bor and Tampa Bay, the route lies through a country generally low, and intersected by innumerable streams and bayou There are several fishing establishments at the harbor, in which, about fifty Spaniards and Indians are employed. A road through that country would be, at this time, of little value in a military point of view, nor would it ever be of much importance, unless Charlotte Harbor should become the resort of pirates, which is not probable, as it is entirely out of the range of commercial intercourse. [Sen. and H. of R. ANNUAL TREASURY REPORT. TREASURY DEPARTMENT, 22d Dec 1825. SIR: I have the honor to transmit a Report, prepared in obedience to the "Act supplementary to the act to establish the Treasury Department." I have the honor to be, with great respect, Sir, your obedient servan', RICHARD RUSH. The Hon. the SPEAKER of the House of Representatives. In obedience to the directions of the Act supple 1824 and 1825. The survey of the route from St. Augustine to Cape Florida has been completed. Colonel Gadsden, the commissioner appointed to perform that service, is of opinion, from a minute examination of the country, (and I concur in the opinion) that the improvement of the inland navigation, as far as the Southern point of Indian rver,mentary to the Act, entitled "An act to establish the would effect the objects which the Government has in Treasury Department," passed on the 10th of May, view by a road, at a less expense; for military purposes 1800, the Secretary of the Treasury has the honor to it would be superior, and as a convenience to future set- submit to Congress the following Report: tlements in that part of Florida, it would be preferable. 1. Of the Public Revenue and Expenditure of the years The only expense to be incurred in improving the navigation would be the opening of a canal between Indian and Musquito Rivers, a distance of not more than one mile. Were that done, and the old Spanish road from St. Augustine to Smyrna repaired, the communication would be uninterrupted to the river St. Lucie, which is two-thirds of the distance to Cape Florida, and is, perhaps, the ultimate limit of population on the Atlantic coast. But, whether the Government determine to open a communication South of St. Augustine, or not, I consider it highly important that a good road be made from the St. Mary's river to St. Augustine. Annexed are the reports of Colonel Gadsden, which contain much valuable information in relation to the country south of St. Augustine. For those surveys Congress appropriated three thousand dollars, of which nine hundred and twenty-seven dollars and eighty-five cents remain unexpended. The Northern section of the road authorized, from Colerain, in Georgia, to Tampa Bay, in Florida, by an act of Congress, approved the 3d day of March last, will be commenced in the course of next month. By the last accounts received from Tampa Bay, I have reason to believe the troops are now employed upon the Southern section of that road. The whole country through which it must pass is low and flat. The labor of making it will, consequently, be greater than had been anticipated. The sum already appropriated will, however, be sufficient to make a practicable road for carriages of every description, in the dry season of the year; but to make the causeways and bridges necessary in the wet season, and to construct a road equal to that from Pensacola to St. Augustine, a further appropriation of six thousand dollars will be necessary. There being no direct taxes, of any kind, duties of excise, or other internal duties, in operation under the authority of the United States, the public revenue, by their existing laws, arises almost entirely from duties upon foreign merchandise imported, and upon tonnage, and from the sale of the public lands. There are other branches, from which small and occasional receipts are derived: as dividends on Bank Stock, the Post Office, arrearages of taxes due under former laws, and other incidental payments, the aggregate of which, whether from temporary or permanent sources, is inconsiderable, as will appear by statements annexed to this report, where all are recapitulated. The receipts from the Post Office, indeed, have of late years exceeded a mil lion of dollars annually; but this sum, exhausted for the most part in defraying the expenses of that extensive and useful establishment, performs in this manner the highest purposes of revenue, by contributing to the intercourse, the trade, and the prosperity of the country. The nett revenue which accrued from duties on im ports and tonnage, during the year 1824, amounted to $20,385,430 42 The actual receipts into the Treasury, from all sources, during the year 1824, amounte 1, (including the loan of five millions, at 44 per cent. interest, to dis harge Florida claims,) to $24,381,212 79 Viz : $17,878,325 71 Public Lands, the Bank of the U. States, dental receipts, Loan made under the act A road is much required from Natchitoches to Fort Towson, on Red River, and thence to Fort Gibson, un Repayments of advances the Arkansas. Those posts are highly important, whe-made in the War Departther they be considered in relation to the military dement, for services and supfence of the Southwestern frontier, in the event of war, plies, prior to the 1st of Juor their influence over the