THE STOCK OF GOLD IN THE UNITED STATES. WE insert the following remarks from the California Mercantile Gazette and Price Current, upon the article in the March number of this magazine, respecting "the Stock of Gold in the United States," being only desirous of getting "at the facts of the case if they are attainable," and wishing, if we have, as stated below, "bulled" the gold market by the facts in our former article, to help the Gazette to "bear" it now: In the March number of Hunt's Merchants Magazine we find the following statement, which purports to be an approximation of the amount of precious metals in the United States in the year 1862 : We confess to some surprise at finding such a statement as this in the Merchants' Magazine, whose statistics have hitherto been accepted as authentic and reliable. The writer, in his attempt to correct the wild and erroneous figures of HALLET & Co., has evidently gone over to the other extreme. We much regret this, as tending to impair confidence in other statements contained in that valuable periodical. Of the first epoch embraced in the foregoing table (1821 to 1849) we shall say nothing, except that it corresponds substantially with official records for the year 1848. Of the second epoch (1849 to 1862) we shall endeavor to show that some of the figures are very wide of the mark. The product of the mines of the United States during this period is placed, in the above statement, at $523,070,040. That this is a most palpable error is shown by the fact that the sum of $528,145,655, was received at the United States Mint and Branches from California alone, according to the official report of the Director, under date of June 30th, 1862. Now it is well known that a very large portion of the California gold exported from the United States never enters the mint nor any of its branches. Here then, we perceive at once an enormous omission. The writer in the magazine not only estimates the whole yield of the mines of the United States at less than the amount actually received at the mint from California alone, but overlooks entirely the vast sums exported without government stamp or die. The clearances from this port direct to foreign countries have been near $60,000,000, of which at least seven-eighths were in grains and the bullion of private assayers--never inscribed on the mint records at all. The exports from Eastern cities partake largely of the same character. Gold received from this coast, a large portion of it goes into banks or private vaults until wanted for export, and is then sent off in the same shape to foreign countries. The statement of imports and exports in the magazine agrees substantially with tables in the finance report for the fiscal year ending June 30, 1861, and does not come down to 1862, though professing to do so. The figures for the fiscal year ending June 30, 1862, are not fully at our disposal; but the following estimates cannot be far out of the way: Exports, $10.000,000; imports, $12,000,000. This will give the totals from 1849 to 1862, inclusive, in round numbers: Exports, $578,000,000; imports, $147,300,000. Of these imports a very large portion was deposited in the mint. Official reports for the years 1861 and 1862 alone, show the deposits of foreign coin and bullion in that institution to have been over $47,000.000. But without stopping to hunt up the figures for preceding years, we will suppose that of the $147,300.000 imported, $100,000,000 was sent away again, and included in the aggregate of specie clearances. This will leave a balance of treasure exports during the epoch under consideration (1849 to 1862) amounting to $478,000,000-entirely, it may be supposed, of home production. Now the question arises, what portion of this amount passed through the mint or its branches, including, of course, the New York Assay-office, whose operations are embraced in mint reports. We have conversed with some of our most intelligent bankers, who have given the subject attention while on visits at the East, and they assure us that the great bulk goes forward to Europe in the very shape received, and that an allowance of one-third would probably cover the entire amount refined or coined by the mint. If this proportion is not correct, our cotemporary of the magazine, who has access to records beyond our reach. can, perhaps, give us the true figures, and we will thank him to do so. Our object is simply to arrive at the facts. How much of this treasure exported was in domestic bullion not entered at the mint or assay-office? This is the question, and when answered, the amount, whatever it may be, added to the receipts at mint, will give a near approximation to our home production of the precious metals. With these data before us we proceed to construct a statement which will not be found to differ materially in its results from the one presented in our review of 20th ultimo, though in different shape, and brought down a year later. Assuming the amount of coin and bullion on hand, June 30, 1848, Amount deposited in mint and branches from that period to June Total ...... Exports during the same period... $122,600,000 541,500,000 