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THE

MERCHANTS’ MAGAZINE,
E s t a b l i s h e d J u l y , 1839,

BY FREEMAN HUNT, EDITOR AND PROPRIETOR.

VOLUME X X .

A P R I L , 1849.

CONTENTS

NUMBER IV.

O F N O . IV ., V O L . X X .

ARTICLES.
ART.

I.
II.
III.
IV.
V.
VI.
VU.

PAG E

PEN AND PENCIL SKETCHES OF LIVING MERCHANTS.—No. I.—THOMAS P. COPE,
E s q ., OF PHILADELPHIA. By the Hon. J o s e p h R. C h a n d l e r , o f Pennsylvania......... 355
INTEREST OF MONEY: BRIEF ACCOUNT OF OPINIONS AND PRACTICE CON­
CERNING INTEREST. By D a v id F o s d ic k , Jr., A. M., o f Massachusetts......................... 364
TRUE THEORY OF CAPITAL AND LABOR. By R i c h a r d S u l l e y , Esq., o f New York 370
COMMERCIAL CITIES AND TOWNS OF THE UNITED STATES.—No. XVI.—THE
CITY OF SAVANNAH, G A ..................................................................................................... 376
SKETCH OF THE L A W OF DEBTOR AND CREDITOR IN MARYLAND. By J a m e s
R. P a r t r i d g e , Esq., of the Baltimore (Md.) Bar.................................................................... 388
PROTECTION OF SHIPS FROM LIGHTNING. By E b e n M e r ia m , Esq., o f New York.. 395
“ THE COAST SURVEY OF THE UNITED STATES:”. A Reply to an Article in the Feb­
ruary No. o f the M e r c h a n t s ’ M a g a z in e . By Lieut. C h a r l e s H e n r y D a v is , o f the Uni­
ted States Navy............................................................................................................................. 402

M E R C A N T I L E L A W CASES.
Points in Mercantile L aw ; from Denio’s Supreme Court Reports.......................................................
Insurance upon Freight............................................................................................................................
Guaranty—Bills of Lading.......................................................................................................................
Lien of Consignees—Promissory Notes...................................................................................................
Marine Insurance—What cannot be Insured..........................................................................................
Insurance upon Freight—Other insurable interests...............................................................................
When Consignee, or Factor, is bound to Insure....................................................................................

414
414
415
416
416
417
418

C O M M E R C I A L C H R O N I C L E AND R E V I E W :
EMBRACING A FINANCIAL AND COMMERCIAL R E V IE W OF THE UNITED STATES, ETC., ILLUSTRA­
TED W ITH TABLES, ETC., AS FOLLOWS :

Spring Trade Compared—Imports and Duties at the Port of New York—Effect o f a Steady Cur­
rency—Exports o f Plain Cottons and Calicoes from Great Britain—Her large Export in 1847—
Cotton taken by United States Manufacturers for Consumption—Prices o f Cotton—The Cotton
Markets—Duties and Specie in the Sub-Treasury at New York—Payments to Mexico—Dispoeition in Europe to invest in United States Stock—Prices of United States, New York, Ohio,
and Kentucky Stocks—Rates o f Exchange in New York—Bearing o f Commercial Legislation
in England on the affairs of United States—British Navigation Laws—Mr. Bancroft’s Proposi­
tion to the British Government—Webster’s Resolution o f Inquiry, etc., etc.......................... 419-424
VOL. XX .---- NO. IV .




23

354

CONTENTS OF NO. IV., VOL. X X .
PAGE

COMMERCIAL REGULATIONS.
Regulations o f the Warehousing System—The United States Treasurer’s Circular o f Instructions
to Collectors and other Officers o f the Customs................................................................................ 424

NAUTICAL INTELLIGENCE.
Recently Discovered Shoal near St. Michael’s......................................................................................
Port o f Buenos Ayres................................................................................................................................
New Light-House on Punte Bianche, on the Island of Grossa, in Dalmatia......................................
Regulations of Merchant Vessels from Constantinople.........................................................................
Aberdeen Harbor Leading Lights.......................... ...............................................................................
St. Nicholas Gatway, Yarmouth..............................................................................................................

434
435
435
435
435
435

COMMERCIAL STATISTICS.
Trade of the Port o f Rio de Janeiro in 1847-8...................................................................................... 436
Leading Articles imported into Rio de Janeiro in 1846 to 1848, inclusive.......................................... 436
Leading Exports o f Rio de Janeiro..............................................................................................* . . . . 436
Arrivals and Clearances at Rio de Janeiro in 1847-48........................................................................... 436
Import Trade of St. Louis in 1847-8........................................................................................................ 437
Estimated value of thirty leading Articles of Produce received at the Port o f St. Louis in 1848.. 438
Value o f Foreign Merchandise imported into St. Louis in 1848.......................................................... 438
Statement of the amount of Auction Duties paid into the Treasury o f the State o f New York in
each year from 1798 to 1848, inclusive................................................................................................. 440

J O U R N A L OF B A N K I N G , C U R R E N C Y , A N D F I N A N C E .
Debt and Revenue of the United States..................................................................................................
The two Systems o f Banking in the State of New York......................................................................
Rates o f Exchange between England and the United States from 1822 to 1848, inclusive...............
Property and Taxes of New York State.................................................................................................
Acres of Land taxed in each County o f the State of New York.........................................................
Assessed value of Real and Personal Estate in each County of New Y ork......................................
Amount o f State, County, and Town Taxes...........................................................................................
Total taxation and rate of each County in State o f New York............................................................
Fluctuations of the Funds in England and France in 1848-9 ..............................................................
Proportion of Coinage in Large and Small Pieces................................................................................
Production o f Gold and Silver Mines......................................................................................................

441
442
443
443
444
444
444
444
445
445
445

R A I L R O A D , CANAL, AND S T E A M B O A T S T A T I S T I CS .
Central Railroad, Georgia—Distances, Rates o f Fare, Business, &c., in 1847 and 1848 ................... 446
Steam Navigation of St. Louis................................................................................................................. 446
Steamboats, Barges, &c., owned or partly owned in St. Louis, and belonging to that District........448
Steamboats built in St. Louis in 1848...................................................................... .............................. 449
Comparative arrivals of Steamboats at the Port of St. Louis in 1846-7-8.......................................... 449
Receipts o f the Western (Mass.) Railroad from all Sources since the Road was opened................. 450
Cost o f the Western and Albany and WestStockbridge Railroads to November, 1848 .................... 450
Tolls received on the New York State Canals from 1824 to 1848 ......................................................... 451

J O U R N A L OF M I N I N G A N D M A N U F A C T U R E S .
Silver Mines and Mining in Spain............................................................................................................
Pennsylvania Coal Trade for 1849............................................................................................................
Manufacture of Tobacco in Paraguay........................................................................... .........................
Manufactures in Tennessee......................................................................................................................

452
453
453
454

MERCANTILE MISCELLANIES.
Mercantile Library Association o f Cincinnati........................................................................................
Mercantile Library Association of New Y o r k .....................................................................................
St. Louis Mercantile Library Association...............................................................................................
Iron Warehouse for California.................................................................................................................
Manufacture o f Linen at Maysville........................................................................................................

455
456
457
458
458

THE BOOK TRADE.
Notices o f 29 New Works or New Editions............................................ ....................................... 459-464




HUNT’S

MERCHANTS’ MAGAZ INE
AND

COMMERCIAL REVIEW.
tA P R IL ,

1849.

Art. I.— PEN AND PENCIL SKETCHES OF LIVING MERCHANTS.*
NUMBER I.

THOMAS P. COPE, E sq ., OF PH ILADELPH IA.
[ w it h

a

p o r t r a i t .]

I n all countries, the character o f the great and good has heen deemed a
part o f the public fam e; and nations which have derived political or pecuniaryadvantage from the talents and labors o f their distinguished citizens living,
have put in a claim to the posthumous credit o f those men, as if a portion at
least was to escheat to the benefit o f the Commonwealth. N o form o f gov­
ernment has ever excluded such a claim, because no form o f government,
however had, has been enabled to repress the virtues, or diminish the gene­
rous ardor o f those who, marked by Providence with high special gifts, will
work out for themselves a path to fame, b y directing their powers in such
pursuits as tend, by multiplying individual good, to promote public benefits.
Just in proportion as the government o f a nation tends towards true re­
publicanism, is the proper fame o f the individual appropriately available to
the m ass; and as the popular voice has more and more weight, the char­
* In addition to our series of biographical sketches of eminent merchants and business men, (now
numbered with the dead,) published from time to time in previous numbers o f the “ Merchants' Mag­
azine and Commercial Review,” we shall hereafter endeavor to give an occasional sketch and portrait
o f some o f our most distinguished living merchants, bankers, & c.; but, as our ability to do so will
depend upon the “ advice and consent ” of a second party, we will venture upon no promise to our
patrons. Commerce is not only a business, but a science, extremely intricate in some o f its develop­
ments, and calculated to elevate the mind and enlarge the understanding, when pursued upon legiti­
mate principles, and with high and honorable views. Now, as our religious, political, and literary
journals furnish the “ pen and pencil sketches ” o f living divines, statesmen, and men o f letters, we
can see no good reason why MKing Commerce ” should not have his appropriate niche, to perpetuate
the matchless enterprise and the costly virtues o f his subjects. For these, and other equally valid
reasons, we trust that our plan will be appreciated and encouraged by the favorable co-operation o f
that large and influential class, for whose moral, intellectual, and pecuniary benefit our journal was
established, and has thus far mainly been sustained.—Ed. Mer. Mag.




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P en and P en cil Sketches o f L iving M erchants:

acter o f each individual becomes more and more important to the w hole;
and society at large feels and expresses the deep interest which it has in the
conduct and fame o f any citizen who, by talent, enterprise, and virtuous de­
votion to an honorable calling, and the prompt and willing discharge o f civic
and social duties, acquires extensive fame, and sustains, with appropriate
bearing, the dignity of his acquired position.
Hence the great propriety in this country o f respect to the memory, and
affectionate gratitude to the persons o f those who distinguish themselves by
successful efforts in any o f the professional walks o f life, or in the various de­
partments o f business and trades. Each effort, it is evident, has generally
for its primary motive the connection o f the credit o f the actor, or the special
circle o f the distinguished, with the fame which is acquired ; but no sooner
is the honor proclaimed, than it becomes not only a part o f the public pos­
session, but an element o f public pride and enjoyment. Popular feelings
and popular advantage are expressed and promoted by the immediate reci­
pients o f the credit, while they seem to be appropriating to their own honor
the credit o f their co-laborers. This moral impost is always levied, and as
one class of citizens has the same interest in the credit o f the whole as any
other class can possess, none seems unwilling to submit to the taxation, and
the fame and honor o f our republic are daily augmented by the accretion o f
individual credit to the mass o f social or associated fame.
Hitherto the fame o f the merchant has been considered incomplete, un­
less it was connected with some direct public, civic, philanthropic, or political
service, which, while it reflected honor upon the man, seemed to overshadow
the unobtrusive virtues o f the m erchant; so that the apparent solecism has
been presented o f a class o f citizens proud o f their own profession, and yet
dissatisfied with any honor that did seem to diminish, relatively at least, the
worth o f that profession of which they were justly proud.
Our opinion o f “ mercantile character ” is so elevated, that we see in the
career o f a merchant enough to give him all the distinction, all the claims
upon public regard, which can be deserved by those who properly estimate
popular approval in a popular governm ent; and we think lightly o f any man
who, in a republican government, can undervalue public esteem. Men may
talk as they please of a philosophical disregard o f the opinions o f their fellowmen, and a contempt for public consideration; but scarcely any man thus
expresses himself without a desire to attract consideration, by the apparent
disinterestedness o f feeling in which the remark originates, or without a de­
sire to depreciate the value o f that, of which he begins to find himself unde­
serving.
W e believe that an American merchant has, in his proper calling and se­
lected condition o f life, the means o f high, permanent distinction ; and our
belief is founded on observation, that there commences, with the evidence o f
mercantile enterprise and the proof o f mercantile integrity, a fame as desira­
ble, as gratifying, as extensive, and as permanent, as that which is awarded
to the statesman or is achieved by the warrior. W e speak now o f the mer­
chant abstracted from his social and political relations and duties. W e speak
o f him as “ the merchant ” alone, though we claim for, and all must concede
to him, the possession o f those qualities which are part o f the elements o f the
statesman’s character. W e believe also that the high credit o f a nation is as
much dependent upon the honor and enterprise o f her merchants, as upon
the sagacity o f her statesmen, and the skill and courage o f her warriors; and
that, abroad, an estimate o f the American character, an estimate which we




Thomas P . Cope, E sq., o f Philadelphia.

35 1

are most proud to recognize, is founded at least as much on mercantile re­
lations as upon any other element of intercourse and esteem ; and as that es­
timation and that credit are but the aggregate o f individual contribution, we
have, as conductors o f a mercantile periodical, deemed it due, at once to mer­
cantile pride and enlarged patriotism, to select from time to time, for special
notice, one who has distinguished himself, illustrated his profession, and done
honor to his country, as an American merchant.
It is not, we apprehend, from any supposed want o f materials, or any de­
ficiency o f respect for the calling, that such a plan has not been previously
adopted and carried out. It is the nature o f commerce to promote and re­
ward enterprise, and to beget and cherish honorable character. Hence, from
the earliest period o f our nation’s history, we have had the elements o f com­
mercial biography that would have reflected honor upon the country, through
the mercantile profession. Perhaps the facility with which the accomplished
merchant becomes the useful statesman, and the more ready appreciation, by
the people, of political contributions to public good, because those contributions
are more direct, or at least more directly noticeable, have tended to give to
the public benefactor the fame o f a statesman, which, however due, was re­
ferable perhaps to the qualities o f the merchant.
Our intention is to gratify our feelings and our pride, and we hope also
the correct feelings and laudable pride o f our readers, by presenting bio­
graphical sketches o f distinguished merchants. W e shall not withhold from
any one the fame which he may have acquired in any o f those walks o f life,
social or political, in which he may have attained to distinction; but we
shall not attempt to conceal the fact, when it would be otherwise obvious,
that these distinctions, as philanthropist or statesman, have resulted from the
character and habits o f the merchant.
This number o f the “ Merchants' Magazine and Commercial Review ” is
ornamented with a remarkably correct likeness, engraved by Sartain, from a
portrait by J. Neagle, of
T H O M A S P. COPE, Esq., OF P H ILA D E L P H IA ,

and we shall commence the fulfilment o f our design, by giving some notice
o f the life and mercantile character o f the original o f the portrait. Mr. Cope
is a native o f Lancaster county, Pennsylvania. H e is a member of a highly
respectable “ Quaker ” family. W e love that name ; we prefer the term
“ Quaker ” to that o f “ Friend,” because, though it was given in derision, it
has became a term o f honorable distinction, by the merits of those who have
illustrated the virtues of the sect on which it was bestowed. A bad name
may destroy an individual who is denied time and opportunity to redeem
himself from the opprobrium. But classes and sects that are permitted to
survive the excitement, which confers an unkind and injurious appellation,
may acquire to themselves a credit that shall cause that which was conferred
as an epithet o f contempt, to become a title o f distinguishing honor. So
much more potent is virtue than a nam e; so true are mankind to virtue and
practical goodness, when their judgment is allowed time to supersede their
passions.
Mr. Cope traces his descent on both sides, for many generations, from the
“ Friends.” His ancestor, Oliver Cope, was one of the first purchasers from
W illiam Penn. On the maternal side, Mr. C. has descended from the Pyms,
who claim as an ancestor the celebrated parliamentarian, John Pym , whose




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P en and P en cil Sketches o f L iving M erchants :

name is connected with that o f Strafford; and Mr. C. has, as his middle name,
that o f his maternal ancestor.
The education o f Mr. Cope was g o o d ; it included a general round o f Eng­
lish studies, the German language, and that amount of Latin which was, sixty
years since, deemed necessary as a foundation o f a good education; and though
perhaps he has not had occasion to make a direct use o f his classical studies,
there can be no doubt that they greatly assisted in disciplining his mind for
the pursuits o f life in which he was engaged, and for those rational enjoy­
ments consequent upon his success and his social position.
W h en Mr. Cope had completed that education which was deemed neces­
sary to a mercantile life, and which in his case led to a sound literary taste,
since indulged and improved, he was, in 1786, sent to the city o f Philadelphia
to commence the acquisition o f practical mercantile knowledge, by underta­
king the primary labors of the counting room, and ascended from the junior
grade, which only notices events, by a simple record, to that position which
plans the movement and directs the conduct o f thousands; and, while it
seems to have only a selfish object, does indeed connect the interests and the
feelings o f countries, and brings about that state o f national feelings which
demands the services of the diplomatist to confirm and solemnize.
W e do not learn that the early career o f Mr. Cope was distinguished by
any o f those bold schemes which sometimes dazzle the eye o f the uninitiated
by the splendor o f their success, and often bring extensive ruin by their al­
most natural failure. Mr. Cope was educated a Quaker, and he felt that all
o f his education, all that parents and teachers had imparted to his childhood
and youth, was intended as a portion o f his capital in the business o f life—
elements o f success in his mercantile and his social position ; and hence, we
find that prudence was one o f the leading principles o f his business plans,
and that quality came to distinguish all o f his conduct. H e could not, to
achieve a considerable advantage to himself, put in jeopardy that which, if
lost, would bring distress if not ruin on others. H e had no right to abuse
the credit which his education, his conduct, and his character had secured.
H e valued that credit as a means o f making the wealth o f others auxiliary to
his own plans; but he could not justify to himself any undertaking which,
built on the confidence o f his contemporaries, should so abuse that faith as
to make the chance o f his own prosperity the means o f injuring his friends.
In other words, that which is ordinarily called “ prudence ” in business men,
was in Mr. Cope a fitted principle o f honesty, upon which he based his plans
o f business, and by which he limited his enterprise.
In 1790 Mr. Cope began business, and he built for his own use the store
at the corner o f Second-street and Jones’ Alley, then known by the eupho­
nious designation o f Pewter Platter Alley. Here he transacted a large busi­
ness, importing his own goods. In this location he continued until 1807, at
which time he built his first ship, which he named, for his native county,
L ancaster.

Those who look back fifty-five or fifty-six years upon the history o f Phila­
delphia, will find the record o f disease and death occupying a large portion
o f the annals o f the c ity ; and it seems almost natural, when speaking o f one
who lived through those times, to inquire what part he bore in the labors and
sufferings of the people.
Mr. Cope’s activity, his respectable position, and his associations, were o f a
kind to afford him an opportunity to distinguish himself, either by a selfish
regard to his own safety, or by a magnanimous devotion to the comforts and




Thomas P . Cope, E sq., o f Philadelphia.

359

safety o f others. H e was true to himself, to the instincts o f his nature, to
all the good circumstances with which his life had been surrounded. He
promptly volunteered his services. H e tarried in the city in 1793, and caught
and suffered from the yellow fever, which was desolating the place.
In 1797, that scourge o f man again visited Philadelphia. Mr. Cope re­
solved to bear a part in the alleviation o f those sufferings, which, as one of
the “ guardians of the p oor” and a “ manager of the almshouse,” he had such
an opportunity for understanding; and he, with another citizen, (Mr. Young,
a bookseller,) accepted from the mayor o f the city (Hilary Baker) the office
o f almoner, to minister directly to the wants o f those who were suffering
from destitution, in consequence o f the suspension of business. Several thou­
sand dollars were expended by Mr. Cope and his colleague, who earned the
food which they purchased to the houses o f the sufferers, many o f whom
were people who, in ordinary times, were able to be liberal themselves, to
whom the charity was extended personally, and in a way that the most good
should be secured from the expenditure, in the most delicate manner.
It is not the object o f this paper, nor the wish o f the writer, to present a
detailed account o f the daily doings o f Mr. Cope. H e commenced business,
not on the scale on which he conducted it a few years before he withdrew
from its toils, but with those limits which moderate capital rendered neces­
sary, and which “ prudence ” (again we mean a proper regard to others as
well as to himself) naturally suggested. A devotion becoming a man who
had resolved to have a name among merchants, was manifested by Mr. Cope
to his business; and he was one likely to be noticed by his seniors as marked
for success in himself, and as an example to others. Y et this noticeable oc­
cupancy o f time in the affairs o f his store and counting room, was not all-ab­
sorbing. To be a merchant, with all the circumstances which are connected
with that profession, was o f course Mr. Cope’s principal object. But it would
appear that the generous regard to civic and State interests, which he has
manifested since his withdrawal from business, must have been apparent in
his early manhood, as we find him a member o f the city councils at the close
o f the past and the beginning of the present century, and an efficient mem­
ber o f the committee for introducing water into the city o f Philadelphia, a
measure which for a time required all the efforts o f its friends to secure its
adoption and execution, against the opposition o f a majority, and which for a
time was the occasion o f great unpopularity to its advocates.
Mr. Cope was again, in 1807, called into public life by being elected a
member o f the State Legislature, at a time when party spirit was active, and
when conservative views and votes were deemed necessary for the preservation
o f those principles upon which the Constitution o f the Commonwealth was
founded, and which that instrument was intended to express and defend.
Subsequently, Mr. Cope was called on to mingle still more in public life.
W e allude to those early demands upon his time, to show that, with all the
business devotion and business habits which distinguished him and marked
him for success, he had, and others saw in him, all those qualities which give
delight to social life, and those abilities which make the republican citizen a
useful servant o f the State. A nd we may add, that the demand upon his
services was not limited to the city or the Commonwealth. As a man of
sound education, as one o f high integrity as a sound politician and an accom­
plished merchant, he was naturally looked to as a proper person to represent
the great interests o f Philadelphia in the councils o f the nation. There was
no doubt of his ability to represent the people, and to promote the true in­




360

P en and P en cil Sketches o f L iving M erchants:

terests o f the great commercial metropolis o f the U n ion ; and his character
and manners were such as to warrant the belief that his election would have
been less a party triumph than the result o f the concurrent vote o f most o f
the people o f Iris district.
To a young man, sensible o f claims upon public confidence, and not insen­
sible to the suggestions o f ambition, such a concurrence o f circumstances
would seem to present a most desirable avenue to office and fame. In those
days the honors o f Congress had not been so extensively enjoyed, and the
privileges o f Congress had not been so frequently abused. A t that time, a
representative of fifty thousand freemen in the Legislature o f the nation had
a high claim upon public regard, and the office might well be coveted. A t
that time, and at any time since, the constituency o f the Congressional rep­
resentative o f Philadelphia must be regarded as one o f which any man may
be proud. Undoubtedly Mr. Cope felt the appeal to his ambition which this
offer m ade; but he had other duties, and among them was that of justifying
the confidence which his previous career as a merchant had secured to him­
self, and to manifest that prudence upon which his success was to depend,
by declining all honors which must withdraw him from an immediate super­
vision o f an extensive mercantile establishment, upon which so much more
than his own direct interests depended.
Mr. Cope, as we have said, is a member o f the Society o f Friends. Per­
haps the principles o f that sect may have, in some measure, restrained him
from accepting the honorable post which was about to be formally offered to
him. Many o f the votes o f Congress involve the encouragement o f w ar;
we do not know whether that consideration influenced him, and influences
others o f his religious denomination, in declining to sit in Congress ; it is cer­
tain that we seldom see Quakers in the halls o f the national legislature,
where their services would often be very valuable. The regret, however, to
be felt for the absence o f Mr. Cope on such accounts must have been aug­
mented, at that particular juncture, by a knowledge o f his intimacy with the
laws o f trade and their practical operation, and his straightforward adherence
to what he believed to be right. Fortunately, Philadelphia possessed other
sons to represent her in Congress, and while some were doing honor to their
constituents in that place, Mr. Cope was fully occupied in the execution o f
enlarged plans o f commerce, which were to be productive o f public as well
as o f private benefit.
To Mr. Cope was Philadelphia indebted for the establishment, in 1821, o f
the first regular line o f packet ships between that city and Liverpool, (Eng­
land,) and the first ship em ployed in the line was, we believe, the Lancas­
ter, o f 290 tons, commanded hy Captain Dixey. To this was added the
Tuscarora, o f 3V 9 tons, commanded by Captain James Serrill. The line is
still kept up, and has in it the “ Tuscarora,” a new ship, o f 1231 tons. The
line was sustained through all these adverse circumstances, which, for a time,
threatened the destruction o f the foreign commerce o f Philadelphia. It fol­
lowed close upon that established in New York, and is yet maintained, with
augmented tonnage, by Messrs. H. & A . Cope, sons and successors in busi­
ness o f Mr. T. P. Cope.
A bout 1810 Mr. Cope removed his place o f business to Walnut-street
wharf, where his sons now have their counting house, and where their packet
ships now lie, when in port. This place had been remarkable as the scene
o f misfortune to nearly all its previous occupants, and so marked had the re­
sults been, so striking and so uninterrupted, that a dread had been excited in




I
Thomas P . Cope, E sq., o f Philadelphia.

361

the minds of those the least tinctured with superstition. It was what was
called an “ unlucky place,” and several of Mr. Cope’s friends mentioned to
him with some earnestness its bad character.
“ Then,” said he, “ I will try to earn for it a better name.” A nd though
he was a wealthy man before he removed thither, yet that place is identi­
fied with his subsequent prosperity.
W e have already mentioned that “ prudence” was a leading principle in
Mr. Cope’s plans o f business. H e never allowed himself to be drawn into
hazardous enterprises which would deprive him o f that quiet so essential to
the proper enjoyment o f what one has acquired, and to the proper calcula­
tions and plans for a generous increase o f possessions. Such a course would
have been contrary to his established mercantile principles. But there are
times when a merchant may incur risks without an impeachment o f his pru­
dence ; and the occasion for such a risk occurred once, at least, in Mr. Cope’s
experience. His favorite ship, the Lancaster, was on her return voyage from
Canton with a cargo o f great value, at the breaking out o f the war o f 1812.
He made repeated applications for insurance, but the alarm was general and
great, and the offices refused to take a risk upon the ship and cargo for less
than 75 per cent. This was an enormous deduction ; but the ocean swarmed
with British cruisers, and the premium o f insurance, considering the course
o f the Lancaster, could scarcely be regarded as unreasonable. Mr. Cope un­
derstood his own affairs perfectly, and, satisfying himself that he could sustain
the loss o f the whole, and consequently that he could be his own insurer, he
calmly awaited the result, though each day’s papers conveyed intelligence
o f important inroads upon the mercantile marine o f our country by British
ships o f war. The resolution, however, had been taken, after careful delib­
eration, and the only course was a “ patient waiting.” And when darkness
seemed to hang thickest upon the prospects o f the merchants, the Lancaster
arrived at Philadelphia, one evening, with her immensely valuable cargo,
and the captain received from the pilot, in the Delaware, the first intimation
o f hostilities between this country and Great Britain ; and he remarked,
that he should have hailed a British cruiser for the news, had one come within
“ speaking ” distance. The result o f this was an immense profit upon the
cargo..
In referring to Mr. Cope’s mercantile career, we cannot omit to notice that
he was the contemporary and often the rival o f S t e p h e n G ir a r d . A n d we
must add, that he was on terms o f intimacy and friendship with that re­
markable man. It is another proof o f Mr. Girard’s sagacity, that he selected
Mr. Cope to be one o f the executors o f his will, and one o f the trustees o f
the bank. It happened that after discharging with fidelity the duties which
his friend and fellow merchant had thus devolved upon him, Mr. Cope, as a
member o f the Select Council o f the city of Philadelphia, came to be, for a
time, the President o f the Board o f Commissioners o f the Girard estate; and
he was subsequently elected, by a select council, a director o f the Girard
College for Orphans, an honor which, to the regret o f his colleagues, he im­
mediately declined.
Reference has already been made to the public spirit o f Mr. Cope, and to
his promptness and fidelity in every position to which he had been called by
the vote o f the people, and his exertions and contributions when his experi­
ence and his wealth were required to ensure the commencement or comple­
tion o f works o f public interest. And we have already referred to his exer­
tions to secure the introduction o f wholesome water into the city o f Pliila-




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P en and P en cil Sketches o f L iving M erchants:

,delphia. To Mr. Cope, in an eminent degree, may be acceded the praise o f
bringing to a completion the Chesapeake and Delaware C anal; and the
citizens o f Philadelphia are not likely soon to forget the promptness and the
efficiency o f his movements to secure the construction o f the Pennsylvania
Railroad. He presided at the town meeting called in support o f that meas­
ure, so important to Philadelphia, and gave it the aid of his continued labors,
and the most liberal subscription o f any individual contributor.
It was the good fortune of the writer o f this hasty notice to be a colleague
o f Mr. Cope in the convention which remodelled the Constitution o f Pennsyl­
vania, and testimony is cheerfully borne to the fidelity with which he guard­
ed the interests and represented the principles o f his immediate constituents
by the wholesome conservatism o f all his views, his remarks, and his votes ;
and while he exhibited a thorough understanding o f the nature and wants
o f our popular government, he manifested an earnest desire that the organic
law o f his native Commonwealth should be placed upon a basis which
should not be shaken by every breeze o f popular favor, or every tempest of
popular dislike.
Though few o f the institutions o f Philadelphia are without the valuable
aid, in some form, o f Mr. Cope, yet his mercantile friends are permitted to
enjoy the largest portion o f his important services. H e is the President of
the “ Board o f Trade,” where his person is always hailed with pleasure, and
his opinions received with marked deference. But another institution, which
is the pride o f Philadelphia merchants, has been particularly favored by Mr.
Cope. W e allude to the Mercantile Library Company, o f which he has long
been the president, and from whose meetings he is very rarely absent. His
own feelings seem to derive new freshness from his association with the
younger members o f that profession which he has honored; and his pride,
perhaps, is gratified by the evidences that his life is regarded as an example
to those who, when he shall have ceased to be o f their number, will be able
to sustain the character of Philadelphia merchants.
In personal appearance, Mr. Cope is not without advantage. O f estab­
lished health, the result of a sound constitution, assisted by temperate habits
and constant exercise, his upright bearing, and firm, elastic step, seem as if
th ey had been acquired in a military school, rather than under the guidance
o f a mother and schoolmaster o f the Society o f Friends. A n anecdote may
illustrate our meaning.
Some years since, Mr. Cope was travelling in the Western States with the
late General Cadwalader, who was “ every inch a general.” On arriving at
a hotel, the names o f the travellers were o f course registered. Having, per­
haps, some business with, or, more probably, willing to be hospitable to Ge­
neral Cadwalader, a resident o f the place where the travellers were spending
the night, after examining the record o f the names, stepped to the porch, and
observing a gentleman walking up and down, with a quick, firm step, and
wearing a surtout with an upright military collar, he thought he could not
be deceived as it regarded the military title o f the visitor, whom he imme­
diately saluted as “ General,” and proceeded to introduce himself and his
business. A n d it was not easy to satisfy him that he had mistaken a mem­
ber o f the “ Society o f Friends,” in the full dress of that sect, for a “ Major
General.”
N o religious association, no weight o f public duties, no cares and calcula­
tions o f a mercantile life, not even the weight of more than eighty years,
have deprived Mr. Cope o f a buoyancy o f spirits that makes his company




Thomas P . Cope, E sq., o f Philadelphia.

363

now, as it was years ago, the delight o f social gatherings. Though deeply
touched by an event to which we shall refer hereafter, yet no man, within
the limits o f gentlemanly propriety, could add more to the zest o f lively,
pleasant conversation. Full o f experience, full o f anecdote, full o f desire to
promote kindly feelings, and to share in their exercise, his presence is always
desirable, where pleasant wit and chastened humor are allowed their appro­
priate exercise. His presence brings no unpleasant restraints, though it may
modify pleasure; and the young who are favored with his company at their
occasional festivities, find their true enjoyment enhanced by the approval
which his continuance among them manifests, and by the temperate gratification
which that approval ensures. It is a matter o f course that the character, con­
duct, and position o f Mr. Cope should attract to him the high regard o f the
aged and the venerable o f his acquaintance; but it is an additional proof o f
the excellence o f his temper, and the purity o f his principles and o f his taste,
that the young love his presence, and court his approval.
Time is, indeed, laying his hand upon Mr. Cope, but the work is being
done gently and kindly; and those who regard him as a representative o f the
former race o f Philadelphia merchants, (a race to which all may look with rever­
ence and pride,) handing down their virtues and their fame to his successors, re­
joice in the promise, which his healthful appearance and active habits give, that
he will for many years be spared to receive from his fellow-citizens those
manifestations o f grateful respect, which are so eminently deserved by the re­
ceiver, and which do so much honor to the judgment o f the givers.
W e have purposely avoided direct reference to the domestic relations and
circumstances o f Mr. Cope, as unsuited to such a notice as th is; though it is
in the refined and simple elegance o f his hospitable home that he is best un­
derstood and most beloved. But while we omit particular allusion to what
has been his chief delight, and the pride and blessing o f those who share his
domestic circle, it may not be improper to say that a recent visitation o f
Providence has marked the age o f Mr. Cope with an affliction for which
there is only consolation, no remedy ; a deprivation o f a kind which none
can estimate but those who can enter exactly into the father’s feelings, and
comprehend all the excellencies which centered in a daughter, whose death,
in 1847, brought desolation to her domestic hearth, o f whieh she was the
ornament, and irremediable grief to the bosom of her relatives. W e allude
to the accomplished lady o f Job R. Tyson, Esq., o f Philadelphia, the young­
est daughter o f Mr. Cope, whose gifts were o f the highest order, and whose
attainments were o f a kind that made their possessor the delight o f the so­
cial circle, and rendered the hospitable mansion o f her husband the pleasing
resort o f the gifted and the good.
W e dare not pursue that subject closer, and we have only referred to
the painful fact, that we might not omit so important an element in the
later experience o f one whose life we are noticing. W e have referred to Mr.
Cope as a merchant, enterprising, liberal, successful;— as a philanthropist,
selt-denying and devoted;— as a man, upright, respected, beloved. The sin­
gle but signal instance o f domestic affliction to which we have ventured to
allude, is mentioned, that we might say that Mr. Cope has not been without
the trials and the submission o f a C h r is t ia n .




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Interest o f M on ey:

A r t . II.— I N T E R E S T OF M O N E Y :
BRIEF ACCOUNT OF OPINIONS AND PRACTICE CONCERNING INTEREST.

A s to the laws or customs of most o f the nations o f antiquity, respecting the
loan o f money, we know little or nothing. W e have, however, some infor­
mation, that ought not to be slighted, as to the manner in which this subject
was regarded and treated among the Greeks, the Romans, and the Jews.
A m ong the Greeks the rates o f interest were left almost entirely free from
legal interference. The only enactments in Athens relative thereto appear
to have been the following :— 1. “ A banker shall demand no more interestmoney than what he agreed for at f i r s t a n d , 2. “ Let usurers’ interest-mo­
ney be moderate.” (See Potter’s Antiquities o f Greece, ed. Prof. Anthon, p.
150.) The rate o f interest on money loaned for the purpose o f employment
in foreign trade, was much higher than that on money used in domestic bu­
siness. The rate in the latter case was ordinarily about 12 per cent per an­
num, while in the former 30 per cent was charged on each voyage, either to
the Euxine or any Mediterranean port, (Voyage d’Anacharsis, Tom. iv., p.
371,) which charge, as two or three such voyages were often made in one
year, was generally equivalent to 60 per cent or more per annum. This
enormous rate was far from being so unreasonable as it may appear to most
persons at first view, since the hazard was extreme, in those days o f unskilful
navigation and predatory habits, and the profits o f prosperous mercantile ad­
ventures were proportionally exorbitant.
W hether many o f the Greeks
were o f opinion that these rates ought to be lowered by law, or there existed
general unanimity as to the impolicy o f legal restraints in this matter, we have
no means o f determining. W e know, however, that the celebrated philoso­
pher, Aristotle, pronounced all interest unnatural and unjustifiable, on the
ground that coin in itself was barren, unlike corn, every grain o f which is ca­
pable o f producing many others.'* In another passage, speaking o f the va­
rious methods taken to acquire money, he says that agriculture and the
breeding o f cattle may be regarded as honorable and natural, since the earth
itself and all animals are by nature fruitful; “ but to make money from mo­
ney, which is barren and unfruitful,” he represents “ to be the worst o f all
modes o f accumulation, and the utmost corruption o f artificial degeneracy.
B y commerce ” (he says) “ money is perverted from the purpose of exchange
to that o f gain. Still, however, this gain is obtained by the mutual transfer
o f different objects; but usury, by transferring merely the same object from
one hand to another, generates money from money, and the interest thus
generated is therefore called Toyoj, (offspring,) as being precisely o f the same
nature, and o f the same specific substance with that from which it proceeds.”
(Polit. L. i., c. 6.)
In Rom e there was no law respecting interest for three centuries or more
after the foundation o f the city. The two principal Roman historians, Livy
and Tacitus, differ as to the period when the first enactment on this subject
took place, the latter making it one of the laws o f the Twelve Tables, (Tacit.
Annal. L. vi., c. 16,) while the former represents it to have been adopted in
the year 398 from the building o f the city, two tribunes being its proposers.
* Polit. L. n., c. 10. Blackstone says, “ This passage hath been suspected to he spu­
rious.” (Comment. Book n., c. 30, note, p. 454.) We know of no ground for suspicion re­
specting it save its purport.




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(Livy, L. vii ., c. 13.) The laws o f the Twelve Tables were enacted about the
year 300. Tacitus is boldly pronounced in the wrong by Montesquieu, (Es­
prit des Lois, L. xxn., c. 2 2 ;) and, indeed, it must be admitted that such a
law would proceed more naturally from the tribunes of the people than from
the decemvirs, since the latter were o f the aristocracy. Whensoever the law
may have been enacted, it fixed the rate of interest at 1 per cent per annum.
Ten years later, according to Livy, (L. vn., c. 27,) it was reduced to \ o f 1
per cen t; and the fact o f the reduction is also stated by Tacitus, though he
does not mention its date. (Annal. L. vi., c. 16.) Still later, all interest is
said to have been prohibited. (Tacitus, ibid., and compare Livy, L. vn., c.
42.) The exaction of interest was one main ground o f the bitter quarrel
which existed between the patrician and the plebeian orders in Eome. Taci­
tus terms it “ that ancient calamity to the city, and frequent reason o f sedi­
tions and discord.” (L. vi., c. 16.) The laws against it were ineffectual.
Livy speaks of it as growing more and more exorbitant, stinging the popular
sensibility to the quick, and adding asperity to the public contests. (L. vii.,
c. 21.) Tacitus says, that many occasional enactments were made to sup­
press frauds, which however were always perpetrated in one way or another,
new arts being devised to supply the place o f those obviated. (L. vi., c. 16.
See also L. xxxv., c. 7, and Cicero, Epist. ad Atticum, L. vi., Ep. 1.) Those
who violated the laws were treated with great rigor. Fourfold the sum
loaned was forfeited; while a thief forfeited only twice the value which he
stole. (Cato on Agriculture. Compare Livy, L. vn., c. 28 ; L. x., c. 23 ; L.
xxxv., c. 41.) Cato, the Censor, from whom we have this statement, exer­
cised particular severity towards usurers in the public offices which he held.
W hen he entered upon the government o f Sardinia as praetor, he at once
expelled every usurer from the island. (Livy, L. xxxn., c. 27.) Cicero tells
us that when some one asked him what he thought o f usury, his answer
was, “ W h at do I think o f murder?” (Cicero, D e Off., L. n., c. 25.) About
a century before Christ, the praetor, A . Sempronius Asellus, having under­
taken to enforce the laws in favor o f debtors and against usurers, who had
for some time practised their calling with impunity, was publicly murdered
by the creditors. (Appian De Bell. Civil. L. i., c. 54, and Livy, Epitome o f
Lib. l x x i v .) Ten or fifteen years afterwards, the consul, Valerius Flaccus,
was assassinated by his own lieutenant, chiefly because he was the author o f
a law allowing interest at the rate o f 3 per cent per annum. (Velleius Pater­
culus, L. ii., c. 23. Compare Livy, Epitome L. l x x x i i .) The historian, Pa­
terculus, denominates this law a shameful one. A few years later still, we
find Cicero charging Verres with usury at the rate o f 24 per cent per annum.
(Cicero in Verrem, Act. i i ., L. h i ., c. 70, seq.) A t about the same period,
in his letters to Attieus, he speaks o f 12 per cent per annum as the common
rate; which rate, compound interest, he himself established by an edict in
Cilicia, when he was pro-consul of that province. (L. i., Ep. 12 ; v., Ep. 2 1 ;
vi., Ep. 1 and 2.) One Scaptius, however, demanded, unsuccessfully, 48 per
cent per annum on a loan made to the people of Salamis in Cyrus. (Ibid,
except the first reference.) A t the time of the death o f Antony and Cleopa­
tra, interest fell, we are told, one-third; i. e., it is supposed, to 4 per cent.
(Dion Cassius, L. l i ., c . 21.) Yet, about this same period, Horace speaks o f
one who exacted 60 per cent. Suetonius mentions that Augustus stigma­
tized certain persons who made it a practice to borrow money at low rates
and loan it at higher. (Suetonius, Augustus, c. 39.) The same author and
Tacitus state, that in the reign o f Tiberius there was a general tumult on ac-




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In terest o f M on ey:

count o f the pressure o f usury. (Id. Tiberius, c. 48. Tacitus, L. vi., c. 16, 1V.)
In the time of Pliny the Younger, 12 per cent was apparently the usual de­
mand per annum. (Pliny, Ep. L. ix., Ep. 28., L. x., Ep. 62 or 55.) Finally,
the Emperor Justinian, we are told by Gibbon, made 6 per cent the ordinary
and legal rate, confined persons of high rank to 4, allowed 8 for the conve­
nience o f manufacturers and merchants, and 12 to nautical insurance; viola­
tions of these rules being rigorously punished. (Gibbon’s Dec. and Fall o f
the Roman Empire.)
The Jewish law prohibited all usury between Jew and Jew, although it
was allowed between Jews and foreigners. (Ex. 22 : 25 ; Levit. 25 : 36, 3J ;
Deut. 23 : 19, 20. Compare Ps. 1 5 : 5 ; Ezek. 18 : 8, 13, IT, &c.) The
reason of this distinction, according to Father Ambrose, was, that God de­
signed usury as one o f the ways o f making war u p on . the Canaanites and
other heathen nations.
The Canon Law, as it is called, i. e., the ecclesiastical law o f the Roman
Catholic Church, pronounces the taking o f interest, even the least, to be a
mortal sin, and declares those who defend the practice to be heretics. This
prohibition is frequently enforced in the writings of the Fathers o f the Church,
and it was adopted and maintained by the schoolmen. It was grounded
mainly on the laws o f the Old Testament and the authority o f Aristotle. The
deference paid to the latter, by the schoolmen in particular, was extreme ;
equal to that which they paid to the Bible.
Says Dugald Stewart: “ In consequence o f this prohibition in the Mosaic
law, the primitive Christians, conceiving that they ought to look on all men,
both Jews and Gentiles, as brethren, inferred (partly perhaps from the pro­
hibition given by Moses, and partly from the general prejudices then preva­
lent against usury) that it was against the Christian law to take interest
from any man. And, accordingly, there is no crime against which the Fa­
thers, in their homilies, declaim with more vehemence. The same abhor­
rence of usury of every kind appears in the canon law, insomuch that the
penalty by that law is excommunication; nor is the usurer allowed burial
until he has made restitution o f what he got by usury, or security is given
that restitution shall be made after his death.” (Stewart’s Philos, o f the
Act. and Mor. Powers o f Man, Boston ed., vol. i., p. 139.)
Civil statutes were early and frequently enacted in the principal States o f
Europe, for the purpose o f suppressing usury. The business o f loaning mo­
ney, thus rendered dangerous and disreputable, was chiefly confined to the
Jews and the Lombards, (a name often given in Europe at that time to the
Italian merchants generally.) The Jews were noted for usurious dealings so
early as the 6th century. (Gregory o f Tours, L. iv., c. 12, and L. v ii ., c. 23.)
In the early part o f the 13th century, the Lombards began to pursue the bu­
siness o f making loans on interest. (Hallam’s Middle Ages, c. 9, Part 2.)
The rates exacted by lenders in the Middle Ages were proportioned to the risk
and disgrace which they encountered, and to the general insecurity o f their
possessions and their claims. They were treated with extreme severity. The
laws o f Charlemagne, in the 8th century, prohibited their occupation. B y
the laws o f K ing Alfred, about 900 A . D., their personal effects were for­
feited to the king, their land and other property to the lords from whom they
held them, and they were denied burial in consecrated ground. The laws
o f Edward the Confessor, enacted about 1050 A . D., contained similar pro­
visions. Philip Augustus, king o f France, (A . D. 1180,) released the Chris­
tians in his dominions from their debts to the Jews, reserving a fifth part to




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367

himself. The monarchs o f Europe, finding the growing privileges o f their
subjects to stand in the way o f the exercise o f their rapacity on them, often
resorted to extortion from the Jews, as an easy mode o f obtaining both mo­
ney and popular favor. Philip shortly after banished all Jews from the
kingdom, at the same time confiscating their effects. They appear to have
soon purchased their return. In England, a few years later, at the accession
o f Richard I. to the throne, the Jews underwent the most cruel persecution.
(Hume’s Hist, o f England, c. x. Mackintosh, c. in .) It being incorrectly
rumored in London, on the day o f Richard’s coronation, that he had ordered
all Jews to be slain, vast numbers of them were massacred in the streets and
in their houses, and their property was plundered or burnt. Neither men,
women, nor children were spared. The example was followed in other ci­
ties. In York, 500 Jews, who had retired to the castle to defend themselves,
despairing o f safety, murdered their own wives and children, threw their dead
bodies over the walls upon the besieging mob, and then, setting fire to the
houses, perished in the flames. In the reign of John, Richard’s successor,
the Jews were subjected to the severest extortion. O f a considerable number
whom he imprisoned in order to obtain possession o f their wealth, there were
but few who had not at least an eye put out. (Stowe’s Survey o f London,
Book in., p. 54.) H e ordered a tooth to be drawn each day from the head
o f one o f them, until he should consent to pay the sum o f 10,000 marks, a
most enormous sum in those times. Seven teeth were thus wrenched out.
The extraction o f the eighth was stopped by the compliance o f the sufferer.
Henry III., the succeeding monarch, extorted from a single Jew of York,
named Aaron, 14,000 marks o f silver for himself, and 10,000 for the queen.
In the early part o f the reign o f Edward I., the next sovereign, the Jews were
driven from England, 15,000 o f them being banished at one time, and their
property being all taken from them.
A strange custom had by this time begun to prevail in France, o f confis­
cating the effects o f all Jews who embraced Christianity. Says Montesquieu:
“ Their property was confiscated when they were willing to become Chris­
tians ; and they were burnt at the stake when they refused to do so.” (Es­
prit des Lois, L. xxi., c. 16.) He considers this forfeiture as a sort o f re­
venge upon the Jews for eluding the royal and other exactions by embracing
Christianity. In the reign o f St. Louis o f France, the Jews were exiled and
recalled several times. One of his ordinances declares that “ for the salvation
o f his own soul and the souls of his ancestors, he releases to all Christians
a third part o f what was owing by them to the Jews.” (Martenne, Thes. Anecdot. T. i., p. 984.) In the reign o f Charles VI., they were finally ban­
ished from the kingdom, and never regularly recalled.
In Spain and in the Mohammedan countries, in Spain especially, they were
much better treated, but still subject to heavy taxation, civil disabilities, and
badges o f dishonor.
Religious hatred undoubtedly had something to do with this persecution;
but the principal incentives to it were the occupation o f the Jews as money­
lenders, and the wants and rapacity o f the monarchs o f Europe, who, as
Hallam remarks o f the kings o f France, employed the usurers as a sponge to
suck up the money o f their subjects, which was then to pass into their own
hands. If this sponge was not drained to the last drop by royal pressure,
it was scarcely because o f any want o f endeavor to that effect. Yet the
Jews retained vast resources in spite of these astonishing cruelties to which
we have alluded. The representations of history in this matter can be ex-




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Interest o f M oney :

plained, we think, only by supposing that the Jews acted in the capacity of
brokers for others to a much greater extent than as lenders o f their own
money. Reputable persons of wealth probably employed Jewish agents in
the profitable disposal of such sums as they wished to loan. Only the dregs
o f the people in early times were willing to encounter the odium o f usury,
and the Jews were already infamous, on account o f their religion. N o doubt,
however, they derived very large gains from their performance o f what was
considered one o f the basest offices o f society. From the early part o f the
13th century, when the Italian merchants began to share with the Jews the
business o f loans, it gradually became less ignominious. Moderate and ex­
cessive interest were soon distinguished from each other in many countries
by general opinion, and by legal regulation, although the Romish hierarchy
pertinaciously pronounced all interest sin. Says Dugald Stewart:— “ About
the middle o f the 17th century we find the divines o f the Church o f England
very often preaching against all interest for the use o f money, even that which
the law allowed, as a gross immorality. A nd not much earlier it was the
general opinion, both of divines and lawyers, that, although law permitted a
certain rate o f interest to prevent greater evils, and in compliance with the
general corruption o f men, (as the law o f Moses permitted polygamy, and
authorized divorce for slight causes, among the Jews,) yet that the rules o f
morality did not sanction the taking any interest for money, at least that it
was a very doubtful point whether they did. The same opinion was main­
tained in the English House o f Commons by some o f the members who were
lawyers, in the debate upon a bill brought in not much more than a hundred
years ago.” (Stewart’s Philos, o f the Active and Mor. Powers o f Man, vol.
i., p. 139.) Near the beginning o f the 18th century, Dr. Thomas Wilson,
Bishop o f the Isle of Man, recommended the punishment o f usury by death.
“ For m y part,” says he, “ I will wish some penal law o f death to be made
against those usurers, as well as against theeves or murtherers ; for that they
deserve death much more than such men doe. For these usurers destroye
and devour up, not onlie whole families, but also whole countries, and bring
all folke to beggary that have to doe with them.” *
During the Middle A ges the established rates o f interest were in general,
as has been already intimated, extremely high. A t Verona, in 1228, it was
fixed at 1 2 i per cent. (Muratori, Dissert. 16.) In 1242, James I. made
the legal rate in Arragon 18 per cent. (Robertson’s Charles V., Note 30.)
Even higher rates were paid. The Countess of Flanders paid from 20 to
30 per cent for the money which she borrowed about the beginning o f the
* The ensuing statement is made by Mr. Stewart:— “ A learned gentleman of the
Middle Temple, Mr. Plowden, (a lawyer, I believe, of the Roman Catholic persuasion,)
who published, about 30 years ago, a Treatise upon the Law o f Usury and Annuities,
has employed no less than fifty-nine pages of his work in considering the law o f usury
in a spiritual view, in order to establish the following conclusion:— ‘ That it is not sinfid, but lawful, for a British subject to receive legal interest for the money he may
lend, whether he receive it in annual dividends from the public, or in interest from
private individuals, who may have borrowed it upon mortgage, bond, or otherwise.’
Mr. Necker, too, in the Notes annexed to his Eloge de Colbert, thought it necessary for
him to offer an apology to the Church of Rome for the freedom with which he ven­
tured to write upon this critical subject. ‘ Ce qu eje dis dinteret est sous un point de
vue politique, et na point de rapport, avee les respectables maximes de la religion sur ee
poin t ’— What I say of interest is under a political aspect, and has no relation to the
venerable maxims of religion on this point.” (Stewart’s Act. and Mor. Powers of Man,
vol. i., p. 140. Note.)