Indian tribes in their vicinity, ly, 1816, during peace. At present they are almost without com. munication, both with the interior, and with other posts. The distance from Natchitoches to Fort Towson is about three hundred and twenty miles, and thence to Fort Gibson is about one hundred and fifty miles. A good read could be made by the troops at a trifling expense. As it regards the military defence of that frontier, I consider the improvement of the navigation of the Red River a matter of the first importance; it might be done by the troops, and, I confidently believe, the difference of the expense for the supply of Fort Towson would, in five years, equal the sum necessary to complete the work. I have the honor to be, &c. TH. S. JESUP, Brig. Gen and Quar, Mast. Gen. The Hon. JAMES BAREOUR, Secretary of War. 472,987 04 45,481 89 of the 24th of May, 1824, An aggregate of $9,463,922 81 $53.845,135 60 The regular and permanent expenditures of the Unit ed States divide themselves into two principal branches: First, the sums authorized by law for defraying the whole expenses of the Government, Domestic and For The difference between this balance and that stated in the last Annual Report from the Treasury, is reconciled by the facts, that the balance, last year, was given as an estimated balance, subject to correction by actual settlement afterwards, and that it included the moiety of the loan of five millions, under the act of May the 26th, 1824, which was not paid into the Treasury until after the 1st of January. The actual receipts into the Treasury during the three first quarters of the year 1825, are estimated to have amounted to $21,681,444 56 Viz : Customs, Public Lands, Dividends on Stock in the Bank of the U. States, Arrears of internal duties and direct taxes, and incidental receipts, Repayments of advances made in the War Department, for services or sup plies prior to the 1st July, 1816 15,196,397 00 367,500 00 98,886 29 Loan under the act of May 26, 1824 41,758 60 5,000,000 00 the gradual increase of the Navy Public debt 19th CONGRESS, 2,127,156 37 11,074,987 79 And the expenditures during the 4th quarter are estimated at Viz: Civil, diplomatic, and miscellaneous Military service, including fortifications,ordnance, Indian department, Revo. lutionary and military pensions, arming the militia, and arrearages, prior to the first of January, 1817 Naval service, including the gradual increase of the Navy Public debt 3,253,000 00 445,000 00 960,000 00 1st SESSION. 820,000 00 1,028,000 00 23,443,979 91 Making the total estimated expendi ture of the year 1825 Should the expectations formed respecting the receipts in the fourth quarter be realized, the amount of receipts for the whole year will have exceeded the estimate presented by the Treasury, at the last session of Congress, by about 500,000. It is to be remarked, that,of the above estimated balance of 5,284,061 78, the sum of 3,500,000 is not subject to appropriation, being the estimated amount that will remain,on the 31st of December next,unsatisfied, of appropriations heretofore made. These appropriations being necessary for the objects for which they were severally made, are still an existing charge upon the means of the Treasury. Of the residuary balance of 1,784,061 78, it is proper distinctly to state, that about one million cannot be counted upon in any estimate of effective funds for the public service. It is made up of debts due from various banks, whose notes were received by the Government during the suspension of specie payments, or which were heretofore used as Banks of deposite; debts, of which the recovery must, in regard to a large part, be doubtful, and, in any case, slow. It may be proper to add, that the permanent deposites generally, made in State Banks, have recently been 5,100,000 00 withdrawn, or put in train to be so: the public exigences, which rendered it necessary to make them, in common with those on which the losses abovementioned are likely to occur, no longer existing. Such portions of the deposites as may still remain in any of these institutions, will be further withdrawn, as circumstances may render just and expedient, until these operations are closed; nor will they be renewed where it may be avoidable. 26,781,444 56 1,946,597 13 28,728,041 69 It may be proper, also, to state, that directions have lately been issued to all the Receivers, and Collectors of the Public Revenue, not to receive, in any payments made to them, bank notes of any of the State banks of less amount than five dollars. In discountenancing a species of paper circulation deemed to be objectionable, reference was had to the authority and example of Congress upon this point, as seen in the prohibition to the Bank of the United States, and to the Banks existing in the District of Columbia, against issuing notes of a lower denomination. To guard against all inconvenience to individuals, from the adoption of this measure by the Treasury, especially in the districts where the public lands are sold, an adequate previous notice was directed to precede its enforcement. 