transferred and delivered to the Treasurer forfeited to the United States, and the same shall thereupon be forfeited accordingly; and thereupon the circulating notes which have been issued by such bank or banking association, shall be redeemed and paid at the treasury of the United States, in the same manner as other circulating notes issued under the provisions of this act are redemed and paid.

SEC. 64. And be it further enacted, That the bonds forfeited, as provided in the last preceding section, may be cancelled to an amount equal to the circulating notes redeemed and paid, or such bonds may be sold, under the direction of the Secretary of the Treasury; and after retaining out of the proceeds a sum sufficient to pay the whole amount of circulating notes for the redemption of which such bonds are held, the surplus, if any remains, shall be paid to the bank or banking association from which such bonds were received.

SEC. 65. Be it further enacted, That Congress reserves the right at any time to amend, alter, or repeal this act.

Approved February 25, 1863.

Section eight of the "Act to provide ways and means for the support of the government," approved March, 1863.

SEC. 8. And be it further enacted, That all banks, associations, corporations, or individual issuing notes or bills for circulation as currency, shall be subject to and pay a duty of one per centum each half year from and after April first, eighteen hundred and sixty-three, upon the average amount of circulation of notes or bills as currency issued beyond the amount hereinafter named-that is to say, banks, associations, corporations, or individuals having a capital of not over one hundred thousand dollars, ninety per centum thereof; over one hundred thousand dollars and not over two hundred thousand dollars, eighty per centum thereof; over two hundred thousand dollars and not over three hundred thousand dollars, seventy per centum thereof; over three hundred thousand dollars and not over five hundred thousand dollars, sixty per centum thereof; over five hundred thousand and not over one million of dollars, fifty per centum thereof; over one million and not over one million and a half of dollars, forty per centum thereof; over one million and a half and not over two millions of dollars, thirty per centum thereof; over two millions of dollars, twenty-five per centum thereof. In the case of banks with branches, the duty herein provided for shall be imposed upon the circulation of the notes or bills of such branches severally, and not upon the aggregate circulationof all; and the amount of capital of each branch shall be considered to be the amount allotted to or used by such branch; andall such banks, banking associations, corporations. and individuals shall also be subject to and pay a duty of one-half of one per centum each half year from and after April first, eighteen hundred and sixty-three, upon the average amount of notes or bills not otherwise herein taxed and outstanding as currency during the six months next preceding the return hereinafter provided for; and the rates of tax or duty imposed on the circulation of associations

which may be organized under the act "To provide a national currency secured by a pledge of United States stocks, and to provide for the circuculation and redemption thereof," approved February 25th, eighteen hundred and sixty-three, shall be the same as that imposed on the circulation and deposits of all banks, associations, corporations, or individuals, but shall be assessed and collected as required by said act. And all banks, associations, or corporations, and individuals issuing or reissuing notes or bills for circulation as currency after April first, eighteen hundred and sixty three, in sums representing any fractional part of a dollar, shali he subject to and pay a duty of five per centum each half year thereafter upon the amount of such fractional notes or bills so issued; and all banks, associations, corporations, and individuals receiving deposits of money subject to payments on checks or drafts, except savings institutions, shall be subject to a duty of one-eighth of one per centum each half year from and after April first, eighteen hundred and sixty-three, upon the average amounts of such deposits beyond the average amount of their circulating notes or bills lawfully issued and outstanding as currency. And a list or return shall be made and rendered within thirty days after the first day of October, eighteen hundred and sixty-three, and each six months thereafter, to the Commissioner of Internal Revenue, which shall contain a true and faithful account of the amount of duties accrued, or which should accrue on the full amount of the fractional note circulation and on the average amount of all other circulation, and of all such deposits, for the six months next preceding, [as aforesaid, during the time when such duties remain unaccounted for.] And there shall be annexed to every such list or return a declaration, under oath or affirmation, to be made in form and manner as shall be prescribed by the Commissioner of Internal Revenue, of the president, or some other proper officer of said bank, association, or individual, respectively, that the same contains a true and faithful account of the duties which have accrued, or which should accrue, and not accounted for; and for any default in the delivery of such list or return with such declaration annexed, the bank, association, corporation, or individual making such default, shall forfeit, as a penalty, the sum of five hundred dollars. And such bank, association, corporation, or individual shall, upon rendering the list or return as aforesaid, pay to the Commis sioner of Internal Revenue the amount of the duties due on such list or return, and in default thereof shall forfeit, as a penalty, the sun of five hundred dollars; and in case of neglect or refusal to make such list or return as aforesaid, or to pay the duties as aforesaid, for the space of thirty days after the time when said list should have been made or rendered, or when said duties shall have become due and payable, the assessment and collection shall be made according to the general provisions prescribed in an act entitled "An act to provide internal revenue to support the government and to pay interest on the public debt," approved July one, eighteen hundred and sixty-two.

