The New York Herald Newspaper, October 23, 1867, Page 3

NEW YORK HERALD, WEDNESDAY, OCTOBER 23, 1867.—TRIPLE SHEET. rency in all parts of the country and at all times isa feature which of itself annually saves (he people ae of dollars. It removes Parts of the country, OUR NATIONAL BANKS. every cheap exchange between the various by giving to the currency of every State and sec- tion the same velue and credit abroad that it basathome, The note issued by the national bank of an obscure Western village is just ag current in New York or New Orleans as the note of national bank in Wall etreet; on the other hand, the-note of national baok of New York or New England ts accepted by the farmers west of the Mississippi just as conf- dently as they accept the notes of their own locai bank, ‘whose officers and stockholders they personally know. Let the people compare these facts with the state of Letter from Jay Cooke, the Banker. The Origin of the National Bank- things before the war, and say if they have gained noth- ing System. paprhus 8 y To the perfect, impregnable security of “ oe wo the al it should only be eee tee ty wane tke wational banks exist, 4 is impossible for ® national bank note THE PRESENT POSITION OF THE BANKS, | to°tecome worthless, or evon' tp depreciate ; in value, so long as the government sball exist and continue to fulfil its pledges, Indeed, in one very important particular the notes of the national Sanpvsxy, Ohio, Oct, 11, 1867. banks may Somes to ela tan the crosaheskn, it Dram Sim—Permit us to ask you to give, at your eerie posite cmoay mong a grea. Jeloure, answers to the following questions :— ‘any special pledge of Private capital, the national 1 What was the origin of the national banking sys- | notes are the promises to pay of a corporation of wn eek cermin eerie TI, What is the character of the national bank car. Tige notes held by the people The double and triple natio! secul Jus iy 4 te. he shai, Shek: tee et rae occurring io the early days of the new na- government could and should save the eighteen millions of annual interest now paid on the United States bonds deposited by the national banks to secure their circula- al system. "Sip 1868, shortly after the organization of national in a solid Dutch farmer, of whom ‘and whom | shail Pennsylvania bas call Mr. tion, by retiring the three hundred mithons of national | schmidt, entered burg National Bank and bank notes, and isduing a like amount of greenbacks | signified to the cashier, Mr, Wier, that he wished to TV hat ls the nent Present position of the national V, How and wherein is the national banking system t $2,000 of his’ balance. ‘Mr, Schmidt, by the 24 wos Se ockholder im the bank to the seein of $10,000 besides being & deponitor; and it was his habit as it is of many of bis class, to keep his balance at bank ——, to the old United States Bank or the State back | comparatively small by drawing out his funds id storing them im various odd places about Vi. Why should the national hayking system be per. fie dwelling, This was done for the doubie petuated? ° urpose of preventing the ‘‘boys” of the family trom I: seems strange that such a lack of information as to the origin, condition, objects and merits of the national bankiug system should prevail all over our land, and we are convinced that if the system were better understood learning the precise amount of paternal funds on hand, and to @ sort of vague belief that money was sater in own hands than in anybody else's. The cashier stepped to his desk and filled up a check for Mr. by politicians of all ies would ceage endeavor- } Schmid! to sign, and then handed him two one thousand ing to damage it by drawing it into the vortex of politi | dollar greenbacks or notes, clean and bright cal stnfe, As you have been identified with the pions ‘he, printer's flands, Just such at the old gentleman national banking system from the beginning, we ba\ taken the liberty of pobmhGng to you the above in- quirics, cdi dha replies to them will furnish much of the int Beeded by the people. Very truly yours, had until pow preferred. officer was not a little surpt to see his customer return the notes with the remark :— “Tank you, Mr. Vier, I tink I not want dem dis ren : : President First National Bank, Sandusky, | M0rinéi 1 take some your nash’nal bank notes dis L, 8 HUBBARD, “Certainly,” replied the cashier, the bank having President Second National Bank, Sandusky. ‘To Jay Cooxe, Gibraltar, Put-in-Bay, Ohio, Reply of Jay Cooke. Grerattar, Pot-tn-Bat, Ohio, Oct. 17, 1867. GuntLEMex—Your favor of the 11th inst. is received;, and ia complying with your request as far as I am able, Ido so the more readily because I regard the national banking system as standing upon its own merits, and not im any sense a party question. With you, I deeply re- gret the mistaken oppositiow to this admirable system of finance now manifesting itself in so many quarters, and I cannot but believe that those of both parties who are DoW apparentiy most antogon'stic to the mationai banks if they had given as much thought to this great subject as its importance demands, would be among the foremost defenders of a system which, I trust, is destined to prove self wise and beneficent—a permauent basis for our future pr sperity. 1 sball attempt to answer your ques- tions in the order in which they occur in your letter. 1,—ORIGIN OF THE NATIONAL BANKING SYSTEM, } Up to 1863 our paper currency consisted of the notes of banks chartered by the several States—each State baving Jaws pecu liar to itself for the establishment and govervment of its banking institutions, There was no attempt at uniformity in bank legislat: the banks of one State standing on a basis different from those of another. In some cases banks were bold toa sirict accor bility, aod required at all times to furnish reasonable evidence of solvency, while in others just received its circulating notes from Washington, and he counted out the required amount in the notes of his own bank and handed them to Mr, Schmidt. ‘The Jatter deposited the new currency carefully io h's waistcoat pocket, pinned it fast and wasabout to depart when it occurred to the casbier toask him why in the world he should prefer national bank notes to greenbacks. The farmer took the proffered chair and proceeded to state his reasons somewhat as follows: — “Vell, Mr. Vier, I bin readin the law of Congress, vich autorize these nash’nal bank, und I bin studyin it, too, Den I bin studyin’ Mr. Cooke’s leetie book apout how to organize these banks und set ‘em going. Und I tells you po RS finds—I finds the a bank notes ish te t—petter as green! Perwhet In the world brings you to that conclusio: said Mr, Wier, to whom the view was a new one, “Vell,” was the reply, ‘‘greenbacks tsh goot, very goot, goot enough for anybody, but | belief the notes of your ‘nash pal bank ish leotle petter, because I finds in the law that pefore tis baok can issue one tollar of circulation it must deposit mit te Treasury at Washing- ton one tollar and ten cents in government bonds, und so if tis bank wants to issue one hundred tousand tollars it must deposit mit Mr. Shpinner, United States Treasurer, one hundred uw ten tousand toilars in bonds to secure that circulation; so if the bank runs avay und don’t pay the notes government will pay ’em. Und this margin of ten per cent must always be kept goot. If the bonds goes down in the market den te banks must deposit more mit te Treasury to keep te bonds always wort ten per cent more as te circulation. Vell, that make te nash’nal bank notes joost so goot as the currency was left to take care of itself, |ggreenbacks and ten per cent only they ish not and ‘bil holders were. permitied to look (Mtegal tender. Den, Mr. Vier, I finds on der nash'nal afier their own interests as best they. could. | bank notes te great seal of te roment und te names (The banking systems of New York, Ohio, and possibly | of Mr. Sphinner und Mr. iby—te same which is Ove or two other Si: were the only exceptions to