11. Of the Public Debt. The total amount of funded debt due on the first of October, 1825, was 80,985,537 72 Of the above amount, the only portion remaining unpaid, of the Revolutionary debt, is the three per cents, amounting to 13,296,231 45. This sum, and the subscription of seven millions in the Bank of the United States, at five per cent. (the United States holding an equal amount in the shares of that institution,) are redeemable at the pleasure of the Government, making, together 20,296,231 45 The residue of the public debt, contracted subse quently to the first of January, 1812, and amounting to 60,689,306 27, exists in the following portions, and is redeemable at the following periods, viz. In 1826, being the residue unpaid of loans made in 1813 In 1827, being the residue unpaid of loans made in 1814 In 1828, being the residue unpaid of loans made in 1815 The stock of the foregoing portions of the debt is all at 6 per cent. In 1829, stock at 4 per cent. being the moiety of 6 per cent. stock of 1813, exchanged under the act of Congress of March 3, 1825 In 1830, stock at 4 per cent. being the other moiety exchanged as last above stated In 1831, stock at 5 per cent. This is one-third of the sum of 56,704 77, issued in exchange for the 6 per cents. of 1813, 1814, and 1815, subscribed under the Act of the 20th of April, 1822 In 1832, stock at 5 per cent, being one other third part of the sum subscribed, as last above stated In 1832, stock at 44 per cent., borrowed of the Bank of the United States, one-half to pay the Florida Claims; the other half to pay off the 6 per cents. of 1812, under the Act of Congress of May 26, 1824 In 1832, stock at 5 per cent., under the Act of Congress of May 15, 1820 In 1833, stock at 5 per cent., being the remaining third, subscribed under the Act of April 20, 1822 In 1833, stock at 44 per cent., being one moiety of the amount subscribed in exchange for 6 per cent. stock of 1813, under the Act of May 26, 1824 In 1834, stock at 44 per cent., being the other moiety subscribed as last above stated In 1835, stock at 5 per cent., being the amount issued under the Act of Congress of March 3, 1821 Total, redeemable at the periods specified Total, redeemable at the pleasure of the Government Total amount of funded debt on the first day of October, 1825 16,270,797 24 13,096,542 90 9,490,099 10 792,569 44 10,000,000 00 999,999 13 [Sen, and H. of R. And the amount of Mississippi Stock, unredeemed on that day, including awards not applied for, at $7,850 17. The foregoing recapitulation exhibits the precise amount of the public debt now due, as well as the dif ferent periods at which, by the terms of the several loans under which it was contracted, the United States are at liberty to pay it off. Of the sum of 11,074,987 79, mentioned under the head of expenditures for 1825, as having been paid off in that year, 7,727,052 19, were on account of principal of the debt, and the remainder on account of interest during the three first quarters of the year. Nearly the whole of the principal, thus paid, was outstanding at an interest of 6 per cent. Looking to the above recapitu. lation, it appears that, in the years 1826 and 1827, a larger amount of debt becomes redeemable thar it will fall within the ordinary surplus me ns of the Govern ment to pay in the course of those years, viz. a sum exceeding sixteen millions in the former, and thirteen millions in the latter year. Both these portions of the debt are, also, at an interest of six per cent. In 1828, the amount redeemable is at a point which, it may be hoped, the stated means of the Treasury, for that year, will reachthe ability to pay off increasing as the process of reduction advances, both by the increasing means of the nation and the annual liberation of interest on the amount of debt reduced. But, in the year 1829, only a very small amount becomes redeemable, viz: less than one million, and, in the year 1830, a sum no larger. At the period of the last annual report from the Treasury, no portion of the debt became redeemable in either of those years; and, with a view to a more equal diffusion of payments, as well as to effect a saving in in792,569 44 terest, it was recommended that the excess of debt which could not, by the ordinary resources of the Treasury, be discharged in 1826 and 1827-the debt redeemable in the former year, then standing, at 19,000,000,— should be thrown, in equal portions, upon the years 18,901 59 1829 and 1830. To carry this recommendation into effect, so far as applied to the year 1826, a loan of twelve millions was recommended at 5 per cent., one-half to be 18,901 59 redeemable in 1829, the other half in 1830; the entire twelve millions being intended to constitute a fund with which, in conjunction with the annual surplus means of the Treasury, to pay off the nineteen millions redeemable in 1826. The principle of the recommendation was adopted by Congress, but not its precise terms. An act was passed on the 3d of March, 1825, authorizing an exchange of stock to the amount of twelve millions of dollars, at four and a half per cent., for a stock of like amount at six per cent., the latter being so much of the stock of 1813 as was intended by the Act to be redeem18,901 59 ed. The Act also authorized a loan to the same amount, and at the same rate of interest, to accomplish the same object; both modes not to be pursued, if either succeeded. The new stock of four and a half per cent., 2,227,363 97 whether proceeding from the exchange or the loan, was, by the terms of the act, to be subject to redemption