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and hoards of Russian gold may be disgorged to sustain the coalition of legitimate princes. That paper money will again become the means of taxation for war expenses, will doubtless be the case. Already the popular cause in Hungary is supplied with Hungarian paper, and the final acts of the French Assembly were to remove some $30,000,000 of taxes, and to supply the deficit with Treasury paper. The consequences of paper issues must necessarily be the same as heretofore, but as a means of levying war taxes, it is powerful and efficient at first, although a means of weakness in the end. The practical effect upon a large scale will necessarily be to promote the export of the precious metals to the United States, both as a remittance for emigrating capital, and in payment of produce purchased.

There has been, on the part of the banks of the interior, a constant tendency to expansion of credits, which tendency has been supported by the favorable state of the foreign exchanges. As an indication of this, we may compare the returns of the banks of two States, namely, at New Orleans, where the vast volume of the produce of the Mississippi valley descends upon tide water, and in Ohio, which is one of the largest producing States, and in which banking has by law the present operation. The following are the leading features of the New Orleans banks :

BANKS OF NEW ORLEANS.

Years.

Discounts. Exchange. Cash assets. Specie. Circulation. Deposits. Due banks. Ap'l, 1848..: 7,010,616 5,536,687 383,175 7,205,136 4,770,275 7,618,599 53,760 July, 1848... 6,232,539 3,005,193 377,806 7,590,655 3,963,689 7,320,079 252,279 Aug., 1848... 6,401,246 2,327,393 377,806 7,597,375 3,866,734 7,020,491 58,182 Sept., 1848... 7,113,863 1,869,812 383,744 7,633,801 3,640,928 7,057,372 58,263 Jan., 1849... 9,335,680 2,539,950 373,926 8,153,450 4,165,072 8,368,549 1,640,199 June, 1849... 8,309,938 6,049,623 366,176 7,353,527 5,380,027 8,511,231 1,635,264

The operations in exchange swelling in amount as the crops go forward in the greatest volume, and deviating as the season draws to a close, are the most marked and important features of the banks; and the amount held by the banks unsold was this year larger than at the same time last year. The increase in deposits and circulation over last year reached near $2,000,000, a sum which appears to have been applied to an increase of discounts. The circulation of the banks is far within the line of the specie, and as far as actual money goes, the operation of the banks appear to be to diminish its volume outstanding. Thus, if the banks were to pay out all their specie for circulation and deposit, the amount of money in the hands of the community would be $2,000,000 greater than it is; or, in other words, the banks of New Orleans draw from business a larger amount of specie than does the assistant treasury at New York. The aggregate discounts of the banks in notes and exchange appears, however, to be $5,000,000 higher than last year, and may be justified by the enhanced exports and improved prices of producc. In Ohio, the bank operation has been as follows:

BANKS OF OHIO.

Years. No. b'ks. Capital. January, 1835 24 $5,819,692

1836 31 8,369,744 May, 1837 32 11,311,613 June, 1838 33 10,299,165 April, 1839 33 10,153,806 January, 1841 26 8,103,243

1844 8 2,567,176

Loans. Specie. Circulation. Deposits. $9,751,973 $1,707,835 $5,221,520 $2,090,065 17,079,714 2,924,906 9,675,644 6,125,914 19,505,662 2,311,614 7,697,261 6,503,360 15,880,908 2,994,955 6,885,263 3,709,869 16,520,360 2,616,814 8,157,871 2,680,604 9,878,328 1,052,767 8,584,341 1,938,682 2,845,315 778,348 2,234,420 602,377

BANKS OF OHIO CONTINUED.

Years. No. b'ks. Capital. Loans. Specie. Circulation. Deposits. February, 1846 31 $3,848,919 $7,791,789 $1,374,593 $4,505,891 $2,682,221 May, 1847 39 5,078,229 10,936,661 2,026,551 7,281,029 3,356,837 August 1847 41 6,430,176 12,130,286 2,323,639 7,771,769 4,170,824 February, 1848 48 6,056,357 12,452,665 2,664,547 8,647,327 4,545,081 May, 1848 48 6,214,386 12,724,030 2,681,474 8,005,212 4,767,803 August, 1848 48 6,424,055 12,128,312 2,732,338 7,931,366 4,199,429 February, 1849 54 6,584,220 14,912,665 3,155,362 9,491,037 4,567,783 May, 1849 56 6,914,943 14,981,133 3,026,374 9,251,259 4,330,233

