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The quantity of the precious metals in the whole country has evidently undergone a considerable diminution during the past year. The gold of the West has found its way from the channels of circulation to England and Europe. This depletion leaves a considerable excess of bank credits, since there has been no diminution in either the number or the credits of the corporate institutions, corresponding either to the lessened business or the metallic basis.

There is, however, a good supply of produce underlying the western indebtedness. The availability of this depends upon the demand from abroad to a considerable extent. The prospect seems now to be that a fair demand for export will grow with the approach of the spring, and by so doing, impart much activity to the western commerce.

The exports of the federal government for the fiscal year, 1859, are by the official returns as follows, comparatively :—

Cotton...

1858.

1859.

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The cotton value, in par

The exports have been very large in the past year. ticular, has far exceeded that of any former year. The highest value ever before attained was in 1857, when the amount was $131,575,857, and this year is greater by nearly $30,000,000. The value of breadstuffs and provisions continues to fall, the amount being $10,000,000 below that of 1857. The specie export was well maintained. It is to be here remarked that the exports, including specie, for the two years ending June 30, 1859, exceed the imports by over $90,000,000, indicating that amount of payments. Nevertheless, the exchanges during the five months that have since elapsed, have been maintained at a high point, and the outflow of specie has been larger than ever. This would indicate a withdrawal of capital from this country, perhaps, in some degree induced by the discredit generated by the panic, and favored by the abundance of money. It is, however, to be borne in mind that in the last ten years there has been a flow of capital to this country for railroad and other investments, and this influx has covered the amounts due foreign creditors for interest and the expenses of Americans traveling abroad. This year that influx has been very greatly diminished, and those two items of interest and expenses fall directly upon the produce bills of the country, and it is probably these that absorb the large apparent balance due the country, in addition to the freights carried by American shipping.

The imports at the port for the month of November show a considerable excess over those of the corresponding month last year, and the aggregate is larger than for any preceding month of November. The quantity entered for warehouse is larger than last year, but not so large as for November, 1856, when the aggregate was nearly the same as now :

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Total entered at the port........ $14,468,545 $18,417,960 $10,591,606 $14,895,002 Withdrawn from warehouse...... 1,725,544 3,152,316 2,124,655 1,970,134 The effect of the panic in 1857 manifested itself in large entries for warehouse, and extraordinary imports of specie. These imports leave the total foreign imports at New York, since January 1st, larger than ever before in a corresponding period as follows:

FOREIGN IMPORTS AT NEW YORK FOR ELEVEN MONTHS, FROM JANUARY 1ST.

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Total entered at the port........ 201,541,405 221,421,318 139,523,442 226,257,118 Withdrawn from warehouse 24,097,168 37,024,982 35,684,657 25,016,335

....

The imports of dry goods during the month of November show a higher figure than ever before in that month; a larger portion has been warehoused this year. The receipts, during the month of November are more than for the corresponding period of last year :

IMPORTS OF FOREIGN DRY GOODS AT NEW YORK FOR THE MONTH OF NOVEMBER.

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Total entered at the port.... $4,453,111 $2,454,098 $4,008,155 $6,224,968

This leaves the total imports of dry goods at New York, since January 1st, nearly $50,000,000 more than in the corresponding period of last year. The warehousing account shows an excess entered for warehouse, indicating an accumulation:

IMPORTS OF FOREIGN DRY GOODS AT THE PORT OF NEW YORK, FOR ELEVEN MONTHS, FROM JANUARY 1ST.

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Total thrown on market.... $86,618,710 $80,197,524 $63,497,755 103,579,741

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Total....

Add entered for consumption....

584,319 534,013

$9,250,711 $22,513,141 $6,669,271 $7,474,463 78,636,091 66,116,396 49,001,658 96,921,255

Total entered at the port..... $87,886,802 $88,629,537 $55,670,929 104,395,718 The export trade for the month shows some recovery from the small figures of last year, but exclusive of specie they are still less than in some of the previous years. This is mostly attributed to the small export of breadstuffs :

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

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The exports, exclusive of specie, are small as compared with the years previ

ous to the last, and the deficit is in breadstuffs :

EXPORTS FROM NEW YORK TO foreign ports for eleven MONTHS, FROM JANUARY 1.

