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HUNT’S

MERCHANTS’ MAGAZINE.
E s ta b lis h e d J u ly , 18 3 9 ?

BY FREEMAN HUNT, EDITOR AND PROPRIETOR.

VOLUME X X XII.

APRIL,

C O N T E N T S OF

NO.

1865.

NUMBER IV.

IV., V O L . X X X I I .

ARTICLES.
Art.
p a o i.
I. RAILROAD ENTERPRISES AND THEIR DETRACTORS. By James P. K irkwood ,
Esq., Civil Engineer, o f New Y o r k .......................................................................................... 403
II. MONEY. C h a p t e r h i . By H e n r y C. C a r e y , Esq., author of “ Principles o f Political Econony,” “ The Past, Present, and Future,” MThe Harmony of Interests, Agricultural, Manu­
facturing, and Commercial,” etc., etc., o f New Jersey............................................................. 413
III. COMMERCE OF THE UNITED STATES. No. xiv. Commercial Embarrassments—
Gold and Silver—Paper-Money—Value of the Bills o f each Colony—Land Bank in Mas­
sachusetts—Manufactures—Slave Trade—First Insurance Company—Georgia—Louisiana
— Immigration—Population—Shipping, etc. By E n o c h H a l e , Jun., Esq., o f New York. 431
IV. THE USURY LAW S. By C a l k s B a r s t o w , Esq., Member o f the New York Chamber
of Commerce................................................................................................................................. 442
V. COMMERCIAL GROWTH OF NEW Y O R K .......................................................................... 447

J O U R N A L OF M E R C A N T I L E L A W .
Action on a Promissory Note.................................................................................................................. 453
Liabilities o f Commission Agents — ................................................................................................... 454
Compensation for Railway Accident..................................................................................................... 455
VVool Brokers—Action to recover for Breach of Contract.................................................................. 436
Bankers and Bill Brokers—Forgeries..................................................................................................... 457
Breach o f Trust—Responsibility of Bankers........................................................................................... 458
Action to recover Value of Goods alleged to have been fraudulently obtained............................. 458
Question o f Survivorship......................................................................................................................... 459

COMMERCIAL CHRONICLE AND R E V I E W :
EM BRACING A FINANCIAL AND COMMERCIAL R E V IE W OF THE UNITED STATES, ETC., ILLUSTRA­
TED W IT H T ABL ES, ETC., AS FO L L O W S I

Crash among the California Bankers—Effect upon the Market in the Atlantic States—Purifying
effect upon the San Francisco .Markets—Correction o f Evils incurable by any other P rocessExchange between the Atlantic and Pacific—Bank Expansion, with Statistics o f the Move­
ment in New York and Boston—Production o f Gold—Deposits at New York—Deposits and
Coinage at Philadelphia and New Orleans Mints—Counterfeiting Coin—Imports o f Foreign
Merchandise at New York for February, and since January 1st—Imports o f Dry Goods for
same Period—Receipts o f Cash Duties—Exports from New York to Foreign Ports for Febru­
ary, and since January lst-E xports of Domestic Produce—Foreign Exchanges, Stocks, &c. 460-467
New York Cotton Market..................................................................................................................
467
26
V OL. XXXII.— NO. IV .




402

CO N TEN TS

OF

N O . I V ., V O L . X X X I I .

COMMERCIAL STATISTICS.
PAGE.

Commerce and Navigation o f the United States................................................................................. 469
Foreign Exports of the United States........................ .......................................................................... 472
Lumber Trade o f Bangor.........................................................................................................................479

JOURNAL

OF B A N K I N G ,

CURRENCY,

AND F I N A N C E .

The Banking Department o f the State o f New Y o r k ........................................................................
Of Private Banking in Tennessee...........................................................................................................
The Fixed Price o f Gold, and the Standard o f Value.........................................................................
The Texas Debt Law o f the United States..........................................................................................
Exports o f American and Foreign Gold and Silver from Boston.....................................................
Condition o f the Banks in the State of Maine.—Revenue of Great Britain in 1854 and 1855....
Shipments o f Gold from California.........................................................................................................

480
482
483
485
486
486
487

J O U R N A L OF I N S U R A N C E .
Act of Ohio in Relation to Foreign Insurance Companies................................................................
Life Insurance in Massachusetts.—Important Case of Fire Insurance............................................
Notice o f Agents of Boston Marine Insurance Companies................................................................
Statistics of Boston Insurance Companies............................................................................................

COMMERCIAL

487
489
490
490

REGULATIONS.

The New Postage Law o f the United States........................................................................................ 492
Reciprocity Treaty between the United States and Great Britain..................................................... 493
.Rates o f Postage on Printed Matter by the Bremen Line.—Emigrant Passenger Ships................ 494

NAUTICAL

INTELLIGENCE.

. Signals of the Port o f Para, Brazil.................................................................................................
494
.Lights at Cape Elizabeth, Maine.—Whale’s Back Lights, Entrance to Portsmouth, N. II............. 495
Hamburg Cruising Pilots.......................................................................................................................... 496

STATISTICS

OF P O P U L A T I O N , & c.

Property-of the Population of Maine................................................................................................... 496
Facts from the Population Tables o f the British Census.................................................................... 497
Californian Emigration and Im m igration............................................................................................. 499

STATISTICS

O F A G R I C U L T U R E , &c .

Swine; and the Swine T ra d e............................................................................................................... 499
Mexican Frijoles...................................................................................................................................... 501

RAILROAD, CANAL, AND S T E A M B O A T S T A T I S T I C S .
Railway Traffic o f the United Kingdom in 1854.—A Great Iron Steamship....................................
The “ New World ” o f the People’s Line.-^-Railroad Suspension Bridge at Niagara.....................
Operations o f the Railways o f Massachusetts, 1854 ...........................................................................
Hudson River Steamboats......................................................................................................................

502
503
503
506

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 .
Daguerreotypes, and the Daguerreotypic A rt......................................................................................
Production o f Railway Iron in the United States................................................................................
Gold Assaying in South America..........................................................................................................
Anthrac ite Coal Trade o f Pennsylvania.................................................................................................
Pure and Impure Gas..............................................................................................................................
Method of Detecting Colton in Linen...................................................................................................
Discovery o f a Silver Mine in Georgia.................................................................................................
Tuscan Straw Manufactures—The Ivory Trade...................................................................................
The Iron Mountain o f Missouri..............................................................................................................
The Manufacture of Port Wine.—The Scotch Pig-Iron Trade...........................................................

MERCANTILE

507
509
510
511
511
512
512
513
514
515

MISCELLANIES.

“ The Usury L a w s” —Erratum.—The Boston Board of Trade..........................................................
The Buffalo Board o f Trade....................................................................................................................
The Tontine Building in New York.......................................................................................................
Rules of McDonogh, the Millionaire of New Orleans.........................................................................
The Character of Merchants...................................................................................................................
The Way to Wealth Illustrated...............................................................................................................

516
517
518
52U
521
522

T H E BOOK T R A D E .
Notices o f new Books or new Editions




523-528

HUNT’S

MERCHANTS’ MAGAZINE
AND

COMMERCIAL REVIEW.
A P R IL ,

1 855.

Art. I.— RAILROAD ENTERPRISES AND THEIR DETRACTORS.
E ach revulsion of trade is accompanied generally by some popular ex­
planation of its cause, which at once gratifies the desire to have a reason
to suffer by, and serves as a scape-goat to carry that accumulation of indi­
vidual improvidences gathered during a series o f prosperous years, which,
forced to the surface by some unlooked for interference with the ordinary
laws of trade, leads to what is called a crisis.
A t one time the burden is thrown on the United States Bank, at an­
other time on the alteration of the tariff, at another time on the removal
of the deposits— all of these having been but measurably accessories of
the evil; and now, with many, the disposition seems to be to make rail­
road speculations and railroad mismanagement answerable for much if not
all o f the difficulty of the present hard times.
It is unpleasant to be elevated to the position of a scape-goat for such
an occasion, and once so elevated it is all but impossible to make the pub­
lic satisfy itself with any other; yet we protest against railroads being
burdened exclusively with sins which are not peculiar to them. Is not the
public being talked into looking upon them as a necessary evil rather
than a most eminently beneficial invention ?
Between avowed enemies and timid friends, Railroads and railroad in­
terests, peculiarly sensitive of any general depression in mercantile affairs,
have reached a position o f unenviable notoriety, and have become a butt
for all those who enjoy a sneer over the discredit o f every new element of
strength, whose advancement and application has been more rapid or in­
fluential than their sense o f its importance could appreciate.
The Railroad system of communication is now interwoven with the
necessities, the comforts, and the civilization, of the age. It has as much




404

Railroad Enterprises and their Detractors.

ceased to be a mechanical curiosity as the compass has ceased to he a
scientific one. As in the latter case, its healthy social effects have entire­
ly overshadowed its philosophical peculiarities.
The Kailroads o f England are about in the same despondent condition
as our own at this time, and their situation is referred to the same causes
of mismanagement and over-speculation. W e point with complacency
from the one to the other as shoots from the same rotten root, though
there are essential differences both in the origin and the growth; they
have, in fact, been the most earnestly opposed in England by the very
interests which, in the Western and Middle States, originated them here,
viz.: the landed interest.
The Railroads of England have been always governed and legislated
overmuch: the railroads of this country on the other hand, are thought
to be oppressed with too much liberty. Both the systems sprung legiti­
mately from the property basis of the respective countries. In England
property in the soil is notably esteemed, its rights held very sacred, and
the interference of railroads with these jealously watched. In the United
States the right of property does not overshadow other rights, land being
as yet comparatively cheap and plenty. The Railroad legislation in Eng­
land has been cdrrespondingly cautious, suspicious, cumbersome and cost­
ly. In the United States it has been liberal and easy. But in England
the difficulties and cost o f legislation were more than counterbalanced by
the copiousness of capital, while-here pretty much all the difficulty in the
construction of railroads has consisted in the deficiency o f capital available
to this purpose.
The railroad interests of the two countries are not bom, therefore, in all
respects of similar circumstances: they are in some respects exceedingly
dissimilar. They are similar as securing advantages which we hardly
know how to dispense with now that they are known to be within the
reach of certain mechanical arrangements which have their price; but
they are dissimilar, as resting in the one case on a dense population with
a ready made business eager to take advantage o f them, and in the other
case on a comparatively sparse population, not possessed of present busi­
ness sufficient to remunerate such undertakings, but confident o f the rapid
creation, by the opening o f the railroad, o f sufficient new business to make
that remuneration certain.
Eailroads here are consequently built on the cheapest possible plan.
To get them afloat is the problem. Once afloat, and with rare exceptions,
they will not have long to wait for a full cargo. Let us look at some of
their objectionable features, so called, and understand whether all of the
abuse heaped on them is well deserved.
The popular outcry against railroads may be referred to two points,
both having reference, real or supposititious, to their money estimation;
the first involves the uncertain value of all railroad securities, whether
stock or bonds; the second grows out of the idea that railroads ab­
sorb so much of the available business capital of the country as to
hamper the ordinary credits applicable to mercantile operations, and
either cause periodical depressions of trade, or exceedingly increase those
depressions when they occur from other causes. Here is a wide margin
of evil which can be figured out against railroads; but all such figuring
as respects railroads requires a wide margin o f explanation to make it
signify the truth. Let us look at the process of railroad making in




Railroad Enterprises and their Detractors.

