Showing and increase in the volume of the currency of 16 per cent, which in connection with other causes, viz.: the fear of further issues, and the lack of confidence in the power and stability of the government to fulfil its contracts, have operated silently, but forcibly, in causing the gradual depreciation of paper, and consequent rise of gold.

Our currency may be compared to a sea of values which has no outlet, excepting that which may be formed hereafter by public confidence in funding it into 5-20 United States bonds; consequently the more that flows into it, the higher prices will rise, on all values, until the equilibrium is restored, and the prices of all commodities are brought to the new level.

I maintain that this inflation acts quite uniformly on the prices of all commodities or values, entirely irrespective of, yet in conjunction with the law of supply and demand. For instance: take the two articles of cotton and pork. The law of supply and demand has operated upon these articles conversely. Cotton has advanced from ten to sixty-eight cents per pound, while pork has declined to $2 50 per barrel.

Now, I hold that the depreciation of the currency is represented not only in the enhanced price of cotton, but also in the present price of pork. For in consequence of the immense supply of pork, and the very limited demand-arising from the Southern market being cut off, and other causes the price of pork would have been much lower than it now is, had it not been upheld by the depreciation of a paper currency-and cotton instead of selling at 68 cents, would be selling at about 50 cents.

Let us see: We are a producing country-cotton, wheat, flour, corn, and pork are among our exports. Yet, notwithstanding this fact, these commodities are relatively 30 per cent higher here than in England. That is to say-a laboring man in England can buy our production very much cheaper than we can-simply because our legal dollar is a depreciated dollar, and passes nominally for more than its relative worth. When we approach the real truth, we shall perceive that these productions move out of the country at their real value, and not at their fictitious value, as measured by an inflated or depreciated currency. What that depreciation is, cannot be accurately stated, because the depreciation is not fixed and permanent in its character, but liable to fluctuation from various causes. I am of the opinion, however, that although the premium on gold may not measure the exact depreciation of the currency, it will be found to bear a close approximation to it.

It is said that gold is demonetized, and is become an article of merchandise, subject to the ordinary fluctuation of supply and demand, speculation, &c. If this assumption is strictly true, why is it that the rise and fall of the premium on gold invariably affects the price of all our exports and imports?

As far as I am informed, no one article of merchandise can, or does produce that effect upon every other-therefore I think the assumption false.

How does depreciation affect our imports? Coffee, tea, molasses, sugar, spices, fruits, and hides-which enter into ordinary consumption—are not only subject to an additional duty, which is cheerfully paid, but in addition to that, consumers are obliged to pay the full premium on gold-the most, if not all of which is the actual depreciation of the currency.

This depreciation is not exhibited in the prices of commodities alone, for if we take up the stock list, we shall find the same reality there.

For instance: It will be noticed that government stocks have held at about par, while the prices of nearly every other tangible security have been greatly enhanced.

Hence, we see that government stocks have virtually depreciated, otherwise they would have advanced pro rata with other prime securities.

The government paper dollar, legalized, will pass, of course, for a nominal dollar; but when exchanged for any commodity, its actual or real value comes into consideration, and not its legal character; therefore, if we are obliged to pay a larger price for any value in consequence of its legal character, that amount is really the amount which paper has depreciated.

Gold has its intrinsic worth, and no more; any premium which buys it is therefore properly chargeable to the depreciation of paper at the time of the transaction.

The variability and fluctuation of the value of our currency is owing, in a measure, to the same causes which affect the government stocks; and when confidence is fully restored, the immediate effect would be the funding of legal tender, a decline in the premium on gold, a rise in government stocks, and a general fall in the prices of all stocks and commodities. Then we shall have a return to a sound, healthy, and permanent circulating medium, which is of such immense advantage to society. Now, it is the duty of all to strengthen the finances of the government by every means in their power, and to oppose strenuously any further issue of legal tender notes, which have the tendency to create confusion, disorder, and disaster.

THE ATLANTIC TELEGRAPH AND THE WESTERN COAST OF IRELAND.