this | signed on te greenbacks; und dese gentlemen say on all chaotic rule.) As very few State bavk notes passed at | the bank notes that dese notes vill pe received by the United States in payment of all dues except gold cus- too! in all parts of the country, the notes of each bank jad a diferent rate of discount, and the notes of the same bank had different values in different parts of the country atthe same time, The currency of one State, although good at home, was often rejected as uncerrent in another. This state of ae meter pp ny arg mine Docket und I sees your mame und te neme of tween the East and the West, North and the South, Hatt, Od pecidins o oie k, und I knows you expensive and vexatious, entailing constant loss goot men, knows your names on the business men of every section. The notes of no two | notes makes de pank payment just as mooch banks were alike in appearance; counterfeits flooded be Oe oe Por go ee the country, often Rrergihe 4 the most experienced Vell, I finds all dis is true, Mr. Vier, und judges, and rendering it unsafe for most yore) ac- | more, I finds dat every stockholder in dis pank is liable otber than the notes of own | for ve notes und debts of de pank to de amount of der pleas accompanied LY a guarantee) without | stock. nt sek 2 DC to chee Bie. ares, S0e LDS consulting an expert. Failures were uent and dis- | stockholder myself, and I fi ae farm ish mortgaged less usually falling first upon the bill hold- | to pay the bills of dis pank. Den I knows moet de otner re least able to bear it. It was impossible of dis bank, und dey ish goot solid men, banks were sound and what ones were on | mit broperty. So you see, Mr. Vier, dat pefore my the brink of bankruptcy. whole system was ‘wrapped in/a.cleud of uncertainty, and the pubic mind ‘Was filled with apprehension. A more chaotic and un- pm famancial condition could not well be Atsuch a time, and under such ciroumstances, the macion was engaged in suppressing a great revellion, and ‘was forced to meet expen titures atierly unparalieled in the history of any country. The natioral treasury was empty, hostilities were in progress and pubiic conil- dence in the financal situation was at its lowest ebb. The governa ent could not, to any exteni, avail itself of the then existing banking system, for, with the excep- tion of noble responsesof the New York, Philadcl- = and Boston associated banks, in furnishing the government must git bankrupt und be a scoundrel too; de ty of Ch So und de broperty of all dese stockholders must pe used ota, Me ‘Vier, is vy I calls te nash’nal pank notes te ‘Mr. Wier, experienced banker as he was, had received from the shrewd old farmer new views of the national ‘bao! system and a fuller appreciation of the protec- tion whicd this system throws around the people as the holders of the national currency. In a the na- tional bank notes are to all intents and purposes a joint obligation, acting as a first lien upon the Treasury De- rat fifty miliion the Secret of the Treasu: partment, upon all the assets of the banks as corpora- sought Ay vain ‘ror’ that prior | of action and Mons, and upon the private fortunes of the bank stock. financial strength among the banks of the country | holders to the amount of their stock. Do the American necessary to meet his daily increasing wants. The | people realize that in this currency they have the most only m: in which the old system could have been | secure circulating medium ever devised or likely to be dovised? But suppose that a national bank, from any cause, suspend business and go out of existence, what becomes of its circulating notes? They continue to pass at paras before, wholly unaffected by the suspension or destruc- tion of the bank whose name they bear; for the United Staies bonds pledged for ir redemption sul! remain mporarily available would bave been by jog the S.ate banks the widest iicense of issue, flooding the country with an irredeemable aod, to a great extent, unsecured paper currency, which long before the close of hostilities must have ted to financial dieaster and colapse; for isting banks have greatly increased their circulation, but hundreds of others would bave been established to | deposited in the national Treasury, and will so remain ? ‘ofit by the coofusion of the This increase of | until the scattered notes are gathered up and redeemed ke would vaturally ba’ greatest in those | at by the Treas: Department. States where the Neense of circulation prevailed a this connection | may as weil refer to the remark of Mr, Treasurer Spinner that “the notes of a broken na- tional bank are better than those of a solvent one.’’ In one important regard this saying is true, and it becomes true io this way:— The volume of national bank currency is limited by Jaw to three bundred millions, and that amount is already issued, hence new banks orvanizing under the national system, as well as many old ones, are deprived of their sbare of circulation until Congress aball extend the limit, When, therefore, a national bank huving a cirou- lation surrenders its charter and goex out of existence, or is closed up by the government for any cause, any national bank not having its share of circulation, by gettiog jal permission from the Treasury —— ment by gathering up the scattered notes of the defunct institution Presenting them at the United States Treasury for cancellation, can have the amount of circulation thus canceiled transferred to itself, In thus gathering up the scattered notes of an extinct bank, par ies sometimes offer a premium of from two to five per cent fur them, thus making them for the time being i nt more than the notes of an existing solvent nk. Ml. —{UBSTITUTION OF GREENPACKS POR NATIONAL HANK NOTES. Your third question touches a part of the subject which most iutereste the people at the present tine, and which is most discas-ed aud least understood by a Certain class of poviticians, My answer is this: — Firt—Even if were trae that the government is paying eigotern millions annually into the coffers of the bational banks wheh could as well be saved tothe people by aeuby ation of greenback currency, yet it would be tar er to pay this sum than to have the greenback or Treasury Bove system permanently fas- tened upon the country. I regard the issue by the gov- ernment of legal tender notes, to be used as a circulat- ing mediam, a# an anomaly in finance. It was purely a war measure, justifiable necessary to the lile of the nation, and like other war measures should eod with the return of prosperous It is not desirable that the g eeubacks be immediately or suddenly witharawn, bat .b hou'd be vradvally and surely replaced with a it and where there were fewest checks upon irresponsible banking. As tne onty means of brioging financial order out of chaos. o giving the country a safe and uniform currency, of restoriug the confidence of the people, and, above all,’of furnishing the +inews of war, our govern- ‘ment originated, organized and put in successful opera- tion that splendid sy-tem of national banking instivu- tons which did mach to enable the nation to meet its enormous expenditures, fight the war to a victorious ese, and which still remains—one of the noblest fruis of our great struggle. ‘Ihe plan thus devised and pot in operation was not de-igned as @ temporary expedient to mect a great emercency and die with it, but was meant to be a per- manent financia! system it was necesary to 0 latter wag induced to leave the consideration of the beneficial features of and partiy by compulsion. Certain es were proffered by tho goverment roducing the now old, and rights to the old banking corporations if they would sur- render their State charters, retire their circulation and organize under the uniform plan now known as the Where these inducements were insufficient to effect the chi , the stimatus of force was applied pe of m special tax on the Circulation of all State One of those conditions Qn which the State banks surrendered their charters and conformed themselves to the na‘iopal plan, was the pledge from the government that ‘they ehould be permitted to issue a certain amount of circu- Iating notes, Particular mention is here made of this one conditivm of the change from the old system tothe new, because from it is drawn the chief argument of the opp nents of the national banks, and also in order ‘that the condition mentioned may at the outset appear 20 8 true Character, as one of the terms of the contract Letween the national government and the old banking 00" porations, The change from the old plan tothe new was rapid and complete, The immediate results of the change, al: national banking system, currency whieh is legitimate and permanent Second. 