If the defeat of the enemy is overwhelming, it will be sufficient reward for all our labors. Your very truly, HORACE PORTER. To show still further the interest which the leading merchants, bankers and business men of this city took in the movement to re-elect General Grant at that time, the following circular furnishes an excellent and historical record. It constitutes, in a small compass and compact form, a valuable chapter of financial history: CIRCULAR _Of the Business Men of New York on the Financial Condition of the National Debt of the United States. Further Reduction October 1, 10,327,000 Dollars._ The undersigned, merchants, bankers and business men of New York, respectfully submit the following statements for the information of all parties interested therein: The Republican candidate for President of the United States is Gen. Ulysses S. Grant, who was unanimously named for re-election at Philadelphia, in May last. At the commencement of Gen. Grant’s first term of office, March 4, 1869, the national debt was $2,525,000,000. On the first day of September, of the present year, there had been paid and cancelled of the principal of this debt, $348,000,000, leaving a balance of principal remaining unpaid at that date, in accordance with the official statement of the Secretary of the Treasury, the sum of $2,177,000,000. Of this amount, $1,177,000,000 are represented in a funded debt, bearing interest in gold, while $400,000,000 remain unfunded in Treasury circulation. Up to the close of the last session of Congress, the annual reduction of taxes, as measured by the rates of 1869, had been as follows: Internal revenue tax $82,000,000 Income tax, (repealed,) 30,000,000 Duties on imposts, 58,000,000 ——— Making a total reduction $170,000,000 of The reduction of the yearly interest on the public debt exceeds the sum of $23,200,000, of which $21,743,000 are saved by the purchase and cancellation of the six per cent. public securities. A careful consideration of these results of a prudent and faithful administration of the national Treasury, induces the undersigned to express the confident belief, that the general welfare of the country, the interests of its commerce and trade, and the consequent stability of its public securities, would be best promoted by the re-election of Gen. Grant to the office of President of the United States. New York, Oct. 4, 1872.