REPORT ON THE DEEP SEA SOUNDINGS TO THE WESTWARD OF IRELAND

66

MADE IN H. M. S. PORCUPINE," IN JUNE, JULY, AND AUGUST, 1862.

IN the October number of the Merchants' Magazine we refered to the fact that the British steamer Porcupine, (sent out to take a new line of soundings along the Irish coast in the route of the great Atlantic cable,) had returned to Plymouth. We now have the following report as the result of its labors. Although the soundings are not numerous, yet it is thought they are sufliciently so to set at rest the imagined difficulty of the precipitous character of the approaches from the sea bed to the western coast of Ireland, and to prove therefore, that a cable may be laid there so as to gain the deep bed of the Atlantic by an easy descent:

BELFAST, September 30th, 1862.

SIR: The Atlantic Submarine Telegraph Company having requested the Lords Commissioners of the Admiralty to have some deep soundings taken off the western coast of Ireland, principally to ascertain whether the apparent sudden dip in the soundings from 550 to 1,750 fathoms, found by Commander DAYMAN in the year 1857, in the parallel of 52° 15' N., extends further north or south, and to endeavor to seek out a more gradual slope into the bed of the ocean, their lordships were pleased to direct that the Porcupine, then fitting at Devonport for the survey of the North Sea, should be dispatched on this service.

The Porcupine is a paddle steamer of 130 horse-power and 380 tons. She was manned by a crew of forty-nine officers and men, and was fitted with a donkey engine for heaving in the line; also with five light iron reels, three large for the deep sea line, and two small for cod line, capable of holding 2,000 fathoms of line each. From these reels the line was run off when sounding, and reeled on them by hand, as it was hove in by the donkey engine. The Porcupine was also supplied at Devonport with 10,000 fathoms of the ordinary deep sea line and 13,000 fathoms of cod line, made expressly for deep sea soundings, with an ample supply of sinkers and weights, and the Bulldog and other apparatus for bringing up the bottom; JOHNSON'S and HEARDER'S pressure gauges, to show the depth, were also supplied, as well as metallic and ordinary deep sea themometers to test the temperature. At Galway a further supply of 10,000 fathoms of Messrs. NEWALL'S cod line was received on board, besides 11,500 fathoms of a smaller and less expensive line. The weight per 1,000 fathoms, with the breaking strain of these sounding lines, was as follows:

The lines were marked in the usual way, viz., blue at 50 fathoms, white at 100 fathoms, and red at 1,000 fathoms.

The soundings were always taken from the bow of the vessel. With the main and mizen sheets out we had no difficulty in keeping her head to wind; and an occasional easy turn ahead sufficed to keep her bow directly over the descending lead.

The principle of using a small line and heavy weight for obtaining the depth was that adopted. I believe it to be the only means at present known for obtaining the true depth.

When using a heavy line, such as the ordinary deep sea line, the difference of interval after the weight strikes the bottom is not sufficiently marked to enable one to say confidently when it is down, particularly should there be any sea, and none of the instruments we were supplied with, whether of rotatory character, like WALKER's, or those depending on compression, as JOHNSON's and HEARDER's pressure guages, give any results that can be at all relied on.

The cod line supplied by Messrs. NEWALL, of Gateshead, is an admirable. line for this purpose. The weight was sometimes brought up by it from great depths. On one occasion it raised a 64 pound weight from a depth of 1.750 fathoms; but as the whole quantity out is frequently sacrificed at each sounding, the expense becomes a serious consideration when the soundings are required near each other; and I found the lighter and much less expensive lines answer equally well in smooth water, where the depth of water alone was required.

The strongest line we had for bringing up a specimen of the bottom, with the instruments for testing the temperature and pressure, was the ordinary deep sea line. If, as it sometimes happens, the weight does not detach itself, this line would prove unequal to the strain, and at some sudden heave of the sea would break away, losing all our instruments.

The simplicity, cheapness, and certainty of action of the cup lead, of from 56 pounds to 75 pounds weight, renders it an invaluable instrument in depths under a thousand fathoms, bringing up a good wine glass full of the bottom at each cast. It may be used either with the cod or ordinary deep sea line. In greater depths when a specimen of the bottom was required, we used the Bulldog machine.

