ernment charges, is to facilitate the export of domestic goods, because an assorted cargo is thus made up on terms as favorable as can be done in England. The amount of duties paid into the New York custom-house for the month of January has been, as compared with the same month of previous years, as follows:

CUSTOMS DUTIES AT THE PORT OF NEW YORK FOR THE MONTH OF JANUARY.

The amount received this year has been more than double the average of any year prior to the operation of the present tariff, and requires a very large cash capital on the part of importers. The payments of dividends on United States stock at the Assistant Treasurer's office have been as follows:

DIVIDENDS ON UNITED STATES STOCK PAID IN NEW YORK.

In these figures we have the progressive accumulation of the Government debt at this point, where interest is paid as well on the stock held abroad as on those owned in or about New York. The state of the exchanges now indicate that, notwithstanding the enhanced business, both of exports and imports, as indicated in the figures, that no disturbance has taken place in the financial world other than that occasioned by the displacement of silver by gold. The aggregate consumption of all the products of industry has much increased, and the interchange of these enhanced quantities constitute the improved trade which is so apparent upon all the avenues of intercourse. The following is a table of tolls on the main lines for several years:

REVENUES OF PUBLIC WORKS.

New York Canals,

Pennsylvania Works

Ohio Čanals

Illinois Canals

Indiana Canals.

1846.

1847.

1848.

1849. 1850. $2,756,103 $3,635,381 $3,252,212 $3,266,266 $3,226,903 1,196,977 1,295,494

1,587,995 1,633,277 1,713,848

$4,565,382 $5,735,894 $5,822,083 $5,866,224 $6,018,340

$2,815,078 $3,166,340 $3,724,470 $4,289,205 $5,780,404

South Carolina

Little Miami Railroad

Michigan Central

Georgia Central..

Philadelphia & Baltimore.
Reading

568,555 643,065 638,102 627,904

687,700

1,900,115 2,002,945 1,692,555 1,933,590

2,360,786

Macon and Western

Baltimor and Ohio.......

797,064 1,101,936 1,213,664 1,241,705 1,843,805

Total, Railroads....... $7,592,788 $8,732,825 $9,46,6,463 $8,732,426 $11,312,015 These works indicate an improvement of 50 per cent in the aggregate internal transportation, supposing the toll had remained the same. Inasmuch, however, as these have undergone large reductions, the aggregate increase of actual transportation must be much larger than 50 per cent. It is also the case that the in

crease of local manufactures has diminished the transportation of produce in the raw state.

The accumulation of gold in the country, together with the prospect of an immense increase in the supply for the ensuing year, not only of gold, but silver, will so affect the exchange that we have thought proper to enter here into some examination of the subjet. It is not generally known that discoveries of silver have been made in California, to an extent which leaves no doubt but that the relative values of the two metals will be maintained, although the supply of both, in relation to other property, will be greatly increased, and both become staple exports from this country.

Most countries, it is known, use the precious metals as currency, but the United States alone makes both metals, and the coins of all nations, a legal tender. In Europe almost all the nations have silver alone as a legal currency. England, on the other hand, has gold alone, with silver to the amount of 40s. only. The United States make both metals. Now it is obvious, that to ascertain what a par of exchange is, it is requisite to know what the standard coin of one country is worth in another, at the time. But the value of both metals is always changing in relation to each other. When the mines of America were discovered gold was worth 1 to 10 of silver; that is, one ounce of gold was worth ten of silver. The new supplies of the latter metal diminished its relative value, until at the close of the last century, one ounce of gold was worth fifteen of silver. Now, in coining, all countries vary the legal relative value of silver. In the United States it was 15 to 1; in England, 14 to 1; in Hamburg, 15 to 1; in Paris, 15 to 1; in Madrid, 16 to 1. Now it will be observed that the state of the markets for exchange affects the value of the metals, relatively : a demand for gold will raise its relative value, and for silver, decrease it. During a part of the eighteenth century, Spanish pillar dollars circulated in these, then colonies, and in London they were worth 4s. 6d., each; that is to say $4 44 4 was £1 sterling. Since that time silver has fallen in value, until it came to be worth 4s. 10d. per ounce, 4s. 2d. each, making the sovereign $4 874; but this changing value was not expressed in dollars and cents per £, but in per cent: and this erroneous expression has perpetuated the error.