405

our own country at this time, not at what it may have been ten years
back, or may he in England now. W e refer to the “ ways and means”
o f railroad making and not to the mechanics of their construction.
One of the first steps towards the construction of any railroad is to ob­
tain a certain amount o f stock subscription. This serves as the basis of
all operations for raising m oney; for the stock subscription is never ex­
pected now-a-days to equal the cost of the road. It is neither necessary
nor desirable that it should. It is not necessary, because a certain amount
can be borrowed towards the construction of any railroad with entire
safety to the lender; and it is not desirable, because were such a rule to
prevail, very few railroads could be built.
The stock subscription should bo sufficient to satisfy money brokers
that those living on the line of the railroad have faith in the enterprise,
large enough in amount to serve as a reasonable guaranty to bondholders
that the interest on any moneys lent the stockholders to secure the com­
pletion— and in due season the principal— will be met promptly and with­
out fail; that is to say, the amount o f interest to be paid for money bor­
rowed should always be below the minimum earnings o f the road. The
margin between the net earnings of the road, thus conditioned, and the
amount which these earnings must reach to pay besides a fair stock divi­
dend, represents the risk o f the stock subscribers; referring always to the
third year after the opening of the road, for the first and second years are
years o f probation. There can be no rule in regard to the proportion of the
ultimate cost of any road which should be covered by the stock subscrip­
tions in order to make any bond issues safe ; on some railroads connecting
large cities, bonds might safely be issued to equal four-fifths of the cost of
the road ; on other roads, and particularly on branch roads, if but one-fifth
o f the cost o f the road were met by money procured on bonds, the bond­
holders might not be safe.
But, first, of the stock subscriptions. How are these, for the most part,
obtained in our time ? Much the larger portion o f this stock, indeed all
but the whole of it on some roads, is taken up by parties willing to make
some sacrifice for thesake o f securing the construction of the railroad—
parties who expect to be distinctly benefited by it in their business or in
their property, or in the shape of comfort, help, or convenience of some
kind. Many of such would sacrifice the whole amount of their subscrip­
tions to secure the advantages of the railroad, and are conscious that they
would then be large gainers, and but few of them, if any, look to realizing
any dividends on their subscriptions immediately on the opening o f the
road; they are conscious that a certain time must elapse before the busi­
ness will be sufficiently developed to afford dividends. In other words,
they have foreseen and are prepared for this kind of sacrifice. Their sub­
scription is not worth its face to them, and cannot be for some years,
varying with the position and circumstances of the road. If their stock
cannot be sold immediately at par, they are not therefore deceived; the
loss is more than made up to them in other ways; they secure a sufficient
quid pro quo, and if they dispose of stock at 50 which has cost them 100,
the other 50 has not been lost, and they cannot considerately call it lost.
To those subscribers living along the road or within its business influence,
it has been a most profitable investment, and they have generally senso
enough to acknowledge this.
It is not asserted that this is always the case, nor that all o f those stock­




406

Railroad Enterprises and their Detractors.

holders who are to be benefited in their property by the construction of
a particular railroad, take this view of i t ; but our experience satisfies us
that of those stockholders living along the line of a railroad, most of them
do view their subscriptions more in the light of a contribution to secure
the accommodation they so much need, than of an investment for the sake
o f the usual interest returns ; and of all those who form the original stock­
holders of any railroad project in our time, there cannot be many who ex­
pect dividends immediately on the opening of the road; there are proba­
bly but few who do not subscribe to the project either in view of some
benefit direct or indirect to their business interests or their property, or
from a laudable desire to contribute their part towards the obtaining a
great public convenience for their city, village, or neighborhood, without
other consideration of profit or return.
But it will be said that if any have been induced to subscribe to the
stock of a railroad by representations of the large and early dividends to
be derived from it, the holders out o f such expectations deserve censure.
There can be no difference of opinion on this point; yet it may be said in
extenuation even o f such instances, that whatever may have been said to
parties to induce them to subscribe, it is very questionable whether many
of them did subscribe in any such expectation. It is much more certain
that a large majority of the stockholders subscribe in the interest solely
o f having the railroad built, and because it is valuable and desirable to
them on all sides.
Such being the case, when we see stock on which 100 has been paid
selling at 75 in the money market, there is no propriety in instancing the
difference of 25 per cent as so much money lost. In the case of the
original holder it may have been, as we have seen, the best investment he
ever made. So soon as it has passed from the original holder into sec­
ond hands, freely bought to be as freely sold, it has become an article of
merchandise— sometimes up, sometimes down— making money to one
holder and losing it to another.
But when the aggregate loss on any particular railroad stock, after it
has passed from the original stockholder, is greater than the aggregate
gain, that loss may and frequently will fall on a community which has
not received the same degree of compensating advantage as the original
holder o f the stock resident within its influence; nevertheless, the com­
munity receives an advantage much exceeding any such loss; and the
buyer at second-hand, if he gets scorched, does so in the ordinary man­
ner of business applicable to all the classes of ventures in which he deals,
where the losses have to be set against the profits, and the latter in the
long run generally predominate.
The comparing price of the stock which has found its way into the
common market is not, therefore, its face value, but it is the price which
the second hand paid for it. The loss to the first holder has been com­
pensated for. If he has sold the stock at 50, 50 is the price which it has
cost in the money market. The second holder loses money, if he sells
below what he paid for it, and gains, if he sells above— whether he paid
75, 50, or 25— and not otherwise.
How much money has been well lost by communities, is worthy of re­
minder. When an individual risks an investment in something new for
the sake of largo profits expected, he is called enterprising if he succeeds,
and if he fails, the loss and experience is quietly accepted of. W ith com-




407

Railroad Enterprises and their Detractors.

munities, the success produces unreasonable rejoicing, and the failure,
noisy and unreasonable condemnation.
But though such a failure may
be attended with present loss of money, it may he a failure in no other
sense, and may have laid the seeds o f most valuable future fruit. The
benefit may indeed fall to the friends and neighbors o f the investor as
much as to the man himself, and he may turn out an unintentional means,
with others, of introducing some great public instrument o f wealth.
How much money was lost by the early promoters o f the steamboat
and the steam-engine ? How much money was lost and risk encountered
in the course of the introduction and improvement of printing? How
much money and labor, both of mind and body, have been expended in
the prosecution of voyages and discoveries into new and unknown coun­
tries ? How much money and labor are all the time being lost in our
own country by the pioneers o f the Western Territories, pressing forward
with a zeal which we cannot understand, to reclaim iands which they
leave others to profit by ? Yet, have not all these moneys and toils been
well lost, and do we not point gratefully to their results ?
The money lost by railroad subscribers, whether they so apprehend it
or not, is lost in advancement of another step in the progress of civiliza­
tion as important as any o f those we have alluded to, if we except the in­
vention of printing.
But the loss here, when it amounts to such, is not borne with resigna­
tion. Swindling, cheating, deceiving, are epithets very freely applied to
railroad transactions which have not turned out profitable to their share­
holders.
There would be no propriety in defending the discreditable arts which
have sometimes been employed to induce persons to become shareholders
in certain railroads; but it should be remembered that the investor in any
such stock owes it to society, as well as to himself, to inquire with care
and caution into the condition and chances of the road he proposes to in­
vest in, not trusting entirely to the statements o f the officials of the road,
and that if he neglects this plain duty, he gives vigor and confidence to
the opportunities o f some evil-disposed adept in its affairs who would not
otherwise have been tempted to offend, and is thus frequently the heed­
less cause of that loss o f which he afterwards so unconsciously complains.
After stock subscriptions, the next step in the process o f financiering for
railroads, is that o f issuing bonds— in other words, borrowing money on
the pledge of the railroad works and properties, in their finished or unfin­
ished state.
Bonds may be called a convenient form o f preferred stock, entitled to a'
fixed dividend. They are a safe investment— irrespective o f outside in­
dorsement-— when the net earnings o f the particular road, after making a
proper allowance for renewals, is fully sufficient to pay regularly the in­
terest on its bonded debt. This is said o f the aggregate of the bonds, for
certain portions of them are generally, from priority of mortgage, made
safer than the other portions.
O f the bonds, some are made all but entirely safe by being indorsed by
a State, or by a city, or by a county; but a large portion rest simply on
the credit, property, and prospects of the railroad itself; and many of
these last only after the preferred issues of a first and second mortgage,
as well as the State, city, and county bonds issued, have had their condi­
tions complied with.




I .

408

Railroad Enterprises and their Detractors.

The State bonds o f this description may be said to be always safe and
convenient securities. The city bonds are safe, but not so negotiable; the
county bonds are about as safe as either, but not so easily negotiated as
the two first.
There may be instances o f counties guarantying bonds that have not
yet attained sufficient strength to guaranty anything ; but we do not know
of any such, and if any money broker negotiates county bonds without in­
quiring sufficiently into the standing and debt of the county, he is dealing
unfairly by the purchasers. If any man invests in bonded securities that
are worthless, the fault is with himself. If he cannot obtain reliable in­
formation in regard to the character of the road, its indorsers, and its
probabilities, he had better let it alone and invest where such information
is obtainable.
County bonds will always stand lower than State or city bonds, from
the trouble attending an investigation into the character and condition of
the different counties.
The safety of all o f these bonds is of course measured, too, by their
relation of mortgage to the road ; the last mortgage on the road runs
the greatest risk and the first the least, but these matters are pretty well
understood.
A low market price o f any o f these three grades of guarantied securi­
ties, though it may affect inconveniently, for the time being, the opera­
tions of lenders and borrowers of money, forms no just cause of complaint
against railroads, so long as the interest on these bonds is regularly met,
and the railroad is competent to meet the principal at maturity.
A railroad bond is not o f the character of a bank note, and cannot
maintain constantly the same nearness to its standard value. It is not
payable on demand at the counter o f the railroad company, but it is only
payable after a fixed and distant date, and if that payment be duly made,
and the interest met semi-annually, the railroad company has fulfilled en­
tirely its engagement to the holder. The railroad companies cannot con­
trol the fluctuating- prices of their securities. These are dependent on cir­
cumstances beyond their reach, dependent on the laws, tricks, and acci­
dents of outside mercantile and banking operations.
But take the quotations o f such securities during a depressed state o f
the money-market— good bonds guarantied by a State, city, or county,
selling at 90, 80, or 10. A t first blush the loss is alarming, and argues a
want o f confidence in the particular roads. But this is not necessarily s o ;
no more than a low price o f flour argues that flour to be bad. There
may be 50 per cent of difference in the cost of the same brand of flour at
different times, the low price being o f as good quality as the high. So of
the ordinary guarantied securities of railroads. The low priced security
may and generally does meet its engagements as regularly as when it
stood highest on ’Change. The necessities of the holders are the cause o f
the sacrifice in price.
But such quotations want explanation on another point. State bonds
have generally cost the holder the face price o f the bond, or something
more, but city bonds and county bonds are more frequently disposed of
by the railroad companies at less than their face, at 95 to 80, and some­
times to 70. In judging of the real loss on these bonds, therefore, we are
to pay no attention to their face value, but to what they cost the first
holder. If he got them for 80, he cannot lose on them unless he sells




Railroad Enterprises and their Detractors.

