LOW RAILROAD FARE.

Speaking of the practical results of low fares on the railroads of South Carolina, the Charleston Evening News remarks:

"The great numbers which have visited our city from the interior of Georgia and South Carolina, within the few days which have elapsed since the reduction of the railroad charges for travel, afford complete proof and illustration of the truth of these remarks. The reduced price of travel has crowded our hotels, filled our shops with retail purchasers, extended the sales of wholesale merchants, while it has correspondingly increased the revenue of the road. Why, then, should not this policy be continued? enlarging the circle of travel by the temptation of cheapness, and bringing the town and country into more intimate relations of business, of intelligent intercourse, and social communication."

JOURNAL OF BANKING, CURRENCY AND FINANCE.

THE COINS AND CURRENCY OF BRAZIL.

We published in the Merchants' Magazine (September, 1848, Vol. XIX., pages 309 and 321) several tables relating to the commerce and finances of Brazil, furnished us by L. H. F. D'AGUIAR, Esq., the Consul General of that empire to the United States, remarking at the time that the values were given in the currency of that country. It has occurred to us that some of our readers may not be familiar with that currency; we therefore avail ourselves of the following historical sketch and tables of the coins and currency of Brazil, as prepared by JACOB R. ECKFELDT and WILLIAM E. DU BOIS, Assayers of the Mint of the United States at Philadelphia, and the authors of a valuable "Manual of the Gold and Silver Coins of all Nations."

Within the period which will come under notice, Brazil appears first as a colony of Portugal; next as the residence of the sovereign, by which Portugal, from being the parent, seemed to become the dependent; and finally, as a distinct nation, taking rank as an empire.

The following has been the monarchical succession:-John V. reigned from 1706 to 1750; Joseph to 1777; Maria I. to 1816; but during the earlier part of her reign, the name of her consort, Peter III., appeared with hers on the coin, until his death, in 1786. In 1799, the queen having become mentally imbecile, her son, John Maria, began to administer the government as Regent. In 1804, her name was displaced from the coin, and that of the Regent substituted. Three years after, upon the invasion of Portugal by the French, his court was removed from Lisbon to Rio Janeiro. In 1816, he became king, with the title of John VI. The revolution of 1822 separated Brazil from the mother country, and Peter I. was placed upon the throne, as Emperor. Another revolution, in 1831, dethroned this monarch, and installed the infant Peter II., then only six years of age.

Although both countries reckon by reis, there has long been a difference in the valuation. As early as 1747, it was decreed that a mark of such silver as was coined into 7,500 reis for Portugal, should make one-tenth more, that is, 8,250 reis, in Brazil.

Previous to 1822, the moidore (moneda d'ouro) of 4,000 reis, and its half, were the gold coins of Brazil. In 1822, a new coinage was ordained, of pieces of 6,400 reis, (familiarly called half-joes,) weighing four oitavas, at 22 carats fine. This is equivalent to 221.4 troy grains, at 917 thousandths. The same coinage was confirmed by the law of October, 1833, and the value of the piece fixed at 10,000 reis, currency; but 6,400 still appears on the coin.

The silver coins previous to 1833 were, the patacoon, or piece of three patacs, (960 reis,) and of two, one, one-half, and one-quarter patac. They were professedly 11 dinheiros fine, or 917 thousandths. In actual fineness, as well as weight, they betray much irregularity, as will appear by the ensuing tables.

In 1833, a silver coinage was instituted, with new devices. The denominations were these five: 1,200, 800, 400, 200, and 100 reis. The first piece is the equivalent of the former 960 reis, and all are intended to be of Spanish standard fineness; though in fact they are somewhat below.

The currency of Brazil is chiefly in paper; except that for household purposes copper

is largely used. The silver coins are in market, at fluctuating prices; in October, 1839, the piece of 1,200 reis was worth 1,680 in paper.

Small ingots of gold, assayed and stamped at the government offices, are used in the circulation of the country, and are not allowed to be exported.*

In a statement of a sum of money, the milreis and reis are divided by the figure $, as for example, 6400, which is 6,400 reis.

The coinage is of small amount. In six years, from 1833 to 1838, the gold amounted to 377,700 milreis, the silver only to 33,000. The annual average therefore, in both kinds, is about $60,000 in our money. From all gold sent to the mint, 6 per cent is deducted; from silver, 13 1-5 per cent.