4 han co: — It was an important part of the contract be- which was at once mongrel in appearance, goveroment and the old State banks, when valne, and, with few exceptions, insecure in character, | the latter surrendered State charters, thas it they and substiiuted therefor a currency oniform feature, | organized under the new national system they sbould everywhere equal in worth and sale as the republic | be entitied toa certain proportion of cireulation, This feel, It secured for the government an immediate and much needed loan of three hundred millions of bank capital, and established throughout the country sixteen hun- Mcient and responsible agente for the nego- dissemination of other and far greater loans, of this opportunity of bearing witness to the not only in n ting the first five handred and fourteen million loan of fivi Particalarly in the subsequent negotiation of the eight jandred and thirty ‘miilions seven-thirties, the country was largely indebted to the national baoks for the promptness with which the national Treasury was supplied with sorely needed funds. And the late soldiers of the Union army should understand that at a time when their monthiy pay was largely in arroars, the money not only for their wages, bat for their subsist»nce even, was raised through the active and earnest cobpe- ration of these same national banks. S.ch was tho origin of the national banking system. 1 CHARACTER OF TU NATIONAL RANK’ CURRENCY, ‘The notes of the national banks every element required in @ good circuiating meten. As already re- nyarked they are unitorm ia appearance, everywhere equat in valu jd just as secore us public and private ‘was also the principal inducement offered ation of new banking instituti of circulation few if any of tne old surrendered their State charters, it would havi been impossibic to establish the national system at ail. That circulation cannot now be taken away without a of faith toward =. ee nation—such ‘ould ever render capital timid. cautions and backward in ite deals ings with a government which could thu pledges, However plausibie the proposi may the people cannot posmbly be beaefiied by any = cial measure which practically repudiates the contracts << ee nat ia claim would be equally good against an: syetem of banking, for the actual point of phy t is that 80 long ag there shall be a national debt the government ought to supply ail the currency of the country, im order to save inierest. Supposs the oid State bank system were now in existence, with three bondred mili comparatively unsecured circu. there would be still sironger reasons wey the government should force the State banks to reiiro their ciroulating notes, and itself supply the needed ee eeEeereeeS,-rrtt eT) E<= credit combined can make them. curreney, The people would, in this CASO, save Fire’—Tnis uniform tho appearance of the na- | just 88 much interest as ¢ ave by retiring b very one, even those who i bank not real question is, jf | cannot read, to recognize the currency or met, y banking system at all? for if the pre- i it without the to feel periectly secure ia recervi: it aystem be destroyed it would be impos- sible to originate another which would not be open to the same objections. If an exciusively greenback our- rency be adopted, of course we can have no system of an precaution lately necessary, of constantly consulting the leekiy Rank Note Reporter or a broker's eh to the fact that entirely different pl x. Owing sare used in printing the bills of different denominat! bauks, sither ctate or national, having rivil is imp xible to alter national bank notes from a lower . ng Privilege of denomination to hicher. And the Treasury Depart- 10 Ie not true thet the government would Pourth annually save eighteen millions of dollars, or that oom, by destroying the national Deaking’ apeteen, and issuing greeubacks in place of the ional bank Swale fact, whion 1 aball, #000 substantiate, indicates w how iiitle inte wubject is understood by those who are tmost persistent tn their atiacks Gpon the present aystem banking. It ta not @ question Refi of therm gy - ought not, to pay to the banks the interest on the aited ‘States bonda, owned by them and depopited at Washing- ment, by its numerous ehecks and is, and the elaborate perfection of ite workmanship, bas so far suc. creed aad fa ist os tg ons dagerns oat terferted, that there " terteit ‘extant where, under the old system, there were a hondred, How great au improvement this is over the old condition of affairs, let the thousende of hard working mort answer, who, in the days of @ mixed aod badly printed currency, have found sheir last five dollar note to be a worthless cheat, ‘Sromd—The oniferm value of the tnational heek cur- held by them. It being plain, then, that the government confers no speqal privilege Tone the banks by simply paving them mterest on the United States bonds they bas, it be- comes necessary to look further for the “favoritism’’ and loss to government of which we hear compiaint. terest of six per cent—thus in reality receiving a interest on a single investment of three hi Hons of doliars. Then follows the additional claim that ernment may just as well supply this three hun- dred millions of circulation, and with it buy upand an equal amount of United States bonds, thus saving to the people the eighteen millions of annual interest. This bas @ plaasible look and misleads many. this ks stand charged with eighteen millions a terest a bonds nothil subj “fas ”’ if such there be, nected exclusively with the circulation of the banks. But I reply the national banks do not receive any- thing like eighteen millions of interest on their threo hundred millions of circulation, What they do receive the following facts, which are accessible to all, will The very law which authorizes the national banks to issue circulating notes at all also requires and compels them to keep constantly in their vaults an avet of twenty per cent (twenty-five per cent in cities of teen per cont in country) of the amount of, that cir- culation as a . Here are sixty, of the bun- dred millions of circulation, tying idle in bank the year round, and the amount on which the banks can receive interest is thas reduced to two hundred and forty mil- lions. Again, the same law requires and compels the banks to keep a reserve equal to twenty per*cent (twenty- five per cent in cities and fifteen in the country) of the average amount of their deposits, both public- and private; and this reserve must be i ful money. The average total of deposits during the last year was $571,000,000; thus $114,000,000 of the non-interest# bearing legal tender notes were carried by the banks during the past year, which sum is a just off- set to that amount of circulating notes received from the jovernment by the banks. This deducted from the 250,600,000 leaves only $126,000,000 of the $300,000,000 of circulation available to the banks as the result of a on this question of circulation. Six per cent interest om $126,000,000 is $7,560,000. This latter amount, then, is the sum total of the profit which the banks can derive from their circulation so long as the government has el tenders which it wishes to have carried without in- Some may object to my thus coupling the reserve re- quired to be held for deposits with the reserve