409

them below 80. So o f all other classes o f railroad bonds which have not
been guarantied by a city or county, termed ordinarily construction or in­
come bonds. These bonds have not been sold by the railroad company at
their par price— they have been sold at from 90 to 80, or less, and how­
ever the stockholders o f the railroad may suffer by such sacrifice, increas­
ing thereby the total cost o f their road, and lessening their prospects of
early dividends, the outside public does not shoulder the loss. The bond­
holder cannot lose until he sells his securities for less than they cost him,
and then the company have nothing to do with the loss, while its engage­
ments to the holder have been regularly fulfilled. Taking the rises and
falls of the market, the bondholder sells more often above than below what
the securities originally cost. The true par value o f these securities in the
money-market is not, therefore, their face value, as is so commonly as­
sumed, but their cost value to the first holder. W e speak, of course, of
bonds whose interest is regularly paid. Where the interest is not sacredly
paid, the transaction is so disreputable as to disgrace not merely the di­
rectors of such a road, but all the stockholders who permit, at any sacri­
fice, such repudiation. It is unfortunate that such disgrace is not confined
solely to the parties who are at fault, but more or less taints, when it oc­
curs, the entire railroad interest o f the country, depressing their securities,
increasing their cost, and embarrassing their progress accordingly.
But the amount of railroad bonds on which the interest is not paid is
comparatively small. So far as we can ascertain, they do not exceed twen­
ty millions of railroad securities, which, out of a total of at least three
hundred millions, is, considering the temptation to obtain money in this
way, a very moderate proportion.
During a prosperous period of trade, when all interests are doing a
profitable business, the selling prices of the various railroad bonds might
form a fair test of their relative esteem in the money-market, but during
a depressed condition of trade, we see that other circumstances than the
prospects of the particular railroad govern the prices of their securities.
A large amount of the bonds o f any road thrown on the market at such
a time will sink the price o f these bonds without regard to their true value
and standing; the road may be a good one, and the interest may always
have been paid, but if there are more bonds for sale than there are pur­
chasers of that class of securities, another class o f capitalists has to be
tempted to buy them by their being offered at an unusually low price—
the necessities of the holders of the bonds depreciate at such times their
selling price, which has no reference then to their true value, and though
this is more particularly observable of times o f depression, it may lead
measurably to the same kind o f effect at any other time.
The money properly available for investment in railroad securities in
ordinary times of good business prosperity, has its limit, and it is no evi­
dence of that limit having been passed that those securities sell below par
in a time o f depression. If this be any proof at such times that railroads
have absorbed more than their rightful share of the available capital of
prosperous times, it is equally a proof that all other descriptions of trade,
business, or corporations are in the same predicament; for the securities
of all of these, in whatever shape they present themselves for conversion
into money, are below the par o f prosperous times— have, in other words,
to be disposed of at some sacrifice.
There must be some other test than this of the alleged undue portion of




410

Railroad Enterprises and their Detractors.

capital which railroads may absorb in ordinary times to the detriment of
the other interests o f the community.
W e suppose that the best-applied portion o f the capital o f any country,
is that large fraction of it which has the conditional advantage o f being
applied under the eye of the owner. This is not the case with railroads,
whose capital must always be superintended by delegated authorities.
The first-mentioned portion of capital is not, therefore, drawn off to rail­
roads or any other kind of corporate investments, for the reason that the
returns from these are comparatively inferior and unsatisfactory. Nor can
much of the banking capital b& of use to railroads, that capital being
much more profitably employed on short time in support of the fixed cap­
ital, above alluded to, o f the merchant.
But from the loose capital afloat in prosperous times, for investment or
speculation, partly the swell o f the high profits of these times, and much
o f it attracted from Europe by the tempting opportunities and higher
rates of interest here, railroads no doubt derive those loans w’hich are se­
cured by the descriptions of mortgage bonds already mentioned. This
loose capital would not help merchants so much as is imagined, were it
possible to prevent its application to railroad purposes. It is, much of it,
of that class of money which only comes out in times of entire confidence,
and which fears loans on individual notes as much as it covets to lend on
public securities. It shrinks back, much of it, into the safes, banks, or
pockets o f its owners, in times of discredit or uncertainty. Much o f the
capital on which railroad projects depend is withdrawn from employment
in times such as the present. It is not more at the command o f the mer­
chant or the banker then than o f the railroad company.
The railroads are not absorbing money now, their operations are pretty
much at a stand. The particular class o f money from which they have
been accustomed to borrow is not in the market. A t all events, it is not
to be approached by railroads. They cannot disgorge as readily as is de­
sirable what they have absorbed, but this is not because their securities
are intrinsically bad, but because the capital is not in the market where­
with to purchase them. There is more cash wanted now by business men
that there is cash to loan. The railroads take none of it. They cannot
compete with the merchant in borrowing money. The mass of the capi­
tal from which this and other interests were ere while supplied is absorb­
ed in strictly European requirements. The war takes up much more
within the same interval of time than the railroads ever could obtain. The
railroad expenditure during the last year is estimated at one hundred and
twenty millions of dollars, o f which seventy millions may have been fund­
ed debt. But the expenses of the war for the year that is passed are es­
timated to exceed four hundred millions. It is obvious that while the war
lasts there can be little chance o f railroads borrowing money as hereto­
fore, except at a ruinous sacrifice. It does not take a very large with­
drawal in amount of the capital applicable to current business operations
to embarrass these. The war requires an amount of capital on any terms,
which cannot be supplied without affecting very disadvantageously all the
various interests here whose progress depends more or less on money ac­
commodations.
But as regards the merchants, many of whom complain so much o f rail­
road speculations, the banks which accommodated them before have the
same basis of capital still. They are not discounting to anything like the




Railroad Enterprises and their Detractors.

411

same extent as in good times, but it is not because any part o f tbeir ac­
commodation is now transferred to speculative enterprises so called. It is
because they do not feel safe to extend the same accommodation to any
class. Railroads suffer from this state of affairs, they have not been the
cause of it. The truth is much nearer the opposite view o f the question.
The merchants in their eagerness to extend their operations during profit­
able seasons have exceeded the capacity of their customers, have over­
traded, have received too large stocks of goods, have in consequence sold
and credited too freely. Their purchasers having repeated the same in­
discretion in a smaller way have not paid their debts and notes in season.
The merchant has consequently become embarrassed, and embarrasses
others. The evil extends from house to house. The banks fear to dis­
count. A want of confidence spreads everywhere. Commercial distress
exists, and the railroads are borne down with the current. This natural
overtrading of good times, combined with the withdrawal of capital by
the occasions of war, has led to the present crisis; but in the present in­
stance, that crisis and all our moneyed distress would seem to be attrib­
utable much more to the European war than to our overtrading. In any
case, when this dilemma overtakes men, the merchant seeks to dispose of
the investments made during his period o f overflowing pockets, in railroad
and other securities, and when he cannot do this except at a sacrifice he
abuses, not his own imprudence, but the names of the securities which
cannot now be made to represent cash.
Have we no bad failures of banks, of manufacturing companies, of indi­
vidual merchants and traders? Do we not occasionally come across disre­
putable disclosures in regard to the management o f their affairs corpo­
rately and individually ? Are railroads alone exposed to the conspiracies
and frauds of unprincipled men ? Unfortunately this is not so. The men
who compose railroad directories are neither better nor worse than the
average business men of the community. W ith the exception of the pre­
sident they receive no pay for their labor, and cannot be expected to give
much time to a comparatively unprofitable duty, when every hour of time
which they can devote to their proper business is worth gold to them.
They can only make their business as directors very secondary to the
more necessary duties of their particular callings. They cannot possibly
understand, except cursorily, a tithe o f the matters brought before them
as railroad directors, and their great dependence must ever be on the rec­
titude and capacity of the president and the leading employees of the
road. When they have exercised a sound discretion in choosing these,
and continue it in occasional consultation with them, they have done all
that can be expected o f them, all that, as a rule, they are ever likely to
do, and all that, considering the impossibility of making themselves pro­
ficients in railroad matters, it is generally desirable that they should do.
If the men so chosen to conduct the affairs of the road fail occasionally,
or sometimes entirely falsify the intentions and expectations o f the direc­
tors, this is a misfortune of our common humanity, and not necessarily
the result of the board of directors not having performed its duty. W e
have known such things to happen under directors composed o f some of
the most reliable men of the country.
W e have no idea of the amount of capital which the entire business of
the country requires, and applies in seasons o f fair profit, but we feel satis­
fied that during such seasons the railroad interests do not intrench inju-




/

412

Railroad Enterprises and their Detractors.

riously on the necessities of the merchant and trader for reasons already
given.
But, under any circumstances, looking at all the incidental sacrifices, or
evils, if the word is preferred, which the community incurs by the prose­
cution of railroads, is there any man that would considerately desire their
extinction, or would stop their further extension lest unhappily certain
grievances or losses might occasionally result from their encouragement ?
What have railroads cost the community, and what have they bestowed
on it ? Consider the sluggish state of our communications under the old
system of post roads and stages. W hat amount o f the present supplies
which pour into New York, and Boston, and Philadelphia, could have
reached those cities under the old system ? All the wagons and horses of
the country could not deliver or remove one-half of the produce and mer­
chandise which the railroads transport now so easily and swiftly, and with
such comparative safety. But few men could afford the time, if they had
the money, to know the country as it now stands without the aid of rail­
roads. They are a source of the greatest economy, convenience, and com­
fort in Europe; but here, in addition to all these, they may be said to be
a necessity of our situation. The counfty cannot be grasped without
them. The great seaboard cities would be shorn of three-fourths of their
sources of supply without them. The evils that are incidental to their
construction, perfection, and management, are trifles compared with the
strength and assistance which in innumerable ways they have conferred
on us. It seems a work o f great supererogation to defend such a prolific
contribution to man’s control over the surface of our globe from the un­
reasonable attacks which its imperfect agents may have drawn upon it.
The whole landed interest which, in the origin of railroads, stood aloof
from them in a spirit of blind littleness, to contend against interference
with established fences— the inconvenience o f dividing pastures— the dis­
turbing the ruminations of fat cattle, &c.— the impossibility, in other
words, of its recognizing a benefactor in any instrument which condition­
ed any kind of preliminary inconvenience : thus landed interest in our
country has at length got to be clamorous as other interests for that ac­
commodation which so palpably and in so many ways benefits it. The
true value of all lands within the influence of railroads has increased won­
derfully, and it has been estimated that this enhanced value, this enhanced
capability o f applying these lands profitably much exceed in amount the
cost of our railroads. The landed interest alone, had it been possible to
charge it with the benefits o f the first five years of railroad accommoda- ,
tion, could have well borne the burden o f their construction profitably :
but this equitable adjustment o f the benefits of this new machine is of
course impossible. The beneficiaries comprehend now-a-days every spe­
cies of employment: the landholder and miner may be the first recipients,
but the manufacturer, and the merchant, and all classes o f the community
are, in that respect, in close proximity.
The steam-engine was not elaborated in a day. W att devoted a life­
time to it, and although he has been followed by devotees not unworthy
o f him, the machine continues still in the course o f improvement. The
details of a railroad have not had the advantage of the same cautious preli­
minary studies as the steam-engine, weighing carefully each step before it
has been ventured upon. The impatience o f our need has required it in
its crudest shape, in any shape indeed in which it could be had. Minds




M oney.

413

not trained to understand its clock-like attributes have been called upon
to supervise it. The machine has gone through all stages o f awkwardness,
and its operators have been forced to feel their way through a most un­
comfortable experience. Time has never been allowed to perfect either
the one or the other in our country, and the wonder rather is that the dif­
ficulties, and accidents, and failures of untaught officials should not have
accumulated a mass of confusion to our entire discouragement. W e have
shaped our way through these difficulties, and all this hasty application of
a new power with wonderful aptitude for the work, bending to its require­
ments, remedying our own faults o f workmanship, getting to understand
our ignorance and the rigidness o f certain o f its principles, but never fail­
ing to keep advancing, and to hold the machine in the best state of ad­
justment which the circumstances permitted.

