The quotation for the registered stock, July 5, was ex-dividend. The highest point touched by the stocks was July 14, from which time the first issue of government paper ceased to act upon the markets, and the disaster before Richmond had a serious influence upon the government credit. It was also the case that a considerable quantity of stocks came back from Europe for sale, and these, pressed upon the market, depressed the general range of prices, while they enhanced the outward flow of specie. Following the rise in specie, the August demand notes, or those receivable for duties, rose also in value nearly 8 per cent premium. Silver also disappeared from the channels of circulation. The fractions of the dollar under the coinage bill of 1852 are about 8 per cent less in value than the silver dollar. This difference in value was designed to keep the silver fractions from going out of the country, and under this law about $50,000,000 of those fractions have been coined, of which about $20,000,000 are estimated to be at the South. It follows that about $30,000,000 were in circulation at the North, when, by the suspension of the banks, coin ceased to be a circulating medium and rose in value, apparently, for the currency. The fact is, that a depreciation of the paper currency took place, as well in relation to silver as gold, and the metallic medium disappeared. To meet this difficulty, individuals emitted small evidences of debt to be received in the way of trade. This process in 1837, at the time of the former suspension of the banks, having given rise to much inconvenience, the Legislature of New York passed a law prohibiting, under severe penalties, the utterance of such paper, and Congress, at the request of the Secretary of the Treasury, authorized the use of postage and other stamps as currency. These are of denominations from 1 cent to 5, and of the multiples of 5 up to 70 cents. They are issued by the Assistant Treasury on application for United States notes, and to be redeemed for them in sums of $5. They are not a legal tender, but are receivable for United States dues. They are not gummed, and are in such form that they cannot be attached to letters or other mailable matter. Such stamps will be exchanged by postmasters for the regular postage stamps, besides being redeemable in treasury notes by Assistant Treasurers. No postage stamps can be thus exchanged at post-offices or redeemed by the Treasury Department unless furnished through the agencies of that department.

The error in the issue, after issuing them at all, was calling them postage stamps, when they are not. They should have been in form of government bonds for one cent and upwards. The designating them stamps is a

mere delusion. It is supposed that the issue will reach an amount at least equal to the silver coin, $30,000,000, but will probably be much more. The effect of the issue will be to drive all coin entirely out of circulation, and out of the country. Thus, the whole currency of the country is now government paper, from one cent up to thousands of dollars, with very little limit to the issue. The old issues of notes are $150,000,000; the new issues $150,000,000; and the stamp issues may reach $50,000,000. The government holds deposits, payable at call, for $50,000,000, but as these must be paid with the new notes they are not an additional issue. The circulating paper now authorized is $350,000,000, and the appropriations of Congress up to the close of the next year $1,281,201,000. Of this sum, nearly $580,000,000 is for the army alone, for the fiscal year 1853, and the six per cent stock of the government is at two per cent discount for paper, which is depreciated twenty per cent as compared with gold, and yet the interest on this stock is payable in gold. Thus, August 19, falls due $1,875,000 interest on 7.30 three year bonds, held by the banks. At the price of gold of to-day the government must pay 20 per cent for it, which will make the interest amount to $2,250,000, or 9 per cent in paper. This discrepancy between gold and paper cannot but increase as the government paper is paid out, and the pressure upon the government threatens to become more severe from this cause, without apparently helping the government credit, since, as compared with State stocks, it is depreciated 25 per cent.

Hitherto, the government has been without available revenue; since, although the duties received under the tariff have been large, they have been payable in demand notes that are not reissuable. The new tax law authorized by Congress will go into operation September 1st, and will, to some extent, become immediately available. The taxes upon all those transactions payable by stamps will draw into the Treasury a large amount of money, in the shape of government paper, to be reissued. The excise law, however, repeals the direct tax of $20,000,000 levied last year, and which the States offset against their advances to troops, so that no revenue is to come from that source. The tax law goes into operation September 1st, and will affect business transactions, therefore, to some extent, and will operate in an ad valorem manner, increasing the revenue of the government in proportion to the depreciation of the circulating medium. Hitherto general prices have not been much affected by the paper. Gold and exchange were the first to feel it. The process of inflation may be said now, however, to have fairly commenced. Most imported goods have risen in proportion to the rise of exchange and gold. In other words, the depreciation of the currency has become as manifest in merchandise as in bills. In domestic manufactures the advance is also stimulated by the scarcity of cotton. Brown sheetings have risen during the month from 15 to 25 cents, and other fabrics in proportion, while raw cotton has advanced to 50 cents per pound. Many imported dry goods have risen 50 per cent, and in turn, domestic produce, although with large supplies, has risen in value. Flour was $1 per barrel higher at the close than at the beginning of the month, and it is probable that the paper inflation will continue to manifest itself. Under the law of finance, which makes it impossible to increase the currency, a larger amount of paper may indeed be put out, but its value sinks in proportion, and it represents no more commodities than before.