Since the commencement of the present century, both the standards of England and the United States have undergone a change. In 1816 a complete new coinage took place in England, by which the value of coin was advanced 6 per cent. That is to say, before that time one lb., Troy, of standard gold, 22 carats, was coined into 44 guineas; after that, into 46 29.40 sovereigns. From a Troy pound of silver 62 shillings had been coined, afterwards 66 shillings. This latter was higher than the market price of silver, and was designed to keep those coins in the country. Of course this change affected their relative value to United States coins, and the gold par between the countries has changed three times. Thus, under the law of 1790, the eagle of $10 contained 247.5 grains, puré gold, 270 grains, standard; and the English guinea of that time, 118.65 grains, pure gold, or 128 grains, standard, and was worth, as compared to the eagle, $4 76. In 1792 a law of Congress ordered the Custom-House to value the English coins at 100 cents for every 27 grains, actual weight; which was valuing the guinea at $4 74. When the English coinage was changed, in 1816, the sovereign contained 113.11 grains, and the eagle remaining the same. The par

was $4 56 for gold; consequently very little gold came here, and nearly all the coinage was of silver. It also happened that the relative value of gold to silver from 15 to 1, had declined to 16 to 1, which aided the change in the British coins in sending the gold from this country-a change became necessary—and in 1834 the Gold Bill did for our currency what had been done for that of England, by act of Parliament, in 1816; that is to say, the pure gold in the eagle was reduced from 247.5 grains, to 232 grains, at which rate the par of gold between the United States and England was raised to $4 87 5. The changes are seen in the following table:

In the United States, the silver remaining the same, the taking of 15 grains of gold out of the $10 gold piece, raised the relative value of silver to 16 to 1, and this seems to have been about the true average hitherto. Now it will be observed that London is the great market for silver, whence Europe supplies itself. It is there not money, but merchandise. When there is a demand for it on the continent, it rises in price, and, of course, like any other merchandise, it is sent to the place where it sells best. As an instance, in 1829, dollars sold in London 4s. 9d. per oz.; $1,000 weigh 866 oz. At the same time dollars were at par in New York. The French Revolution of 1830 caused a demand for the continent, and dollars rose in London to 4s. 11d. per oz., and to 24 per cent premium in New York; just as cotton, or any other article, rises here when there is a demand here. Now suppose a merchant owes in London £1,000, and the currency here being dollars, he is to remit them in payment. Dollars are not money in London, and he looks at the best quotations and finds new dollars sell 4s. 10d. per ounce. As $1,000 weigh 866 oz., they are there worth 4s. 2d., or 50d. each; consequently to pay £1,000, requires $4,800, and to send them according to the pro forma of an actual shipment of United States money made for the last month, will cost $200 more, say $5,000. Instead of doing this, he buys a bill of exchange, for which the account will run thus:

Now this bill, at 9 per cent premium, has cost him $143 56 less than the expense of sending dollars, or less than par, notwithstanding the absurd manner of making out the bill. Again, if say a stock bond for $1,000 is sold in London at 2 per cent, what is called par, $4 44 per £, the payment is £225, for which $1,078 may be bought in the market, which is $4 84 per £. If the 225 sovereigns are brought home, they are worth about the same here. The movement of the metals never takes place either way, however, until the variation of the exchange will cover the cost. Thus sovereigns cannot be sent from London to

the United States when exchange is over 5 per cent premium, and cannot go back when it is less than 10, being a range of nearly 5 per cent; and American gold cannot go under 114. It has been supposed that from the increased supply of gold, instead of silver continuing to fall, it would rise in value, and perhaps get back to the old par of $4 44. Many of the countries of Europe, as Holland, for instance, are abandoning gold as a standard, in this view. This idea, however, is premature, and France has determined to adhere to both standards. The following pro forma shows the actual cost of exported United States gold:

AMERICAN GOLD FROM NEW YORK TO LONDON.

Proceeds 2 kegs containing 10,000 eagles melted into 30 bars weighing 447 lb. 7 oz. 16 dwt. 3 grains, reported wore 14 grains, equal to 439 lbs. 4 oz., 12 dwt. 3 grains standard, or 5,272 oz. 12 dwt. 3 grains at £77 98.....