250,000,000 147,300,000 $1,061,400,000 578,000,000 Amount on hand, January 30, 1862...... $483,400,000 Total domestic product of precious metals from June 30, 1848, to June 30, 1862, $791,500,000, or an average of about $57,000,000 per annum. We cannot, of course, pretend to strict accuracy in these figures, but commend them to our brother of the magazine, as possibly a few hundred millions nearer the truth than his own. Erroneous statements emanating from so high a source are adapted to mislead and tend to elevate the market value of gold above its proper measure, and to depress in a corresponding degree the value of government paper. It is well known that we have no affection for paper money, whether issued by government or by local banks, and gold is the great product and interest of the Pacific coast; but we desire nothing but fair play-no bulling or bearing, of which the article in the magazine savors, and which is surely out of place in the compilation of statistics for the public guidance. We would be glad to get at the facts in this case if they are attainable. It will be seen that the Gazette supposes our figures are much too low in two particulars. As, however, the object with all of us is as stated, simply to get at the facts, let us look a moment at the Gazette's strictures and see whether the conclusions we reached should be altered. 1. First, we must ask the Gazette to remember we were not in our article trying to determine the quantity of gold that had been produced in the country; we endeavored simply to show the amount now in it. What pertinency, then, has that portion of the above remarks telling us of the inillions that have been "exported direct to foreign countries" without going through the mint? Suppose we should admit that $250,000,000 had been "received from domestic sources and exported," how would that affect our table, or the conclusions we reached? If it has been exported it is clearly not here. May we then ask the Gazette by what course of reasoning it reaches the conclusion that the item of $250,000,000, stated to be "received from domestic sources for export from June 30, 1848 to January 30, 1862, is a part of the "amount on hand" (in the United States) January 30 1862 2. The Gazette also questions the correctness of some of the figures we give. Thus it says, we profess to "come down to 1862," when we only come down to June 30, 1861. Inasmuch as July 1, 1861, commences the fiscal year, 1862, we certainly come as near to 1862 as we could well get. Again, it says that in giving the products of the United States at $523,070,040, we make "a palpable error, as is shown by the fact that the sum of $528,145,665 was received from California alone." We will believe that this remark is only an inadvertence of the Gazette, and yet it seems as if it ought to have seen and read the figures we gave, inasmuch as it copied them, and to have understood that they are only brought down to June 30, 1861, or "to" the year 1862, (Financial Report, page 90,) while those of the Gazette are "for" the year ending June 30, 1862, (that is, "to" 1863,) a year later, and erroneous at that by one year's California deposits, amounting to $26,854,667. Certainly the Gazette must have read our article very carelessly, if at all, and we are inclined to think it has seen only certain newspaper extracts from it. A journal so almost invariably correct could not otherwise have fallen into the errors we have referred to. There are no other points in the Gazette's article which it is necessary to notice, except it may be the question as to how much treasure is exported in grains or domestic bullion and not entered at the Assay Office. To that question we would answer, that there is none exported in that shape. As to our article, we would simply add that the figures we gave were official returns, making no estimates of coin known to be carried away by passengers or brought in by immigrants, or the quantities sent into Canada. ANNUAL MEETING OF THE CHAMBER OF COMMERCE OF THE STATE OF NEW YORK. (OFFICIAL REPORT.) The annual meeting of the Chamber of Commerce for election of officers was held Thursday, May 7, 1863. Mr. PELATIAH PERIT, President, on taking the chair, addressed the Chamber as follows: GENTLEMEN: In proceeding to the election of officers, for which we are convened to day, our first act will be, the choice of a president; and as I am not a candidate for re-election, when your ballots are cast, I shall retire from office. This is, therefore, the only opportunity which I shall have of addressing you from this place, and 1 avail of it to make my warm acknowledgments for the kind support which you have given me in the administration of the duties of the office, which has rendered pleasant and easy what would otherwise have been onerous and difficult; and I beg leave on this occasion to call your attention to the desirableness not only of sustaining this institution, but maintaining it with vigor and spirit. It is an organization always ready to act on important questions affecting the public interest, that from time to time come before it. It can at all times act with promptitude, and its proceedings