STATISTICS OF TRADE AND COMMERCE.

EUROPEAN SUGAR AND COFFEE TRADE FOR 1862.

BY H. E. MORING.

SUGAR.

We gave in the last No. of the Merchants' Magazine, the sugar trade of the United States for 1862. Below will be found the imports, stocks, and

distribution of sugar at the principal European depots, for the twelve months ending December 31, 1862:

Total.......

461,915 452,190 101,182

1861.

80,061

Receipts and deliveries.

The following table shows the imports and distribution of coffee at the

* Stock in first hands alone; all others in first and second hands.

+ Exclusive of beet-root sugar.

principal European depots for the twelve months ending 31st December,

TRADE AND COMMERCE OF THE SANDWICH ISLANDS.

We find in the Honolulu Commrecial Advertiser the annual review of the trade of the Sandwich Islands, from which we make up the following: The tables show that there has been an improvement both in the import and export trade, and that they are becoming more nearly equalized, which indicates a healthier state than has existed for several years. The total imports for the year are given at $998,239, while the exports foot up $838,424. These totals do not, however, represent the exact trade, inasmuch as each sum embraces goods simply bonded and re-exported again without paying duties. The quantity of bonded goods is very large -amounting to $259,069, or more than one-fourth the above total. A large portion of these bonded goods consist of oil, bone, or other cargo, landed for transhipment and export, and really ought not to appear in the imports. But as they have been placed there, they have also to be given among the exports when shipped away. How large this class of

goods is, we have no means of learning; but if we may judge from the duties given in. the table as derived from bonded goods, $4,947, which represent goods to the value of $49,470, it must embrace nearly $200,000, after allowing for the spirits bonded. The bona fide imports have, therefore, been only about $800,000 for the year 1862, of which the tables show that $112,717 have been entered free of duty. Of this sum, goods to the value of $33,163 were imported for Hawaiian whalers, and $51,625 for agriculturists and mechanics.

That our readers may compare the statistics of the present year, with those of previous ones, we insert the following table, showing the commerce of the islands for the past seventeen years:

While the

In each branch of trade there has been an improvement. duty paying imports have increased only about 14 per cent, the domestic exports have increased 24 per cent, and this notwithstanding a continued falling off in the whaling trade. The custom-house receipts show an increase of 7 per cent over the previous year. The number of merchant vessels given shows an increase more apparent than real, for of the total 113 merchantmen, of 48,687 tonnage, about one-fourth, or 26 vessels, of 17,783 tonnage, simply anchored outside to land mails or provision their ships.

In the importation of spirits there is a falling off of about 8 per cent -the total being 8,940 gallons; and in the duties derived from spirits ($23,895) a decrease of $3,400 from the receipts of 1861. This decrease is fully accounted for by the decreased number of seamen visiting the port. The average yearly receipts from the duties on spirits from 1853 to 1858 were over $67,000, showing a loss to the public treasury by the change in the tariff of over $44,000 per annum, or in that proportion for the amount imported.

In the foreign commerce there has been really no great improvement. The merchant tonnage arriving at the islands has increased only 2,753 tons, equal to two good sized empty clippers, which is the actual increase of vessels that touched outside the port. But while there is this small gain shown in the merchant service, there is a decrease of over one half in the whalemen.