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f-

~

369

thirteenth century, to defray her husband’s ransom. (Martenne, Thes. Anecdot. Tom. i., p. 886.) Philip Augustus, king of France, limited interest to
48 per cent, about the same time. Matthew Paris states that in England, in
the reign of Henry III., 10 per cent was paid every two months, i. e., 60 per
cent per annum. (Muratori, Dissert. 16.) In France, in 1311, Philip the
Fair issued an ordinance allowing 20 per cent. (D u Cange, V . Usura, Ordonn. Tom. i., p. 484.) In 1336, the Florentines borrowed money for which
they agreed to pay 15 per cent. (G. Villani, Florentine Hist. L. xi., c. 49.)
In 1360, K ing John II. o f France issued letters patent authorizing the Jews
to take interest at the rate o f more than 80 per cent per annum. (Say’s
Polit. Econ. Book n., c. 8.) Towards the end of the fourteenth century,
however, the republic o f Genoa paid only from 7 to 10 per cent to its credi­
tors. (Bizarri, Hist. Genuens. p. 797.) In 1435, the rate o f discount on
bills was 10 per cent at Barcelona. (Capmany, Mem. Hist, de Bare. T. i.,
p. 209.) In 1490, the rate o f interest in Placentia is said to have been 40
per cent per annum. (Robertson’s Charles V . Note 30.) It is stated by
Robertson, in his History o f Charles V., that during the war excited by the
famous league o f Cambray, formed in 1508, while Charles V III. o f France
could not procure money at a less premium than 42 per cent, the Venetians
raised what sums they pleased at 5 per cent. (Robertson’s Charles V . View
o f the State o f Europe.)
The Emperor Charles V . fixed the annual rate o f interest in his Low
Country dominions at 12 per c e n t; and in the year 1560, more was exact­
ed. (Robertson’s Charles V . Note 30.) A t a still later period, as Grotius
informs us, (D e Jur. Bell, et Pac. 2, 12, 22,) interest in Holland was at 8
per cent in common loans, and 12 to merchants. It has since decreased very
much, and is now as low as 3 or 4 per cent.
In France, in 1720, legal interest was 5 per cent. It was then reduced
to 2. In 1724 it was raised to 3£ per cent, and in 1725 to 5 per cent.
During the administration o f M. Laverdy, in 1766, it was reduced to 4 per
cent. The A bbe Ferras afterwards raised it again to 5 per cent. (A . Smithis
W ealth o f Nations, Book i., c. 9.)
The laws of England did not countenance the taking o f any interest until
the 37th year o f Henry VIII., 1546, when a statute was enacted, fixing in­
terest at 10 per cent per annum, (c. 9.) This statute was repealed in 1552,
in the reign of Edward VI., (5 and 6 Edw. VI., c. 20,) and all interest again
prohibited. In 1571, in the 13th year o f Elizabeth’s reign, (c. 8,) the stat­
ute 5 and 6 Edward V I. was repealed, and that o f 37 Henry VIII. re­
vived. In the 21st year o f James I., the legal rate o f interest was reduced
to 8 per cent, (c. 17,) with the provision, “ that this statute shall not be con­
strued or expounded to allow the practice o f usury in point o f religion or
conscience.” (Paley’s Mor. and Polit. Philos. Book h i ., Part i., chap 10.
Note.) During the Commonwealth, (in 1650,) it was lowered to 6 per
c e n t; and after the Restoration, in the 12th year o f the reign o f Charles II.,
(12 Car. II., c. 13,) the reduction was re-enacted. The statute 12th year o f
Queen Anne, (Lt. 2. c. 16,) reduced it to 5 per c e n t; and this statute is now
in force. The penalty of its infraction is the forfeiture o f treble the value
that is lent. If, however, the contract be made in a foreign country, the
courts o f England will enforce it according to the laws o f that country.
The Koran forbids all interest. But extravagant rates are exacted in Mo­
hammedan countries, in violation o f law. Sir J. Child states, that at the
time when he wrote, (the close o f the 17th century,) the rate o f interest in

VOL. xx.— no. iv.




24

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T rue Theory o f Capital and Labor.

Turkey was 20 per cent. A century later, Mr. Bentham states 30 per cent
to be a common rate in Constantinople. In Hindostan, Adam Smith says,
interest was frequently in his day as high as 40, 50, and 60 per cent. Mr.
Bentham, some years later, states the lowest interest in that country to have
been 10 or 12 per cent, and pretty commonly as high as 40. In China in­
terest varies from 12 to 30 per cent.
Most o f the United States possess laws o f a restrictive character respect­
ing the interest o f money. It is perhaps hardly worth while to enter upon
a minute statement o f the various provisions which these laws contain. Such
a statement would demand considerable research, and would probably yield
no great advantage in return. In New York the highest legal rate o f inter­
est is 7 per cent. In Massachusetts, and the other New England States, it
is 6 per cent. In practice, however, as all know, the law o f interest is near­
ly a dead letter among us, except as to cases in which no rate is stipulated.
In Wisconsin a law has just been passed freeing interest from the usual lim­
itation. Both branches o f the Legislature have, by decided majorities, en­
acted as follows :— “ Sec. 1. A n y rate o f interest agreed upon by parties in
contract shall be legal and valid. Sec. 2. W h en no rate o f interest is agreed
upon or specified in a note or other contract, seven per cent per annum shall
be the legal rate.”

Art. III.— T R U E T H E O R Y OF C A P I T A L A N D L A B O R .
T h e most important subject that can possibly occupy public attention at
present, is the true relationship subsisting between capital and labor. This
is the more necessary at this time, because the world has arrived at a politi­
cal and social crisis, when the existence o f society itself is in peril, because
tins subject is not sufficiently understood. It must be admitted that most o f
the movements o f the day are ostensibly o f a political character, but there is
also no doubt that they are generally o f an economical origin. There is an
immense amount o f wealth in the world, at the same time that poverty is
increasing. This, to the common observer, appears to be incongruous and
unjust, not surmising that moral and economical laws are equally fixed and
immutable as the physical laws o f the universe. Malthus, McCulloch, and
others, have at various times laid down a few disjointed principles, by which
an acute observer might infer that the increase o f capital is in an inverse ra­
tio to that o f population ; but for lack o f a correct definition o f the nature o f
capital, and a due consideration o f some o f the most important principles of
nature which bear upon the subject, it has neither been correctly understood
nor sufficiently acknowledged. Some o f these writers have egregiously blun­
dered in laying down principles, contradictory, in some instances, to their
main conclusions. Malthus, while he maintained that population constantly
increased beyond the means o f the supply o f food, also maintained that a
country could only prosper and increase in wealth while it had the means
o f exporting grain ; an assertion which history and experience have proved
to be entirely fallacious. McCulloch, also, while endorsing the same princi­
ple, maintained that a tax upon the importation o f grain was necessary for
the protection and prosperity o f the farmers and land-owners o f Great Brit­
ain, in consideration o f their paying more than their just proportion o f the
poor ta x ; which, by-the-bye, was one o f the legitimate results o f the tax on




T rue T heory o f Capital and Labor.

371

grain. But to our subject. Political economists in general, in tlieir anxiety
to extol the value o f the operations o f labor, have lost sight o f the circum­
stance that labor itself can neither originate profit nor produce capital— la­
bor, at best, is only the increase?- and modifye?- o f capital. For one thing is
perfectly obvious, that capital is the foundation upon which all labor is built,
and the material by which all labor operates. Capital must, therefore, be at
all times pre-existent, or labor cannot proceed— the quantity o f capital al­
ways regulating the amount o f profit obtained. But let us give an example.
Suppose two portions o f land to be cultivated, exactly in the same manner ;
the one producing fifty bushels o f grain, and the other only twenty-five— the
natural profit o f labor in one case, woidd be just double the amount that it
would be in the other ; and this principle will be found to operate through
all the ramifications o f capital and labor. There must, therefore, be at all
times an equal amount o f capital ready and convenient, as the demand for
labor increases, or the profits o f labor will diminish, and the condition o f the
laborer be necessarily deteriorated. Before we proceed further, it may be ne­
cessary to define what we understand by the term capital. Capital and
wealth are too often confounded as one and the same thing, when in many
instances no two things can be much more distinct. Capital is simply the
original stock upon which individuals or companies have to commence busi­
ness. The earth was the original, and is still the principal capital o f society
— wealth is only capital, so far as it facilitates and can be used for reproduc­
tion. It will be necessary to keep these circumstances constantly in view, or
we shall be in danger, like some o f our cotemporaries, o f arriving at false
conclusions. In a general point of view, money is only to a small extent
capital— no further than it facilitates the operations o f society, and conse­
quently saves time and labor. Society is not, therefore, interested in the
greater or less amount o f money in circulation, providing that amount be
sufficient, as a general medium, to pass other commodities from hand to
hand, and its quantity is sufficiently stationary to create no unnecessary fluc­
tuations in prices. Paper money is therefore, f o r the most part, not only
useless and unnecessary, but extremely injurious when it causes such fluctu­
ations. Money should only increase in a natural ratio, or at the same rate
as other commodities ; and if none but the precious metals were used, there
is little doubt but this would be the case-—the operations o f society w oidd'
be more regular and certain, and consequently more profitable both to la­
borer and capitalist. Capital is generally divided into two kinds, fixed and
moveable, or fixed and circulating. It is this division, without a proper dis­
tinction being made between capital and wealth, which has caused such a
confusion o f ideas in the public mind upon the subject. The assumption,
that all wealth is capital, and can therefore be employed to a profit under
any circumstances, at the option o f its possessor, has caused more dissatisfac­
tion in society than any other mistake in the whole range o f political econ­
omy. It is asserted by many benevolent individuals, who are in the habit
o f declaiming upon the wrongs and miseries o f the laboring classes, that an
immense amount o f capital is at present in existence, beyond the relative
amount o f any previous period ; but this is an assertion without due consid­
eration— according to them, labor is crushed b y the superabundant weight
o f capital. That a larger relative amount o f circulating capital is necessary
for the interests o f civilization and the employment o f the people, as society
advances, none will deny who have carefully looked into the matter ; but we
must not forget, that under these circumstances the relative amount o f fixed




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True T heory o f Capital and Labor.

capital must decrease as a necessary consequence o f the increase o f circula­
ting. Thus, as society advances, the increase o f capital is more apparent
than real. Capital, like snow upon a given surface, may be rolled together
in heaps, but if we were to assert that the relative quantity were increased
by this operation, we should be deservedly laughed a t ; we should also be
iaughed at, if we were to assert that the snow-balls could not be increased in
size by rolling them upon a larger surface, without increasing the relative
quantity o f snow to the extent o f land it covered. It would be well for per­
sons who are dissatisfied with the present position and arrangements o f so­
ciety, to examine these subjects carefully, then they would not only be more
capable o f appreciating the circumstances themselves, but also o f directing
others. Very few persons would be willing to hazard the assertion, that
capitalists were not, ordinarily speaking, selfish men, and were not continu­
ally looking out for opportunities o f making profit; nor that money, or any
other kind o f capital, could be accumulated without the operation o f labor.
I f capital be suffered to lie idle, like labor it is subject to decay and loss ; it
is therefore only reasonable to suppose, that it is never suffered to he idle
when its owner can see an opportunity o f obtaining profit. This prejudice
against capital and capitalists is therefore perfectly unfounded. It may be
supposed by some, that a gratuitous or forced employment o f some o f the
apparent surplus, would at times be beneficial; but when it is remembered
that this expenditure without profit must also assume the shape o f charity,
and could only temporarily benefit the receivers, while it permanently injured
all, it is undesirable and inadmissable. It would not only sap the foundation
o f the independence o f the operative, by making a dependence on charity
less repugnant to his feelings, but it would permanently lower wages and
profits. But if we were to admit, merely for argument’s sake, the immense
increase o f capital contended for, it would in no way assist us to the conclu­
sion, that less selfishness on the part o f the capitalist would be beneficial to
society, unless it were accompanied with more prudence and economy on the
part o f the laboring class— if capital were suffered to decrease, while the
numbers o f society augmented, the consequences would indeed be fatal. Ig­
norance, then, must be considered the main cause o f all the evils complained
of. The inequality o f production between agriculture and manufactures, the
fluctuations incident to the seasons, under an universal system o f monopoly
in commerce, added to the arbitrary fluctuations in the value o f money,
caused by a vicious system o f banking and money making throughout the
world, have been quite sufficient to produce all the evils which exist in so­
ciety, without imputing more than an ordinary share o f selfishness to the
capitalist, or supposing the accumulation o f capital to be an evil. W h at­
ever may be surmised to the contrary, the real interest of capital and labor
are one, as an increase o f capital must inevitably produce an increased de­
mand for labor. The great difficulty then, which remains to be solved, is the
cause o f the inadequate remuneration o f labor, and the unequal distribution
o f wealth. In one point o f view, capita! has greatly the advantage o f labor.
The laborer must be fed, clothed, and sheltered, whether he be in active op­
eration or n o t; while capital generally requires little expense to keep it to­
gether, and none to maintain it. Thus labor is naturally in the weakest po­
sition, and in cases o f sudden cessation in the usual demand, its value
must necessarily decrease, as it cannot, like capital, subsist upon a part of
itself; and as there is a constant tendency in labor to increase in a greater
ratio than capital, its value never afterwards rises under ordinary circum-




True T heory o f Capital and Labor.

S’?3

stances. All fluctuations in trade should therefore he avoided as much as
possible, as the greatest evils that can befall the working man and society in
general. Adam Smith perceived the tendency in circulating capital to col­
lect itself into large masses, and also that its value decreased, as measured in
interest or usury, as society advanced. H e therefore supposed that its rela­
tive increase was greater than that o f population. To this circumstance he
attributes its decrease in value. In this, however, he was mistaken— the de­
crease in the value o f circulating capital arises from causes entirely distinct
from the relative increase or decrease o f population— causes which, neverthe­
less, are deeply implanted in the principles o f nature, and therefore cannot
be altered by the machinations o f man. It will be found, also, that the causes
which operate to decrease the value o f circulating capital, have the same ef­
fect upon the value o f labor. Let us now examine these principles. W h at
is man ? “ A ll flesh is grass,'1 says the Apostle Peter. A nd this is a phy­
sical truth which cannot be denied. A ll animal matter arises from, and is
dependent upon the vegetable kingdom for the support and continuance of
its existence. The population o f the earth is therefore abstracted from the
original fertility o f the soil, and it becomes less able, as cultivation continues,
to return a profit beyond the labor and capital invested, with every increase
o f people. This may be thought strange doctrine, but it is nevertheless true.
W e may encourage the practice o f what is called agricultural chemistry, we
may use artificial manures and improved machinery, but the profits produced
by these means are not all clear ; the extra labor required for these purposes
must be paid for out o f the increased production; it is therefore next to im ­
possible that the profits should ever be equal to those obtained from the cul­
tivation o f a virgin soil. But there are other circumstances to be taken into
consideration, which cause the rate o f interest upon circulating capital con­
tinually to decrease as well as the wages o f labor. As society advances the
best qualities o f land are cultivated first, and the best locations taken ; so
that, as the demand for food and labor increases, society has fewer natural
advantages to appropriate; and as these natural advantages (as previously
shown) regulate and limit the rate o f profit upon labor, and all other capital,
the circumstances o f society have a tendency to straighten with every step of
its advancement. The natural principle o f increase in man remains the same
as it was thousands o f years a g o ; and as the velocity o f a solid body in­
creases as it descends, so the force o f the populative principle increases with
every increase o f people. This proposition is so simple and self-evident that
it is almost superfluous to say more upon the subject. Suppose the popula­
tion o f the United States, at this moment, to be twenty millions, and sup­
pose it to double in thirty years ; it would stand thus in lS Il), forty millions;
and in 1909, eighty millions. Under these circumstances, shall we be able
to produce the same relative amount o f food and other conveniences ? His­
tory hitherto answers no. Under these considerations we need not be as­
tonished at the present condition o f the European populations, nor need we
wonder at the rapid approximation o f the American people to the same con­
dition. The profits of labor and circulating capital, as we have stated, must
at all times be limited by the amount o f profit derived from the application
o f capital and labor to the cultivation o f the s o il; therefore, whatever limits
this profit must o f necessity be injurious to the public, by stinting the ne­
cessary increase o f means, for the maintenance o f a constantly and rapidly
increasing population. In this view, the congregation o f large masses o f
people upon limited sites, beyond a certain extent, must be injurious to the




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True Theory o f Capital and Labor.

general interests ; decreasing the rate o f profit, both upon capital and labor,
for the exclusive benefit o f the land-owners in the immediate neighborhood.
Under these circumstances it is obvious that no exclusive privileges ought to
be granted to capitalists for the purpose o f forcing on and increasing the
manufacturing system, for poverty and misery will certainly follow as a part
o f the effect o f these privileges. The experience o f the world places this truth
beyond contradiction. Under such circumstances, the increased demand for
the necessaries of life naturally increases the price o f those necessaries, un­
til it becomes the interest o f parties to bring them from a greater distance,
the price being sufficiently high to pay the cost o f carriage, over and above
that of production. A loss accrues in this wray both to capitalist and laborer,
which goes, as I have said, exclusively into the pocket o f the land-owner in
the immediate neighborhood o f the manufacturing population; the price
being the same in the market for a bushel o f grain grown one mile from a
city, as it is for a bushel which has been carried a thousand. It may be said
that this loss is partly made up by the increased facilities which large cities
afford for producing manufactures ; by convenience o f location, superior di­
visions o f labor, and improved machinery. Although we are willing to ad­
mit this, to a certain extent, yet if we trace these circumstances from cause to
effect, we shall find that the powers o f invention and improvement are pro­
pelled, by interest and necessity, just in the same ratio as the price o f food
and other necessaries increase; it is therefore, for the most part, only a deadly
strife on the part o f the manufacturer to create artificial wants, and impel the
producer o f food to more extended exertion. Thus, while the price o f food
increases, whether measured in money or labor, the price o f labor diminishes,
until the laborer becomes a mere serf to the power he has created. But the
capitalist does ilbt escape scot fr ee in this grinding operation ; the large capi­
talists have the advantage over the small ones in this race o f competition,
and are continually swallowing them up, especially in old settled countries,
where nothing is more common than to see men who formerly have lived
respectably upon a small capital with moderate exertion, reduced to the
ranks o f labor, and even to a dependence upon the poor’s rate fof support.
In those countries we hear it continually said, and with truth, that the rich
become richer, and the poor, poorer. It is almost unnecessary to say, that
the same causes must produce the same effects ; and that we are fast approxi­
mating to the same condition as other nations. It has been shown, and
must be admitted by all who have carefully examined the subject, that there
is a constant and natural tendency in population to increase in a greater ra­
tio than capital ;* therefore, as a consequence o f this circumstance, the pro­
fits o f capital and labor decrease as society proceeds. I know that this re­
sult has been flouted, combatted, and denied, but it has never yet been dis­
proved. Ultra-benevolent parties, believers and unbelievers, both reason
much in the same way upon this subject, and with much the same result.
* Our definition o f the word capital must here be borne in m ind: that that part o f wealth only is
capital, which is, and can be applied to reprodvction. For instance, suppose a man had a thousand
coats; if he could not sell them without reducing the price of coats in the market, one o f two things
must result. He must either keep them, throwing out of employment, for the time, the workmen
who made them, until they were consumed in the natural course o f trade, or he must force them into
the market for the same return which the community was prepared to pay for all the coats required,
without this extra thousand—permanently reducing the wages o f labor, and the profits of capital em­
ployed in the making of coats. These coats would no doubt be wealth to the community, and capital
in the hands of the person who possessed them; but the manufacturing part o f the community would
be permanently injured by their forced consumption, without a corresponding benefit to the rest, be­
cause no absolute return would be made to the funds o f society for that consumption; therefore these
coats would not be capital.




True Theory o f Capital and Labor.

375

One believes that the works o f Nature have an uniform fitness and adaptation
to the ends required, and therefore no discrepancy o f this kind can possibly
exist; the fault, according to him, lies in an unequal and unjust distribution.
The other party simply believes, that an all-wise and benevolent Creator
would never send mouths without sending food ; so he comes to the same
conclusion. For m y part, I am not willing to accept the abstract theory o f
either party, but to take the facts as they present themselves, and fearlessly
inquire into their causes and effects, and decide according to evidence ; for
nothing but truth can assist mankind out o f their present difficulties. Popu­
lar ignorance and prejudice, upon these important subjects, have been the
greatest preventives to social progress. W hile the conservative party is con­
tinually in fear that the popular movement may push things to an extreme,
the movement party expect and ask too much, as the result o f their own
principles. The progress o f social science, or political economy as it is called,
has been extremely slow since its first development, though its final triumph
is by no means doubtful. Mankind have hitherto been unwilling, not only
to adopt its maxims as principles o f action, but even to examine them and
test their truth ; forgetting that all sciences in their incipient state must ne­
cessarily be imperfect. In examining all other sciences, we are willing to
abide b y experience and well-attested facts; but in the science o f political
economy we are ever ready to jum p to conclusions the opposite o f truth,
without the least consideration— we appeal to our feelings rather than to our
reason, and suppose that the great Author o f Nature could never do anything
so anomalous as to make man, individually and collectively, dependent upon
his own prudence, morality, and industry, for his support and happiness; but
rather, that he ought to be allowed blindly to follow the bent o f his animal
propensities and instincts, instead o f his reason and experience. This is the
great stumbling-block— the giant cause o f all our evils. In the indulgence
o f our infidel feelings, we deny design in the Creator, and forget that His
command was to “ multiply and replenish the earth.” It would indeed be
easy to prove that this design and command will be most rigorously carried
out, whether mankind choose to acknowledge and act upon it with prudence
or n o t; but it is no doubt superfluous to do so in the present advanced state
o f the world, though it may be useful to remind us o f such a design, and in
consequence a Designer. But I am digressing too far from m y subject. A f­
ter what has been already said, it is almost unnecessary to remark again,
that all fluctuations are evil, and whatever causes an inconstancy in the sup­
ply in the necessaries o f life, has a tendency to decrease the profits o f capital
and labor ; but with this difference, the depression on the profits o f capital
is generally only a temporary affair, while that on the wages o f labor is
steadfast and permanent. This arises from the necessary difference in the
circumstances o f each, as before explained;— labor requires maintaining,
while capital needs only to be kept together. Upon the least cessation of
the usual demand for labor, from any cause whatever, the laborer’s necessities
being the same as before, he naturally bids against his neighbor for employ­
ment, and down comes wages. The inequalities o f the seasons require to be
eased and neutralized b y th&freest and most extended commerce— the con­
stant tendency o f population to increase in a greater ratio than capital,'re­
quires to be modified by integrity, prudence, and morality— and the mone­
tary fluctuations o f commerce, by better laws and regulations than have
hitherto been applied or discovered. Then society may prosper, and the
present unfounded prejudice against capital may cease.
k . s.




376

Commercial Cities and Towns o f the United S ta tes:

Art. IV.— COMMERCIAL CITIES AND TOWNS OF THE UNITED STATES.
NUMBER XVI.

THE CITY OF SAVAN N AH , GEORGIA *
S a v a n n a h is situated on the south side o f the river o f the same name.

Its site is on a dry bluff, elevated some forty feet above low water m a rk ;
about twelve miles, in a direct line, from the ocean, and about eighteen miles

by the course o f the river.
“ This bluff is composed o f sand, with here and there a narrow vein o f clay
running irregularly through it. In some places, beneath the surface, the sand is
discolored by iron. It is believed that there is not an equal elevation so near the
sea, between New York and the Isthmus o f Darien. Fine water is obtained by
penetrating twenty to thirty feet in the sand. From east to west the bluff extends
along the river upwards o f a mile, terminating abruptly at either extremity. There
is a very gentle and regular declivity to the south for several miles. Opposite the
city lies Hutchinson’s Island, the soil o f which is alluvial, and in the language o f
the country is called tide swamp. The city is bounded on the east and west by
similar lands. The ordinary elevation o f the tides opposite the city is about eight
feet. The salt water approaches usually within four or five miles o f Savannah.
“ Soon after passing the city, in its course to the ocean, the river is divided into
numerous channels by small islands o f marsh, the beautiful and delicate green of
which, interspersed in the waters, affords, when viewed from the north-eastern ex­
tremity o f the bluff, in a summer’s afternoon, one o f the softest scenes which I
have ever beheld.”f
The bar at the mouth o f Savannah river is about eighteen miles from the
city, and has on it a greater depth o f water than any on the southern coast.
Its channel is from half to three-quarters o f a mile in width.
In the year 1836, an examination o f all the bars from Charleston to St.
Mary’s was made, under an order from the Secretary o f the Navy, by Cap­
tains W oolsey, Claxton, and Shubrick, o f the Navy. Then- report to the
Secretary is as follows :—
“ The bar at the mouth o f the Savannah river is the deepest and most ac­
cessible o f any on the southern coast. The average depth is 19 feet at low
water; hence with a full tide (25 feet) a frigate may pass in in safety.”
Just inside o f the bar is situate Tybee Island, abreast o f which, about four
miles from the bar, is good anchorage in 5 to 6 fathoms o f water. U p to
this point can be brought 25 feet at high water. From this anchorage ground
to “ Venus’ P oin t” (9 miles from the city) there is a depth o f 18 feet; from
the “ P oin t” to “ Five Fathom” ( 2 i miles from the city) there is a depth of
17 feet; and from “ Five Fathom ” to town there is a depth o f 15 feet.
O f lights, the port o f Savannah has the follow ing:—
* W e are indebted to the kindness o f J o s e p h B a n c r o f t , Esq., o f Savannah, (Geo.), for a copy o f
a pamphlet prepared by that gentleman, under the appointment o f a Committee o f the City Council
o f Savannah, giving the census of that city, with a great variety o f historical and statistical matter,
touching the institutions, commerce, resources, &c., o f the city, from which we have made up the
present article, which is little more than a mere condensation o f the “ figures and facts” so carefully
gathered by Mr. Bancroft. “ Savannah,” we quote from the author’s preface, “ is here presented in a
light which must excite the admiration o f all those whose destiny is linked with hers. Her course is
manifestly onward, and the exercise o f ordinary energy and prudence is alone necessary to place her
in that rank to which she is entitled by her deep and accessible bar, her noble railroad, and the ex­
tensive and fertile back country, whose products must mainly find an exit from her harbor.”
+ Daniell, M. D., on the Topography o f Savannah.




The C ity o f Savannah, Georgia.

377

A floating light off “ Martin’s Industry,” about 15 miles north-east from
Tybee, moored in 6 fathoms.
Two light-houses on Tybee Island, the principal one o f which is on a
structure 112 feet high. The other is a beacon light, 56 feet high.
A light-house on the eastern end o f Fig Island, about 2 miles from town.
A floating light on the “ Head o f the Knoll,” about 4 miles inside the bar.
A light-house on the point o f Cockspur Island, 5 miles inside the b a r ;
and another on the “ Oyster Beds,” 6 miles inside the bar.
Savannah is situated in north latitude 32° 4' 56 ", west longitude 81° 8'
1 8 " from Greenwich, and 4° 6' 5 4 " west longitude from Washington City.
One hundred and fifty-eight miles E. S. E. from the capital o f the State,
Milledgeville; 120 S. S. E. from A ugusta; 190 E. S. E. from M acon; 90
W . S. W . from Charleston, and 662 from Washington.
The city o f Savannah is open and spacious, being divided by numerous
and wide streets and lanes, intersecting each other at right angles, with large
squares at regular distances.
HISTORICAL NOTICES OF SAVANNAH.

The first settlement o f Savannah was made in the month o f February,
1733, by General Oglethorpe and some 30 families. On the 7th o f July
following, the settlers assembled on the strand (the bay) for the purpose o f
designating the lots. In a devotional service they united in thanksgiving to
God, “ that the lines had fallen to them in a pleasant place, and that they
were about to have a good heritage.” The wards and tithings were then
named, each ward consisting o f four tithings, and each tithing o f ten houses,
and a house and lot was given to each freeholder.
After a dinner, provided by the governor, the grant o f a Court o f Record
was read, and the officers were appointed. The session o f the magistrates
was then held, a jury empanneled, and a case tried. This jury was the first
empanneled in Georgia.
The town was governed by three bailiffs, and had a recorder, register, and
a town court, holden every six weeks, where all matters, civil and criminal,
were decided by grand and petit juries, as in England. N o lawyers were al­
lowed to plead for hire, nor attorneys to take money, but (as in old times in
England) every man could plead his own cause.
In October, 1741, the government o f the colony was changed from bail­
iffs to trustees.
In 1750, the number o f white persons in Georgia was computed at
about 1,500.
The first Royal Governor o f Georgia, John Reynolds, Esq., arrived in Sa­
vannah in October, 1754.
The first printing press was established in 1763, and the “ Georgia Ga­
zette ” printed on the 7th April o f that year.
Robert Bolton, Esq., the first Postmaster o f Savannah, was appointed in
1764, by Benjamin Barron, Esq., Postmaster General o f the Southern Dis­
trict o f America.
In 1766, the city consisted o f 400 dwelling houses, a church, an indepen­
dent meeting house, a council house, a court house, and a filature.
In 1770, the city extended on the west to what is now Jefferson-street,
on the east to what is now Lincoln-street, and on the south to what is now
South Broad-street; and contained six squares and twelve streets, besides
the Bay.




378

Commercial Cities and Towns o f the United S ta tes:

On the 5th June, 1775, the first liberty pole was erected in Savannah, at
Peter Tondee’s, who kept a public house on the spot now occupied by Smet’s
new stores.
The first attack by the British on Savannah was made on the 3d March,
1776. It ended in the discomfiture o f the regulars, under Majors Maitland
and Grant.
On the 29th December, 1778, Savannah was taken by the British.
In October, 1779, an unsuccessful attempt was made by the French and
American armies to recapture Savannah from the British. Count D ’Estaing
and General Lincoln were the commanders. Six hundred and thirty-seven
o f the French, and two hundred and forty-one o f the continentals and militia
were killed and wounded. In this attack Pulaski fell. The spot where he
was shot down is about one hundred rods from the present depot o f the
Central Railroad.
The head-quarters o f the English, while in Savannah, were at the house
on Broughton-street, now occupied by S. C. Dunning, Esq.
On the 11th July, 1783, Savannah was formally given up by the British
to the Americans, and Colonel James Jackson, (afterwards Governor Jackson,)
the father o f the present Colonel Joseph W . Jackson, was selected by Gen­
eral W ayne to receive the surrender o f the same from the British comman­
der. Colonel Jackson commanded the Georgia Legion, consisting o f horse
and infantry, and on the same day he received from the British commander
the keys, and took possession o f the city.
The first session o f the Legislature o f the State was held in Savannah in
January, 1784, in the brick house now standing in South Broad-street, be­
tween Drayton and Abercom-streets. This building was afterwards occupied
as a public house, and long known as “ Eppinger’s Ball Room .” It is the
oldest brick house in Savannah. Dr. Lyman Hall was then governor.
In December, 1789, a law was passed by the Legislature making Savan­
nah a city.
The first mayor (elected in 1790) was John Houstoun. The oldest mayor
now living is W illiam B . Bulloch, elected in 1809. The oldest alderman is
Colonel James Hunter, elected in 1806.
In November, 1796, the first destructive fire occurred in Savannah. It
broke out in a bake-house in market square, and destroyed 229 houses, be­
sides out-houses, &c. Estimated loss o f property one million o f dollars.
In May, 1814, arrived in the waters o f Savannah the United States sloop
o f war Peacock, Lewis Warrington commander, (now Commodore W arring­
ton, the fourth on the present list o f post captains,) bringing in as a prize H.
B. M. brig o f war Epervier, Captain W ales, o f 18 guns. The Epervier had
on board $110,000 in specie, which was condemned and distributed accord­
ing to law. She was built in 1812, and was one o f the finest vessels o f her
class in the British navy.
In April, 1819, arrived the steamship Savannah from New York. This
steamer was projected and owned in Savannah, and was the first steamship
built in the United States, and the first that ever crossed the Atlantic. She
left Savannah in May for Liverpool, and afterwards proceeded to St. Petersburgh.
In January, 1820, occurred the largest fire which ever ravaged the city.
It commenced on the east side o f Old Franklin W ard. Four hundred and
sixty-three buildings were destroyed, besides out-buildings. Loss upwards
o f $4,000,000.




The C ity o f Savannah , Georgia.

379

POPULATION OF SAVANNAH.

The number o f persons enumerated in the census o f April, 1848, is 13,573.
The increase o f the population o f Savannah, since 1840, has been 2,359,
equal to 21 per cent, in about seven and a half years. B y comparing this
with previous enumerations, we have the following facts :—
Savannah, in 1810, which is the earliest period o f which any satisfactory
census o f the city can be found, contained a population o f

1810.

1820 .

1830 .

5,195

7,523

7,773

'

1840 .

1848 .

11,214

13,573

Showing an increase, since 1810, o f 8,378, equal to 161 per cent, in thirtyeight years.
A comparison o f the above enumerations o f Savannah with those o f sev­
eral other cities o f the United States, in the same periods, present the follow­
ing interesting results :—
New Orleans, a city which, since its annexation to the Union, has proba­
bly been without a parallel for rapid increase, had, in 1810, a population o f
17,242 ; in 1840, 102,193, showing an increase o f 492 per cent in thirty
years.
New York had, in 1810, a population o f 96,373 ; in 1840, 312,710,
showing an increase o f 224 per cent in thirty years.
Baltimore had, in 1810, a population o f 35,583 ; in 1840, 102,413, show­
ing an increase o f 187 per cent in thirty years.
Boston had, in 1810, a population o f 33,787 ; in 1840, 85,000, showing
an increase o f 151 per cent in thirty years.
Philadelphia had, in 1810, a population o f 96,287 ; in 1840, 228,691,
showing an increase o f 137 per cent in thirty years.
Savaimah had, in 1810, a population o f 5,195 ; in 1840, 11,214, showing
an increase o f 116 per cent in thirty years.
Charleston had, in 1810, a population o f 24,711 ; in 1840, (exclusive o f
the “ Neck,” which is not within the corporate limits o f the city,) 29,261 ;
showing an increase o f 18 per cent in thirty years.
Charleston, with the district o f St. Philip’s Parish, or what is called the
“ Neck,” annexed as a part o f the city, would give 41,137 as a total o f the
population o f 1 8 4 0 ; comparing this with the population o f 1810, which
was probably that o f the city proper only, there will appear an increase of
66 per cent in thirty years. This calculation is made under the peculiar cir­
cumstances o f the locality o f the population around Charleston ; but it does
not appear to be one correct in principle, as several other cities mentioned
have suburbs, some o f them quite populous, not within their jurisdiction, and
not enumerated in their returns.
The relative increase in the city since 1840, o f the classes o f whites and
colored, is as 23 per cent whites, to 18 per cent colored. The population in
1840, stood as 52 in 100 whites, to 48 in 100 colored. The population in
1848, stands as 54 in 100 whites, to 46 in 100 colored. Population is fre­
quently divided, at the age o f 20, equally into those older and younger than
that age. The census o f 1848 stands by the division at 21 years, as 47 in
100 under 21, to 53 in 100 over 21. In Boston, in 1830, it stood 43 in
100 under 20, to 57 in 100 over 20. In 1845, 41 in 100, to 59 in 100.
The city o f Savannah is divided into twenty-six wards, and the popula­
tion o f each ward is given and classed in one o f Mr. Bancroft’s tables. The
classification o f the whole city as to sex and color, in 1848, was as follow s:—




380

Commercial Cities and Towns o f the United S ta tes:

White males................................
“
females.............................
Colored male slaves...................

3,7 29
3,521
2,316

Colored female slaves................
“
males, free.....................
“
females, fr e e .................

3,370
241
396

Mr. Bancroft thus classifies the occupation o f the male adults o f Savan­
nah, in 1 8 4 8 :—
OCCUPATION OF MALE ADULTS.

Merchants, factors <Si wholesale deal­
ers......................................................
Planters................................................
Shop-keepers and retail grocers.........
Master builders.....................................
Marble and stone manufacturer.........
Mechanics..............................................
Ministers of the gospel.......................
Judges of courts...................................
Physicians..............................................
Attorneys at Law.................................
XT. S. Arm y and Wavy officers...........
IT. S. civil officers..................................
Civil engineer........................................
Engineers..............................................
Clerks....................................................
Dniggists................................................
Pilots.......................................................
Bank officers..........................................
Teachers.................................................
Teachers of music................................
Captains of steamers and vessels... .
Captain revenue service.......................
Magistrates...........................................
County officers......................................
Butchers...:...........................................
Bakers.....................................................
Boot and shoemakers............................
Printers.................................................
Connected with railroad.....................
Booksellers.............................................
Watchmakers and jew ellers.. . . . . . .
Painters..................................................
S eam en ................................................

263
50
136
14
1
380
15
4
36
31
6
24
1
30
253
15
23
24
15
5
28
1
8
7
24
22
27
14
22
3
8
18
58

Manufacturers of tin ware.. . . » .........
6
Connected with hotels.........................
8
Auctioneers.............. .............................• 4
Editors..................................................
3
Dentists..................................................
4
Artists.....................................................
2
Lumber measurers................................
5
Brick makers........................
4
D yers.....................................................
3
Clothing stores......................................
6
7
Segar makers........................................
Public stables........................................
4
Barbers...................................
6
1
Soap and candle manufacturer...........
Engraver................................................
1
Bar rooms..............................................
9
Watchmen at hanks.............................
4
Saddle and harness makers.................
5
Millers....................................................
6
Connected with steam mills & cotton
presses............................................... 13
Lumber and wood yards.....................
6
Steamboat yards..........................
9
Lottery offices.......................................
2
United States soldiers.........................
4
Constables.............................................
9
Keepers of sailor boarding houses. . .
3
Keeper of Sailors’ Home....................
1
City officers...........................................
12
2
Ice houses.............................................
Keeper of hospital................................
1
Jailor and deputy.................................
2
Connected with city watch................. 70
Laborers................................................ 164

OF THE COLORED POPULATION.

Mechanics................................
Butchers.................................
Barbers....................................
Engineers and pilots............
Preachers...............................

34 free.
2 “
5 “
2 “
.

73 slaves.
5 “
1 “
4 “
.

Total 107
“
7
“
6
“
6
“
3

Savannah, by the census o f 1840, contained o f those engaged in agricul­
ture, 46 m a les; commerce, 604 ; manufactures and trades, 707 ; naviga­
tion o f the ocean, 201 ; navigation o f rivers, <fec\, 40 ; learned professions
and engineers, 131. Total, 1,729.
STATISTICS OF DWELLINGS AND STORES.

The number o f dwelling houses in Savannah is put down at 1,925, of
which 1,702 are built o f wood, and 223 o f brick. Number o f stores not
used as dwellings, o f wood 17, and o f brick 265. The number o f dwellings
o f wood built within ten years, amounts to 244, and o f brick, in the same
period, to 88. The stores o f brick built within ten years, is 74. The num­




The C ity o f Savannah, Georgia.

381

ber o f houses owned by occupants, is 382, and the number not owned by
occupants, or rented, 1,543.
COMMERCE OF SAVANNAH.

Cotton, one o f the largest items in the present exports o f Savannah, is an
article which was almost unknown in commerce until the close o f the last
century. O f the two kinds cultivated in the United States, the black seed
or long staple cotton was first cultivated in Georgia about the year 1786 ;
the green seed or short staple cotton some years after, although it had been
raised in North Carolina and Virginia in a limited way prior to the Revolution.
The native place o f the seed o f the long staple cotton is believed to be Per­
sia. Its first cultivators in this State were Josiah Tatnall, Nicholas Turnbull,
James Spalding and Richard Leake. The first bag exported from Georgia
was grown by Alexander Bisset, of St. Simon’s Island, and shipped from
Savannah by Thomas Miller in 1788. Mr. Miller is still living in Camden
county, in the enjoyment o f a green old age. H e was one o f the first who
engaged in the business o f buying cotton in the Savannah market, and for a
long time was the only purchaser. It came to him in parcels o f from 20 lbs.
to 100 lbs., and with his own hands he assorted and packed it for market.
His exclusive and ardent zeal in bringing forward the article, gave him very
early the name o f “ Cotton Miller,” which he still holds in much honor. In
1792 the growth o f cotton was so inconsiderable, or as a commercial article
deemed o f so little value, that Mr. Jay in his treaty with England, negotiated
that year, consented to the stipulation that no cotton should be imported
from America. The Senate o f the United States refused to ratify the article.
In 1792, the entire crop o f the United States was 450 bags; in 1847, 2,351,335
bags ! In 1784, an American vessel that carried eight bags to Liverpool
was seized, on the ground, that so much cotton could not be the produce o f
the United States. In 1794, the invention of the saw gin, by Eli Whitney,
o f Connecticut, gave a powerful impetus to the culture o f cotton, and from
that period its production has been rapidly onward.
R ic e . This article, also, an important one in the exports o f Savannah, is
chiefly produced in its immediate vicinity. The cultivation o f rice was com­
menced on the Savannah river previous to the Revolution. Governor W right,
the last o f the Royal Governors, was a rice planter, and was prominent
in encouraging its culture, and bringing into use and value the “ Tide
swamps.” H e cultivated the lands immediately adjoining the city on the
east. There are at the present time on the Savannah river fifty plantations
raising rice, (about one-half o f which are on the South Carolina shore,) whose
aggregate yearly product is estimated at 750,000 bushels. The most dis­
tant one o f these plantations is about 12 miles from the city. On the Ogeechee river there are nineteen plantations, (eleven on the Chatham county
side and eight on the Bryan county side,) whose aggregate yearly product is
estimated at 200,000 bushels. The most distant one from Savannah is 23
miles.
On the Altamaha and St. Ilia rivers there are about thirty-five
plantations raising rice, some of them very extensive. Their crops are di­
vided in shipment between Charleston and Savannah.
L um ber . Lumber has been, for the past ten or fifteen years, a gradually
increasing item in the exports o f Savannah. It now assumes a very impor­
tant place among the products o f the State. It enters veiy largely into the
construction of even our rfirst class vessels. The real yellow pine, which
abounds in Georgia, and o f which there can be no failure for centuries to




382

Commercial Cities and Towns o f the United S ta tes:

come, is destined to supply the place o f the gradually disappearing oak of
• the northern regions. It has a twofold claim upon the attention o f the
ship-builder and owner, since it not only can be furnished at a considerably
lower rate, when compared with oak, but is actually more durable, and better
holds and protects fastenings. The yellow pine of Georgia is much sought
after for building purposes in our northern cities, and but few public build­
ings go up that are not composed, more or less, o f this valuable material. Its
beauty, when laid down in flow’s and stairs, is too well known to require men­
tion here. In the year 1826, when the Savannah steam saw-mill was erec­
ted, there was not another within or near the city, or even in the State.
The following table presents the exports from Savannah o f cotton, rice, and
lumber, for ten years p a st; also the exports o f cotton and rice in the years
1825 and 1826. A comparison o f the aggregate o f pounds o f cotton ex­
ported in the several years, will show the great increase o f weight o f hales
which has taken place, particularly since 1845. It is estimated that the in­
crease is about twenty per cen t:—

«

COTTON.

Years.

Foreign ports.
Bags.
Lbs.

Coastwise.
Bags.
Lbs.

Total.
Bags.

64,906 23,366,160
12,789 26,204,040
1825 ...............
1826 ...............
108,486 39,054,960
82,092 29,553,120
1839 ...............................................................................................
1840 ...............................................................................................
1841 ...............................................................................................
1842 ............... 142,386 52,258,960
79,868 28,752,480
1843 ............... 193,099 69,515,640
87,727 31,581,120
1844................... 130,964 48,456,680 113,611 42,036,070
1845 ...............
182,073 69,187,740 122,411 46,538,980
1846 ...............
77,852 31,140,800 108,454 43,381,600
1847 ................ 119,321 50,114,820 114,830 48,228,600
1848 ................ 127,760 54,936,800 115,473 49,653,390
RICE.

1 8 2 5 ...
1 8 2 6 ...
1 8 3 9 ...
1 8 4 0 ...
1 8 4 1 ...
1 8 4 2 ...
1 8 4 3 ...
1 8 4 4 ...
1 8 4 5 ...
1 8 4 6 ...
1 8 4 7 ...
1 8 4 8 ...

Foreign ports. Coastwise.
Trcs.
Trcs .
2,154
5,081
4,918
6,477

5,933
10,675
10,307
11,712
5,025
10,218
7,987

16,131
15,606
18,236
17,505
27,122
21,521
22,149

Total.
Lbs.