for circu- lation, This objection might have some weight if the government were not itseif profiting by the issue of non- interest bearing notes, a large proportion of which are carried by the national banks with the very means sup- plied to them by the gratuitous issue of their own notes. Thus this amount of $114,000,000 isa fair deduction from the circulation which the banks are allowed to issue, But there still remains an apparent profit of $7,560,000, derived by the banks from theircirculation, What have the banks to offset to this seeming subsidy ? First—They pay to the National Treasury one per cent per apoum (01 alf of one per cent semi-annually) on the whole amount of their circulation, say $3,000,000. ‘Thty pay to the National Treasury one-half of one per cent per annum on the average amount of their deposits, which, as the deposits glast year averaged $571, 000,000, amounts to $2,855,000. Third~ They pay a national tax on their capital stock, over and above that invested in government bonds, which tax last year amounted to $400,000. (The above three items are required by section 41 of the amended National Currenc; Fourth—They pay a tax one-l of one per cent Per annum on the net amount of dividends and amount carried to surplus fund, which tax for the past year amounted to $3,300,000, Fifth—They pay a license tax of two dollars on every one thousand doliars of capital. The aggregate of na- tional bank capital, as last reported, is $424,000,000, and the license tax on this is $948,000. (Phe five sums above named, amounting to $10,403,000, are paid by the banks directly into the national treasut 4 and they alone exceed the amount ch: against banks as profits on their circulation two millions fhe, eee and forty-three dollars izih—Tn addition to the above items of national tax- ation the banks paid during the past fiscal year a State focal taxation, as shown by returos to the ectiee en soe amounting to about eight millions — 83) Thus I bave shown that in the ifems of State and na- tional taxation these n: banks are annually paying back to the people nearly eleven million dollars more than they annually receive in the way of interest on their circulation. The public will notice that none of these facts have been even referred to by those who have of late ander- taken to discredit the national banking system. It is trae that the National Bank potes are all printed at the expense of the government, for the double pur- pose of securing uniformity and of preventing over issues; but to compensate for this I have purposely left out of the above het many items whi ht otherwise bave added materially to the paid by the banks to the government for the ivilege of their existence. One of the most important of these items which I have omitted is the gratituous service of the banks in receiv- ing, transmitting ‘and ausbarsing, the government re venues, The depository a have, during year, transterred to the Treasury, from all of the country, the vast sum of 684 82—at pi per cent of it without any cost to the government. Had thi work not been performed the banks, an immense expenditure would have been entatled upon the revenue department for additional clerk hire. vaults, sales, oxpress charges, &c., &c. Besides the above, there is the item of revenue stamps consumed by the banks, I consider these two items as alone fully equal to the cost of engraving and printing the National Bank cur- rency. For tbe rpose of showing at a glance the result of the above statements the fol ing recapitulation is made, In making up the account between the banks and the government the banks stand credited with the following : 1—Six per cent interest on $114,000,000 in legal tenders beld by the banks as a reserve for deposits. vee « $6,840,000 2—six cont on arene for circulation, “ita ie 3,600,000 —One per cent per annum Gute. rence secesee 3,000,000 4—One-half of one per cent per annum tax on $571,000,000 eee seeee 2,856,000 5—One-haif of one per cent per anowm tax on amount of capital of national banks not invested in government bonds...........+ 000 6—One-half of one per cent per annum tax ‘on dividends and amount placed to surplus fund of banks during the past year........ © 3,800,000 J—Two dollars per thousand per aonam license tax on $424,000,000 of capital..... 848,000 8—Amount of State taxes paid by the na- tional banks duriog the past year, as re- Ported to the Treasury Department, o Deduct six per cent interest on $300,600,000 of circulation furnished to the banks..... ry that not only i# the “eighteen millions subsidy” swal- lowed up by the very terms and stringent provisions of the law, but an excess of $10,843,000 is paid mm casa to the government by the banks for the privilege of exist- Ang. ‘This I call taxation with o nee. And, let the people remember, that until thi tional system was adopted, and the government took entire controi of the currency, Do revenue whatever was derived by the nation irom cither the circulation or di ite of the banks, or in return for their chartered privileges ‘To sui up the whole matter in a word—the American people, by destroying the national banking system, ro- tiring tho national bank currency, and substituting greeobacks therefor, would lose more in net revenue alone now paid to the government by the banke than they would gain in the cancellation of thetr own interest bearing bonds, This statement of the case can be com. prenended by all and cannot be denied by any, Andithis 1s leaving whoily out of view the far greater loss which the people would suffer by the desiruction of the pre- tent nodle system, anda r-torn to the financial confusion and insecurity of other times. It seems to me imposst- a of the American peopie, after w the facts in the case, can advocate the abolition of the national banking syste nies they are deliberately determined to commit financial suici 1¥. PRESENT POSITION OF THR NATIONAL RANKS, Thoso banks that have changed from the State to the national system, having 4h a ge ma and mueb va liberty of ioe deposits, together with Py ban! themselves threatened wita being doprived.§ no ly of their national ciroulation,s but also of their positions as fiscal agents of the jt. The profits of the banks during the war, like t! it almost all branches of business, were large and unuaual; as matters now stand, I think I only express the ion of bank — ae wees state thes, in view of the agerega Kal ready imposed uw their profits and i the banks pe for the immediate future, declare average anoual divi- dends of more than even per cent, and doasafe and legitimate banking business, These national banks constitute n of banking, ard are interwoven w aod industrial interests, So far as the officers and holders of the national banks are to express my bolief that # large majority of them would, if it were a mere question of profit, giadly revurn to the old Stare system cowid they be assured of the same \joyed it, Are our merch ‘8, men general, change thoy wil neve i change they do not rally to the support of Already, I understand. enabi for, or has been out Legisiature York to enable the banks of that powerfal eom- monwealth to return to their former condition as State institutions, Tbe fact ts, the etri of the National Banking law, the reduced liberty of circula- tion, the compulsory reserves of Senda, the ‘State and national tatation—all combine to ren the t system much more Cg tractive to the banker, ‘meriy in vogue, The number of sational beaks mow in existence and i standing is 1,639, having an ital of ‘4 411,61. "Eve number of ation bank ned .s tories ag: ae of public oh gir ad 11067, a8 wecurity wih the Us igsues amounting to $39,158,450, to secure a total amount of posi that date of 800, The fiscal 5 Psks have on deposit at the National Treasury, to se- cure their circulation, six per cent bonds amounting to $251,441,850 and five per cent bonds amounting to 8, $40,700,990, with which $59,268,100, being « total of of the system are ni , havi aggregate $1,600,000, Twenty-threo other