This considerable excess of import added to the California receipts, was aided by nearly $500,000 of silver, which arrived from Ohio, New Orleans, and elsewhere. By these means the specie in the New York banks has swollen to a high figure, notwithstanding the Custom house demands. The amount of specie in that city has varied as follows: In Bank, Treasury, SPECIE IN NEW YORK. SEP. 22, JAN. 1850, MARCH. 26, MAY 15, AUGUST 20. 11,622,252 10,719,016 11,226,601 13,539,767 15,037,842 The increase from the close of March was important. At N. Orleans in the same period, there was a diminution from $8,350,283, March 31, to 7,903,306, April 27th, under the influence of exchanges in favor of N York. Silver under the foreign demand, continues to flow northward and westward in considerable amounts, but the specie held by the northern banks consists almost exclusively of American gold, and this cannot be shipped to London under 11 1-8 per cent. In proof of this, we append the pro forma of an actual shipment : $100,510,50 Proceeds 2 kegs containing 10,000 Eagles, melted into 30 bars, weighing 447 lb. 7 oz. 16 dwt. 0 grains, reported worse 1 grains. Equal to 439" 4" Or 5272 oz. 12 dwt. 3 grs., at 77s. 9d. 3 12" standard. £20,497 5 1 2 18 3 £20,500 3 4 £78 2 6 1 10 0 Carriage to London and France, 3s. per £100, 30 15 0 Portage and car-hire, 80 Cartage to and from melters, 00 Which amount drawn at 60 days' sight, to produce $100,510 50, equals an ex change of 1114. The same operation on Mexican dollars to Paris or London, results in a rate of 9.46 on the latter, and 5.21 1-4 on the former place; as gold is likely to become a staple export from this country, and its changing value will call for a readjustment of the "standard," we have thought proper to enter into some examination of the subject here, as matter that must speedily affect the importing interest. Most countries, it is known, use the precious metals as currency, but the United States alone make both metals and the coins of all nations a legal tender. In Europe, almost all the nations have silver alone as a legal currency. England, on the other hand, has gold alone, with silver to the amount of 40s. only. The United States make both metals. Now it is obvious that to ascertain what a par of exchange is, it is requisite to know what the standard coin of one country is worth in another at the time. But the value of both metals is always changing in relation to each other. When the mines of America were discovered, gold was worth 1 to 10 of silver; that is, one ounce of gold was worth 10 of silver. The new supplies of the latter metal diminished its relative value, until at the close of the last century, one ounce of gold was worth 15 of silver. Now, in coining, all countries vary the legal relative value of silver. In the United States it was 15 to 1; in England, 14 to 1; in Hamburg, 15 to 1; in Paris, 13 to 1; In Madrid, 16 to 1. Now it will be observed that the state of the markets of exchange effects the value of these metals relatively; a demand for gold will raise its relative value, and for silver likewise. During a part of the 18th century Spanish pillar dollars circulated in these then colonies, and in London they were worth 4s. 6d. each; that is to say, $4 44 4 were a sterling. Since that time silver has fallen in value until it came to be worth 4s. 10d. per oz., or 4s. 2d. each, making the sovereign 84 87; but this changing value was not expressed in dollars and cents per, but in per cent., and this erroneous expression has perpetuated the error. Since the commencement of the present century, both the standards of England and the United States have undergone a change. In 1816, a complete new coinage took place in England, by which the value of coin was advanced 6 per cent.; that is to say, before that time, one Ib. Troy of standard gold, 22 carats, was coined into 44 guineas; after that, into 46 29-40 sovereigns. From a Troy lb. of silver, 62 shillings had been coined, and afterwards 66 shillings. This latter was higher than the market price of silver, and designed to keep those coins in the country; of course this change affected the relative value to United States coins, and the gold par between the countries has changed three times. Thus under the laws of 1790, the eagle of $10 contained 247.5 grains pure gold, or 270 grains standard, and the English guinea at that time 118.65 grains pure gold, or 128 grains standard, and was worth as compared to the eagle $4 76. In 1792, a law of Congress ordered the custom house to value the English coins at 100 cts. for every 27 grains actual weight, which was valuing the guinea at $4 74. When the English coinage was changed in 1816, the sovereign contained 113.11 grains, and the eagle remaining the same, the par was $4 56 for gold; consequently, very little gold came here, and nearly all the coinage was of silver. It also happened that the relative value of gold to silver from 15 to I had declined to 16 to 1, which aided the change in the British coins in sending the gold from this country. A change became necessary, and in 1834, the gold bill did for our currency what had been done for that of England by Act of Parliament in 1816; that is to say, the pure gold in the eagle was reduced from 247.5 grains to 232 grains, at which rate the par of gold between here and England was raised to $4 87.5. These changes are seen in the following table :— SOVEREIGN. Weight. Pure gold. Relative price. 