137,695 49,470,200
190,578 68,608,080
199,176 71,703,360
284,249 102,329,640
147,280
53,020,800
222,254 81,011,440
280,826 101,097,360
244,575 90,492,750
304,544 115,726,720
186,306 74,522,400
234,151 98,343,420
243,233 104,590,190
LUMBER.

Total.
Trcs.

1,231
11,455
21,332
24,392
23^587
22^064
26,281
28,543
29,217
32,147
31,739
30,136

Foreign ports.
Feet.

5,919,400
5,532,750
3,034,064
3,333,646
13,365,968
4,886,425
7,626,615

Coastwise.

Total.

Feet.

Feet.

2,411,000
1,986,000
2,899,187
4,936,936
5,219,676
5,197,024
8,822,943

14,295,200
8^390*400
1,518,750
5,933,251
8,270,582
18,585,644
10,083,449
16,449,558

RECEIPTS OF COTTON AT SAVANNAH P E R T E A R FOR ELEVEN TEARS.

From September 1, 1837, to September 1, 1838..................................bales
“
1,1838,
“
1,1839..................
“
1,1839,
“
1,1 84 0..........................................
“
1, 1840,
“
1,1841..........................................
“
1, 1841,
“
1, 1842..........................................
“
1,1842,
“
1,1 84 3 ..........................................
“
1, 1843,
“
1, 1844...........................................
“
1,1844,
“
1,1845...........................................
“
1 ,1 84 5 ,
“
1, 1846..........................................
“
1,1846,
“
1 ,1 8 4 7 ..........................................
“
1,1847,
“
1,1 84 8 ..........................................




*

206,048
196,618
295,156
146,213
228,396
299,173
243,420
305,742
189,076
236,029
245,233

r

383

The C ity o f Savannah, Georgia.
EXPORTS FOR THE YEAR ENDING APRIL

1, 1848.

Corn to foreign ports........................................................bush.
Turpentine
“
bbls.
Cotton Osnaburgs............................................................ yards

60,087
412
30,000

855,392value.
901 “
1,666 “

IMPORTS OF SALT, MOLASSES, AND IRON FROM FOREIGN PORTS INTO SAVANNAH.

Year ending October 1, 1848, of salt.................................................. bush.
“
“
1, 1847,
“ .............................................................
“
“
1, 1846,
“ .............................................................
“
“
1, 1848, of molasses......................................... galls.
“
“
1, 1847,
“
..................................................
“
“
1, 1848, of iron..................................................value
“
“
1, 1847,
“ ............................................................

334,219
360,730
234,799
364,132
369,235
$62,569
2,708

VESSELS ARRIVED AT THE PORT OF SAVANNAH, AND ENTERED AT THE CUSTOM-HOUSE, IN THE
YEAR ENDING A P R IL

1, 1848.

American vessels from foreign ports................................................
Employing 320 men.
American vessels from coastwise ports............................................
Employing 3,269 men and 71 boys.
Foreign vessels from foreign ports....................................................
Employing 857 men and 170 boys.
Total.................................................................................

No.

Tons.

41

6,925

397

99,409

51
----489

28,766
---------135,100

VESSELS CLEARED FROM THE PORT OF SAVANNAH, AS PER CUSTOM-HOUSE CLEARANCES, IN THE
YEAR ENDING A P R IL

1, 1848.

American vessels to foreign ports.
“
“
coastwise___
Foreign vessels to foreign p orts..

No.
61
139
55

Tons.
14,339
28,012
30,569

Total....................................

255

72,920

Many vessels sailing under coasting licenses, clear at the custom-house
only when carrying a certain amount o f foreign g o o d s; hence the number o f
arrivals greatly exceed the clearances.
VESSELS IN THE PORT OF SAVANNAH.

J anuary 1, 1848.
13 ships . .
11 harks.. .................................
8 b r ig s ... .................................

1, 1847.
13 s h ip s ................................ tons
9 barks ......................................
10 brigs.........................................

7,327
3,872
2,507

32 vessels.....................................

13,706

32 vessels.

4,359
3,076
L211

16 sh ip s...

J

anuary

1, 1847.
6 sh ips........................................
A

A

p r il

4 b r ig s ........................................
15 vessels.....................................
N

p r il

5,035
1,719

1, 1848.

.................................
13 b r ig s .. . ...................................

2,953
2^694

8,646 35 vessels. .................................

15,300

ovem ber

15,1848.

17 ships.............................
10 barks...........................
11 b r ig s .............................
38 v e ss^ s........................
V essel P a c k et L in e s . There are six regular packet lines from the port
of Savannah, namely :— The “ Old Established Line,” between Savannah
and New York, and leaving Savannah and New York on Thursday o f every




384

Commercial Cities and Towns o f the United S ta tes:

w eek ; the “ B rig Line,” between New Y ork and Savannah, leaving either
place on Monday o f every week ; and the “ New Line,” leaving Savannah
on Tuesday o f every week, and New York on Saturday o f every week. The
“ Established Line,” between Savannah and Philadelphia ; the “ Commercial
Line,” between Savannah and A ugusta; and a line between Savannah and
Boston.
N e w C ustom - H o use . This building is going forward in its erection as
rapidly as a due regard to the stability and permanence o f the structure will
admit. The basement is nearly finished. It is in length 110 feet, depth 52
feet, and in height, from the pavement to the ridge o f the roof, 52 feet. The
basement story will be devoted to the use o f the post office and the appraiser’s
department. The first, or principal floor, for custom-house purposes. The
third, or upper story, for United States court rooms.
S t e a m b o a t L in e s . The daily United States Mail Steam Packet line,
plies daily between Savannah and Charleston. There is also a semi-weekly
Mail Steam Packet line between Savannah, Ga., and Palatka, Fla., via D a­
rien, Brunswick, and St. Mary’s, Ga., Jacksonville, Black Creek, and Picolata, F la .; another semi-weekly Steam Packet fine runs between Savannah
and Augusta, and the boats o f the Steamboat Packet Company o f Georgia
ply between Savannah and Augusta. The Iron Steamboat Company o f
Georgia has also three steamers running between Savannah and A ugusta;
fifteen steamers in the regular lines. There are also six steamers employed
in the port o f Savannah, not belonging to any regular line.
W e here subjoin a list o f vessels and steamers registered and owned wholly
or in part in Savannah, with their tonnage :—
VESSELS AND STEAMERS REGISTERED AND OWNED W HOLLY OR IN PART IN SAVANNAH, W ITH
THEIR TONNAGE.

Ship John Cumming.........
“ Edwin......................... ...........
“ G eorgia..................... ...........
Bark Bacchus..................... ...........
“ Henry Dubignon.. . . ..........
Brig Larch.......................... ...........
“ Carribbee................... ...........
“ Selma......................... ...........
“ Alert........................... ...........
“ Josephus .................... ...........
“ John* Enders............... ...........
18 schooners....................... ...........
9 sloops............................. ...........
Steamer Oglethorpe.......... ...........
“
J. Stone............... ...........
“
E liz a ................... ...........
“
Robert Collins.. . ...........
T otal.......................

339
641
195
572
142
219
205
142
142
195
1,001
411
193
225
47
153

Steamer Cherokee............
it
Chatham.............
it
T. S. Metcalf___
it
J. liandolph........
It
Lam ar.................
u
Amory S ib ly .__
((
Sam Jones...........
It
H. L. Cook..........
It
Ivanhoe................
it
¥ m . Gaston........
it
Ocamulgee.........
It
St. Matthews......
ft
W. Seabrook.. . .
ft
Metamora............
it
General Clinch...
It
Tennessee............

...........
...........
...........
...........
........
........
...........
.........
.........
.........
.........
........
........
.........
........

198
180
177
196
212
165
123
140
167
264
174
284
282
256
185
—

STEAMSHIP LINE, BETWEEN SAVANNAH AND NEW YORK.

In this line there are two new superior ocean steamers, the Cherokee and
Tennessee, each upwards o f 1,200 tons burthen, unsurpassed in strength,
beauty of model, and solidity o f machinery, and with all the latest improve­
ments in them which experience has suggested.
U p to the date of preparing this article, the Cherokee has performed eight
passages between New Y ork and Savannah, one o f which (her first from Sa­
vannah to New York) was made during the prevalence o f the terrific gale or




The C ity o f Savannah , Georgia.

385

hurricane o f 13 th and 14th October ; one as violent as ever experienced on
the Atlantic coast, and which crippled a large number o f sailing vessels, yet
out o f this stern trial she came almost unscathed, proring herself one o f the
staunchest vessels that ever rode the waves. Her other passages were per­
formed in from 58 to 12 horn’s each from wharf to wharf; though in the
favorable weather o f the milder season, she may do it in even less than the
shortest time named. This enterprise has been got up and carried through
by the joint means o f New York and Savannah capitalists, and promises to
be eminently successful. It affords most desirable travelling facilities to the
citizens o f Georgia and the adjoining States.
SAVANNAH AND OGEECHEE CANAL COMPANY.

This company was formerly the Savannah, Ogeechee, and Altamaha Canal
Company. Capital, $199,225. It expended $246,693 on the work, and
suffered it to go down. In January, 1846, the present company purchased
the concern, and have since that time put the canal in thorough repair, built
a new lock near the city, in Stiles’ field, and one near the Ogeechee river, and
constructed a wasteway at the Little Ogeechee river, to vent off the surplus
water. Am ount o f expenditures o f the new company on the work, about
$16,000.
The locks are.all o f brick, 110 feet long, 18 feet wide, except the lock at
the Savannah river, which is 30 feet wide, and will admit a vessel o f 10 feet
water. The canal, from the lock to the railroad bridge, is 160 feet wide, and
with a little deepening, a vessel drawing 10 feet water can pass up to the
railroad bridge. It is estimated that at least 20,000 to 25,000 cords o f wood
and 10,000,000 feet o f lumber will annually pass down the canal, besides
rice, bricks, and various other articles. The present company have reduced
the tolls, and they design to make it the interest o f the public to use the
canal. The charter is a very liberal one, being perpetual, and free from taxes
and the expense o f keeping up bridges over the canal.
BANKING INSTITUTIONS.

There are five institutions for banking purposes in Savannah, namely :—
The B a n k o f the S ta te o f G eorgia , with branches located at Augusta, Eatonton, Athens, Washington, and Greensboro’, and agencies at Macon and
Griffin. This bank has a capital o f $1,500,000, $750,000 o f which is ap­
propriated to Savannah. The principal officers are A . Porter, President, and
T. K. Tefft, Cashier. The P la n ters' B a n k has a capital paid in o f $535,400.
George W . Anderson is the President, and H. W . Mercer the Cashier. The
M a rin e and F ir e In su ra n ce B an k , with a capital o f $400,000, is privilegedto increase it to $800,000. E. Padelford, President, and J. Olmstead, Cash­
ier. The C entral R a ilroa d and B a n k in g C om pany has a capital o f $2,549,165,
all o f which has been paid in. The amount appropriated to banking purpo­
ses is $205,000. R. R. Cuyler is the President, and George J. Bulloch
Cashier o f this company.* The total banking capital o f the institutions
above named, appropriated to the trade and commerce o f Savannah, amounts
to $1,890,400.
* For the business, &c., o f the railroad belonging to this company, the reader is referred to the de­
partment, in the present number of the Merchants' Magazine, devoted to “ Railroad, Canal, ami
Steamboat Statistics.”
VOL. X X .— NO. IV.




25

386

Commercial Cities and Towns o f the United States

Mr. Bancroft furnishes the following abstract o f the dividends declared by
the hanks in Savannah, for the ten years ending May, 1848 :—
The Bank o f the State o f Georgia has declared during that period, fifteen
semi-annual dividends ; intermitted two in 1842, one in 1843, and two in
1844— five total. Average per cent per annum for the seven and a half
years in which dividends were declared, 6T\ per cent per annum. For the
whole ten years, average 4 T8S- per annum.*
Planters’ Bank has declared, without intermission, twenty semi-annual
dividends o f 4 per cent each, except in the years 1842 and 1843, when they
were 3 per cent each, and in 1847, when 4 i per cent each was declared.
Average per year for the ten years, 7-—- per cent per annum.
Marine and Fire Insurance Bank has declared nineteen semi-annual divi­
dends, intermitting one in December, 1842. . They were all o f 4 per cent,
except the one declared in June, 1843, which was 3 per cent. Average per
year for the ten yearn, 7
per cent per annum.
Central Railroad and Banking Company declared from June, 1836, to
June, 1839, inclusive, dividends on capital employed in banking, an average
o f 9 per cent per annum.
From December, 1839, to December, 1840, both inclusive, three dividends
on bank and road stock, average o f 4 T77 per cent per annum.
In the years 1841, 1842, 1843, 1844, 1845 and 1846, no dividends.
From June, 1847, to June, 1848, both inclusive, three dividends on bank
and road stock, average o f 4 i per cent per annum for the eighteen months.
Am ount o f dividends declared for the year ending May 31st, 1848,
8129,025.
The following is a statement o f the condition o f the Savannah Institute
fo-r Savings, as derived from the annual reports, and exhibited by Mr. Ban­
croft in a condensed fo r m :—
Number of deposit books issued in 4 years..................
“
depositors, 1st April, 1848..........................
The deposits for the 1st year, 1844, were..........................
“
“
2d
“ 1845, “ ..........................
“
“
3d
“ 1846, “ ..........................
.
“
“
4th “ 1847, “ ..........................
Total amount deposited................................................

409
800
88,481
16,250
15,404
25,812

865,947 00

1st year a dividend of 8 per cent was declared...............
2d
“
“
8
“
“
3d
“
“
8
“
4th “
“
7
“
And the surplus fund on hand on 3d April, was...............
Total sum made from deposits....................................

00
00
00
00

$283
813
1,643
2,316
1,329

50
14
24
15
95

$6,385 98

The following table exhibits the different amounts drawing interest at the
close o f each o f the four years since the institution has gone into operation :—
AMOUNTS D RAW IN G INTEREST.

12 months. 9 months. 6 months. 3 months.

1st year......................................
2d “ ......................................
3d “ ......................................
4th “ ......................................

$1,934
5,884
13,974
25,229

$1,392
2,250
4,507
6,842

$691
3,672
4,857
4,477

$800
3,027
4,093
3,682

* The dividends o f this bank, for twenty-one years preceding 1838, averaged 7 per cent per annum.
The losses from 1838 to 1842 were heavy; hence the omission of dividends in 184J, 1843, and 1844.




387

The C ity o f Savannah, Georgia.
AMOUNTS D RAW IN G NO. INTEREST.

1st year, $2,388

2d, $3,517

3d, $4,935

4th, $6,646

The aggregate number o f notes and bonds purchased, 507.
I n s u r a n c e O f f ic e s . Fourteen foreign comjianies have agencies in Sa­
vannah, namely :— The Augusta Insurance and Banking Company, three
Connecticut companies, seven New York companies, two New Jersey, and
the Phoenix, London.
F o r e ig n C on su ls . England, Denmark, France, Spain, Belgium, Portu­
gal, Brazil, Sweden and Norway, Russia, Bremen and the Two Sicilies, are
represented b y consuls in Savannah.
STATEMENT OF THE DEBT OF THE CITY OF SAVANNAH IN THE YEARS

City loan for internal improvements— amount of bonds
outstanding.........................................................................
Bonds to the Monroe Railroad and Banicing C om p a n y amount of bonds outstanding..........................................
City scrip— amount of scrip outstanding...........................
Corporation notes— amount of notes outstanding.............
Mayor’s notes running to maturity at the different banks.
Reduction of the public debt in the last three years.......

1845

AND

1848.

1848.

1845.

$459,000 00

$476,000 00

22,500 00
1,543 00
1,979 50

49,000
8,236
1,990
16,600

00
00
15
00

$485,022 50
66,803 65

$551,826 15
...............

$551,826 15

$551,826 15

VALUE OF REAL ESTATE IN SAVANNAH, AS TAXED BY THE CITY AUTHORITIES SINCE

1843.

1843, value... . $2,853,900 I 1845, value... . $3,279,988 I 1847, value... . $3,462,073
1844,
“ ...
3,245,827 | 1846,
“ ...
3,306,734 | 1848, “ . . . 3,600,000
Colored mechanics licensed by the City Council, being other than those owned by
master builders, 1848, 86; 1840, 29.
Public drays registered by the City Council, 1848, 81; 1841, 31.
Public wagons registered by the City Council, 1848, 91; 1841, 74.

The city owns 5,000 shares o f the stock o f the Central Railroad and
Banking Company, $500,000, which paid dividends for the year ending: Oct.
31, 1848, o f 44 per cent.
GOVERNMENT OF SAVANNAH.

The government o f the city consists o f a mayor and twelve aldermen, who
together are denominated the City Council. They are chosen annually, on
the first Monday in December, from the people at large. The police consists,
besides the above, o f one marshal, five constables, and the city watch, com­
posed o f sixty-four members, with a captain and other officers. A Board o f
Health, composed of two persons from each ward and district, is appointed
by the mayor, in May o f every year. A ll subordinate officers are chosen by
the City Council.
E d u c a t io n . Savannah, in all appertaining to the education o f youth, is
not behind her sister cities. It is true, public education has not received that
attention it has in many other places ; still, she has always had a respectable
number of private seminaries, and has sent to institutions in other parts o f the
State and country, hundreds o f her youth o f both sexes. Much, however,
can yet be done for public education.




388

The Law o f D ebtor and Creditor in M aryland.

Art. V.— THE LAW OF DEBTOR AND CREDITOR IN .MARYLAND.
NUMBER I.
T H E S Y S T E M O F L A W S IN F O R C E IN M A R Y L A N D — I T S O R I G IN , A N D T H E P U B L IC A T IO N S IN W H I C H I T IS T O
B E FO U N D — E Q U I T Y J U R I S P R U D E N C E — C O U R T S IN M A R Y L A N D — T H E I R C O N S T I T U T I O N , J U R I S D IC T I O N ,
AND TE R M S— CON TRACTS— H O W
T IO N — P E R SO N S C A PA B L E

M A D E — S T A M P A C T — T A X L A W S — B O O K A C C O U N T 8 — C H O S E S IN A C ­

OF C A R R Y IN G

ON T R A D E — P A R T N E R S H I P S — C O R P O R A T IO N S — A G E N T S A N D

F A C T O R S — S H IP P IN G — P A R T O W N E R S , E T C .

T h e already vast, increasing, and intimate commercial connection between
the different States o f our confederacy; the extended interests o f the mer­
cantile community, whose rights and obligations depend upon the various
and often discordant legislation in each o f th e m ; and the peculiar liabil­
ities and privileges consequent thereon, render some knowledge o f the gene­
ral principles o f these different systems almost indispensable to a proper
management o f business. Emphatically interesting to the importers and
dealers in our large commercial cities— the creditors, whose rights and du­
ties are constantly subject to such various construction and control. In the
M erchants' M agazine has already appeared a series o f articles upon this sub­
ject, giving an account o f the different laws in many o f the United States.
None, however, has yet been published in regard to Maryland— one that
ranks high in a commercial point o f view, and as such, is intimately con­
nected with all the others. The following is an attempt to supply that de­
ficiency.
There is a late work upon the “ Law o f Debtor and Creditor in the United
States and the Canadas,” by J. P. Holcombe, Esq., which proposes to afford
information in regard to the laws in the different States upon this subject.
The portion, however, devoted to Maryland is very short, and is defective
and imperfect in some very important particulars. This is not said with any
intention o f disparaging the value o f Mr. Holcombe’s work as a book of
general reference in regard to the laws o f other States, for, in this respect,
it may be fully entitled to any reputation it has acquired; but it must be
apparent to every one that it is almost impossible for any other than a resi­
dent member o f the profession to give an exact or complete account o f any
portion o f the laws o f any o f the States in this Union. In some o f them
the passion for reform is constantly producing change ; in others, the system
in force has never been reduced to a shape readily available for reference.
This last is especially true o f our own State, where the laws have never
been revised or codified, but are to be looked for, and their alterations traced,
through upwards o f forty volumes. Gentlemen out o f the State are in the
habit o f referring to “ Dorsey’s Laws o f Maryland ” — a work which, as is
well known to every Maryland lawyer, affords as much incorrect information
as any book that can be named.
W e propose, then, to offer a concise account (and at the same time as
comprehensive as our limits will allow) o f the Law o f Debtor and Creditor
in Maryland, discarding, as far as possible, the use o f technical terms, and
confining ourselves to those points most interesting to merchants and foreign
creditors. Am ong these are agency, bills and notes, rights o f action, defen­
ces thereto, judgment, (how soon recoverable and available,) the liens to which
it gives rise, and the modes o f proceeding against the estates o f deceased or
insolvent persons.
The great principles governing the law on all these points are the same in




389

The Law o f D ebtor and Creditor in M aryland.

almost all the States; and we propose chiefly to state under these heads
those points only in which the law, as declared in Maryland, may be sup­
posed to differ from that which obtains elsewhere.
Let us, however, take a view
I.

OF THE

SYSTEM OF LAWS IN FORCE IN MARYLAND---- ITS

ORIGIN-----AND

THE PUBLICATIONS IN WHICH IT IS TO BE FOUND.

The system prevalent in Maryland consists o f the Common and Statutory
Laws. These embrace, 1. The English Common Law, (as declared by judicial
decisions in England prior to our own Revolution, and in this State since,)
unaltered by later enactments, and not inconsistent with the nature o f our
political institutions. 2. Those English statutes existing at the time o f the first
settlement o f this State, which have by experience been found applicable to
the local or other circumstances of the early inhabitants; and such o f the
later English statutes as have been introduced, used, and practised by the
courts o f law or equity. 3. A ll acts o f the Provincial Assembly in force on
the 1st June, 1774, except those which have afterwards expired, been altered
by acts o f convention, or since repealed. 4. The Constitution o f Maryland
and the acts o f Assembly passed by the State Legislature. 5. Equity Juris­
prudence also prevails in Maryland, based upon, and almost identical in its
principles and practice with the English Chancery system.
From this it will be seen that we derive our laws from that source to which
we owe our language, and in a great measure the free spirit o f our institu­
tions. It has been judicially declared in this State, that the first settlers of
the province brought with them, fro m England, the Common Law, and those
statutes suited to the condition o f an infant colony.
The laws o f Maryland are to be found, 1. In Kilty’s Report o f the Eng­
lish Statutes in force, used and practised in this State, and proper to be in­
corporated into its Statute Law. This compilation was made by order o f the
Legislature, and was afterwards declared by it and by the Court o f Appeals
to be an authoritative guide in determining what English Statutes were ap­
plicable and o f force in the State.
2. In the compilations (published by authority) o f Maxcy, Kilty, Harris,
and others; and, thirdly, in the volumes o f laws published annually by or­
der o f the Legislature, since 1811. B y a late amendment o f the Constitu­
tion, the next Legislature will meet in December, 1849, and afterwards bien­
nially. These volumes, therefore, will hereafter be published during every al­
ternate year.
In 1840, Judge Clement Dorsey, with the pecuniary aid o f the Legisla­
ture, published a work in three volumes, professing to contain all the statutes
of Maryland existing and in force at that time. This compilation, however,
is, in many particulars, so inaccurate, and in others so defective, that it is not
in all cases to be relied on. The safest, and therefore the best and only way
of knowing the state o f our law upon any subject, is to refer to the volumes
above mentioned, and trace whether or no it has since been changed.
During the last session of our Legislature a joint resolution was passed,
subscribing, in the name o f the State, to a compilation o f the “ Public Stat­
utory Law, accompanied by marginal references to all decisions in the United
States or State courts, affecting or construing the same,” to be made by
Henry Stout, Esq., o f Baltimore.
This publication, it is hoped, will supply the deficiency hitherto so seriously
felt in this respect; containing, as it no doubt will, an accurate list and ac-




390

The Law o f D ebtor and Creditor in M aryland.

count o f the laws o f this State, without confusion in their arrangement, and
without the occasional omission, either o f an important statute, or o f the
negative particle.
The reported decisions o f the highest tribunal o f law and equity in Mary­
land, are contained in twenty-eight volumes. O f those in the first twentyfive, an admirable digest has been made and published by three gentlemen
o f the Baltimore Bar. There are also three volumes of decisions o f our
High Court o f Chancery, reported b y the late Chancellor Bland.
II.

OF THE

COURTS

IN

MARYLAND-----THEIR

CONSTITUTION,

JURISDICTION,

AND TERMS.

Maryland, for the more convenient administration o f justice, is divided in­
to six judicial districts, embracing the twenty counties o f the State. Each
o f these last has a county court, which is a (less principal) superior court o f
general jurisdiction, having exclusive authority to hear and determine all
suits and actions at law whatsoever, where the debt or damages claimed ex­
ceed one hundred dollars. In the counties, actions for debt or damages un­
der that sum, and exceeding fifty dollars, are exclusively cognizable in the
District (Magistrates’ ) Courts. Sums not exceeding fifty dollars are recover­
able only before justices o f the peace, who, in Baltimore city, have a con­
current jurisdiction with the county court in almost all cases where the sum
claimed does not exceed one hundred dollars.
To these general powers of the county courts are added jurisdiction in ca­
ses o f attachment, the power to issue writs o f habeas corpus and mandamus,
and an equity jurisdiction within the county, concurrently with the H igh
Court o f Chancery, whose powers extend over the State.
O f the judicial districts, one embraces two counties; two, three; and three
contain four. In each district there are a chief judge and two associates,
(appointed by the Governor and Senate, and holding office during good be­
havior,) who are judges o f all the county courts therein. A n y one o f these
judges may, within his district, hold a court, o f which there are two terms
annually, in each county, at periods fixed by law.
In addition to the two regular terms o f Baltimore County Court, three
other (called city terms, on the second Monday o f January, 1st day o f May,
and second Monday o f September) are held by the judges o f the Sixth Ju­
dicial District, for the despatch of the business o f the city o f Baltimore. A t
these terms the court is attended, and civil cases alone are tried, by a city
jury ; and they can try no matter o f fact in any cause, at the commencement
o f which the defendant resided out o f Baltimore city.
The County Courts also hold intermediate, between the common law,
terms for the transaction of chancery business ; but in Baltimore city one o f
the judges sits in equity on the first day o f every month, except July, A u ­
gust, November, March, and April.
The Orphans’ Courts in each county have charge o f the management o f
estates, and all matters relating to the affairs o f deceased persons.
A s before stated, the justices o f the peace have jurisdiction o f all cases
whatever, where the debt or damages claimed shall not exceed fifty dollars,
except in actions o f slander, assault and battery, and in cases where the title
to lands shall come into question. A n d notwithstanding this latter excep­
tion, they have still a jurisdiction where, in an action for injury done to real
property, the plaintiff does not claim more than fifty dollars. In the city
o f Baltimore their jurisdiction is extended to all cases where the amount




The Law o f D ebtor and Creditor in M aryland.

391

claimed is not over one hundred dollars. From tlieir decisions a final ap­
peal lies to the county courts.
The H igh Court o f Chancery is held at Annapolis by the Chancellor, has
equity jurisdiction over the whole State, and holds four regular terms, in
March, July, September, and December.
The decisions o f all these courts are reviewed upon writs o f error and ap­
peals, by the highest tribunal in the State— the Court of Appeals— which is
composed o f the chief judges o f the six districts, and holds four annual ses­
sions : for the eastern shore, at Easton, in June and November ; and at A n ­
napolis, in June and December, for the western shore.
III.

OF CONTRACTS REQUIRED TO BE IN WRITING— STAMP ACT,

TAX LAWS,

AND MANNER OF PROVING BOOK ACCOUNTS, ETC.

The English Statute o f Frauds, though never in terms published or
enacted here, is o f force, and should receive a liberal construction in this
State. By it, all contracts o f the representative o f a deceased, to bind his
own estate; all promises to answer for the debt, default, &c., o f another;
agreements made in consideration o f marriage ; contracts for the sale o f lands
or interest therein, & c .; or for sale o f goods o f the value o f £T 0 sterling and
upwards, (without a partial delivery or earnest;) and all agreements not to be
performed within a year, are invalid, unless reduced to writing and signed
(in any part) by the party to be charged, or his lawful agent.
For the purpose o f raising revenue, a stamp act has been passed, which
requires that a duty (according to the rates therein fixed) be paid, and
stamped, upon every bond, obligation with collateral condition, mortgage, or
release, single bill, p rom issory note and b ill o f exchange , to secure the pay­
ment o f more than $100, entered into, made, or issued in this State, to ren­
der them available in the courts thereof as evidences o f debt.
On every deed o f lands or interest therein, and bill o f sale, when the
value conveyed exceeds $200, a stamp o f one dollar is required. The State
and county taxes on property within those limits, and the taxes imposed by
the city o f Baltimore on property within the corporation bounds, are charges
upon each specific piece. I f not paid within a certain time after present­
ment o f the tax bill, and the collector be unable to find personal property
sufficient to satisfy the same, he is required, in the counties, to advertise and
sell the land so charged. In the city o f Baltimore, the goods o f a tenant in
possession are liable, as goods found on the property, to distress for non-pay­
ment o f the taxes ; and a tenant paying these may set them off against the
landlord in an action for rent. Unimproved real estate may be sold for taxes
due thereon after the expiration o f eight m onths; and the purchaser at such
sale takes title defeasible at any time within two years after such sale, upon
payment to the city register, by the owner o f such lot, of the amount o f taxes
due, and charges and expenses ; together with a further sum o f 18 per cent
on such amount, and the value o f improvements (if any) made by such pur­
chaser.
Small debts (under $26 66) are sufficiently proved by the oath o f the
claimant, before a justice o f the peace, within twelve months after the date
o f the first item charged; unless the defendant, by oth er evidence than his
oath, can show the falsity of any part thereof.
The execution o f any bond, b ill, or n ote in any o f the United States or any
foreign country, (not there required to be o f record,) may be proved by the
oath or affirmation o f the subscribing witnesses, taken before any judge or




392

The Law o f D ebtor and Creditor in Marylandl.

justice o f said State or country authorized to administer i t ; accompanied by
a certificate o f such facts, (of oath and authority,) under seal from the gov­
ernor or notary public o f such State or country. In case o f the death o f
such subscribing witnesses, proof o f the hand-writing o f the maker o f such
note is held sufficient. A n d the oath or affirmation o f any disinterested
credible person, proving the payment or delivery o f any money, goods, or ef­
fects whatever, by any merchant or trader, in any o f the United State or fo­
reign country, is good evidence to show the price o f said goods or wares, and
the assumption to pay therefor : provided that the merchant or party bring­
ing suit for said money, goods, &c., shall, at or before the time at which de­
fendant ought to plead, make oath or affirmation, either in this State, or as
above directed, that the goods, money, &c., were delivered as charged; and
that he has not, to his knowledge or belief, received any payment or satis­
faction therefor, other than what is accredited and appears in the so-attested
account; and that he has not received any security therefor, and that the
balance charged and claimed is truly and justly due.
IV .

CHOSES IN ACTION

A re personal rights to things not in possession, but recoverable by suit at la w ;
including, among others, money due on bond or note, under a will, in the
distribution o f an estate, upon a judgment, or as damages for breach o f con­
tract. The regularly constituted (in writing) or equitable assignee o f these
choses in action (for the payment o f money) may maintain a suit for them
in his own name.
But, with the exception o f a note not yet due, he takes them subject to all
the equities o f set-ofij &c., to which they were liable between the original
parties. The debtor is allowed against the assignee all legal or equitable de­
fence which he might have had against the assignor. It would seem, how­
ever, that in order to give the assignee o f a debt, or balance due on open ac­
count, the right to sue in his own name, the debtor must have notice o f such
assignment, and (at least impliedly) promise to pay the assignee. Difficulty
in most cases can be avoided by bringing suit in the name o f the original
creditor “ to the use o f ” the assignee. Bonds, or other obligations under
seal, and assigned under seal, may be sued in his own name by the assignee;
not only, as above, against the original debtor, but against the assignor o f
such bond, <kc., provided the original debtor is unable to pay, or cannot be
fou n d ; and provided the holder was not a surety on such bond, <fcc., or has
not, by his own default, lost the debt.
V.

OF PERSONS CAPABLE OF CARRYING ON TRADE.

In Maryland there is no restriction in regard to the personal capacity o f
any citizen to carry on any business or trade, except the usual disabilities o f
infancy, &c., (to 21 in males and 28 in females)— and the municipal regula­
tions in regard to licenses, &c.
V I.

PARTNERSHIP.

If a person, in lieu o f compensation for his services as agent or clerk, re­
ceive a fixed share o f the profits (as such, so as to entitle him to an account)
o f the business in which another is engaged, he is liable to third parties as a
partner. Yet it would seem that if one stipulate to receive, as the reward o f
his services, (not a specific interest in the business, but) a sum o f m oney,
even in proportion to a given quantum o f the profits, he is not to be consid­




The Law o f D ebtor and Creditor in M aryland.

393

ered a partner. A distinguished English judge said he regretted this (ex­
tremely fine) distinction, but regarded it as clearly settled.
A judgment recovered against one or more members o f a partnership, or
joint obligors, upon any bond, bill, or note, &c., does not extinguish the
cause o f action as against the other members or obligors ; and does not ex­
empt such remaining partners or obligors, not bound by such judgment, from
their liability.
Limited partnerships, in which the special partners shall not be more than
six, are authorized for the transaction o f any manufacturing, mechanical, or
mercantile business, except insurance and banking. Certificates, signed by all
parties, o f the payment by the special partners o f their share o f the capital,
(o f which fact there must be affidavit,) must be acknowledged, filed, and re­
corded. In consequence, such special partners are not liable beyond the sum
so paid in, 'provided they do not undertake to act as general partners, and
provided a copy o f the above certificate be published in the papers designated
in the act.
V II.

CORPORATIONS,

For the most part, are created by special act o f A ssem bly; but in 1846, a
law was passed by which any association, whose joint capital should not ex­
ceed $10,000, lodging in the County Clerk’s office a copy o f their articles o f
association, signed by all original members, and there recorded, may become
thereby a body corporate for any lawful purpose, except for carrying on bank­
in g, insurance , tradin g, m ining, &c., or for accumulating profits with a view
to dividend or gain. B y a previous act in 1838, every act o f incorporation
o f manufacturing and mining companies, thereafter passed, is to be at all
times subject to the revision, control, and repeal o f the Legislature, unless
therein be contained a special provision to the contrary. A ll such charters
must provide for at least five directors, shall continue for not more than 30
years, and the books, property, and condition o f such companies shall be sub­
ject to the inspection o f the Legislature. The directors o f such corporations
who are present at, and do not dissent from, the adoption o f any arrange­
ment or contract exceeding the market value o f such company’s assets, are
individually liable, in proportion to the amount o f stock they hold, to the
creditors. A nd in case any dividend beyond the actual profits is declared,
the directors declaring, and the stockholders (except in trust) receiving such
dividends, are also liable to the same extent.
There is a further provision in this State to prevent any fraudulent or im­
proper portioning out of the shares, by any large stockholder, or number o f
them, so as to obtain any unfair or undue control o f the corporation by such
means.
O f course, any foreign corporation bringing suit in the courts o f Maryland
must produce a properly authenticated copy o f its charter. Foreign insu­
rance companies o f every kind, maintaining agencies in this State, must pay
one hundred dollars for an annual license, and 3 p e r centum on the amount
o f premiums by them received; said agent to give bond, in the sum o f $5,000,
to make just and true returns o f all such premiums.
V III.

AGENTS AND EACTORS.

A n y payments o f money, transfers o f property, &c., or other dealings had,
to or with any agent properly constituted (by power o f attorney or otherwise)
by persons in this State, are valid and binding on the representatives or as-




394

The Law o f D ebtor and Creditor in M aryland.

signees o f the principal, notwithstanding his previous death, or transfer o f his
interest, p rovid ed the said death or transfer is unknown to the agent or pur­
chaser at the time o f such payment or dealing.
B y the act o f 1825, the consignee o f any goods or merchandise, shipped
in the name o f any agent or person entrusted with them for consignment or
sale, shall be entitled to a lien thereon, for any advances to such agent or
person, or for any money or negotiable security received by such agent or
person to the use o f such consignee ; p rovid ed the consignee shall not have
notice, by the bill o f lading or otherwise, at or before the time o f said ad­
vance or receipt by agent or person, o f the true and real ownership o f such
goods.
Persons having possession o f bills o f lading, warehouse receipts, inspector’s
certificate, or other document showing or entitling to possession o f goods,
shall be deemed to be the true owners thereof, so as to make valid any sale
or any deposit thereof as security for a loan or advance made on the faith o f
such certificate or documents, unless the party buying or loaning on such
goods have notice, by such document or otherwise, that such parties are not
the owners thereof. Contracts for sale by agents o f goods, &c., so consigned
or entrusted, are made valid against the true owners, although the agents
are known to be such, unless it be fu r th e r known that such agents had no
power to sell.
A n y person or body corporate receiving such goods, certifica tes , &c., in
p led g e as a security for any debt existin g before the tim e o f such d ep osit , shall
acquire and enforce such right only, and lien thereon, as the person or agent
depositing might have had and enforced ; and this right, such persons, &c.,
may have, although they knew the pledging party to be an agent or factor,
unless they fu r th e r knew that he had no authority from his principal so to
deposit or pledge. It is further provided that the real owner o f such goods
may recover them from the agent before they have been sold or pledged, or
from the trustee o f such agent, in case of insolvency, in preference to all
other creditors; and they may also recover them a fter such sale o r p led g e ,
(themselves receiving the pay in case o f a sale without payment,) subject, of
course, to the set-off o f the purchasers or pawnees against the agent as stated
below, on tendering to the pawnee the amount advanced. For which advance,
so paid by them, the owners shall have credit in any debt due by him to the
agent, against whom he has still his remedy on breach o f any contract be­
tween them, a violation o f any duty or engagement undertaken. W here,
after a contract by an agent for the sale o f goods, and delivery thereof, and
before p a ym en t by the p u rch a ser , the agent shall become insolvent, the real
owners o f such goods shall be entitled to receive from the p u rch a ser the mo­
ney by him agreed to be paid to the agent— not subject to set-off' against the
agent, unless it shall have arisen against the agent, as factor o f that p a rticu ­
la r p rin cip a l , or shall have arisen from previous advances of money, &c., for
the benefit o f such p rin cip a l or ow ner.
N o set-off of a debt due by a factor or agent shall be allowed in favor of
any purchaser or pawnee, against the owner or principal, unless such pur­
chaser or pawnee shall have bought or received the goods in ignorance o f the
factor’s want o f authority to sell or p led g e the same.
IX .

SHIPPING----PART-OWNERS.

The Courts o f Chancery (including the County Courts as such) have as
full jurisdiction in cases o f part-owners as in cases o f partnership ; and upon




P rotection o f Ships fro m Lightning.

395

application o f any part-owner therein, have power to direct the sale o f any
ship, vessel, or steamboat, and apportion the proceeds according to the inter­
ests o f the parties— provided the bill asking such sale is filed in the county
where defendant resides. The apparent owner, under an absolute bill o f sale
o f a vessel, cannot be allowed to prove that it was intended only as a mort­
gage, in a suit against him by a material man for supplies furnished such
vessel.
j . e . p.

Art. VI.— P R O T E C T IO N OF S H IP S F R O M L IG H T N IN G .
To F

reem an

H

unt,

E s q .,

Editor o f the Merchants’ Magazine, etc.

D e a r S ir :— I am glad to see that this very important matter is occupy­

ing the attention o f active, enlightened, and benevolent minds. Dr. Joseph
Johnson,* o f South Carolina, brother o f Mr. Justice Johnson, o f the Supreme
Court o f the United States, in July last addressed to the winter a letter in
reference to the protection o f vessels against destruction and damage by light­
ning. I have since then received several letters from him on the same sub­
ject, and also the model o f a ship’s mast protected by copper lightning plates.
Capt. R. B. Forbes, o f Boston, a practical navigator, whose bosom is over­
flowing with the milk of human kindness, addressed me a letter referring to
Harris’s permanent conductors for the protection o f vessels from . lightning,
and since then I have received from him a printed pamphlet on the same
subject, and the loan o f a book published in England by W . S. Harris, a
gentleman who has devoted many years to this important subject in its
practical operations. Capt. Forbes has recently forwarded me a Boston news­
paper containing a notice o f the arrival o f one o f W . S. Harris’s permanent
conductors for protecting ships, and he is now prepared to introduce these
protectors into use on board o f American vessels. I am exceedingly glad
that this important matter has been taken hold o f by such able hands. It is
a subject worthy o f the best efforts o f the human race, and o f the noblest ener­
gies o f the philanthropic breast. In the February number o f the M erchants'
M agazine I notice an able and valuable communication from Francis O. J.
Smith, Esq., o f Portland, Maine, on the subject o f protecting ships from dam­
age by lightning.
I have heretofore avoided reading opinions o f writers upon electric phe­
nomena, preferring to study nature’s great volume and learn o f the great
Teacher. Recently, however, I have read Dr. Johnson’s remarks, those o f
Capt. Forbes, and those o f Mr. F. O. J. Smith, and some o f the books pub­
lished in England by W . S. Harris, and it is very gratifying to find in all of
them some one or more particular conclusion arrived at, corresponding with
those expressed by me. I was not aware that metallic tubes had ever been
recommended, and when I suggested the use o f metallic tubes for lightning
conductors, I supposed I was in advance o f others. I am indebted to the
lightning for the suggestion, in the evidence it so frequently gave, o f its pre­
ference for the inside o f tin spouts to every other conducting surface. I have
had a tolerably extensive correspondence with Professor Olmsted, o f Yale Col­
lege, on the subject o f electricity, and occasionally with Professor Henry, now
Secretary o f the Smithsonian Institute. I have had one interview with Mr.
* For a letter from Dr. Johnson to the Editor, see




M e rc h a n ts ' M a g a z in e ,

vol. xx., No. 1, page 71.

396

P rotection o f Ships fro m Lightning.

Quirnby, o f New York, who has erected more than 2,000 lightning rods,
none o f which have failed to protect life, and only one o f which failed to con­
duct all the lightning, and this one was an exception from being in contact
with a tin spout, the lightning preferring the spout to the rod.
It is indeed remarkable, and more, it is wonderful, that while the evidence
o f the absolute protection, by metallic rods and plates, to life and property
against lightning is so clear and so conclusive, that so few vessels are fur­
nished with these absolutely necessary appendages.
In the early moning hour, when all was still and quiet around me, I have
had before me the narratives o f the destruction o f the packet ship Poland,
and o f the packet ship Thomas P. Cope, by lightning, upon the ocean, the
reading o f which was enough to agitate m y bosom and move my peri to en­
deavor to arouse a feeling in the bosoms o f m y fellow-men that might kin­
dle up an interest that would prompt navigators to use the -means designed
by Providence for the protection and preservation o f human life amid the
fire o f the storm and the “ lightning o f the thunder.”
I nave collected together a large mass o f facts, illustrating electric phenomena, but the arranging o f these in a plain and intelligible form requires
more time than I have yet been able to command. I hope, however, if
health is continued to me, and life is prolonged, that I shall, by-and-bye, be
able to place these before the world, classified so as to be easily and readily
examined. The facts will then speak for themselves. It is the record o f facts
we need, and the lightning is prolific in this— it generally leaves a record
that can be easily read by the intelligent mind.
I do not intend to discuss or advance any theory with regard to lightning,
or to attempt to designate or suggest how many members there are o f the
electric family, or to distinguish which are Neptunian, which terrestial, or
which are atmospheric. The ocean, the earth, and the atmosphere, each have
been endowed with peculiar energies by the Creator o f the universe, and it
behooves the humble and persevering searcher after truth as it is in nature,
to be diligent in learning o f nature and recording facts, for in these is a
treasury o f knowledge.
I have been a frequent visitor o f the Mammoth Cave o f Kentucky, the
greatest cavern yet discovered in the earth’s body. In this cave, which ex­
tends leagues under the surface o f the earth, there is no visible electricity that
coruscates; the sound o f thunder is never heard there, nor the lightning’s vi­
vid chain ever seen in this nether territory.
I have been an inhabitant o f the high mountain peak, and slept above the
clouds. There I found nature instructive. The waters that reposed on the
earth’s surface beneath me, in the distant field o f vision, gave testimony. In
the early morning hour, when the atmosphere was clear and human vision
reinforced by the stimulus o f the ethereal essence, which there gently heaved
the human breast, I could, from the great height through the clear atmo­
sphere, see columns o f vapor ascending from bodies o f water, like smoke from
a chimney. A lightning cloud passing over and touching two o f these
columns o f vapor would give out its electric discharge with heavy detona­
tions ; hence we find trees on di riding ridges more frequently scathed by
lightning. New Haven, Connecticut, is more frequently visited by lightning
discharges than any other locality I have a record of. Here are three rivers
entering the harbor from three different directions, presenting three columns
o f vapor at the same moment to the cloud.
In a recent meteorological and geological tom11 visited a range o f high




Protection o f Ships fro m Lightning.

39V

ground in this State, from which the waters run south to the Chesapeake
Bay, and north to the Gulf o f the St. Lawrence. Here the trees gave testi­
mony— very many were scathed by the electric energies.
I ascended the white face peak o f the Adirondack in October last, and
searched in vain for a tree.scathed by lightning on the sides of this high
mountain.
My very minute lightning record shows a great difference in the effect of
lightning storms upon the temperature o f the atmosphere. Most generally
the temperature is lowered, but sometimes the heat increases as soon as the
storm is over.
In extensive wilderness explorations for a period of near forty years, I have
had great opportunities to consult the trees of the forests, and the rocks that
lie upon the surface, as well as those that lie imbedded in the ground, relative
to lightning visitations. Occasionally, but rarely, I found a tree giving evi­
dence o f heat by being burned by the lightning, but I have never found an
instance where the lightning escaped on the limbs. H ad the lightning taken
such a path the limb would bear the imprint— it would be scathed by the
lightning. The lightning in all cases follows the grain o f the wood. I have
seen trees where the lightning has left one path and gone on another, and
many cases where the lightning has struck several trees at the same time.
I have seen rocks that lay upon the ground rent asunder by lightning. I
have seen others that were broken and others that were cracked, and the lat­
ter result I have noticed in some rocks imbedded in the earth.
I have recorded on m y register cases o f lightning visitation to sand banks.
Mr. Darwin mentions cases where the lightning penetrated deep into the
sand and fused the earth in its path, forming a vitreous tube o f many feet in
length, inside smooth, outside shrivelled, like the bark o f a tree. These tubes
give unerring testimony as to the angle o f descent of the lightning, some­
times a little leaning from the perpendicular, but generally vertical. One
case he mentions where the lightning turned back, making an acute angle of
26°, and came out o f the ground above the surface, leaving a record o f its
whole travel under ground in the shape o f the tube, which remained to be a
witness and a testimony in this.
It is said that beach trees are never struck by lightning. My record con­
tains the particulars o f a few o f this kind o f tree that have been scathed by
lightning.
Feather beds are said to be protection, but I have accounts o f persons who
have been killed by lightning while reposing on feather beds, and a case re­
cently where a person removing a feather bed from the roof o f a house was
struck down by lightning.
My catalogue o f destruction, damage, and injury by lightning is very ex­
tensive, embracing a statement of facts full o f instruction and full o f admoni­
tion ; but mankind are wonderfully inclined to disregard the admonitions of
the fire o f the tempest, which comes with a speed next to that o f thought.
I recorded a case o f destruction o f a barn in Saratoga county, in this State,
that was struck three times by lightning in different years, and the last time
consumed with its contents. The ship Francis Depau, loaded with cotton,
was struck by lightning in July last, and came into the port o f New York to
repair and for the purpose o f examining the cotton, to ascertain if it had been
ignited by the lightning. The vessel, after some delay, was repaired, and
sailed again without lightning protectors. I have noticed a difference in the
operation o f lightning storms.
Some produce conflagration whenever the




398

P rotection o f Ships fro m Lightning.

lightning strikes combustible matter ; others pass over a lengthy surface, stri­
king frequently, but not igniting. I have noticed another class o f lightning
storms, and these are numerous, in which snow instead o f rain is the compan­
ion o f the thunder and lightning. There are some storms that discharge
lightning of a deep red color, but in most cases the lightning is o f the color
o f fused iron.
The distance which thunder can be heard or lightning seen, has never,
that I am aware of, been accurately ascertained. In February, 1847, the
lightning struck a house at Gravesend, about nine miles from m y place o f
observation. The thunder which accompanied that electric discharge was
heard at my place o f observation, and the flash o f the lightning seen. It was
seen, and the thunder heard, at the Narrows.
Sheet lightning, as it is termed, which is seen best in the evening, I have
found from observation is the coruscation o f very distant thunder storms that
are vertical at a remote locality.
It is sometimes the case that the electric discharge from the clouds follow
each other in quick succession, and the flame o f long continuance. I wit­
nessed a thunder storm o f this description in January, 1814, in the wilder­
ness, in the State o f Tennessee, near the banks o f the Cumberland river. It
was evening, and the darkness was great when the lightning began to kindle
up its living flame. The thunder was terrific. Peal succeeded peal in such
quick succession that there was scarce time for a thought to intervene between the detonation o f one discharge and the crash o f another, and the
cloud presented an almost continuous blaze. I was alone and on horseback
in a thickly timbered forest, and the lightning was a lamp to m y path, and
guided the horse I was riding and aided us to reach a place o f rest.
I have at night, while reposing on m y pillow, sometimes endeavored, du­
ring violent thunder storms, to count between the flashes o f the lightning;
but such is the effect o f lightning upon me in such a position in the night,
that I invariably fall into a sound sleej>. I do not experience such effects in
the day time.
I had intended to have given the record o f vessels struck by lightning in
1848, 1847, and part o f the year 1846 ; but that record is so lengthy that I
shall be obliged to confine it to 1848, and leave that of 1847 and 1846 for
another opportunity.
The 4th o f February, 1848, the United States ship Pennsylvania, lying at
Norfolk, Va., was struck by lightning. The ship was furnished with lightning
chains, that conducted the lightning into the water without injury to the
ship.
This thunder storm was o f great duration, and lasted from 8 P. M. till
midnight. Snow fell at the same time in various localities. A t m y place
o f observation, the temperature o f the atmosphere was in a state o f perfect
equilibriation from 7 P. M. o f the 3d, till 9 A . M. o f the 4th, at 36°,
■with a single fluctuation at 8 P . M. of the 3d, o f 1 ° ; on the 4th, it became
equilibriated at 34° at 3 P. M., and continued in that state, without a particle
o f change, till 1 P. M. o f the next day ; at 2 and 3 P. M. o f the 4th snow
fell, mixed with rain; and at 4 and 5 P. M. snow fell. Frigorific lines were
running in the high atmosphere at 9 and 10 A . M. o f the 3d, from S. W .
to N. E., and speckled clouds were visible in the south-east at 3 P. M. A
distant earthquake wras doubtless the companion o f this state o f atmosphere.
The clouds were luminous. On the 6th, a cold cycle commenced running at
m y place o f observation between 2 and 3 P. M., and continued to between




(

y

P rotection o f S kips from Lightning.

