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The unsound condition of the banks in 1838 and 1839, became manifest, when, in 1843-44, resumption of specie payments became necessary. Under that severe test, only eight institutions survived. Of those eight, three have since failed, under disgraceful circumstances. Under the law of 1845, two new systems of banking were devised, and their effect seems to have been, by a parade of sham security, to engender public confidence in institutions which are far from deserving of it, and these multiply with the rapidity manifest in the table. The bank circulation in Ohio is now nearly double that of the New Orleans banks, and it exceeds the safe rule recognized by paper money bankers, as a basis for a circulation, viz., three to one of specie. While the circulation of the New Orleans banks is as 1 to 14 of specie, that of the Ohio banks is as 44 to 14 specie. In the case of the New Orleans banks, moreover, the money is loaned upon accredited bills of exchange, which are themselves money, forming the currency by which international commerce is conducted. In Ohio, the tendency is rather to discount notes, for goods purchased and sold upon credits, which are gradually extending and becoming more hazardous. Adverse exchanges must be fatal to such a volume of credits. Up to this time, the course of the foreign markets is favorable to a continued health of the exchanges; but the above table admonishes that the repletion of bank credits in Ohio, is already producing its legitimate results, in diminishing the specie in the bank vaults. For the first time since the new banks commenced operation in 1846, the return of specie shows a lessened sum on hand, while exchanges are still in favor of the east. The tendency of the inflation, is to prevent Ohio from selling produce on as good terms as Michigan, Illinois, or Iowa, where the banks do not, comparatively, exist. A check given to Ohio exports, will enhance the difficulty of collecting bank debts, at a moment when the demands upon them for specie will be the most urgent. It is, however, to be remembered that the foreign demand for stocks embraces those of Ohio which now sell at par in London, whence, in the last few years, they have been remitted to this country. This opens a profitable outlet for considerable quantities of Ohio stocks, of which the banks in question have some $2,000,000, as security for circulation, and which has considerably advanced in value, since they purchased it. The probabilities are, that the multiplication of corporate capital in many of the States, will progress rapidly in the coming year.

COMMERCIAL STATISTICS.

IMPORTS OF FOREIGN MERCHANDISE INTO THE UNITED STATES.

A SUMMARY STATEMENT OF THE QUANTITY AND value of gooDS, WARES, AND MERCHANDISE, IMPORTED INTO THE UNITED STATES FROM JULY 1, 1847, TO JULY 1, 1848, DERIVED FROM THE LAST ANNUAL REPORT OF THE SECRETARY OF THE TREASURY ON COMMERCE AND NAVIGATION.

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