Brazil is a famous gold-producing region. The mines being chiefly in British hands, the metal passes out of the country uncoined. From statistics to the middle of 1839, we gather that the annual produce of the principal mines, in latter times, is about $700,000; besides which, a considerable quantity is obtained from private mines and from the rivers, which comes to Rio for sale, but does not pass through the Intendant's office for the pay. ment of duty. It is doubtless sufficient to increase the sum total of Brazilian production to $900,000 annually.t

All the mines, except Gongo Soco, pay to government a duty of 5 per cent on gold raised, and an additional 2 per cent as export duty. The primary duty paid by Gongo Soco is ten per cent.‡

+Jacobs, quoting various authorities, estimates the annual product from 1810 to 1829, at a sum equal to $986,000. (Inquiry, &c., 342.)

4 Letter of G. W. SLACUM, Esq., United States Consul at Rio. These vary from 267 to 283 grains; the newest are the lightest.

These vary from 270 to 294 grains.

This is simply the Spanish dollar in a new dress; being softened by annealing, and then restamped. The pillars may be seen peeping from beneath, upon close observation. In the same way, Bank Tokens were made in England, in 1804, from the same coins.

AIKEN'S INTEREST AND DISCOUNT TABLES.

A copy of a new work thus labelled, beautifully stereotyped and printed by George W. Wood, of Gold-street, New York, and just published, has been laid upon our table by the author.

The title-page is very elaborate, and is a pretty full exposition of the contents and character of the work, which, with an accompanying tablet, (to use the language of the author,) "enables the operator, without labor of thought or calculation, (and even without a knowledge of figures, further than to copy them,) immediately to write under any sum the true interest required, or the present worth, or the discount, at either rate per cent, with or without grace, with an ease, certainty, and celerity hitherto unprecedented; and on all round sums, with the same quickness that he can set down the principal itself from the note or bill before him."

We confess that a perusal of this title gave us, at first, an unfavorable impression of the modesty or candor of the author-not conceiving it possible that a work of only fiftyeight pages, and those printed in very large type, could contain such an astonishing amount of mathematical results, or that they could be so arranged as to be as readily available for practical purposes as there represented. It struck us rather in the light of a modern puff of a patent medicine, which, though composed of the most harmless materials, is unblushingly heralded to the public as being a sure specific for nearly all the diseases named in pathology.

But, on looking into these tables, and using them with the tablet which accompanies the work, we feel constrained and pleased to admit that the title-page is simply and literally true. This is, indeed, a high encomium; but we do not see that we can, in justice, say less.

The tablet is a beautiful porcelain slate about 4 by 24 inches in size, vertically lined to correspond with the lines of the tables, very pleasant to write upon with a black-lead pencil, and from which every trace of the pencil most easily and perfectly obliterated at pleasure. For the manufacture of these tablets the author had to send to Europe; and an unexpected delay in their shipment has retarded the publication of the work, as we are informed, for nearly a year. But we commend the taste and perseverance of the author in his determination to accompany his work with so fine an article in lieu of the commors slate, and do not doubt he will be well rewarded in the end.

Any sum, however large or small, being entered upon the tablet in its proper place, the interest or discount (whichever is desired) is then entered from the table in its true relative place, below the principal, on to the tablet, with all the ease and certainty which the author represents.

On the outer margin of each right-hand page of the work is entered, after the manner of an alphabet, the time embraced in the two opposite pages, so that by raising the lefthand cover, and placing the thumb of the right-hand upon the index of the desired table, the work is opened to that table with about the same facility as though it contained but a single folio, with the table upon it.

The division of time adopted by the author is that which is prescribed by the statutes of the State of New York, which, as he justly observes, is the only practical ground rule, independent of legislation.

The interest at both 6 and 7 per cent is given to the minutest fraction, and the discount upon the dollar to the ten-thousandth part of a mill. This might seem unnecessarily minute; but when the tables are applied to very large sums, its importance becomes obvious. It is a curious fact that by these tables the interest of any large sum, as of a million or ten millions of dollars or francs, and the interest of the most minute sum, expressed by the same digit or digits, as of a mill or the thousandth part of a mill, or of a French centime, is found not only in the same place, but (with the aid of the tablet) as readily, and with the same certainty, as the interest of a single dollar for the same period of time, whatever the sums or the period of time may be, and whether the currency be that of France or the United States.

The instructions and information, both legal and scientific, with which the author has accompanied this work, together with the tables given in the appendix for ascertaining the present worth of dower, annuities, and deferred payments, both certain and contingent, the time-table and almanac for the century, and two comprehensive tables rendering the work applicable to the sterling currency of England, are a very valuable appendage, and to those who have use for them, are well worth the price of the entire work. The tables are equally applicable to the French and American money of account.

