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The export trade for the month shows a decline even from last year, when the difficulty of negotiating foreign exchange and the general derangement of business affairs checked exports. The decline is owing to the low rates of breadstuffs abroad :

EXPORTS FROM NEW YORK TO FOREIGN PORTS FOR THE MONTH OF NOVEMBER.

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This leaves the shipments from the port of New York since January 1st, exclusive of specie, $26,257,550 less than the corresponding total of last year :

EXPORTS FROM NEW YORK TO foreign porTS FOR ELEVEN MONTHS, FROM JANUARY 1ST.

1855.

1856.

1857.

1858.

Domestic produce..

Foreign merchandise (free)....
Foreign merchandise (dutiable)...
Specie and bullion

Total exports.......

Total, exclusive of specie...

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$89,314,858 110,209,903 105,626,870 $79,869,320 62,675,653 74,770,318 68,801,748 55,266,097

A considerable part of the difference, as compared with last year, is owing no doubt to the falling off in values, as nearly all articles of domestic produce are entered for export at lower rates, and this is likely to be still more strongly marked during the next six months.

The cash revenue, as we have already stated, shows a very important deficiency, and there is now no question in regard to the emitting the remaining $10,000,000 of the loan to meet the current expenses of government :

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The revenue at this port is now, since January, $10,000,000 less than last year, and $19,000,000 less than in the previous year, but for October and November there is a recovery over last year.

JOURNAL OF BANKING, CURRENCY, AND FINANCE.

UNITED STATES FINANCES FOR THE FISCAL YEAR 1858.

The report of the Secretary of the Treasury for the fiscal year 1858, is an unusually interesting document, since it gives the effects upon the government finances of the panic of 1857. From it we extract the following figures. The report for 1857 will be found on page 81, volume xxxviii. :—

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The expenses were applied to the various branches of the public service as follows:

Civil, foreign intercourse, and miscellaneous..

Service in charge of Interior Department..

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War Department
Navy Department

Public debt and redemption of treasury notes.

As shown in detail by statement No. 1

Deducting the expenditures from the aggregate means during the fiscal year 1858, a balance remained in the Treasury on the 1st of July, 1858, of....

$26,387,822 20

6,051,923 38

25,485,383 60

13,976,000 59

9,684,537 99

6,398,316 10

During the first quarter of the current fiscal year, from July 1st to September 30th, 1858, the receipts into the treasury were as follows:

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The estimated receipts during the three remaining quarters of the current fiscal

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The expenditures of the first quarter of the current fiscal year, ending September 30th, 1858, were

For civil, foreign intercourse, and miscellaneous service
For service in charge of Interior Department

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War Department..
Navy Department...

......

.....

For public debt, including redemption of treasury notes..

Brought forward ....

The estimated expenditures during the remaining three quarters of the current fiscal year to June 30, 1859, are

Ordinary means as above.....

Deficit of ordinary means to meet expenditures .....

$6,392,746 38

1.994,304 24

8,224,490 04

4,086,515 48

1,010,142 37

$21,708,198 51

52,357,698 48

$74,065,896 99

70,129,195 56

$3,936,701 43

The deficiency in the ordinary estimated means to meet the estimated expenditures during the remainder of the current fiscal year, ending June 30th, 1859, are therefore $3,936,701 43.

There are extraordinary means within the command of the Department as follows:

Treasury notes which may be issued previous to the 1st of January,
1859, under the 10th section of the act of December 23, 1857, say
Balance of loan authorized by act of June 14th, 1858...
Which added to the ordinary estimated means

Makes the aggregate means to June 30th, 1859...
Deduct the actual and estimated expenditures as heretofore stated

Leaves an estimated balance in the Treasury, July 1st, 1859, of..
ESTIMATE FOR THE FISCAL YEAR FROM JULY 1ST, 1859, TO JULY

Estimated balance in the Treasury...

66

receipts from customs for the fiscal year ending June 30th, 1860......

Estimated receipts from public lands

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Aggregate of means for year ending June 30th, 1860.....

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Estimated appropriations to be made by law for the service of the fiscal year to June 30th, 1860

The estimated receipts being......

