This will barely make up the average of the four previous years; whilst after Christmas, unless we have au unusually mild winter, the imports will cease for four months, in consequence of the frost. The shipment of breadstuffs has been large, and it has been supplied from the interior, by rail and water, with great freedom; insomuch that the prices have not advanced under shipments that have carried the exports of the port of New York to a grade never before reached, and which have gone far towards equalizing the trade of New York, by overcoming a portion of the great disparity which exists usually between the imports and exports. This disparity has arisen from the fact that a large portion of the imports are for the account of that sec tion whose exports go forward mostly direct, but whose returns come through the port of New York. In the present year the Western productions have come forward with a liberality, and have been appropriated to the discharge of debts in such sort that, although the exports have been increased, there has been no answering return of imported goods. The supply of capital has been large and prices lower, the more so that the usual political circumstances that attend a Presidential campaign have caused some hesitation about employing capital. The stock market, which, under such circumstances of abundant means and absence of speculation or commercial demand, became so active at advancing prices, as noticed in our last, lost its activity and more thau the whole of the advance that had previously taken place. The nature of the change is seen in the following figures: N. Y. Central..... -June 15.-October 10.- Nov. 19.Capital. Price. Value. Price. Value. Price. Value. $24,182,400 81 $19,000,000 90 $21,780,000 70 $16,927,630 25,000,000 60 15,000,000 87 22,000,000 56 14,000,000 11,000,000 17 1,870.000 40 4,400,000 26 2,860,000 Total... Average. 45 .. 62 46 $120,077,112 $55,906,196 $75,746,620 .. $55,444,947 The advance took place almost altogether in railroad stocks which are not dividend paying, and which were borne upward upon the speculative purchases of those who anticipated, through the returning traffic of the country, a restored value in those securities. The progress of the fall trade showed, however, that these expectations were, to say the least, premature, and the passage of the div idend by one of the companies of which the strongest expectations had been entertained, " broke" the market, and a declining tendency set in which was favored by the operations of the "bear" party, on the plea of political dangers, until the whole of the advance was lost. The decline involved the fall even of the Federal and State stocks, and in the midst of a general abundance of money. The apprehension of political evils came seriously to affect general business, showing itself in the demand for gold for the South. The growing panie caused United States is to sell at 97. Virginia State 6s at a fall of 16 per cent; Missouris 10 per cent; Tennessees 13 per cent; Ohio 6s 5 per cent. Under the circumstances the Treasury Department issued the following notice : JOHN J. Cisco, Assistant Treasurer, United States. WASHINGTON, D. C., November 17, 1860. Such bidders for the loan as, on or before the 22d instant, shall have paid up one-half of their offers, I have decided to allow 30 days from that date to pay the other half. Inform such bidders as may ask extension of time. HOWELL COBB, Secretary of the Treasury. The general abundance of capital in the country is marvelous, when we reflect upon the immense amounts absorbed in railroad building during the last ten years. It is the fact that each road opened has developed, up to this time, more capital than it has cost, by enabling labor and fresh land to add their joint production to the circulating capital of the country. The number of freight and passenger roads in operation West was about 260, having cost $1,088,000,000, and the gross revenues of these roads was $111,203,245, or 11 per cent of the gross cost. This revenue was composed of fares, freights, and mail charges, and leaves about 6 per cent net on the gross investment. That vast sum has been gathered from traffic that has been created in the last twenty years, by the operation of the roads, since they have opened new lands that have received new settlers, and their labor has been the basis of the business. These roads are but now in running order, while the settlers on new lands are hardly yet ready to supply the full amount of traffic of which they are capable; but every year of the next ten will probably show an addition to the business of the roads, while few will be built. From a railroad work recently published, the following facts appear in relation to the railroads of the New England and Middle States :-Number of miles in operation Cost of miles.... 9,851 $485,991,781 Receipts from opening Receipts, net...... $666,662,148 438,104,907 $228,557,241 These are aggregate figures from the opening of the roads to the present time, which will average twenty years. In that time, therefore, the vast sum of $228,557,241 net has been derived from railroad traffic--a traffic which did not exist before the roads were built. This traffic has returned the capital advanced for their completion, and 50 per cent in addition. How large must have been the sum of industrial products which has paid that sum! While railroads have been thus active, steam tonnage has been no less so. If such has been the case in the last twenty years, what may we not expect from the continued operation of the same causes, actuated by abundant capital, in the next twenty years, provided that the country is not torn by the dissensions excited by place-hunters? The effects of disturbance began to be felt early after the election, manifesting itself in growing discredit at the South, and consequent uneasiness as to the ultimate effects of hesitation in payments. The money market, therefore, has declined in price for long dated paper as follows:- Not well known. 