banks have voluntarily pres fate liquidation, their aggreguse capital being the failure of national banks a word ia suf- ficient. Some national banks bave failed and others will do so in the future, for the simple reasoo that in rs = and with any m it is im ible to at all times, against the cupidity aod Ifa dishonest bank officer chooses to: funds i ga bank, it 1s dificult to ey —_ remedy there cou under any system. uo soem the security against pocaaen of Perfect as an the old plan. For under the the bill holders banks may the gov- ernment being pledged to their redemption. It is also instructive to note the very small number of failures since the change from the old system to the new, only nine oat of nearly seventeen hundred baving failed in years, '¥, SUPERIORITY OF THE NATIONAL BANK SYSTEM. ‘The superiority of the natioual over the State bank system has been quite fully discussed in my answers to iow. 2 nay and I can only recapitulate here, The ay: involves this grave error, tbat it gives thirty-six mutually independent powers control over & vital public is indivimble and atrictly national in its character, If the currency of ‘one State never circulated in another, but wero always confined within its own state limits, then a State system might be the proper one; but these State bank notes (in the event of the re-establishment of the State bank sys- tem), whether good or bad, would become a part of the nation’s currency, and the people of al! the States would be equally interested to have them well secured, which would be entirely impracticable, A subject which thus Interests all the people of the country equally, and which in its workings pays no attention to State lines, should sueely be under national control, in order that there may be unity of purpose and in order that all the people may share in determining through their central government the character of the currency they must use. Under the State system there is no check upon undue expansion or contraction, and thus a degree of uncer- tainty is constantly given tothe financial future, Un- der the national pian the volume of the currency ts de- terminea by Congress, and is only increased or dimin- ished as the needs of the people and the business of the country require. Thus stability and comparative cer- tainty are secured and public confidence maintained. Under the State system the currency question places a constant temptation to corruption before thirty-six dif- ferent legislative bodics; under the national system the corrupting power of the banks, if they have any at all, confined to a single national legislature, and as tbe prosent law is framed, and with the gaze of a nation concentrated upon Con- corruption regarding the currency ig next to impossible even there. Under the State system the currency is unlike in appearance, unequal in value and so insecure as to bring constant and heavy loss upon biliholders, who are emphatically the people; under the natioual system the currency is uniform in appear- ance, has the same value in all parts of the land, and is ‘80 perfectly secured that billholders do not and cannot lose anything. As to the superiority of the presont system over the United States Bank, little need be said, as , if any, advocate a return to the latter, But the National sys- tem possesses all the advantages, with tew, if any, of the objectionable features, of the old United States k. Indeed, the national system isa golden mean between the Stato system and the United States Bank, combining the excollences of both. It combines the unity of action and general control, and the uniformity of ourrencv— which were the best features of the United States Bank—with the diffusion of issue and freedom tn local management which characterize the State system Con- sidering the present extent of our country, and the present and prospective magnitude of its business in- terests, I regard the establishment and maintenance of a United States Bank as next to a financial harley ben 4s Besides, it is not the province of any government to the banker of the people. The people can do their own banking best; but government should so far interfere as to systematize, control and regulate the banking in- stitutions of the country, and to secure to all the peo- ple.a safe and uniform currency. This is all that our government does through the Banking act, and ail that it prposes to do. ‘The Nationa! Banks are totally non-political in thetr organization and tendencies, ly observation bas been men of all political-parties are found among bank directors an4 stock holders in about the same or industry. This one fact renders it simply impossi for any political or party movement to be organized in, through or by the National Banks. Vi, WHY SHOULD THE NATIONAL RANKING SYSTEM BE PER- rErvaTeD? - My answer to this reation may be inferred from all that goes before; but further reasons will su; them- selves to alt who are witnesses of the ben results of a sound and well reguiated system of banking. No cout can be TL? <paeh Ge mate or avilization ich has Hot such a system. In conclusion, | would earnestly ui on all parties and persons the adoption of tho idea ¢! the perpetua- tion of the national banking system should not be regarded as a party question, but a aubject in which all alike aro deeply interested. If any better aystom of finance can be omginated democrats and republicans are alike interested its substitution; but it is my frm conviction that, after afew contemplated amendments shall have been made to the present at, law, the possible national system wiil be as nearly perfect as it to render avy system of banking. If the reasons I have given above shall conduce to the withdrawal of the sunject fro of party strife, help to strengthen the confiaence of the friends of the system, and to gain over to it the good will of the masses who are so deeply interested in its perpetuation, I shail be gratitied at this opportunity of expressing my views. Very truly, yours, JAY COOK. To Messrs. A. H. Moss and L. &. Henuarp, JUDGE CHASE AND THE NATIONAL BANKS. ym the Sandosky Register, Jay Cooke's organ. Judge CI me tise urged uj Congress the be the National Banking act he found few to second and ex- istory at Jorts, but, pressed by a great responsibilit; ercising a statesmanlike forecast for which last will give him due credit, be labored on w verted a majority of Congress to his views, tional Banking system was inaugurated, means for raising the needed funds to carry on the war having failed, the then Secretary had promised Congrees that if they would adopt this measure be would be re- sponsible that money was forthcoming. The resalt more than justified his confident prediction, Three hundred millions of bank capital was poured into the empty Treasury at a most critical of the war; the com- paratively irresponsible banking institutions and the unsecured currency of the States were together swept out of existence; a uniform and perfectly secured cur- rency was given to the country, and more than a thou- gand efficient and bie ncies were entabli-bed in al! parte of the Inod, which aided very materially in the negotiation and absorption of future government loans. The finances of the nation were changed from chaos into order, from weakness into strength, from in- security into soundness and safety. NEW JERSEY. Jersey City. Mons Lynomayty.—A male foetus was found floating tn the water at the Scrantom dock, about five o'clock yhsterday afternoon. Coroner Warren was notified and gave ord rs to have it interred, an inquest being deemed unnecessary, Democratic Noursation.—Mr. Hosea F, Clark was re. nominated by the Democratic Cosvention of the Second Assembly district on Monday night, Hoboken. A Man Kitteo at Tus Ferry Borpios.