In consequence of the actual or approaching termination of various annuities the amount of the debt has been considerably lessened. The estimated capital value of these annuities has not been computed previously to 1855. Since that date, however, they stand as follows:

1854-55...
1862-63..

Difference...

£26,763,244

17,757,183

. £9,006,061

The whole amount of the debt stands at present, therefore, almost the same as in 1853, whilst the actual funded and unfunded debt is now less than it was in 1842.

COMMERCIAL CHRONICLE AND REVIEW.

EFFECT OF ELECTION-WANTS OF TREASURY-EXPENSES OF GOVERNMENT-GOLD STOCK-PRICES GOVERNMENT STOCK-CIRCULATION INCREASING-CONSUMPTION OF FOREIGN GOODS AND INCREASED COST OF SAME-SPECIE AND PRICE OF GOLD-SPECIE IN THE CITY-DUTIES DECREASED-GOLD HELD BY BANKS DECREASED EXPORTS OF SPECIE-RATES OF EXCHANGE.

THE general elections, which took place the 8th of this month, under circumstances of extraordinary interest, has to some extent interfered with the course of business. The supposition that the event of the election might work a change in the management of the war checked all disposition to do business and induced most persons to put off enterprises that would otherwise have been prosecuted. Some imagined that more definite steps towards peace would, after election, be taken, and, for this reason, an appreciation of the government money would manifest itself in a fall of gold and prices; consequently, buyers refrained from acting and holders from selling. Gold did indeed fall heavily from 256 to 210, and as rapidly rose to 260 on the day preceding the election, but again fell off under various influences at work. These fluctuations in gold continued to check business, and the uncertainty as to the future operations of the Treasury had a depressing effect.

The amount of money to be raised is very large, and the mode of doing it will have a great influence upon the course of business. There seems to be three general modes of proceeding. One is to tax for a large proportion of the required sum; another is, to raise a large proportion by issues of gold stock; another, by issuing paper and stock with interest payable in paper. It is obvious that, ultimately, if specie payments are ever resumed, all the interest on the public debt must be paid in gold, hence, paper interest and paper issues are a costly expedient which will make the ultimate burden greater by uselessly swelling the amount. The past year, the expenses of the government were as follows:

The internal taxes now yield nearly $200,000,000, but the customs have greatly declined. The taxes cannot be greatly increased by legislation now, so as to be available this year. There is, therefore, a certainty that a large amount must be borrowed. The most economical way is to borrow the whole on a gold stock, at the market value, and require all prices to adjust themselves to that standard. This would, of course, have a very depressing effect on all business, and is not a course likely to be popular. Nevertheless, it appears to be the only safe course for the administration to pursue. On the 1st December the Treasury sold $25,000,000 of 5-20 gold interest stock at 105 privately. The market price being 1064.

The impression which gained ground, to the effect that no more gold stocks would be issued, imparted greater firmness to the government stocks, which were quoted as follows:

The rise in the 7.30 grew out of the claim of the holders that the notes were receivable, under the law, for customs, and suit was brought in the United States courts to test that right. Should it be decided in favor of the holders, the notes would be worth 220. The change caused the rise to 124 at one time.

Money has become exceedingly plenty during the month. The sums paid out to the army return in the way of trade, swelling the deposits in the banks, but there was little business demand for it. The amount of greenbacks now out is about $150,000,000. The National bank notes have increased their circulation to $64,000,000, and progress at the rate of $2,000,000 per week, as is noticed under the banking head. The tendency is now to fill up rapidly the $300,000,000 of bank capital authorized by the existing law. These notes issued by the National banks are redeemable in the "greenbacks," which are at present of a value of 40 cents per dollar in specie. As the emission of National notes goes on, the whole circulation of bank notes and greenbacks will approach the fixed amount of $700,000,000 of paper currency. There are also outstanding $61,000,000 of 5 per cent. legal tender, on which the coupons are paid December 1, and, being cut off the notes, become currency and will be used as such until the interest again accumulates, causing them to be hoarded. There are also $150,000,000 of notes, legal tender for the face, with interest compounded every six months for three years. This mass of currency approaches $1,000,000,000, and, if paper stocks are issued, must be increased to float them.