399

the hours o f 8 and 9 A . M. o f the 10th, 90 consecutive h ours; after a rest
o f 9 hours, a twin cycle commenced running from between the hours of 6
and 1 P. M. o f that day, and continued to the 14th, between 12 M. and 1
P . M., 90 consecutive hours. The minimum o f first cycle 18°, second 12° ;
the maximum o f both circles 32°, as measured by the meteoric, magnetic,
and electric wires, which have galvanic appliances and caloric terminations,
with the exception o f the vertical termination o f the electric tubes.
On the 23d o f February, 1848, a terrible lightning storm, mixed with
hail, was experienced at the South-west Pass o f the Mississippi. The tow
boat De Soto, and also another steamer near by the D e Soto, were struck by
lightning. The only injury was on the stem o f the boat, and this was
trifling.
The same day there was a heavy storm o f thunder and rain on the Cum­
berland Mountains. A t m y place o f observation, the temperature was at
35° from 1 P. M. o f the 22d to 8 P. M. o f the 23d, being an equilibriation,
and the ground was freezing, and ice formed on its surface, although the
temperature o f the air had not been so low as 35° from 10 A . M. o f the
19th to 1 P. M. o f the 22d, nor below 35° till after 5 P. M. o f the 24th.
The steamer Magdalena, in the river Magdalena, S. A ., exploded her steam
boiler on the 25th.
On the 29th o f February, at a little before 1 A . M., the ship W est Point,
bound from Liverpool to New' York, with 300 passengers, was struck seven
times by lightning in 30 minutes, and two o f her men were killed instantly.
She was in latitude 38° 30' N., longitude 61° W . I examined this ship.
She had 300 tons o f iron, and over the iron were the passengers, none o f
whom were injured. The bulwark railing was covered with sheet copper
and mixed metal, extending from near the centre of her stern, on the star­
board side, the whole length o f the vessel, including the bow, and on her
larboard side to the stern, within a few feet o f its centre. The blane railing
was also covered with copper, and the stairs on deck leading down amidship were covered with the same metal. The rail to the stairs was o f brass.
One man was killed by lightning while passing up the stairs between the
copper o f the blane railing and that o f the bulwark railing. It is quite pro­
bable that his feet were on the copper o f the steps, and his hands on the
metal failing o f brass.
The other man was killed while handling the metal blane pins, in contact
with the copper bulwark railing. The officers on board the ship informed
me that the electric discharges were very close, and like the discharge o f can­
non from a ship along side. It was a fearful, dreadful, awful storm. The ship
had no rods. On that day, at 1 P. M., a cold cycle commenced running at
m y place o f observation, and continued till 1 P. M. o f March 4, 89 consec­
utive hours, a fraction o f each o f two hours making 90. A t 4 P. M. of
March 4 another cold cycle commenced running, and continued till between
12 M. and 1 P. M. o f the 6th— 44 hours and a fraction o f each o f two
hours, making 45 consecutive hours, or half 90.
A n aerotate or meteorite exploded the morning o f the 6tlx at Nantucket,
Massachusetts, which probably terminated the cold cycle in the middle at
45 horn's. The 90 is a quarter o f 360— 45 an eighth.
April 19, at 5 A . M., the brig Rebecca C. Fisher, from Apalachicola for
New York, loaded with cotton, was struck by lightning near Squam Beach,
set on fire, and with her cargo consumed. The officers and crew were prov­
identially rescued by the British brig Margaret at 5 A . M., that came to their




400

P rotection o f Skips fro m Lightning.

assistance. Next morning passed the brig R. C. F. burnt to the water’s
edge, 50 miles from the Highlands. The vessel had no lightning rod. There
was a shock of an earthquake at St. Martin’s on the 17th, and another at
Jamaica on the 21st.
May 2, lightning struck the foretop gallant-mast o f the bark Shakspeare,
lying at Charleston, S. C., and shivered it to pieces.
May 10 to 13, both the Eastern and Western Continents were greatly
agitated by earthquakes. The atmosphere was also extensively affected by
storms o f lightning and thunder, hail, snow, and rain; boreal coruscations
lighted up the north, and volcanoes became active in the Island o f Java, fol­
lowed by earthquakes. A t Louisville, K y., on the 10th, a squall came up, form­
ed o f a cloud o f white flies, which was at first mistaken for snow. These in­
sects fell in countless billions o f billions. On the 11th, 12th, and 13 th, there
were a continuation o f earthquake shocks at Sienna, Tuscany, Europe ; on
the 11th, in the East Indies ; on the 11th, at Valparaiso, S. A . ; and the same
day at the Island o f Jamaica, in the W est Indies. Frosts were active and
destructive during the same period in various places ; and on the 14th the
packet ship Garrick, off Nantucket Shoals, was twice struck by lightning,
which shivered the head o f the fore topgallant mast, tore the foresail and
foretopsail, and did other damage. Ship Victoria, from Antwerp, off Nan­
tucket Shoals, the same day, was twice struck by lightning, which set on fire
the main royal and killed one seaman.
May 16 th packet ship Ocean, from Liverpool for Boston, was struck by light­
ning, which shivered fore royal topmast. The same day the Mountain Kleeb,
in the Island o f Java, became convulsed, and broke out in a volcano.
May 20th British brig Waterloo, off New Haven, Conn., was struck by
lighning. One seaman instantly killed.
May 23d earthquake at Montreal, L. C. Same day, the steamer Halifax,
on Kennebec river, exploded her steam boiler. Thunder and lightning,
storm and tornado, same day in Michigan.
May 26 th earthquake in the East In dies; and on the 28th, steamboat
Andrew Kenney burst her boiler on the Tombigbee river, Alabama, and same
lightning storm at Springfield, Massachusetts.
June 1st steamer Illinois was struck by lightning on the Mississippi river,
opposite St. Louis, and her stern a little injured. Same day snow fell at
Franconia, Littleton, and Gilmanton, N. H., and at Gloucester, Massachu­
setts, the temperature at 9 P. M. being 16° lower than at the same hour on
the first day o f January. The same day the iron steamer Ariel, from Malta
for Leghorn, struck the rocks o f Mai do Vetra, in Tuscany, thirteen miles
from Leghorn Light.
June 7th ship Espinalle was struck by lightning in lat. 32° 22' N., Ion.
77° W ., the lightning doing much damage.
June 20th brig Rodney, o f Bucksport, Maine, in lat. 33° 50', or 35° . 30',
capsized by a waterspout. Captain and crew landed at Cape Hatteras.
Lightning had been active, o f a great extent o f surface, for several hours
preceding and succeeding this catastrophe.
July 1st pilot boat Four Sisters, near Sands’ Point, was struck by lightning
and sunk. The lightning passed out through the sides o f the vessel, under
water, making perforations like bullet holes, filled with slivers and splinters.
The vessel was raised. She went down, stern foremost, in about five minutes
after she was struck. N o person on board injured. I have this account
from Ex-Alderman Guion, who was on board.




P rotection o f Ships fro m Lightning.

401

July 6th ship Francis Depau, from Mobile for Liverpool, loaded with cot­
ton, was struck by lightning in lat. 35° 23' N., Ion. 72° W ., at 11 A . M.
The masts were injured, and she was obliged to put into. New York for re­
pairs. The captain and crew were alarmed, and expected the cotton had been
ignited. She was detained several days for repairs, and sailed again without
rods ! I examined this vessel in port. H er copper on deck probably saved
the cotton from being ignited. Thunder storms were experienced that day
over a surface o f 1,000 miles in extent.
July 13th the steamboat Suffolk, lying at Fort Hamilton, Narrows, was
struck by lightning during a thunder squall. A ll the persons on board,
above twenty, were in the cabin. They were not aware that the boat was
struck until they came on the upper deck. The flag-staff at the stern was
broken in pieces, the centre beam which supported the awning was split and
splintered, the awning cut and scorched, one o f the iron clamps thrown into
the sea, the bell rope nearly cut off, and some paint or verdigris converted to
bronze. The seats and benches were torn up, and some o f them broken. I
examined the boat, and the above statement is a memorandum o f what I saw.
The awning beam was braced by iron rods, painted white, which connected
with the d eck ; but the lightning ran on the beam horizontally, in preference
to descending the painted rods. The boat was lying at the dock, but the
engine in motion.
The schooner Gipsey was struck by lightning in July, 1848 ; extent of
damage not reported.
A schooner, lying under Brooklyn Heights, was struck by lightning June
19 ; damage not stated.
July 30th British brig Barbara, in lat. 35°, Ion. 75° 15', was struck by
lightning and set on fire.
August 11th schooner Benjamin Harrison, lying in the stream near Charles­
ton, S. C., was struck by lightning in the night. The lightning shivered the
foremast, then descended into the hold, starting some o f the plank, splintered
several o f the timbers, and passed out o f the cabin windows. The captain
and crew were in the cabin at the time, and stunned by the shock.
August 13th brig Magella, bound from Wilmington, N. C., to Boston, was
struck by lightning. Her main topmast and pumps were split, the deck
considerably torn up, the gaff topsail torn to pieces, and the mainsail badly
injured. A t the time the lightning struck the vessel, one o f the men was
hanging out a shirt; it was rent in pieces in his hands, but he escaped unin­
jured. The same day the steamboat Botts burst her boiler on one o f our
Western rivers, and the day previous the steamboat Robert W eightman
burst her boiler also on one of our Western rivers. The state o f the earth
and atmosphere from the 7th o f August to the 22d, was extensively affected.
On the 7th an earthquake shock was felt at Fort Kearny, Miss., and for 100
miles below, and as far above as any settlements extend. On the 8th a ma­
rine volcano, in lat. 37° 30' N., Ion. 1° 40'. The same evening the north
was lighted up with boreal coruscations, which were visible from the head of
Lake Erie to the Gulf o f the St. Lawrence. The morning o f the 9th a terrific
thunder storm, o f great duration, was experienced at New Orleans. On the
14th, a meteorite was seen to pass over Sullivan county, New York. On the
15th, earthquake shocks at Montevideo, S. A., the first ever experienced there.
On the 17th, thunder storm from Maine to Louisiana, and thence from the
Island o f Great Britain, entirely across our continent, to Louisiana; earth­
quake at St. Lucia; 19tli, earthquake at Montevideo, S. A . ; 20th, great
26
VOL. XX .---- NO. IV .




402

“ The Coast Survey o f the United S ta tes''

storm o f thunder and lightning at Paris, France— lightning struck in Paris
in eighteen different places ; 21st, frost at Franconia, N. H., in the morning,
and boreal lights in the evening ; three shocks o f an earthquake at the Isl­
and o f St. K itts; and the next morning an earthquake at Antigua, attended
by a hurricane, and by thunder and lightning.
I have also, in m y record o f 1848, the case o f the schooner San Jacinto,
struck by lightning at Albany ; o f two vessels struck by lightning at Balti­
more, in June, shivering their mainmasts; o f a schooner o f one o f the great
lakes, struck by lightning ; schooner Boswell King, struck by lightning ; and
ship Robert G. Shaw, also struck by lightning.
I have memorandums o f others during 1848, which have been struck by
lightning, the accounts o f which are not yet made up.
None o f the vessels which I have mentioned were furnished with rods, ex­
cept the United States ship Pennsylvania.
The case o f the United States ship Albany, struck by lightning September,
1848, I stated in m y memorandum, published in January. The vessel was
protected, but the rods destroyed.

Art. VII.— “ THE COAST SURVEY OF THE UNITED STATES.” *
A REPLY TO AN ARTICLE, W ITH THE ABOVE TITLE, IN THE FEBRUARY NUMBER OF THE M ER­
CHANTS’ MAGAZINE, BY LIEUT. CHARLES HENRY DAVIS, u f s . NAVY.

To the Editor o f the Merchants’ Magazine, etc.
D e a r S ir :— If the advice o f Mr. Burke, “ to outlive scandal, is the best
mode o f replying to it,” were as applicable to institutions as it is to individu­
als, there would be no occasion for any notice o f the attack upon the Survey
o f the Coast o f the United States, contained in the February No. o f this Jour­
nal. The attack and its author might be left to the judgment o f time, which
tries all such offenders, and to the power o f truth, which must ultimately
prevail.
Or it would be quite sufficient, if any comment were made, to rely upon au­
thority, and to oppose to the sneers and imputations o f an anonym ous writer,
the unqualified approbation and support freely awarded to the Coast Survey,
and its distinguished head, by such institutions as the American Academ y o f
Arts and Sciences in Boston, the Philosophical Society and Franklin Institute
of Philadelphia, the University of Virginia, the Marine Societies and Chambers
o f Commerce in almost every Atlantic city, from Boston to New Orleans; and
besides these, the memorials o f the principal merchants and underwriters in
the northern capitals. From one class o f these authorities we should learn
that men o f science, who are fully competent to give an opinion on the sub­
ject, do, after mature and careful examination, entirely approve o f the funda­
mental principles upon which the survey is conducted, and o f all the methods
and processes by which those principles are brought out in practice; and from
* In accordance with the principle, to which we have uniformly adhered, o f keeping the pages of
the Merchants' Magazine open to the free and fair discussion of all topics falling within its scope, we
are willing to give place to the following article, in which views, differing altogether from those set
forth in the Historical Notice of the Coast Survey of the United States, and its Management, published
in our February number, are taken o f this important branch o f the public service. Audi alteram
partem.—Ed. Mer. Mag.




“ The Coast Survey o f the U nited States.”

403

the other, that the Coast Survey, as it is at present established, has hereto­
fore rendered, and continues to give, to commerce the most important facili­
ties and improvements. H e who opposed his own assertions, with or without
a name, to such an array o f authorities, would subject himself to the sarcastic
remark o f Dr. Johnson, that “ the man who attempted to prove everybody
else wrong, succeeded at least in proving one person to be in error.” It can
hardly be imagined, even by the most skeptical, that so many men o f high
literary, scientific, and social standing would combine to misrepresent, or to
conceal the truth, still less that they are ignorant o f the matter about which
they have written.
But while we record here the cordial and valuable support which the Coast
Survey has received, during its recent troubles, from generous friends in
every quarter o f the country, we must not forget that it is a part of our obli­
gation to those friends to relieve the institution, concerning the management
o f which they have assumed a certain responsibility, from any suspicions o f
impropriety, however unfounded.
To justify its character and conduct, is a part o f its debt to its supporters;
and, disagreeable as the task o f a reply must be to ourselves, we enter upon
it as an act o f duty.
A nd first, we wish to call the particular attention o f those who have read
the paper referred to, to the temper with which it is written. It is charac­
terized by nothing so strongly as its merely personal ill feeling towards P ro­
fessor Bache, the present Superintendent. This is the one trait, before all
others, which marks its tone and spirit. Sneers against his capacity are
freely indulged in ; accusations are brought without reserve, or stint, against
his personal and official integrity; and the basest motives o f conduct are
ascribed to him without even the observance o f the most ordinary courtesies
o f language. To these things we do not intend to make any answer. They
need no answer.
A n established reputation for learning, usefulness, and honor, like that of
Mr. Bache, is o f itself a sufficient defence. The lustre o f a good life cannot
be tarnished by a single breath o f scandal, uttered by a mouth which refuses
to pronounce its own name. This is not the cause o f one man, but o f all
good men. It is the cause o f society, which cannot, for its own sake, suffer
that an honorable name should be affected by anonymous attacks o f this
kind. There is no necessity for a reply here ; and, moreover, we are admon­
ished that we should not answer such a writer according to his folly, or other­
wise, lest we become like to him, or he be made wise in his own conceit.
But there is one comment which it seems worth while to pass upon this
portion of our opponent’s writings. If one-half o f what he asserts is true,
why did he not bring the subject, with the authority o f his name and posi­
tion, under the notice o f some member o f the Executive Government, or un­
der that o f Congress ? It was surely no charity to Mr. Bache that prevented
this mode o f action. The Coast Survey is a public institution, immediately
responsible to the governm ent; its records are open to examination, and its
reports are distributed throughout the country.
I f those abuses exist which the writer pretends to point out, it cannot be
but that there are men o f sufficient patriotism, intelligence, and independence,
either in the administration, or in Congress, to demand their correction. This
view is worthy o f reflection with those whose minds have been at all affected
by the writer’s statements. But the writer preferred to preserve his incog-




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“ The Coast S urvey o f the United States .”

nito, and we entirely disclaim all present desire to penetrate any farther than
we have already done, into the heart of his mystery.
Although we have thought it due to the friends o f the Coast Survey to
make some reply, yet it would be tedious and unprofitable to follow the
writer through every paragraph o f his paper.
After shpwing some o f his errors and misstatements, we may claim the
benefit of the legal maxim which is applied to incompetent witnesses. The
writer, in the course of some historical remarks upon the Survey, says, “ that
a geodetique operation, such as was commenced under its authority, had not
been contemplated or understood by the government,” in the original law
creating the Survey o f the Coast. (P. 133.)
W e may suppose that the writer is unacquainted with the nature o f a
geodetic survey, and with the true history o f this particular work. The
general plan and purpose o f this undertaking are laid down for the first time
in a letter o f Mr. Gallatin, addressed to the learned men o f the country,
whom he consulted as to the best mode of carrying out the provisions o f the
law o f 1807. This general plan is defined in the following words :—
1. The ascertainment, by a series o f astronomical observations, o f the true
position o f a few remarkable points on the coast.
2. A trigonometrical survey o f the coast between those points o f which
the position shall have been astronomically ascertained.
3. A nautical survey o f the shoals and soundings o f the coast, o f which
the trigonometrical survey o f the coast itself, and the ascertained position o f
the light-houses, and other distinguishable objects, would be the basis.
It is not necessary to say to those who are informed upon such subjects,
that this is the very language by which a geodetic survey, with a hydrographic survey attached to it, is accurately described. The connection, by
trigonometrical measurements, o f a series of points, spread over a seacoast o f
reat extent, (like our own,) the position o f which points has been indepenently fixed by a series o f astronomical observations, is only a form o f words
by which the idea o f a geodetic survey is conveyed. It is the extent o f
the coast which gives the geodetic character to the work. In the triangu­
lation o f so large a region, it is requisite to have a regard to the irregularly
elliptical figure of the earth ; in common surveying, the field is so limited,
that the deviations o f the earth’s surface from a plane are not noticeable.
A nd so also of astronomical determinations. In the great Survey,.they must
be multiplied, or constitute a series, on several accounts relating to the form
and materials o f the earth’s surface, and to the necessity for remote verifica­
tions. In the limited survey, (as in the nautical survey of a harbor, or group
o f islands,) the independent astronomical determination of some one or two
prominent points is generally sufficient.
In the former case again, the formulae or rules for calculating the trian­
gles embrace terms depending on the value o f the earth’s ellipticity, or ex­
pressions of the radii o f the parallels and meridians. In the latter case, the
rules for solving the triangles are simply those o f plane trigonometry. Mr.
Hassler, to whom, among others, Mr. Gallatin’s letter was addressed, details
in his reply the methods of conducting a geodetic survey.
The writer was probably not aware o f these scientific distinctions, or he
would not have made such an erroneous assertion.
Upon this point the writer makes elsewhere the following remark :— “ A t
that time (1807) the word ‘ Survey ’ conveyed the notion o f a temporary and
limited operation.” (P. 132.) H e is probably not aware that the trigono­

t




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«

405

metrical survey o f Great Britain was commenced twenty years before this pe­
riod ; that the great meridianal measurement o f Mechain and Delambre was
(the original section) then com pleted; and that Mr. Hassler, consulted by Mr.
Gallatin, and appointed by him to superintend the Coast Survey, had actu­
ally taken part in the triangulation o f the Canton o f Berne. The meaning
o f the word “ Survey,” when applied to an extensive coast, m ight therefore
have been known in this country, without assuming any remarkable merit
on the part o f Mr. Gallatin and his advisers. Mr. Hassler m ight have com ­
municated the definition o f the word geodetic to Mr. Gallatin ; at any rate,
it is very curious that the latter should have defined that word so exactly in
laying down the plan o f the Coast Survey in his circular letter, that his lan­
guage could not now be improved either in precision or clearness.
W e are very far from wishing to charge the writer with any deception
here ; but we think that we should be permitted to say, without rudeness,
that a person as uninformed as the writer evidently is, should speak with
less confidence. It is certainly no discredit to be ignorant o f the history and
nature o f geodesy; but it is an offence against modesty, being ignorant, to at­
tempt to instruct the public.
The writer seems to have a theory on this subject, one o f the most impor­
tant deductions from which was made during the lifetime o f the late Super­
intendent. It was this; that no American could be found who was capable
o f filling Mr. Hassler’s place. Y et the science o f geodesy, in its principles and
practice, is very complete, and is ably and comprehensively treated by sev­
eral eminent mathematicians. W e are led to think that this deduction was
made to serve a purpose.
There is another subject upon which, also, the writer seems to indulge in
theoretical views. H e ascribes to the officers o f the army and navy a desire
to get possession o f the Coast Survey after the civil em ployes had been dis­
missed from its service by the act o f 1818.
“ Under such circumstances,” he says, “ it was but natural that the offi­
cers o f our army and navy should look upon a work like the Coast Survey
as their peculiar property, and endeavor to place themselves at its head ; and
there is no doubt that the suspension o f the work at that day, was in a great
measure due to the operation o f such a feeling.” (P . 134.)
Here again the writer’s theory is singularly erroneous. W h en the con­
nection o f Mr. Hassler with the Coast Survey was suspended by the law of
1818, and the great object to which he had devoted the energies o f his mind
was defeated, it was actually in the army that he found his warmest personal
friends, and his most able public supporters. General Swift, o f New York,
(late o f the Engineers,) and. Colonel Abert, the present Chief o f the Topo­
graphical Bureau, maintained towards him a strict and unswerving fidelity,
which no temptations o f personal or professional aggrandizement could lead
astray.
A nd we must say that in this, these gentlemen acted quite as much after
their own honor and dignity, as after Mr. Hassler’s desert. During the la­
ter, and very serious troubles of 1843, as Mr. Hassler’s friends well know, it
was only by means o f the liberal, disinterested, and firm support o f such
men as Colonel Abert, Lieut. Col. Kearney, Major Turnbull, and Captain
Swift, that he kept his office.
W ith regard to the navy, the case is equally striking. It was, in fact, the
head o f the Navy Department, the eminent Secretary from New Jersey, Mr.
Southard, who procured the revival o f the law establishing the Coast Survey,




406

<

“ The Coast S u rvey o f the United States.”

and with his accustomed ability and high authority, advocated the unques­
tionable superiority o f a connected system o f operations, over the then exist­
ing (but now happily exploded) plan of detached surveys.
I f these facts had been known to the writer, his regard for truth would!
undoubtedly have prevented him from indulging in speculations which reflect
discredit upon these two branches o f the public service. It is but just to the
public, however disagreeable it may be to the writer, to say, that he should
have known them ; that it was his duty, having presented himself as an au­
thority, to be acquainted with such well known facts in the history o f the
Coast Survey.
But, besides the wrong to individuals, and to the services, which is included
in these errors, it suits our present purpose to notice particularly their moral
effect upon the character o f the writer himself. They betray a flippant care­
lessness in the statement o f mere facts, which, taken in connection with his
labored plausibility o f style, and his amiable and amusing alliterations,
makes him appear especially unsound as a public informer.
More conspicuous than all, are his strong personal dislikes. They are not
only ardent, but general. H e attacks Professor Bache in a manner which
leads to the suspicion that he has had some personal or official contest with
him. H e sneers at Professor Henry, the Secretary o f the Smithsonian In­
stitute, as if towards him also he entertained a sense o f personal injury. H e
says some very hard things o f several of the assistants o f the survey, both
civil and naval; and finally, he includes the whole American Philosophical
Society o f Philadelphia in one severe and comprehensive denunciation. H e
seems, in short, to have taken his place in the seat o f the scornful.
N ow it cannot be thought either unreasonable or harsh in us to observe,
(without committing the folly o f attempting a reproof,) that this is not the
state o f mind most favorable to an inquiry into the progress and condition o f
the Coast Survey; that in the practical affairs o f life we do not adopt, or
rather we do reject, the opinions and declarations o f those who are laboring
under prejudices, and are controlled by strong resentments; and that the
man who is so deluded either by his feelings, or in his judgment, as to re­
gard Professor Bache as being no more than a “ retired schoolmaster,” when
in fact he is, with one or two exceptions, perhaps, better known in Europe to
such men as Airy, Hamilton, (of Dublin,) Smythe, Arago, Humboldt, &c.,
&c., for his contributions to science, than any other person in the United
States— the man laboring under such a hallucination o f his intellect (and
we are not allowed to doubt that the writer speaks according to his p resen t
honest convictions) is not entitled to ask those who do not share in his anger,
to accept, without qualification, his opinions.
W e do not fail to notice how this unkindness is obscured by a gracious show
o f regard for the public interests, and a virtuous condemnation o f assumed
wrongs. But then again we see in the writer’s declamations more o f the im­
passioned earnestness, as well as some of the strategetical skill, o f warfare,
than the calm and temperate dignity o f the bench, and reminding the reader
that
“ There is no vice so simple, but assumes
Some mark o f virtue on his outward parts.’’

W e invite them to make their own estimate o f the motives and qualifications
o f our opponent.
But it still remains for us to point out in detail some o f his m istakes — we




The Coast Survey o f the United S tates''

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407

call them by the most modest terms, for, like the pretended Sir Topas, we
are one of those gentle ones that will use the devil himself with courtesy.
The most important point which the writer endeavors to make, is upon a
comparison o f the work executed under the late and present Superintendents,
considered relatively to their means.
This is another o f the writer’s theories. W e extract from his paper the
following paragraph, the chief purpose o f which, it will be observed, is to
bring discredit upon the character o f the present Superintendent.
“ In taking the field in 1844, the Superintendent assumed the northern portion of
the Survey, which had been carried to Point Judith by his predecessor, under the im­
mediate charge o f one of the principal assistants. The accuracy of the work thus far
had been verified by the last line of the triangulation, agreeing, within a very small
limit, (a fraction of a foot,) with the same line of Mr. Borden’s triangulation, made for
the survey o f Massachusetts, and depending on another base* In taking this part of
the field, instead of leaving it to the assistant, who had so honorably and judiciously
managed the preceding and more difficult part of the operation, the Superintendent
not only secured himself an easy and healthy country to operate in, but he had before
him the points already established by Mr. Borden, each marked with a monument. He
had also Mr. Borden’s results to compare always with such as he might derive himself;
and, moreover, he had with him one of Mr. Borden’s assistants, who knew the country,
and thus spared him any trouble of reconnaisance. Indeed, it is known that an at­
tempt made by this assistant to change a principal line of Borden’s triangulation,
though made at great expense and loss of time, altogether failed; thus showing clearly
the ability with which the points of the previous triangulation had been selected. The
Superintendent, in the four years of his personal field work, has scarce yet passed the
limit in which Mr. Borden had preceded him ; and if it be ever judicious in such mat­
ters to raise questions of economy, it might be well worth asking whether the work
done in the field by the present Superintendent, at immense expense, has been neces­
sary at alLf To the assistants were assigned the more southern portions of the work;
and two bases of verification, near the extremities of the triangulation, which had been
furnished by Mr. Hassler, were measured by them in 1844.”— Pp. 140-T.

To wbicb we make the following reply :—
W h en the present Superintendent came upon the Survey, he found the
first section of the work nearly completed, and he thought he would best
meet the views and wishes o f Mr. Hassler’s friends by assigning to his prin­
cipal assistants the closing up o f that part o f the work which had been com­
menced, and mainly performed, under Mr. Hassler’s direction. Accordingly,
one of the two principal assistants was sent to the Chesapeake to measure a
base o f verification, and connect it with Mr. Hassler’s main triangulation ;
whilst the other one measured a base o f verification on the eastern end of
the work, and reconstructed the northern part o f the main triangulation
(which was necessary) in Delaware Bay. On taking up the main triangula­
tion on the north, to begin a new section o f the work, Mr. Bache only as­
sumed his proper place as the head o f the Survey. The scheme o f this main
triangulation differed, essentially and necessarily, from that o f Mr. Borden ;
and of sixteen stations occupied at the north by Mr. Bache, only five were
identical with those used by Mr. Borden. Mr. Bache did not compare his
results with those o f Mr. Borden ; the means and instruments o f the latter
were so far inferior to those o f the Coaslf Survey that such comparison was
not desirable. The statement o f an attempt to change a principal line of
Mr. Borden is a m istake.
* This close agreement o f Mr. Blunt’s with Mr. Borden’s work is nowhere spoken o f in the Coast
Survey reports; nor is there a single atom of credit given to Mr. Borden, though it is said that he was
one o f the applicants for the superintendence, and withdrew his claim in Dr. Bache’s favor.
t At the stations of the main triangulation, under the present superintendence, there are usually
thirty tents, with the corresponding equipage.




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“ The Coast S urvey o f the United States.”

The Superintendent has passed far beyond the limits o f Mr. Borden’s tri­
angulation, into the States o f Maine and New Hampshire. It is implied in
the extract that this comprises the whole personal field work of the Superin­
tendent. So far is this from being the case, that Mr. Bache has measured
two bases— one on Dauphin Island, (Alabama, coast o f the G ulf o f Mexico,)
and one on Bodie’s Island, (North Carolina,) besides connecting the Chesa­
peake with Washington by triangulation— for the determination of the first
meridian, and as a check on the secondary triangulation o f the Potomac.
The note about the tent is striking, but unfortunately erroneous.
The following paragraph is also designed to illustrate our author’s theory :—
“ I f the five years’ work of the present Superintendent, with a personnel at least
twice as large as the largest ever employed under the previous superintendence— an
appropriation more than eight times greater than that with which the work began,
and nearly twice as large as that with which the former superintendence closed— and
with vessels and equipages furnished by the Revenue Bureau of the Treasury Depart­
ment, to the amount of $240,000, be compared with the eleven years’ work done by
his predecessor, it will be seen, even using the Superintendent’s arithmetical process,
that there is but little difference in the proportional quantities of work done. I ex­
clude from this all comparison of the area of the primary triangulation. The reoccu­
pation of Borden’s triangulation put the Superintendent at once in the possession o f
triangles with sides of from eighteen to seventy miles in length, and superficial miles
by the thousand were covered with more ease than hundreds in any other portion o f
the Survey.”

1. The first two lines are erroneous. A reference to the table hereinafter
given will prove this. In every case, except the topography, which has been
judiciously curtailed by diminishing the distance inland to which the work is
carried, and increasing the accuracy o f the portions surveyed, more work has
heen done in five years than in the preceding twelve. The number o f as­
sistants has not been doubled. The appropriation has not been for the five
years nearly double that with which the previous superintendence closed.
N o equipages have been transferred from the Revenue Bureau, and no ves­
sel o f that department was used, until 1847.
The writer excludes from his calculation the most important part o f Mr.
Bache’s work— the most important in extent and valuable in results. In
this part o f the work it is strictly accurate to say, that the astronomical ob­
servations alone (which are hut a single branch o f the primary field-work)
greatly exceed in number and intrinsic value all the observations o f the same
kind made by Mr. Hassler during the whole eleven years that he had charge
o f the work in active operation. In this connection it should be mentioned
that the present Superintendent has in five years occupied as many primary
stations, and measured twice as many bases, as the former Superintendent in
twelve years. The “ outer and more dangerous coast,” which the writer
elsewhere says “ has not heen touched,” has been surveyed to the extent o f
twenty-eight miles south o f Cape H enlopen. Great credit is due to Mr.
Bache for commencing the work o f North Carolina, with this very object o f
including the coast north o f Hatteras. This is one o f the conspicuous mer­
its o f his new system o f operations, that such work can be begun separately,
the final union with the other sections being deferred for the present. The
survey is rapidly advancing to Cape Hatteras.
The error in the geographical position o f Galveston, which Professor Bache
has prepared to correct, has no doubt, as the writer asserts, existed. The
shame and danger o f it belong to another people. It is highly to the credit
o f Professor Bache that the Coast Survey moved into Texas in two years




“ The Coast Survey o f the United States

409

after the annexation, (it had no right to go there before,) for the very purpose
o f correcting these errors.
The writer next engages in an argument, purporting to he based on statis­
tics, to show that not as much work has been done under Professor Bache’s
administration as was accomplished by Mr. Hassler ; which sums up, howev­
er, with the very favorable admission, that the primary triangulation undei;
Mr. Hassler’s superintendence “ covered a superficies o f about 5,760 miles,”
while “ the superficial miles o f primary triangulation made by the present
Superintendent up to 1847 will, by his estimates, amount to 7,803.” This is
certainly sufficiently complimentary to the industry o f Professor Bache, when
it is considered that Mr. Hassler’s superintendence continued twelve years,
while that o f Mr. Bache, up to 1848, only reaches a term o f four years.
But he endeavors, as before, to discredit the utility o f Professor Bache’s
work, by saying that it had been anticipated by Mr. Borden, in the trigono­
metrical survey o f Massachusetts. This error has been previously noticed.
A s the writer has appended to his statement a summary in a tabular form,
and has forced this comparison, a correct table is given below, in which the
real quantity o f work done under the superintendence o f Mr. Hassler (a
term o f twelve years) is compared with that o f Professor Bache, (for a term
o f five years,) in every variety o f form in which it can be estimated. It may
be noticed as an example o f his very singular disregard for nice discrimina­
tion, even where the mistake is so palpable as to save the trouble o f correc­
tion, that the writer in this part o f his article speaks o f the alluvial shores
o f the south part o f Massachusetts as “ bold and rugged coasts,” “ rockbound shores,” and contrasts them, in this respect, with the sunken and sandy
beaches o f the South, o f which, in fact, they are the very type.
RESULTS OF THE COAST SURVEY AT DIFFERENT PERIODS FROM

1807

TO

1849.*

From
1807-1S
Reconnaisance, area in square miles..........................................
Triangulation................................................................................
Extent of coast line......................................................................
“ shore line, including bays, sounds, & c....................
Astronomical stations, number o f..............................................
Magnetic stations.........................................................................
Vertical angles stations................................................................
Base lines, number o f...................................................................
Preliminary base lines, number o f..............................................
Topography, area of, in square miles........................................
Length of shore line................................................................
Hydrography, area of, in square miles......................................
u
number of soundings..........................................
Gulf stream, soundings, number of...........................................
“
fathoms o f line.......................................................
Current stations, number of........................................................
Tidal stations.................................................................................
Specimens of bottom, number of...............................................
Total number of manuscript maps............................................
Of these manuscript maps, No. prepared in office, being re­
ductions, &c..............................................................................
Original topographical maps, number o f...................................
Containing sheets, number o f.....................................................
Original hydrographical sheets, number of..............................
Duplicate hydrographical sheets, number**o f.............................
Containing sheets, number o f.....................................................
Records triangulation, bases, &c., number of volumes...........
Astronomical observations, &c., number of volumes.............
Computations, geodetic,
“
“
.............
“
astronomical
“
“
.............
Magnetic observations
u
u
. >..........

From
From
1832-44. 1844-49.
Mr. Hassler.Mr. Bache. Total.
560
22.544
41,207
18,103
34,242
450
14,483
§19,309
715
405
310
7,426
4,211
3,215
61
47
3
11
98
88
10
41
34
7
4
5
1
5
3
2
8,977
6,222
2,755
10,155
6,100
4,055
+15,086
24.709
+9,623
1,758,3-19
950,202
808,147
1,410
1,410
139,747
139,747
160
160
40
53
13
4,098
4,598
500
1621
295
326

4

1
1
2

29
160
298
103
34
236
95
16
78
4
4

123

100

131
72
160
233
140
138
138
37

152
**260
429
ttl7 5
34
396
332
157
217
144
41

* Executive, No. 26. Senate. 30th Congress, 2d session.
+ 5,000 o f off-shore work.
% 11,000
o f off-shore work.
§ In sections III, IV^VIII, and IX, the primary and secondary triangulation are
united in general.
| Coast line, including islands, bays, &c.
1 11,215 square feet of paper.
** 4,056 square feet o f paper.
++ 5,89i square feet o f paper.




\

410

“ The Coast Survey o f the United S tates."
RESULTS OF THE COAST SURVEY AT DIFFERENT PERIODS-----CONTINUED.

Magnetic computations, number o f volumes............................
Geodetic books, duplicates “
“
............................
Meteorological books
“
“
............................
“
“ duplicates, number o f volumes.............
Original hydro’ ical books, soundings, and angles, No. of vols.
Duplicate
“
“
“
“
w
Hydrographic books, tidal and current observations, and tidal
reductions, number o f volumes..............................................
Astronomical differences o f longitude.......................................
Total of records............................................................................
Engraved plates of maps, number o f ........................................
M
“
u electrotyped, number of..................
Published maps, number of........................................................
Printed sheets o f maps, number o f............................................
M
“ distributed number of.........................
“
“ sale agent
M
..........................
Volumes in the library................................................................
Instruments, &c., value o f...........................................................

From
From
From
1807-19. 1832-44.
1844-49.
Mr. Hassler. M. Bache. Total.
15
15
128
155
26
9
2
7
3
3
559
179
380
59
27
32

8

158

166

439
5

1,373
24

1,928
29

24,249
7,678
12,979

24,249
7,678
12,979
655
$149,513

66
8
21

66

8
21

The writer endeavors to make it appear that it is a fault in Professor
Bache to have instituted re-surveys, even where he knew that the old sur­
veys were actually in error. It is evident from this, that he does not fully
appreciate the strictly accurate and scientific character o f the work.
The writer also, on the same page, declares that the field maps and sheets
o f reduction o f Delaware and Long Island were erroneous ; that the correc­
tion o f the errors “ has more than doubled the expense o f the charts, and de­
layed for about two years their publication,” and that this was the fa u lt o f
an assistant, who at that time held the fifth place, and has since then been
promoted, and now occupies the second place on the Survey. Now the er­
rors, such as are imputed, never existed; the pretended expense and delay in
consequence o f them were never incurred; and the assistant referred to was
promoted for distinguished merit in the field in a southern section o f the sur­
vey, (Alabama, Mississippi, and Louisiana,) into which he was the first to
carry its operations.
The writer, in this paragraph, asserts that “ other assistants have been re­
moved,” or displaced, and implies that this has been done by the unjust
and arbitrary exercise o f power on the part o f Professor Bache. But one
assistant has been removed during the superintendence o f Professor Bache,
and he for causes which we forbear to state, after investigation before a
scientific commission, consisting of Professor Pierce, o f the University at Cam­
bridge, (selected by Professor Bache on the part o f the Treasury Depart­
ment,) o f Capt. Talcott, late o f the U. S. Corps of Engineers, (selected by the
assistant in question,) and o f Professor Davies, late o f the W est Point Acad­
emy, (selected by Professor Pierce and Capt. Talcott,) the decision o f which
commission was signed by all the members, and approved by the Secretary
o f the Treasury.
Having, as we believe, disputed at sufficient length the writer’s hypothesis,
(originating, no doubt, in his patriotic regard for the public interests, and
not at all in merely personal motives,) that Professor Bache is deficient in
integrity and capacity, we will proceed to point out, in a very hasty man­
ner, some other trifling inaccuracies into which he has accidentally fallen.
W e may attribute these inaccuracies solely to a want o f judgment and
knowledge on the part o f the writer concerning the matters o f which he
treats, though doubtless he is well informed on all other subjects. W e ven­
ture to hope that we may do this without incurring any serious displeasure,
for we are “ very comptible, even to the least sinister usage.”




“ The Coast Survey o f the United States.”

*

411

The writer assails (p. 19) the American Philosophical Society, and charges
it with delay and disrespect in the publication o f Mr. Hassler’s papers. By
referring to the Transactions themselves, it will be seen that Mr. Hassler’s
papers occupy their place in regular order, with the exception o f one short
intervening article; and the precedence given to this last was owing, no
doubt, to the unavoidable delay in preparing the engravings accompanying
Mr. Hassler’s papers.
Neither is it correct, as the writer says, that the American Philosophical
Transactions constituted the only scientific journal then in existence. Silliman’s Journal was published at that tim e; and the Memoirs o f the American
Academy, in Boston, made a scientific journal as much as the Transactions
o f the Philosophical Society.
The historical relation which follows, concerning the standards o f weights
and measures, is incomplete and inaccurate. The subject o f standard weights
and measures was first brought forward by Mr. Jefferson in 1790. (See Ex.
Docs, o f that year.) It was subsequently introduced by Mr. Izard, in 1 7 9 1 ;
by Mr. Jefferson again, 1795 ; by Mr. Harrison, in 1796 ; by Mr. Lowndes,
in 1819 ; and by Mr. Adams, (Secretary o f State,) in 1822. The part taken
by each o f these distinguished statesmen, in a measure o f the highest practical
utility, such as has commanded the attention o f every nation at all advanced
in political economy, is entitled to a place in history.
The writer next speaks of the gradual increase o f the survey under Mr.
Hassler without com m ent; but he makes the gradual increase under Mr.
Bache, the present Superintendent, as we shall see hereafter, an occasion for
attack. It is no part o f our design to undervalue the labors o f Mr. Hassler;
but the writer, in order to disparage Mr. Bache, has given him credit such
as Mr. Hassler himself did not claim. The main triangulation, at the time
o f Mr. Hassler’s death, was only regarded by him as extending from the base
line on Fire Island beach to below Philadelphia, and not, as is stated, to
Point Judith. The triangulation from near New York to Point Judith, exe­
cuted by Mr. Blunt, one o f the principal assistants, was considered by Mr.
Hassler only as a secondary triangulation, and was adopted as a main trian­
gulation by Mr. Bache himself, after the measurement o f a base o f verifica­
tion in Rhode Island.
The writer asserts, that, “ four sheets o f the large maps o f New York Bay
and harbor were finished, and the reduced sheets o f New York Bay and Long
Island were ready for the engraver, as well as the whole o f Delaware Bay,”
“ during the period o f Mr. Hassler’s superintendence.”
One sheet only o f the four was finished by Mr. Hassler. The others had
been commenced, but were delayed after Mr. Hassler’s death, by the neces­
sity for making important additions to the hydrography, which occupied a
whole working season. The reduced sheets o f Long Island were not, as the
writer hypothetically assumes, ready* for the engraver. The project for the
map o f Delaware Bay, the reduction o f the whole land w'ork, and a part o f
the hydrographical work, were made under the present Superintendent. Very
extensive and important additions have been made to the hydrography o f
L on g Island Sound, and some additions to the hydrography of Delaware
Bay.
The name o f the present Superintendent does not, as the writer thinks, oc­
cur in the title o f the New York chart, but is merely placed in connection
with the work actually executed under his direction, and for which he is
therefore responsible.




412

“ The Coast Survey o f the United States .”

It is not correct, as is said by the writer, that the soundings had been car­
ried far enough to sea for the purpose o f navigation, in 1843. The weights
and measures intended for the custom-houses had not, as he imagines, been
com pleted; and as to the hope o f procuring copies o f the English standards
not being realized, as he says, the writer discovers a want of perfect familiar­
ity with the subject, in not knowing that the British standards have not yet
been made. The equipment of the naval parties is paid chiefly from the Coast
S urvey appropriation, and not from that o f the N avy, as the writer assumes.
The statements o f the writer concerning the transfer o f some o f the reve­
nue steam vessels to the Coast Survey are also theoretical. Captain Alex.
V . Frazer, late Chief o f the Bureau o f the Revenue Marine, in his- annual re­
p o rt fo r 1847, recommended the abandonment o f the use o f steam in that
branch of the public service, estimating the saving to be thereby effected at
between three and four hundred thousand dollars. One o f these vessels
having been put up for sale in New Orleans, the single bid o f three thousand
dollars was made for her. She cost one hundred and twenty thousand dol­
lars. After this vain attempt to dispose o f these vessels, Capt. Frazer re­
commended in the same annual report, that, in order to prevent this melan­
choly sacrifice of public property, they should be transferred to the Navy, the
Coast Survey, and the light-house service. Yet, the writer supposes “ that
this transfer was made without a passing remark.”
The assertion that “ as much work was done every year (during Mr. Hassler’s superintendence) as there has been done since,” taken in connection with
a subsequent declaration, that the appropriation has been since increased, and
the number o f vessels, assistants, and officers, greatly augmented, is a direct
charge that all the officers and vessels are id le ; that the gentlemen o f the
army and navy, and the civil assistants employed on the Survey are in col­
lusion with the Superintendent to deceive the government and the country.
W e trust it will not be thought unamiable in us to plead not guilty to this
grave accusation, relying for proof on the table o f statistics, which shows
that much more work has been done in the last five years, than in the pre­
ceding ten years.
The statements made by the writer, in relation to the monthly reports, in­
dicate, on this subject, also, a hypothetical delusion. They were, formerly,
o f no value, being merely put on file by a clerk o f the Treasury Department,
and regarded as inventories. Now these reports, sent to the Superintendent,
who directs the progress o f the work, furnish the means by which the opera­
tions o f detached parties can be duly combined, the monthly progress o f the
work estimated, and the influences o f climate, season, and local peculiarities,
allowed for in every part o f the Survey.
The monthly reports o f results are not changed in their character. Month­
ly journals have been superadded of great value in combining the operations
o f different parties, and in showing the “unt>unt o f working time which may
be counted on in different localities, and for different operations. These
monthly journals do not contain a single one o f the particulars mentioned by
the writer as to be obtained from them at the end of the year, but they do
furnish the data for determining the conditions of the atmosphere, and other
difficulties which obstruct the work in particular sections, and which the wri­
ter states were not taken into consideration ; and they have, contrary to his
supposition, been used for such purpose by the Superintendent in his annual
reports, which contain full references to health, climate, and character of
season.