Deficit........

69,063,298 57

$4,075,848 89

To this estimated deficiency on the 30th of June, 1860, should be added the sum of $3,838,728, which will be required for the service of the Post-office Department during the present fiscal year. This latter amount is not taken into the foregoing estimates, but is asked for by that Department, as will appear from the letter of the Postmaster-General accompanying the annual estimates.

The foregoing estimates contemplate a deficiency in the means of the government, which, by the 30th of June, 1860, will amount to the sum of $7,914,576.

Provision should be made by Congress at its present session to supply the deficiency. In what manner shall it be done? A loan for this purpose is not deemed advisable, in view of the addition already made to the public debt. A revision of the tariff of 1857, and the imposition of additional duties, is the only remedy, unless Congress shall take some action to relieve the treasury from a portion of the expenditures it is now required to meet.

In revising the tariff, the same principles should direct and control the action of Congress that would be considered in the adoption of an original act.

I do not deem it proper to enter into any extended discussion of the theoretic principles on which a tariff act should be framed.

They may be briefly stated. Such duties should be laid as will produce the required revenue, by imposing on the people at large the smallest and the most equal burdens.

It is obvious that this is most effectually done by taxing, in preference to others, such articles as are not produced in this country; and among articles produced here, those in which the home product bears the least proportion to the quantity imported are the fittest for taxation. The reason is, that in taxing articles not made in the country the whole sum taken from the consumer goes into the treasury, while in the other class the consumer pays the enhanced value not only on the quantity imported, but on the quantity made at home. This last tax is paid not to the treasury, but to the manufacturer, thereby rendering such a duty not only more burdensome, but grossly unequal; the home producer being benefited at the expense of the consumer.

The public debt on the 1st of July, 1857, was $29,060,386 90, as stated in my last report. During the last fiscal year there was paid of that debt the sum of $3,904,409 24, leaving the sum of $25,155,977 66 outstanding on the 1st of July, 1858. To this amount must be added the sum of $10,000,000, negotiated during the present fiscal year, of the loan authorized by act of June 14th, 1858. There was issued under the provisions of the act of December 23d, 1857, during the last fiscal year, treasury notes to the amount of $23,716,300, of which there was redeemed, and the Department informed thereof, during the same period, $3,961,500, leaving the sum of $19,754,800 outstanding on the 1st of July, 1858. The details are shown by statements marked 1 and 5. In estimating the receipts and expenditures for the present and next fiscal years, it is not contemplated to redeem the outstanding treasury notes. As these notes will become due and payable during the next fiscal year, some provision should be made to meet them.

RICHMOND BANKS.

The official statement of the banks in Richmond for the quarter ending September 30, 1858, shows their condition on that day to be as follows:

Bank of Virginia

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Farmers' Bank of Virginia. 854,500 1,721,811 155,292
Exchange Bank of Virginia. 748,300 1,231,778 69,083
Bank of Commonwealth... *412,000

Total

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226,094 898,255

216,469 560,452

$2,901,050 $4,773,398 $322,562 $528,263 $2,230,526

This amount paid in-authorized capital two millions.

UNITED STATES MINT.

The Mint returns of the United States were formerly made up to the close of the fiscal year, but an act of Congress, in 1857, directed that the returns should be made to correspond with the fiscal year, ending June 30th. The returns from 1793 to 1847, were given February, 1849, volume xx., page 200, and the continuation down to the close of 1856, was contained in volume xxxvii., page 52. The six months, January 1st to July 1st, 1858, in volume xxxviii., page 371. The returns for the whole fiscal year, to July 1st, 1858, are now at hand. From these we take the following figures :

DEPOSITS OF GOLD AT THE UNITED STATES MINT AND BRANCHES.

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Double eagles... 1,401,944 $28,038,880 00 Half dollars...

8,860,000 $4,430,000 00

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7,105 21,819,779 14

Unparted bars..

515,632 50
230,361 00 Fine bars.......

488 816,295 65 Total silver.... 31,005,900 $8,233,287 77

Total gold..... 2,085,755 $52,889,800 29

Cents........

COPPER.

23,400,000 $234,000 00

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