COMMERCE. 



185 



bond at the close of the year was small. To 

 maintain the amount of revenue, it is apparent- 

 ly necessary to reduce the rate of taxation, in 

 order that the present prohibitory tendency of 

 the tariff may be modified, and so permit of 

 greater receipts. The effect of the duty on 

 the cost of goods is also greatly increased by 

 the depreciation of the currency. Thus a cer- 

 tain description of woollens pay sixty per cent, 

 tax in gold, and the same article of home 

 manufacture pays five per cent, in paper. It 

 operates as follows : 



Premium cost $1 OC 



Premium on exchange $ 1 2T 



Gold duty 60 



Gold duty premium. 76 



Total tax "_ 2 _ 63 



Cost imported goods $3 63 



The tax on the home-made article of the 

 same description being only five cents per dol- 

 lar ; as soon, therefore, as the duty becomes 

 prohibitory, the Treasury loses sixty cents in 

 gold and gets only five cents in paper. The 

 imports at the port of Xew York, monthly, for 

 the year, are shown in the following table : 



I860. 



1861. 



1862. 



1863. 



1864. 



The effect of the fluctuations of the currency 

 in reducing the credit system and forcing cash 

 transactions upon those engaged in business, is 

 very apparent in the returns made of the num- 

 ber of failures and the amount of the liabili- 

 ties of the parties in the few last years, as fol- 

 lows : 



The year 1857 was one of panic, and in 1861 

 the war, by cutting off resources, caused a con- 



siderable amount of distress, but the curtail- 

 ment of credit has since given a very effectual 

 check to that mercantile evil. 



The imports at the port of Xew York for 

 the year 186-4 were as follows : 



Dry good? 171 



Othergoods 144. 



Specie *f 



$215,125,760 

 The amount in 1863 f 187,614,557 



Among the general imports of the year, cot- 

 ton and wool, formerly articles of export, still 

 hold a prominent place. 



The following table shows the quantities and 

 invoiced specie values of the principal foreign 

 imports, other than dry goods and specie, at 

 Xew York, during 1864 : 



FOEEIGX IMPOETS AT THE POET OF XEW YOKE FOP. THE YEAE 1564. 

 [The quantity is given in packages when not otherwise specified.] 



