This shows that the gross earnings during March was very nearly equal those for the corresponding month of last year. The greatest falling off has been in the Illinois Central, the Erie, and the Pittsburg, Fort Wayne and Chicago lines. The average loss is so small as even to constitute a vast gain over the popu lar pre-estimate, or what was expected; and the general result so favorable as to have materially affected the stock marke, as stated above. The war having ceased, the peculiar business it created has ceased also. But a healthier and more regular business is fast taking the place of that which has been lost, and the railroad business of the country shares largely in the restored movement. The commerce of peace, indeed, has been fully re-established, and the business of the country generally is in a very satisfactory condition. We will now aggregate the earnings for the first quarter of the current year. The following table shows the gross earnings of only 13 of the roads included in the preceding table, the complete returns of the three omitted roads not being within our reach:

The falling off for the first quarter of 1866 is thus equivalent to 8 72 per cent as compared with the earnings for the same period in the preceding year. Nor is this diminution of gross earnings, though proportionately greater than for the last single month, excessive, and when it is also considered that the large military traffic of 1865 does not exist in 1866, the wonder appears to be that the falling off should have been so light. The fact is, the railroads on the whole are doing exceedingly well, far better than was anticipated. The following are the prices during the month :

Our table of the imports of Dry Goods the past month shows a decrease compared with the previous months of the year. The extensive amount which began with August, 1866, reached its culminating point in February last, and has since been on the decrease and the arrivals will probably be comparatively light during remaining months of this fiscal year. The figures for the four months are very greatly in excess of the previous years, being $55,796,357 this year, against $15,268,630 for 1865, and $35,477,140 for 1863. While we are importing so extensively, it is gratifying to know that our exports are also urusually large. The total cotton exported from the whole country since September has been a little over 1,259,000 bales, thus giving the United States a credit abroad of about $200,000,000. The following is the movement of foreign dry goods at New York for April :

IMPORTS OF FOREIGN DRY GOODS AT NEW YORK FOR THE MONTH OF APRIL.

Below we give the figures for the four months of the year:

IMPORTS OF FOREIGN DRY GOODS AT NEW YORK FOR FOUR MONTHS FROM

Below we give the movement of gold through the month :

The Treasure Movement at New York weekly, and the amount in Banks at the close of each week since January 1, has been as follows:

TREASURE MOVEMENT FOR 1866.

Receipts. Exports.

Sub-Treasury

In banks

at close

from to foreign Customs Interest Gold Certificates California. countries. receipts. payments. issued. returned. of week. $552,027 $2,107,341 $3,597,240 $3,122,440 $1,34,8832 $15,778,741

1866. week ending

Jan. 6.

13.

"20.

27.

Feb. 3.

10.

944,878 1,449,074

Mar. 3..

75,453

10.

17..

1,469,286
1,425,353

556,284

$685,610 640,503 2,334,694 1,130,789
799,706 685,894 2,754,369 574,162
656,812 3,226,040 279,842
292,568 3'347,422 115,204
4:3,409 3,251,734 120,179
445,489 2,893,008 94,828
2,608,796 119,879
3,386,934 1,183,343
2,297,836 882,712
236,671 2,464,482 328,593

24.

389,837 170,297

"31..

782,857

Apr. 7....

14..

.. 21.

28..

2,101,000 1,706,835 16,563,237 1,498,400 1,919,483 15,015,242 361,280 1,886,419 13,945,651 3,500 2,451,845 225,414 1,376,000 1,895,334 11,930,202 276,842 2,863.010 63.140 3,016,840 2,120,010 11,436,295 729,862 122,628 2,857,704 49,800 5,038,460 2,274,704 11,035,129 809,459 117,312 2.535,568 35,169 4,200,000 1,971,568 9,495,463 73,880 2,246,307 40,506 4,137,140 1,760,307 8,243,937

Since Jan 1....... $10,694,970 $6,149,067 $46,136,009 $9,015,711 $48,371,700$33,944,272

3,206,180 1,578,194 16,852,568 2,706,400 1,928,641 15,265,372 2,598,400 2,137,048 13,106,759 2,081,280 2,221,423 10,937,474 1,916,700 2,376,735 10,129,806 2.992,900 2,158,009 10,308,758 5,893,280 1,995,796 14,213,351 2,125,000 2,664,934 17,181,130

2,509,419 174,911

The following gives the amount of specie exported from New York to foreign ports from January 1 to the close of April;

The following is an official statement of the total amount of Gold Certificates

The following statement shows the daily fluctuations of foreign exchange on London, Paris, Amsterdam, Bremen, Hamburg, and Berlin at New York for the month of February, 1866:

394@10%

106@106% 537%@532% 89% @40% 76%4@77% 35%@35% 70 @70%
106%@106% 5334@528% 39%@40% 76%@77% 35 (@35% 70 @70%
76%@77% 35) 35% 70 @70%
39%@40% 76%@774 353
694@70x
39%@404 76@77 35
70 @70%

39%@40 76%@77 35%@35% 70 @70%

106@106% 33% @528%
106%@106% 535 @530
1064@106% 535 @528%
106%@106% 534 @5314
106%@106% 535 @530 394@4044
107 @1074 532%@527% 40 @40%4
1074@107% 5314@527% 40 @404
1074@107% 530 @5264 40 @40%
107@107% 5284@5264 40% @40%
107%@107% 528%@526% 40% @40%

35% @35%

35) 0354

3540

70% @70% 70% @71 704@71 704@71 70 @70% 70 @70%

40%@40%
40%@40%

76%4@77%
77 @77%
774@78

35%@35%

35% @35%
35% @36

704@70% 70% @71 702@71

1074@1074 5284@525 40%@40% 77 @77%
107%@108 5284@523% 40 @40% 77%@77% 35% @35%
107%@108 5283 5233 40 @40% 77% @77%
107@108 52834@523% 40 @40% 774@774 35, 534
107%@107% 52834@525 40%@40% 77 @77% 35 35%
107%@107% 528@525 40%@40% 77 @77%

107%@107% 528%@523% 40 @40%
107@1074 5284 @525
1074@108% 530 @522
108 @108% 5261⁄4@5241⁄2 40% @41
108 @108% 527@521% 40%@41
108 @108% 527@526% 40%@41

106@1084 523@517% 40%@41
106%@108% 537@517% 39%@41
106@108% 530@ 51834 40 @41
1074@108% 532 @517% 40@41
108 @109 523%@515 40%@41

77@78 25%@35% 70%@71% 77@784% 35%@36 70%@71% 77@78% 35%@36 704@71%

77@78% 35%@36% 71 @71%%

764@7844 35 @26%
77 @78% 35% @36%
77 @79 35%@36%
78 @79% 36 @36%

69% @71% 70% @71% 70%@71% 71 @71%

JOURNAL OF BANKING, CURRENCY, AND FINANCE.

www

Over-issue of National Bank Notes-Act to withdraw from Circulation and Re-distribute the Currency-Quarterly returns of National Banks-Weekly returns of National Banks of the United States, also returns of the Banks of the three cities.

THE general interest which attaches to the questions affecting the amount and the distribution of our paper money, induces us to print in full, elsewhere, the letter sent by Secretary McCulloch to the Chairman of the Finance Committee of the Senate on the 23d inst. This document, with the accompanying tables, is extremely suggestive, and will well repay the most careful examination.

Among other important points on which it throws light, is the authorized over issue of notes, which has recently been the subject of inquiry. The law provides that the total currency of the national banks shall never exceed 300 millions, and that this sum shall be equitably distributed among the States; one-half being apportioned according to the representative population, and the other half according to the discretion of the Secretary of the Treasury, having due regard to the monetary requirements of the several States. To prevent any misapprehension, we copy the precise words of the National Currency act, as amended by the law of March 3, 1865. This measure provides "that one hundred and fifty millions of dollars of the entire amount of circulating notes authorized to be issued shall be apportioned to associations in the States, in the District of Columbia, and in the Territories, according to representative population, and the remainder shall be apportioned by the Secretary of the Treasury among associations formed in the States, in the District of Columbia, and in the Territories, having due regard to the existing banking capital, resources and business of such States, district and territories." It has been reported that, contrary to this law, several of the States have been allowed more than their fair share of the 300 millions of notes, and this report appears to be fully confirmed by the statistics given in Mr. McCulloch's letter. Under what authority the large over-issue has been made we are not informed, but Congress and the people have clearly the right to require the fullest information on this subject.

The remedy for the evil is obviously to be found in the withdrawal of the over-issued currency, and on the 9th of April Mr. Sherman introduced a bill for this purpose into the Senate. This bill does not attempt to interfere with the distribution of the 150 millions of notes which were given by the law of 1865 to the discretion of the Secretary of the Treasury. It deals only with the 150 millions which, as that law distinctly and positively enacts, are to be distributed according to representative population. These notes, and these only, it" requires" the Secretary of the Treasury to distribute as the law of 1865 has directed. And all notes issued contrary to this principle are to be gradually withdrawn. The following is a copy of the bill which is marked No. 256 on the list of the Senate documents:

“re

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That to secure a better distribution of the national