Art. II.— M O N E Y .
CHAPTER III.

i

H a v i n g thus examined the doctrines of the most distinguished founders
of the English politico-economical school, we may now proceed to a simi­
lar examination of those of some o f the recent French economists, all of
whom, as will be seen, follow in the same path. Among the most distinguislied of these is the late M. Bastiat, by whom we are told that “ it is
quite unimportant whether there is much or little money in the world. If
there is much, much is used, and if there is little, little is required ; that
is all.”'— Maudit Argent, p. 56.
This is but a repetition of the ideas of Hume and Smith, and, as in their
case, it is opposed to the common sense of mankind. It was, indeed, the
object of the tract from which the above extract has been derived, to prove
that men had always been in error in supposing that money was wealth,
and that “ the real wealth ” was to be found “ in the abundance of things
calculated to satisfy our wants and our tastes,” and not in the possession
of the machinery by aid of which those things were exchanged. Money
is, however, quite as well fitted to satisfy both “ our wants and our tastes,”
as is a ship, a railroad, a w’agon, or a mill, yet the author of that tract would
certainly have deemed it very extraordinary if any one could have been
found to deny that they were quite as much wealth as the bale of cotton
carried iff the ship, the load o f wheat raised on the farm, or the package
of cloth sent from the mill. The ship, the road, the mill, and money, are
all portions of the machinery of exchange required by man, and among
them all there is none that performs so much service at so little cost as
the last— none whose possession is so essential to that combination o f effort
wdiich distinguishes civilization from barbarism— and hence it was that
M. Bastiat had occasion to discover, as he supposed, so much error in the
common mode of thought in reference to it. Among the whole community
for which he wrote he could not have found even a single man who did
not connect the idea of increased life, activity, and motion, with increase
in the facility of obtaining money— and motion, as we all kqow, gives
power. Every farmer in France knows well that when money is plenty




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M oney.

his produce moves rapidly from his hands, and that he is thereby enabled
promptly to purchase clothing, manure, and improved instruments o f cul­
ture— and that .when it is scarce he has to wait for purchasers, while the
clothier, the collector of manures, and the maker of plows, haye to wait
for him. Every laborer knows that when money circulates freely he can
sell all his time, and that then he can be a good customer to the farmer;
whereas, when it is scarce he is forced to w'aste a large portion of his time,
and that then his family suffers for want o f food, while the farmer suffers
for want of a market. Men, as well as animals, have instincts, and when
philosophers are led to teach that which is opposed to all that those around
them are led naturally to believe, it is . because they study nature in their
closets, and not in her own great laboratory.
O f the then very recent discovery of gold in California, the same author
says:—
“ I do not believe that it will add much to the comforts, conveniences, or enjoy­
ments of mankind at large. If the gold of California does nothing but replace
in the world that which is lost or wasted, it may be of some advantage. If it
augment the mass, it will depreciate the whole. The gold seekers will be richer,
but those who are already in possession of gold will obtain a smaller amount of
conveniences and comforts for an equal sum. In that I cannot see an augmen­
tation, but a displacement of wealth.” — Ibid, p. 42.
Here, as is seen, is a distinct denial that increase of wealth results from
increase of money. The inconvenience to the possessor of capital existing
in the form of money, or of securities bearing interest, is insisted upon,
although it is precisely the same that occurs to the owners of all other
capital as the facility of reproduction increases— the capitalist obtaining a
smaller proportion of the product of labor, and the laborer retaining for
himself a larger one. Had the emigrants to California, in place of gold,
discovered ready-made axes, spades, or plows, M. Bastiat would unques­
tionably and at once have seen that great advantage must thence result to
society at largo, notwithstanding the tendency of the discovery to lessen
the value of all existing implements of those descriptions. He could not,
however, see that any benefit could result from the discovery of enormous
quantities of another ready-made instrument— the greatest of all the la­
bor-saving machines in use by man— provided by the Creator for bringing
together the labor of hundreds, thousands, and hundreds of thousands of
people, and then dividing, recombining, and again dividing and subdivid­
ing them, so that o f the thousands and tens of thousands each might
readily*obtain his share o f the product of the labor o f all. The people to
whom our author addressed himself proved, by the very error he desired
to correct, that they had a more accurate idea of the important functions
performed by the precious metals, than he himself possessed. Had he
given the subject more careful attention he could scarcely, with his acute
mind, have failed to discover that throughout the world nations are every­
where suffering great inconvenience for want of the very instrument he so
little valued—-that everywhere men are forced to resort to the primitive form
of barter because of the want of a proper supply o f the medium o f exchange
— that labor is everywhere being wasted because o f that absence of mo­
tion so well described by M. Coquelin as existing in France— that
everywhere the man who has money is enabled to make much larger pro­
fits than<he could do were it more abundant— and that he does this at the
cost of the real parties to all exchanges, the producer and the consumer.




Money.

415

Further, had he given the subject the careful examination that it mer­
ited, he would have seen that as whatever facilitates production diminishes
the value of the existing capital, the effect of this discovery must be that
of lightening the burden of debts, public and private, to the advantage
of the tax-payer and the debtor— that by quickening the motion of socie­
ty it tended to reduction in the prices of commodities, to the advan­
tage of public and private creditors— and that thus the interests o f all
were likely to be promoted by what had been done in California. Of all
the discoveries made in our age there is none more equalizing, or more
democratic in its tendencies, than is the one that there was made, and
hence it is, as the reader has seen, that the moneyed aristocracy of France
has been so earnest in its efforts for the exclusion of the cheaper gold, and
for the adoption o f the dearer silver, as the sole metal receivable in dis­
charge of rents, taxes, or interest. Had the quantity of silver increased
in like manner, gold remaining the same, there would have been the same
desire for excluding the former.
The various parts of the world being differently provided with means for
satisfying the wants of man— some furnishing cotton, others wool, sugar,
furs, iron, coal, gold, or silver— it is of the highest importance to man­
kind that the people occupying them should feel the strongest inducements
for so applying their labor as to increase from year to year the supply of
their various commodities. To that end it is desirable that each should
see that if they increased the quantity of that for which their soil and
climate were fitted, other nations would do the same by theirs, enabling
themselves to obtain more cloth, more iron, and more coal as they sent
more cotton or sugar— and this is the great inducement held out by mod­
ern economists when urging upon them the adoption of the system usual­
ly denominated free trade. If, however, the people of Mexico, Peru, or
California study M. Bastiat’s little book, or indeed that of any other mem­
ber of the free trade school, they find that, however true all this may be
in regard to cotton, wool, and other commodities, it is quite untrue as re­
gards gold and silver, and that the only effect which can result from in­
creased effort on their part— or from improvement of their machinery—
is that prices will rise, and that they will be obliged to give two dollars
for a commodity that otherwise they would have purchased with one— and
that it is, therefore, not to their interest to make any exertion to increase
their supplies of the important machinery called money. There is, of
course, no harmony of interests here. Further, they find that it is quite
an absurdity to sujrpose that it is of any importance to the nations of the
world whether or not their systems tend to make among themselves mar­
kets for gold and silver, and thus to cause those metals to be imported for
the purpose of settling the “ balance of trade.” They themselves, how­
ever, look at the question very differently from the economists, and pre­
cisely as do the producers of other commodities: The cotton grower re­
joices in the adoption by the various nations o f Europe of a system
tending to produce in their favor a “ balance of trade ” to be settled in cotton,
because he knows that increase o f market tends to give himself increased
power to obtain other commodities for the one he has to sell. The sugar
producer does the same, and so does the maker of cloth or of iron. Each
desires to see everywhere a balance requiring for its settlement a supply
of his commodity, and that it is to the interest of the gold producers that
such shall be the case with all the nations of the earth no one can doubt.




416

Money.

They need a larger market for their products, and in order that they may
have it it is required that more of the nations shall become rich enough
to purchase gold and silver to be used as money, or to be applied to the
various purposes for which they are used in the arts— that is, that more o f
them shall have “ the balance o f trade ” in their favor. It is, of course,
desirable to them to see and understand by what process it is that certain
nations have been enabled to qualify themselves for being good customers
for the commodities they have to sell, and when they come to do so they
find that every one in Europe that has done so has done it by help of
measures looking to bringing the producer and the consumer together—
to w it: England, France, Belgium, Germany, and Russia— all of which
have protected their farmers in their efforts to bring the loom and the an­
vil to take their places by the side of the plow and the harrow.
Looking next to those countries that cannot afford to buy gold or silver,
they find them invariably to be those wdiich have pursued a policy causing
the balance of trade to be adverse— requiring them to export the precious
metals they previously had had, and thus rendering them competitors in­
stead o f customers— as, for instance, Turkey, Italy, Portugal, Ireland, In­
dia, and the West Indies. Looking next to this country, they see that
whenever we pursue the policy which looks to increasing the variety of
employments, we are good customers, whereas, whenever we pursue that
which looks to converting all our people into farmers or planters, we too
become competitors, forcing out our stock of gold and silver to Europe,
thus interfering wdth them in that market, and lessening the demand that
otherwise would there exist. Studying next the doctrines of M. Bastiat
on the subject of trade, they would find him advocating the policy pur­
sued by Turkey, Ireland, and India, none o f which can buy gold, and de­
nouncing that of France, Germany, and Belgium, all o f which can b u y '
gold and silver, and can thus contribute towards the development o f the
treasures o f the earth. The result o f their examination would be to
satisfy them that however “ free trade ” might operate in regard to other
countries, their ow7n interests would be greatly promoted by the adoption, in
all the countries in which it does not exist, of the system denounced by
most of the modern economists, followers in the school o f Hume and
Smith.
The harmony of true interests among men and nations is perfect, and
M. Bastiat is perfectly right in denouncing the idea of Montaigne that
“ the profit of one is the loss of another.” That, how'ever, is precisely his
idea in regard to the money-producing countries o f the world, for he says
to them— “ The more money you send us the better it is fo r us, as it enables
us to have more gold and silver spoons, forks, and knives, but the worse it
is fo r you, for w7e shall give you no more cloth or iron for the large quan­
tity than w7e now do for the small one. Labor as you may— be as indus­
trious and prudent as the people o f Scotland— accumulate capital and im­
prove your machinery to what extent you will— but do not expect to de­
rive benefit from so doing, for w7e will raise our prices to the full extent
that you increase your supplies of money, and the benefit of your in­
creased efforts will enure to us and not to you.” Happily, there is in all
this not even the shadow of truth. Money is a part of the machinery of
exchange that tends greatly to the increase o f production, because it pro­
motes combination o f action, and this it does to so great an extent that
the prices of commodities tend to fall as the supply of money increases,




Money.

417

and thus it is that the gold and silver producing countries o f the earth
are, or should be, enabled to participate with others in the profits of their
own labor. That they now do so to so small an extent is due to the fact
that everywhere the trade in this most important commodity has been
made the subject of regulations tending to diminish the utility of what
has been accumulated, and so far to increase its value as to diminish great­
ly the power of the people to purchase more, and thus to offer to the gold
and silver producing countries new inducements for exertion. This has
been particularly the case in those two countries o f Europe, France and
England, by which other nations have been, and are now' being, taught the
absurdity of looking to the question whether their systems do or do not
tend to the production of a favorable balance o f trade by which to enable
them to be good customers to the men who produce the precious metals.
In both, the whole trade in money has been, and is, placed under the con­
trol of gigantic institutions that lock up in their vaults hundreds of mil­
lions of coin, by way of preparation for crises that they themselves inva­
riably produce, and by which the power of association among the people
dependent upon them is greatly diminished, with corresponding diminu­
tion in the power of production and in the uses for those metals. The
teachers of free trade commence thus with monopolies in the trade that is
of all others the largest and most important, for every contract o f any
kind that is made involves a double contract for money, to be received on
one hand and paid on the other. By so doing they produce revulsions
so serious as to force all other nations to the adoption of measures of pro­
tection against t]jeir consequences.
The doctrines o f M. Bastiat are totally adverse to the idea o f any har­
mony of interests between the countries that do, and those that do not
produce gold and silver, and for that reason alone, were there no other at
present obvious, we might safely venture to pronounce them altogether
unsound; for in the true interests o f nations and individuals there is every­
where perfect harmony.
In his recent work, D e La Monnaie, M. Chevalier says that “ money is
indispensable to man from the moment of his living in society,” and that
“ gold and silver have, from the earliest period, been chosen for the per­
formance of its functions” as satisfying more perfectly than any other
commodity the conditions required for a medium of exchange; and he
lays it down as a principle, that as in the case of all other commodities
and things useful to man; “ the diminution in the cost o f producing the
precious metals tends to the advancement of civilization.” The only form,
however, in which its benefits would be exhibited would, as he thinks, be
“ in an increased facility for obtaining ornaments or utensils of gold or
silver, or plated with those metals.”
In all the transactions of life, everything would remain the same, except
that their amount being doubled, twice the quantity would have to be
given for the same commodity, prices o f all things having increased in
the same ratio, and this, so far from being an advantage, would prove— so
far as regards foreign commerce— a disadvantage. The foreigner would,
as he thinks, “ deliver his merchandise at the price of the country, while
continuing to take that of the country at its price in the general market
o f the world; and under these circumstances, a nation would transact its
VOL. x x x i i .— n o . iv.
27