15 a 18 9 a 10 11 a 13 Apr. 15th.... The short paper continued to go freely, but long dates were without takers to any considerable extent. The capital usually employed in the purchase of bills by individuals, was withdrawn; although capital was offered to the brokers at 7 per cent, they dare not employ at any terms. Paper was sold at 12 and some at 21 per cent, which 3 months before would have been done at 64. The exchanges of the South fell to lower rates on New York, and the banks and remitters were reluctant buyers. In consequence a current of specie set southward in degree somewhat greater than usual even at this season. The loss of credit, growing out of political derangements, by causing a change in the usual mode of moving the crops to market, produced much difficulty. The series of obligations depending upon the flow of payments in one direction becomes disturbed when the commodities on which they are based seek their destination through new channels. The comparatively large exports of the port of New York at this season of the year have caused an unusual supply of bills at a season when gold is generally depended upon to bridge over the supply of the cotton crop. The rates of bills have therefore fallen to very low points, with loss of confidence, as follows: These rates were nearly nominal-some sales were made at par. The wants of produce shippers were very urgent. At the West exchange rose to 10 per cent; bank accommodation ceased, and collection became impossible. The receivers of produce who sold to shippers could not get paid, because bills were unsaleable, and as a consequence could not meet Western paper. Some efforts were made to draw the gold from abroad for the bills. That cost time and money. Apr. 7..... ... The general abundance of money has favored remittance, and the lower rate of bills, now accompanied by a cessation of the export of specie, would indicate not only no great balances due abroad, but also that there is no disposition to remit foreign capital. The question of safety being settled, the circulation of the market promotes the influx of capital, seeing that the rate of money rises, and the lower prices of bills tempt investment. As compared with last year, the specie movement has been as follows: GOLD RECEIVED FROM CALIFORNIA AND EXPORTED FROM NEW YORK WEEKLY, WITH THE AMOUNT OF SPECIE IN SUB-TREASURY, AND THE TOTAL IN THE CITY. 14...... $1,376,300 11..... 1,319,923 26..... 1,287,967 21..... --1860. Total Specie in Exported. sub-treasury. in the city. $85,080 $7,737,965 $25,600,699 88,482 7,729,646 26,470,512 259,400 8,852,485 27,585,970 81,800 8,957,123 29,020,862 427,457 9,010,569 28,934,870 92,350 9,676,732 29,464,299 592,997 10,012,572 30,603,762 202,000 8,955,203 29,729,199 667,282 8,734,028 31,820,840 115,473 8,237,909 30,139,089 429,260 8,099,409 31,271,247 465,115 8,122,672 31,408,876 706,006 8,026,492 81,447,251 310,088 7,562,885 30,162,017 630,010 7,714,000 31,640,982 241,503 7,531,483 30,764,897 382,503 1,198,711 152,000 895,336 2,355,117 576,107 1,637,104 1,146,211 1,496,889 1,680,743 1,455,337 1,774,767 7,668,723 30,848,532 2,169,197 7,041,143 30,856,889 15.. 22.. 29.. 2,041,237 July 9.. 14.. 21.. 28.... Aug 4.... 1,669,263 1,385,652 2,526,478 6,426,755 30,537,000 1,620,731 1,417,757 6,326,894 29,677,815 1,861,163 1,541,580 1,962,776 6,253,357 28,717,607 1,398,885 1,166,773 5,187,468 27,939,162 1,736,861 2,495,127 1,514,884 1,283,135 5,404,367 28,156,061 2,030,220 2,145,000 2,344,040 1,284,855 673,290 1,624,280 5,432,789 28,876,433 1,880,497 5,112,942 28,212,668 988,676 1,739,259 5,559,922 27,688,011 1,860,274 1,505,389 1,006,283 1,357,198 5,732,584 27,312,274 The exports, it appears, have dwindled to an insignificant sum, as compared with those of last year, and the aggregate exports are, since January, twentyfour-and-a-half millions less. The receipts of gold from California have also been correspondingly less. The large sales of Western produce, after the unfavorable balance of the ledger, caused by the difficulties of 1857, shall have been corrected, will tend to cause an increased demand for the metals. This, however, by the same causes, will be supplied by retaining the gold in the country, which, but for the outgo of breadstuffs, would proceed to Europe. The operations of the United States Assay-office have been as follows :- Foreign. Gold. Silver. NEW YORK ASSAY OFFICE. Payments in Jan. 14,000 June 12,000 19,000 10,000 July 9,500 18,000 12,800 Aug. 12,000 14,000 16,000 Sept. 13,000 41,000 7,500 Coin. Bullion. Coin. Bullion. Gold. 18,000 11,200 14,000 2,478,000 Feb. 5,000 28,000 6,500 24,000 951,000 Mar. 8,000 15,000 23,400 5,500 267,000 1,100 Apr. 8,000 32,000 14,500 10,000 183,000 3,700 May 11,200 20,800 25,500 18,000 176,000 7,000 4,000 147,000 1,750 8,000 159,500 1,200 14,100 208,000 1,000 14,000 Coin. Bullion. Bars. Coin. 647,000 1,910,000 .... 323,000 8,500 350,000 57,000 6,400 38,000 1,183,000 1,000 12,600 300,000 958,000 49,600 6,075,500 18,550 83,050 3,314,000 4,759,000 90,120 2,699,000 1,128,100 Tot. 99,700 109,800 133,800 '59 105,000 110,000 393,980 The deposits of gold this year, as compared with the last, are very large, and there has been paid in coin to a far greater amount than last year, when the export of bars was much more active than it has this year been, or is likely to be. As a necessary result, the Mint shows a far greater degree of activity than it did last year, particularly in the coinage of gold, as follows:- $6,291,689 $458,004 $5,964,451 $589,859 $196,660 $7,464,082 1,232,514 772,496 1,153,941 887,996 290,000 4,336,947 There has been, it appears, an excess of coinage this year over last of nearly $1,000,000. The quantity of coin in circulation is now probably larger than for any time since the panic of 1857-the effect of that event having been to draw off coin in default of other means of payment. The operation of the banks at the South does seem to have been widely different from last year. The New Orleans banks held almost the identical quantities of exchange, week by week, through October, that they held last year. They last year, however, increased their loans in that period $2,000,000, while this year they have not increased them at all, the specic being $3,000,000 less. The cotton movement has also |