We perceive, in a note published in the New York Recorder of the 16th of August that the author (speaking of the tables of interest at 6 and 7 per cent) assures the public of the perfect accuracy of those tables-therein guarantying to any purchaser of a copy

of the work, who shall discover and first point out, either personally or by letter, post paid, addressed to him at Westport, Essex county, New York, any error in either of those tables, the sum of ten dollars, and a return of the purchase money in addition, even should it be one which gives an erroneous result of no more than the millionth part of a mill, on any sum of money from millions of dollars to a single mill, from any period of time from ten years to a single day-adopting the rule prescribed by the statute law of this State for computing time, and giving to the mathematical figure + (plus) the effect designated in his remarks introductory to the tables. He further declares his unqualified belief that the tables of discount, and other tables contained in the work, are equally free from any essential error.

With this assurance of the accuracy of the work, and with our examination of its form and arrangement, we do not hesitate to recommend it to banks, brokers, merchants, and professional accountants and clerks, as well worthy of their notice and patronage. For, although these classes of the community may not stand in actual need of such an aid, if its use be not a material saving of time, (which we think it will be found to be even by them, on trial,) it will, at least, convert a mental labor into an agreeable exercise, and be a sure guaranty against those adventitious errors which the hurry and vexations of business will occasionally produce. And to the farmer, the mechanic, and to all persons to whom these subjects are not familiar, but who have occasionally to cast an interest or ascertain a discount, this work must be, in our judgment, a very desirable, if not an invaluable acquisition.

The work is bound in two forms-one embracing the interest both at 6 and 7 per cent -the other, at 6 per cent only, with the other tables, with rules for deducing other rates therefrom, and appropriate titles to each; so that either can be procured at prices corresponding with the contents.

BANKS, CURRENCY, AND FINANCE OF OHIO.

Referring to the doubt expressed in the New York papers, and by "political grumblers" in Ohio, who attempt to alarm the people either about their currency or their taxes, the Cincinnati Atlas publishes the following statement for the purpose of showing that "the finances of Ohio were never in so good a condition since the State commenced its public works as at present." The writer, moreover, challenges any of the Atlantic States to "produce a more consistent, steady, and prompt support of public credit through the worst as well as best times." The Atlas remarks:

In truth, the finances and currency of Ohio were never in so good a condition since the State commenced its public works as at present. Nor is this all. Any of the Atlantic States may be challenged to produce a more consistent, steady, and prompt support of public credit through the worst, as well as the best, of times.

In the first place, when, in 1824, Ohio determined to commence a system of State improvements, the entire property, credit, and faith of the State was pledged for the re-payment of the moneys borrowed. But much more than this was done. The State provided that a tax should be laid on all the property of the State, and that the amount of the tax should be fixed by the Auditors of State to meet the sum required. No legislation, then, was required to increase the State tax. It was made a simple arithmetical problem with the Auditor, and all he had to do was to make the calculation. This, we believe, was not done by another State in the Union. Hence, in New York, and other eastern cities, they were continually looking to the legislature, as they had to do in their own States. The truth is, Ohio had taken more prompt measures to pay her interest than any other State,

The legislature has, however, done one thing to make the collection of taxes easier and more just. It has provided that the property of the State be assessed at its real value, and that all sorts of property be brought on the tax list. This has done good in every way, although the assessment is not always just.

The next great point in our financial condition is the Banking System. This, too, is greatly misunderstood abroad. The facts are these:-There are three different kinds of banks in Ohio, namely, the old Chartered Banks, the State Bank and Branches, and the Independent Banks. Now the differences in the principle of these are-1st. That the Chartered Banks are simply incorporated shareholders on the old plan, giving no special security to the State, but relying on commercial security only. 2d. The State Bank and Branches deposits with the Treasurer 10 per cent of the currency it issues as a safety

fund. This is a common fund, and the Branches are then deeply interested in each other's safety. 3d. The Independent Banks are formed on the principle of depositing with the Treasurer of the State absolute security for every dollar they issue. The security for their circulation appears to be perfect. There is both commercial security and State security, The actual condition of the banks are as follows:

In Cincinnati there are six banks, namely, two chartered, the Lafayette and the Ohio Life and Trust; two State Bank Branches, namely, the Franklin and the Mechanics and Traders; and two Independent, the Commercial and the City Banks.

The condition of the aggregate banks of the State on the first Monday of August was as follows:

The cash on hand is about one to three of the immediate liabilities, but more than half the circulation. The immediate means are to the immediate liabilities more than half. The total means exceed the liabilities by six millions of dollars. We believe that no banks in any State of the Union, taken in the aggregate, are as well conditioned to meet their demands as the banks of Ohio. It is entirely out of place for the bankers of the Atlantic to sneer at those of Ohio, for most of them are not in as good condition, and not one of those States has borne as large a proportion of public debt and burden with as much readiness and as little complaint.