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M oney.

business in the style of the great lord, who, for a wager, sold on the Pont
JVeuf, a piece of six francs for twenty-four sous.” P. 375.
W e have here again the doctrine of Hume, Smith, and o f almost all
other writers on this subject, and yet the world presents no single country
in which such has been the course of affairs, nor is it possible that any
one should exist. The people who produce money sell it, and do not give
it, and they desire to sell as dearly as possible, and those who get it can
do so only by supplying cheaply the commodities required by those who
have it to sell— and more cheaply than any other country is able or
willing to do.
If the effect produced were such as is here supposed, we should see a
rise of prices in the countries to which gold goes, followed by a transfer
o f trade to other and poorer countries. So far, however, is this from being
the fact, that with all the gold that has for so long a period been sent to
England, her power to command the trade o f the world has steadily in­
creased, and to such an extent that no nation now competes with her for
the purchase of gold and silver, except those wdiich have protected them­
selves against her system. The wool of Germany wras irresistibly attracted
to British looms, and the more perfect the power of Britain to command
the gold trade of the world, the greater was the attraction ; and so with
the cotton of our Southern States. The land and labor of that country—
the non-exportable commodities— rose, but food and clothing, plows and
steam-engines, became cheaper, as with the increase in the quantity of the
machinery of association, men were more and more enabled to combine
their efforts for their production. Money is, as M. Chevalier says, the
indispensable machinery of man in society, and the greater the ability to
command that machinery, the more rapid will be the tendency o f every
community towrards civilization.
The land and labor of France are rising in price, but the power to
command supplies of the precious metals does not diminish with the great
increase of the quantity imported in the last four years. On the contrary,
it increases, because the power of combination among her people is
steadily increasing. So is it in Germany, whose people now receive large
supplies of gold, yet supply themselves with clothing so cheaply that they
have become enabled to undersell both France and Britain in all the mar­
kets of the world as regards woolen cloths. In order that any country
may have the balance of trade in its favor, it must supply cheaply the
commodities required by the people who have gold to sell, and then, of
course, its own people must be cheaply supplied— and it is precisely those
countries towards which now gold most tends that present from year to
year an increase in the attraction o f the precious metals. If we look to
those countries from which they go, and in which the supply declines, we
see that the people are poor, and that all the commodities required for
consumption are dear— a striking instance o f which is given in the re­
cent application o f the Mosquito King for credit at the shops of some of
the Greytown traders to the extent o f twenty-two dollars and a half, to
be applied to the purchase of “ checked shirts, calico pantaloons, and
whisky ”— the price o f which in Germany would not probably exceed four
dollars.
It is the misfortune of the political economy taught in the schools of
Europe that the lessons it inculcates are, almost without exception,
in opposition to the common sense o f mankind. Thus, Mr. Malthus




Money.

419

teaches abstinence from marriage as a means o f improvement; whereas
every man who reads him, political economists excepted, feels that the
greatest security for moral and physical improvement is that which re­
sults from the existence of a state of things tending to the promotion
o f matrimony and the increase of population. Mr. Kicardo teaches that
inequality of condition is a accessary consequence of the growth o f wealth
and population; and yet common sense teaches, and history confirms the
truth of the lesson, that it is as wealth and population grow that the
many who are weak and poor are enabled to combine together and insist
upon a recognition of their rights by the few that are strong and rich.
Hume, Smith, and their successors to the present time, teach that it is o f
no importance whether there be much or little money in a community,
and that the question whether the trade of a country be such as to pro­
mote the influx or efflux o f the precious metals, is entirely undeserving o f
the attention of the legislator; and yet among their readers there is not
even a single one who does not feel and know that with the influx of
money there is increased life and motion, while with its efflux there is a
decrease of both.
“ Where,” says a recent able writer on credit and banking, “ where is it
that even a short suspension o f the enterprises by means o f which wages
are distributed, or a slight increase in the price of food, fails to reduce the
masses of the population to a state of frightful destitution ?” The answer
is, “ nowhere!” That suspension o f motion takes place everywhere as the
supply of money diminishes, because without it combination of action can­
not exist, and without that combination, mills cannot be built, roads
cannot be constructed, labor cannot be sold, nor can trade be maintained.
The power o f accumulation is dependent altogether upon the power of
association. Where the latter exists, the whole energies of the commu­
nity are brought into activity, and all the labor power that is produced
is rendered available for the purposes o f its owner. Where it does not
exist, the power is produced, but it remains unused. What is the effect
of this will be seen if we suppose four hours o f the laborer’s day to be re­
quired for obtaining a supply o f food alone; six for obtaining food
and clothing; and eight for giving him food, clothing, and lodging
— leaving him the rest for the accumulation of capital. In purely agri­
cultural communities, at least half the labor power— or more than these
last four hours— is lost, and therefore it is that accumulation is so very
slow, as is shown in Virginia and in Ireland; and in India, where the w'aste
of power is still greater, and where the tendency is downwards instead of
upwards.
As manufactures take their place by the side of agriculture, there arises
a power of association that brings into activity not only the physical and
mental powers of man, but also the wonderful powers o f the great machine
given to him for his use. W ith each step in the development of those
powers, there arises a demand for every species o f labor— that of the weak
and the strong, the woman and the man, the young and the old, the in­
structed and the uninstructed— each contributing his share, small or large,
towards the accomplishment o f the great “ enterprises by means o f which
wages are distributed.”
In order, however, that they may so combine
their exertions, there must be a medium of exchange infinitely divisible
and universally acceptable, such as is presented by the precious metals,
and by nothing else. Take them away and the power of combination




420

Money.

ceases to exist. Restore them, and the power is restored. Increase their
quantity, and motion increases, and with the increased motion there will
be increased economy of labor power, with constant increase o f force. The
more the power of combined action, the greater is the power to obtain
new machinery— whether in the form o f steam-engines, railroads, or
money— by help o f which further to combine ; and the less their power of
combination, the greater is the difficulty of obtaining machinery of any
kind, and particularly money. For this reason it is that barter is so gen­
eral in all communities that devote themselves exclusively to agriculture,
and that, therefore, are compelled to waste so large a portion of the labor
power daily produced.
The isolated man has to contend alone against the wonderful power o f
nature, and he is her slave ; but as other men come near to him and they are
enabled to combine their efforts, they gradually obtain dominion over her,
and she is made to do their work— and with every step towards utilizing
the powers of nature, there is a decline in the labor value of commodities
produced, accompanied by a corresponding rise in the condition of man.
The precious metals are the machinery for facilitating that combination of
effort that is indispensable to furnishing an instant demand for the labor
power that is produced and that must be wasted unless then profitably
used. Where it can be fully used, all produce and all consume largely,
and the power of production and consumption, in all countries, tends to rise
with every increase o f the money in circulation, while it tends in all to
fall with every decrease therein.
Until, then, economists can prove that the precious metals are not the
“ indispensable ” machinery of combination, they will fail to prove that
the legislator should ignore their existence, and should look with indiffer­
ence upon the question whether his measures will tend to increase or de­
crease the quantity of such machinery at the command of the community
with the management o f whose affairs he is entrusted.
M. Chevalier describes the condition of the people of Western Pennsyl­
vania, as previously exhibited by Mr. Gallatin, himself an eye-witness of
the fact that because o f their distance from market and the bulky charac­
ter o f their products, money was unknown among them, and they were
forced to depend upon barter for the little iron and salt they were enabled
to consume. In this state o f things, the store-keeper makes large charges
for a very small amount o f credit, and the farmer pays interest at the
rate o f fifty or a hundred per cent per annum, all o f which is attributed
by M. Chevalier to “ want of capital.”
The really costly capital, how­
ever, existed in abundance. The land and labor were there, and the fields
yielded largely, while the hills were everywhere filled with coal and iron ;
but there existed none of that diversification o f employment required for
the production of association.
The necessary consequence o f this was, that while capital was being
used in producing labor power, most of it was wasted, and this waste was
carried to so great an extent as to prevent the people from obtaining the
small supplies of money required for the prompt performance of exchanges.
This again rendered them dependent upon the trader, whose profits were
large in proportion, but small in amount; and it is this state of things
that yet exists throughout a large portion of this country, impoverishing
both farmer and planter; and yet it is to this high rate o f profit, accord­
ing to Mr. McCulloch, it is due that interest is here so high. This, how-




M oney.

421

ever, is substituting effect for cause.
The large charges of the store­
keeper are due to the fact that money is scarce, and that the charges for
its use are so great as everywhere to retard improvement that would
greatly increase the quantity of trade, and enable the store-keeper to grow
rich on small profits, instead of remaining poor on large ones. The pro­
ducers and consumers are the real parties to all exchanges, and they are
kept poor by reason of the constant waste o f labor power, and that pov­
erty is aggravated by the unceasing necessity for depending upon barter
at the single store at which credit can be obtained; whereas, if the power
of association existed, by reason of increased variety in the modes of em­
ployment, they could readily obtain the money required for their purposes.
What they everywhere crave is machinery of exchange— roads, mills, and
money— but so heavily are they taxed, by reason of their isolation, that it
is with the utmost difficulty any of them can be obtained. The labor wasted
monthly in every county of the Union would purchase all the money its peo­
ple need; and yet we see them unceasingly paying interest for the use of the
bills of distant and doubtful banks to be used in exchanges among them­
selves, and creating bonds, bearing eight and ten per cent interest, to be
sold at larger discounts, for the purpose o f borrowing other money by
help of which to make roads to facilitate exchanges with distant men.
Money is the one thing that is everywhere needed among them ; and yet
it is the one singled out by nearly all economists as being o f too slight
importance to be worthy the consideration o f the legislator. The larger
their crops, the heavier are freights, the lower are prices in the distant
market to which they are forced to go, and the larger is the price they
pay the trader for credit; and this is the state of things that gives those
large “ profits of capital,” to which Mr. McCulloch and other economists
refer. The “ balance of trade ” is always so much against them, that they
have no power to buy the money they need; and yet if they look to
Adam Smith or to his followers down to the present day, they find that
they would be altogether in the wrong to feel any annoyance at this, and
that even if the little they now have should be swept off from among them,
they would still “ not be ruined,” as they could then resort to the fashion
of earlier times, bartering wheat for salt or iron, or hogs for cloth and
sugar! The common sense of mankind in reference to this matter is a
better guide than the theories of economists.
Mr. McCulloch’s mistake consists in treating of the profits of the trader
and money-lender combined as the index to the profits of capital general­
ly. The same quantity and quality o f land in France or England would
produce to its owner five times as much as it does to the Western farmer,
because he could there, at one-third o f the cost, command the aid of mo­
ney by help of which to make improvements, and could next obtain many
times more cloth and iron for the same quantity o f produce. The profits
of landed capital in this country are everywhere small, because of the
scarcity and high price of that description of capital required for produc­
ing motion among the people who own the land and among their products,
and without which the power of association cannot exist. M. Chevalier,
in like manner, as has been shown, treats of money as if it included every
description of capital, and speaks o f the scarcity o f that particular com­
modity as being “ a rarefaction of capital,” while elsewhere he tells his
readers of the operations of speculators in arresting the fall of prices when
crops are large, in a country in which capital is abundant. This is alto­




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Money.