—A few days ago the hotel and buildings adjoining the Morris and Essex depot were sold by auction, the buildings to be removed within a 2 time to make way for the pro- posed improvements at the depot and the ferry. A young man, named Peter Kerr re, had been attending whecrab which was employed removing one of ihe owses on Monday evening, whe judden strain caused the lever to fly round, striking him a stunning blow, from which he never rallied, but died yesterday, ceased wan tw the meadows, He came to this country from Ireland a year and a half ago, Newark. Tre Late Svrcioe,—A'l sorte of romors are afloat in relation tothe recent suicide in this city, which was published in the Hera yesterday, A report having spread that the brother of the suicide had been foully dealt with, the pol ce made a searching examination of be found to sustain the ® very mysterious . &e., behind him, baa rel pre. koown that the two men viously. Mr. Ungerer, proprietor of gar store directly opposite that of the deceased, has been ap- pointed to administer apon the effects of deceased. Paterson. Maaxcnory Svicioe,—A melancholy affair took piace here on Monday night, which bas resulted in the death of a very promising young man. For some three years past the young man, whose name is Abraham Prall, and belonging to a fespectable family, has beon subject to fits of despondency, and which tatterly seemed to have become more frequent, especially since the death of his brother, The tamily tried all means to rouse him from his morbid fancies, but to n0 On Mon night a cousin of the young man, Mr. Mortimer Prail, wit and occupied @ room mext to Abraham's. clock yesterday morning he looked into his room and found kim apparently asleep, A few minutes after the whole fomily were startled at the re- re of a gun coming apparently from Abraham's room. @ door waa forced oper Cag ty? oung man Dr, Van Blarcom was mediately sent for, who was soon on the spot, and, the body of the unfortunate gg, feane, the top his head compietel, eas deed was THE RECENT DISASTER ON THE HUDSON. by the United States Luspectors o ry and Steam Vessels. Yesterday morning ® full and searching investigation into the facts attending the recent collision on the North river, between the Vanderbilt and Dean Richmond, whereby the latter steamer was sunk, was commenced Defore the official inspectors of steam vessels, The own- ere of the two boats were represented by counsel, and the witnesses on behalf of the Dean Richmond the first examined. : William H. Vanderberg, on being sworn, deposed as follows:—I am a pilot by profession, and bave been a licensed first class pilot for the inst sixteen years; I live st Athens, and was the pilot inc! of the Dean Richmond at the time of the wecideehn anh Athens on the night of the 19th Septembor at a quarter ten o'clock, and went down the river; somewhere after mid- night we were just abreast of Esopus Island, and passed the St, John, and I also saw the light of a steamboat thes was coming up; thi col was the Vanderbilt; she was up and we were going down, and we were both ht for one another head to head; I heard two distinct whiatles from the Vanderbilt when’ she was about two miles and a balf off; I gave two whistles in return and immediately steered to tue east in order to avoid the app! ing Vessel; after this Vanderbilt gavea high whistle, and i ng towards IT saw that she also bad altered her course, and was steering east- wards into the land ®0 as to head us off if on heading towards us still, aud when she was just about sixty feet off Isaw her wheels stop and begin to ‘back astern; sbe struck uson the starboard side, just abaft of the forward gangway, some forty to filty teet from her stern, but capnot say positively what distance it was, as I did not measure it; she went into us nearly down to her keel; the Dean Richmond then began to sink slowly, aud I sent a man down to see whether there was any water on lower deck; he came back and said there was some; he went again, and when be re- turned the second time he said the water was comin, in fast; the engine of our boat was backing all the time; we went on sinking fast, and as soon as the Vanderbilt backed out from us we sank down to the level of the hurricane deck ; we passed over some passengers to the Vanderbilt and others to the, schooner, and these latter were afterwards transferred to the Drew and taken to New York; the Dean Richmond sank up to about two-thirds of the height of her upper 3 the Vanderbilt was about two anda half miles off when I first saw ber, aud about three- quarters of a mile when she first signailod us; when she blew the single whistle to us the second time she could not hi been further off than two or three times her length—may be more, may be less; the channel between the Vanderbilt and the Richmond was perfectly clear, and no veseel was in the way; the schoover, which afterwards came up, was just abreast of us, some dis- tance off, and I did not pay much attention to her; I only heard tha two whistles, first from the Vanderbilt and then a single one; I heard no other signals except those from our own boat; I saw a light nearly abreast of the Venderbilt, on ber starboard bow; tuis lignt was “boat to the westwards’? that is more in that direction; the Vanderbilt was more over to the eas:; at the time we heard that vessei’s first signal to us, this light, or tow, was about three-quarters of a mile algo from ua; I I have met the Vanderbilt several times in going up aud down the river, and knew the sound of her whistic quite well; 1 never* beard two boats whistle alike; whistles are different in sound and strength aboard dif- ferent vessels; I saw no other steamboat whatever; did Not notice the propeller, although I have heard’ one talked ubout since; I did not know the iigut I had seen abreast of the Vanderbilt was a propetier; the collision happned about three-quarters o: a mile beiow the island, and when we were turned to the easiward and nearly half way across the channel of the river a‘ ‘bis point; our course, after rounding the island, was towards the elbow in a straight line; we did not change our course after the last single whistle had been blown by the Vander- bilt, it was impossible for us to do so; it the Vanderbilt bad kept ber course and I had kept wine after the two whisties were blown, and we had each sbeered a little, we sbould probably have cleared each other by @ hun- dred feet or so; at all events, the gap between us would have been a preity wid @; 1 never dreamed of a col- sion until I saw the thing was inevitable; the tide was ‘At the flood, and we were going some twetve or fourteen miles an bour, and the Vanderbilt probably sixteen, as near as I can calculate; as soon as I blew the alarm whistle, which, in itself, means “contusion,” I rang the engine bel! to slow, stop and back asiorn; there were two wheelsmen in the pilot house besides myself, name- ly, Edward Van Wart and Alonzo Teel; Mr. Jud- son ee was the otber pilot, but was his watch off, and in’ bed; he was 3 as my watch on deck; at the time the boats struck the must eo re made ft to seven turns back; we Kate givé threes Mapah atte to the engine room bell, to slow, stop and back; wecanuot puil to back all at once, as the machinery could not act so suddenly; joey in Leson, of the Vanderb.lt, come out on his boat the starboard side; he was dressed in his nts and was bareheaded; this was after the collision, and he was ing orders to take our passen- on board; there were no steam vessels in sight as asicould see; there were some vessels along the ‘west shore, mostly sloops and schooners; after the acct. dent I noticed several quite near, aud oue, a schoone: was laying close under our sero; the Van bilt was the only steamer near us, and there wes a p whose name saw, the Wiliam Bridger. The witness was here asked if there bad been any other whistic except his alarm signal; and he re- plied that there was no avswer to his whisties at all. At the time he heard tue trst whistle the boats were bout three-quarters of a mile a) and when be blew the alarm they were only @ couple of |: ngths separated. Examination resumed—I puiled the cord of the whisues eelf. Pross-examined—There were two men atthe wheel, and I was in the pilot house besides; tuere are