THE NEW TARIFF BILL.

AN ACT INCREASING, TEMPORARILY, THE DUTIES ON IMPORTS, AND FOR OTHER PURPOSES.

Be it enacted, by the Senate and House of Representatives of the United States of America, in Congress assembled, That from and after the first day of August, Anne Domini eighteen hundred and sixty-two, in lieu of the duties heretofore imposed by law on the articles hereinafter mentioned there shall be levied, collected, and paid, on the goods, wares, and merchandise herein enumerated and provided for, imported from foreign countries, the following duties and rates of duty, that is to say:

SUGARS AND MOLASSES.

On syrup of sugar, or of sugar cane, or concentrated molasses, or concentrated melado, two cents per pound; on all sugar not above number twelve, Dutch standard in color, two and one-half cents per pound; on all sugar above number twelve, and not above number fifteen, Dutch standard in color, three cents per pound; on all sugar above number fifteen, not stove dried, and not above number twenty, Dutch standard in color, three and one-half cents per pound; on all stove dried refined sugar in form of loaf, lump, crushed, powdered, pulverized, or granulated, and all other sugar above number twenty, Dutch standard in color, four cents per pound: Provided, That the standards by which the color and grades of sugars are to be regulated shall be selected and furnished to the collectors of such ports of entry as may be necessary, by the Secretary of the Treasury, from time to time and in such manner as he may deem expedient: on sugar candy, not colored, six cents per pound; on all other confectionary, made wholly or in part of sugar, and on sugars after being refined, when tinctured, colored, or in any way adulterated, ten cents per pound; on molasses, six cents per gallon: Provided, That all syrups of sugar or sugar cane, concentrated molasses, or concentrated melado, entered under the name of molasses, or any other name than syrup of sugar, or of sugar cane, concentrated molasses, or concentrated melado, shall be liable to forfeiture to the United States, and the same shall be forfeited.

CIGARS AND TOBACCO.

On cigars of all kinds, valued at five dollars or less per thousand, thirtyfive cents per pound; valued at over five dollars and not over ten dollars per thousand, sixty cents per pound; valued at over ten and not over twenty dollars per thousand, eighty cents per pound; valued at over twenty dollars per thousand, one dollar per pound; and in addition thereto on all cigars valued at over ten dollars per thousand, ten per centum ad valorem: Provided, That paper cigars, or cigarettes, including wrappers, shall be subject to the same duties imposed on cigars; on snuff, thirty-five cents per pound; on tobacco, in leaf, unmanufactured and not stemmed, twenty-five cents per pound; on stemmed, and tobacco manufactured, of all descriptions, not otherwise provided for, thirty-five cents per pound.

SPIRITS AND WINES.

SEC. 2. And be it further enacted, That from and after the day and year aforesaid, in addition to the duties heretofore imposed by law, on the articles hereinafter mentioned, and included in this section, there shall be levied, collected, and paid on the goods, wares, and merchandise herein enumerated and provided for, imported from foreign countries, the following duties and rates of duty, that is to say: On braudy, for first proof, twenty-five cents per gallon; on other spirits, manufactured or distilled from grain or other materials, for first proof, fifty cents per gallon.

CORDIALS.

On cordials, and liquors of all kinds, and arrack, absynthe, kirschenwasser, ratafia, and other similar spirituous beverages, not otherwise provided for, twenty-five cents per gallon; on bay rum, twenty-five cents per gallon; on ale, porter, and beer, in bottles, or otherwise, five cents per gallon; on all spirituous liquors not otherwise enumerated, sixteen and two-thirds per centum ad valorem: Provided, That no lower rate or amount of duty shall be levied, collected, and paid, on brandy, spirits, and all other spirituous beverages, than that fixed by law for the description of first proof, but shall be increased in proportion for any greater strength than the strength of first proof: And provided, further, That bottles containing wines subject to ad valorem duties shall be liable to and pay the same rate of duty as that fixed upon the wines therein contained.