Domestic produce...

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

Total exports.......

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110,209,903 105,626,870 79,869,320 128,523,787 Total, exclusive of specie... 74,770,318 68,801,748 55,266,097 60,875,050

A considerable part of the difference, as compared with the last and previous 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—a fact which may swell the quantity shipped.

The cash revenue shows a very considerable increase as compared with last year, both for the month and for the eleven months :

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The biennial report of the Auditor of Public Accounts, J. H. BENNett, Esq., to the Legislature of that State, contains the following in relation to the exist ing debt of Virginia. The taxable valuation of the State is $996,000,000.

THE PUBLIC DEBT OF THE STATE.

By the 129th section of article 4 of the constitution, it is provided that "there shall be set apart annually, from accruing revenues, a sum equal to seven per cent of the State debt existing on the first day of January, 1852. The fund thus set apart shall be called the sinking fund, and shall be applied to the payment of the interest of the State debt, and the principal of such part as may be redeemable.

By the first section of chapter seventeen of the act passed 26th of March, 1853, the public debt existing on the first day of January, 1852, was ascertained to be $11,971,838 30, and $838,028 68 were appropriated annually from the public treasury to be applied to the payment of the interest and the principal of such part of the State debt as was redeemable. Notwithstanding $194,000 of this debt bears but five per cent interest, and $1,226,500 has been redeemed, yet the annual appropriation for interest and sinking fund is not reduced, because it is necessary to be maintained to pay off the debt in thirty-four years.

THE NEW DEBT.

The same article of the constitution provides "that whenever after the first day of January, 1852, a debt shall be contracted by the Commonwealth, there shall be set apart in like manner annually, for thirty-four years, a sum exceeding by one per cent the aggregate amount of the annual interest agreed to be paid thereon at the time of its construction, which sum shall be a part of the sinking fund, and shall be applied in the manner before directed. This debt is redeemable for thirty-four years from its issue.

The amount created after the 1st of January, 1852, and before the 1st of January, 1853, was .....

To 1st of January, 1854....

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.....

$2,962,687 00 4,571,416 87

$4,121,884 37
10,000 00

4,111,884 37

1,405,403 09

2,653,570 00

588,060 00

1,866,800 00

1,226,500 00

To 30th September, 1859, being for part of this calender year, and ending with the fiscal year 1859.....

Total......

$19,480,321 33

Of this debt, $1,865,000 bears five per cent interest, and $15,615,321 33 bears six per cent interest. None of these debts are payable, but the Commissioners of the Sinking Fund have invested the one per cent per annum above the interest, which is contracted to be paid on them to the amount of $1,083,657 20.

The entire debt of the State stands thus :

Registered stock, 6 per cent......

:

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5 per cent.

Coupon debt, 6 per cent

Sterling bonds, 5 per cent...

Total.......

$15,928,816 63
494,000 00

$16,422,816 63

$11,902,500 00

1,865,000 00

$13,767,500 00

$30,190,316 63

Of this the Commissioners of the Sinking Fund hold as an invest

ment

Actual outstanding debt due to others than the State......

For purposes of taxation, and to meet the requirements of the con-
stitution, and the act creating the Commissioners of the Sinking
Fund, provision must be made from the accruing revenues of the
State, for 7 per cent per annum on the old debt, exactly as though
it was not reduced by redemption, to wit, for..
For the new debt, including investment by the Commissioners of
the Sinking Fund .

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Thus, for the old debt of $11,971,838 30 the sum of...
For seven per cent on the new six per cent debt, amounting to
$17,615,321 33..

$838,028 68

For six per cent on the new five per cent debt, amounting to $1,865,000.....

Total....

1,233,072 46

111,900 00

$2,183,001 16

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