in 1829 and 1830, in equal portions. The proper mea 98sures were taken to execute this Act, but have prevailed only to a limited extent. The operation of exchange, which was first resorted to, took effect to the amount of 4,735,296 30 1,585,138 85; and this sum, divided into equal parts, forms the two sums that now stand in the general table of the debt, as redeemable in the years 1829 and 1830, whilst they have also served to diminish, by so much, he s.x per cent. stock of 1813. Proposals for a lon for the residue of the sum wanted were next issued: bu' no offers were received. The causes of the failure, it may be presumed, were, the low rate of interest, and short periods of redemption, held out by the act, in conjunction with an activity in the commercial and manufacturing operations of the country, affording higher inducements to the investment of capital. This mode 2,227,363 60,689,306 27 $80,985,537 72 The amount of Treasury Notes outstandig on the first of October, 1825, is estimated at $16,600. Sen. and H. of R.] Annual Treasury Report. { 19th CONGRESS, 1st SESSION. deemable in 1828. Should no unforeseen expenditures arise, and a proper economy be kept up in the public administration, it may reasonably be hoped, as before intimated, that the surplus revenue at the disposal of the Treasury in 1828, will be equal to the reimbursement of that sum. After 1830, the whole amount of debt, on the results herein assumed, would stand at about forty millions; full one half of which will be redeemable at the pleasure of the Government. No portion of it will be at an interest exceeding five per cent. whilst the principal part will be at a rate still lower. With these views of the public debt, so encouraging in their bearing upon its speedy, certain, and regular extinguishment, it is not deemed necessary to recommend, at present, any other measures in relation to it, than the two loans described. of dealing with the debt, whereby, through the instrumentality of new loans, stock at a high interest is converted into a stock at a reduced interest, and whereby, also, the extinguishment of the principal is made to fall in payments as nearly equal as may be, throughout a given number of years, is evidently advantageous to the Public; since it not only lessens the national expenditure, on account of interest, but guards against the possible accumulation of money in the Treasury, in years when it might remain inactive, towards the progressive reduction of the debt. As it is a mode fully sanctioned by Congress heretofore, it is respectfully recommended, on this occasion, that an act be passed, at an early day of the session, giving authority to borrow nine millions of dollars, at an interest not exceeding five per cent. redeemable in equal portions, in 1829 and 1839, in order that the Treasury may be enabled to pay off, in 1826, the entire remaining amount of the six per cent. stock of 1813, redeemable in that year. Nine millions, with the disposable means which the Trea- The public revenue is derived, in an amount so preponsury will probably have at command, in 1826, it is be-derating, from foreign commerce, that the state of the latlieved will form a sum commensurate with this object.ter is always to be chiefly looked to in every prospective Five per cent. is named as the maximum of interest; and view of the national income. As the internal business of considering the short period of redemption, it is not pro-the country has worn a character of activity and increase. bable that the loan could be obtained at a lower rate. The during the present year, so has also its foreign trade, by contingencies of the money market might, indeed, pro- that close connexion which subsists between them. The duce more favorable offers; but these are not to be count-exports for the year ending on the 30th of September last, ed upon with any approach to that certainty which should have exceeded ninety-two millions of dollars. The imports forin the basis of such a financial operation. have exceeded ninety-one millions. Of the exports, upwards of sixty-six millions were of domestic, and the remainder of foreign productions. III. Of the Estimate of the Public Revenue and Expenditures for 1826. Should the act in question be passed, it is further respectfully recommended, that, in the event of the loan being obtained under it, authority be given to issue to the Of the imports, upwards of eighty-six millions were in holders of the stock under the third of March last, ex-American vessels. Of the exports, upwards of eighty-one changed stock equal to the amount of the subscription be- millions. Considering that the vessels of those foreign nafore stated, viz: 1,585,138 88 bearing the same rate of in- tions with which the United States have the most extenterest as that which may be issued under the act proposed. sive commercial intercourse, are now placed upon a footThe two acts will have had precisely the same object. ing of equality, as to duties, and charges of whatever kind, The second, should it succeed, will only have consum-in our port, with the vessels of the United States, this mated an operation which will date its inception from the heavy excess of American tonnage is a signal proof of the first. It is therefore considered that it will belong to a flourishing state of our navigation. It