“ The Coast Survey o f the United, States.”

413

The writer speaks o f the permission to employ private computers as a se­
cret abuse.

The permission here alluded to was given in the “ directions ” o f the year,
approved by the Secretary o f the Treasury, and printed and circulated ; and
the names o f persons thus employed are mentioned in the annual report o f
the Superintendent. This “ official patronage ” consists in the employment
o f computers, chosen by the authority o f the Department from among men
distinguished for their mathematical attainments, and has never amounted to
more than $1,500 in any one year. The plan, so far from being censurable,
is one which merits, and has received, high approval. It enables the Coast
Survey to command the best mathematical talent of the country at compar­
atively a moderate compensation, and insures an accuracy which could hard­
ly be otherwise attained.
The statement that a new bureau o f accounts has been made o f the Coast
Survey office is quite a mistake, though certainly not meant unkindly. The
First Auditor o f the Treasury has always audited, and now audits, the
Coast Survey accounts. The administrative examination o f them by the
Superintendent is similar to that made by the Chiefs o f the Corps o f Engi­
neers, and o f Topographical Engineers, and is an additional guaranty to that
formerly existing.
The statement that but one-eighth o f the coast of the United States has
been surveyed, and that parties are engaged in, and have been sent to, either
Mexico or California, is not altogether consistent with the real facts, at least
twice that extent having been surveyed, and the despatch o f any party what­
soever to Mexico or California never having been either made, or contemplated.
The writer believes that the salary of the present Superintendent is greater
than that o f his predecessor, and cites as his proof a mistake in the blue
book o f 1845, corrected in that o f 184V, (it is only published once in two
years,) which correction, o f course, the writer never saw.
But in truth, (we do not mean to be sarcastic in the use o f this word,)
the annual compensation originally made to Mr. Hassler has been continued
to the present day. From 1832 to 1836, there existed some difficulty about
the allowance o f fifteen hundred dollars o f this sum. But the terms o f the
appropriation bill o f 1836 were construed to authorize the payment o f the
sum held back, and it was given to Mr. Hassler.
His compensation to the close o f his life was $6,000 per annum. The
same rate has been continued, dollar for dollar, to the present Superintendent.
O f course, the writer has never had any means o f informing himself o f
these facts. They appear, however, to be worth mentioning, if it be only for
his own satisfaction.
A n d here we can, we believe, safely dismiss the writer. W e do so with
the Utmost good nature ; after his kind, and according to his very humble
abilities, he has given us some help, and we thank him for it. “ Truly, sir,
the better for m y foes,” is the remark o f the clow n ; and we begin to see
that it has other applications than the particular one made by himself. To
be sure, such service cost no trouble, “ ’tis as easy as l y i n g a n d , moreover*
it has the demerit o f not being voluntary ; but still, we are thankful for it,
and we should be sorry to think that, by exposing the theoretical fancies
and slight inaccuracies o f fact into which the writer has been misled, we
had done anything to injure his reputation. W e feel confident, indeed, that
no such injury can follow.
A nd what is the service which this writer has rendered to the Coast Sur­




414

M ercantile Law Cases.

vey ? The good he has done, is to promote inquiry into the real condition
and progress o f the work, to make known its numerous friends, to elicit laud­
atory commendations o f its principles and practice, and to spread abroad the
knowledge o f its usefulness and honor.
There is now a more confident assurance than ever, that its prosperity de­
pends, not upon any fickle caprices o f public favor, but upon an enlightened
general opinion ; that whilst it is conducted as at present, it will never want
judges and advocates, able and willing to give it an efficient, steady, and in­
telligent encouragement and support. A nd for the good o f the country, for
the sake o f true knowledge, for the cause of humanity, we rejoice that it is so.
“ Grateful science ” records with satisfaction the many years and many in­
stances o f honorable patronage which she has received from the Congress
and government o f the United States, never more conspicuous and benefi­
cial than when conferred upon the Coast Survey. It is true she has suf­
fered, in common with whatsoever is o f good report, from the assaults o f ig­
norance, prejudice, and self-interest.
Like the benighted lady, she may
have to encounter a thousand fantasies, and wily trains o f evil, or be compelled,
as now, to unlock her lips in the unhallowed air, to answer some juggler,
“ obtruding false rules pranked in reason’s garb.” But if she be faithful to
herself, she has nothing to fear from these threatened dangers, because she
ever walks attended by the strong-siding champion, Truth.
W hatever false enchanter endeavors to fetter her onward progress, will
find his rod reversed, and his wand snatched from his grasp.
W h ile she preserves her purity, she
“ May be assailed, but never hurt;
Surprised by unjust force, but not enthralled;
Yea! even that, which mischief meant most harm,
Shall in the happy trial prove most glory.”

MERCANTILE LAW CASES.
P O IN T S IN M E R C A N T IL E L A W .*
FROM IV . DENIO’ S SUPREME COURT REPORTS.

T his is another volume o f Mr. Denio’s series o f Reports o f Cases in the old
Supreme Court o f New York, which was abolished by the Constitution o f 1846,
but the powers o f which, for the purpose o f hearing and deciding pending cases, were
continued until July, 1848. The fame o f that tribunal, and the character and
authority of its decisions, no change nor reform can do away. Mr. Denio is
bringing to a close this noble series o f Reports in a manner worthy o f the dis­
tinguished reporters whose labors have contributed so much to the cause o f sound
law learning in the State and country.
There are many cases in this volume involving interesting points o f mercantile
law.
Insurance upon Freight. In Gordon vs. The American Insurance Company,
(p. 360,) the plaintiffs were insured upon the freight o f all kinds o f goods, laden
or to be laden, on hoard their ship, during a voyage from Canton to New York,
“ the adventure beginning,” in the language o f the policy, “ from and immediately
following the loading thereof on board of the vessel.” The ship was lost before
taking any cargo on board.
* Reports of Cases argued and determined in the Supreme Court and in the Court for the Correction
o f Errors, of the State of New York. By H i r a m D e n io , Counsellor at Law. Yol. I V . New Y o rk :
Banks, Gould, & Co. 1849.




M ercantile Law Cases.

415

In giving the opinion o f the Court, Chief Justice Bronson stated that there is
no particular form of policy o f insurance on freight in use in England, and in
some of the American States. A brief memorandum only is inserted on the
margin of the common policy on ship or cargo. In construing such policies, the
Courts have held that the insured acquired no interest in the freight on which the
policy attaches until the cargo is on board, unless the freight insured is on a char­
ter party for a voyage, in the course o f which cargo is to be taken on board, in
which case the risk begins with the beginning o f the voyage.
But in the case before the Court, the parties had departed from the usual form,
and had explicitly fixed the time when the risk or adventure was to begin ; and it
was held that the ship, having been lost before that time arrived, the insured could
not recover.
Guaranty. The much vexed subject o f undertakings for the debts o f third
parties, under the Statute o f Frauds, which has been a favorite bone o f conten­
tion from the time o f W ain vs. Warlters, in England, and Packard vs. Richardson,
in Massachusetts, but which the Revised Statutes o f New York were supposed to
have put at rest, is again mooted in Stoats vs. Howlett, (p. 559.) The Statute o f
Frauds requires all guaranties or undertakings to pay the debts o f others to be
in writing. The original controversy was, as to whether the consideratur o f such
undertaking must be expressed in writing. In England it is held that the consid­
eration must be expressed, or, at least, appear; in Massachusetts it is held suffi­
cient, if the prom ise is in writing. The Revised Statutes o f New York require,
in so many words, that the “ agreement, or some note or memorandum thereof,
expressing the consideration, be in writing.” (2 R. S., 135.) But this provision,
instead o f settling, seems to have only had the effect o f shifting the ground o f
the controversy, the debate in the present case being, not, as hitherto, as to wheth­
er an agreement can be considered as expressed or stated when the consideration
is not stated, but as to what constitutes a sufficient “ expression o f a considera­
tion.” Here the defendant wrote to the plaintiff: “ I hereby obligate m yself to
hold you harmless for any endorsement you may make for, or have made for, the
late firm o f Peck, Howlett, and Foster, not exceeding $3,000.” Mr. Justice Jew­
ett thought that here the consideration was not sufficiently expressed to satisfy
the English rule, or the New York statute. The majority o f the Court held, in
the language o f Justice Beardsley, that this agreement was “ a full compliance
with this requisition o f the statute, and the promise is binding upon the defendant.”
Chief Justice Bronson said the language used was fully equivalent to saying “ if
you will endorse, I obligate myself to hold you harmless.” A s to past endorse­
ments, however, it was admitted that the agreement was not sufficient to bind the
defendant.
B ills o f Lading. The case o f Covill vs. Hill decides several points o f interest to
factors and shippers, or rather to those engaged in canal transportation. The plain­
tiff contracted with one Potter to sell him some timber, which Potter, as the agent,
and in the name o f the plaintiff, was to ship to the defendants at Albany, and
which the defendants were to be directed to sell as the property o f the plaintiff.
On the shipment, the captain o f the canal boat delivered to the plaintiff the fol­
lowing bill o f lading: “ Received o f A. F. Potter, for M iles Coville, 52,900 feet
o f boards and plank, in good order, to be delivered to Messrs. Hill & Sanford, A l­
bany. Also, one hundred dollars on freight, July 2, 1842. (Signed) H. Banks.”
T he son and agent o f Potter also made out and delivered to the captain the
follow ing w riting: “ Elmira, July 2,1842. Shipped on boat Occidental, H. Banks,
captain, 52,900 feet white pine boards and plank for Albany. (Signed) A . F.
Potter.” This writing and the lumber were delivered to the defendants, who
thereupon made advances upon it to Potter as his consignment. The defendants
contended that the writing signed by Potter was a bill o f lading, and therefore,
that the goods were shipped in his name, and that the case thus came within a
statute passed in 1830, to which we shall presently advert. Chief Justice Bron­
son said that, although “ contracts for the freighting o f goods on our canals are
usually less full and formal than when the property is to be carried by sea,” yet
“ they must have all the essential qualities, or else they cannot have the effect o f




416

M ercantile Law Cases.

bills o f lading.” This writing was not a bill o f lading. “ A bill o f lading is the
written evidence o f a contract for the carriage and delivery o f goods sent by
water, for a certain freight. (1 H. Black. 359.) It is signed by the captain or
master o f the ship or vessel, and states, among other things, by whom the goods
are shipped, and where and to whom they are to be delivered.” T he only bill o f
lading in this case was the document delivered to the plaintiff'.
Lien of Consignees. This case also contains an important comment upon the
statute o f 1830, (p. 203,) relative to principals and factors, which enacts that
“ every person in whose name any merchandise shall be shipped, shall be deemed
the true owner thereof, so far as to entitle the consignee o f such merchandise to
a lien thereon ” in certain cases. T he Court held that the broad language o f the
statute, which, if strictly construed, w ould give a lien to the consignees o f goods
shipped by any wrong-doer, a trespasser or a thief, must be confined to cases
“ where the goods have been shipped by the owner, or under his authority, in the
name o f another.” The act is a careless imitation o f an English statute, (6 Geo.
IV., c. 94,) which is confined, in express terms, to cases where the goods have been
“ entrusted for the purpose o f consignment, or o f sale,” to the shipper.
Promissory Notes. A n agreement to pay $250, with interest, “ out o f the
nett proceeds, after paying the costs and expenses o f ore to be raised and sold
from the bed on the lot this day conveyed by Edward Madden to Edwin Dodge,
which bed is to be opened and the ore disposed o f as soon as conveniently may
be,” is held, in W orden vs. D odge, (p. 159,) not to be a promissory note. “ A
promissory note,” say the Court, “ must be payable absolutely, and not upon any
contingency as to time or event.” Here- the money was to be paid “ out o f the
nett proceeds ” o f ore to be raised and sold, and there was the contingency that
the fund might turn out to be inadequate.
W e might go on, were there space, and fill pages with points o f mercantile
law from this valuable volume— points o f importance, and which should be o f
interest to the mercantile reader. But we must content ourselves with indicating
some o f the other topics discussed, among which are cases involving the subject
o f Partnership, o f Banks, the Lien o f Common Carriers, Chattel Mortgages,
Sales, the Law o f Shipping, and Usury.
W e understand that this volume closes the series o f Denio’ s Reports, and that
this, therefore, is the last o f the old Supreme Court Reports. W e cannot take
leave o f it without a feeling o f something like regret; for, while w e have every
confidence that, under the new order o f things, with judges o f equal ability, and
for the most part with the same judges who have heretofore presided in the tri­
bunals o f the State, the value o f their decisions will remain undiminished, we
still feel convinced that we shall never look upon a series o f Reports superior to
those which bear the names o f Johnson and Cowen, W endell and Denio.

M A R IN E IN SU R AN C E.

WHAT CANNOT BE INSURED.

In time o f war no valid insurance can be effected upon the property o f an ene­
my, although such property consists o f goods manufactured in our cou n try; nei­
ther ean a citizen insure goods purchased by him in an enemy’s country. (Bris­
tow vs. Tow ers, 6 T . R. 3 5 ; 8 T . R. 548.)
The Wages of Seamen cannot be Insured. This rule, however, does not apply
to wages already earned. (Hughes on Ins. 18.) Neither does it apply to the
captain's wages, which may be insured, as also his commissions and privileges on
board the vessel. (K ing vs. Glover, 5 B. and P. 206.) W here, by the laws o f
the land, the traffic in any article is prohibited, no insurance can be effected on
such article. The general rule is, that an insurance cannot be made in contraven­
tion o f the laws o f the land. (Hughes on Ins. 20.) And the insurer may take
advantage o f this objection, though he knew, at the time the insurance was effect­
ed, that the voyage was illegal. (1 Marshall on Ins. 48, 49.)




N

M ercantile Lavs Cases.

417

The Property usually Insured. Insurances are most commonly made on goods
and merchandise, freight, bottomry loans, profits, and commissions. Every spe­
cies o f property, in fact, may become the subject o f insurance, unless, from m o­
tives o f public policy, it has been prohibited by law.
A person cannot Insure unless he has an interest in the Property Insured. T he
law is well settled in this country, that if a man insures property in which he has
no interest, the insurance is void although it is expressed in the policy, “ interest
or no interest.” These policies are called wager policies, and are regarded by law
as a species o f gambling, and are therefore void. (Am ory vs. Gilman, 2 Mass. 1 ;
1 N. Y. Revised Stat. 662, § 8, 9, 1 0 ; 1 Rawle, 107 ; 2 Verm. 144.)
' I t is not necessary, however, that a person should be the owner o f the whole,
or a part o f the property, in order to enable him to effect an insurance thereon;
it is sufficient, if he is directly interested in its safety. A person, therefore, has
an insurable interest in any property, when he is so circumstanced with respect to
it, that its loss will be prejudicial to him. (Lucena vs. Crawford, 5 B. & P. 302.)
INSURANCE UPON FREIGHT.

In order to recover on a freight policy, the insured must establish, either that
goods were put on board the vessel, or that there was some contract under which
the ship-owners, if the voyage had been consummated, w ould have been entitled
to demand freight.
It is not always necessary, however, that the cargo should be actually on board,
in order to enable a ship-owner, upon the loss o f the vessel, to recover the insu­
rance o f freight; it is sufficient, if it is so engaged as to give the ship-owner the
right to have it. (M ’Gaw vs. Ocean Ins. Co. 23 Pick. 405.)
But it is necessary that the insured should have either already received the
goods on board, or sailed in the performance o f a contract to carry goods. (R iley
us. Hartford Ins. Co. 2 Conn. 368.) If, therefore, the owner o f a ship, upon the
eve o f sending her to a foreign port for the purpose o f obtaining freight, (no car­
go, however, having been contracted for, but the ship being merely a seeking
ship,) should procure an insurance on the freight expected to be earned, and the
vessel should be lost on her passage out, and before any contract for freight had
been entered into— the owner could not recover such insurance.
And where, on a valued policy, made with reference to the whole amount o f
freight, a complete cargo is not in fact obtained, but the ship is only partly loaded
when lost, the insured can only recover for the loss o f the freight on the goods
actually loaded on board the vessel. (Hughes on Ins. 45.)
OTHER INSURABLE INTERESTS.

T he profit expected to arise from a cargo o f goods may be insured. Profits
ought always to be insured in a valued policy, as they are then recoverable in case
o f a loss o f the cargo, without the insured’s being compelled to show that any
profits would have been made if the loss had not happened. (Petapsco Ins. Co.
vs. Coulter, 3 Pet. 222.)
The advances o f a consignee, an agent or factor, and the commissioners o f a
master or supercargo, are all subjects o f insurance. So, a merchant has an insu­
rable interest in the expected commissions upon goods on ship-board, in the pro­
gress o f the voyage, which are consigned to him for sale. (Putnam vs. Mercan­
tile Ins. Co. 5 Mete. 386.)
Both mortgagor and mortgagee may severally insure their respective interests.
And though the property is mortgaged to its full value, yet the mortgagor has an
insurable interest in the whole. (Traders’ Ins. Co. vs. Roberts, 9 W en dell 404;
2 Pick. 258.)
T he lender upon bottomry and respondentia bonds has an insurable interest for
the sum lent. T he owner o f the ship, in such case, has only an insurable inter­
est in the surplus value above the sum lent. (1 Marsh, on Ins. 115.)
It is sufficient if the insured has only a special property in the thing insured.
As, a part owner o f a vessel, w ho has chartered the remainder with a covenant to
VOL.

xx.—

no .




iv.

27

418

M ercantile Law Cases.

pay the value in case o f a loss, may insure the whole vessel as his property. But
a part owner insuring in his own name only, and not mentioning any other person
as being interested, can recover only the value o f his own interest. (Oliver vs.
Green, 3 Mass. 133; 1 Met. 16.) The insured usually caused the policy to be
made for “ himself and whom it may concern,” in which case it is for the benefit
o f any person who has an interest in the property at the time o f the insurance,
and who authorized the insurance to be effected, or adapted it when made. (3
Kent, 372.)
A person who charters a vessel and contracts with the owner to make insurance,
has a sufficient insurable interest, as the effect o f the contract is the same as an
agreement to pay in case o f loss. In such case, it is not necessary for the insured
to state to the underwriters the particular nature o f his interest, unless they ques­
tion him respecting it. (Bartlett vs. Walter, 13 Mass. 267.) And where it is
stipulated by a charter party, that in case the ship be lost during the voyage, the
charterer shall pay the owner a sum o f money which is estimated as the value o f
the ship, the owner has still an insurable interest.
4
WHEN CONSIGNEE, OR FACTOR, IS BOUND TO INSURE.

It seems now to be well established, that consignees for sale, such as commis­
sion merchants, &c., may insure both for themselves and for their principal or con­
signor ; and they may insure the goods in their own name or in the name o f their
principal. I f they insure in their own name, and the goods are lost, they may re­
cover the full value o f the goods, in which case the surplus, beyond their own in­
terest, w ould belong to their principal. (D e Forest vs. The Fulton Ins. Co. 1
Hall 84.) .
Commission merchants are not, however, bound to insure, for the benefit o f
their principal, goods consigned to them for sale, without some express or implied
directions to that effect (Brisban vs. Boyd, 4 Paige, 117.)
The instances in which an order to insure must be obeyed are, first where a
merchant abroad has effects in the hands o f his correspondent here, in which case
he has a right to expect that he will obey an order to insure, because he is enti­
tled to call his money out o f the other’s hands when and in what manner he
pleases; secondly, where the merchant abroad has no effects in the hands o f his
correspondent, yet, if the course o f dealing between them be such, that the one
has been used to send orders for insurance, and the other to comply with them,
the former has a right to expect that his orders for insurance will still be obeyed,
unless the latter give him notice to discontinue that course o f dealing; thirdly, if
the merchant abroad send bills o f lading to his correspondent here, he may ingraft
on them an order to insure, as the implied condition on which the bills o f lading
shall be accepted, which the other must obey, if he accept them, for it is one en­
tire transaction. (Smith vs. Lascelles, 2 T . R. 187.)
And if the usage o f trade, or the habits o f dealing between them and .their
principals, require them to insure, they are bound to do so, even if they have re­
ceived no express directions.
In the above cases the agent or consignee must exercise due diligence and skill
in procuring insurance, and must cause the usual and ordinary risks to be inserted
in the policy. I f in any o f these cases he neglects to make insurance, he is him­
self, by the custom o f merchants, to be considered as the insurer, and liable as
such in the event o f a loss. And if no available insurance is effected, it is the
same as if none at all were made. (Paley on Agency, 16, 18.)
It has been held that, although no advantage can be taken o f a gratuitous pro­
mise to procure insurance, in case o f a total neglect to do so ; yet that, if a vol­
untary agent actually proceeds to make insurance, but through his gross misman­
agement the benefit o f it is lost, he is answerable for the injury sustained. (Pa­
ley on Agency, 16, 18.)




419

Commercial Chronicle and Review.

COMMERCIAL CHRONICLE AND REVIEW.
S P R IN G T R A D E C O M P A R E D — I M P O R T S A N D D U T IE S A T T H E P O R T O F N E W Y O R K — E F F E C T O F A S T E A D Y
C U R R E N C Y — E X P O R T S OF P L A IN C O T T O N S A N D C A L IC O E S F R O M
IN

1847 —

G R E A T B R IT A I N — H E R L A R G E E X P O R T

C O T T O N T A K E N B Y U N IT E D S T A T E S M A N U F A C T U R E R S F O R C O N S U M P T IO N — P R I C E S O F C O T T O N

— T H E C O T T O N M A R K E T S — D U T IE S A N D S P E C IE IN T H E

S U B -T R E A S U R Y A T N E W Y O R K — P A Y M E N T S T O

M E X IC O — D IS P O S IT IO N IN E U R O P E T O IN V E S T IN U N IT E D S T A T E S

S T O C K — P R I C E S OF U N I T E D

N E W Y O R K , O H IO , A N D K E N T U C K Y S T O C K S — R A T E S O F E X C H A N G E IN N E W

STATES,

Y O R K — B E A R IN G OF C O M ­

M E R C IA L L E G I S L A T IO N IN E N G L A N D ON T H E A F F A IR S O F U N IT E D S T A T E S — B R IT I S H N A V IG A T IO N L A W S
— m r.
q u ir y

Ba n c r o f t ’ s

p r o p o s it io n

to

t h e

Br it is h

g o vern m en t

— W e b s t e r ’s

r e s o l u t io n

of

in

­

, E T C ., E T C .

T h e spring business has made reasonable progress thus far, and although prices
o f goods in Atlantic cities are in general somewhat higher than those current at

&

the close o f the fall trade, yet the importations do not apparently reach so high a
figure as for the corresponding season last year. This may probably arise from
the altered circumstances o f the trade o f Europe, which last year was suffering in
England from the effects o f severe revulsion, follow ed by the panic generated by
political revolutions on the continent. These circumstances conspire as well to
check production as to dimmish stocks o f goods, by the quantities sent here to real­
ize cash on any terms. The importations at the port o f New Y ork generally
represent about two-thirds o f the receipts for the whole U nion; if we, therefore,
take a comparative table o f importations and duties from January 1 to the close
o f the first week in March, w e have a guide to the state o f business generally:—
IMPORTS AND DUTIES AT THE PORT OF NEW YORK.

Specie.

Free goods.

Dutiable.

Total.

January...................
February.................
March 1 to 9 ...........

157,100
21,323
7,914

$525,534
285,117
266,191

$7,833,110
8,251,186
2,111,576

$8,416,944
8,564,226
3,385,741

Total January 1 to
March 9 ...............
Do. 1848..................

$86,997 $1,076,842 $18,203,012 $20,366,911
107,356
1,236,750
20,476,081 21,819,487

Duties.

$1,911,465
2,070,447
584,313
$4,566,225
5,054,366

This return indicates a reduction o f dutiable goods o f some 10 per cent, and a
corresponding reduction in the federal revenues.

The diminished importation is

ascribable almost altogether to the improved state o f the markets abroad for goods,
forbidding them to be sent here at anything like the terms on which they were
sold last year. W h ile this supply o f foreign fabrics is curtailed, the demand for
goods at improved prices is active in the Atlantic cities, and is manifest in the
increased purchases o f raw materials at improving prices by the manufacturers.
The recovery o f confidence in Europe prevents the great sacrifice o f goods this year,
which so rapidly dissipated the manufacturing capital o f Europe last yea r; and it is
probably owing to the steadiness o f the United States currency that larger quantities
o f foreign goods at higher prices were not forced o ff in the United States markets.
No matter how great soever was the anxiety o f continental and English manu­
facturers and storekeepers to realize upon goods, they were compelled, if they
sent them here, to submit to specie prices in a healthy market. Certain it is, that
had the extended auction and credit machinery, which in former years created ave­
nues for vast quantities o f goods into the most remote towns o f the Union, been
in operation, the foreign manufacturer could to a far greater extent have sold




420

Commercial Chronicle and Review.

goods at better prices, and obtained larger sums o f money for remittance to
straightened markets abroad. W e find in the diminished imports this year the
sure and certain effect o f a steady currency in the United States. It forbade high
prices when goods were forced upon the m arket; and when the pressure is re­
moved abroad, and the necessity for submitting to low prices no longer exists, the
amount o f imports declines. The export o f cottons from England for a series o f
years indicates the state o f affairs in that country:—
EXPORTS OF PLAIN COTTONS AND CALICOES FROM GREAT BRITAIN.

1844
1845
1846
1847
1848

Plain, to U.
States.
9,661,820
12,412,981
10,640,215
41,519,244
16,968,637

Printed and dyed.
To U. States.
Total.
Total.
569,677,792 12,008,635 313,111,455
613,138,645 13,097,851 310,880,697
618,839,181 13,556,509 267,084,797
488,044,682 44,425,017 287,384,903
556,199,538 39,600,996 301,515,780

Total
to U. States.
21,670,455
26,510,832
24,196,724
85,944,261
56,569,633

Grand total.
882,789,247
923,989,342
885,923,978
775,429,585
867,715,318

A very considerable decline in the exports to this country is manifest for the
year 1848. In the year 1847, the combined effect o f the revulsion in England,
causing an extraordinary tight money market, together -with the remission o f duties
in the United States, produced the large export to this country, resulting in low
prices here.

A reaction is now apparent.

T h e home market o f England is revi­

ving, and the steadiness o f the United States currency prevents the realization o f
large profits, by reason o f lower duties. It is also to be remarked, that the Uni­
ted States manufacturers have taken an annually increasing quantity o f cotton in
the period here indicated. T he follow ing table shows the number o f bales taken
by United States manufacturers from the quantity delivered on the seaboard:—
BALES OF COTTON TAKEN BY UNITED STATES MANUFACTURERS ANNUALLY.

1845 .

1846 .

1847 .

1848 .

1849 .

1st six months................
2d
“
.............. ..

275,296
113,710

314,313
108,284

235,956
192,011

248,812
282,960

307,303
...........

Total for the yea r..

389,006

422,597

427,967

531,772

The state o f the markets and prices have generally operated to induce larger pur­
chases b y the manufacturers at one season o f the year rather than at another. In
this respect corporate companies, with large command o f means, have a great ad­
vantage over the individual manufacturer. T he fluctuations are indicated by the
follow ing prices in New7 Y o r k :—
PRICES OF COTTON IN N EW YORK.
,----------------------------------- M O B IL E A N D N E W O R L E A N S .------------------------------------- ,

Sept., 1847.

Inferior.................................
Ordinary to good ordinary.
Middling to good middling..
Middling fair to fair...........
Fully fa ir t o g o o d f a i r . . . . .

March, 1848.

.................
11
a 11}
I l f a 124
12f a 13f

.............
7
a 7j7 f a 84
8 f a 8|

134

8f

a 14£

a 94

Kept., 1848.

5 f a 5£
5 f a 6£
6f a 6 f
6§ a 7 §
74 a 84

March, 1849.

.............
64 a 6J
7
a 7f
74
a8
8f
a 9

It will be observed, that in the course o f the first six months o f the cotton year
1848, viz, from September 1, 1847, to March, 1848, cotton fell 30 per cent in price;
and the result was, that the largest portion o f the purchases o f the manufacturers
in that year was made in the second six m onths; an unusual circumstance, because
cotton is generally low er in the first six months, when it is pressing upon the
markets. Last summer, under the adverse state o f alfairs abroad, cotton reached
a very low point, and the purchases o f the manufacturers have been consequently




Commercial Chronicle and Review.

421

large. It will be observed, that while, in the current year 1847, the import o f
cotton goods from England alone increased 50,000,000 yards, equal to 40,000
bales o f cotton, the purchases o f the United States manufacturers for the cotton
year 1847 increased 5,400 bales; and against an importation in 1848 o f 32,000,000
yards, equal to 26,000 bales increase over 1846, the manufacturers took 109,175
bales more, showing an increased consumption in the United States o f 135,000
bales o f cotton, and prices o f both raw material and fabrics are now rising, under
a still larger production o f cloths. These facts afford strong evidence o f great
general prosperity, accompanied as they are by improved rates for w ool and other
raw produce, as w ell as by enhanced revenues in all the channels o f trade.
That money, in such a state o f affairs, is dear, and not easily borrowed, is a
natural consequence o f the desire
they can command in preparations
In the United States, the number
capital, and landed proprietors o f

o f all business men to employ all the capital
for an anticipated large and lucrative business.
o f retired capitalists, merchants with surplus
large revenues, all o f whose incomes in the

wealthy cities o f Europe form a fund from which the money market draws con­
stant supplies, is very limited; and when convictions o f general prosperity stimu­
late the enterprise o f all active men, there remains but little active capital seek­
ing investment. This is nearly the state o f affairs n o w ; and in those localities
where the largest amounts o f floating capital have been turned into fixed invest­
ments, as is the case with the railroads o f New England, the pressure is the
greatest; and probably the Boston money market has been more stringent than
either o f the other Atlantic cities.
The revenues o f the federal government have been less than last year, under
the diminished importations; but in consequence of the reduced expenditure, by
cessation o f war, they have exceeded the outlay, causing specie to accumulate in
the Treasury, and permitting the Secretary to postpone the payment o f the re­
maining instalments, amounting to $4,700,000, due on the loan o f 1848. The
monthly duties in the port o f Now York, and specie in the Treasury, at the clos e
o f each four weeks, has been as fo llo w s :—
Aug. 22. Sept. 25. Oet. 23. Nov. 27. Dec. 25. Jan. 22.
D uties.......................................... 2,532,273 2,119,571 1,328,833 1,112,549
806,020 1,911,465
Specie in NewYork Treasury...
563,322 1,433,387 855,330 1,676,662 1,184,931 1,277,303
elsewhere.......................... 1,449,946 2,015,426 2,480,315 2,745,864 3,121,201 2,935,488

Feb. 27.
2,070,447
1,693,790
3,876,444

Total in U. States Treasury.. 2,013,262 3,448,813 3,335,645 4,422,526 4,316,132 4,212,791 5,570,231

The amount due Mexico for the annual instalment, under the treaty, is
$3,700,000, payable in July; and it was arranged with the House o f Baring
Brothers to pay them $1,000,000 in N ew York, on condition that they pay it in
Mexico when due, an operation which, in the first week o f March, drew $1,000,000
in coin from the assistant treasury and placed it with the banks; and it is under­
stood that the remainder o f the instalment, $2,700,000, was closed b y means o f
the stock to be issued by the United States, and the call o f which was delayed
until April 1st. These transactions facilitate the settlement o f the Mexican
claim, and the final subscriptions to the last war loan, without the mediation o f
specie.
The state o f the exchanges between Europe and the United States, which has
enabled the operation to be carried out, is indicative as well o f the migration o f capi­
tal to the United States, through the medium o f stock investments, as the pros­
perous condition o f our external commerce.




T he disposition to invest in United

422

Commercial Chronicle and Review .

States, now so prominent in Europe, has again caused United States stocks to be
in demand, and at a considerable premium. The continent o f Europe continuing
in the same turmoil, it is not to be wondered at that the French, Germans, and
Italians are only too anxious to send their money in the first place to London, and
when once there, to direct the investment o f it in any good sound stock ; such as
consols, or United States federal 6 per cents. The former will pay, at present
prices, 31 per ce n t; the latter 51 per c e n t; and the calculation o f the foreigner is,
that if he keeps his United States 6 per cents five years, and then sell them o u t,
he can stand a loss o f 10 per cent and still do as well as if he had put his money
in con sols; but should there not be such a fall, he will get a better income by just
so much. The advance in consols, at the same time that a greater degree o f con­
fidence in the stability o f the French government has been acquired, has appa­
rently induced holders o f consols to sell out for investment in French stock, while
the sellers o f these latter seek United States descriptions. The advance in Ameri­
can stocks o f all kinds has been general in London, and has caused a considerable
amount to be sent forward for sale, although prices here have kept pace with the
rise. The follow ing are the prices o f some o f the leading descriptions:—
PRICES OF STOCK I S NEW YORK.

Oct. 1848 . . .
January 22..
February 19.
“
28.
March 12....

5’s, 1853.
93* a 93$
99 a 99*
98 a 98.V
99* a ..
99 a 99*

-United State;s.---------------6’s, 1856.
6’s, 1862.
6’s, 1867.
103 a 103* 103* a 103* 104$ a 105
105 a 105* 107 a 107* 109 a 109*
105 a 105* 107 a 107* 110* a 110*
111* a 112
106 a 107 109* a 110
110 a 111
104 a 105 107 a 109

New York
6’s, 1868.
6’s.
105 a 105* 105 a 105*
109* a 109* 108 a 109
111$ a 111* 108 a 109
112$ a 113
108* a 109*
112 a 112* 108 a 109

Ohio
Ivty
6’s.
6’s.
100
97*
101
103
103* 101$
103* 102
103* 102

T he first week in March is, in N ew York, usually a month o f heavy payments,
consequent upon the maturity o f considerable amounts o f fall paper, and this cir­
cumstance aided in the pressure manifest in prices. Exchanges have doubtless
been affected by the remittances o f stock, and the rates have continued to fall, as
indicated in the follow ing quotations:—
RATES OF EXCHANGE IN NEW YORK.

December 1
U
15
January 1
((
15
February 1
it
15
March
1
“
15

Sterling.
81 a SiSi a 9
8 f a9
81 a 9
84 a 8 f
8 a 8f
7 a8
6§ a 7

Paris, 60 days.
5.274 a 5.25
5.30 a 5.25
5 . 2 7 1 a ___
5.30 a 5.25
5.32£ a 5.25
5.31$ a 5.271
5.321 a 5.30
5 .3 7 1 a 5.32

Amsterdam.
40f a 40f
401 a 401
401 a 404
4Of a 404
40f a 40f
40J- a 4 0 f
40 a 4 0 f
3 9 1 a 39f

Hamburgh.
3 5 f a 351
351 a 351
3 5 f a 351
351 a 35f
351 a 35f
35 a 351
3 4 f a 35
3 4 fa 34|

Bremen.
781 a 78f
78f a . .
78f a 78£
7 8 fa 78f
. . a 78f781 a 781
7 7 f a 781
7 7 f a 78

T he rates have declined rapidly, and the supply even o f first-class bills upon the
market has been very considerable, tending to reproduce an ease in the money
market.
T he rapid progress o f commercial affairs in England, in respect o f legislation, has
an important bearing upon the trade o f the United States, present and prospective.
W hen the American colonies separated from the home government, the James’
navigation act o f England was in full force, and became operative first when the
United States became a nation. The fact that they did become operative neces­
sitated their modification in favor o f the United States vessels, and a treaty per­
mitted them to visit England on the same terms that English vessels were per­
mitted to visit the United States. During the long wars with Europe they con­
tinued in operation in respect to European commerce, which did not exist.




On

Commercial Chronicle and Review.

423

the return o f peace it became necessary to modify them in respect to all nations
that had ships, and England entered into treaties successively with all the nations
o f Europe, against the remonstrances o f her own shipping interest, which contend­
ed, on the occasion o f every new treaty, that it would he ruined by foreign com ­
petition. Nevertheless, it has gone on to flourish with the general prosperity that
the reciprocal treaties aided in promoting. In the same manner the co m laws
were gradually modified, as they became effective, for the purpose for which they
were projected, and on the 1st February, 1849, were finally repealed. On the same
day on which those laws that had afflicted the statute book for nearly 200 years
expired, the sovereign o f Britain, in a speech from the throne, on opening a new
Parliament, remarked, in relation to the navigation laws, as fo llo w s :—
“ I again commend to your attention the restrictions imposed on commerce by
the navigation laws.
“ I f you shall find that these laws are, in whole or in part, unnecessary for the.
maintenance o f our maritime power, while they fetter trade and industry, you will,
no doubt, deem it right to repeal or modify their provisions.”
In accordance with this suggestion the ministers brought in a bill, by which it
is proposed to remove all restrictions upon the three follow ing clauses in the pre­
sent act, v iz : those which relate to the carrying trade, to the long voyage trade,
and the laws which regulate the registration o f ships and seamen, so as to allow
the British ship-owner to purchase his ships from foreign ship-builders, and like­
wise to abolish the obligation to have a certain number o f apprentices. T he se­
cond reading o f the bill is fixed for the 5th o f March, at which time it was ex­
pected that the British government would have received replies from those coun­
tries, to whom application has been made, to know7 what course they would pur­
sue should England repeal the navigation laws. It is also said that Mr. Bancroft
had stated, that, as far as the British Parliament in this matter may be ready to
proceed, he is ready to meet them ; and that he is willing immediately to enter
into terms o f reciprocity, so as to open the entire coasting trade o f the tw o coun­
tries to the vessels o f both nations.
On the strength o f this rumor, the Hon. Daniel W ebster moved the follow ing
resolution, which w7as adopted, in the United States Senate, March 1 2 :—
“ Resolved, That the President be requested, if not incompatible with the public in­
terests, to communicate to this Senate the instructions, if any, to the Minister of the
United States at London, authorizing him to extend further the relations of reciprocity
and equality in the navigation laws between the two countries, and especially such in­
structions, if any, as contemplate the opening of the coasting trade o f the United States
to the ships and vessels of other nations.”
In reply, a confidential message has been communicated to the Senate by Mr.
Clayton.
It is understood that no such instructions ever emanated from the Department
o f State to Mr. Bancroft. A sort o f informal proposition was submitted to the
government through Mr. Bancroft, last summer, by Lord Palmerston, for a free
trade in ships, to be secured by a convention, b y which American vessels would
be naturalized in British ports, and British vessels in American ports. T he ques­
tion as to how far it would be advantageous to the United States was mooted, but
no conclusion ever arrived at.
T he idea that the ships o f one nation can successfully compete with those ol
another nation in its ow n coasting trade appears to be purely chimerical.




No na

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Commercial Regulations.

tion can spare ships and men in such abundance as to do the internal or coast­
ing transportation o f another nation’ s products on better terms than that na­
tion itself. The tonnage o f the United States amounts to 1,241,312 tons engaged
in the foreign trade, and 1,597,732 tons in the coasting trade. This does not in­
dicate the real trade, however, as the registered tonnage, or that employed in
foreign trade, transports a good deal o f merchandise coastwise.
The exigencies o f the harvests in 1847 compelled France, Belgium, Holland,
and England not only to suspend corn laws, that they might get food on any
terms, but also the navigation laws, in order that any nation that had the means
might transport the food without hindrance. The effect was not to promote any
material change in the direction o f trade, nor to interfere with the regular busi­
ness o f the shipping o f any nation. The foreign trade between England and the
United States is conducted on equal terms, and the American tonnage entered the
United States from England in one year is 426,501 tons, against 325,831 tons
English. Now, if the English cannot obtain an equal share o f the international
trade when placed upon the same footing, how is it to be supposed that they can
obtain the coasting trade o f the United States ?

COMMERCIAL REGULATIONS.
R EG U LA TIO N S OF T H E W AR E H O U SIN G S Y S T E M .
THE UNITED STATES TREASURER’ S CIRCULAR OF INSTRUCTIONS TO COLLECTORS AND OTHER
OFFICERS OF CUSTOMS.

A s the following circular contains information in regard to the practical operations
of the Warehousing System, of interest and importance to importing merchants, we
have obtained from the Department at Washington an official, corrected copy, and now
publish it entire, with the exception of the forms referred to in the body of the in­
structions, which are furnished at the several custom-houses.
T r e a s u r y D e p a r t m e n t , February 17, 1849.

The 5th Section of the A ct of 6th August, 1846, entitled “ An A ct to establish a Ware­
housing System,” <Scc., is in these words: “ That the Secretary of the Treasury be, and
he is hereby authorized to make, from time to time, such regulations, not inconsistent
with the laws of the United States, as may be necessary to give full effect to the pro­
visions of this Act, and secure a just accountability under the same.”
Under the power granted by this section, this Department, availing itself of the ex­
perience derived from the practical operation of the system in this country, during the
last two years, and having obtained full information in detail of the mode of ware­
housing on the continent of Europe, and in Great Britain, now issues the following
forms and instructions, in place of those heretofore issued, with a view to enlarge the
benefits of the system in this country.
S ec. 1. On the arrival of any goods, wares and merchandise, from a foreign port, and
at any time within the period allowed by law, for the discharge of the vessel in which
they may have been imported, the importer, consignee, or agent (with proper power
of attorney) thereof, may enter the same for warehousing in the form hereinafter pre­
scribed, designating at the same time, with the consent of the CoUector, the place of
storage, as hereinafter provided for.
S ec. 2. It being the intention hereafter, of this Department, to use as bonded ware­
houses, under the A ct of August 6th, 1846, in addition to stores owned and leased by
the United States, such private stores as may be fully adapted to the purpose, separ­
ating, as much as possible, the government from any interference not required by law.
or the public interest, with the business of storage, or of labor on merchandise, and




Commercial Regulations.

425

leaving such storage or labor to be, as far as lawful and practicable, a matter o f ar­
rangement between the importers of merchandise and the owners or occupants of
such private warehouses; the following rules and regulations will control you in the
selection and management of such stores, the selection being first approved by the
Department in each case.
In all cases of private stores, the law, which the Department is not at liberty to dis­
regard, requires that they “ shall be kept under the joint locks of the inspector and
importer; but no delivery shall be made without a permit in writing, under the hand
o f the Collector and Naval Officer of the Port.” The law further declares that “ if any
importer or proprietor of any warehoused goods, or any person in his employ, shall, by
any contrivance, fraudulently open the warehouse, or shall gain access to the goods
except in the presence of the proper officer of the customs, acting in the execution of
his duty, such importer or proprietor shall forfeit and pay, for every such otfence, one
thousand dollars.” The proper officer of the customs here referred to, in whose pre­
sence only the importer, when the goods are stored in private stores, can gain access
to the goods, is an inspector, that being the class of officers, under whose lock and key,
as well as that of the importor, such private bonded warehouses must be kept.
S ec. 3. Stores to b e private bonded warehouses, and to be used for the storage o f
foreign dutiable merchandise, w ill b e required, in all cases, to b e first class fireproof
stores, according to the classification o f insurance offices at your port, and must be so
approved b y them in writing to the Collector, before an application to use them w ill
be considered.

A ll bonded warehouses under the A ct o f August 6th, 1846, will hereafter be known
and designated as follows:—
Class 1st. Stores owned by the United States, or leased to them prior to the date of
these instructions, the leases of which have not yet expired or been cancelled, hereto­
fore known as public stores. A ll unclaimed goods must be stored exclusively in these
stores, when there are such at the port, and they are also to be used for the storage of
other foreign merchandise, as hereinafter provided for. In relation to these public
stores, the following are the provisions of the sixth Section of the A ct of March 3,
1841, the assent of the Department being required by other laws.
“ And be it further enacted, That all stores hereafter rented by the Collector, Naval
Officer, or Surveyor, shall be on public account, and paid for by the Collector as such,
and shall be appropriated exclusively to the use of receiving foreign merchandise, sub­
ject, as to the rates of storage, to regulation by the Secretary of the Treasury.”
2d. Stores in the possession of an importer and in his sole occupancy, which he may
desire to place under the customs lock, in addition to his own lock, (said locks and
keys to be of a different character, as required by law,) for the purpose of storing du­
tiable merchandise imported by himself only.
The entire store shall be appropriated to this sole purpose, under the regulations
hereinafter provided, and for this privilege, with the time of the customs officer neces­
sarily required in attendance at such store, he shall pay monthly to the Collector of
the port a sum equivalent to the pay of such officer, who must be an inspector, or onehalf of the amount which would accrue as storage on the goods so stored, at the regu­
lar rates charged at stores, Class No. 1. A ll the labor on goods so stored must be
performed by the importer, at his own expense, under the supervision of the officer in
charge. Before any importer shall be permitted to use his own store, per Class 2, he
shall endorse upon the entry for warehouse his written request to use such store as the
place o f deposit, and also endorse thereon an agreement to pay to the Collector an
amount equal to the salary of the inspector, or one-half storage, then to be determined
in advance by the importer.
3d. Stores in the occupancy of persons desirous to engage in the business of storing
dutiable merchandise under the warehouse Act, and of performing the labor on such
goods, in what is usually termed the storage business,— the buildings being first ex­
amined by the person appointed by the Collector, and found to agree with the require­
ments of these instructions, and the selection having been approved by this Depart­
ment, an inspector shall be designated for its superintendence, the owner or occupant
stipulating to pay to the Collector monthly, a sum equivalent to the salary of the in­
spector or inspectors required in the superintendence of the goods and store, the whole
of the building being appropriated to this purpose, as required in Class No. 2. Mer­
chandise entered for warehouse will only be stored in these stores when the same are
“ agreed on by the Collector or chief revenue officer of the port, and the importer,
owner or consignee,” as the place of deposit, and the stores are to be “ secured ” as




426

Commercial Regulations.

provided in 1st Sect. A ct 6th of August, 1846, “ under the joint locks of the inspector
and the importer,” the latter appointing the owner or occupant of such store as his
agent and custodian, to have the custody of the goods and possession of the key al­
lowed to the importer,— this appointment to he per Form 25. The labor performed
on the goods shall be under the control and at the expense of the owner or occupant,
and the store shall be subject to such further rules as this Department may deem ne­
cessary, from time to time, for the safe keeping of the goods and protection o f the rev­
enue, and to be discontinued as a bonded warehouse when the public interest may re­
quire. A ll arrangements as regards the rates o f storage, and the price of labor in
these stores, must be made between the importer and the owner or occupant of the
store, and all amounts due for storage and labor must be collected by the latter, the
Collector looking only to the safe custody of the merchandise, for the security of the
revenue.
Before any person shall be permitted to open a store under Class No. 3,he shall en­
ter into bond in such sum, and with such sureties as may be approved by the Collec­
tor and this Department, exonerating the government, as also the Collector, and all
other officers of the customs, from any risk growing out of the joint custody of goods
stored in said stores, such bond to be per Form K.
These stores shall be under the joint lock of an inspector of the customs (to be de­
signated by the Collector) and the owner or occupant acting as agent for the importers
warehousing their dutiable foreign merchandise in such store. Should the amount of
business at any one store require, in the judgment of the Collector, the services of
more than one inspector, the owner or occupant shall he required to pay monthly,
such additional sum to the amount named above, as will be equivalent to the salary of
such additional inspector or inspectors required in attendance. The owner or occupant
o f such store will, however, be allowed the option of paying the salary of such inspec­
tor or inspectors, or of paying monthly to the Collector, one-half storage at the rates
charged in public store, Class 1 ; this choice to be determined before any goods are
placed in said store.
The stores described in the 2d and 3d class will be required, previous to their being
used for the storage of bonded goods, to have such fastenings on the doors and win­
dows as the Collector may deem requisite for the security of the property stored, all
such doors and windows to be fastened on the interior by strong iron bars, except one
entrance in front, to be secured by locks as before described. The store must be sep­
arated from any adjoining building by a brick or stone wall, in which no door or other
opening will be permitted, and must have a party wall above the roof.
For the storage of wines and distilled spirits only, cellars of stores, occupied for
general business purposes, may be used, under store classification No. 2, for the storage
of wines and distilled spirits imported by the owner or lessee only. Though the rest
of the building be otherwise occupied, the entire cellar or vault shall be exclusively
appropriated to this purpose, and shall have no opening or entrance except the one
from the street, on which the locks are to be placed.
The remuneration of the officers shall be either the pay of the inspector or one-lialf
the storage, as in store Class No. 2, to be determined in advance by the importer; and
one officer may have in charge as many cellars as, in the judgment of the Collector,
he can superintend efficiently, not exceeding six. The cellars of any stores Class 3,
may be used for the storage of wines and distilled spirits, under the same rules as
other merchandise in said stores.
For the storage of coal, mahogany and other woods, sheds or yards may be used, un­
der the regulation as prescribed for stores classed No. 2 and 3, provided such shed and
yard can be properly fastened and secured, so as to ensure the safety of the property.
The compensation of the officer or officers required to be at the option of the owner, to
be determined in advance, as in stores Class 2.
A counting room for the accommodation of the owner or occupant may be allowed
in stores classed 2 and 3, but such office must be separated by a permanent partition,
with no door or other opening therein from the rest of the store, and have a separate
entrance from the front, This partition must be strapped with iron, in such a manner as
to enable the inspector to ascertain whether access has been had to the store. The
officer in charge must be allowed such use of this office as may be necessary for him
in making his daily return of receipts, deliveries and examinations.
After stores have been approved and placed under customs lock, the Collector will
retain the right of ordering such additional fastenings to be placed thereon as experi­
ence may suggest to be necessary, such extra fastenings to be made by and at the ex­
pense of the owners or occupants having charge of the premises.