128 118.65 $4.76 123 113.11 $4.56 123 113.11 $4.87 123 113.11 $4.86 In the United States, the silver remaining the same, the taking of 15 grs. of gold out of the $10 gold piece raised the relative value of silver to 16 to 1, and this seems to have been about the true gauge hitherto. Now it will be observed that London is the great market for silver, whence Europe supplies itself. It is there not money but merchandize; when there is a demand for it on the continent it rises in price, and of course like any other merchandise, it is sent to the place where it sells best. As an instance, in 1829, dollars sold in London 4s. 9d. per oz.; $1000 weigh 866 oz.; at the same time dollars were at par in New-York. The French Revolution of 1830, caused a demand for the Continent, and dollars rose in London to 4s. 112d., and to 2 per ct. premium in New-York, just as cotton or any other article rises here when there is a demand for it. Now suppose a merchant owes in London £1000, and the currency here being in dollars he is to remit them in payment. Dollars are not money in London, and he looks at the last quotation, and finds new dollars sell 4s. 10d. per ounce, as $1000 weigh 866 oz. they are then worth 4s. 2d., or 50d. each, consequently to pay £1000 requires $4800, and to send them there according to the proforma of an actual shipment will cost $200 more, say $5000. Instead of doing this he buys a bill of exchange, for which the account will run thus: Now this bill at 9 per ct. premium has cost him $143 56 less than the expense of sending dollars or less than par, notwithstanding the absurd manner of making out the bill. Again, say a stock bond for $1000 is sold in London at what is called par at the rate $4 44 per £, the payment is £225 for which $1078 may be bought in the market, which is £4 84 per £. If the 225 sovereigns are brought home they are worth about the same here. The movement of the metals never takes place, either way, however, until the variation of the exchange will cover the cost. Thus sovereigns cannot be sent from London to the United States when exchange is over 5 premium, and cannot go back when it is less than 101, being a range of nearly 5 per cent; and American gold cannot go under 11. It is now probable, that from the supply of gold instead of silver continuing to fall, it will rise in value and perhaps get back to the old par of $4 44. Many of the countries of Europe, as Holland for instance, are abandoning gold as a standard, in this view, and it may become expedient for the United States to abandon silver for large amounts and adhere only to gold. Among the most remarkable mutations which change of circumstances has wrought in public opinion, is doubtless that which was formerly entertained in relation to the "regulating powers of a national bank, and the necessity of such an institution to maintain anything like an equilibrium in the rates for exchanges, external and internal. A race of merchants had grown up familiar only with the paper money system of the country, emanating from local banks in all sections, and so thoroughly had this paper money become identified with business operations that it was with the greatest difficulty and the occurrence of most serious revulsions that the difference between exchange and the discount upon paper money was at last made apparent. So long as no money was known to command other than the promises of banks, and those promises were like other merchantable articles dependant for their relative value upon the quantity issued, it was of course evident that some means of checking an undue issue in any one quarter should exist. This was afforded by the National Bank, which through its branches was always a creditor institution. That is to say, the collections and mercantile notes due at any centre of commerce, as Richmond, Charleston, Cincinnati, &c., were sent to those points payable at the branch, and as the money in which payment was made consisted of the bills of the local banks. These accumulated in the branch and were by it returned upon the issuing bank for specie or exchange. It is obvious that no bank could issue unduly without having its bills promptly returned. By those means, however, the remittances from most sections were nearly all made by the branches to the common centre of commerce, New-York, and the National Bank enjoyed a monopoly of exchange which would enable her to put the rates up or down at her pleasure. The facility