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purpose of taking cognizance of such goods as are brought in from the States. The imports by way of St. John's in

the year 1806 were as follow.

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Besides the preceding articles, there are a variety of others introduced from the United States. Some by way of St. John's, some by other channels, besides what is sent into Upper Canada. Where there is so extensive a line of boundary as that which separates Canada from the United States, it is not to be supposed that strict attention will be paid to the law making St. John's the only legal channel for goods into Lower Canada. Smuggling to a great extent is carried on. Of the articles. not enumerated, I am well informed that there are at least 20,000 pieces of white cotton, at about 17s. 6d. a piece—a large quantity of blue cotton-silk handkerchiefs -East India checks and stripes-East India silks-French cambricks and crapes,

besides groceries and a variety of other articles. I am assured that these and other non-enumerated articles do not amount annually to less than 100,000l. ;—and,` therefore, the whole imports from the United States into Canada must amount annually to 175,546l. 11s. 6d.

The exports from Canada by way of St. John's to the United States are correctly known. In the year 1806 they were as

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of Canada in cash. There are a great

variety of coins in circulation in Canada:

66,586 8 175,546 11

L. 108,960 3

we have the Spanish, French, American, and British, gold and silver coins. The Spanish dollar is in most general use, and these the Americans prefer, because they generally bear a premium in New York and Boston, to the amount sometimes of 2 per cent. The Americans want them for their China trade.

There does not appear any way of preventing this drain of the circulating medium while the trade remains on its present footing: nor do I think it is of much consequence. The old notion that it was ruin to a country to allow its specie to be taken from it, is now very generally exploded. Wherever money is wanted, and there is something to be given for it, there it will flow while there is such a thing in existence as commerce. In the present case, if the Americans by carrying cash out of Canada create a scarcity, both the government and the merchants will find a difficulty in procuring it. The government want large sums for paying the troops, and the expences of the civil department-the merchants want money to pay for the produce they purchase for exportation. They

draw bills on England, which they sell to the holders of cash. Now, when the holders of cash find that money is much wanted, they will give it to those who for 1007. bill on England will take the smallest amount of cash from them. Payments are made in the currency of the country. Sterling is 11th per cent. more valuable-this is the par of exchange. When there are many drawers, the number of bills for sale, lowers their value; and the demand for cash raises its value; so that the holders of cash can get sterling bills under par, that is, they get a bill for 1007, sterling for less currency than 11117-Suppose five per cent under par-five pounds are deducted from one hundred pounds, and currency at par is given corresponding to 957. sterling, by which there is evidently a gain to the holder of cash, and a loss to the drawer of bills-957. sterling being equal to 1057. 11s. 13d. currency, which he gets instead of 1117. 2s. 2gd. the par. It follows that the holders of cash wish to lower the exchange, and the drawers to raise it. If I want a bill on England, to remit, the less currency I give for it the better for me; and if I

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