Commercial Regulations.

427

In selecting these stores, the Collector will be careful to take only such as combine
convenience to place of landing of the goods, with every facility for receipt and deliv­
ery, for sampling, examination, <fec., according to the description of goods to be stored.
He will avoid increasing the number more than is necessary, due regard being had to
the number of officers employed at the port, the time required for their attention at
the stores, and the restrictions of the number of inspectors and officers by the act of
17th June, 1844.
It being the wish of this Department to encourage the building of substantial fire­
proof warehouses, where goods may be stored free from the risk of fire, and the con­
structing of commodious vaults for the reception o f wines and distilled liquors, such
buildings being required by our rapidly increasing commerce, as well as to prevent or
diminish the disastrous fires in our great cities, and the loss or refunding of the duty
upon the goods, the Collector will, in every instance, give the preference to buildings
or vaults so constructed, more particularly where the same are built of brick, stone and
iron, the different floors separated by iron doors, and non covers to hatchways, having
no wooden or other combustible material whatever. In selecting between such fire­
proof stores, the preference should be given to those having an non roof and rafters,
iron doors, window frames, sashes and shutters, iron joists, iron slabs for floors, or other
incombustible material, and iron beams and pillars where necessary.
Should the owner or occupant of any store, cellar or yard, neglect or refuse to pay
to the Collector the sum required by these instructions for the use of an inspector or
inspectors, as the case may be, or fail, or refuse to comply with any law regulating the
storage of merchandise, or any rules or regulations issued by this Department or by
the Collector for the safety of the goods so stored, the Collector shall refuse permis­
sion to deposit goods in, or to deliver any from such store, and report the facts at once
to this Department for its further action.
S ec . 4. A ll private bonded warehouses must be placed in custody of an inspector of
the customs, who will always keep the key thereof in his own possession, and person­
ally superintend the opening and closing the doors and windows. He must be in con­
stant attendance at the store from sunrise to sunset, except at the time necessary for
his meals, not over one hour at noon, when the store must be closed. He will not suf­
fer any goods to be received, delivered, sampled, packed or repacked, except in his
presence, and in pursuance of an order from the Collector, in the manner hereinafter
prescribed. The Collector will require of him to keep an accurate account of all receipts
and deliveries of goods, orders for sampling, examinations, repacking, etc., in such man­
ner and form as he may direct; and he shall be required to report to the Collector and
Warehouse Superintendent every infraction of any warehouse rules and regulations,
committed at his store by any person or persons. He will not be permitted to re­
ceive any reward or gratuity from any source, in addition to his pay from the United
States, as prescribed in the 73d Sec., Act 1799, which Collectors will rigidly enforce.
No officer shall be allowed to have more than one store, of Class No. 3, under his
charge, and it shall be the duty of the Collector, at least once a year, (or as much oftener as he may deem requisite,) to transfer the officers in charge of stores Class Nos.
2 and 3, from one store to another, thus preventing any officer having the charge of
any one store for a longer period than one year. The officer so transferred shall fur­
nish his successor with a complete inventory of the goods in such store, and it shall be
the duty of his successor, immediately on taking charge, to examine the goods in the
store to see if they agree with the inventory, and the result of this examination shall
be communicated to the Collector within ten days from the date of his taking charge of
the store. Should any discrepancies be found between the statement of the officer
transferred and the inventory taken, the Collector will immediately investigate the
ease, at the same time reporting the facts to this Department. Public stores will be
under the superintendence of the same officers, and be kept open for the transaction of
business the same hours as heretofore; but all the regulations here prescribed as to the
receipt and delivery, examinations, sampling, packing and repacking of goods, and
keeping of books and vouchers, must be observed in them as well as in private ware­
houses.
S ec. 5. When goods are sent from the ship or vessel in which the same may have
been imported, to a warehouse under a warehouse permit, each cart or lighter load
must be accompanied by a receipt, describing the marks, numbers and description of
packages. This receipt will be signed by the inspector in charge of the store, on due
receipt of the goods, and will be returned by the drayman or lighterman to the inspec­
tor on board the vessel. These cart or lighter receipts are to be numbered progres-




428

Commercial Regulations.

sively; and in case the numbers do not arrive at the store in due course, the inspector
in charge of the store shall inquire into and ascertain the cause, and if there be any
appearance of fraud, he shall acquaint the Collector therewith without loss of time.
The officer at the warehouse, on receiving the goods, will compare the marks and
numbers with the receipts, and keep an account of these particulars in his official book
of receipts, together with the number of the floor, and the part of the store where the
goods are deposited, that he may at any time be able to find the goods from the de­
scription in his official record. When deliveries of goods take place, such delivery will
be noted on the same record opposite the account of receipt, in order that it may be
ascertained at any time, on the examination of such record, what part of each lot or
parcel of goods remain in store. This record must also contain full particulars o f any
repacking of the merchandise and sampling of liquors for transportation, when the
same are authorized by the Collector under these instructions.
S ec. 6. In each of the ports of Boston, New York, Philadelphia, Baltimore, Charles­
ton, and New Orleans, the Collector shall designate, with the approbation of this De­
partment, from among the officers or clerks, some suitable person, to be designated
warehouse superintendent, whose duty it shall be to superintend all the public and
private stores in such ports, visiting them daily to ascertain whether the officers are
regular in their attendance, the books correctly kept, and whether all the regulations
issued by this Department are correctly observed and diligently enforced. It shall
further be his duty, under directions from the Collector, to examine all stores which
the owners or occupants thereof may desire to have made bonded warehouses, under
these instructions, and make report thereof to the Collector, and after such have been
approved, to make such daily examination of their condition to ascertain the security
of the same, and what additional fastenings, (fee., may be necessary for the security of
the property. He will also superintend, with the inspector of the store, all silks with­
drawn for printing, dyeing, (fee., as provided in these instructions, taking an account of
the same, and it shall be the duty of the person or persons withdrawing such goods
for dyeing, &c., to notify the warehouse superintendent, that he may be present at the
place and time required. Such superintendent shall have a desk in the custom-house,
and shall be required to make a daily report to the Collector of every violation of the
warehouse instructions and rules, and of all other matters coming under his observa­
tion, of importance to the security of the revenue. This officer is not intended to in
terfere with the duties of the storekeeper of the port, in his charge of the receipts and
deliveries o f goods in all the stores, and keeping the accounts of property in each, as
has heretofore been the case, but is, under the direction of the Collector, to have a gen­
eral supervision of the warehouse business, to see that the laws and regulations are
faithfully observed by the inspectors in charge of each store, and the importer or agent
having joint custody. He will also perform such other duties in addition to the above
as the Collector may devolve upon him.
S ec. 7. A t those ports where stores are owned or have been leased by the United
States, and the leases of which have not expired and been cancelled, in compliance
with the instructions of this Department, said stores being classified in these instruc­
tions as Class 1, the Collectors will, on entry for warehousing, first fill said stores with
such goods as are proper to be stored therein, due regard being had to the description
and character of the goods and place of deposit. In all other cases the importer, con­
signee or agent shall be at liberty to select the place of storage from any stores, yards
or other places previously approved as bonded warehouses, under classifications 1, 2
and 3.
S ec. 8. A ll merchandise thus stored may be examined at any time, during the bu­
siness hours o f the port, by the importer, consignee or agent, who shall have the liber­
ty to take samples of his goods in quantities according to tbe usage of the port, make
all needful repairs of packages, and to repack the same, provided the original con­
tents are placed in the new packages, and the original marks and numbers placed
thereon, in the mode prescribed in the 75th Section of the A ct of 2d March, 1799.
and 32d Section, Act 1st March, 1823. He may also have any further privileges, to
facilitate the sale of his goods while in bond, which the Collector of the port may
deem advisable, and not inconsistent with law or the safety of the revenue; provided,
that no samples shall be taken, nor shall any goods be exhibited or examined, unless
under the immediate supervision of an inspector of the customs, and by order of the
importer, owner or consignee, at his expense ; nor shall any package be repaired or
goods repacked without a written order from the Collector of the port.
S ec. 9. A ll goods unclaimed by the owner or consignee at the expiration of the pe-




Commercial Regulations.

429

riod allowed by law for the discharge of the vessel in which the same may bave been
imported, shall be sent by the Collector to the stores owned or leased by the United
States, Class 1, if there be any at the port. If there be no such stores, then said goods
shall be deposited in safe warehouses, temporarily hired for that purpose by the Col­
lector, and under his sole custody. The owner or consignee of such goods may, at
any time thereafter, within the period provided by law, be allowed the privileges
herein granted to bonded merchandise, on making due entry thereof for warehousing.
After having been entered for warehouse, these goods cannot be transferred to other
stores, but must remain in the place where originally deposited till payment of duties,
unless withdrawn for transportation to another port in the United States, for exporta­
tion, or the better security of the revenue requires their removal.
S ec. 10. In all cases where the Collector may be called upon to exercise the discre­
tion given him in the 56th Sect. Act 1799, to take possession of merchandise remain­
ing on board a vessel, five days after her entry at the custom-house, or whenever it
may be necessary on account of a vessel’s being leaky, or from other cause or casualty,
to take possession of her cargo, as required by the 60th Sect. A ct 1799, he will re­
quire, as a condition o f granting the permit for discharge, the right to order the vessel
to be removed, at the expense of the owner, to such place, wharf, or pier, adjacent to
the stores owned or leased by the United States, Ckiss 1, where such goods must be
stored, (if there be any at the port,) as may be most convenient for unlading the goods,
and their safe and economical storage. Tliis order, however, is not to apply to steam­
ers, where particular instructions have already issued from this Department, or at ports
where no such stores exist.
S ec. 11. Wines and distilled spirits, heretofore deposited in public store under the
direction of the Surveyor, or in private stores, under the joint custody of the Surveyor
and importer, to secure the right o f drawback on the exportation thereof, must be
stored, hereafter, in the stores owned or leased by the United States, Class No. 1, or
in stores Class 2 or 3, in joint custody of the Collector and importer, in the same man­
ner as herein provided for other merchandise. In all cases, the duties accruing there­
on must be paid within one year from the date of importation, as provided in the 1st
Section o f the Warehouse A c t ; but such goods must still remain in the place where
stored, after the duties have been paid, to secure the right of drawback on exportation.
To prevent errors, and to distinguish the wines and distilled spirits, on which the duty
may have been paid, it shall be the duty of the officer having charge of the store
where the same may be deposited, on being notified by the Collector that the duties
have been paid, to brand the cask or other package with the words duty paid. Any
other merchandise which the importer or owner may have in warehouse, after the
duty thereon is paid, shall also, on notification thereof, as above, be branded dutypaid,
and may remain in warehouse on the payment of storage.
S ec. 12. The entry of goods for warehouse on arrival from a foreign port shall be
made as per Form 1, and must be verified under oath or affirmation, as prescribed by
the 4th section of the act of 1st March, 1823, and Treasury Circular, August 14,1846,
all the requirements of the 6th, 7th, 8th and 11th Sections of that act being strictly
adhered to, and all acts necessary to determine their exact quantity, quality, and orig­
inal cost, and dutiable value, such as appraising, weighing, guaging or measuring, in
order to ascertain the precise amount of duty chargeable on the goods, must be per­
formed and complied with. If part of an importation is to be landed and the duties
paid forthwith, and the remainder warehoused, the two entries must be made simul­
taneously, and the oath altered to correspond. If no invoice has been received, the
goods cannot be entered for warehousing, but shall be stored in public stores as other
unclaimed goods.
S ec. 13. When the duty lias been estimated by the Collector and Naval Officer, and
the stores designated and agreed on, the Collector shall take a bond, with satisfactory
security, according to Form A, in double the amount of duties; he will then issue a
permit, Form 12, to the discharging officer to send the goods, according to the usual
custom of the port, to the store designated therein, with the exception of those which
may be ordered to the Appraisers’ stores for examination. Such order must also in­
dicate what goods are to be weighed, guaged or measured, and such necessary weigh­
ing, guaging or measuring is in all cases to be done before the deposit of goods in
warehouse.
S ec. 14. When that portion of an invoice which may be designated by the Collect­
or, and sent to the Appraisers’ store for examination, shall be examined by the Ap­
praisers, said goods shall be removed to the warehouse, where the remainder of the




430

Commercial Regulations.

goods described in the invoice have been deposited, the expense of such removal be­
ing borne by the importer.
S ec. 15. When the goods have been deposited in warehouse, and the dutiable value,
quantity and character thereof ascertained, and the damage, if any, assessed in the
manner provided by law, and after the report of the Appraisers has been made to the
Collector, the importer, agent or purchaser may withdraw any entire case or package,
or any quantity not less than one ton in weight, if imported in bulk; but no goods on
a wharf or pier, or on board a vessel, are to be considered constructively warehoused,
except when specially provided for by these instructions.
S ec. 16. On the withdrawal from warehouse, and payment of duty, the entry shall
be made per Form 2, a duplicate being deposited with the Naval Officer, and upon
the payment of duty thereon, a permit, Form 13, shall be granted for the delivery of
the goods.
S ec. 17. If withdrawn for transportation to another district, the entry shall be made
as per Form 3, and the person so entering shall give bond, with satisfactory security,
according to Form B ; and a triplicate copy of said entry, with the duties estimated
thereon, having been deposited with the Collector, to be forwarded by him to the port
where said goods are destined, together with a certified copy o f the invoice, with the
Appraisers’ report thereon, a permit shall be issued, Form 13, countersigned by the
Naval Officer, to deliver the goods to the person withdrawing for transportation.
S ec. 18. When goods have arrived at port o f destination, they must immediately
be entered for warehousing, as per Form 5, and verified by oath, Form 14, such re­
warehousing entry being in all cases a copy of withdrawal entry at port of last with­
drawal. On being sworn to, and the place of deposit having been agreed upon, as
hereinbefore provided, for goods on arrival, and a bond, with satisfactory security, ta­
ken, Form C, the Collector shall issue an order, Form 15, to the storekeeper, to receive
said goods in the warehouse designated therein.
On the same examination being made of the goods as is required by law, on the
importation of merchandise from foreign ports, if the Collector is satisfied that the
goods so examined are the identical goods described in the entiy and invoice received
by him, he will send notice of the same, Form 17, to the Collector of the port where
withdrawn, to cancel the bond there given. If, however, the consignee or owner should
desire- to pay the duty and get possession of his goods immediately on their arrival, an
entry may be made, per Form 6, and a permit, Form 16, countersigned by the Naval
Officer, be given for their delivery. Such goods need not go to a warehouse, nor be
examined by the Appraisers, but may be considered constructively warehoused. The
amount of duties paid shall be, in all cases, the amount assessed at first port. Notice
of the payment of duties, Form 17, shall be sent to port where withdrawn, to cancel
the transportation bond there given.
S ec. 19. Should merchandise, after being re-warehoused, be withdrawn for consump­
tion, transportation or exportation, the entries shall be made as per Forms 6, 7, and 8,
and all other regulations, as to bonds, oaths, examinations, <kc., be complied with, as
herein provided for entries at first and second ports, all transportation entries being
made in triplicate, and such triplicate to be forwarded by the Collector to port of des­
tination, with a certified copy of, or extract from invoice.
S ec. 20. When goods are withdrawn from warehouse, at port of original importa­
tion, for exportation, the entry must be made per Form 4, the oath prescribed in Form
18 be taken, and a bond with satisfactory security, per Form D, for the delivery of
the goods at a foreign port or place. When the bond is received, the Collector and
Naval Officer will issue a permit, Form 19, to deliver the goods to the Surveyor, ahd
shall direct the Surveyor to cause the same to be laded on board for exportation, in­
dicating which are to be weighed, measured and guaged, which directions sliall be as
per Form 20, the officer under whose inspection the goods are shipped must certify on
the entry, as per Form 21. To cancel the export bonds, Form D, the exporter must
furnish the proofs required by law. I f goods are exported from other than port of
original importation, the entry must be per Form 8, the other forms being the same,
altering the words “ imported into ” to “ brought into,” as they occur in the bond and
permit.
S ec. 21. I f merchandise be withdrawn from warehouse for transportation through
the United States to Canada, entry must be made per Form 9, always stating therein
the last port in the United States, whence the same are to be shipped to Canada, and
a triplicate copy of such entry, with a certified copy of the invoice, to be deposited
with Collector at time of making the entry, and to be by him forwarded to such last




Commercial Regulations.

431

port in the United States, as in the case of transportation entries. The entry to be
verified by oath, as per Form 23, and bond given, as per form E, for the safe transpor­
tation through the United States, and their landing in Canada; a permit shall then is­
sue, per Form 24, countersigned by Naval Officer, for the delivery of the goods.
To prevent frauds on the revenue, the Collector, before delivery, will have all goods
in boxes, cases, bales or casks, corded, and a lead seal attached thereto, to prevent'Said
package from being opened; cigars in small boxes must be packed in cases, and sealed
as above. Wines and distilled spirits, in casks or other packages, must have the num­
ber of bung or other holes in such package legibly branded oil the exterior, and all
such holes must be sealed, to prevent adulteration or alteration in transit; he will also
take a sample of each package of liquors, except when in bottles, not exceeding in
quantity eight ounces, all of which samples must be immediately deposited with the
storekeeper of the port, who will hold them subject to the orders of the Collector.
The expense of sealing, branding, encasing and sampling, to be paid by the owners
before delivery, the triplicate entry forwarded, as before provided for, to specify par­
ticulars of sealing and branding. On arrival at the last port in the United States,
designated in entry, and on notification thereof, Form 22, the Collector of such port
will cause the goods to be examined, to ascertain if the cords and seals are perfect,
and, if found correct, will allow the same to be laden for exportation to port of desti­
nation, in the usual manner and under the superintendence of a proper officer, without
further entry. Goods in bulk, or other articles which cannot be sealed, as raisins in
boxes and similar articles, sugar, molasses, flour, <fcc., must be examined by the Col­
lector before the same are allowed to be exported and weighed, guaged and meas­
ured, if necessary. A ll goods so arriving, if an opportunity offers for immediate ship­
ment and export, and a satisfactory examination can be had, in the judgment of the
Collector, without placing the same in store, may be considered constructively ware­
housed, and accounted for as warehoused and withdrawn for export, in the returns to
this Department.
No export bond is required at last port of exportation, the bond at port of with­
drawal extending, as before stated, to their landing in Canada. The same forms of
entry, and the same regulations are to apply at ports on the Canada frontier to goods
from Canada, warehoused at those ports, to be transported through the United States
for shipment to foreign countries. If the triplicate entry be found correct on exami­
nation, as provided for above, the Collector will give notice thereof, per Form 17, to
the Collector of the port where withdrawn from warehouse, who, on receipt of the
same, with the usual landing certificate, or other proofs similar to those now required
on goods exported for benefit of drawback, will cancel the bond taken by him. Great
care should be taken at the port of export to ascertain that no change has been made
in the contents of packages, and that no alteration or fabrication of the seals or brands
has been committed. Should any such change, alteration or fabrication have taken
place, or other circumstances have occurred in the transit, to induce the Collector to
suspect fraud, he will take immediate possession of the goods, and send a statement of
the case to this Department, at the same time notifying the Collector of the port
whence withdrawn of the detention. Should any delay occur in the exportation of
such goods, for want of vessels or other cause, the Collector shall take possession
thereof, depositing them in the stores belonging to or leased by the United States,
Class 1, if there be any, or if there are no such stores, in approved warehouses, to be
engaged temporarily for that purpose. The expense of such storage, with all other
charges except weighing, guaging and measuring when necessary, to test the correct­
ness of the quantities specified in the accompanying entry, are to be paid by the own­
er or agent before the delivery of the property for export.
S ec. 22. On the arrival from foreign ports of any goods destined for immediate
transportation to other ports in the United States, instead of first warehousing the
goods, and then withdrawing, per foregoing forms, the warehousing and transportation
may be combined in one entry, see Form 10 ; the oaths to be the same as prescribed
in original warehouse entry, and the bonds as per Form F. In all other respects, the
foregoing regulations, as to warehouse and transportation entries and examinations, to
be complied w ith; all such goods to be considered constructively warehoused in the
Collector’s accounts at port of importation, in the United States. On giving bond, as
above, permit shall issue, Form 12, to send goods to public store, if there be any; if
not, to such warehouse, Class 2 or 3, as may be agreed on, while examination is being
made by appraisers. If the goods be returned as correct, a permit, Fonn 13, shall
issue, to deliver for transportation. When the permit is given as above, Form 12,




\

432

Commercial Regulations.

should the importer give penal bond, Form G, to deliver other packages for examina­
tion, besides those at the time designated, if the same should be required by the ap­
praisers, the Collector may deliver from the vessel, for immediate transportation, the
remainder of the goods as per entry, except liquors and cigars, which, in all cases
must go to a public store, if there be any; if not to a warehouse, Class 2 or 3, for seal­
ing and casing.
S ec. 23. On examination, by the appraisers, of merchandise entered for warehouse,
should the invoice thereof be found undervalued, and a penal duty incurred, such pe­
nal duty must be paid before then delivery from warehouse for consumption, or with­
drawal for transportation to another port, or before permission is given for lading the
goods on board a vessel for exportation to a foreign port, as provided for in circular
from this Department, dated June 12th, 1847.
S ec. 24. A ll claims for damage on the voyage of importation on goods warehoused,
must be made within ten days after date of landing, and such damage assessed and
Collector’s order for appraisement returned, with the appraisers report thereon, within
twenty days from the date of its issue, or such damage will not be allowed. See Trea­
sury Circular, No. 33.
S ec . 25. A ll wines and distilled spirits transported in bond, from one port to another,
must be branded and sealed, and all cigars so transported must be encased and sealed,
before delivered from store, in the same manner as provided for when passing through
the United States to Canada.
S ec . 26. Pongees and other plain white silks in bond may be withdrawn from ware­
house to be colored, printed, stained, dyed, painted or stamped, the Collector taking a
deposit in money, equal to the amount of duties ascertained to be payable, which de­
posit shall be refunded, if the goods aforesaid be returned to the warehouse repacked,
in the original condition, and according to original marks and numbers, within sixty
days from date of delivery thereof. Each package shall, before the same be delivered
from warehouse, be opened and examined by the proper officer of the customs, and the
contents thereof measured or weighed, and the quality thereof ascertained, and a sam­
ple o f each piece thereof reserved at the custom-house, and a particular account or
registry of such examination shall be entered on the books of the custom-house. On
the return of said goods, if the Collector shall be satisfied that the contents of each
package are the identical goods imported, and registered as aforesaid, and not changed
or altered, except by being colored, dyed, stamped, stained, painted or printed, as
aforesaid, he shall thereupon refund the deposit as aforesaid, and said goods shall be
entitled to the same privileges as if in original condition, as per 4th Sec. A ct 22dMay,
1824.
S ec . 27. To secure a just and accurate accountability, and to enable the returns re­
quired by this Department, per 4th Sec. of the A ct of the 6th of August, 1846, to be
prepared correctly and forwarded promptly to this Department, the warehouse ac­
counts will, from and after the receipt of these instructions, be kept in the form and
manner as prescribed in Forms H and I. The accounts per Form H, will be those of
each importer, a separate account for each entry kept in alphabetical order, in refer­
ence to names o f importers, and posted daily, so that the liability of importers, under
their several bonds, can be at once seen on reference to the account. The accounts,
Form I, will be of each class of articles warehoused, to be kept under the several classi­
fications per memorandum M, annexed. These accounts to be kept in debit and credit
form, debiting the account with the quantity and value of the article per warehouse
entry, and crediting it with the withdrawal entries for transportation, exportation, or
consumption. Separate ledgers, but kept in the same manner, will be opened for
goods brought from other districts where they have been warehoused, thus separating
the goods “ brought into ” from those “ imported into ” your district.
The balance of accounts, Form I, will consequently give the quantity and value of
each description of goods in warehouse, and a transcript of such balances will form the
quarterly statement required by Sec. 4 of the Warehouse Act. Great care must be
taken to have these accounts strictly correct, and to secure every entry either for re­
ceipt into or withdrawal from warehouse, being posted. Collectors will require that
no permit, either for warehousing, or for withdrawal for consumption, transportation,
or exportation, be signed, until it has passed through and received the check of the
clerk having charge of the ledgers in which the accounts are kept. The returns here­
tofore received at this Department being deficient, in many cases, in the quantities,
Collectors will require, in every instance, that the entries, either for warehouse or with­
drawal, contain the quantities in pounds, yards, gallons, &c., as well as the value of




Commercial Regulations.

433

each article. As these entries, or a true copy, will form the basis of the warehouse
accounts, (the accounts being posted from them,) whenever any alteration is made in the
original entry, either in quantity or value, by appraisement or otherwise, the original
entry, as amended, must be sent to the warehouse clerks, that their accounts may be
altered to conform to it. No withdrawal permit must be checked till such alteration,
if required, has been made. When goods are allowed to be constructively warehoused
by these instructions, they must, in every case, appear on the warehouse books, and
returned as warehoused, and withdrawn in the same manner as if the goods were de­
posited in store.
The quarterly report, indicating what goods may remain in warehouse, must be
transmitted to this Department within thirty days from the expiration of each
quarter.
In addition to the quarterly report of goods in warehouse, a quarterly statement of
the goods received from, and transported to, other ports in the- United States, will be
forwarded to this Department, as required in Treasury instructions of October 30,
1846, within thirty days from the expiration of the quarter. The new forms of ac­
counts now furnished will enable this statement to be made with but little additional
labor.
S ec. 28. The storekeeper, or whatever clerk or officer may have charge of such bu­
siness, will hereafter keep a daily record o f all receipts and expenditures for storage,
labor, and cartage at the Appraiser’s and other stores, owned or leased by the United
States, keeping separate accounts for storage, for labor, and for cartage connected
with the Appraiser’s department, and a separate account of each of these items for the
other public stores collectively, accounting monthly to the Collector for such daily re­
ceipts and expenditures, who will forward quarterly such statements to this De­
partment.
S ec. 29. When any goods, duly warehoused, shall remain in store beyond one year
without payment o f the duties and charges thereon, which, in pursuance of the ware­
house act, are required to be appraised and sold, the Department hereby prescribes
that, all such sales shall take place within thirty days after the expiration of the year,
and due notice, of such sales must be published in two or more of the public papers
having the most extensive circulation at the port in question, daily, at the principal
ports for the space of ten days, and at the other ports three times a week, or as often
as one or more papers may be published thereat for the space of two weeks. But, as
the law provides that all goods of a perishable nature, and all gunpowder, fire-crack­
ers, and explosive substances, deposited as aforesaid, shall be sold forthwith, they must
be sold at the earliest day practicable, after due publication of notice, and time given
for inspection by persons desirous of purchasing the same, and accounts of such sales
must be rendered, as per Form prescribed in previous instructions.
S ec. 30. When goods duly entered for warehouse have been deposited in public
stores Glass 1, and the required examinations completed, the person making entry
thereof shall be entitled to receive a certificate of their being so deposited, as per
Form L, paying twenty cents therefor. Such certificate to be signed by the store­
keeper, or such other officer as the Collector, with the sanction of this Department,
may designate; such certificate to be cancelled as the goods are withdrawn from
store.
S ec. 31. When goods are withdrawn from warehouses in quantities less than the en­
tire importation, the expense of weighing, guaging, or measuring must be paid by the
owner, importer, or agent, if it be necessary to weigh, guage, or measure such portion,
in order to ascertain the dutiable value.
S ec. 32. No allowances are to be made for loss or damage on merchandise while
deposited in warehouse, or while in transit; the duties in all cases to be paid on
amounts and quantities as ascertained on the arrival and entry of such merchandise in
the United States.
S ec. 33. Nothing in these instructions is to be understood as allowing importers to
store merchandise in part of their own stores, placing temporary partitions therein, but
the whole of the building, except in the case of cellars for wines, <fcc., must be used ex­
clusively for the storage of bonded merchandise, and in case of cellars, the whole of
the cellar or vault must be so used.
S ec. 34. All moneys received by Collectors from owners or occupants of private
bonded stores in payment for half storage, or for the use of an inspector in attendance
at the premises, will be accounted for as receipts for storage in their accounts with
this Department.
VOL. X X .----NO. IV.




28

N au tical Intelligence .

434

S ec. 35. The storage charged on goods deposited in the public stores must be the
usual rate at that port. The charges for labor at these stores must be at the lowest
rate that will remunerate the government; and whenever the same is practicable, and
can be done with safety to the revenue, importers may be allowed, under the proper
supervision, to perform the necessary labor on their own goods. Collectors failing to
demand and receive the amoimts due for the storage and labor accruing in public
stores, or the half storage, or the pay of an inspector required in private stores, will be
charged with such sums in their quarterly accounts by the First Comptroller, whose
attention has been specially directed to these instructions.
S ec. 36. N o fire must be permitted in any warehouse, except in the business office
attached thereto; and where lights are required, lanterns must be used, such as are in
use in naval vessels, and known as magazine lanterns.

The Collector will cause copies of all instructions from this Department, in reference
to the selection, management, and daily government of warehouses, with such other
rules as he may deem necessary to carry the same into effect, to be printed and placed
in a conspicuous place in each warehouse.
r . j . W A L K E R , Sec'y o f the Treasury.

NAUTICAL INTELLIGENCE.
R E C E N T L Y DISCOVERED SHOAL N E A R S T . M ICH AEL’ S.
DECLARATION OF THE MASTER OF THE W ILLIAM , OF BANGOR, IN THE UNITED STATES.

O n tlie 31st December, 1848, at nine, 30 min. A. M., bound from Terceira to St. Mi­
chael’s, I saw breakers, mast high, some distance ahead, evidently caused by a Shoal,
and not a floating mass: went about, and took sights, then half a mile North of them.
S IG H T S T A K E N A T T E R C E IR A T H E

29TH

Time by chronometer 10 h. 34' 38"
“
“
10 h. 35' 39"
“
“
10 h. 36' 31"

DECEM BER.

Altitude 13° 15'
“
13° 23'
“
13° 30'

S I G H T S T A K E N H A L F A M IL E N O R T H O F T H E B R E A K E R S ON T H E 3 1 S T D E C ., A T N IN E , 3 0 M IN . A . M .

Time by chronometer 11 h. 20' 15"
“
“
11 h. 21' 15"
“
“
11 h. 2 2 '2 4 "

Altitude 19° 36'
*
19° 40'
“
19° 50'

Course from hence S. S. W. Good four miles per hour. Latitude by observation at
noon, 38' 07". Chronometer being 3, 5-10, per day.
N ote.— These observations, being worked out, gave the longitude 26° 41' 0 " West
of Greenwich, and latitude 38° 16' N.
DECLARATION OF THE MASTER OF THE TRES AMIGOS, OF ST. GEORGE’S, IN PORTUGAL.

On the 31st December, at about ten A. M., having been blown out from St. Michael’s,
reaching to the Southward I saw a Shoal, where the sea broke the height of a ship,
at intervals of about ten minutes. Near us, reaching the same way, was an American
brig, winch, if it had been night, would have been wrecked on the shoal, but when
they saw it they went about in the greatest haste. By my calculation the Shoal is in
lat. 38° 18' N., and 26° 50' W. of Greenwich.
DECLARATION OF THE MASTER OF THE PLYMOUTH, OF THE UNITED STATES.

A t nine, 30 min. A. M., on the 25th December, I saw the sea breaking heavily at the
distance of two and a half to three miles N. N. W. of my ship. A heavy sea was
running, the wind having moderated at N. W. from a S. W. gale of the night before.
The water broke sixty feet high in different places, at intervals of about ten minutes,
as if on an extended Shoal having several heads. It was certainly not a floating ob­
struction. I consider it a narrow Reef, about a mile in length, running from N. N. E.
to S. S. W., about forty miles W. N. W. W. by compass * from the N. W. point of
St. Michael’s.




* This is probably true.

435

N au tical Intelligence.
T H E P O R T OF BUENOS A Y R E S .

Office o f the Captain o f the P ort o f Buenos A yres.

The national brig, Cacique Catriel, is stationed between Point India and the eastern
extremity of the Ortez Bank, in order to serve as a light hulk; a large lamp being
every night displayed from her foretopmast, that it may serve as a guide to vessels
proceeding to or departing from this port.
The hulk lies from Point India N. E. f N. by compass, distance 10 miles; and from
the head of the Ortez S. J S. W., also by compass, distance 8 miles; being in latitude
35° 11', and longitude 57° 3' West of Greenwich. According to the instructions given
to the pilots, in conformity with the agreement entered into with the undersigned cap­
tain of the port, pilots will be found on board the said hulk, who will convey to this
PE D R O PORRENO.
port a l l vessels bound hither.
NEW

L IG H T-H O U SE

ON T H E

P U N T E BIANCHE, ON T H E
D A LM A TIA .

ISLAND

OF GROSSA, IN

The newly-erected Light-house on the Point of Bianclie, on the Island of Grossa, in
Dalmatia, stands upon the point of land which, according to the Coast Chart of the
Adriatic Sea, published by the I. R. Geographical Military Institution, projects between
the Bays of Susciza and Kolubinka, and is about one Italian mile distance from the
cliff Bacili, lying in the north-west. The geographical position of the same is 44° 9'
0 " North latitude, and 12° 29' 30" East longitude, from the meridian of Paris.
This Light-house is lighted from 1st January, 1849, every night, by means of Fres­
nel’s apparatus, third class, and gives a fixed light, which is interrupted every three
minutes by a vivid flash, which is preceded and followed by a short period of dark­
ness. The height of the light is 125 Vienna feet above the surface of the sea, and
consequently, if the observer takes a position of twelve feet above the surface of the
sea, the light is visible in clear weather at a distance of seventeen miles, (sixty of
which to a degree.)
R EG U LA TIO N S OF M E R C H A N T V E S S E L S FR O M CON STAN TIN OPLE.
B ritish Consulate, Dardanelles, 16iA January, 1849.

In accordance with instructions from the Turkish government, the military governor
of these castles has commenced to enforce a strict observation of the regulations where­
by merchant vessels of all nations coming from Constantinople, and bound to the Medi­
terranean, are required to deliver at these castles the firmans (or passes) with which
they are furnished at the capital. These regulations for some time past had not been
always conformed to by masters of vessels, and consequently several vessels have al­
ready been fired at with shot by the forts, and more or less damaged for disregarding
them. The passage of the castles between sunset and sunrise is strictly forbidden
under any circumstances.
F. W . C A L V E R T .
A BE R D E E N HARBOR LEADING LIG H TS.

The Parliamentary Commissioners of Aberdeen Harbor, having taken into consider­
ation the existing regulation for extinguishing the Leading Lights when it is dangerous
for vessels to enter the harbor, have resolved to do away with the same.
On and after Monday, the 12th day of March, 1849, the Leading Lights will be ex­
hibited at all times, but that there will be a change in the color of the Lights when it
is considered dangerous to enter the harbor.
The Leading Lights are of a Red color, but when it is dangerous to attempt enter­
ing the harbor, the Lights will be of a Green color instead of Red.
Observe.— The Red Lights are the Ordinary Lights, and the Green Lights the Danger
Lights.
The Leading Lights have no reference whatever to the 6tate of the tides, and are
exhibited from sunset to sunrise.
S T . NICHOLAS G A T W A Y , Y A R 3 I0 U T H .

It having been ascertained that two patches have grown up in the track of shipping
passing through St. Nicholas Gatway, on which there are no more than
fathoms at
low water spring tides, and there being reason to apprehend that the water thereon




436

Commercial Statistics.

will gradually become less, notice thereof is hereby given, and masters o f vessels, pi­
lots, and others, having charge o f vessels drawing more than 12 feet water, are hereby
cautioned not to attempt the navigation through the said gatway, but invariably to
use instead thereof the wide and deep water channel between the Scroby and St.
Nicholas or Kettle-bottom Sands, commonly called “ Hewett’s Channel.”

COMMERCIAL STATISTICS.
T R A D E OF T H E P O R T OF RIO DE JAN EIRO .

are indebted to our esteemed friend, L. H. F. D ’ A g u i a r , Esq., the Brazilian Con­
sul General, residing at the port of New York, for the following statement o f the
trade of the port of Rio de Janeiro during the year 1848, as compared with the two
previous years:—
W

e

ANNUAL STATEMENT OF THE TRADE OF THE PORT OF RIO DE JANEIRO DURING THE TEAR

1848.

The arrivals of ships were, from foreign countries, 1,147 with 259,917 tons, against
887 and 208,547 tons in 1847 ; and the clearances, 1,0G3 and 323,729 tons, against 867
and 268,457 tons.
The coastwise trade employed as follow s:—
ARRIVALS.

1848...............................................................
1847....................... A ....................................

CLEARANCES.

Ships.

Tons.

Ships.

Tons.

2,402
2,497

214,869
180,348

*2,383
2,475

192,476
180,523

During the year arrived 210 vessels o f 54,171 tons, and cleared 207 with 68,050
tons, under the American flag.
LEADING ARTICLES IMPORTED.

Manufactures, cotton....................
Codfish...........................................
Coals................................................
Ale and porter............................. .......................... bbls.
Flour................................................
Candles, sperm...............................
“
tallow...............................
Wines, Portugal............................
“
Mediterranean...................
“
Bordeaux...........................

1846 .

1847 .

1848 .

30,232
19,929
20,277
30,960
212,407
8,538
3,597
16,643
16,086
2,471

38,398
40,556
24,408
9,074
188,254
2,529
6,834
17,370
3,500
4,432

28,598
29,366
37,630
18,728
239,820
1,229
715
21,707
4,244
3,166

The articles soap and tallow candles have entirely disappeared in our importations,
having been superseded by the home manufactures.
LEADING ARTICLES EXPORTED.

Coffee...........................................................bags
Sugar.........................................................boxes
Hides............................................................. No.

1846 .

1847 .

1848 .

1,511,096
8,115
394,586

1,639,234
8,426
267,238

1,710,579
5,713
331,583

Throughout the year the money market was abundant, the rate of discount having
been 7, 6, and 54 per cent. Treasury Notes were discounted at 6, 5, and 4£ per cent.
The highest rate of exchange on London was 28 per cent, and the lowest 21£ per cent.
During the year the government took £180,000; the highest at 28 per cent, and the
lowest at 23J- per cent.
The highest range of public stocks was 90 per cent, and the lowest 80 per cent.
The total public funded debt is 47,921:000$; and in Treasury Notes, 5,712: 800$.




Including 312 steamboats.




438

Commercial Statistics.

wishing rather to be below than above the proper value of all the articles mentioned.
The figures, however, are before the reader, and he can judge and think for himself:—
ESTIMATED VALUE OF THIRTY OF THE LEADING ARTICLES OF PRODUCE RECEIVED AT THE PORT
OF ST. LOUIS FROM THE 1ST OF JANUARY TO THE 3 l 8 T OF DECEMBER, 1 8 4 8 .

Articles.
Tobacco, le a f..... ...........hhds.
“
manufactured, boxes
H em p. . . . . . . .
L ea d ....................
Flour ............................... bbls.
W h ea t................
Corn....................
Oats......................
Barley.................
% e .....................
Beans ..................
Beef.....................
tt
...........bbls.
“ .....................
P o r k ...................
ft
tt
“ in bulk........ .............lbs.
Lard....................
it
Bacon...................
a
“ .................. ........... bbls.
<(
W hiskey............. ............bbls.
T allow ................. .............lbs.
B utter.................
Bale rope.............
Bagging...............
Potatoes..............
Onions..................
G rease................. .............lbs.
Hides, green......... .............No.
“ dry...........
H a y .......................
Flaxseed..............
leathers................ ............lbs.
Brooms.................
Dried fruit...........
Green fruit...........
W ool.....................

Aggregate amount.
Average rate.
9,044
$45 00 per hhd.
5,446
13 20 per box.
9,454
85 00 per ton.
tt
24,200
74 00
287,584
4 25 per bbl.
2,194,789
70 per bush.
“
699,693
28
u
243,700
21
u
111,003
38
tt
9,075
35
u
14,196
40
9,369
8 50 per trc.
7,866
6 50 per bbl.
87
3 28 per half bbl.
1,074
10 00 per trc.
96,618
7 50 per bbl.
1,923
3 75 per half bbl
8,454,000
H per lb.
17 50 per trc.
6,579
67,329
13 50 per bbl.
14,180
3 50 per keg.
25,820
28 00 per cask.
3,603
38 50 per hhd.
2,847
7 00 per bbl.
14 00 per box
3,775
29,758
6 80 per bbl.
483,920
per lb.
((
1,105,240
9
12,633
7 25 per coil
1,084
14 00 per piece.
30 per bush.
157,697
«
22,481
35
201,350
H per lb.
10,458
1 50 each.
“
1 62
51,639
845
12 00 per ton.
32,460
80 per bush.
20 per lb.
51,360
1 25 per doz.
6,713
85 per bush.
47,605
12,628
1 50 per bbl.
22 50 per bale.
904

Estimated value.
$406,980 00
71,887 00
802,590 00
1,790,800 00
1,637,232 00
1,526,352 30
195,914 04
51,177 00
42,181 14
3,176 25
5,678 40
79,636 50
51,129 00
282 75
10,740 00
724,635 00
7,136 25
211,250 00
113,132 50
908,941 50
49,630 00
722,960 00
138,515 50
19,929 00
52,858 00
201,454 40
31,454 80
99,561 60
91,589 25
15,176 00
47,309 10
7,868 35
7,692 25
15,687 00
82,655 18
10,144 00
25,968 00
10,272 00
8,391 25
40,464 25
18,792 00
20,330 00

Total estimated value
$10,358,946 56
Our import tables show the reception of at least twenty articles o f produce not
enumerated in this calculation, and whose aggregate value we should place at near
three millions, thereby making, according to the best information we have upon the
subject, the entire produce trade of this city, during the year 1848, worth, at the low­
est possible estimate, thirteen millions of dollars.
VALUE OF FOREIGN MERCHANDISE IMPORTED INTO ST. LOUIS DURING THE YEAR

1848,

ENTERED IMMEDIATELY FOR CONSUMPTION.

From England........................................................................
“
Germany......................................................................
“
France...........................................................................
“
Spain.............................................................................
Total.......................................................................
Paying duty to the United States o f $32,086 57.




$77,742
18,482
5,397
4,197
$107,818

00
00
00
00
00

AND

439

Commercial Statistics.

VALUE OF MERCHANDISE IMPORTED INTO ST. LOUIS AND WAREHOUSED DURING THE TEAR 1 8 4 8 .

.Articles.

Brandy...................
Champagne wine..
Havana sugar.. . . .
Earthenware.........
H ardware.............

Value.

Rate o f duty,
per cent.

$6,694
690
9,928
5,120
14,498

100
40
30
30
30

Duties.

$6,694
276
2,978
1,536
4,349

00
00
00
00
40

T o ta l..........................................
$36,930
$15 ,833 40
Total value of merchandise withdrawn from warehouse and entered for
consumption, and of merchandise imported and entered immediately
$130,844 90
for consumption during the year 1848...................................................
Total amount o f duties collected for 1848.................................................
40,964 87
Amount collected from steamboats as hospital dues for year 1 8 4 8 ....
2,627 28
Amount expended from same fund, for and on account of sick and dis­
abled seamen.............................................................................................
2,500 00
From the above, nothing like a correct estimate can be formed of the amount of ■
our
our
foreign importations. This statement merely gives the value of such articles as have
been entered, and the duties paid, at the custom-house in St. Louis. A very large
proportion, say at least three-fourths of the entire importations direct from foreign
countries to that city, are entered at New Orleans or the Atlantic ports, and the duties
paid. Consequently, no account is made of them upon then arrival at the port of St.
Louis. The total amount of custom-house dues collected during the year 1847, amount­
ed to over $70,000; for the past year they have fallen off nearly 50 per cent, and
amount, as will be seen by the table above, to $40,964 87. This deficit is accounted
for by the fact that the importations of foreign sugars and syrups have been a great
deal less the past than during the preceding year. Heretofore they were among the >
heaviest articles imported, but the West India crops last season proving deficient in
quality, as well as in quantity, importations from that quarter measurably ceased, and
the manufacturers and importers of St. Louis resorted to tjie production of Louisiana
and other Southern States to furnish the necessary supplies. The entire importation
o f foreign goods, wares, and merchandise, into the city during the past year, is vari.ously estimated, from one to two millions of dollars.
In the year 1847, the duty arising from the article of sugar imported
into St. Louis, amounted t o ........................................................................
$38,914 80
And on brandies, hardware,queensware, <fcc................................................
33,493 06
.Total......................................................................................................
In 1846, the duty received upon brandies, hardware, queensware, etc.,
was.................................................................................................................
Same articles in 1847.............................................................................
Showing a decrease upon these articles of.

$72,407 86
$40,964 87
33,493 06
$7,471 81

The amount of duty paid on sugar imported from Havana in the year 1848 was
very inconsiderable, (some $800;) the failure of the crop, and consequent high price
o f the article in Cuba, not justifying purchases in that quarter. The sugar refinery in
St. Louis, paying into the treasury $38,914 80 in 1847, as we have stated, paid only
some $800 in 1848. Upon the other articles of importation, there is an increase of
duty amounting to over $7,000.
N E W Y O RK AUCTION D U TIE S.

The system of collecting duties on goods sold at auction in New York has been in
operation since 1784, when a duty of 2.1 per cent was levied. In 1801, a law was
passed, making a discrimination between sales in the city of New York and the rest
o f the State. By this act, goods sold in the city of New York paid 3 per cent duty,
and in any other part of the State, 2£ per cent. In 1813, a further discrimination
took place. Goods from the East Indies, or produced in the United States, paid a duty
o f 1^ per cent; from the West Indies, including all wines, 2 per cent; and all other




Commercial Statistics.