METAL AND METAL GOODS.

SEC. 3. And be it further enacted, That from and after the day and year aforesaid, in addition to the duties heretofore imposed by law on the articles hereinafter mentioned and included in this section, there shall be levied, collected, and paid, on the goods, wares, and merchandise, herein enumerated and provided for, imported from foreign countries, the following duties and rates of duty, that is to say:

BAR IRON.

On bar iron, rolled or hammered, comprising flats not less than one inch or more than seven inches wide, nor less than one-quarter of an inch or more than two inches thick; rounds not less than one-half an inch nor more than four inches in diameter, and squares not less than one-half an inch nor more than four inches square, not exceeding in value the sum of fifty dollars per ton, two dollars per ton; exceeding in value the sum of fifty dollars per ton, three dollars per ton; on bar iron, rolled or hammered comprising flats less than one-quarter of an inch thick or more than seven inches wide, rounds less than one-half an inch or more than four inches in diameter, and squares less than one-half an inch or more than four inches square, five dollars per ton; on all iron imported in bars, for railroads and inclined planes, made to patterns and fitted to be laid down on such roads or planes without further manufacture, one dollar and fifty cents per ton.

PLATE IRON.

On boiler plate iron, five dollars per ton.

WIRE.

On iron wire, drawn and finished, not more than one-fourth of an inch

in diameter, nor less than number sixteen, wire gauge, one dollar per one hundred pounds; over number sixteen and not over number twenty-five, wire gauge, one dollar and fifty cents per one hundred pounds; over or finer than number twenty-five, wire gauge, two dollars per one hundred pounds.

MISCELLANEOUS IRON.

On hollow-ware, glazed or tinned, one-half cent per pound. On sadirons, tailors' and hatters' irons, stoves, and stove plates, one-fourth of one cent per pound; on band and hoop iron, and slit rods, and all other descriptions of rolled or hammered iron, not otherwise provided for, five dollars per ton; on cut nails and spikes, one-fourth of one cent per pound; on iron cables, or cable chains, or parts thereof, seventy-five cents per one hundred pounds: Provided, That no chains made of wire or rods of a diameter less than one-half of one inch shall be considered a chain cable; on anvils, seventyfive cents per one hundred pounds; on anchors or parts thereof, fifty cents per one hundred pounds; on wrought board nails, spikes, rivets, bolts, bedscrews, and wrought hinges, one-fourth of one cent per pound.

CHAINS, ETC.

On chains, trace chains, halter chains, and fence chains, made of wire or rods, not under one-fourth of one inch in diameter, one-fourth of one cent per pound; under one-fourth of one inch in diameter, and not under number nine wire gauge, one-half of one cent per pound; under number nine, wire gauge, five per centun ad valorem; on blacksmith's hammers, and sledges, and axles, or parts thereof, one-half of one cent per pound; on horseshoe nails, one cent per pound; on steam, gas, and water tubes, and flues of wrought iron, one-fourth of one cent per pound: on wrought iron railroad chairs, and wrought iron nuts and washers, ready punched, five dollars per ton; on smooth or polished sheet iron, by whatever name designated, one-half cent per pound.

SHEET IRON.

On sheet iron, common or black, not thinner than number twenty, wire gauge, three dollars per ton; thinner than number twenty, and not thinner than number twenty-five, wire gauge, four dollars per ton; thinner than number twenty-five, wire gauge, five dollars per ton.

TIN AND TIN PLATES.

On tin plates galvanized, galvanized iron, or iron coated with any metal by electric batteries, one-half cent per pound; on locomotive tire, or parts thereof, one cent per pound; on mill-irons, and mill-cranks of wrought irons and wrought iron for ships, steam-engines, and locomotives, or parts thereof, weighing each twenty-five pounds or more, one-fourth of one cent per pound; on screws, commonly called wood screws, one cent and a half per pound; on screws, washed or plated, and all other screws of iron, except wood screws, five per centum ad valorem; on all manufactures of iron, not otherwise provided for, five per centum ad valorem.

CAST IRON.

On cast iron, steam, gas, and water pipes, twenty five cents per one hundred pounds; on all other castings of iron, not otherwise provided for, nor exempted from duty, five per centum ad valorem: Provided, That the fol