| 1863. | Exchanges. | Balances. |
| October | $ 1,900,210,522.77 | $ 74,088,419.08 |
| November | 1,778,800,987.95 | 66,895,452.49 |
| December | 1,745,436,325.73 | 60,577,884.19 |
| 1864. | ||
| January | 1,770,312,694.43 | 63,689,950.88 |
| February | 2,088,170,989.48 | 65,744,935.13 |
| March | 2,753,323,948.53 | 84,938,940.37 |
| April | 2,644,732,826.34 | 93,363,526.16 |
| May | 1,877,653,131.37 | 76,328,462.88 |
| June | 1,902,029,181.42 | 88,187,658.93 |
| July | 1,777,753,537.53 | 73,343,903.49 |
| August | 1,776,018,141.53 | 69,071,237.16 |
| September | 2,082,754,368.84 | 69,288,834.17 |
| $24,097,196,655.92 | $885,719,204.93 | |
| 306 Business days. | ||
| Average for day, 1863-4. | ||
| Exchanges $77,984,455.20 | ||
| Balances 2,866,405.19 | ||
| Aggregate Exchanges for Eleven Years | $95,540,602,384.53 |
| " Balances " " " | 4,678,311,016.79 |
| Total Transactions | $101,218,913,401.32 |
On the 31st day of December, 1863, there were 101 joint-stock companies for the underwriting of fire-risks, with an aggregate capital of $23,632,860; net assets to the amount of $29,269,423; net cash receipts from premiums amounting to $10,181,031; and an average percentage of assets to risks in force equalling 2.995. Besides these 101 joint-stock concerns, there existed at the same date twenty-one mutual fire-insurance companies, with an aggregate balance in their favor of $674,042. The rapidity with which mutual companies have yielded to the compacter and more efficient form of the joint-stock concern will be comprehended when it is known that just twice the number now in being have gone out of existence during the last decade. There are twelve marine insurance companies in the metropolis, with assets amounting to $24,947,559. The life-insurance companies number thirteen, with an aggregate capital of $1,885,000. We may safely set down the property invested in New York insurance companies of all sorts at $51,139,461. Add this sum to the aggregate banking capital above stated, and we have a total of $120,359,224. This vast sum merely represents New York's interest in the management of other people's money. The bank is employed as an engine for operating debt and credit. Its capital is the necessary fuel for running the machine; and that fuel ought certainly not to cost more than a fair interest on the products of the engine. The insurance companies guard the business-man's fortune from surprise, as the banks relieve him from drudgery; they put property and livelihood beyond the reach of accident: in other words, they manage the estates of the community so as to secure them from deterioration, and charge a commission for their stewardship.
It is a legitimate assumption in this part of the country that the money employed in managing property bears to the property itself an average proportion of about seven per cent. Hence it follows that the above-stated aggregate banking and insurance capital of $120,359,224 must represent and be backed by values to more than fourteen times that amount. In other words, and in round numbers, we may assert that the bank and insurance interests of New York are in relations of commerce and control with at least $1,685,029,136. This measure of metropolitan influence, it must be remembered, is based on the statistics attainable mainly outside of cash sales, and through only two of the metropolitan agencies of commerce.
I do not know how much I may assist any reader's further comprehension of the energies of the metropolis by stating that it issues fifteen daily newspapers, one hundred and thirty-three weekly or semi-weekly journals, and seventy-four monthly, semi-monthly, or weekly magazines,—that it has ten good and three admirable public libraries,—a dozen large hospitals, exclusive of the military,—thirty benevolent societies, (and we are in that respect far behind London, where every man below an attorney belongs to some "union" or other, that he may have his neighbors' guaranty against the ever-impending British poor-house,)—twenty-one savings-banks,—one theatre where French is spoken, a German theatre, an Italian opera-house, and eleven theatres where they speak English. In a general magazine-article, it is impossible to review the hundreds of studios where our own Art is painting itself into the century with a vigor which has no rival abroad. We can treat neither the æsthetic nor the social life of New York with as delicate a pencil as we would. Our paper has had to deal with broad facts; and upon these we are willing to rest the cause of New York in any contest for metropolitan honors. We believe that New York is destined to be the permanent emporium not only of this country, but of the entire world,—and likewise the political capital of the nation. Had the White House (or, pray Heaven! some comelier structure) stood on Washington Heights, and the Capitol been erected at Fanwood, there would never have been a Proslavery Rebellion. This is a subject which business-men are coming to ponder pretty seriously.
After all, New York's essential charm to a New-Yorker cannot express itself in figures, nor, indeed, in any adequate manner. It is the city of his soul. He loves it with a passionate dignity which will not let him swagger like the Cockney or twitter like the Parisian. His love for New York goes frequently unacknowledged even to himself, until a necessary absence of unusual length teaches him how hard it would be to lose the city of his affections forever.
It is a bath of other souls. It will not let a man harden in his own epidermis. He must affect and be affected by multitudinous varieties of temperament, race, character. He avoids grooves, because New York will not tolerate grooviness. He knows that he must be able, on demand, to bowl anywhere over the field of human tastes and sympathies. Professionally he may be a specialist, but in New York his specialty must be only the axis around which are grouped encyclopædic learning, faultless skill, and catholic intuitions. Nobody will waste a Saturday afternoon riding on his hobby-horse. He must be a broad-natured person, or he will be a mere imperceptible line on the general background of obscure citizens. He feels that he is surrounded by people who will help him do his best, yes, who will make him do it, or drive him out to install such as will. If he think of a good thing to do, he knows that the market for all good things is close around him. Whatever surplus of himself he has for communication, that he knows to be absolutely sure of a recipient before the day is done. New York, like Goethe's Olympus, says to every man with capacity and self-faith,—
"Here is all fulness, ye brave, to reward you:
Work, and despair not!"
Moreover, the moral air of New York City is in certain respects the purest air a man can breathe. This may seem a paradox. New York City is not often quoted as an example of purity. To the philosopher her atmosphere is cleaner than that of a country village. As the air of a contracted space may grow poisonous by respiration, while pure air rests over the entire surface of the earth in virtue of being the final solvent to all terrestrial decompositions, so it is possible that a few good, but narrow people may get alone together in the country, and hatch a social organism far more morbid than the metropolitan. In the latter instance, aberrations counterbalance each other, and the body politic, cursed though it be with bad officials, has more vitality in it than could be excited by any conclave of excellent men with one idea, meeting, however, solemnly, to feed it with legislative pap.