other invitation, but the people of the South owe it to themselves to meet the first-comers in a manly spirit. It would be unworthy of us to take a mercenary view of such a question, and hence I say nothing of expediency; but it is becoming in us, because it is manly and generous, to give a frank and honest welcome to those who are personally worthy of it, whether they were with us or against us in the past. After the Revolution, the fratricidal passion which had arrayed Whig against Tory, was banished from the heroic breasts of the victors and vanquished alike; and we who have so conspicuously imitated the courage of our ancestors, need not be ashamed of emulating their generosity. The advent of strangers, however welcome they may be, cannot fail to have the effect of drawing closer together all the classes of our native and old adopted population. There is something in old associations which cannot be entirely expelled from the human breast, and we shall all stand more firmly together when in the presence of those who do not share in our memories of the past. With ranks recruited, energies refreshed, hopes elated, we of the South may move forward to the occupation of our future with the assurance which reason gives to those who are provided with the means to command success. In that future the South will find a destiny which to us who must bear the burdens of the march, is not yet revealed in all its fullness-but we already see enough to incite us to advance with energy and intrepidity. Great effort and great sacrifice will be demanded of us; the sacrifice must be individual, but the effort must be in common. He who is conscious of being worthy to be a leader must be content to take a place in the ranks; he who is ambitious of being the first to scale the wall must abide by the wagons if need be; he who loves solitude must be ready to rush nto the thickest of the fray. Thus will personal sacrifice minister to public advantage, and the common good will grow by common effort.

Let us array ourselves in panoply of enthusiasm-proof against the petty darts of prejudice and affectation-and, shoulder to shoulder, bear down the barrriers of ignorance and obstruction; we need no leaders, but we will find representative men; we need no crowned authority, but we will stand under the free banners of public opinion-the ruler of the world, the arbiter of the destinies of nations. Public opinion is the Melchisidech of our age, receiving tribute from all mankind, allowing empire or conducting revolution, annointed of God, the King of Peace. Within the limits of its wide influence no wrong can stand uncondemned, no lie can remain unrebuked, but truth, however homely, is made honorable-rights, however humble, are exalted to power. There the human mind is tree, no antique usage nor obsolete tradition fetters human speech, for public opinion can live only in the atmosphere of liberty; it is the spirit of truth, the interpreter of revelation-the only vox populi vox dei.

When thought and speech are not free from prejudice and fashion, from the domination of party or the dictation of caucus, that which calls itcelf public opinion is a usurper; for when the mind is not free truth is imprisoned in her own citadel and her standard still floating above the outer wall, becomes the emblem of successful falsehood.

To establish among us forever the true and the right, it is only necessary that every man should assert absolute independence of thought and speech, and accord the same to every other man. This is no easy task; it devolves especially upon the young and the brave, the honest hearted and the humble minded, for liberty does not come of pride, but of humility; not of strength, but of courage; not of experience, but of aspiration. Upon all sides there is work to be done, error to be exposed, truth to be illustrated. In our courthouses and workshops, upon the marts of commerce, in the fields of agriculture, wherever men are called to labor with the arm or the brain, we need clear heads, strong hearts, steady handsnot to dictate but to enlighten; not to lead, but to encourage; not to control, but to point out. Thus and thus only will our whole population advance in harmony and with unity of purpose. A people so moved and being in unison with the great prevailing principle of their times, acquire a momentum in the direction of greatness which is irresistible.

The greatness of a people is not measured in modern times by the altitude of one class above another, but by the common elevation of the whole. Rise high your highest, but leave not the lowly low; let merit be exalted, let intelligence soar among the clouds, but leave no human being to struggle alone with the degradation that drags him still downward, leave none in the darkness of ignorance, deny to none the warmth of sympathy, and above all heap no contumely on the head of the humblest aspirant for honor and position. Thus will all unite in building up a glorious future, where all may dwell in happiness and honor, and where our public greatness will be a perpetual Te Deum; for there is a grand harmony in the mingling emotions of a free community; when the solemn ground-tone of earnet masses, the vast swell of pervading enthusiasm, the whole diapason of human aspirations, pour their united torrent upward and fill the ear of Heaven with man's great laborare est orare, while pure and clear as the treble of a silver bugle the dominating idea of the epoch gives articulate language to the tumultuous concord.

THE BANK RESERVES.

We publish this month tables showing the reserves of the National Banks, and the aggregate returns of the banks in each State of the Union as reported on the 17th April under the new law requiring five reports a

year under the direction of the Comptroller of the Currency. There are two points in regard to these tables which are worthy of attention. First, they are made up for some past day designated by Mr. Hulburd, and the abuse of preparing for their statements is at an end. To give such statistics their full value, they must offer faithful and impartial records of the average condition of the banks. Now it is notorious that under the old system this was not so. The banks everywhere were tempted to prepare for their quarterly reports. They were anxious to offer a strong statement, and they knew beforehand on what day it would be made up. Their credit with the department and their position before the public depended in part upon their success in showing a strong posi tion in these reports, which are not only sent to Washington but are published by law in the newspapers. Hence the very mischievous practice grew up of calling in loans, of gathering greenbacks into their coffers, and of making other adroit disposition of their assets so as to show a large proportion of reserves to liabilities. Now the thing that is wanted is to make the banks always strong in reserve. The new law does this, at least, in part. For it requires the statement to be made up whenever the Comptroller may order it. The banks are therefore liable at any time to be called upon, and they cannot strengthen themselves so as to appear in their report stronger than they are on the average. Moreover, the report is always to be made up for some past day, as was formerly done under our New York State banking system. It is obvious that as the banks do not know beforehand for which day or even in what month their statements will be required, they are kept under a constant pressure to hold themselves in a sound, strong position at all times. At any rate, we shall be likely now to know more precisely what is the real condition of the banks, and the sworn figures of the reports will give more nearly than heretofore the actual averages. The new value thus conferred on our bank statistics it is impossible to overestimate.

