500 6 do May 1, 1867-82 (5.20 years).

511,780.500 514,780,500 514,780,500 6 do Nov. 1, 1970-85 (5.20 years)

100.000.000 100,000,000 100,000,000 6 do Nov. 1, 1870-81 (5.20 years)

65,175,500 71.00 500 80,734,500 5 do March 1, 1874-1904 (10.10s).

171,219,100 171,219,100 171,219,100 6 do July 1, '81 (Oregon war)

1,016,000 1,016,000 1,016,000 6 do June 30, 1881

75,000,000 75,000,000 75,000,000 Aggr ate of debt bearing coin interest..

$1,177,867,292 $1,150,236, 342 $1,19 ,825,192 DEBT BEARING INTEREST IN LAWFUL MONEY. 4 per cent Temporary Loan 5 do

do

10 days' notice. $121,751,970 131.497,854 $124,561,486 6 do

do 6 do Certificates (one year).

62,258,000 62,620.000 43,025,000 5 do One and two-years' notes

8,536,900 6,036,900 VOL. LIV-NO. VI.

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Aggregate of debt bearing lawful money interest...... $1,186,207 011 $1,188,313,545 $1,147, 222, 226

DEBT ON WHICH INTEREST HAS CEASED. Debt on which interest has ceased.....

$930,680 $877,730

$4,900,430 DEBT BEARING NO INTEREST. United States Notes

$422,749, 252 $415,164,318 $402, 128,318 Fractional currency.

28,005,452 28, 192,017 27,334,965 Currency...

$451, 754,704 $493,356,335 $429, 463,283 Gold certificates of deposit...

9,665,160 9,036,420 22,568,320 Aggregate of debt bearing no interest..

$461,419,864 $452,392,755 $452,031,603 Amount in TreasuryCoin

$62,069,701 $76,676,407 $50,678,958 Currency..

60,077,680 61,310, 622 79,011,125 Total in Tr iry.

$122,147,381 $137,987,029 $129,691,083

RECAPITULATION. Debt bearing interest in coin..

$1,180,236, 342 $1,186,092,842 $1,195,825,192 Debt bearing inter'st in lawful money.

1,186,207,011 1,188, 313,545 1,147, 222, 226 Debt on which interest has ceased..

930,630 877,730 4,900,430 Debt bearing no interest

461,419,864 452,392,755 452,031,603 Aggregate debts of all kinds..

$2,827,793,896 $2,827,676,872 $2,799,479,451 Cash in treasury

122, 147,381 137,987,029 129,691,083 Amount of debt, less cash in Treas

2,705,646,515 2,689,689, 843 2,670,288,368

LEGAL TENDER NOTES IN CIRCULATION. One and two years' 5 per cent notes..

$8,536,900 $6,036,900 $ United States notes (currency).

422,749, 252 415,164,318 402,128,318 Three years' 6 per ct comp. int. notes..

172,012,141 167,012,141 162,012,140 Aggregate legal tender notes in circulation..... $603,298,293 $588,213,359 $564,140,458

MICHIGAN.—ITS MINERAL WEALTH.* Michigan consists of two peninsulas, between which enters Lake Michigan, widely separating the two. Their geological formation is dissimilar--the northern is primitive, composed of gneiss rock and metamorphic slates, with over lying slates and sandstones, the latter containing the great copper veins, and the former immense bodies of magnetic and specular iron ore. The southern peninsula is of the secondary formation its rocks are horizontal strata of limestone, sandstone and slate, the sandstone appearing at the surface in the central and elevated parts of the interior, the limestone underlying it can be traced from the rapids of the Maumee, in Obio to Saginaw Bay. This southern peninsula is composed almost wbolly of groups of the Appalachian series of rocks, the higbest of which, the coal formation, occupies the central part of the country, wl ile the sbales of the Portage and Chemung group stretch along the shores of Lake Michigan and Lake Huron. This southern peninsula abounds in gypsum coal and salt.

The copper mines of Michigan are situated on the portb part of the porthern peninsula, confined chiefly to the Keweenaw peninsula, forty-three miles in length and with an average width of fifteen miles, and divided into the Keweenaw, Portage Lake and Ontonagon districts. In 1864 Keweeuaw district, from its eighteen mines, shipped..

* This article is a condensation of a very interesting letter written by J. A. Blake, Esq., Editor of the Pittsburg Oil News. and recently published in that paper. The letter is dated from Marquette, the centre of the iron interest of the northern peninsula.

DO 25,480,818 Portage Lake, from its thirteen mines, shipped..

42,921,691 Ontonagon, from its nineteen mines, shipped...