gether a mistake. Money constitutes a part o f the capital o f a nation, but
capital is not necessarily money, any more than it is ships, houses, lands,
cattle, roads, or steam-engines, and all o f these latter may exist in the ut­
most abundance when prices are low because o f large crops and great
scarcity of money. The bank that discounts a note gives money and
nothing else, and the man who receives interest receives it for the use o f
money, which is a thing differing from all other kinds of capital as much
as does a horse from an elephant. Money moves rapidly from hand to
hand, and it assists in the performance o f the exchange of so large an
amount of property compared with its own actual quantity that it is not
uncommon to hear it asserted that interest is paid, not for the use o f the
money itself, but for that o f the thing purchased with it. That such is
not the fact will be obvious to the reader on an examination of the follow­
ing sketch of the movement of the same sum of money in its passage
through a few operations that might not require more than one, two, or
three days for their performance :—
A lends B $1,000, for which he takes his note hearing interest, the rate
of which is dependent on the abundance or scarcity o f money.
B pays C $1,000 for a house, the price o f which is dependent on the
abundance or scarcity o f money.
G lends D $1,000, bearing interest.
D pays E the same $1,000 for bales of cotton.
E lends it to F on interest.
F lends it again to G, H, and I, receiving higher interest.
G, H, and I pay it to K ; and
K lends it to L.
Here we have the same sum o f money aiding in the performance o f
numerous exchanges, and several times loaned out on interest, but in every
instance it is the money itself that is so loaned, and that bears interest, and
not any other description of capital.
In all these cases where interest is to be paid it is for money lent, and
when the money is not lent but paid, -then its value is determined by the
price of the commodities taken in exchange for it. Money always tends
to increase in quantity, and interest always tends to fall, in countries that
have the balance of trade in their favor, and there it is that production is
large and men are prosperous, because there it is that motion is great. It
always tends to decrease in quantity, and interest always tends to rise, in
countries that have the balance of trade against them, and there it is pro­
duction diminishes and poverty abounds, because there it is that motion
diminishes and the waste o f labor-power is great.
“ Nothing,” says Hume, “ is esteemed a more certain sign o f the flour­
ishing condition of any nation than the lowness o f interest; and with
reason, though,” as he continues—
“ I believe the cause is somewhat different from what is commonly apprehended.
Lowness of interest is generally ascribed to plenty of money. But money,
however plentiful, has no other effect, if fixed, than to raise the price of labor.
* * * Prices have risen near four times since the discovery o f the Indies,
and it is probable that gold and silver have multiplied much more; but interest
has not fallen much above half. The rate of interest, therefore, is not derived
from the quantity of the precious metals.”— Essay on Interest.
The effect here ascribed to increase in the quantity of money' is a per­
fectly correct one. Money raises the prices of labor and land, but its in­




Money.

423

crease tends to lower those o f commodities generally, because it so greatly
facilitates the power of association as largely to increase the power of pro­
duction and consumption, and thus to give value to land and freedom to
man. W ith every step in this direction there is, necessarily, an increase
in the utility of the precious metals, accompanying that decline in their
value which is manifested by a rise o f wages, because the quantity o f
commodities to be moved increases with great rapidity ; and because, also,
with the increase in the reward o f physical or mental exertion, there is
increased power to use them for various purposes in the arts— and thus
does this increase in the demand for them tend to prevent that rapid de­
cline in their value which might otherwise take place. The change in the
rate o f interest in the last century has not been very great, and yet the
supply of the precious metals has largely increased, but with that increase
there has been a still more rapid one in the products of the earth, and
those of the loom, the hammer, and the anvil, requiring to be moved.
These circumstances have, necessarily, been attended with an increased
power to apply the metals for other purposes tending to maintain their
price, thus producing perfect harmony o f interests between the gold-pro­
ducing and gold-consuming countries of the world.
Mr. Hume, however, denies that increase in the quantity of money can
have any effect upon the interest paid for its use, but if he had reflected
more carefully on the subject, he would certainly have seen that with the
rise of wages there must be a constantly increasing facility of accumula­
tion on the part of the laborer, and constantly decreasing necessity for
being a borrower of other people’s money. Further, he would have seen
that precisely as axes, steam-engines, and other machinery are improved
in quality there is a corresponding increase in the facility of obtaining
more, and frequently o f better quality.
W ith every step in this di­
rection, the owner o f axes or steam-engines obtains a smaller 'proportion
o f the product of labor, although the product itself is largely increased,
and that the laborer profits by his power to retain a constantly increasing
proportion of the increased quantity. Thus, when an ax would have re­
quired the labor of a month for its production, and yet be of very inferior
quality, the wood-chopper would gladly have paid half, if not even twothirds, of the produce o f his labor for its use, but now when he can have
a greatly improved ax at the cost of little more than a day’s labor, he will
not, if compelled to borrow one, allow for its use more than one-tenth of
the product, greatly as that has been increased by the superior quality of
the instrument now in use. For the same reason, he would allow to the
owner o f gold and silver pieces, a smaller proportion of their value as
compensation for their use, when he could with a week’s labor lay by more
shillings than in the days of the Plantagenets he could lay by pence.
Value cannot exceed the cost o f reproduction, and as that declines inter­
est necessarily declines, and nothing can be, as Mr. Hume says, “ a more
certain sign of the flourishing condition of a nation than a low rate of in­
terest,” when that low rate is common throughout the community, and is
not the product o f regulations tending to impede the communication be­
tween the owner of money and him who desires to use it— as is to so
great an extent the case under the monopoly power o f the Banks o f Eng­
land and France.
The causes of a high rate o f interest are, as he informs his readers,
“ not the scarcity o f gold and silver,” but “ a great demand for borrowing,




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M oney.

little riches to supply the demand, and great profits arising from com­
merce.” It is under these circumstances, certainly, that interest is always
high, and they are found invariably to exist in all those countries which
have the balance of trade with the world against them, and cannot, there­
fore, obtain or retain a proper supply of the great machinery of associa­
tion called money. The few who have it obtain great profits, and the
many who have it not are kept poor— and, as a necessary consequence,
there is “ great demand for borrowing ” and “ little riches to supply the
demand,” precisely as we see to be the case throughout this country at
the present moment. Low interest proceeds, as he says, from there being
“ a small demand for borrowing, great riches to supply the demand, and
small profits arising from commerce.” When money is abundant, the re­
ward of labor rises, and hence it is that there is, under such circumstances,
a diminished necessity for borrowing, while the trader finds a daily dim­
inution of his power over the producer and the consumer, who both grow
rich because of their increased power to retain in their own hands the
products of their labor. When money is scarce, merchants become princes,
but when it abounds, there is a daily increasing tendency towards the ele­
vation of the men who labor to an equality of condition with the trader,
who lives by the labor of others.
Adam Smith’s doctrines on the subject of interest were precisely the
same that have since become so famous as put forth by Malthus and Ricardo. “ When,” as he says, “ the most fertile and best situated lands
have all been occupied, less profit can be made by the cultivation of what
is inferior both in soil and situation, and less interest can be afforded for
the stock which is so employed.” (Book i., chap. 9.)
Unfortunately for this theory, the facts are directly the reverse. The
first poor colonist commences, invariably, with the poorer lands, and it is
only as he obtains improved machinery that he is enabled to cultivate the
richer soils— and it is precisely as he does this that the rate of interest
falls. The larger the return to labor the greater is the facility for obtain­
ing money by which to circulate its products, and the rate of interest
tends necessarily to decline with every increase in the power o f obtaining
the commodity for whose use it is paid.
The erroneous theory o f Dr. Smith on this subject led him, necessarily,
into many contradictions of himself. Thus, after assuring his readers that
interest falls in countries growing in wealth and population, because of the
steadily increasing necessity for applying labor to the cultivation of poorer
soils, he tells them that it is in countries in which the wages of labor are
low that interest is high, as in Bengal, where the farmer pays forty, fifty, or
sixty per cent; or as it was in Sicily where Brutus was content with
claiming only forty-eight. It is difficult, however, to imagine anything
better calculated to produce these low wages and consequent high interest,
than the circumstances described by Dr. Smith as invariably accompany­
ing the growth of wealth and decline of interest— the steadily increasing
necessity for applying labor to soils yielding from year to year less in re­
turn to labor. To look, however, to either Hume or Smith- for consistency
in any portion of their works in which they treat of money, would be as
much labor lost as would be the search for it in the works of Ricardo and
Malthus treating of the growth o f wealth and population.
The error of all these economists is that they do not see that the same




Money.

425

laws apply to all the machinery o f commerce and exchange. The wagon
enables its owner to combine the labor o f his horses and himself with that
o f certain natural agents, and thus to render his own labor more produc­
tive. The ship is preferable to the canoe because a dozen men are enabled
to combine their efforts, and thereby to call to their aid certain forces ex­
isting in nature, by which the labor of those few men is rendered more
efficient than would be that o f a thousand navigating the sea by help of
canoes. So is it with railroads, mills, and all other machinery, all of which
are useful to the extent that they enable men to combine their efforts for
the promotion of the general good. Of all this machinery there is, how­
ever, none that so much promotes combination of action as does money.
It is the one thing that is “ indispensable,” and therefore it is that we find
even Mr. Hume forced, in opposition to his theory, to admit that when­
ever it flows into a country it gives new life and motion to society— where­
as, whenever the outward flow is such as to cause diminution o f quantity,
motion diminishes, and poverty, wretchedness, and death take the place o f
prosperity and life. It cannot, however, come in, unless there be in favor
o f the country “ a balance of trade,” requiring to be paid in those metals.
Nor can the quantity increase, unless that balance be greater than the
amount of the annual consumption for other purposes than those of cir­
culation— and unless it does increase in fair proportion with the popula­
tion, there can be none o f that life and animation he so well describes.
Nevertheless, he denounces the idea of the balance of trade as an absurd­
ity unworthy of attention, and here he is followed by Dr. Smith and al­
most all the writers who have followed him from that day to the present
time. Unless, however, it can be shown that the supply of money can be
increased in the face of a steadily unfavorable balance o f trade with the
world, leading to a constant export of the precious metals, the absurdity
would seem to rest with himself. The country that has not such a bal­
ance in its favor must be ruined as certainly as much as an individual who
is constantly eating, drinking, and wearing more commodities than he can
pay for, and as constantly parting with the land, stocks, or money that he
has heretofore used in aid of his labor, for there is but one law for the
government of individuals and communities, whether the latter be large
or small ones.
The mining communities of the world have raw products to sell, and
they need to purchase manufactured articles, and the gold and silver they
produce flow naturally to those countries that have manufactures to sell
— and they do not flow towards any o f those that have only raw materials
to offer in exchange. India has little but cotton to sell, and Ireland and
Turkey have little but grain, while Brazil has little but sugar, and Caro­
lina little but cotton, and, therefore, money is always scarce in those
countries, and the rate of interest high. Looking at this country gene­
rally, we find that whenever our policy has tended towards the production
of combination o f action between the farmer and the artisan we have been
importers of the precious metals, and that then land and labor have tended
upwards in price. The contrary effect has invariably been produced
whenever our policy has looked to the diminution o f association and the
production of a necessity for looking abroad for making all our exchanges
of food and wool for cloth and iron— limited, however, for the period im­
mediately following the change, by the existence of credit that has en-




426

M oney.