The second point of interest in these tables is in regard to the adequacy of the reserve. In view of the monetary spasms of the past six months this question is assuming more and more prominence. Had the bank reserves been more ample, the stringency of March and April would perhaps not have occurred'; certainly it would have been less severe, and less prolonged. The law requires that all banks situated outside of the financial centres shall protect their liabilities by a reserve of 15 per cent. The institutions to which this rule applies are 1.397. Their liabilities approach 394 millions, so that the reserve required is 59 millions. The banks actually hold 82 millions, so that they would seem to be amply fortified. If these 82 millions were greenbacks the situation would be strong indeed. But the reserve is really composed of no more than 37

millions of greenbacks in hand, the remainder being chiefly on deposit in the banks of the redeeming cities, except about 6 millions in gold and 3 per cent certificates. Still the reserves are considerably in excess of what the law demands, both in these country banks and in those of the fifteen chief cities which form the second group of banking centres. These banks, exclusive of those of New York, are 164 in number, having liabilities amounting to 213 millions. Their reserves by law must be 25 per cent, or 53 millions. The reserves actually held amount to 61 millions, or 29 per cent. Of this sum 26 millions are legal tenders, 15 millions are 3 per cent certificates, and 18 millions represent the balances in the redeeming cities.

The aggre

Turning now to our 56 New York banks, we find their liabilities are 187 millions which require by law 25 per cent reserve. gate legal reserve should thus be $46,750,121. The amount of actual reserve is $53,801,622, or nearly 29 per cent. Of this reserve it is very important to note that the legal tenders are no more than $17,229,007. This weakness in greenbacks is partly compensated for by 15 millions of Clearing House certificates and nearly 16 millions more of 3 per cent temporary loan certificates. The excess of interest bearing reserves and the deficiency of greenbacks is at present one of the weakest points in our National banking system.

The banks must always be weak and exposed to danger so long as they allow their greenback reserves to run down below a certain safe level. That they have sunk below that level of late the feverish state of our money market sufficiently proves. Several months since the MAGAZINE called attention to the danger of allowing the banks to hold reserves bearing interest. The evil we predicted has arrived. If new legislation is needed to correct it, that legislation should look to the imposing of restrictions on the interest bearing reserve and to an increase in the amount of greenbacks to be held by the banks as guarantee of their solvency.

I

ON THE TRADE WITH THE COLORED RACES OF AFRICA.*

BY ARCHIBALD HAMILTON, ESQ.

propose to take a general survey of the commerce between the colored or Ethiopic races of Africa and the civilized world; and then briefly to consider the means by which that commerce, hitherto confined to the coast, can be extended to the interior.

The Ethiopic races inhabit that vast country south of the great desert,

* Read before the Statistical Society, February 18, 1868.

which may with tolerable accuracy be defined by a line drawn from the River Senegal to Cape Guardafui as its northern boundary; while its southern limit is the Cape Colony. It thus comprises about forty-five degrees of latitude, and is bounded, east and west, by the Indian and Atlantic oceans; its area being equal to one-fifth or one-sixth part of the habitable globe.

Apart from any question of inherent inferiority of race, it is obvious that the country occupied by the Ethiopians is not calculated to engender eivilization. It lies in too compact a mass, unbroken by bays or inlets; nor do the rivers afford either defensive frontiers or the means of communication and transport equal to those which divide and traverse the other divisions of the globe. The great desert cuts it off from the ancient civililization of which the Mediterranean was the centre, while the intercourse subsequently established by the Arabs is limited and impeded by the The rivers are all subject to a dry season, which renders them during a part of the year unfit for inland navigation; and they are all more or less interrupted by rapids and cataracts-though it is true equal obstacles have not hindered the St. Lawrence from becoming the great means in the settlement of Canada.

same cause.

There are two circumstances which give reason to hope, not only that our commerce with the races dwelling on the coast will be rapidly enlarged, but also be extended inwards. I mean the almost total stoppage of the Christian or transatlantic slave trade, and the rapid strides. which have of late been made in the exploration of the continent.

In 1854 Livingstone penetrated from the Cape Colony to Loanda, and thence he crossed to Quillimane, tracing the course of the Zambesi on his way. Subsequently he explored Lake Nyanza, and it has recently been a public consolation to learn that he is now on his way home, most likely down the Nile, to complete our knowledge of Lake Tanganyika, first discovered by Burton. Barth has supplemented the labors of Denham and Clapperton in Central Africa, between the Niger and Lake Tehad, the most hopeful and important district of all. Speke and Grant advancing northwards from Zanzibar, have discovered Lake Victoria Nyanza; while Baker, coming in the opposite direction from Egypt, has terminated the long mystery as to the source of the Nile, having beheld it issuing from the great lake Albert Nyanza. Brilliant as have been the results of these explorations, and others of lesser note, the field of adventure is far from exhausted; much remains for discovery before the map of Africa can be filled up, and the future highways of commerce be traced out. Happily, however, the spirit and enterprise of our countrymen are more likely to be stimulated than diminished by the exploits of the celebrated travelers to whom I have alluded.