k circulation in 1860 was $207,102,477; deposits,
$253,802,129; circulation and deposits, $460,904,606; loans,
$691,495,580. (Table 34, Census of 1860.) Yet our population in 1860 was
more than double that of 1837, and our wealth (the true barometer,
marking the proper rise and fall of our currency) had much more than
quadrupled. (Census Table 35.) The proportion of the currency to wealth
in 1837 was more than double the ratio of 1860. It was not the tariff
that produced the suspension of 1837, for it was _much lower_ in 1860,
than at the date of the bank suspension of 1837.

By Treasury Table 24, our total exports abroad of domestic produce,
exclusive of specie, from the 30th of September, 1821, to 30th June,
1861, were $5,060,929,667; and, in the year ending the 30th June, 1860,
were $316,242,423. At the same rate of increase from 1860 to 1870, as
from 1850 to 1860, our domestic exports exclusive of specie in the
decade ending the 30th June, 1870, would have exceeded five billions of
dollars, had peace continued and the currency been no more redundant in
proportion to our wealth than in 1860. But with a redundant and
depreciated currency our exports must have been reduced at least one
fourth. What would be the effect on every branch of our industry, may be
learned by looking at Treasury Table 40, showing our domestic exports
for the year ending 30th June, 1861. These exports were, of the products
of our fisheries, $4,451,515; of the forest, $10,260,809; of
agriculture, exclusive of cotton, rice, and tobacco, $100,273,655, and
of our manufactures, $35,786,804. This was mainly from the loyal States.
Now if the foreign markets for our products are reduced only one fourth
by the effect of a redundant currency, inflating here the cost of
production and of living, the result would be most disastrous to our
industry. The reduction would be equal, as we have seen, to $125,000,000
per annum, and $1,250,000,000 in the decade. Our imports would be
reduced in the same proportion, and our revenue from customs in a
corresponding ratio. Supposing the average rate of duties of the present
tariff to be equal to 40 per cent. ad valorem, this would make a
difference in our revenue from customs of $500,000,000 in the decade,
and, including interest not compounded, $635,000,000. And here I deem it
a duty to say to the financial portion of our peace party, especially in
New York, that our redundant and depreciated currency, with our failure