abled us to sell railroad and State bonds in Europe, and thus for a time to
arrest the export of the precious metals. W hat has been the precise
course of the trade in those metals during the thirty years preceding the
discovery of Californian gold, is shown by the following figures:—
1821
1826
1830
1835
1839
1843
1848

to
to
to
to
to
to
to

1825.
1829
1834,
1838
1842
1847,
1850

Excess exports. Excess imports.
112,500,000
$4,000,666

20, 000,000
34,000,000
9,000,000
39,000,000
i 4,000,000

W e see here that in the five years prior to the semi-protective act of
1824 coming into activity, the average excess of exports was about twoand-a-half millions a year, and if to this be added but as much annually
for consumption, we obtain an absolute diminution of twenty-five millions,
while the population had increased about ten per cent. Under such cir­
cumstances it is no matter of surprise that those years are conspicuous
among the most calamitous ones to be found in our history. A t Pitts­
burgh, flour then sold at $1 25 per barrel, and wheat throughout Ohio
would command but 20 cents a bushel, while a ton o f bar iron required
little short of eighty barrels of flour to pay for it. Such was the state of
affairs that produced the tariff of 1824, a very imperfect measure of pro­
tection, but one that, imperfect as it was, changed the course o f the cur­
rent, and enabled us to import in the four years that followed four
millions of dollars more than we exported o f the precious metals, or, per­
haps half as much as was required for the consumption. Under these
circumstances but little improvement could be expected, and there was
but little, yet some there was. In 1828 came the first tariff that looked
directly to the promotion o f' association throughout the country, and its
effects are exhibited in the above table, in an excess import of the pre­
cious metals averaging four millions of dollars a year, notwithstanding the
discharge in that period of the whole of the national debt that had been
held in Europe, amounting to many millions. Putting together the dis­
charge of debt and the import o f coin, the balance of trade in that period
must have been in our favor to the extent o f nearly fifty millions, or an
average of about ten millions a year. As a consequence, prosperity exist­
ed to an extent never before known, and the power to purchase foreign
commodities grew with such rapidity that it became necessary greatly to
enlarge the free list, and then it was that coffee, tea, and many other raw
commodties were emancipated from the payment o f any impost, and thus
did protection lead to freedom of trade.
The first four years o f the compromise tariff o f 1833 profited largely by
the prosperity that had resulted from the existence of the act of 1828,
and the reductions under it were then so small that its operation was but
slightly felt. In those years, too, there was contracted a considerable
foreign debt, by help of which the export o f gold was prevented, the con­
sequence of which w7as an excess import averaging more than eight mil­
lions a year. Prosperity seemed to exist, but it was of the same descrip­
tion that has marked the last few years, during which the value of all
property has depended entirely upon the power to sell bonds in Europe,
and thus contract debts placing the nation at all times entirely in the
power of its creditors.




M oney.

427

In the four following years, the compromise tariff became from year to
year more operative.* Furnaces and factories were everywhere closed, with
constantly increasing necessity for looking abroad for the performance of
all exchanges, and corresponding necessity for remitting money to pay the
balance due on the trade o f the years that had passed. Nevertheless the ex­
port averaged little more than two millions a year, but if to this be added
a consumption of only three millions a year, we have a reduction o f twenty
millions, the consequences o f which were seen in a total suspension o f
motion in society— a perfect paralysis. The whole country was in a state
of ruin. Laborers were everywhere out of employment, and as they were
still consumers while producing nothing, it followed that the power of ac­
cumulation had almost ceased to exist. Debtors were everywhere at the
mercy of creditors who accumulated fortunes, and, to a great extent, the
sales of real estate were accomplished by help of sheriffs whose offices
were then more productive than they had ever been from the establish­
ment of the Constitution.
The change in the value of labor that followed this trivial export o f the
precious metals cannot be placed at less than five hundred millions of dol­
lars a year. The people who were employed had low wages, but a large
portion of the labor power of the country was totally useless, and the de­
mand for mental power diminished even more rapidly than that for phy­
sical exertion. In the value of land, houses, machinery of all kinds, and
other similai^property, the difference cannot have been less than three
thousand millions o f dollars, and yet the difference between the two
periods ending 1833 and 1842 in regard to the monetary movement was
only that between an excess import of five millions and an excess export
of two millions and a half, or a total o f seven millions a year. No one
who studies these facts can fail to be struck with the wonderful power
over the fortunes and conditions of men exerted by the metals provided
by the Creator for furthering the work of association among them. W ith
the small excess of import in the first period there was a steady tendency
towards equality of condition among the poor and the rich, the debtor
and the creditor; whereas with the slight excess of export in the second one,
there was a daily increasing tendency towards inequality, the poor laborer,
and the debtor, falling steadily more in the hands of the rich employer,
and the wealthy creditor. Of all the machinery furnished for the use of
man there is, as has already been said, none so democratic in its tendency
as that we call by the name of m oney; and yet the philosophers who
teach political economy would have the world believe that the agreeable
feeling which everywhere attends a knowledge that it is flowing in, is evi­
dence of ignorance, and that any reference to the question of the favor­
able or unfavorable balance o f trade is beneath the dignity o f men who
feel that they are following in the footsteps of Hume and Adam Smith.
It would, however, be as much impossible to find a single prosperous coun­
try in the world that is not, from year to year, making itself a better cus­
tomer to the gold-producing countries, as it would he to find any such na­
tion in Europe that is not becoming, from year to year, a better customer
to the countries that produce cotton. To be an improving customer, there
* For the benefit of such of our readers as are not familiar with the provisions o f that measure,
they are here given. One-tenth of the excess over 20 per cent was reduced in December, 1833,
another tenth in 1835, a third in 1837, and a fourth in 1839, the remaining excess o f duties being
equally divided into two parts to be reduced in 1841 and 1812.




428

M oney.

must be in its favor a steadily increasing balance o f trade, to be settled by
silver and gold.
The condition of the nation at the date o f the passage of the act of
1842, was humiliating in the extreme. The Treasury could not command
means to carry on the government even on the most economical scale, and
it had failed in all its efforts to negotiate a loan at 6 per cent, even in the
same foreign markets in which it had but recently paid off, at par, a debt
bearing an interest o f only three per cent. Many o f the States, and some
even o f the oldest of them, had been forced to suspend the payment of
interest on their debts. The banks, to a great extent, were in a state o f
suspension, and those which did profess to pay specie for their notes, found
their business greatly restricted by the increasing demand for coin to go
abroad. Throughout a large portion o f the country the use o f gold or
silver as currency had altogether ceased. The Federal Government used
inconvertible paper money in all its transactions with the people. O f the
merchants, a large portion had become bankrupt. Factories and furnaces
were everywhere closed, and hundreds of thousands of persons were to­
tally unable to sell their labor. Commerce had scarcely an existence, for
those who could not sell their labor could not purchase the produce of the
labor of others. Nevertheless, deep as was the abyss into which the na­
tion had been plunged, so magical was the effect of the adoption of a sys­
tem that turned the balance of trade in its favor, that scarcely had the act
o f August, 1842, become a law, before the government found that it could
at once have all its wants supplied at home. Mills, factories, and furnaces,
long closed, were again opened, and labor came again into demand, and
before the close of the third year from the date of its passage, prosperity 4
almost universal reigned. States recommenced the payment o f interest
on their debts. Railroads and canals again paid dividends. Real estate
had doubled in value, and mortgages were everywhere lightened— and yet
the total excess of import of specie over the export in the first four of the
years of that system was but seventeen millions of dollars, or four-and-aquarter millions per annum ! In the last of those years occurred the great
famine of Europe, creating a great demand for food from this country, the
consequence of which was an import o f no less than twenty-two millions
o f gold, making the total import in the five years, as above stated, thirtynine millions. If we deduct from this only three millions per annum for
the consumption, it will leave an average increase o f less than five millions
for the purposes of circulation, and yet the difference in the value of la­
bor and land in 1847, as compared with 1842, would be placed very low
if we estimated it at only three thousand millions of dollars.
W ith 1847, however, there came another change o f policy, and the na­
tion was anew called upon to try the system under which it had been
prostrated in 1840-42. The doctrines of Adam Smith in reference to the
balance of trade were again adopted as those by which a government was
to hold itself bound. Protection was repudiated, and the consequences
were speedily seen in the fact that within three years factories and furn­
aces were everywhere closed, labor was everywhere seeking demand, and
gold was flowing out even faster than it had come in under the tariff o f
1842. The excess export o f those three years amounted, as is shown
above, to fourteen millions, and if to this be added twelve millions for
consumption, it follows that the total reduction in those years was equal
to the total increase under the previous system. Motion was everywhere




Money.

429

being suspended, and a crisis was close at hand, when, fortunately for the
advocates of the existing system, the gold mines of California were dis­
covered.
In the year 1850-51, the quantity received from that source was more
than forty millions, and as the export to foreign nations exceeded the im­
port by only twenty-four millions, it followed that nearly twenty millions
were retained. The conseqnence was speedily seen in the production o f
motion throughout the whole range o f society. In the following year,
with a similar receipt, thirty-seven millions were exported, leaving here
perhaps eight or ten millions, which, added to that retained in 1851, made
probably thirty millions added to the currency, producing universal life
and motion. With 1852-3 there was still an increase, but the following
year required an export of no less than thirty-eight millions, and if to this
be added the quantity consumed in the arts, it may well be doubted if the
amount available for the purposes o f circulation was as great at the close
as it had been at the commencement. Up to that time there had existed
a power to contract foreign debt to a great extent, and the amount con­
tracted in the seven years from 1847 had probably exceeded a hundred and
fifty millions of dollars, and thus it has been that a small portion o f the
produce of California has been permitted to remain among ourselves.
W ith 1854, however, came the exhaustion of that source of supply, cred­
it having been exhausted, and this produced a great demand for specie,
followed by rates of interest so enormous as effectually to cheek association,
or combination of effort for any useful purpose. The country now, therefore,
presents the most extraordinary spectacle in the world— that of a commu­
nity owning one o f the great sources of supply for money, in which the price
paid for its use is five, six, and even eight times as great as in those coun­
tries of Europe who have their gold mines in their furnaces, rolling mills,
cotton and woolen factories.
The power of man over matter results from combination of effort, and
the more perfect the power of association the more rapid is everywhere
the increase in the productiveness and in the value of labor, and the more
rapid the decrease in the value of those things for the production o f which
labor is required. Therefore it is that wherever there exists diversity of
employments men are most able to command the services o f that great in­
strument of association— m oney; and wherever diversity is least they are
least able to obtain it, or to retain it even when obtained. From 1842 to
1847, the system of this country looked to the promotion of association,
and therefore it was that the resuscitation was so rapid and so complete.
Since then, it has looked to the prevention of association and to the dis­
persion of our people throughout the whole country lying between the
Mississippi and the Pacific, and hence it has been that, notwithstanding
the production in California of hundreds o f millions of gold, the country
has been brought into debt a hundred and fifty if not even two hundred
millions, and is thus deprived o f all power o f independent action, while
throughout the West and South banks are breaking— communities are de­
prived of the means of exchanging labor and its products— real estate is
becoming unsaleable except at enormous sacrifice— railroads are stopped—
labor is everywhere in excess and being wasted for want o f demand— and
trade is almost at a stand.
W hile here the tendency has been that of converting the whole com­




430

M oney.