To save time, the two operations of determining the depth by a small line, and sending down the instruments for scientific purposes, were carried out together, an officer being stationed at each line to time the marks in their passage over the gunwale. A deep sounding, when the instruments were to be recovered, would occupy from two to four hours.

Having made these preliminary observations, I may now proceed with the progress of the voyage.

Having swung ship for compass deviation, I sailed from Plymouth Sound on the 22d of June, and on the 24th commenced our examinations, in pursuance of your orders, at the 100 fathoms line on the 51st parallel of latitude. The deep water valley crossed by Commander DAYMAN ninety miles west of Valentia, was found to extend to this parallel, as we had 1,180 fathoms in its deepest part, and 375 fathoms on the bank outside it. From the depth of 1,000 fathoms in this depression, the Buildog machine brought up a bivalve shell embedded in the soft clay.

On crossing the bank to the westward, we passed from a depth of 710 fathoms to 1,550 fathoms in a distance of seven miles. Although this

increase of depth seems so great, if the incline is gradual, of which we have no evidence to the contrary, it amounts to but 12 feet of dip in 100 feet horizontal, or about 1 in 8.

To the westward of this we dropped our lead on the position of a reported vigia (the Brazil Rock) and obtained 2,350 fathoms, and here the deep sea line being unequal to the strain broke, taking with it all our instruments attached.

With reference to this and other vigias in this part of the ocean, I may observe that we frequently passed balks of timber, covered with barnacles and sea weed, having somewhat the appearance of a rock awash.

Carrying out the system of sounding laid down for me in your orders, in the parallel of 51° 35' we passed from 1,440 to 930 fathoms in a distance of 2.7 miles, or a little under 19 feet of dip to 100 feet horizontal, and this is the steepest incline we have met with.

The unsettled weather we experienced frequently interrupted our work, and on the 8th of July, having expended our coals, I ran into Galway to replenish, and obtain a fresh rate for our chronometers.

We were detained here by continual gales until the 21st, when the weather moderating we again sailed, carrying out a line of soundings with us; but had scarcely arrived on our ground, when the weather became more severe than ever, and on the morning of the 24th, while lying-to in a heavy gale, we had the misfortune to twist our rudder-head off. This compelled us to return to Galway for repairs, and in the absence of the proper means for effecting them, we were delayed there until the 6th of August. During this time and indeed throughout the whole of our cruize, the weather was very unsettled, occasioning a great loss of time.

On the 8th of A igust we were enabled to sail from Cashell Bay, where, on leaving Galway, I had gone for shelter. Carrying out a line of soundings on the parallel of Slyne Head, at the distance of 120 miles to the westward of it, we crossed the tail of a bank of 82 fathoms, coarse gravel. This being entirely new, I have named it the Porcupine Bank. It will be of use to vessels bound to Galway from the westward as a means of ascertaining their position by the lead. The bottom both to the northward and southward is deeper, being composed of fine dark sand, while the bank is composed of gravel and coarse sand.

August 10th, in latitude 53° 30', longitude 15°, found the current from a boat moored to the bottom S. E. S. 0.5 knot, which agrees with that shown by our reckoning for the last two days. Numerous pipe fish, some with ova attached, were swimming on the surface; some of these were preserved.

August 11th. Our soundings this day taught us that in the parallel of 54° 10′, the Irish Bank does not extend so far to the westward, and that Rockal is probably a separate bank.

August 12th.-Weather again unsettled, with a heavy sea. Having determined the N. W. limit of the Irish Bank, bore away towards the tail of the Rockal Bank, sounding at intervals in from 1,500 to 1,200 fathoms, sholing as we approached the Rockal Bank.

August 14th.—At noon observed Rockal with several fishing vessels near it. There being too much sea to do anything in the vicinity of the rocks, hove to for the night.

August 15th.-Got observations for latitude and longitude; found the current setting with flood tide N. by E. 0.8 knot. The weather having