have been always regarded with respect by the general and State governments and by the public at large. Within a few months we have had an expression of warm acknowledgment from the executive government of the United States, for our proceedings in connection with national affairs. Within the last few years the attendance of the members constituting the Chamber has much improved, and they have evinced a more lively interest in its affairs than in previous years. This I impute partly to the opening of these rooms, the establishment of a library in connection with the institution, and the appointment of a stated secretary, who gives his daily attention to its affairs. But more, perhaps, is to be attributed to the exciting events continually coming up before us, in consequence of the tremendous war under which the country is laboring. Fears have been expressed by some of our members that we are going too much into politics; but these, I think, have been groundless apprehensions, and you will look in vain for any record on the minutes of our transactions not fully authorized by the principles of true patriotism. I trust the Chamber will always feel that it can properly act thus on all the important subjects of a national character that may come before it. In the early part of the history of the Chamber we find that it was their habit so to act. Our charter dates back to 1768. Prior to the revolutionary war this Chamber remonstrated against what was considered the unrighteous taxation imposed upon this country by the British government; and from that time to this, through successive periods, national matters have always been taken up, and acted on as coming within our appropriate province. Among other motives prompting to the maintenance of this institution, may be mentioned its connection with that noble charity, "The Sailors' Snug Harbor." You know the history and character of that institution, founded by Captain RICHARD RANDALL. Four hundred and fifty superannuated sailors are there fed and clothed, and in everything affecting their temporal and spiritual welfare provided for. They are treated with every care and kindness. The property of this institution, if an inventory were made, would amount to $2,000,000. The annual income, chiefly from ground rents in the Fifteenth Ward of this city, is about $75,000, and as sailors do not generally live to an advanced age, the number of the superannuated is not so great but that there is reason to hope that for a long period to come the institution will be able to receive all who are worthy applicants. The president of this Chamber is ex officio member and one of the seven trustees, and it has been the habit of the directors to make him, also, chairman of the executive committee, upon which devolves a large share of the duties. Another motive for keeping up this institution is founded in the fact, that it is a sort of continuous or connecting link between the present race of merchants and those of the past, and the races who are to follow. Our records contain a pretty well connected history of all the important mercantile changes that have taken place for the last hundred years, found in the resolutions and memorials which have been adopted in that long interval of time. In the course of more than fifty years of commercial life in New York, I have acted with three races or generations of merchants. First, with those men who were on the stage at the commencement of the present century, among whom were men who should always be mentioned with respect, men of great moral worth, whose influence was very great in forming the commercial character of New York. I need hardly mention the names, they are familiar to you all-ARCHIBALD GRACIE, WILLIAM BAYARD, HERMAN LEROY, BENJAMIN MINTURN, JOHN JACOB ASTOR, EBENEZER STEVENS, ROBERT LENOX, JOHN MURRAY, MATTHEW CLARKSON, and I might add many others. Men who in that day held a prominence which at the present time is not accorded to those of the same position. There was some remnant of aristocracy at that time, which has since become obliterated. I remember well the profound respect which the junior merchants of those days paid to these eminent men, and how scrupulously they bowed to them, whenever in their offices or on business they appeared before them. The second race with whom I acted were my own cotemporaries-men of intelligence and great moral worth-and they, too, have nearly all disappeared from the stage. The third race are my juniors, and who are now the active members of the mercantile profession in New York, and I owe to them, in a great measure, the fact that in advanced years I have not yet fully formed all the habits of an old man. I have alluded to these names, and to the succession of merchants who have appeared on the stage, partly with a view to present to your minds the high character of the merchants of New York, whether we regard their enterprise, intelligence, public spirit, philanthrophy, or the other qualities which adorn the human character. Of their enterprise you have evidence in the crowded shipyards and wharves of our city, and in the countless sails which whiten every ocean, even |