ture of the Treasury Department was raised by taxation, and nearly five-sixths of the remain der was sought by loans. Nevertheless the fluctuation in English stocks was often very great. In 1787 stock was at 107, but during the rebellion of 1745 went down to 76. In 1781, at the close of the American revolution, it fell to 54; and in 1797, on the failure of a treaty with France, and on the occasion of a mutiny in the navy, it fell to 473. In 1854 and 1855, under the pressure of the Crimean war upon the exchequer, the average price of consols for two years was 85 to 861. When the exchequer borrowed 80 millions to clear up the floating debt of that war consols fell to 90, and the loan was taken at the equivalent of 87 on the hundred, at 3 per cent. interest, corresponding to 5 in the United States. The loans and conversions of old debts into new in two years and a half made by the Federal Treasury amount to 1,800 millions. Thus the operations of the Secretary during nearly three years show a gradual advance from a condition of great weakness up to the highest point of national credit. At the outset he was hardly able to obtain the insignificant loans necessary to the ordinary wants of the Government, and in some instances he was more indebted for these to the impulses of patriotism in the citizens than to their confidence in the national credit; now he commands hundreds of millions, the whole resources of the country are at his service; the enterprises of individuals, the capital of the banks, and the energies of all the citizens are subservient to the great necessity. At the same time the prosperity of the people has kept pace with the progress of the Government in its great enterprise, and has been more universally diffused than ever before. The foregoing table (on page 405) is an official statement of the public debt, made at the first of December, 1863: The following statement from the "National MONTHLY PRICES OF STOCKS. 61,504 1544 3 12 E 43 6 .$36,136,792 3 $9.41971 1 བང 1 པོ 972,971 The following table contains the prices of fifty-five leading articles sold in the New York market, as quoted in the prices current: 1484 150 154 1804 67 784 66 190 761 Cloths, 100 yds.. Duck Ravens.. 11 00 a 15 00 Total... 800 a 9 00 This comprises most articles of importance, and shows that the rise has been universal. Each article was affected, as well those of which the supply has been cut off by the war as those of which the supply has been increased by the war, like western farm products, which, losing their accustomed markets down the Mississippi, came East in greater than their usual abundance. If we compare the average aggregates with the premium on gold, and the quantity of paper outstanding at different dates, we shall have results as follows: 1,245 62 a 1,401,40 1,642 40 a 1,744 60 29 It thus appears that gold under a speculative action in February, 1863, rose too rapidly, and that the same speculative action was imparted to goods, causing their rapid conversion into paper money, which was invested in the gold interest bearing stocks of the Government. There was a reaction from that speculation, and as usual in such cases, the prices fell below their natural level, gold touching 25 in July, a fall of 47 per cent., while goods fell but 26 per cent. The recovery from that point was more rapid in goods than in gold, because the supply upon the market diminished faster. Consequently at the close of the year, 1863, the rise in goods was 110 per cent. over the value of January, 1862, while gold was only 52 per cent. The following table shows the closing quotations for gold on every business day of the year, also the price of bankers' sterling for every steamer day throughout the year: On this day the price was the highest, touching 74 at the public board. + Gold fell this day 6 a 7c. The amount of gold received at the mint and branches during the fiscal year, 1863, was $23,149,495.41; silver, $1,674,605.90. The new mines are very prosperous and are being This was the lowest point for the year, & Holiday. rapidly developed. The amount received at the mint from California from its discovery to the close of 1863, was $528,145,666; Colorado, $4,753,049; Arizona, $21,500; Utah, $80,067; Nebraska, $1,402; New Mexico, $54,929; Oregon, $963,458; Nevada, $53,846; silver, do, $1,973,400; other sources of gold, $82,732; silver, $107,584. For the year, 1863, the receipts of gold were $23,149,495; silver,$1,674,606. The old mines are prolific and new ones seem to rival them. Idaho was set off as a separate territory at the last session of Congress. It lies north of Colorado and Utah, and takes in the northern ranges of the Rocky Mountains, with the head waters of the Missouri, Columbia, Yellow Stone, and North Platte rivers. The localities, where workings have been commenced, are numerous, but many of them have not been reported or described. They must be various and widely separated, judging from the characteristic varieties in the quality of their productions. Among the deposits received at the mint were grades of fineness from 795-1000 to 949-1000, the latter in considerable quantity, from Salmon river, a tributary to the Columbia. The quality of the gold produced from the mines of Idaho is equal to that in the older gold regions of country, and the quantity appears to be inexhaustible. Not less promising are the mines opening in Oregon and Washington Territory. The work ings are numerous, and constantly increasing in number. The characteristic energy of the people will, no doubt, soon develop the mineral wealth of those far distant regions. In Oregon the fineness of gold seems to be tolerably regular and steady, and nearly equal to the average of California. In the gold from Washington Territory the variation is great, ranging from 650-1000 to 938-1000. The returns from Oregon and from Idaho and Washington_territories are, as yet, "imperfect; but enough is known to warrant the statement, that in quantity and quality the gold of those regions will rival, if not surpass, the productions of the California mines. Arizona is now yielding both gold and silver. The amount, as yet, is small, but every new opening strengthens the assurance that the quantity of those metals is also unlimited. From British America were received at the mint several deposits of Canadian gold, which, in some instances, yielded as high as 947-1000 fine. The mines of Nova Scotia do not yield as at first anticipated. A small portion only of the product of those mines reaches our institutions-the greater part being sent to the British mint. RECEIPTS AND EXPORTS OF GOLD IN NEW YORK FOR 1863. By reference to page 471 of the Cyclopædia for 1862, the table for that year will be found. It will be observed that the amount of specie drawn from the interior into the banks was largest in the month of July, when the rise of gold first became important, and that for a year it reached the sum of $43,907,975. This year, with a much greater rise in price, the sum so drawn in has been much less. The largest amount obtained was in October, when the desire to invest in Government stocks became very great, and the price of gold rose rapidly after the fall in summer. The amount drawn in from circulation and shipped out of the country in two years, has been, it appears, nearly $75,000,000. There has been, in addition, a large amount shipped to Canada, and also from other ports than New York. The whole amount that has left the country will not fall short of $120,000,000. The natural fluctuations of gold were interfered with to a considerable extent by the movements of speculators, who, at some periods, 85,954,550 1 @ 39 par as in February and March, caused the price to rise to a very considerable extent above what the mere action of paper and purely commercial agencies would have produced. In order to prevent this movement, which it was supposed was undermining the national credit by causing a large apparent difference between the Government paper and the metals, the following law was passed by the Legislature of the State of New York: "Any and all banks, insurance companies, trust companies, savings institutions, and other moneyed corporations, shall be and are hereby prohibited from making or continuing any loan or loans, in money or otherwise, upon gold coin or bullion, or any paper representations of these or either of them, or upon any foreign bill or bills of exchange whatsoever, under the penalty of a forfeiture of their charter or articles of association, as the case may be; and any such loan or loans so made, or continued to be made, shall be absolutely void, and no action for the recovery thereof shall lie in or be entertained by any court of justice of this State." Section 2 provides that this act shall take place immediately.-Feb. 18th, 1863. These laws, passed when gold was at the |