440

goods, 3 per cent in New York city, and 2 per cent in any other part of the State. In
1817, auctioneers, who before had been licensed, were required to be appointed, and
the duties were again modified. On wines and ardent spirits, 2 per cent; East India
goods, 1 per cent; and on all other goods, I f per cent. These duties were substan­
tially the same by the act of 1827, second session; but in 1846, they were reduced on
all East India goods to one-half of 1 per cent; on all other foreign goods, to threequarters of 1 per cent; and on all wines and ardent spirits, to 1 per cent. And in
1847, an act was passed to prevent fraudulent sales in the city of New York, imposing
a duty of 5 per cent on all goods struck off to the owner, or for his benefit.
Auctioneers continued to be appointed by the Governor and Senate from 1817 to
1838, when, by an act of the Legislature, the privilege was extended to every person
giving the requisite bond to the people of the State to pay the duties, and depositing
the same with the Comptroller.
This is a brief history of the legislation of New York on the subject of auctions,
as we find it in the last annual report of the Comptroller. There is undoubtedly much rea­
son to apprehend that frauds are still committed upon the revenue. To enable the
Legislature to judge of this, Mr. Fillmore, the Comptroller, has prepared the following
tabular statement, showing the amount of duties collected in each year from 1797 to
1848, inclusive, being fifty-one years:—
STATEMENT OF THE AMOUNT OF AUCTION DUTIES PAID INTO THE TREASURY IN EACH T E A R
f r o m 1798 t o 1848, i n c l u s i v e .
Amount. Years.
Years.
Amount.
Years.
$159,450 01 1834.
1798.. ___
$18,085 89 1816.........
1799.. ___
203,449 27 1835.
47,905 94 1817.........
1800.. ___
57,942 74 1818.........
179,967 14 1836. ___
1801.. ___
144,444 13 1837. ___
78,783 70 1819.........
1802..
24 1820.........
156,477 20 1838. ___
1803.. ___
52,776 14 1821.........
152,778 02 1839. ___
1804.. ___
56,322 69 1822.........
181,967 65 1840. ___
209,631 16 1841. ___
1805.. ___
• 47,614 44 1823.........
1806.. ___
64,879 04 1824.........
233,101 53 1842. ___
73,621 80 1825.........
286,952 38 1843. ___
1807.. ___
1808.. ___
66,474 99 1826.........
234,237 84 1844. ___
1809.. ___
89,636 08 1827.........
298,289 65 1845. ___
1810.. ___
127,774 01 1828.........
257,187 40 1846. ___
1811.. ___
107,439 32 1829.........
242,552 54 1847. ___
1812.. ___
126,962 80 1830.........
218,513 66 1848. ___
1813.. .......
163,122 18 1831.........
178,176 66
1814. ___
Total.
250,424 02
86,067 76 1832.........
212,014 23
1815. ___
194,475 23 1833.........
...
For 10 years, 1829 to 1838, inclusive.. .
“
....
■
1839 to 1848,

Decrease 10 years...

Amount.
$205,337 04
244,537 24
274,903 81
214,458 62
142,102 35
225,401 84
164,521 38
206,702 11
200,284 52
161,123 02
174,749 36
176.198 62
139,312 22
87,932 17
103,901 35
$8,045,197 14
$2,183,120 17
1,640,226 59
$542,893 58

From this table it will be seen that the duties of 1848 were $103,901 35, and the
average amount for the whole fifty years previous, that is, from 1798 to 1847, inclu­
sive, was $158,829 9 1 ; that during the last ten years there had been a falling off of
more than half a million of dollars from the ten years preceding. With an increasing
population and an increasing commerce, it is incredible that there should be a de­
crease of sales by auction. The conclusion is inevitable that either auctioneers do not
make true returns, or persons not authorized to sell exercise the privilege without con­
tributing to the revenue. Mr. Fillmore suggests, as some protection to the State, and,
indeed, as a matter of duty to the honest auctioneer who pays his duties, that no man
be permitted to act as auctioneer unless the county judge certify that he has satisfac­
tory evidence that the person is of good moral character.




Journal o f Banking, Currency, and Finance.

441

JOURNAL OF BANKING, CURRENCY, AND FINENCE.
D E B T AND R E V E N U E OF T H E U N ITE D S T A T E S .

W e published in the Merchants' Magazine for November, 1848, (vol. xix., No. 5,) an
interesting financial statement, as made up and certified by the Register of the United
States Treasury. That table has been appended to the last Annual Report o f R o bert
J . W a l k e r , the Secretary of the Treasury, made to the House of Representatives
December 11th, 1848. It shows our population* from 1790 to the present period,
every year; our debt; our receipts from loans and treasury notes; our revenue each
year, exclusive of loans and treasury notes, as well as from these loans and notes; and
the principal and interest of debt paid each year, as well as the total amount. It is
an official record which every American may read with pride and satisfaction. It shows
that whenever it was necessary to pay the debts and sustain the honor of the country,
the people cheerfully submitted not merely to duties on imports, but to direct taxes
and excises to the amount of many millions of dollars every yea r; and that, even when
our population was sparse and our moneyed resources extremely limited, the debts of
the country were always punctually discharged after the adoption of the Constitution,
both principal and interest, at their maturity.
In 1790 the United States assumed the debt of the Revolution, determined that the
honor of the nation should be preserved stainless and unsullied. That debt, then
assumed, was $75,463,476 52—being equal to a debt at this date of more than
$377,000,000, according to population, and nearly six times greater, according to popu­
lation, than our present debt. At that date the country, exhausted by a seven years’
war, and weakened by internal difficulties growing out of the feeble character of the
old confederation, had scarcely commenced her onward career to greatness, wealth,
and pow er; yet this debt was voluntarily assumed as a matter of honor, and it was
paid, including principal and interest, punctually, without failure or suspension.
Again, at the close of the war of 1812, our debt in 1816 was $127,334,933 74— a
portion of it bearing an interest of 7 per cent; yet that debt, also, was not only fully
paid in 1836, both principal and interest, but the government, after liquidating all its
engagements, had a surplus left in the treasury of $28,101,644 91; which was depos­
ited with the States for safe keeping, who may be called upon to return it to the gov­
ernment o f the Union should the emergency ever require its use, which is most im­
probable. A t that date the country had been exhausted by a prolonged and severe
struggle with the greatest power of the world, and its commerce almost annihilated
by blockades and embargoes. Its population, then, was 8,678,000; and consequently,
according to population, the debt of that date would be equivalent to a debt at the
present period of upwards of three hundred and eight millions of dollars, or nearly
five times as great as our present debt. Yet the debt of 1816 was not only punc­
tually paid within twenty years thereafter, but a surplus, as we have seen, of more
than twenty-eight millions of dollars deposited with the States. If, then, in twenty
years, under such circumstances, and with such a population and such resources, we
could pay a debt of that magnitude and have a surplus of twenty-eight millions, within
how short a period may we liquidate our present engagements ? By reference to the
table in the November number of the Merchants' Magazine, it will be seen that from
1790 to the present period, including the reimbursements of treasury notes, we have paid




Report of the Secretary of the Treasury.

442

Journal o f Banking, Currency, and Finance.

a public debt, including interest, amounting to a totality o f upwards of $500,000,000.
By reference to the same table it appeara.that our revenue, during the same period, de­
rived from resources other than loans or treasury notes, was upwards of $1,136,000,000*
T H E T W O S Y S T E M S OF BANKING IN N E W YO R K .

The Comptroller of the State, in his Annnal Report made to the Legislature Jan­
uary 4, 1849, gives a comprehensive sketch of the history and character of the two
systems of banking in this State, known as the “ Safety Fund System ” and the “ Free
Bank System ” Although the systems are pretty well understood by the citizens of
New York, the account given below may not be entirely without interest to many of
our readers in more distant parts of the country:—
There are now two systems of banking carried on in this State. One called the
Safety Fund System, which was first authorized in 1829. Every bank belonging to
this system has received a special act of incorporation from the Legislature. These
charters were for a limited period, generally having about twenty years to run. There
are seventy-eight of these banks and two branches now in operation, with an aggre­
gate capital of $29,638,860. The charters of some of them will expire in each year
until 1866, when the last will terminate.*
This system was regulated by a general law, (L. of 1829, ch. 94,) which was incor­
porated into every charter, by which each bank was required to have all its capital
paid in before it commenced business, and it was also required annually to contribute
one-half of 1 per cent upon its capital to a common fund, deposited with the State
Treasurer until such fund should amount to 3 per cent upon the capital of each bank,
which fund was denominated the “ Bank Fund,” and was to be applied to the pay­
ment of the debts of any insolvent bank contributing to the same, and in case the fund
was at any time diminished by payments from it, the banks were again required to
make their annual contributions, till each had in deposit the 3 per cent on its capital
stock. This fund, in common parlance, has been called the “ Safety Fund,” which has
finally given name to the system. Another feature of this system was, that three
bank commissioners were to be appointed, with large powers, to supervise and inspect
the several banks: the State, as representing the whole people, and the banks of a
certain district, which included the city banks, and the banks of another district, which
included all the other country banks, each presumed to have antagonistic interests,
were to be represented in this commission. It was supposed that each would be a
check upon the other. To effect this, the Governor and Senate were to appoint one
commissioner, and the banks in the southern part of the State another, and the re­
maining banks a third. Whether this mode of appointment was foimd not to answer
the expectations of the original projectors, or the dominant party desired to use this
power as a political engine, is unknown to the Comptroller; but the law was changed
in 1837, (ch. 74,) so as to give the appointment of all three to the Governor and Senate.
This, of course, brought them within the vortex of the great political whirlpool of
the State; and the place was sought for and conferred upon partizan aspirants, with­
out due regard in all cases to their qualifications to discharge the delicate trust com­
mitted to them. This state of things, under the administration of both the great po­
litical parties of the State, continued until 1843, when the Legislature abolished the
office, and conferred the power of examining these banks upon this department, when­
ever there was reason to suspect that a bank had made an incorrect report, or was in
an unsafe or unsound condition to do banking business.
T he F re e B an k S ystem , as it is styled, was established in 1838, (ch. 260.) By this
system every individual and association was authorized to engage in the business of
banking, and on depositing with the Comptroller the stocks of the United States, or
o f any State which should be, or be made equal to a 5 per cent stock, or such stocks
and bonds and mortgages to the same amount or less, on improved, productive, and
unincumbered real estate, worth double the amount secured by the mortgage, over and
above all buildings thereon, and bearing an interest of at least 6 per cent per annum,
the Comptroller was required to deliver to such individual or association an equal
* This statement includes two incorporated banks not subject to the Safety Fund act, whose char­
ters are unlimited, namely, the Manhattan Company and the New York Dry Dock Company. Their
aggregate capital is $2,250,000.




Journal o f Banking , Currency, and Finance .

443

amount of bank notes for circulation, duly numbered, registered, and countersigned in
his office.
Associations under this law were a species of corporation. They could contract,
sue, and be sued, in the name of their president, and the shares were transferable at
the pleasure of the shareholders, who were not liable in their individual capacity for
the debts of the association. But there was nothing in the act that required individ­
ual bankers to deposit any particular amount of securities before they commenced
banking. The country was then flooded with stocks from almost every State, and the
consequence was that numerous banks sprung into existence under this law. Repu­
diation soon followed. Many States that did not repudiate, failed to meet their obli­
gations ; confidence was impaired, credit was shaken, and stocks generally depreciated
in the market; the consequence was that many banks failed, and the Legislature par­
tially retrieved its error in 1840, (ch. 363,) by excluding all stocks except those issued
by this State, and required those to be, or to be made equal to a 5 per cent stock.
Finding the small banks unsafe, the Legislature in 1844 required individual bankers
to deposit securities to the amount of at least $50,000; and associations, to the amount
of $100,000, before they were entitled to any notes for circulatioa The stringency of
the money market in 1847, admonished the Legislature that the security of these
banks was not sufficient; and, in 1848, they required the stocks deposited to be stocks
o f this State, and equal to a 6 per cent stock; and the bonds ana mortgages to bear
an interest of 7 per cent per annum, and that they should not be for an amount ex­
ceeding two-fifths of the value of the land covered by the mortgage. This is the free
bank system, as it now stands, and takes its name from the fact that all are freely per­
mitted to embark in it who comply with the rules prescribed. It is no monopoly— no
exclusive right granted by the Legislature to a favored few, but is open to all who
can give the requisite security.
EXCHANGE B E T W E E N ENGLAND AND T H E U N IT E D S T A T E S .
A TABLE SHOWING THE RATE OF EXCHANGE ON ENGLAND, AT NEW YORK, FOR THE FIRST PACKET
OF EACH MONTH FROM JANUARY,

1822,

TO DECEMBER,

EACH INSTANCE THE RATE CHARGED FOR A 1 BILLS.

1848.

(THE PRICES QUOTED ARE IN

GOOD BUT NOT W E L L KNOWN BILLS

USUALLY COULD HAVE BEEN BOUGHT FOR A FRACTION LESS.)

Years. JarTy. Feb’y. March. April.
1822
14*
13
13
12*
1823
11
11
3*
m
1824
9
7i
8*
n
1825
10
9*
9*
9*
1826
8
8*
8*
7*
1827
11*
10
10
10*
1828
11
10*
11
11*
1829
8
8*
8*
8*
1830
8
9*
8*
8*
1831
7
6*
6*
6*
1832
10
9*
9*
9*
1833
8
8
8
8
1834
2
99
99*
1
1835
7
7*
8*
7*
1836
10
8*
9*
7*
1837
7i
8*
11*
9*
1838
9*
9
7*
4*
1839
9
8*
9*
9*
1840
8
8
8*
7*
1841
8
8
8*
7
1842
8*
8*
6*
8*
1843
6
5*
5*
5*
1844
9
8*
8*
8*
1845
10
10
9*
9*
1846
8*
10
8*
8*
1847
5*
5*
6*
4*
1848
10*
10*
10
10

May.
12*
4
8*
8
10
10*
10*
9*
7
9*
10*
8*
3*
8*
7
11
6*
8*
8
7*
7*
7*
8
9*
10
6*
10*

June.
8
5*
10
5
9*
11
11
9
7
7*
9*
8*
2
9*
7
13
8
9*
7*
8*
8
8*
8*
9*
9*
7*
10*

July. Aug’t. Sept’r. Oct'r. Nov’r.
10
12*
10
11
13
7
5*
7*
74
64
10
9
8£
94
9*
10*
5*
5
9*
74
12*
10
11
11*
10*
11
10
10
11
11*
10*
10*
11
11*
9£
94
9*
9*
9*
8*
0
6
7
6*
10
10
10*
10*
10*
7
8
8
9*
8*
8*
8i
7*
7*
8*
2*
5
6*
7
7*
9
9|
9*
9*
9*
7*
7*
7*
8*
8*
194
21
14
16
18
9*
9*
8*
74
9*
9
10
9
9*
94
7
7
7
8*
8*
10
8±
9
9*
8*
8
6*
7*
7*
64
8*
8*
94
9*
9*
10
10
94
9*
9*
10
10
9*
9*
9*
6
8
9*
8*
9*
9
10
64
7*
«i
9
10
8*
9*
94

I)(‘CT.
12*
7*
9*
9
11*
11*
9*
9*
6*
10
8*
5*
6
9*
9*
14
10
9
8*
9*
6*
8*
10
8*
6*
10*
8*

P R O P E R T Y AND T A X E S OF N E W Y O R K S T A T E .

In the Merchants' Magazine for March, 1849, we gave a condensed statement o f the
number of acres of land assessed and taxed, the value of the real and personal estate,
and the amount of State, county, and town taxes, with the total taxation of the State
at large. We now subjoin, from the Report of the Comptroller, a similar but more
elaborate statement, specifying each county, as follows:—




444

Journal o f Banking , Currency, and Finance.

S T A T E M E N T OF T H E A G G R E G A T E V A L U A T IO N S O F R E A L A N D P E R S O N A L E S T A T E IN T H E S E V E R A L COUN­
T I E S O F T H E S T A T E ; T H E N U M B E R O F A C R E S O F L A N D A S S E S S E D IN E A C H C O U N T Y J T H E A M O U N T OF
T O W N , C O U N T Y , A N D S T A T E T A X E S J A N D T H E R A T E OF T A X A T I O N

C O U N T IE S .

•ad
S3
o .

-3
*
2©

Jo

»!
V>

;? I ©
£ G-a
Dollars.
Dollars.
12,229,563 3,604,195
3,497,128
162,195
1,856,278
210,398
224,041
3,418,442
8,920,781 1,611,763
614,226
4,455,749
439,064
2,467,543
516,659
3.721.154
78,742
1,664,389
9.792.937 2,788,537
2,029,828
192,818
649,491
3,035,382
14,394,284 4,800,745
13,696,147 1,274,561
1,416,872
176,465
1,574,700
192,119
235,343
1,208,008
5.468.292
668,250
714,544
2,311,205
301,923
875
945,614
5,291,986
6,153,035 1,060,601
33,772,583 4,519,842
143,560
1.474.292
9,066,671 1,124,929
5.868.937
833,551
13,131,946 1,637,794
3,135,754
409.644
193,028,076 61,164,451
4,810,855
338,368
9,754,196 2,692,447
12,167,328 2,360,513
11,456,180 2,109,384
9.294.155 2,457,269
442,579
4,525,608
653,592
5,700,616
922,814
4,616,585
557,755
2,431,309
7,948,025 3,735,250
9,872,493 4,174,083
338,025
1,478,028
1,948,506
557,675
256,872
3,348,039
5,721,391 1,286,418
2,268,189
729,084
1,528,646
264.319
5,222,790
744,924
4,943,584 1,194,013
6,256,894
554,720
128,686
1,145,890
309,985
1,593,095
825,450
3,300,030
4,427,680
821,571
964,067
117,437
975.645
5,293,588
534,725
6,947,495
11,263,589 4,040,694
4,136,104
247,995
3,876,043
296,009

m§
© 6 oS

tea
ar gig

< s-a
Acres.
A lb a n y..........
316.152
A lle g a n y ___
662,614
424,370
B r o o m e ........
Cattaraugus..
801,413
Cayuga..........
409,924
646,260
Chautauque..
Chem ung___
302,344
540,759
Chenango___
C linton..........
615.412
377,300
Colum bia___
C ortland........
299,473
Delaware.......
+874,062
Dutchess........
481,697
E rie................
612,066
E s s e x * ..........
1,009,157
Franklin........ 1,015,433
Fulton............
315,086
G enesee........
315,560
G reen e...........
375,891
H am ilton*. . .
741,115
H erk im er.. . .
784,097
Jefferson........
733,567
K in g s ............
+20,572
L e w is ............
735,988
L ivingston...
357,382
Madison.........
392,544
M onroe..........
391,021
M ontgom ery.
237.152
N ew Y o r k ...
+11,774
Niagara.........
314,532
O n eid a..........
792,916
Onondaga . . .
+455,000
O ntario.........
390,463
O range...........
486,757
O rleans..........
236,606
O sw ego..........
583,487
O tsego............
601,343
Putnam .........
135,645
Q ueens..........
170,454
Rensselaer. . .
395,778
R ic h m o n d ...
21,262
R ocklan d___
90,990
St. Lawrence. +1,738,500
Saratoga.......
509,161
115,777
Schenectady.
369,012
Schoharie___
Seneca...........
197,500
S u ffolk ...........
394,902
889,000
Steu ben .........
649,057
Sullivan*___
313.413
T iog a .............
371,400
T o m p k in s ....
U lster.............
666,378
505,632
W arren..........
499,269
W ashington..
356,765
W a y n e ...........
280,358
W estchester..
367,360
W y om in g —
207,461
Y a tes.............

ON E A C H D O L L A R O F C O R R E C T E D

1848.

111

O tea

a
£
o
'o .
Am’l
taxes

A G G R E G A T E V A L U A T IO N S FO R T H E Y E A R

Dollars.
Dollars. Dollars.
16,299,936
99.000 00 191,944 30
3,659,303
12,268 20 19,713 21
2,066,676
11,673 95 7,971 74
3,642,483
11,652 98 17,735 64
10,533,516
31,600 52 13,774 68
5,053,667
15,826 81 18,792 03
2,907,196
10,761 28 7,525 10
4,297,813
12.033 89 15,405 47
1,743,131
11,506 23 14,502 15
9,272,541
36,239 35 16,891 82
2,222,646
9,599 26 7,309 77
3.684,873
10,337 22 11,171 06
19,195,029
53,220 50 25,455 48
15,099,723
69,401 61 24,574 04
1,593,337
10,296 67 13,473 52
1,766,819
5,476 81 9,258 88
1,443,351
6,164 41 10,723 81
6,136,640
11,480 54 13,919 28
3,025,749
13,392 85 14,859 58
302,798
I, 681 95 4,319 31
6,237,655
24,450 05 18,818 90
23,590 13 28,830 66
7,213,636
38,292,425 110,331 21 223,438 99
1,618,000
8,067 52 10,157 79
10,191,600
12,280 00 16.744 44
6,702,488
22,118 14 11,292 81
14,769,740
52,250 57 28,637 00
3.545.398
18,985 60 16,037 75
254,192,527 2,715,510 25
5,149,223
14,731 65 12,354 06
12,446,643
46,864 11 30,545 05
16,806,658
38,140 24 35,252 03
13,565,564
26,782 78 14,772 91
30.000 00 23,526 25
11,751,424
4,968,187
13.839 45 12,148 97
6,245,242
27,390 17 27,501 82
5.539.399
15,728 08 20,948 73
2,989,064
3,725 59
3,413 22
11,683,275
14,895 73 14,390 51
14,046,576
40.033 04 36,752 85
1,816,053
8,559 00 5,351 97
2,506,181
3,001 20 5,357 76
3,604,911
24.839 53 25.971 28
7,007,809
23,656 46 14.971 85
10,500 00 13,305 31
2,997,273
12,405 79 14,777 05
1,795,587
14,823 57 8,796 93
5,967,714
II, 896 25 10,935 38
6,137,597
6,811,614
16,314 61 19,725 20
9,175 01
7,191 85
1,443,978
9,640 79 10,186 01
1,903,080
4,125,450
7,877 69 13,598 48
29,894 05 22,748 54
5,249,251
1,083,206
6,499 20 5,336 40
6,269,233
26,330 78 14,105 09
15,069 39 15.745 65
7,138,147
30,246 55 35,470 80
15,304,283
12,205 07 13.821 98
4,384,099
4,172,178
9,473 90 7,436 91

A

1

®> a
a
a
s -l

•s ►

3 a
i s
£g
Dollars. Mills.
290,944 30 17.8
31,981 41
8.7
19,645 69 9.5
29,388 62 8.1
45,375 20 4.3
34,618 84 6.8
18,286 38 6.3
27,439 36 6.4
26,008 38 14.8
53,131 17 5.7
16,909 03 7.6
21,508 28 5.3
78,675 98 4.9
93,975 65 6.2
23,770 19 14.9
14,735 69 8.4
16,888 22 11.8
25,399 82 4.1
28,252 43 9.3
6,001 26 19.8
43,268 95 6.9
52,420 79
7.3
333,770 20 8.7
18,225 31 11.3
29,024 44 2.8
33,410 95 4.9
80,887 57 5.5
35,023 35 9.9
2,715,510 25 10.7
27,085 71
5.2
77,409 16 6.2
73,392 27 4.4
41,555 69 3.6
53,526 25 4.5
25,988 42 5.2
54,891 99 8.8
36,676 81
6.6
7,138 81 2.4
29,286 24 2.5
76,785 89 5.4
13,910 97 7.6
8,358 96 3.3
50,810 81 14.1
38,628 31 5.5
23,805 31 7.9
27,182 84 15.1
23,620 50 3.1
22,831 63 3.3
36,039 81 5.3
16,366 86 11.3
19,826 80 10.4
21,476 17 5.2
52,642 59 10.
11,835 60 11.
40,435 87 6.4
30,815 04 4.3
65,717 35 4.3
26,027 05 5.9
16,910 81 4.5

R E C A P IT U L A T IO N .

Acres of land taxed............................
27,906,363
Assessed value of real estate...............$526,642,853
“
“
personal estate. . . 125,624,853
Corrected aggregate valuations......... 651,619,595

Amount o f State and county taxes.
“
town taxes....................

$3,985,738
1,309,720

Total taxation o f the State.. . .

$5,295,458

* No returns received from these counties for 1848, and therefore taken from the last annual report.
+ Acres o f land not returned, and therefore taken from former reports.
X City covers the whole county.




,

Journal o f Banking Currency, and Finance.

445

FLUCTUATIONS OF THE FUNDS IN ENGLAND AND FRANCE.
PRICES OF THE LEADING STOCKS ON THE 1ST JANUARY, 1 8 4 8

AND 1 8 4 9 , AND THEIR HIGHEST

AND LOWEST PRICES DURING 1 8 4 8 .

1848.

January 1.

Stocks and shares.

Consols...................................... .. .
Exchequer bills......................... .

85

1849.

1848.

1848.

January 1.
88*
42s. prem.

Highest price.

Lowest price.

90
48s. prem

80*
5s. prem.

7^- dis.

dis.
25
“
2 prem.
3 3 f dis.
8* “
24* “
1 “
36
“
9
“
13* “
14* “
9
“

Railways.

8| dis.
Blackwall.....................................
Brighton........................................ .
7f “
Birmingham...............................
Caledonian................................ .
Eastern Counties....................... .•• 44 “
7* prem.
Great W estera......................... .
London and .North Western.. . . . 48
“
Midland..................................... . .
9 “
North Stafford....................... .
South Eastern........................... . .
34 “
South W estera.........................
York and North Midland......... . . 22* “

8 f dis.
18f “
5 prem.
28£ dis.
8* “
10 “
25 prem.
14 dis.
4* “
9* “
9* “
4 prem.

6* “

prem
13£ dis.
3f “
15£ prem.
54
“
17
“
t “
1£ dis.
14f prem.
29
“

Continental.

Boulogne and Amiens..............
11i dis.
5£ dis.
15£ dis.
4
“
2 prem.
8
“
Northern of France...................
4
“
9 dis.
Paris and Lyons........................
In 1847, the range of fluctuation in consols was full 15 per cent, being greater than
had been known for eighteen years, while it also considerably exceeded the range
during the respective years of the declaration of war against Great Britain by the
French Convention, the first bank suspension, 1797, the Irish rebellion, and the battle
of Waterloo. During the year 1848, it has been 10 per cent, namely, from 90 to 80,
which is quite equal to what on the average took place on those occasions.— London
Times, January 1, 1849.
PROPORTION OF COINAGE IN LARGE AND SMALL PIECES.
A ll the gold coins, and the large silver coins, may be considered as international cur­
rency, being liable to be carried beyond the limits of its country; while small silver
coin remains at home, to supply the daily traffic. It is interesting to inquire in what
proportion these two grand divisions of money, large and small, are coined in various
nations of late years. The following wfll be found near the truth:—
Considered as small coin.

Proportion in value o f small
coin to large.

United States ..................... Under a half dollar.,
Great Britain.........................All the silver.............
France....................................U nder five francs . . .
Prussia.................................. U nder a thaler.........
Austria.................................. Under a rixdollar.. .

1 to 10.6
1
6.6
1

41

1

6.3

1

2.1

PRODUCTION OF GOLD AND SILVER MINES.
With regard to the amount of the production of the precious metals, M. Chevalier,
one of the most distinguished staticians in Europe, and probably the best authority in
these matters of any man living, if we except Baron Humboldt, gives, as the result of
his researches, the following calculation with respect to gold:— America produces
$10.295,380; Europe, $895,660 ; Russia, $20,666,600: Africa and South Asia,
$11,711,000; total, $43,568,580, equal to 138,360 lbs. avoirdupois.
The amount of silver produced M. Chevalier estimates at 1,917,062 lbs. avoirdupois,
including 218,750 for China, Japan, and the Indian Archipelago. Of the total quan­
tity America yields 1,345,412 lbs. against 1,968,750 at the commencement of the pre­
sent century. A t that time the production amounted to $22,948,800 of gold and
$40,000,000 of silver— total $62,948,800.
Whole value o f gold and silver produced at the present time, $43,568,580 of gold
and $38,883,400 of silver— total $82,451,980, showing a slight falling off in silver, and
a very large increase in gold.




R ailroad , Canal, and Steamboat Statistics.

446

RAILROAD, CANAL, AND STEAMBOAT STATISTICS.
C EN TR AL R AILR O A D , GEORGIA.

I n a former part of the present number of the Merchants' Magazine we have pub­
lished an account of the city of Savannah, as one of our series of papers relating to
the “ C ommercial C ities and T owns of the U nited States,” compiled from a little
work prepared by J oseph B ancroft, Esq., under a resolution of the City Council of
Savannah, Ga. In connection with that account, it may be well to introduce in this
department o f our Journal the most important facts brought to light in the Fourteenth
Annual Report of the “ Central Railroad and Banking Company,” in regard to the busi­
ness of the road.
The Georgia Central Railroad extends from Savannah to Macon, Georgia, a distance
o f 191 miles. The following table shows the route, places, distances, and rates of fare

on this road:—
Miles.

Places.

Savannah .................
E d e a .........................
Reform .....................
Station 4 ...................
Armenia....................
Halcyondale............
Station 6 ...................
Scarborough.............
Brinsonville.............
Midville.....................
Station 9 ...................

___

21

___
___
___
___
___
....
___
___

40
46
50
61
70

80
90
96

Fare.

$0
1
1
1
1
2
2
3
3
3

75
12
50
87
87
25
62
00
37
75

Places.

Miles.

Holcomb.....................
Station 11.....................
Davisborough.............
Tennille.........................
Oconee .........................
Emmett........................
Mile station (160).........
Gordon...........................
Larksville.....................
Macon............................

100
112
122
136
147
162
160
170
180
191

Fare*

$3
4
4
4
5
5
6
6
6
7

75
12
50
87
25
62
00
37
75
00

According to the last Annual Report it appears that the total resources of the road,
independent of the road and its appurtenances, amounts to $388,922, and the total li­
abilities to $359,833. From the report of the engineer and superintendent it appears
that the earnings of the road for the year ending November 30th, amounted to
$516,252 64. The expenses of maintaining and working the road for the same period
have been $266,450 01, leaving a balance, as nett profits, of $249,802 63; and an in­
crease in the gross earnings of the road over the previous year (1847) of $132,389 09.
The following table shows a comparison of the various branches of the business for
the year just closed with the previous one:—

U p freight, through...........................
“
w a y..................................
Down freight, through......................
“
w ay............................
U p passage, through.........................
Down “
“
.........................
Up
“
w a y................................
Down “
“ ................................
Bales cotton, through.........................
“
w ay................................
Total bales cotton..............................
United States mail............................
Total earnings....................................

1847.

1848.

$116,400 69
30,427 04
117,882 24
28,701 43
24,177 02
19,918 49
13,407 05
12,944 62
69,179
18,345
87,524
20,005 00
383,863 55

$108,211 41
32,825 49
247,894 74
46,583 29
19,854 82
15,968 08
13,534 28
13,180 53
137,157
31,561
168,718
19,200 00
516,252 64

Difference.
$8,189 28
2,398 45
130,012 50
17,881 86
4,322 20
3,950 41
127 23
764 09
67,978
13,216
81,194
805 00
132,389 09

The following is an abstract of the earnings of the road, from different sources, from
December 1, 1847, to December 1, 1848 :—

\




447

R ailroad, Canal, and Steam boat Statistics.
Amount of up freight, through....................................................................
u
u
way.............. ...........................................................
“
down freight, through........................................
“
“
w a y ...................................................................
“
through passage, up....................................................................
“
“
down..............................................................
“
way passage, up.........................................................................
M
“
down..................................................................
For carrying the United Statesmails...................
Total revenue in 1848.......................................................................

$108,211
32,825
247,894
46,583
19,854
15,968
13,534
12,180
19,200

41
49
74
29
82
08
28
53
00

$516,252 64

The following table exhibits the number of passengers and bales of cotton trans­
ported over the road from December 1, 1847, to December 1, 1848:—
Number o f passengers.
Way.
Through.
Down.
Up.
Down.
Up.

Months.

Number o f bales o f cotton.
Through.
Way.
Total.

238
357
289
427
445

210
206
101
209
429
334
177
399
262
171
333
241

807
726
281
695
499
583
535
549
501
692
610
526

726
644
248
560
503
555
506
511
456
483
617
576

10,458
18,205
20,180
13,741
6,754
10,962
6,964
6,526
6,796
5,454
14,339
16,778

3,081
5,844
4,301
3,269
1,065
509
334
219
489
1,037
4,839
6,574

13,539
24,049
24,481
17,010
7,819
11,471
7,298
6,745
7,285
6,491
19,178
23,352

3,436

3,072

7,004

6,385

137,157

31,561

168,718

Decem ber........ .................
January............. .................
February.............................
March................ .................
A pril.................. .................
M ay...................
June...................
Ju ly................... .................
August.............. .................
Septem ber....... .................
October.............. .................
November......... .................

254
291
163
285
264

T otal.... .................

Decrease in up freights..........
Increase in down freights.. . .
Decrease in through passage.
“
way passage.......
Increase in total earnings. . . .

___
....
....

4 per cent.
101
10* “
2* “
34* “

The number of tons of freight transported one mile on the road during the year
is, as near as the superintendent can estimate from reliable data, 11,190,000, which
gives 1 99-100 cents per ton per mile as the cost of transportation.
The number of miles run by passenger trains during the year...................
By all other trains................................................................................................

140,000
206,800

Total number of miles run.....................................................................

346,800

This gives as the cost per mile run, 76.7 cents.
From a manuscript statement, copied from the books of the company, it appears that
from the 1st day o f January, 1848, to the 9th day of December, 1848, there have been
sent down this road 2,609 bales of yarns and cloths of cotton manufactured in Georgia.
STEAM NAVIGATION OF ST. LOUIS.
W e are indebted to a correspondent at St. Louis for the “ Annual Review of the
Trade and Commerce of St. Louis for the year 1848,” as compiled with great care for
the Missouri Republican newspaper, and published in a pamphlet of eighteen closely
printed pages. In the Merchants' Magazine for 1847, (vol. xvii., p. 168,) we published
a list of all the boats engaged in the trade of St. Louis during the year 1846, and their
tonnage, besides several other tables touching the steam navigation of that great and
rapidly increasing inland city. W e now subjoin, for the purpose of reference and
comparison, the present condition of steam navigation at that point, condensed from




448

R ailroad , Canal, and Steamboat Statistics.

the report referred to above. The following table, compiled from the custom-house
register, shows the number of steamers and barges employed in the commerce of St.
Louis during the year 1848, all of which are owned or partly owned in St. Louis, and
were registered as belonging to that port. This table, which gives the name of each
boat and amount of custom-house tonnage, may, we are assured by the compiler, be
relied upon for its entire accuracy:—
STEAMBOATS, BARGES, ETO., OWNED OR PARTLY OWNED IN ST. LOUIS, AND BELONGING TO THAT
DISTRICT.

Lake o f the Woods...
86 Julia............................
Kit Carson.................... 280 Iron City.......................
Prairie Bird................. 213 Grand Turk.................
Mary.............................. 319 Pekin..........................
War Eagle.................... 156 Time and Tide...........
Eudora.......................... 421 D ubuque......................
Little Dove....................
77 Uncle T ob y.................
Lewis F. Linn........... 162 Herald...........................
Whirlwind.................... 296 Convoy..........................
Lightfoot...................... 155 Marshal Ney..............
A lg o m a ........................ 285 Kansas..........................
Nathan H ale............... 136 Sacramento................
Wyandotte.................... 315 Bertrand........................
General Brooke......... 144 Ne Plus Ultra...........
Balloon........................
155 Martha...........................
Buena Vista................. 267 Tempest.....................
North Alabama......... 177 Die V ernon................
Mustang........................
129 Fortune.....................
Haidee........................... 145 Anthony W a yn e.. . .
St. Louis........................ 387 White Cloud..............
Edward Bates........... 300 Missouri.....................
Eliza Stew art........... 170 St. Paul.......................
D ial............................... 139 Red Wing..................
Clermont....................... 112 Luella.........................
Lucy Bertram........... 268 Illinois........................
Boreas No. 3................. 249 Planter.......................
Dr. Franklin.................. 149 Cumberland Valley..
Domain.......................... 132 Beardstown................
Aleck Scott................. 710 P earl..............................
St. Croix........................ 159 St. Louis Oak............
Iroquois........................ 485 Senator....................
Mondiana....................... 152 Brunswick.................
Josiah Law rence.. . . 593 American Eagle........
Sultana........................ 924 Timoleon.....................
Mandan........................ 204 Clermont No. 2 .........
Mary Blane................... 181 Ocean Wave...............
A cadia.......................
118Governor Briggs........
Missouri Mail............... 210 Highlander.................
Highland Mary......... 159 Governor Bent...........
I o w a ............................. 455 Confidence..................
F alcon .......................... 144 Amelia..................... . .
Wave..............................
89

235 Belmont.....................
118 Sam. Walker.............
689 Oregon.......................
108 St. Peters...................
161 Ohio Mail...................
169 Plough Boy ...............
110 Pride of the W e s t...
163 Hannibal...................
750 Montauk....................
487 St. Joseph .................
276 Kate K earney...........
221 Fay away.....................
148 Old H ickory..............
248 Oella............................
180 A utocrat....................
211 Tamerlane.................
212 Whirlwind.................
101 Odd F e llo w ...............
164 Alexander Hamilton.
262 Alton...........................
886 General Jessup.........
359 Eureka........................
143 Kentucky...................
146 Alice............................
579 Alph. De Lamartine.
199 Mameluke.................
168 Avalanche.................
77 Companion................
64Frolic..........................
109 Alvarado....................
121 Newton W aggoner. .
358 Saluda.......................
217 Tobacco Plant...........
133 Financier...................
121 Daniel Hillman.........
206 Laurel.........................
90 Archer.........................
346 Amaranth...................
190 Rowena......................
132 Revenue Cutter.........
152 Cora............................

145
127
172
164
118
248
322
464
175
218
305
102
446
77
847
122
226
98
191
344
375
113
135
233
537
570
220
166
126
134
106
223
207
135
145
78
148
384
230
100
159

BARGES.

General Marion............ 65 Robert Burns................. 58 Kate Wilson.......... . . .
Ranger............................ 44 James Madison............ 76
S. J. Thomas................... 73 Thomas Jefferson........ 76 Marietta.................. . . .
Minesota.......................... 75 Alice................................ 48
Muscatine...................... 74 Caroline.......................... 60 Little Dick............. . . .
Mary Dacre................... 70 Ole Bull.......................... 46 Morgiana................
Wilhelmina..................... 67 Cam el............................. 36 Dubuque ............... . . .
Corporal Trim............... 39 Growler........................... 37 Potosi..................... . . .
White Wing................... 89 Kate................................. 54




33
87
67
61
61

R ailroad , Canal, and Steamboat Statistics.

449

FERRY-BOATS.

Virginia Belle...........
Grampus...................

132 I Wagoner....................
167 | Illinois.......................

107 I S t Louis....................
202 |

210

The whole amount of steamboat tonnage owned in S t Louis during the
year 1848, amounted to............................................................................. tons
Tonnage o f barges..................................................................................................

35,578
3,539

Total tonnage of steamboats and barges owned at this port during the
year 1848....................................................................................................

39,117

STEAMBOATS BUILT IN ST. LOUIS IN

1848.

Below is a list of steamers built in St. Louis during the past year. The number, as
will be seen, is quite small, less even than in 1847, which may be accounted for by the
fact, that early in the spring much difficulty was experienced as to the possession of
the real estate upon which several of the shipyards are located, and which led to an
almost entire suspension of business, and finally resulted in one of the most extensive
ship-builders quitting the city. A large number of boats have, however, been repaired
at that point, and the different yards for a greater portion of the time have presented
quite an active appearance. St. Louis has every facility for ship and boat-building,
and during the present year a large number will, no doubt, be launched by her me­
chanics. It is scarcely necessary to add, that all the boats named are owned at this
point:—
Mustang..........................
Edward B a tes............. .....................
Aleck Scott................... .....................
Highland Mary............. .....................

Plough Boy.........................
300 Fay away........................... ...............
709 Lenora............................... ...............
159 Alph. De Lamartine........ ................

......................

455

Pekin............................. .....................

108

102
125
537

Total tonnage...........

COMPARATIVE ARRIVALS OF STEAMBOATS AT THE PORT OF ST. LOUIS.

- The following table shows the total number of steamboats arrived at St. Louis from
New Orleans, Cairo, the Ohio, Upper Mississippi, Illinois, and Missouri rivers, and all
other points, in each of the three last years; i. e., from 1846 to 1848, inclusive:—

1846. .1847. 1848.
New Orleans..........
Ohio, the...................
Upper Mississippi . .

502
430
658
717

395
420
446
662

1846. 1847. 1848.

426 Missouri.............. . . .
429 Cairo...................
690
697

256

314
146
202

232

327
194
396

A TABLE SHOWING THE MONTHLY ARRIVALS OF STEAMBOATS, BARGES, FLATS, AND KEELS, W IT H
THEIR RESPECTIVE TONNAGE, HARBOR MASTER’S FEES, ETC., FOR

Tonnage o f
Arrivals o f
steamboats and Flats steamboats
barges. and keels, and barges.

129
141
238
437
285
246
332
299
411
325
358
267

2
25
31
41
20
16
12
22
40
44
60
19

21,536
24,872
45,492
89,678
68,528
55,502
73,427
58,635
79,705
59,668
63,121
53,049

T o ta l.. . .
3,468
VOL. XX.- — NO. IV.

332

688,213
29

January........
February......
March............
A pril............
M a y ...............

J u n e .............
J u l y ................

August........
September..
October........
N ovem ber...
December__




Wharfage.

$1,398
1,329
2,324
4,569
3,213
2,799
3,700
2,964
4,063
3,205
3,275
2,685

80
60
60
90
90
10
30
25
75
40
55
95

$35,531 15

1848.

Harbor master’s
fees.

$111
106
185
865
257
223
296
237
325
256
262
214

90
36
96
59 _
11 •
92
02
14
10
43
04
87

$2,842 44

Paid into
the city
treasury.

$1,276
1,223
2,138
4,204
2,956
2,586
3,404
2,727
3,738
2,948
3,013
2,471

90
24
64
31
79
13
33
11
65
97
51
03

$32,688 71

450

Railroad, Canal, and Steamboat Statistics.
T H E W E S T E R S (M A SS A C H U S E T T S ) R AILROAD.

The Annual Report of the Directors of the Western Railroad for the financial year
terminating on the 30th of November, 1848, has been published. It embraces several
interesting tables relating to the amount of business, travel, receipts, and expendi­
tures for a series of years, which we proceed to lay before our readers in a condensed
form.
The foUowing table shows the entire amount o f income from aH sources since the
road was first opened, and the gain of each year over the preceding one, omitting the
fractions of a dollar, or cents:—
THE AMOUNT RECEIVED FROM ALL SOURCES SINCE THE ROAD W AS OPENED.

Years.

Passengers. Merch’se. Mails, &c.

1839*...........
1840
...
1841
...
18421 ...........
1843
...
1844
...
1845
...
1846^:...........
1847
...
1848
...

$13,472
70,820
113,841
266,446
275,139
358,694
366,753
389,861
502,321
551,038 .

$4,136
38,359
64,467
226,674
275,696
371,131
420,717
459,365
785,345
745,909

_
$3,166
4,000
19,556
23,046
23,926
26,009
29,191
37,668
35,120

Total.

$17,609
112,347
182,308
512,688
573,882
753,752
813,480
878,417
1,325,336
1,332,068

Expenses. Bal. receiptsi. Miles run.
$14,380
$3,228
• ...

62,071
132,501
266,619
303,973
314,074
370,621
412,679
676,689
652,357

50,275
49,807
246,068
269,909
439,688
442,858
465,738
648,646
679,711

94,405
160,106
397,295
441,608j499,968
530,201
573,956
819,010
805,492

The next table gives the number o f through and local passengers for each year since
the road was opened, and shows a slight falling off of through passengers for the last
year compared with those of the previous year, while the local have greatly increased :
Through passengers.
Way passengers.
Total.
Total.
Grand
Total.
Years. 1st class. 2d class. Total.
1st class. 2d class.
1st class. 2d class.
total.
1842 15,890 2,681 18,571 148,500 23,366 171,866 164,390 26,046 190,436
1843 19,987 6,608 26,595 140,425 33,945 174,370 160,412 40,553 200,965
1844 17,016 7,314 24,330 140,869 55,058 195,927 157,885 62,372 220,257
1845 13,402 5,791 19,192 144,723 59,717 204,442 158,124 65,508 223,663
1846§ 21,033 8,799 29,883 165,196 70,637 235,831 186,229 79,435 265,664
1847 23,678 10,622 34,299 264,444 89,567 354,011 288,122 100,188 388,311
1848 21,647 12,084 33,731 287,480 84,403 371,883 309,129 96,487 405,614
132,653 53,899 186,553 1,291,638 416,693 1,709,332 1,424,291 470,592 1,894,894
The following table gives the total amounts expended for the construction and equip­
ment of the road:—
TABLE SHOWING THE COST OF THE WESTERN AND ALBANY AND WEST STOCKBRIDGE RAILROADS
TO NOVEMBER

30, 1848.

Total amount paid.
Alb’y & W. Stockb’ge
Western Railroad.
Railroad.

Graduation and masonry...........
Bridging......................................
Superstructure, including iron..
Station buildings and fixtures...
Land, land damage and fencing
Locomotive^................................
Passenger and baggage cars. . .
Merchandise cars.........................
Engineering and other expenses
T o t a l ........................................

$3,453,511
229,745
1,559,141
320,456
293,180
672,739
73,544
532,026
841,107

i

17 C■ $894,790 10
89
23
298,452 62
55
289,179 56
91
210,122 98
28
55
17
34
232,156 40

$7,975,452 09

$1,924,701 67

Total cost
o f both roads.

$4,578,047 16
1,857,593
609,626
503,303
672,739
73,544
532,025
1,073,273

98
11
90
28
55
17
74

$9,900,153 76

Since last report the capital stock has been increased by creating 11,500 shares,
which have been disposed of according to law.
Three months, f First year o f opening through to Albany.




$ Eleven months. § Eleven months'

451

R ailroad, Canal, and Steamboat Statistics.

The total means provided for construction and equipment of the road, and for pay­
ments into the Sinking Funds, have been 51,500 shares of the capital stock, which, at
$ 100 each, amount to .........................................................................
$5,150,000 00
£899,900 sterling bonds, payable, with interest at 5 per cent, in
4,319,520 00
London, at not less than 8 per cent advance.................................
Albany city bonds, interest at 6 per cent..........................................
1,000,000 00
Total means provided.................................................................
$100,000 00
Amount paid Albany Sinking Fund...................... ..
“
Massachusetts Sinking Fund.............
146,467 52
“
the Sinking Funds from proceeds of
shares to January 1, 1848.............
213,111 10

110,469,520 00

459,578 62
Nett means for construction and equipment of road.........................
Total cost of road and equipment, as per table annexed.................

110,009,951 38
9,900,153 76

Balance of construction funds unexpended.............................

¥109,787 62

The number of shares issued by the corporation is 51,500— of which the Common­
wealth holds 11,004; the Massachusetts Sinking Fund, 210; Massachusetts School
Fund, 550; and corporations and individuals, 39,736. Of these, from 1 to 10 shares
are held by 1,953 individuals; from 11 to 20 shares by 412; from 21 to 30 by 166;
from 31 to 50 by 113 ; from 50 to 100 by 94; and over 100 shares by 42 individuals,
clearly indicating that a large portion of the stock is held as a permanent investment.

T O LLS R E C E IV E D ON T H E N E W Y O R K S T A T E CANALS.

The following table shows the aggregate amount received for tolls, &c., on all the
State canals from the year 1824 to 1848, inclusive, also the yearly receipts from 1837:
Amount collected from 1824 to 1838..............................
“
“
in 1838............................................
“
“
1839............................................
“
“
1840...........................................
“
“
1841..................
“
“
1842...........................................
“
“
1843...........................................
“
“
1844...........................................
“
“
1845........................
“
“
1846...........................................
“
“
1847...........................................
“
“
1848...........................................
TotaL...........................................................................