The unsound condition of the banks in 1838 and 1839, became manifest, when, in 1843–44, resumption of specie payments became necessary. Under that severe test, only eight institutions survived. Of those eight, three have since failed, under disgraceful circumstances. Under the law of 1845, two new systems of banking were devised, and their effect seems to have been, by a parade of sham security, to engender public confidence in institutions which are far from deserving of it, and these multiply with the rapidity manifest in the table. The bank circulation in Ohio is now nearly double that of the New Orleans banks, and it exceeds the safe rule recognized by paper money bankers, as a basis for a circulation, viz., three to one of specie. While the circulation of the New Orleans banks is as 1 to 17 of specie, that of the Ohio banks is as 41 to 1} specie. In the case of the New Orleans banks, moreover, the money is loaned upon accredited bills of exchange, which are themselves money, forming the currency by which international commerce is conducted. In Ohio, the tendency is rather to discount notes, for goods purchased and sold upon credits, which are gradually extending and becoming more hazardous. Adverse exchanges must be fatal to such a volume of credits. Up to this time, the course of the foreign markets is favorable to a continued health of the exchanges; but the above table admonishes that the repletion of bank credits in Ohio, is already producing its legitimate results, in diminishing the specie in the bank vaults. For the first time since the new banks commenced operation in 1846, the return of specie shows a lessened sum on hand, while exchanges are still in favor of the east. The tendency of the inflation, is to prevent Ohio from selling produce on as good terms as Michigan, Illinois, or Iowa, where the banks do not, comparatively, exist. A check given to Ohio exports, will enhance the difficulty of collecting bank debts, at a moment when the demands upon them for specie will be the most urgent. It is, however, to be remembered that the foreign demand for stocks embraces those of Ohio which now sell at par in London, whence, in the last few years, they have been remitted to this country. This opens a profitable outlet for considerable quantities of Ohio stocks, of which the banks in question have some $2,000,000, as security for circulation, and which has considerably advanced in value, since they purchased it. The probabilities are, that the multiplication of corporate capital in many of the States, will progress rapidly in the coming year.

COMMERCIAL STATISTICS.

IMPORTS OF FOREIGN MERCHANDISE INTO THE UNITED STATES.
A SUMMARY STATEMENT OF THE QUANTITY AND VALUE OF GOODS, WARES, AND MERCHANDISE,

IMPORTED INTO THE UNITED STATES FROM JULY 1, 1847, TO JULY 1, 1848, DERIVED FROM
THE LAST ANNUAL REPORT OF THE SECRETARY OF THE TREASURY ON COMMERCE AND NAY-
IGATION
FREE OF DUTY.

Quantity.

Value. Animals for breed......

$53,432 Bullion, gold.

56,882 silver..

392,939 Specie, gold..

3,351,873 silver..

2,558,590 Cabinets of coins, medals, &c., &c.

92 Models of inventions and improvements in the arts..

36,799 Teas...

.. lbs. 23,597,702 6,217,111 Coffee...

150,559,138 8,199,129 Copper, in plates suited to the sheathing of ships..

831,848 ore..

158,302 Cotton, unmanufactured...

317,742

6,814 Adhesive felt, for sheathing vessels.

7,328 Paintings and statuary, of American artists, &c..

67,822 Specimens of natural history, &c..

9,143 Sheathing metal....

226,014 Platina, unmanufactured.....

12,778 Plaster, unground......

61,194 Wearing apparel, &c..

65,111 Personal effects of citizens dying abroad.

26,819 Old junk.

16,605 Oakum..

5,237 Garden seeds, trees, shrubs, plants, &c.....

83,125 Produce of the United States brought back..

187,117 Guano......

1,013 20,839 All other articles.

63,660

.tons

Total.......

$22,716,603

PAYIKO DUTIES.

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66

66

Flannels ....

220,866
293,255

Manufactures of wool

Cloths and cassimeres
Merino shawls of wool..
Blankets..
Hosiery and articles made on frames.
Worsted stuff goods.
Woolen and worsted yarn.

articles embroidered, &c... Manufactures not specified

yards
Baizes..
Carpeting-

Wilton, Saxony, and Ambusson....
Brussels, Turkey, and treble ingrained..
Venetian and other ingrained...