certaia rules for the guidance of pilots and these I had under my eye; when two boats are nearing each other and there appears to be danger of a collision, the rule is to ring the alarm bell, whichever perceives this state of things first, and to immediately riag vo stop the boat aud ‘and back astern; I did so as quickly as I possibly could; man aud boy, I have followed the eea since my jouth upward, since the year 1848; to the of my belief there was mo negiect on board the Dean Richmond at ail after the whistie was blown, and erything we could to avert a collision; I saw out of our power to get to the westward of rbilt, so I blew the alarm whistle and gave the order to stop; there was nothing don» wrong aboard us; I watched the course and wheels of the Vanderoilt as she came up; I did not see her wheels stop until sne was just within sixty feet of us, when they began to turn back ; our pilot house was about thirty feet above the level of the water, and situated about seventeen feet, perhaps, from the bow; I don’t know what the exact width of thé Dean Richmond 1s; perhaps she is seventy or eiahty feet across ber beam; after the col Hision I observed that the bow of the Vanderbilt was wrenched round all to one side and broken tike; the Dean Kichmond bad filied at once, but had not sunk up to the time they got the passengers off; where we were the channel was pretty deep, aud the water about ity feet in depth; the Dean did not she grounded off Mr. Keily's piace, this side of Ruinebeck; according to what the cierk toid me there were some bundred and fitty passengers on board us; it did not take loug to take them ali off; the Drew came down about twenty minutes after the collision; we did not signal her; came down to us ot her own + dou’) know took off; believe she touk sume; I saw out of his room, which is just at the foot house stairs, — before—neurly at tue sa fact, that the vessel struce; be went a.t im: see about getting the passengers off; be thea weut on schooner, and when they’ were ali remov, Drew he came aboard the Dean Ricim%d agai direct examination the witness sa.d toat the Dean bad suflic. ent timber in her to keep ber alloat above her hurricane deck, even if ere fuil ofewater. Cross-examingion resumed.—I went on the watch at Athens, and wi8 on the watch in the pilot house ail tho way down along with two wheelsmen ; | saw the Vander. Dilt first wh was clear of the island on the west side of the chaunel, nearly midway through ; the Vaoder- Dilt was beaced up towards the eibow, that is, in a direct line towards us, about two miles and @ hall off, as nearly as I can calcuiate; the night was clear, a inttie overcast pow and them, but certamly a good might for seeing, as good @ might a4 &@ plint could wish for; tho mova had risen before we left Athens, and sne was, I sei going down the river ‘Was to round tne elbow stern towards the east part of the isiand; some boats do one th mg and some an- iglt the Van- was heading toward us, and that was her proper ‘oing up, the same ag it was ours in coming dow id not see the propeller; only saw her light abreast aod to the westward of th (Toe witness was asked this question several times during the e@xarmivation, and repeatedly answered that b Know there was any propeller there or near t! at the time of the collision; be bad heard a spoken about since, but id not know what the light beion, ‘a propeller of @ sailing vessel ) toa to this light so much was peopl & propetler; | saw no propetier wit only a light, and 't might have for alt I know; to, hat called my atten- Iking siuce foe) 7 r, I paid no attention to the light, because it was not in my way atali; 1 should have blown first if the Vanderbilt had not done so; if both vessels had kept on tneir course without sneering at ail to one side they would have ran into cach other the samo as they did atterwards; I distinctly heard two whistles, I paid attention to the tone of those whistles, it was my duty to do 80, aod | did not observe that ou was louder then I did not think that one was {i 1; fro wm the middie of the channel; way between the of the propelier, as 1 on the othor side, to the west of the Vanderbi think abe was nearer the shore than we wore; when I heard the two whisties I did not think it singuiar, as we wore coming head on towards ench other; it is usual for the spe boat to whistle; if she had not done so T would; I could not give any approximation as to the distance between the east channel bank bilt; there was room enough for a tow. (Ihe witness was asked this question repeatediy, and only replied that there wae “room enough fora tow.") Vessel Be the river with the ebb tide id the Vander- 3 Vanderbilt blew permbietan; we teak ne one oe east whatever, except 2 course elbow: did pot take # “rank sheer’ before the whistle was blown; did not know if their wasany lookout for- ward on board the Dean Richmond w tell me if there ‘was @ propelier in front or pot. The witness was here asked the question “Do you know that a lookout forward is required by law?’’ A ‘e have carried lookouts heretofore alwaye. house to give mene; it. uo one outside the none but the pilot and wheelsmen, John, when met her, passed om tho west side’ of the I blow right off as soon istlo for the Vanderbilt; there was not balf a interval T should think; 1 blew a distinct whistie, not very quick nor very loud; it was just like thia, “Tvot, toot;’” the wind was southwest; not bow towards the east just sufficient to avoid the approach- ing boat; we did not give a “rank sheer’ (this question was asked. repeatedly and always denied); bad pot time to look at the Vanderbilt again until she blew her single whistie, and then I saw that she had turned her bow towards the east too and wanted to head us of. I then blew the alarm whistle immediately; before that both vessel were heading directly for each oth ‘The Dean Richmond is about three hundred feet \ said w about three lengths apart when | ble 1e alarm whistle; so the Vanderbilt must have been about a thousand feet or so from us at that time; | certainly believe that both the whistles I firet ird came from the Vanderbilt, and not one from the Vanderbilt and o from the propeller; both sounded the same to me; I did not see the propeller—only the tight; I was too busy attending to the vessel approaching me; never saw such a thing done before as the whistles of two vesse to run into one another like that; the boat that signals first is always entitled to the right of way and usually keeps in the same course she wa+steering at the time she whistied ; the ascending boat, in going up the river, generally gives the drst whistle; on the Hudson river it in not the practice to keep @ look-out-man specially be- sides the men in the pilot house; there was no better Place than the pilot house, which was in an elevated and unobstructed portion, to sce anything that was approaching; a man on deck could not seo as well or a8 far off as aman up in the pilot house; beats general- ly go in the ecasiside of Esopus Island to get out of the way of veasels in the ebb, and on the flood tide they frequently go to the west; it is to avoid tows that they go to the east channel; the west side is wider; we dit not take the east side that night; the St. Jobn waa going up, and I said, “Boys, we will’ take the west sid to-night; I could not deiermine wheiner tbe Vani bilt should take the east or channel, because 16 is open to all and there is no regul about it; both channels were clear on that night, and there was nothing to bar cither from ine Vanderbilt; when the Vanderbilt sounded ner two whistles she was just about thre>-quarters of a mile from us, as near as I ‘could judge, and when { answered hor wo might have been only half a mile apart, as we were both going along swiftly; at the time I biew, if I nad had the chance, I could have had room enough to have gone either to the starboard or port side of the Vanderbilt, provided I had bad the proper sigoal. but after I had answered there was no time to change them; there