17, 220,500 Total ...

to 85,610,999 of ore, producing about 6,850 tons of copper. The principal mines of the Keweenaw district are the Pittsburg and Boston, Northwestern and Medora ; of the Portage Lake district, the Quincy, Franklin and Pewabic ; of the Onto. nagon, the National, which produced in 1864, 705,981 pounds ore, with the labor of one hundred and seven miners, the estimated production of the full year from the mine being $100,000. Pittsburg was the pioneer in the Lake Superior copper mining enterprise. The second government permit was granted to the Pittsburg and Boston Mining Company in 1844, then known as the Cliff Mining Company. There are now nine Pittsburg companies in active operation, and much of the copper produced is refined in that city, The total number of companies is ninety-four, divided into 1,960,000 shares—the amount claimed to be paid in is $13,109,124, not including the original cost of mining, nor the sums derived from the sale of copper which have been expended in developing the mines. The aggregate dividend is claimed to be $5,600,000.

The iron region is situated in the western and northern parts of the porthern peninsula. The iron occurs in a metamorphic formation, bounded by two granite belts-one on the north the other on the south. This formation consists of hornblend, talcose, and chlorite slates, with associated beds of hornblende and felspar rocks. The ore consists mainly of the specular or per-oxide of iron, with an admixture of the fine-grained magnetic. It often happens that a whole ridge or knob is one mass of pure ore.

The ore is sometimes mixed with s. ams of quartz or jasper. The first Michigan iron used was produced from bog ore in various parts of the State. The shipments of ore has been as follows : 1,445 | 1860.

.130,000 11,595 | 1861.

45,430 26,184 | 1862.

.125,720 31,135 1863.

.185,575 65,679 | 1864.

..273,000 Or a total of 895,763 tons ore, equivalent to nearly 600,000 tons of iron. The total product last year was nearly 300,000 tons of ore. The indirect wealth produced by this great development of mining industry cannot be easily estimated, but we may instance Cleveland, which has arisen from it since 1855, in which there are already iron factories having an aggregate capital of $3,000,000, giving wages to the value of $1,080,000. The receipts there have been. Of Lake Superior iron....

. 106,439 From all other points.

4,857 Total

.....111,296 Pittsburg manufactures, from this ore, her best varieties of iron and steel. Buffalo and Erie have added millions to their business by it. All the furnaces and rolling mills of the Mahoning Valley bave sprung up since its discovery.

1855. 1856 1857 1858. 1859..

The introduction of this pure and rich ore has increased the iron making busi. ness west of the Alleghanies to an extent of which few are aware. Before i introduction, in 1855, there were but ten blast furnaces in all the region which is now supplied with this ore. Of these three used charcoal and seven bitumidous coal (smelting he native ores of Ohio and Pennsylvania), and the aggregate capacity was about twenty thousand tons of pig iron per annum. In the same territory are now fifty-five blast furnaces, of which twelve are charcoal, thirty-nine bituminous, and four anthracite coal, with an aggregate capacity of about 216,000 tons of pig iron per annuin. Every one of these fifty-five furna. ces uses the Lake Superior ore, some but to a small extent, while thirty-two ube it exclusively.

It seems strange that Michigan herself is last to appreciate the importance of ber vast iron interests. The immense extent of the district, the mountain masses of the ore, its purity and adaptation to the manufacture of the most val. uable kinds of iron, and the immense forests suitable for charcoal render it by far the most extensive and valuable in the world for the manufacture of iron. Add to these prime facilities in abundance of capital and skilled labor, and channels of communication unrivaled, and we see no reason why the northern peninsula of Michigan should not become pre-eminently the iron district of the country. There is a great lack of furnaces in the Lake Superior region, as is evi. denced by the enormous quantities of ore that are being shipped to ports down the lake, where the cost of smelting is greatly enhanced. Furnaces at the mines is the cheapest and best economy. Marquette is a natural iron city, and yet her furnaces are few. Detroit and Wyandotte lie near enough to become great manufacturing cities, and yet the total capital invested in this business in the two cities does not exceed $2,500,000, and the annual manufactured product is not over $3,500,000. Pittsburg, to-day, manufactures more of the Lake Superior iron than the whole State of Michigan. It has been urged against extensive iron manufactures in the Lake Superior region, that the supplies of timber would soon be exhausted. A single furnace in these iron regions, with a capacity of twenty thousand tons, will consume five hundred acres of heavily tin. bered land every year, or thirty seven thousand cords of wood.

With this ratio of consumption, and hundreds of furnaces to feed, it would require but a few years before the supply of fuel would give out. But it has lately been dis. covered that in all the area of the upper peninsula where the carboniferous lime• stone exists, there are indications of the existence of bituminous coal.

The coal fields of the southern peninsula possess an area of 12,000 square miles. The Jackson and the Corunna mines are already at work. The total receipts at Detroit last year being 34,355 tons. The produce compares favorably with the best bituminous coal in this country and Europe, as will be seen by the annexed table :

Specific Vol, Fixed Where mined.

gravity. Matter.

Carb'n. Jachson, Mich.

1,261 La Salle, Ill..

1,237 Belleville, Ill.

1,246 Cannelton, Ind.

1,272 Pittsburg, Breckinridge, Ky.

1,150 Grayson, Ky.

1,371

36.14 39.90 36.30 86.59 32.95 64.30 62.03

58.63 55.10 57.70 59.47 64.72 27.16 14.36

Ash. 3.97 3.00 4.50 3.9 2.3 8.4 23.6

1.020

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