may serve to show proper estimate of good faith to place the stockholders how the efficient protection extended to it by the early under both acts upon a footing of cquality. Those who laws of Congress, succeeded in establishing it in a manner were willing to accede to the terms of the Government at to meet and overcome all competition. Before the era of an early day in this transaction, should not be left in a those laws, it is known how this great interest languished; worse situation than those who may have held back in the how little able it proved, before the auxiliary hand of hope of better offers. Let all be treated alike. It is thus Government was stretched out, to support itself against that the Government will exalt itself before the Nation. It the established superiority, and overwhelming competi is thus that, substituting an expanded justice for the mere tion, which it had to face in the world. letter of a bargain, it will be hkely to invite still larger confidence in future. It is thus that it will ultimately be the gainer, by that connexion invariably subsisting between the permanent interest of every Government, and its standing of unimpeachable and spontaneous equity in the eyes of the public creditor. and of more than two millions of dollars over those ex- The foregoing amount of exports exceeds, by about seventeen millions of dollars, the average amount for the three years preceding. The imports exceed, by about eleven millions, the same average. Whilst this large excess of exports during the past year, arises chiefly from the produce of the soil, it is satisfactory to know, that doShould an act for the loan of nine millions be passed, a mestic manufactures have lent their contribution. Of the considerable surplus of debt at six per cent. will still re- latter, there have been exported to the value of between inain to be provided for, for the service of 1827. More five and six millions of dollars: This is an excess of eight than thirteen millions of the stock of 1814 becoming re-hundred thousand dollars over those exported in 1824; deemable in 1827, the whole cannot be redeemed in that year, but with the aid of a loan. A loan of six millions would be sufficient in all probability, for this purpose, and is, accordingly, recommended. The interest not to exceed five per cent. and the amount to be also subject to re-trade in other respects, have, as yet, been but very par demption in 1829 and 1830, in equal portions. The effect tially disclosed. More time must elapse before such a body of the two loans recommended, which it would be most of successive facts can be presented under it, as may lay a desirable to authorize in distinct acts, would, it is believed, foundation for confident conclusions. The law itself, by be, to enable the Government to redeem the whole of the the terms of its enactment, has not yet come into full six per cent. stock of 1813 and 1814, in the course of 1826 operation in all its parts; and the returns in possession of and 1827. It would also throw upon each of the years the Treasury are not yet complete, even for the short 1829 and 1830, an amount of debt equal to about eight period during which its principal provisions have had any millions and a half, instead of less than one million, accord- efficacy. One thing seeins apparent; that its effect, up to ing to the distribution as at present existing. The only the present period, has not been to diminish the general remaining stock of six per cent. would then be, that of aggregate of the Foreign trade of the country. In esti1815, in an amount under nine millions and a half, re-mating the value of the importations for the last year, it is VOL. II--D 19th CONGRESS, Annual Treasury Report. [Sen, and H. of R. which is more, by 854,313 64, than was chargeable on the same day, in 1824, upon the revenue of 1825. The amount of duty bonds in suit on the 30th of September last, was $2,987,347 22, which is 92,791 98 more than was in suit on the same day in the year preceding. Deducing from the foregoing statements the conclusion and probabilities that may at present seem warrantabic, the receipts for 1826 are estimated as follow, viz: From Customs Public Lands $24,000,000 00 1,000,000 00 385,000 00 Miscellaneous and incidental receipts 115,000 00 Bank Dividends Making an aggregate of 1st SESSION. probable that even an increase will be found to have taken place in some articles on which the duties were raised; as in fabrics of cotton, and in several articles composed of iron; whilst in other articles of this last material, as well as some articles composed of wool, a decrease will be observable. But a fact challenges notice, that can scarcely have been without its operation upon our importations during the commercial year just closed. It is the extensive changes that were announced in March last, in the tariff of Great Britain. The trade of that country exerts such an influence upon the trade of other countries, that any important alterations in the former, must always be likely to affect, to a greater or less extent, the markets of Europe, and of the commercial world. The larger admission into England which the above changes authorized, The expenditures of the year are estiof the commodities of other countries, heretofore positive-mated as follow, viz: ly or virtually