Consumption of foreign goods has been stopped in great measure by the rise in price. What in the aggregate is the extent of this rise may be seen from the following estimate.

The customs receipts for the whole Union in the past year were, quarterly, as follows:

This currency value is according to the average price of gold each week in New York, when the duties were paid. Ina. much as the currency value of the duties is added to the cost of the goods imported, that value represents what the consumers of goods pay. The whole amount of dutiable goods imported in 1864

was $260,381,101, and the average value of gold, as above, being 155, the exchange was 170. The actual cost of the goods was then as follows:

Thus the amount of money paid by consumers, exclusive of the profits of importers, jcbbers, and retailers, internal transportation, insurance, etc., was $601,000,000 for a prime cost of $260,000,000, or 154 per cent average advance for the whole year; but the rate was much heavier in the last quarter than in the first. If we take the quantity of goods that paid duties in October and in June, and the amount of duties collected, the results are as follows:

Thus doubling the duties in the spring only raised the average collected 5 per cent. A very large proportion of the goods that arrived in June, however, went into bond, as in April a very large quantity was taken out of bond to avoid the then expected duties. The currency rate of gold increased the cost paid by consumers, as follows:

Thus the rise of 53 per cent in gold operated a rise of 83 per cent in the cost of goods; of this 5 per cent only was actual advance in the tax by the Government. It is manifest that so heavy an advance in the cost of goods must have produced a serious check in their consumption, and this has manifested itself in the decline of business for the autumn season.

The slackness of business, which caused a diminished demand for gold for duties, also checked the demand for remittances abroad, and the movement was limited up to the approach of November, when the amount due abroad for interest on 5-20's fell due. The shipments then increased. The whole movement was as follows:

473,385 273,429

168,912

19,527,665 634 a 71

607,059

158,437

629,855

30

294,998

451,827

14

661,996

488,745

802,344 345,471 20,924,287 67 a 29 269,522 1,002,384 21,687,670 71 a 89 8,226,000 24,868,203 721 a 79 282,376 1,271,836 24,087,343 77 a 85 282,276 1,174,241 23,082,028 71 a 81 2,452,668 22,635,155 61 a 76 383,428 1,884,195 22,091,691 73 a 85 279,994 21,973,180 87 a 921 411,483 271,801 1,425,688 22,461,604 87 a 904 235,364 1,543,600 24,041,704 92 a 991 522,147 291,208 1,886,663 22,916,291 94 a 981

....

560,677 21,206,685 115 a 180 486,339 20,084,917 122 a 176 301,244 21,234,354 144 a 185 556,464 21,033,912 1504a1684 404,312 21,051,896 144 a159 90,111 21,159,518 155 al611

22,000,898 99 a 130

841,883

21,080,309 152 a1594

48,009

20,794,268 155 al58

206,898

Sept. 3

19,952,949 145 a157 444,503 20,136,547 181 a153

486,451

20,603,881 125 a143

669,733

20,065,180 114 al30

1,288,559

20,065,180 100 a126

Oct.

603,604

19,671,131 85 alco

66

8

1,243,273

287,758 239,491 20,522,032 99 a108 616,456 21,010,360 110 al15 585,302 279,121 932,648 21,078,307 1094a1204 646,017 381,310 2,296,630 21,740,327 121a146 895,796 489,632 1,224,280 22,491,122 238 a260 1,006,907 1,545,165 21,438,959 2098a225

20,065,557 89 a103

Total..... 10,445,923 $58,879,548 10,963,530 42,499,017

The Treasurer gave notice in August that the interest on the November coupons would be advanced on application. Few, however, availed themselves of this offer. Those holding these bonds for investment, and using the interest for expenses, did not draw the gold until it was quite due, because it was safer in the Treasury than elsewhere, while others holding the bonds to sell would not draw the interest because the bond without the coupon was not saleable. Hence the amounts drawn before due were not large.

The amount of specie in the city has been reported for four months as follows: