£

409,642 141,733

330,829

327,314 26,851 372,548

8,174,860 1,787,083 6,433,427 1,195,070 3,456,658 744,563 8,548,748 8,682,264 4,644,358 6,204,820 | 814,452 778,646

The foregoing tables show the imports of the Northern colonies, for the first period, 1700 to 1719, to be 3,155,105l., against those of the Southern colonies, 3,184,076., or nearly equal in amount, while the exports of the former were only 1,198,387., against the latter of 5,409,351. The figures for the second period, 1720 to 1739, were imports North, 6,001,9997; South, 4,699,628. The exports were 1,842,146., and 9,767,1727. respectively. In the third period, 1740 to 1758, the import account stands, North, 11,144,433; South, 8,653,3491.; and the export returns, 1,773,6681. for the one, and 12,693,601l. for the other. The fourth and last colonial period records the Northern imports at 21,064,445., and the Southern at 14,007,558l.; the exports at 3,726,716l., and 15,665,730l. The total Northern imports reached 41,665,882l., against the Southern of 30,544,611l., while the exports aggregated as follows: Northern, 8,540,9177.; Southern, 43,535,8541. The imports of the whole thirteen colonies thus amounted to 72,210,493., and the exports to 52,076,771. The shipments from the colony of Delaware are included with those of Pennsylvania, and the produce of East and West Jersey was forwarded by way of New York and Philadelphia. There appears a balance against the Northern colonies of 33,124,965l., and a balance in favour of the Southern colonies of 12,991,2437., leaving a net deficiency of 20,133,7221. The indebtedness of the North was settled by the sale of negroes to the South: most of the blacks were purchased in Africa and the West Indies, but some were 'bred' at home the increase in the coloured population of New England, New York, New Jersey, and Pennsylvania, thus finding a profitable outlet. The money received for the negroes was invested in Southern bills of exchange, drawn on Europe, against the shipments of tobacco, rice, and other produce. These bills, along with the specie received from the West Indies - the value of the merchandise sent to the islands being always greater than that imported from thence enabled the Northerners to pay the balances due by them to their correspondents in Europe. It will be observed that, in a colonial condition, the South carried on a more direct trade with Europe than she has since done as States. Cotton cultivation, however, led her to abandon commerce in a great measure and take to planting.

As an example of the foreign trade of the colonies, statistics concerning the business of the year 1764 are presented:

The fact is, the Northern colonies at that time, and ever since as States, had very little to export that was suited for the English market. In their earlier days they had furs and skins, and other rude articles of a newly settled country; but as civilisation progressed, those commodities of course disappeared, and their only surplus produce for which there was a demand on this side of the Atlantic was tobacco, then grown in their own neighbourhood, but of course to a much more limited extent than in Maryland or Virginia; flax-seed; fish, sold to the Catholic countries of the continent; and occasionally breadstuffs. The islands relieved them of their inferior fish, for slave consumption, as well as beef, pork, butter, poultry, maize, flour, cider, apples, cabbages, onions, horses, mules, &c. The commerce of the Northern colonies with Europe and the West Indies stood thus (in dollars) in 1764 :—

The exports of the Southerners always paid for more than they imported. Their trade prior to Independence being direct, the real state of their balances can be more readily approximated. They, as well as the Northerners, earned largely by freights and the sale of vessels in Europe. The outward shipments being much more bulky than the receipts of manufactured goods, enabled

M

them to dispose of some of their ships after their cargoes were discharged in foreign ports. In addition to purchases of negroes from the Northern colonists, the Southerners bought from the English slave-traders Africans to the value of many millions of dollars.

Franklin explained the course of business carried on at that time. As a representative from Pennsylvania, he was examined before a committee of the House of Commons on this subject, on January 28, 1765, when the following questions and answers were given :

'What may be the amount of one year's imports into Penn'sylvania from Britain?-I have been informed that our 'merchants compute the imports from Britain to be above. '500,000l.

'What may be the amount of produce of your province 'exported to Britain?-It must be small, as we produce little 'that is wanted in Britain. I suppose it cannot exceed 40,000l. 'How, then, do you pay the balance?-The balance is paid by our produce carried to the West Indies, and sold in our own '(British) islands, or to the French, Spaniards, Danes, and 'Dutch; by the same carried to other colonies in North America, as to New England, Nova Scotia, Newfoundland, Carolina, and Georgia; by the same carried to different parts of Europe, 'as Spain, Portugal, and Italy; in all which places we receive 'either money, bills of exchange, or commodities that suit for 'remittance to Britain, which, together with all the profits on 'the industry of our merchants and mariners arising in those 'circuitous voyages, and the freights made by their ships, centre 'finally in Britain, to discharge the balance, and pay for British 'manufactures continually used in the province, or sold to 'foreigners by our traders.'

AMERICAN CURRENCY SUBSEQUENT TO INDEPENDENCE.

The first emissions of continental notes' by the Congress of Delegates' was under an Act passed June 23, 1775; the bills, however, bore the date of the meeting of that body, May 10, 1775. This currency professed to be redeemable in silver dollars, and circulated throughout the colonies, in accordance with the values established by them, as already noticed.

Until the amount exceeded $9,000,000., the notes passed at their nominal value, and kept near par until January 1779, when the depreciation was rapid throughout the whole of that year, there being a redundancy. of the currency. It then and subsequently required the number of paper dollars specified in the subjoined table, compiled from the books of the principal merchants at Philadelphia, to exchange for the Spanish pillar dollar, worth 48. 6d. sterling silver money:

On January 11, 1776, five months after the issue was made, and six months before independence was declared, Congress resolved that 'whosoever shall refuse to receive in payment ⚫ continental bills should be declared and treated as an enemy to his country; and be precluded from intercourse with its ' inhabitants,' that is, outlawed, which is the severest penalty, except life and limb, known to the law. This principle was 'continued in practice for five years, and appeared in all shapes and forms; i. e. in tender acts, in limitation of prices, in sin