114,960,709
1,590,911
1,616,382
1,775,747
2,034,882
1,749,197
2,081,590
2,446,374
2,646,181
2,756,120
3,635,380
3,252,367

18
07
02
57
82
52
17
52
87
89
00
34

$40,545,844 97

From the foregoing table it will be seen that there has been a felling off in the
amount received for tolls on all the canals in the State last year compared with 1847.
The total decrease amounts to $383,012 66. But this is a much smaller sum than
was looked for some three months before the canals closed.
It was expected that the aggregate amount of tolls would fell short of three mil­
lions, while in fact it exceeds that amount some $250,000.
The aggregate amount of tolls received at tide-water during 1848, show an increase
over 1847 of $46,457 73. Several of the western offices make equally favorable re­
turns. The increase at Brockport is $25,157 57; Lockport, $53,659 10; and Black
Rock, $126,519 51. A t Buffalo the decrease has been very large, being a much larger
amount than the total deficiency on all the canals; the difference in the receipts at
this office between 1847 and 1848 amounts to $544,082 87. The falling off at Os­
wego is very small comparatively speaking, amounting to only $1,043 04.




Journal o f M ining and M anufactures.

452

JOURNAL OF MINING AND MANUFACTURES.
S IL V E R M IN E S AND M IN IN G IN SPAIN .

A correspondent of the London Mining Journal furnishes the following interesting
details, drawn from authentic documents, of the mines Santa Cecilia and Suerte, the
most celebrated in that locality:—
S anta C ecilia . This mine, situated between those of Suerte and Fortuna, is the
one in which the lode was first encountered, and which branches off to the other two,
and no doubt will, when more developed, lead to further and more important discov­
eries. The lode is composed of barytes, which appear intermined with different va­
rieties o f silver and iron ore, and has generally an extent of from one to three feet.
A shaft has been sunk on the lode to a depth of 78 varas, in addition to which there
are three shafts of a smaller depth. The first level is about 29 varas from the sur­
face ; the middle is 16 varas below the above, consequently, 45 below the surface;
and two are driven at the bottom of the shaft; the longitudinal extension of the sett
is 200 varas. Up to the present date, there has been extracted from this mine 47,000
quintals of mineral, which contains each, on an average, 2£ ounces of silver— this has
been principally obtained from the upper level It is calculated that from this part of
the mine there can be produced 100,000 quintals, of a greater average than 2£ ounces
of silver; from the middle level 80,0 )0 quintals, and when the levels are opened at
the depth of the 77 varas, 120,000 quintals— making a total of 300,000 quintals. This
could be extracted in the three succeeding years, at an average of 84,000 quintals an­
nually ; the presumed cost of the production of each quintal will be ten reals. On
comparing this with the value of the mineral that has already been sold, it appears
that, during the three years, the gross proceeds can annually be made 2,940,000 reals,
and a probability of the workings being extended deeper. The composition of the
mineral, when divided into five classes for the refinery, is the following :— 8 quintals
green silver ; 18 minerals of first class ; 240 of second; 120 earths of first class ; 614
of second class=l,000. The quantity of mineral sent to the works for refining, during
the year 1847, was as follows:—

294 quintals 17 pounds green silver.
708
95
minerals of the first class.
“
second “
4,274
“
22
earths of the first
“
881
“
16
“
second
“
228
“
46
6,386

95— Total value, 574,404 reals 23 marivedes.

The directors of this mine have declared a dividend to the adventurers of 500 reals
a 6hare, the present cost of which is 200,000 reals paid up.
S uerte. This mine is situated to the east of the former, and on the same vein ; it
has a shaft of 44 varas in depth, of which only 18 have been driven on the lode, a
slide having intervened, which has heaved the lode about 10 varas in a northerly di­
rection. Another shaft has been driven to intersect the lode at this point; this has been
sunk a depth of 88 varas from the surface ; on this two levels have been driven— the
first, which is now in length 47 varas, is 39 varas from the surface; and one below, at
a distance of 8£ varas, has been prosecuted to the length of 50 varas. In the first
level the lode has been discovered of an extraordinary magnitude and richness. The
superintendent of the mine calculates that 60,000 quintals of mineral, containing on an
average more than 2£ ounces of silver to the quintal, can be produced in three years,
at the rate of 20,000 quintals annually, and the quality of this is superior to the other
mines, as the following classification of the mineral will prove:— One thousand quin­
tals of stutf produced from this mine was composed of—green silver, 4 quintals ;
minerals of first class, 100; of second, 450; earths of first class, 124; of second, 322
= 1,000 quintals.
It lias* been satisfactorily proved, by the sales already made, that the value of each
quintal is 90 reals, which returns a profit of 75 reals on each. The result of this will
be, that the 20,000 quintals would give an annual profit of 1,500,000 reals. The




f

Journal o f M ining and M anufactures.

453

quantity of mineral which has been sent to the refinery is the following, with its dif­
ferent classifications:—
22 quintals 50 pounds green silver.
73
minerals of the first class.
902
49
1,909
“
second “
91
earths of the first
“
257
210
14
“
second “
3,302

83— Total value, 365,887 reals 33 marivedes.

The directors of this mine have declared a dividend of 2,000 reals a share, the pres­
ent cost of which is 2,000 reals paid up.
T H E PE N N S Y L V A N IA COAL T R A D E FOR 1 8 4 9 ,

The following statement of the coal trade in 1849 is extracted from the Miners'
Journal, (regarded as good authority,) published at PottsviHe, Pennsylvania:—
It is generally conceded that there will be no overstock on the 1st of April, 1849,
o f any consequence in the market— probably not more than 50,000 or 75,000 tons;
while on the 1st of April, 1848, the overstock was not less than 275,000 tons. The
whole supply sent to market in 1848 was 3,089,000, to which add 200,000 tons, over­
stock from the former year, (1847,) and it makes the consumption for the year ending
April 1, 1849, in round numbers, 3,289,000. A dd to this an increase of 150,000 tons,
(which is very moderate,) and the supply required for the ensuing year will be
3,439,000 tons.
O f this quantity the Lehigh can furnish not more than.........................tons
Delaware & Hudson............................................................................................
Pinegrove, Shamokin, and Wilkesbarre..........................................................

750,000
470,000
360,000

Increase over 1848, 145,000 tons..............................................................
Leaving for the Schuylkill region to furnish..................................................

1,580,000
1,859,000

Total...................................................................................................

3,439,000

Being an increase of about 206,000 tons over the supply furnished last year.
So far the supply this year falls short of the quantity sent for the same period last
year about 25,000 tons; and when we take into consideration the disastrous state of
trade last year, which not only checked all new improvements in the coal regions, but
nearly all preparations during the winter for this year’s business, and the fact that the
railroad company have not added any increased facilities to their establishment for
carrying their coal to market this year, we have every reason to believe that it wiH
keep our collieries busy to mine, and the railroad and canal (with the present facilities)
fully employed to carry the necessary quantity required to market.
A t the present rates of freight and toll, red ash coal ought not to be sold on board
at Richmond for less than $4 per ton, and white ash at $3 75. This would give the
operator here about $2 12 for red ash, and $ 1 87 for white ash, which in all conscience
is low enough.
_____________
M AN U FAC TU RE OF TOBACCO IN P A R A G U A Y .

It is a well known practice of the French government to send to distant countries
scientific and commercial missionaries, who communicate on their return the results of
their explorations to their government. One of these gentlemen, a Mr. Alfred Demersey, has recently made a report on the subject of the cultivation and manufacture of
tobacco in the South American Republic o f Paraguay. Some of the facts relating to
this staple possess interest for the American merchant.
The few travellers who have at distant intervals visited Paraguay, are unanimous in
the opinion they express of the tobacco in that part of America. They do not hesitate
to say that, in every desirable quality, it is equal to the tobacco of the Island o f Cuba ;
and some connoisseurs go so far as to say that it is to be preferred to the finest Ha­
vana. It has a more aromatic bouquet, which never becomes disagreeable, even when
it impregnates the clothes of the consumer. The bad qualities of this tobacco are not
derived from nature, but from the absence of care in its cultivation and manufacture.




454

Journal o f M ining and M anufactures.

The natives make it a point to retain the best qualities for their own use, and conse­
quently the cigars sold in the frontier towns, for foreign consumption, are very inferior.
In private houses, where their preparation forms a part of the duty of the young girls
of the family, they are found of superior excellence. Brazilian traders, by exercising
unremitting watchfulness over their workmen, succeed in producing cigars that will
sell in their own market; but, with all their care, these cigars remain still inferior to
the pure Havanas. When Havana tobacco of a certain quality is worth $10 in Rio,
Paraguay tobacco of the same quality will be worth $5, Brazilian $3, and Virginia $2.
The best qualities come from the department of Villa Rica, and from the districts of
Hagua and of Piragu, lying near Assumption, and extending to the foot of the Andes.
The annual production of the whole republic may be put down at 450,000 arrobas,
or 9,000,000 lbs. The home consumption is enormous, being annually not less than
twelve pounds a head for the whole population. Children learn to smoke before they
learn to speak. The men, enervated by a burning climate, without care for the mor­
row, without any sufficient stimulant to exertion— the women, still more sedentary in
their habits— all have recourse to the leaf, and find in it almost the sole enjoyment of
their lives.
What importance the cultivation and manufacture of tobacco in Paraguay may attain for the purposes of exportation, it is impossible to say. A t present, with the
mouth o f the Parana closed against foreign commerce, Paraguay is nearly as isolated
from the rest of the world as in the time of the Dictator Francia.

A

M A N U FAC TU RE S IN T E N N E S S E E ,

A correspondent has sent us an article from the Nashville Union, and also a copy
of a letter from S amuel D. M organ, Esq., of Nashville, who is considered the pioneer
of cotton manufactures in that region. The newspaper press in the Southern and West­
ern States, without distinction of party, is advocating the encouragement, by all prac­
ticable means, and the building up of manufactories among themselves, for the pur­
pose of withdrawing a part of the ill-paid capital now invested in agriculture, as well
as to achieve an independence of northern manufactories. Their efforts to diversify
industry will, no doubt, eventually succeed. From Mr. Morgan’s letter, referred to
above, we learn that there are already, within the bounds of “ Middle Tennessee,”
some twenty different mills for the manufacturing of yarns and cloths. The precise
condition in Tennessee, as far as it can now be ascertained, is thus stated by Mr.
Morgan:—
“ From the best data I have at command, I estimate the number of spindles in op­
eration at not less than 18 or 20,000. There are but few of these mills which as yet
are making cloths, though several more, I understand, are preparing to do so. The
article manufactured consists chiefly of cotton yarns, varying in sizes from number 3
or 4 to number 13 or 14. Some two or three of them manufacture a heavy article of
woollen and cotton goods, used for negro clothing.
“ In addition to the mills alluded to, there is now being erected, and very near its
completion, another one at Lebanon, 30 miles distant from Nashville, and which, in
point of construction and machinery, is believed to be fully equal to any one in Amer­
ica of its size— the building all being of the best material, and on the most approved
plans— fire-proof throughout. The engines for propelling it, as well as its operative
machinery, embrace all the latest American ana European improvements. The build­
ings (which are in greater part four stories high) cover an area of very nearly or quite
three-fourths o f an acre. When finished, it is designed to contain 6,000 cotton and
2,000 woollen spindles, and 240 looms, capable of producing from seven to eight thou­
sand yards of cloth daily ; and as the goods which it is intended to produce will be
of the heaviest description, the quantity of cotton which it will require for a year’s
operation will be about 2,500 to 3,000 bales, with a proportionate amount of wool.
So you will perceive that within a short time there will be in operation, in this division
of the State, certainly not less than 25,000 spindles; and as these spindles will all be
engaged in producing the very heaviest description of yarns, the entire amount of
cotton required for them will not be short of 8,000 bales.
“ In the eastern, and also in the western division of the State, there are many other
6mall mills, of which I know too little to enable me to give to you, for your friend,




I

✓

M ercantile M iscellanies.

455

any information of a character sufficiently reliable to make it valuable to him. I
hesitate not, however, to assert that, together, the two other divisions possess not less
than 10,000 spindles, and consequently increase the quantity of cotton manufactured
annually to not less than 12,000 bales in all— more likely exceeding than falling under
this number.”

MERCANTILE MISCELLANIES.
M E R C A N T IL E L IB R A R Y ASSOCIATION OF CINCINNATI.

W e have just received the Fourteenth Annual Report of the Young Men’s Mercan­
tile Library Association of Cincinnati, a document of some sixteen pages, presenting
a clear and succinct account of the condition of that institution during the past year.
It affords us great pleasure to record the evidences of its continued prosperity, as un­
folded in the interesting report of its intelligent Board of Directors. The Board ap­
pear to have discharged their duty with fidelity by carrying out all those plans of
their predecessors deemed valuable, besides introducing such improvements and refor­
mations in the management of its business details as are calculated to perpetuate the
well established prosperity, and to promote the future interests of the Association.
As an evidence of increased interest in the institution, we learn from the report that
409 active members have been elected during the last year, the withdrawals from all
causes amounting to 132. A t the commencement of the last year the total number of
members was 1,109, and at the close of the year 1,817, to which may be added 58
ex officio members, comprising members of the press and the resident clergy of the
city. The library accommodations have been extended b y the addition of two new
alcoves, which are nearly filled up with books. The Board appear to have made
special efforts for the increase of the library. The number of volumes in the catalogue
at the commencement of 1848 was 6,106 ; the number added during the year by pur­
chase, 1,405 ; by donation, 636; which, with the binding of 48 periodicals aud maga­
zines, shows an increase of 2,089 volumes during a single year, at a cost of $1,955.
These additions, together with the number of volumes previously in the library, show
8,195 volumes now upon the catalogue. The reading-room seems to be filled with
readers during the year, which is supplied with 37 daily, 3 tri-weekly, 5 semi-weekly,
and 40 weekly papers— making in all 85 files. The magazine list, literary and scien­
tific, shows 9 quarterly, 29 monthly, 1 semi-monthly, and 1 weekly—in all forty, an
increase of 17 during the year. The institution has supported a course of interesting
lectures during the year, and Governor Bibb, of Ohio, dehvered an able introductory
lecture, which we shall endeavor to notice in a future number of the Merchants’ Mag­
azine. The number of books drawn from the library during the year has largely in­
creased, the average circulation per quarter being 3,700 volumes, or 1,234 volumes per
month.
The total receipts into the Treasury for the year 1848 have been $6,050 15; ex­
penditures for all purposes, $5,785 59 ; leaving a balance in the Treasury of $344 76.
In this connection it will not, we presume, be considered out of place to give a letter
we have just received from the Corresponding Secretary of this Association, and the
resolution it communicates; for the kind and flattering terms of which (all the more
gratifying because unexpected and unsolicited) we beg the officers of the Association,
and the members of it individually, to accept our thanks. W e are likewise duly sen­
sible of the honor conferred by our election as an honorary member of their noble in­
stitution, for whose continued prosperity we can express no more fervent aspiration




M ercantile M iscellanies.

456

than that its growth may be commensurate with that of the great central emporium,
the future metropolis, may we not add, of the country.
R ooms of the Y oung M en’ s M ercantile L ibrary A ssociation, )
C incinnati, January, 1849.
j

A t a general meeting of the Association it was—Resolved— As the sense of the Young Men’s Mercantile Library Association o f
Cincinnati, that " Hunt's Merchants' Magazine and Commercial Review" has, from its
commencement, filled an important and widely-extended field of usefulness; that the
sound judgment and unwearied industry of its editor, F reeman H unt, Esq., have con­
tributed largely toward elevating the standard of mercantile education throughout the
country; and that this Association take great pleasure in commending the M erchants’
M agazine to general circulation, and the especial support of the business community.
The following is the letter of the Corresponding Secretary, communicating the reso­
lution o f the Association:—
D ear S ir :— I beg to wait on you, as above, with an official enunciate o f the Insti­
tution I have the honor to represent. I may be permitted to express a very high ap­
preciation of long continued and successful effort in a greatly neglected sphere of duty
— a pioneer in the cause. I trust, my dear sir, that it has proven to yourself “ its own
exceeding great reward,” and that prosperity, somewhat commensurate with deserv­
ing, may continue to attend upon your every effort in the laborious and honorable posi­
tion which it has been your good fortune to dignify and adorn.
I am, dear sir, with great respect, your very obedient servant,
JAMES LUPTON, Cor. Secretary.
Freem an H unt,

Esq., Editor Merchants' Magazine.

M E R C A N T IL E L IB R A R Y ASSOCIATION OF N E W YO RK .

The Twenty-eighth Annual Report of the Board of Directors o f this institution has
been published. It is quite elaborate, embracing some twenty-four pages octavo, and
giving a minute detail of the operations of the Society during the year 1848. Looking
back to the period when it first started into existence, twenty-eight years ago, with its
150 members, and a library o f but 700 volumes, and tracing carefully through each
successive year its progress in usefulness and extent, to the present time, which finds
it in the possession of a library of 29,000 volumes, and an income of $7,000, derived
exclusively from the avails of the subscription book, without extraneous aid from any
quarter, its members cannot fail of finding much to congratulate themselves upon.
The onward course of this institution illustrates the truth of the maxim, that perseve­
rance and a fixed determination to devote to the final accomplishment o f a laudable
object those energies with which we are gifted for wise and useful ends, at all times
reward us for our exertions in the satisfaction we ourselves feel, and in the approval
of our fellow men. W e regret that we have space for only a brief synopsis of the re­
port. The number of members on the 31st of December, 1847, was 2,761; the num­
ber added during the year 1848, was 681;— deducting the withdrawals of 1848, the to­
tal number of members on 1st January, 1849, was 3,004, exhibiting a nett gain of 243
during the last year. One hundred and one have been suspended for non-payment o f
dues. Two thousand two hundred and seventy-six volumes have been added to the
library during the last year, 2,230 by purchase and the remainder by donation. The
total number in the library is, according to the report, 29,157. The works added in
1848 are classed thus:— Works of science and art, 291; general literature, 1,354; fic­
tion, 631. This statement shows the addition o f a larger number of volumes than
any o f the past eight years, and a small increase as compared with the last. The to­
tal expenditure for books and periodicals during the year amounts to $3,393, inclu­
ding the sums expended for binding and repairing books. It appears by the Treasu­
rer’s report that the balance remaining in the treasury on the 31st of December, 1847,




M ercantile M iscellanies.

457

was $365 10; and that the receipts during the year 1848 were $6,303 21. •The ex­
penditures for the same period were $5,558 20, leaving a balance on the 31st of De­
cember, 1848, of $110 11. With a passage from the report, referring to the recent
establishment of an “ Institution for the Savings of Merchants’ Clerks,” we close our
summary of this interesting report:—
'
The Legislature of this State having granted a special charter to the “ Institution
for the Savings of Merchants’ Clerks,” and a suitable location having been selected, the
Bank commenced operations bv the receipt of deposits on the 1st day of July last. By
the provisions of its charter, the President, Vice-President, and Treasurer of the Mer­
cantile Library Association are perpetual trustees of it ; while the selection of our own
walls for its location, and the choice of one of our most esteemed ex-presidents as its
chief clerk, evinces the desire felt to have our members co-operate fully and efficiently
in maintaining its position among the most favored of its class. Let it not be said that
the clerks of this great commercial city failed to avail themselves of the benefits re­
sulting from habits of frugality which it is the design of this institution to promote
among them— but suffered it to languish between life and death, from want o f sup­
port, while others similar to it have hitherto proved so successful. There are few, if
any, who having the will, cannot find a way, to save something from their earnings,
however small, to keep which safe, this Savings’ Bank, so long needed, has been es­
tablished— remembering that its object is not to make poor men suddenly rich, hut to
encourage economy in small matters, which is, and ever has been, the surest and safest
road to independence.
The Board of Trustees have declared a dividend at the rate of six per cent per an­
num on all sums of five dollars and upwards, deposited untouched, for three months,
payable on and after the 16th instant. W e express the hope that both institutions
will maintain towards each other the most friendly relations, and render mutual aid
and benefit on all occasions.
S T . LOUIS M E R C A N TILE L IB R A R Y ASSOCIATION.

W e have received the Third Annual Report o f the Mercantile Library Association
at St. Louis. This institution, though young in years, bids fair to rival in its progress
kindred institutions of an older growth. It is composed of a l l members, 22 of which
are life members, 148 proprietors, 144 clerks, and 57 beneficiaries. During the last
year 79 members have withdrawn, and 90 new members have joined ; making a gain
over the.number at the date of the second annual report, of 11 members. “ This in­
crease,” says the report, “ though small, i3 encouraging, under the circumstances.
Fears were entertained that many persons would withdraw from the Society after the
first year or two of its existence. These anticipations have been realized by the loss,
up to the present time, o f 152 members. Many became members merely upon solic­
itation, and from a willingness to assist in starting what they deemed a meritorious
enterprise. Probably few of the original friends of the Association expected to find
as many members connected with it in its third year as there were in its first. A t
the outset, many joined upon impulse; a smaller number upon principle; and still
fewer were those staunch friends of the Association who resolved to adhere to it un­
der all circumstances, and to sustain it at any sacrifice of time, o f effort, and of money.”
From the Treasurer’s report, we learn that the receipts for the last twelve months
have been $2,768 21, and the whole expenditures, $2,689 02; showing a nett gain
for the year 1848, over that of 1847, of $1,169 24. The Association possesses books
and other assets worth $4,633 62, and is entirely out of debt, with a cash balance on
hand of $134.
The whole number o f volumes added to the Library within the last year, 400, and
their value is $1,139 11. They now own 2,781 volumes, valued at $4,147 32, and
have, besides, the use of 71 volumes belonging to the Chamber of Commerce, making
an aggregate o f 2,852 volumes.




458

M ercantile M iscellanies.

“ W e now receive and lay upon our table,” we quote from the Report, “ twenty-nine
periodicals, of which thirteen are foreign and sixteen American publications, including
among the latter, two city daily newspapers. W e take as many Reviews and Maga­
zines as was received in 1847 by the Philadelphia Mercantile Library. Many of them
are o f permanent value, on account of their scientific and literary merits.”
With a few of the closing paragraphs, we close our brief synopsis of its contents:—
“ The Directors have now reported to you upon all the more important interests
committed to their care. They cannot, however, consider themselves absolved from
their duties, and they have improved this opportunity of earnestly appealing to those
present, to merchants, clerks, and to all classes of our population, in behalf of this
Association. Its objects are public and laudable. Its degree of progress is highly en­
couraging. The foundation has been laid upon which to rear a great library, which
shall be an honor and a blessing to St. Louis. A ll our citizens are interested in this
project, since, by our fundamental law, our books are accessible to all upon the most
reasonable terms, and there is not now here any important public library. A ll have
reason to rejoice that so promising a beginning has been made, and all ought, with
alacrity, to lend a helping hand. Vigorous exertions must be made if the increase of
our library is to keep pace with the increase of our population. What part of this
work will each of you perform ?
“ Our Association is but three years old, and yet we have nearly as many books as
was possessed by the Mercantile Library Association o f New York, when it had exist­
ed five years; as that of Cincinnati, when it had existed eight years; as that of Phil­
adelphia, when it had existed ten years ; and more than that of Boston, after an exist­
ence of nineteen years.
“ During the last year, more volumes were added to our library than to the Mercan­
tile Library of New York, in either of the years 1840 or 1843. The pecimiary value
o f the books acquired by us last year, is but five per cent less than that of the addi­
tions, made in 1847, to the Mercantile Library of Philadelphia.
“ These comparisons are not made from vain-glorious motives, but solely to influence
those timid spirits who withhold their aid, until assured of the success and stability of
the objects upon which it is tardily bestowed. To such faint hearts, we say, that this
Institution has been uniformly prosperous; is secure in the affections and cordial sup­
port of nearly 400 members ; and we ask you, gentlemen, to endorse our pledge, that
it shall continue to flourish, while you and we live to uphold its fortunes, and to con­
tribute to its still greater usefulness.”

IR O N W A R E H O U SE F O R CALIFORNIA.

It appears, from the Liverpool papers, that the want of any place to store the goods
which are now going to California, determined Messrs. James Starkey & Co., of Liv­
erpool, (Eng.) who have a house in San Francisco, to send out the materials for a ware­
house. A contract was consequently made with Messrs. T. Vernon & Co. for one to be
built o f iron, under the direction of Mr. Grantham, civil engineer. The warehouse is
o f iron, and the roof is similar to those used at railway stations. The sides and roof
are thinly covered with galvanized corrugated iron plates. There are large folding
doors in the centre, and windows in the roof. The order was given on the 5th of Jan­
uary, 1849, and the men were fairly at work on the 9th, and on Saturday, the 3d of
February, it was entirely erected, and ready to be taken dow n; having been construct­
ed in the short space of twenty-three working days.

M A N U FAC TU RE OF L IN E N A T M A Y S F IE L D .

The Legislature of Kentucky has recently granted an act of incorporation to a com­
pany in that State, for the manufacture of linen at MaysviUe, with a capital of
$200,000, in shares of $100 each, payable in calls of $10, not oftener than once in
thirty days. The intention is to manufacture linen of hemp, though flax may be used.
Mason county, in which Maysville is situated, is the first liemp-growing county in the
State, having produced in some seasons, 3,000 tons. The soil near Maysville, both in
Ohio and Kentucky, is admirably adapted to flax, and if a demand existed for it any
quantity could be produced. The farmers in that section often grow flax for the seed
only, cutting the straw with a scythe, which, after being threshed, is thrown away.




The B ook Trade.

459

THE BOOK TRADE.
1.— Precedents of Indictments and Pleas, adapted to the use both of the Courts of the
United States, and those of all the several States; together with notes on Criminal
Pleading and Practice, embracing the English and American authorities generally.
By F rancis W harton, author of a Treatise on American Criminal Law. Pliiladelphia: James Kay, Jun. h Brother.
In 1846, Mr. Wharton published a Treatise on American Criminal Law, which was
received with general favor and approbation, supplying as it did, in an acceptable
manner, a want that had long been felt in American Criminal Jurisprudence. The
present volume of forms is a valuable companion to that work, and in connection with
it forms a complete practical treatise on the subject. In fact, a collection of prece­
dents is almost an indispensable part of a treatise on such a subject, designed to be
useful to the practitioner.
The forms are arranged under the appropriate heads, those relating to the same of­
fence being placed together, and arranged with the discrimination of the true lawyer
into their classes: first, those which have been directly sustained by the courts; se­
cond, those which have been prepared by eminent pleaders, but wliich have not been
judiciously tested; and third, those which have been drawn from the English books.
It is obvious that a careful classification like this, gives this work an immense ad­
vantage over a mere collection of forms thrown together without discrimination, in
which the worst precedent is as likely to stand first as last.
In many cases we observe that Mr. Wharton gives the names of gentlemen by
whom particular forms have been furnished, and the cases in which they were tested.
Mr. Wharton’s able and scholarly notes render the work something more than a
mere volume of forms. With their aid the practitioner might, we think, in many ca­
ses, dispense with the use of the treatises. A t the head of the precedents of each
class is appended an elaborate note, in which the English and American cases are con­
sidered. Taken together they constitute quite a full treatise on the different heads of
Criminal Law. Were there nothing in the author’s previous reputation as a law wri­
ter to furnish a guaranty for the reliableness of the present work, the more closely it
is examined the more confidence it inspires from its intrinsic merits. His reputation,
however, is well established by his previous labors, among which is the very learned
American edition of Smith’s Leading Cases.
2. — Maternity; or the Bearing and Nursing of Children. Including Female Edu­
cation and Beauty. By 0. S. F owler , Editor o f the American Phrenological Jour­
nal. 12mo. pp. 221. New York: Fowlers
Wells.
Few, we imagine, at this time will be disposed to deny the position of Mr. Fowler
in the outset; namely, that the various states of the mother’s mind and body, before
the birth of offspring, go far towards determining their health or debility, amiableness
or ill nature, intelligence or stupidity; a fact that renders child-bearing inconceivably
momentous in its influence on human destiny. The work is divided into four sections
or parts, in which the writer treats successively of the physical relation of offspring to
the mother, the nourishment of the embryo, influence of the various states of maternal
mentality on the primitive character of offspring, and delivery, its pains, &c. Mr.
Fowler, if not an elegant, is certainly a clear and vigorous writer; and in this, as in
all former productions of his mind and pen, has enforced many useful and instructive
lessons.
3. — How to be Happy. A n Admonitory Essay, for General and Family Perusal, on
Regimen, Expediency, and Mental Government. By R obert J ames Culverwell ,
M. D., author of “ A Guide to Health, or what to Eat, Drink, and Avoid.” 8vo. pp.
94. New York: J. S. Redfield.
An interesting and instructive manual, furnishing many plain, practical, and impor­
tant remarks touching the health, and consequently the happiness of man. The sub­
jects treated in this volume, in successive chapters, namely, Health, ill and good, and
the preservation of it ; diet, the philosophy of the mind, the value of life, the anatomy
of low spirits, the folly of feasting, relaxation, rest, sleep, contain views evidently the
result o f extensive observation, wliich cannot fail, if duly heeded, of preventing in a
good degree the design of the author, as expressed in the title of the work.




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4. — The Constitutions of France, Monarchical and Republican; together with brief
historical remarks relating to their origin, and the late Orleans Dynasty. By B e r ­
nard R oelker , of the Boston Bar.
12mo. pp. 156. Boston: James Munroe & Co.
The object of this work is, not so much to advance an opinion, or speculative re­
marks on the causes of the recent revolution in France, and the probable future des­
tiny of that country, as to furnish every one with some additional means to form an
opinion for himself. For this purpose, the compiler has introduced the constitutions
which existed in France while she was a monarchy and a republic in detail. Brief
historical remarks are added, which will serve to refresh the memory of the reader in
regard to the circumstances under which the constitutions came into existence. The
writer thinks that the recent overthrow of the Orleans dynasty was desirable and just.
The work will be found useful as a book of reference, especially as the great works on
French history constantly refer to those documents, while they state them only in
general outlines.
5. — The Artist's Married L ife; being that of Albert Durer. Translated from the
German of Leopold Schefer. By Mrs. J. R. Stodart. Reprinted from the London
edition. 12mo. pp. 257. Boston: James Munroe & Co.
The novels of Schefer are not much known to the English reader. The present trans­
lation o f one of them, after the manner of Sir Walter Scott’s “ Tales of my Land­
lord,” purports to be an old manuscript intrusted by Albert Durer on his death-bed to
his friend Pickheimer, with instructions that it should be given to the world when all
those to whom its contents might cause pain, were no more. We have not found time
to read it, but we are assured by those on whose judgment we can rely, that it is a
gem of its kind. One thing we will say: it is elegantly printed, as is almost every
thing from the press of these enterprising publishers.
6. — Lives of Distinguished Shoemakers. 12mo. pp. 340. Boston: T. Wiley, Jr.
This volume contains sketches of the lives and characters of seventeen distinguished
shoemakers, from St. Crispin to the benevolent John Pounds. The author, who says
he has made shoes, and hopes to make more, has descended into “ the labyrinths of
biographical lore,” and brought up whatever of value to his purpose he could find.
He has collected what has been widely scattered, condensing what has been too greatly
expanded into a compact and available form, for the benefit of readers whose access
to extensive libraries, as well as opportunities for reading, are necessarily limited.
7. — The Massachusetts State Record and Year Book of General Information. 1849.
Edited by N ahum Capen. Vol. III. Boston : James French.
This, the third annual volume of the Massachusetts State Record of Mr. Capen, is
equal to the preceding volumes. It contains a mass of information relating to the
government, resources, and institutions of Massachusetts, nowhere else to be found in
so convenient and systematic a form. Mr. Capen, the compiler, is a most accurate statician, and spares no labor to procure, and present the results of that labor in syste­
matic and convenient form for reference. It appears to us an indispensable vade mecum for every citizen of that State, and will, we think, afford the stranger a better and
more correct idea of the value of her institutions than is elsewhere to be found.
8. — Analysis of the Principles of Rhetorical Delivery, as applied in Reading and
Speaking. By E benezer P orter , D. D., late President of the Theological Seminary,
Andover, etc. Revised and enlarged. By A llen H. W eld, A . M., author of “ Latm
Lessons,” etc. Boston: B. B. Mussey & Co.
This is a new and revised edition of a deservedly popular work. Few school-books
have met with more favor, or stood better the test of use, than Porter’s Analysis; and
few, if any, have been made, on the subject of elocution, more philosophical, discrimi­
nating, and practical. No changes have been made in this edition which affects the
original character and design of the work. No work of an educational character that
has fallen under our observation, is better adapted to its design or object.
9. — Natural History of Enthusiasm. By I saac T aylor . New York: Robert Carter
& Brothers.
This work has passed through nine large editions in England, and almost as many
more in this country; a pretty conclusive fact of its popularity. It ably depicts, under
its principal forms, fictitious sentiments in matters of religion, including, of course, a
consideration of those opinions which seem to Be either the parents or the offspring of
such artificial sentiments.




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10. — The New England Business Directory. Six Parts in One. Containing a New
Map of New England, an Almanac for 1849, a Memorandum, for every Day in the
Year, and a Business Directory for New England, etc. New York: Pratt & Co.,
161 William-street. Boston: L. C. & H. L. Pratt.
The title, a part of which we have quoted above, affords a very imperfect idea either of the contents or value of this work to business men. The Directory of New
England, which includes the States of Maine, Massachusetts, New Hampshire, Rhode
Island, Connecticut, and Vermont, shows the name, location, and business of all the
mercantile firms, manufacturing establishments, banking, moneyed, and literary in­
stitutions, courts, public offices, and all the various miscellaneous departments which
contribute to the business of New England. We have never seen a work of the kind
evincing so much industry and care in the getting up, and so systematically and conve­
niently arranged in every particular. It is the work of four brothers, who have de­
voted their whole time, and a capital of some $20,000 to the enterprise, and the infor­
mation has been obtained by personally visiting every town in the New England
States, so that the utmost degree of confidence can be placed in the accuracy of the
information thus brought together. By referring to this book, we are enabled to find
the name o f every manufacturing company or individual manufacturer, the kind of
goods manufactured, the yearly amount of each article manufactured, the quantity of
the raw material consumed, number of males and females employed, &c., in each, and,
in short, every particular in regard to the manufacturing industry of every town in
the New. England States. The tabular statements of the banks show the name, loca­
tion, capital, the names of the presidents and cashiers, and the discount days of every
bank in the six States. It would occupy more space than we can well spare to enu­
merate the varied contents of a volume that cannot fail of securing the encouragement
and support of every business man in the United States. W e understand that the
enterprising publishers are engaged in preparing a similar work on the great State of
New York. The directories of the several States are done up separately, and sold for
twenty-five cents each; or the entire work neatly bound, including each of the New
England States, for $1. W e shall refer to this publication in a future number of the
Merchants’ Magazine.
11. — Twelve Lectures on Comparative Embryology, delivered before the Lowell Institute,
in Boston, December and January, 1848-9. By L ewis A gassiz, Professor of Zoo­
logy and Geology in the Lawrence Scientific School, Cambridge University. Pho­
nographic Report, by J ames W. S tone, A. M. M. D., President of the Boston Phono­
graphic Reporting Association, and of the Boylston Medical Society. 8vo.pp. 104.
New Y ork : Dewitt & Davenport.
Embryology, which has but recently become a subject of scientific investigation
abroad, in this country may be considered as entirely new. Professor Agassiz has em­
bodied in these lectures all that has been hitherto done in Europe, and added numer­
ous observations of his own, made in the United States, and in a form at once scien­
tific and so illustrated as to be interesting to the common reader. The Phonographic
report of Dr. Stone was found to correspond, word for word, with the written lec­
tures, except that one word was missing, which the learned Professor stated that he
had purposely omitted in the reading.
12. — The Architect; a Series of Original Designs for Domestic and Ornamental Cot­
tages, connected with Landscape Gardening. Adapted to the United States. By
W. A. R a n l e t t . New York : Dewitt & Davenport.
W e noticed, in terms of high, but deserved commendation, the completion of the
first volume of this beautiful work of Mr. Ranlett, one of the best practical as well as
theoretical architects in the United States. The fifth and sixth numbers of the second
volume have been published, and only confirm our previously expressed opinions as to
the great merits of the work. The number, variety, and elegance of the designs, and
the completeness o f the information furnished in regard to building, are features •that
must secure for this publication a wide circulation, and render it useful not only to the
accomplished architect, but to all persons desirous of building residences in town or
country.
13. — The Improvement of the Mind.
Barnes & Co.

By I saac W atts, D. D.

New York: A. S.

A new and handsome edition of an old and most excellent work. To use the lan­
guage of Dr. Johnson, we would say, “ Whoever has the care of instructing others,
may be charged with deficiency in his duty, if tliis book is not recommended.”




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14. — Essay on the Union of Church and State. By B aptist W euthesley N oel, M. A.
12mo. pp. 442. New York: Harper it Brothers.
The author of this work, an eminent divine of the English Established Church, and
a gentlemen holding a high position in English society, has recently separated from
the establishment from conscientious motives. This work, which 4s a frank and manly
attack upon the union between Church and State, contains the author’s reasons for the
course he has felt compelled to adopt. While stating, without reserve, the influence of
the system upon prelates, he charitably admits the many instances in which divines,
raised to the most ensnaring honors, have successfully resisted their temptations. It
is divided into three parts: the first is devoted to a consideration of the principles of
the union between the Church and the State; the second to the effects of that union;
and in the third he points out what he considers the best means of promoting a revival
of religion in the country. The union he mentions is condemned by the constitution of
the State, by the parental relation, by history, by the Mosaic law, by the practices of
the Old, and by the teachings of the New Testament.
15. — History of Hannibal the Carthagenian. By J acob A bbott. With engravings.
18m6. pp. 295. New York: Harper <fc Brothers.
This is the third volume of Mr. Abbott’s new series of histories, designed, and we
may add, well adapted to the taste and capacity of young persons from the ages of
sixteen to twenty-six. Concise and comprehensive, they are written in pure English,
and supply an important void in literature, designed for popular and family reading.
Those who have read either of the former volumes of the series, will not readily relin­
quish the pleasure of perusing the present number of it.
16. — The Family Shakspeare. In one volume. In which nothing is added to the Ori­
ginal Text; but those words and expressions are omitted which cannot, with proprie­
ty, be read aloud in afamily. By T homas B owdlen, Esq., F. R. S. and S. A. From
the Sixth Edition. New Y ork: John Wiley.
That there are many passages in Shakspeare’s dramatic writings which chaste and
delicate minded people would not read in the family circle aloud, will not be denied
by any one at all acquainted with the
KSweetest bard that ever sang.”
In the beautiful volume before us the indecent expressions have all been omitted, and
that, too, without in any degree perverting or impairing the sense and meaning of the
author, so that the reader will have no cause to regret the loss of the words that have
been omitted. Although we should not think of disposing of our edition of Shak­
speare, any more than we should of putting away the Bible, as translated in King
James’ time, we are grateful to the editor of this edition, and shall add it to our libra­
ry, and use it whenever we read aloud, for the gratification of the family circle. Pa­
rents and guardians of youth are certainly under great obligations to Dr. Bowdlen for
preparing, and to Mr. Wiley for publishing a Family Shakspeare, which may be read
aloud in the mixed society of young persons of both sexes, sans peur et sans reproche.
IT.— New York in Slices: by an Experienced Carver. Being the Original Slices pub­
lished in the New York Tribune. Revised, enlarged, and corrected, by the Author.
With Splendid Illustrations. 8vo. pp. 118. New York: William H. Graham.
The “ Slices ” embraced in this volume were widely circulated, and very generally
read, while passing through the columns of the Tribune; and we thank the author for
thus grouping them in a form more durable than the ephemeral daily sheet. Present­
ing, as they do, some of the most racy, graphic, life-like sketches of places, scenes, and
characters in the great commercial metropolis, they cannot fail of obtaining a still
wider circulation, and a more enduring popularity.
18.— Lancton Parsonage : A Tale. Part Third. By the Author of “ Am y Herbert,”
“ Gertrude,” etc. Edited by the Rev. W. S ewall , B. D., Fellow of Exeter College,
Oxford.
This is the third volume that has been published under the same general title, but
each a distinct story, so that there is no connection that renders it necessary to read
the parts in the order of their publication. J udging from the popularity that the pre­
viously published works of the same writer have obtained among the more religiously
disposed novel readers, we presume that this last of the series will be sought with
equal avidity, as it certainly possesses equal interest.




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19. — The Philosophy o f Religion. By J. D. Mqrell, A. M., author of the “ History of
Modern Philosophy.” 12mo. pp. 359. New York : D. Appleton & Co.
This volume contains in our view some of the best thoughts of the nineteenth cen­
tury, on a subject of the deepest interest to the whole human race. Christianity, as
Mr. Morell understands its essence, is a deep, inward life of the soul— a life which can­
not be accounted for by any scientific analysis, or expressed in any number of propo­
sitions. but which, in its evidences, in its conceptions, in its holy impulses and anticipa­
tions, lies quite beyond the region of the logical understanding. The chapters on reve­
lation and inspiration are singularly rational and clear, and we are free to say, that we
have not recently taken up a book, touching the momentous question of religion, in
which we have been more deeply interested. The views of the writer, though by no
means new, are presented in a singularly forcible and intelligible form, and we are
persuaded that the work will command a degree of attention and excite an antagonism
m theological discussion that cannot fail of being highly beneficial to the cause of truth.
20. — A Catechism of the Steam Engine, illustrative o f . the Scientific Principles upon
which its operations depend, and the practical details of its structure, in its applica­
tion to Mines, Mills, Steam Navigation, and Railways, with various suggestions of
improvement. By J ohn B kowne, C. E., editor of “ A Treatise on the Steam Engine.”
18mo. pp. 282. New Y ork: D. Appleton & Co.
This work, as an introduction to the study of the steam engine, in its various appli­
cations to mines, mills, steam navigating railways, &c., we should say, from the exami­
nation we have been able to give, is singularly clear, and well calculated to impart
the first rudiments of a scientific knowledge of the whole subject. It embodies the
best information now existing upon the subject of which it treats— not taken from
books, nor deduced from mere theoretical considerations, but derived from the author’s
own practice, “ or from the personal communications of the most experienced engineers
of the present time.”
21. — The American Bee Keeper's Manual; being a Practical Treatise on the History
and Domestic Economy of the Honey Bee, embracing afull Illustration of the whole
Subject, with the most Approved Methods of Managing this Insect through every
Branch of its Culture, the result of many years’ Experience. By T. B. M iner.
Embellished by thirty-five beautiful engravings. 12mo. pp. 349. New Y ork : C.
M. Saxton, Agricultural Publisher and Bookseller.
The title-page, which we have copied entire, sufficiently indicates the design of this
work. It fills a vacuum in a branch of agricultural and rural literature that has long
existed in this country. It is, we believe, the first full, practical treatise on the culture
o f the bee that has been published in the United States, if we except a few short and
imperfect essays that have from time to time made their appearance. The work is
all the more valuable from being the result of the author s practical experience,
during many years of close application to the management and study of the honey
bee. The success of Mr. Miner in the culture of tills insect, which is said to have been
beyond precedent, must secure for the work the confidence of the public.
22. — The California and Oregon Trail: being Sketches of Prairie and Rocky Moun­
tain Life. By E rancis P arkman . 12mo. p p .440. New York: George P. Putnam.
The journey which this narrative so graphically describes, was undertaken by Mr.
Parkman with a view of studying the manners and character of Indians in their
primitive state. He has accordingly sketched those features of their wild and pictu­
resque life which fell under his own eye, and in doing so appears to leave a correct
impression of their characters. Recent events connected with the regions of territory
through which the traveller passed, renders the publication at this time seasonable.
And as the work was commenced at the close of 1846, unlike some o f the publications
of the day, it is fair to infer that it was not prepared simply to supply the demand of
the California gold hunting fever.
23. — The Works of Washington Irving. Vol. VII. New York: George P. Putnam.
The present volume of this model edition of our most popular American author,
embraces Irving’s inimitable “ Tales of a Traveller,” which are too well known and
appreciated to require our commendation. Our only object, therefore, in noticing the
publication at all, is to commend the enterprise of the publisher for the taste and lib­
erality he has displayed in producing an edition of a favorite author, in a form as
beautiful as it is substantial and durable.




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24. — Modern Society; or the March of Intellect. The conclusion of Modern Accom­
plishments. By Miss Catharine S inclair , author of “ Modern Accomplishments,”
“ Charles Seymour,” etc. New Y ork : Robert Carter <fc Brothers.
In “ Modern Accomplishment,” an agreeable fictitious narrative, the author delinea­
ted the progress of education; in this, which may be read either in connection or as a
separate story, she traces the results of education on the character, temper, and minds
o f modern society. It is an agreeable narrative, and its teachings are in accordance
with the popular theology, or that which is considered as such by a large portion
o f the Christian world.
25. — Life and Times of the Rev. Philip Henry, M. A., Father of the Commentator.
New York: Robert Carter & Brothers.
The life of Philip Henry, from the pen of his pious and gifted son, “ has long been
regarded as one of the most valuable biographical treasures in the English language,”
and has been referred to, both among churchmen and dissenters, for upwards of a cen­
tury, as exhibiting one of the most delightful examples of eminent piety, prudence,
humility, zeal and moderation, which the history of the Church has to produce.
26. — Napoleon Louis Bonaparte, First President of France. Biographical and Per­
sonal Sketches, including a visit to the Prince at the Castle of Ham. By H enry
W ikoff. New Y ork: George P. Putnam.
Mr. Wikoff became acquainted with the present President of the French Republic
during his confinement in Ham, and subsequently in England, and records several in­
teresting conversations with that distinguished personage. The substance of the vol­
ume was originally published in the Democratic Review, where it attracted considera­
ble attention. The author, since its appearance, has, we learn, left this country for the
purpose of passing some time with his friend Louis.
27. — Sermons. By H enry E dward Manning, M. A., Archdeacon of Chichester. First
American from the Sixth London Edition. New York: Stanford & Swords.
Mr. Manning, the author of this volume of discourses, delivered from time to time
in the regular course of his ministerial duties, is now regarded as one of the most able
prelates of the English Church. He is certainly a singularly forcible and beautiful wri­
ter. His theology is of course in accordance with the teachings of the Church to
which he belongs; but aside from the peculiar doctrines inculcated in this collection,
by inference, as the sermons mainly belong to that class denominated practical, they
contain views of duty that will be appreciated by those who may differ with the
preacher on mere sectarian dogmas.
28. — Poems of Religion and Society. By J ohn Q uincy A dams, Sixth President of the
United States, etc. With Sketches of his Life and Character. By J ohn D avis and
T. H. B enton. New York: William H. Graham.
This neat little volume contains some thirty or forty poems, mostly of a devotional
character, collected and published since the death of that great and good man. The
notices of Mr. Adams, appended to the volume, comprise the remarks made in the
United States Senate by Messrs. Benton and Davis, on the official announcement of
his sudden death in the Capitol of the Republic.
29. — The Pearl of Days: or the Advantage of the Sabbath to the Working Classes.
By a Laborer’s Daughter. With a sketch of the Author’s life, by herself; and a
Preface by an American Clergyman. New York: M. W. Dodd.
The institution of a Sabbath, however men may differ as to the particular day, or
the duty of suspending labor, is unquestionably one of Heaven’s best gifts to the indus­
trious and virtuous poor. The temporal advantages of a due observance of the day
are forcibly illustrated in this simple and unpretending narrative; and we heartily
commend it to all who lightly esteem the blessing it sheds on our “ work-day world.”
The following works are announced as in preparation for early publication, by
G eorge H. D erby & Co., of Buffalo, namely :— Life and Times of De Witt Clinton.
Embracing a full account of his private life and public services, by an eminent citi­
zen of New York. The Life of Gen. William Henry Harrison, Ninth President of
the United States. Containing a full account of his services in the cabinet and field
Illustrated. 12mo., muslin gilt. Turner's History of the Holland Purchase of West­
ern New York. With eight portraits of the early pioneers. Maps and plates. 8vo.
pp. 600. Lives of James Munroe and James Madison. By the Hon. J ohn Q uincy
A dams. T o which is added, a Life of the Author. With portrait. 1 vol. 12mo.