Allowed by melters for adherence to crucibles.

£20,497 5 1d. 218 3

£20,500 3 4

Add interest on bills, say 50 days, at 3 per cent.....

Less commission on bills per cent on £20,352 15s. 7d.......

Cash in London....

£20,454 10 10 101 15 3

£20,352 15 7

Which amount drawn at 60 days sight to produce $100,510 50, equals an exchange of 111. The same operation on Mexican dollars to Paris or London, results in a rate of 9.46 on the latter, and 5.21 on the former place.

The repeal of the English Nrvigation Laws, the act for which came into operation at the beginning of 1850, has not produced the ruinous effect upon our shipping interests which was predicted by its opponents. The foreign vessels entering the ports of the United Kingdom during the ten months ending November 5th, 1850, have been 11,059, measuring 1,749,031 tons; while the British shipping entering in the same period have been 15,570, measuring 3,365,033 tons. The foreign vessels clearing in the same period outwards were 9,952, of 1,661,242 tons, and the British ships, 15,503, of 3,439,713 tons.

COMMERCIAL STATISTICS.

COMMERCE AND NAVIGATION OF THE UNITED STATES IN 1849-50.

We have received, through the courtesy of the Hon. Messrs. DICKINSON and SEWARD, United States Senators, of New York, early copies of the official “ Report of the Secretary of the Treasury, transmitting a Report of the Register of the Treasury, of the Commerce and Navigation of the United States for the year ending the 30th of June 1850." Last year, the same document for the year ending June 30th, 1849, was only received in time to lay its important figures before our readers in the number for July, 1850, twelve months after the close of the commercial or fiscal year. It will, perhaps, be recollected by our readers that we have, for several past years, called the attention of Congress to the subject, and urged the importance of having the Report printed, and laid before both Houses at the commencement of each session. Last year we incidentally met with a member of the United States Senate, and directed his attention to the subject. That gentleman admitted the propriety and importance of our suggestion, and, in September, 1850, introduced a bill "to provide for the printing of the Annual Report upon Commerce and Navigation," which passed both branches of the National Legislature, and was approved by the President, September 16th, 1850 This act, which is appended to the Report before us, (for year ending 30th of June, 1850,) provides:

SEC. 1. "That it shall be the duty of the Secretary of the Treasury to cause the Annual Report upon Commerce and Navigation to be completed at as early a day before the first Monday in January in each year as is practicable.

"SEO. 2. And be it further enacted, That when completed, or in the course of its progress towards completion, if that will give despatch to the business, the work of printing, under the superintendence of said Secretary, shall be commenced, and the whole shall be printed and ready for delivery on or before the first day of January next ensuing the close of the fiscal year to which the report relates.

"SEC. 3. And be it further enacted, That until Congress shall otherwise direct, the Secretary of the Treasury shall cause to be printed, in the same manner as other printing of the Department, twenty thousand copies of said Report, which shall be distributed as follows:-First, the usual number for the use of the members of the two Houses and their officers; second, five hundred copies for the use of the Treasury Department; and thirdly, as nearly as may be, five thousand copies to the Senate, and thirteen thousand copies to the House, to be distributed by the members of each House.

"SEC. 4. And be it further enacted, That the Report aforesaid, except such as are to be bound with other public documents, shall be substantially bound:-Provided, That the expense thereof shall not exceed twelve and a half cents for each copy."

Although the act provides that the Report "shall be printed and ready for delivery on or before the first of January," &c., no copies made their appearance in either House of Congress until near the middle of January. There is no necessity for the delay of the intervening month between the time when Congress meets, on the first Monday in December, and the first Monday in January, the period specified in the act for the publication of the Report. The Report is a simple record of the imports, exports, and tonnage of each State, compiled at the Register's Office in Washington, from returns received from the custom-houses in the several collection districts of the United States It is not, therefore, desirable to have it left open until Congress meets before it is printed, as no alteration or amendment can be made in the statements by any action of that body. Congress should, therefore, have directed by this act the report to be com pleted, printed, and ready for delivery on the first Monday in December, instead of the