Not specified.
Manufactures of cotton-

Printed, stained, or colored...
White or uncolored....
Tamboured or embroidered.
Velvets, wholly of cotton..
Cotton and silk ..
VOL. XXI.--NO. I.

7

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66

.yards

PAYING DUTIES. Cords, gimps, and galloons..... Hosiery and articles made on frames. Twist, yarn, and thread...... Hatters' plush, of silk and cotton.

Manufactures of, not specified...
Manufactures of silk-

Piece goods...
Hosiery and articles made on frames.
Sewing silk.....
Articles tamboured or embroidered.
Hats and bonnets......
Manufactures not specified....
Floss.....
Raw....
Bolting cloths..
Silk and worsted goods...
Camlets of goats' hair or mohair...
Manufactures of flax-

Linens bleached and unbleached.......
Hosiery and articles made on frames.
Articles tamboured or embroidered...

Manufactures not specified ...
Manufactures of hemp

Sheeting, brown and white....
Ticklenburgs, osnaburgs, &c.
Articles not specified.
Sail duck, Russia..

Holland
Ravens duck....
Cotton bagging...
Clothing-

Ready made.....

Articles of wear. Laces

Thread and insertings....

Cotton insertings, trimmings, laces, &c.
Floor cloth-patent, painted, &c...
Oil cloth of all kinds...
Hair cloth and hair seating..
Lastings and mohair cloth, for shoes, &c..
Gunny cloth ......
Matting, Chinese, and other, of flags, &c.
Hats, caps, bonnets, dc-

Of Leghorn, straw, chip, or grass..
Of palm-leaf rattan, willow, &c..
Manufactures of iron and steel-

Muskets and rifles..
Fire-arms not specified..
Side-arms...
Drawing and cutting knives..
Hatchets, axes, and adzes..
Socket chisels....
Steel-yards and scale-beams..
Vices ...
Sickles and reaping-hooks..
Scythes...
Wood screws...
Sad-irons, tailors' irons, and batters' irons,
Spades and shovels..
Squares....
Needles, sewing, darning, and other.
Cast iron butts and hinges...

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PAYING DUTIES.

Quantity.

Cutlery not specified......
Other manufactures of, not specified..
Bonnet wire.....
Wire not above No. 14..

above No. 14...
Tacks above, and not above 16 ounces per 1,000...

Value. $1,146,843 3,590,172

25,047 38,006 6,079

124 88,390

Nails.....

444

..No.
.lbs.

609,979
758,954
76,721

547
1,347,793

9,451 9,331,452

7,077 948,493 1,911,991

96,778 467,575 454,222 541,597 564,795

603,548 4,081,637 17,718,530 1,032,641

132,600 1,631,786 403,127

369,574

8,016 42,449 117,606

5,288 15,665 16,798 13,296

4,784 16,720 104,649 625,812 815,416

140,087 3,679,598

975,214

...cwt

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Spikes..
Chain cables...
Mill, cross-cut, and pit-saws.
Anchors, and parts thereof..
Anvils, and parts thereof.....
Smiths' hammers and sledges.
Castings—vessels of.....

all other..
Round or square braziers' rods.
Nail or spike rods, slit, rolled, &c.
Band or scroll, slit, rolled, &c....
Hoop iron
Sheet iron...
Pig iron...
Old and scrap
Bar, manufactured by rolling.

otherwise, Stech

Cast, shear, and German...

All other.
Copper, and manufactures of copper-

In pigs, bars, and old...
Wire....
Braziers'...
Copper bottoms...
Manufactures of, not specified..
Rods and bolts....

Nails and spikes..
Brass, and manufactures of brass-

In pigs, bars, and old....
Wire....
Screws.
Sheet and rolled.

Manufactures of, not specified..
T'in, and manufactures of tin-

In pigs and bars..
In plates and sheets.
Foil..

Manufactures of, not specified..
Lead, and manufactures of lead-

Pig, bar, sheet, and old..
Shot..

Manufactures of, not specified....
Peuter-

Old...

Manufactures of....
Manufactures of gold and silver

Laces, galloons, tresses, tassels, &c. .
Epaulets and wings...
Gold and silver leaf..
Jewelry, real, or imitations of.
Gems, diamonds, pearls, &c., set.

otherwise..
Manufactures of, not specified..
Glaziers' diamonds..

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