excluded, for ages, from her ports, must Civil, miscellaneous, and dip. have affected the prices of a portion, at least, of those lomatic, commodities, by the prospect of a new vent thus suddenly opened to them. This is known to have been the case, in regard to some commo:lities, the duties upon which were lowered by the British tariff'; which commodities are, also, amongst those imported from Europe into the United States. It is presumable that it may have been the case in regard to others, less distinctly known. Hence, the additional value of foreign merchandise imported into the United States during the past year, cannot, in all cases, be taken as the true measure of an additional quantity, the Jaws of the United States requiring the value of foreign articles to be fixed at the port of exportation, and at the time of exportation. These changes in the British laws of trade, operating simultaneously with the new tariff, at its commencement, increases the difficulty of ascertaining at this juncture, the exact effects of the latter, even for a single year, upon the course of the foreign trade of the United States. The importations for the year, being so large, and the provisions of the new tariff mainly attaching to them, a corresponding amount of revenue will arise from this source during the year. Accordingly, the gross amount of duties accruing upon imports and tonnage from the first of January, to the 30th of September last, is estimated at twenty-five millions five hundred thousand dollars. The gross amount that will probably accrue for the whole year, is estimated at thirty-one millions. Should this amount prove to be correct, it will exceed, by six millions of dollars, the amount which has accrued during any one year since the excessive importations that immediately followed the war, viz: those of 1815 and 1816. In estimating the clear revenue that may be expected to arise from the duties of the year, the amount of them to be drawn back on exportations of a portion of the articles on which they have accrued; the losses that may happen; and the expenses of collection; are all to be taken into consideration. The duties secured by bond during one year are chiefly payable in the year that follows. A portion is payable in the same year; but this is generally counterbalanced by the portion that also becomes payable in the next year, on the importations of that year. It will be more than counterbalanced if the importations prove greater, and will not be met if they prove less. Debenture Certificates for payment of drawback being demandable at any time within a year after the importation of the articles intended to be exported, the number and amount of them chargeable upon the accruing duties of the year, can never be accurately foreknown.. The debentures issued during the three first quarters of the present year, amounted to 4,489,710 29. This is more, by 1,537,710 99, than those issued during the corresponding period of the preceding year. The amount of those outstanding on the 30th of September last, and chargeable upon the revenue of 1826, was 1,858,315 64, Military service, including for- Naval service, including the Making together, $25,500,000. 00 2,032,454 66 5,525,662 55 3,026,612 81 - 10,000,000 00 Which will leave in the Treasury on the -20,584,730 02 $4,915,269 98 If the remark be entitled to any attention, that the recent alterations 'n the British laws of trade, have affected the importations into the United States during the existing year, by increasing their ad valorem amount, it ought not to create surprise if the value of importations in 1826, should fall below those of 1825, because, admitting that those laws served, on their first promulgation, to enhance the price of certain enumerated commodities in the mar kets of Europe, it is not probable that this effect of them will be either extensive or permanent. One of their main provisions is known to consist in a reduction of the duties upon a list of articles manufactured in the different countries of Europe, as well as in Britain. But the most important articles of this list, were already so thoroughly established in the manufactories of Britain, as to be beyond the reach of competition from abroad. Hence, the privilege of introducing them there, and especially to any large extent, (meaning for consumption in Britain, without here alluding to her warehousing system,) must prove, in the end, to be nominal rather than real. Among the list are seen, fabrics of woollen, of cotton, of linen, of hardware; and the new scale of duties, is to have added to them in every case, the amount of any internal excise duty previously existing, or which may at any time afterwards be imposed, upon the same aricles when manufactured in England. The forecast of that country, in all that relates to the interests of her manufactures, justifies the belief, that she will not fail to conciliate the continued protection of them with whatever other abrogations she may ingraft tions of the world, or to her own dependencies in whatupon her commercial code, either in relation to other naever part of it. own manufactures during the past year, has exceeded the It has been seen how largely the exportation of our exportations of the two years preceding. It may be added, that, in no previous year since the foundation of the |