was just suflicient time between the two whi: and the second single whistle that | heard from the Vander- bilt for me to sheer the Dean Ricumond over to the east ward—perbaps a minute—but only that time, Gerard Van Wart was then sworn :—My business is con- nected with the river boats; I have been perhaps eight years on the river and know the busipess; I was ad0ard the Dean Richmond on the night of the 19th and mori ing of the 20th September; I was one of the wh men; before that I used to be aboard the Rip Vs Winkle; of the col- lision; there was @ flood tide and a light breeze; we wi bout two miles andahaifor so from the Vauuerbiit and going abouts fourteen miles an hour dowo the river, (fLe witness then corroborated the evidence im de:ail of tue pilot wi was last examined, and was partcular as to ti fact of the Vanderbiit blowing two whistios frst, and then a gingle whisile aller she turned to bead off the Dean Rievmond.) Tbe Dean Rich- mond was about still in the water, although the engines were backing astern at tue time they col- lided; saw a light to the west of the Vanderbilt, but could not tel! what it belonged to; ail the whisties of the steamboats sound differently, aod I knew that of the Vanderbilt weil, as I used to know ber bejore she was soid out of the People’s line; there was «bout a hundred feet, probably, between the light 1 saw and tne Vander- bilv’s; could see a steamboat about three miles off, or a sailing Vessel with lights; vessela generally head for the elbow on passing the island; we headed so, at all events; I have been on the river in several capacities; I went on the Dean Richmond as a steeraman in ber this year; I bave only acted as a Wheelaman one wea on before, that was in 1863; but after that I have steered ice barges on the river; i have been baggage maser and deck hasd on various vessels; I do not know that the difference in the sound of steam whistles depeads on they are blown. The remainder of tue wituess’ idence was bag eer 4 corroborative of that of the pilot. ward G. Kidder, on being sworn, said—I was a passenger on board the Dean Richmund on the night of the collision; I beard one whistic afier I had gone to. bed, and then, shortly afterwards, I heard it answered by our boa:; and then thre came two or three quick lari whistles, and 1 jumped out of my rib to window avd saw the Vander~ bilt quite close to us. 1 occupied berth 138 on the starboard ride, at the extreme after end of the vessel; I heard the first whistle just about twenty minutes past twelve o'clock; it was very faipt, but ours: was quite loud; when I saw the Vanderbiit I could read her name in fail, as she was apparently coming across our bows, steering over to the eastward; I have trav- elied a good deal in ships, and know about maritime Matters, although not exactly a sailor, The rest of the evidence was corroborative of the first witness’, with the exception that Mr, Kidder ovly observed one whistle, as be said, first from the Vanderbilt, but he added that bis cabin window was shut, and Be might not have heard very distinctly. Lawrence Alonzo feel sworn and examined—I live at the Athens, and have been employed ten or twelve years grey business; was on board” the Dean Dichmo: on the night of the collision, in the pilot house, acting a# one of the wheel~ men; Mr. Vanburger and Van Wart were there besides me ; both in che direct and cro-s- ination this witness only corroborated the former evidence; he was positive that the whistie had been blown from the Vanderbilt ; that he knew the Vanderbilt's wh ‘sti ind recogni: and that was no pro- poller near ether of the vessels, although there was @ Hight to the west of the Vanderbilt, as the pilot bad stated. On bemg exumimed by one of the inspectors this witness said that there were uo jingle belle used, or other means of communicating with the epeine room besides the regular engine roum bel!, and there was no way of telling the engineer to back strongly in cases of emergency, The investigation was adjourned at the conclusion of this testimony until the next meeting of the board. As there area number of wiinesses to be heard on both sides, the inquiry will probaoly last some days, VISIT OF THE BOSTON FUSILEERS, Yesterday morning at- nine o'clock over s hundred men and officers compr.sing the entire battalion of the Boston Fusileers landed at Pier 29 North river, from the steamer City of Lawrence, on a vist to New York As guests of tho Seventy-firat reg: Was exceedingiy foggy, ond the quence to thread ber vay sowly und cautiously up the river, losing thereby nearly fivo hours of time. The right w.og of the Seventy tiret was drawn ap in Vestry street fur a considerabie time a ing the arrival of the steamer. The men of this reg ment, always neat and soidierlike in their appearance, made « fine display and man@uvred with the precision of veterans, They were under the command of Lieutepant Co onei .Rockafellar, supported by the following officers:—Captans @. D. Wolcott, Amos ee, P. Smith, Evenson and Webber’; Commissary Morris, Adjutant Francia, y Benjamin, Wise, Bri ‘They wero marci angway was thrown acrosa fty secured to the wharf u the Seventy-first poured into the saloons and extended a hearty e yo oe gallant Fusileera, Tne bat.alion was officered as follow: * Major, Henry A. Snow; [aj Acting Adjutant, Major John McDonough; Paymaster, Lieu evant Colonel A, N, Proctor; Quartermaster, Lieutevant Ira K. Maneflel Surgeon, Dr. Wiliam R. Wri.ut; A-sistant Bu Robert H, White, Jr.; Commissary Ser, it, J Martin, There were also on the stait colonel William Mitchell, a former captain; Captain Henry Parkinson, Captain J. Q A. Bird and Lieutenant Andrew Gorham. Company A, Captain Frane H. Ward; Company B, Lieutenant Charles Jarvis; Company C, Lieutenant J. W. W. Marjoram; Company D, Capiacn Albert D. Proctor, The Boston Fusileers «ere orgau'zod in 177, and, with the exception of the Ancient Hunoravies, are the oldest military organization in the service In the late rebel- lion the battalion itself not only took an act rt, bot also raised two additional companies to aid the cause of the Union. They are now attached to the First Massa- chusetts Militia regiment, and the seariet tumo for ich they were distinguished before the war has been substituted for one of gray, slashed and braided with Diack. A triple row of brass butwas in front and epau~ tractive, appears ' ise som br plumed ebako giv outit = The Fus i: ors have ber some time past. About two y and H, of the Seventy-firet were very cordially received; in return the Fosileers hi come to the Empire City to call upon their quon- quests, So far they have no reason to complain of the attentions paid them im the hospitable region of Gotham. , A tor landing from the steamer the Fusileer battalion marched past the line of tue Seventy-first with band playing, aud balted ia Vestry street to allow their escort to go to the front and lead the way, The line of march was down Hudson street and over to the City Hail, on the stops of which the Mayor was standing. The entire force passed in review, Fasileora woeeling around and receiving from the Mayor a brief speech of wel- come, to which Major Snow appropriately responded. Arms were then stacked and the tired tpurists hastened to tue Clermont Hotel, in Fulton rireet, to indulge in breakfast, On returning to the City Hall, whore « crowd wi sembled, the baud. p several livety to the music -firas folk into Mf companies, down Broad 4) tating ha cod 4 Wail to Peari, through Boavor to Broad to Wall, Back to Broadway street, from pty-sixth, back of wo armory over Centre Street M: t, where a vigorous course of ablationary purification was gone thr and belts Durnisnea, boots ed, collars straightened up and disarranged tot nerally attended to. Beds were brought io, m on the floor wided 1 tourist, In the ye Kett-pess seven, the visitors wore wo 2 H a Gard here their delighted eyes feasted Upee. the” pictoreeque cantina ‘of the Black wardrobe. To-di puvlic Randalls and ‘lack w "o Islands. Pr ORES tt F