of collecting through this system of the universal currency which the bills of all the branches enjoyed, was felt to be an advantage so great by the mercantile community, who had never known any other manner of exchanges, that the destruction of it was regarded with dread and dismay. DEPARTMENT OF AGRICULTURE. and 1. MELSENS' IMPROVED PROCESS OF MAKING SUGAR. We understand that this method will be extensively used the ensuing season, as it is a subject of vital importance to many of our subscribers, we have taken some pains to ascertain the practical utility which is likely to accrue from the use of the bisulphite of lime; and from the respectability of the parties from whom our information is derived, we have every reliance that, in practice, our observations will be found correct. From the careful trials made during the close of the last grinding season, by Mr. Thos. A. Morgan, and several other planters of experience, who took the precaution of procuring pure bisulphite, it appears that the utmost confidence can be placed in the statements of Professor Melsens in his treatise. This treatise our readers will remember to have seen in our columns, in both languages. We mention this because the truth of his assertion, that by his process, if carried out to its full extent, the whole of the saccharine matter contained in the cane can be converted into crystallizable sugar, has been called in question. And we are happy to find, from some of these very experiments, conducted with attention, in following out the instructions in the treatise, that a very superior crystallized sugar was the result of the operation, without any residuum of molasses. Nevertheless, we are quite of opinion that, with the present sugar apparatus, it will not pay to carry the process beyond two crystallizations, with a residuum of sugar-house molasses. This will give a large gain in quantity as well as quality over the present ordinary lime process. One important advantage connected with Melsens' process is, that it adapts itself at once to every form of mechanical apparatus in use in this State. The first business of the planter should be to procure a PURE bisulphite of uniform strength, without which all the rest is of no avail; and we are gratified to find that the agent for the patentee has provided for this by erecting a powerful apparatus for the manufacture of the article here on a large scale, to ensure permanency and economy. It is the intention also to sell the bisulphite at a lower price than it can be had for any where else in the United States. In badly-made bisulphite the principal impurities are hyposulphurous acid and free sulphur, both highly deleterious to sugar, and both of which impart to it a disagreeable flavor. The pure bisulphite communicates no flavor or smell, unless used in excessive quantities. The planter therefore should be cautious in purchasing only from responsible parties. Trash of all kinds has been sent from the North, and it is not unlikely that some of it may find its way here. Bisulphite of lime, when crystallized, or even concentrated, loses nearly its whole efficacy from the escape of the excess of sulphurous acid upon which its action in making good sugar mainly depends. Some of our principal chemists at the North tested this thoroughly last spring, knowing that it would be impossible to send it in a fluid state, and compete with the price it could be made for here. Bisulphite, when of good quality, should be perfectly limpid, and mark at least ten degrees on Beaume's crometer. Such an article, with ordinary skill, will produce a beautiful sugar, both as to color and grain; and if a good process of decantation be adopted, the result will give a still greater improvement than without it. The commonest kettle-process will perhaps derive most benefit from Melsens'; but none should stop there, because the addition of clarifiers, and the means of one decantation at 24 to 25 degrees Beaume, will give results that will largely remunerate for the cost of such additions. From past experience it would appear that the quantity of bisulphite used has been too great. To combine economy with effect we should recommend from 1 to 24 gallons as sufficient to heat juice enough to make a hogshead of sugar, according to the quality of the cane. The cost of a gallon of bisulphite will be not over 25 cents, and it must be applied to the juice as soon as possible after it is expressed. This done, the juice will be in a condition impervious to change, for the bisulphite prevents the formation of all ferments; and then, even in the common kettles, provided they be set so that the grand can be brought to the boil during clarification, the benefit of the bisulphite of lime as a defecator will be at once apparent. Of course the process will be still more effective when the clarification is performed by steam,. and especially if the juice be afterwards left to repose in suitable receivers for about |