munity into agriculturists, and thus preventing association by preventing
the loom from taking its place by the side of the plow, the policy o f Great
Britain has been that of converting all her people into artisans or mill
operatives, and discarding the plow as the associate of the loom and the
spindle, and in both the results have been the same.
The quantity of coin issued from the British mint in the six years from
1848 to 1853, was thirty-two-and-a-lialf millions o f pounds, or nearly one
hundred and sixty millions of dollars; and o f this no less than twenty-six
millions were issued from 1851 to 1853. Nevertheless, the quantity re­
cently held by the Bank was only 13,321,000^., being less by five-and-ahalf millions than had been held three years previously, before gold was
discovered in Australia.
W e have thus before us the remarkable fact that of the two nations
possessing the newly discovered gold deposits, neither one possesses the
power to increase its stock of that commodity so much desired by all—
gold— the consequence of which is seen in a rise of interest in both, char­
acterized by the London Times as “ at all times a portent in the mercantile
world,” and as tending to produce “ anticipations of difficulty and col­
lapse.” W ell might it do so, for it is always an evidence of diminished
productive power.
Where does this gold go to ? W hich are the countries in whose favor
is now the balance o f trade ? They are those whose policy looks most to
the promotion of association— France, Germany, Belgium, and Denmark;
while Kussia now retains the products of her mines. This last is now
maintaining, single-handed, a contest with the two most powerful nations
of Europe, and yet we see no evidences of exhaustion ; whereas this coun­
try, burdened as it is with a debt of three hundred millions owned abroad,
could not maintain such a contest for even a single hour. In all of the
other countries above named money is abundant, and interest tends down­
wards, and it is only in the free-trade ones that money is scarce and in­
terest high. The people of the continent of Europe are now making a
market at home for the great mass o f their raw products, with steady ten­
dency to a rise in their prices; while England is becoming from year to year
more dependent upon them for supplies for which she has to pay those
higher prices, while the rapid extension of continental manufactures is
•steadily enabling the people of France, Germany, and Belgium, not only
to supply themselves more cheaply, but more and more to contend with
Britain in foreign markets, thus diminishing on both hands the power of
the latter to retain the gold that flows in from this country and from
Australia.
Thus far, the effect of continental competition has been in a great de­
gree neutralized by the suspension of competition that has in this country
resulted from the action of the tariff of 1846. Our resources being now,
however, to a considerable extent exhausted, the effect must be from day
to day more severely felt; and it may well he doubted if the power there
to retain gold will not diminish steadily from year to year, with steady in­
crease in its value and as steady decline in the price of labor.
The more perfect the power of association— the more fully the agricul­
turist and the artisan are enabled to combine their efforts— the greater will
always be the power to obtain better machinery of exchange, roads, mills, and
m on ey; and therefore it has been that whenever we have had efficient
protection, we have made roads, built mills, and increased our stock of




431

Commerce o f the United States.

money, even when wholly dependent on foreign countries for our supplies
of it. The less the power o f association— the less the artisan and the man
who follows the plow are enabled to work in combination with each other
— the greater is always the difficulty of obtaining roads, mills, or m oney;
and therefore it has been that whenever the protective policy has been
abandoned, the country has witnessed the abandonment o f roads and
canals half finished, the closing of mills, the exportation o f coin, and the
destruction of credit— all of which is now going on to a ruinous extent,
in face of the fact that California still yields from forty to fifty millions a
year. Its gold, however, has ceased to render service to the community
that owns the State by which it is produced.
Money is to society what food is to the body, the producer of motion.
In order that food may give motion and produce power, it must be di­
gested and pass gradually through the hundreds of miles o f vessels by
whose help it is gradually assimilated and made to yield support to the
whole system, having done which, it passes gradually off, and chiefly in
insensible perspiration. So is it with gold and silver. That they may be
the cause of motion and of power, it is required that they, too, should be
digested and pass gradually through the system, some portions to be ab­
sorbed and retained, while others pass gradually and almost insensibly off
to be applied to the purchase of other commodities. In default of this,
the supplies of California are, and can be, of no more service to this coun­
try than would be supplies of food to a man suffering under dysentery or
cholera. The more the latter ate, the more certain would be the approach o f
death; and the more gold that comes from California, the poorer we shall
become under a system that closes the mills and furnaces of the country
— that destroys the power of association— and that causes a demand for
exportation of all the gold that we receive; fo r with every step in that
direction we are increasing the power o f other nations to produce cheaply
both cloth and iron, while diminishing our own.

Art. III.— COMMERCE OF THE UNITED STATES.
NUM BER

C O M M E R C IA L

X IV .

E M B A R R A S S M E N T S — G O L D A N D S I L V E R — P A P E R -M O N E Y — V A L U E O P T E E

COLO N Y— LAN D

BANK

IN

M ASSA C H U SE TTS— M AN U FACTU RES— SLAVE

B IL L S O P E A C H

T R A D E — F IR S T

IN SU R A N C E

C O M P A N Y — G E O R G I A — L O U IS IA N A — I M M I G R A T I O N — P O P U L A T IO N — S H I P P I N G , E T C .

COMMERCIAL EMBARRASSMENTS.
T h e year 1722 is described as a period of severe commercial embarrass­
ment in the colony o f Pennsylvania. The cause is attributed to over-im­
portation, yet the imports were much larger in some near succeeding
years, without such results. The fact was, however, that in 1722, the col­
ony wTas drained of specie for remittance to England, and to supply the
deficiency of a circulating medium produce was made legal tender in pay­
ment of debts, as it had been before in Virginia and Massachusetts. The
courts alone found business, in the multiplied suits for the recovery of
debts, if we except the Assembly, which was actively busied with the usual




432

Commerce o f the United States.

success of political doctrines in cases o f mercantile disease, in devising
remedies for the evil. Acts were passed staying executions for debt, re­
ducing the rate of interest from 8 to 6 per cent, and the value o f coin
was raised 25 per cent. In spite o f all counteractive efforts, specie con­
tinued to flow out, and the measures of the Assembly tended only to aug­
ment the confusion, and to impair yet more the shattered confidence.
The imports and exports of Pennsylvania to and from Great Britain for
several years, hereabouts, were as follows:—
y ears.

Imported.

1 7 2 1 ..............................................................
1722 ................................................................
1723 ................................................................
1724 ................................................................
1725 ................................................................

£21,548
26,397
15,392
30,324
42,209

Exported.

£8,037
6,882
8,332
4,057
11,981

In 1730, also, there were very large imports in Pennsylvania, and it -was
perhaps to assist in liquidating the debt thereby occasioned, that an insol­
vent law was passed by the Colonial Legislature the same year.
GOLD AND SILVER.

Since the trade at the foreign islands had opened, the British islands
paid the Northern Colonies for their produce in money usually, instead of
by barter, as formerly. A good part of this money was carried directly
to the foreign islands. All of it brought home, together with what was
brought from the other islands, and what could be gathered from other
ports, was sent to Great Britain for the purchase o f manufactures and
other merchandises of that country, o f Europe, and o f the East Indies.
New England sent vast amounts in this manner; Pennsylvania, at this
time, sent about 150,0007. per annum, and New York as much more.
None of this money ever returned to the colonies. It made up a great
part of the precious metals used in the English East India trade, and thus
did the North American Colonies efficiently help to establish the great
Eastern empire o f England, and to build up the wealth and power of the
giant monopoly that fattened on its trade.*
In 1732, the Legislature o f Maryland made tobacco a legal tender, at
Id. a pound, and Indian corn, at 25s. per bushel.
PAPER-MONEY.

The use of the government credit, which had first been resorted to only
to answer the exigencies o f war, had soon come to be regarded, in New
England, as belonging to the legitimate machinery of trade. To repair
the evils occasioned by the enlarged issues during the long war preceding,
and which were attributed to a decay of business from natural causes, the
general court of Massachusetts, in 1715—16, made fresh emissions to the
amount of 150,0007. In 1720-1, further issues were made, and the nom­
inal value o f gold and silver was raised above the standard fixed by Par­
liament, to meet the real value, an act which tended still further to expel
the precious metals. In 1728, the attention of the Legislature was urg* In 1734, arrived at Lisbon, from Bahia, Brazil, a fleet bringing fifteenand-a-half millions crusados in gold, 220 arrobas of gold dust and ingots, 437 arrobas of bars o f gold, 48 arrobas o f wrought
gold, 8,871 marks of silver, 42,803 pieces of eight; three millions, 36 octaves, and 5 quintals o f dia­
monds. The diamond mines were discovered some time before, and first developed iti 1729-30.
They never much enriched the Portuguese, but the diamond and gold treasures o f Brazil have yet
scarcely begun to be explored.




Commerce o f the United States.

433

ently called to tlie scarcity o f money and the decay of trade. The gov­
ernors of Massachusetts and New Hampshire had been instructed to per­
mit no more emissions in those colonies, except for the expenses o f the
government. Still, a bill was passed authorizing new issues, which the
acting-governor vetoed at first, but approved upon its being put under the
form of a bill for the emission of 60,000/. for defraying necessary expenses
of government. The process continued, at intervals, during the rest of the
period under consideration.
The bills loaned the credit of the colony to the people for long periods,
at a low rate of interest, upon mortgage of their property, and they made
use of them to pay their debts, or rather transfer the debts to the colony,
with an extension of time, and when the obligation had matured, hired
more bills of the colony with which to meet the principal, and often the
interest of the first loan. So easy a method of disposing o f incumbrances,
was in great favor with the small holders, small traders, and mechanics;
that is, with the general mass o f the people, and the paper-money party
in the Legislature was therefore the popular party. The merchants, as a
class, and a few o f the more considerate among the people, opposed the
paper-mania to the utmost. They predicted the most ruinous effects upon
property and trade, and finding their efforts hopeless, some of them dis­
patched memorials to England, praying the interference of the superior
government against the pernicious practice. As for the Legislators, be­
side their natural desire to side with the people, they were also, in a great
degree, influenced by pecuniary motives; for even in that age o f Puritan
morals, law-makers were not always, more than at present, beyond the
contamination of mercenary influences.
When it became necessary to confine the issues to the objects of State
expenditure, there was no lack o f occasions for answering still all the as­
sumed wants of trade. There were frightful public debts existing, incurred
through the agency o f previous promises, and to be paid off with further
engagements— old forts, court-houses, jails, <tc., were found to need repair,
new defenses and new public buildings were suddenly discovered to be in­
dispensable, and a legion o f public conveniences within the ordinary sphere
of government duties, could be provided in no other way but by the issue
of government bills.
The hills of the several New England Colonies had freely passed, in all
parts of that section, at a common rate of depreciation; but in 1733, an
association of merchants in Boston -was formed, to prevent the circulation
in Massachusetts o f the large issues then recently made by Rhode Island,
by issuing themselves 110,0001. of the same sort. But the Rhode Island
money prevailed, and the notes of this private bank soon entirely disap­
peared.
In 1740, was set up in Massachusetts an institution designed to supply
a circulating medium, which was denominated a Land Bank. An impos­
ing stock-list was made up by subscription, and the capital thus apparent­
ly founded, was to be paid in by instalments. Bills of credit were to be
issued to the amount of 150,000/. The bills were to be loaned on good
security, at 3 per cent interest. The subscribers promised to receive the
bills of the bank as lawful money in all trade and business.
The principal o f the loan was to be paid in yearly instalments. The
bills were redeemable in manufactures, and to be fully recalled at the end
o f twenty years. The company consisted of 800 persons, and their efforts,
VOL.

x x x i i .— no.




iv.

28

434

Commerce o f the United States.

made beforehand, to secure the general court, were so successful, that the
house was found to be composed chiefly of subscribers, and was long dis­
tinguished among the Legislatures o f the provinces as the “ Land-Bank
House.”
Of mercantile people, only small traders would accept the company’s
notes, but that did not hinder it from excessive issues. The governor
finally petitioned Parliament to suppress the institution, and that body
having already turned its attention to the subject of regulating the disor­
dered currencies of the colonies, determined now to put a complete stop
to the dangerous tendency to speculation through associative projects, and
accordingly, in 1741, extended to America, an act of the 6th year of
George I. (1720) against parties “ presuming to act as corporate bodies,
or to make transfers or assignments of shares, without legal authority,”
or pretending to act under obsolete charters. The great bubble blew up,
involving numbers in utter ruin.
Under the administration o f Gov. Shirly, who arrived in 1740, one o f
the first acts passed by the general court of Massachusetts, declared that
all contracts should be considered as payable in silver at 6s. 8d. the ounce,
or its equivalent in gold. Notes for a certain number of ounces of silver
were also issued, and made legal tender, the amount of any debts paid in
them to be augmented according to the depreciation of the notes.
Connecticut, being more an agricultural colony than any other of New
England, had less need of money, and her issues were accordingly coniparatively light. But in Rhode Island, where Commerce was the leading
interest, an abundant medium was felt to be needed, and considering the
size of the colony, the abuse o f the system was here the worst. Had not
Massachusetts taken up a great portion of the Rhode Island issues, as was
by the latter colony contemplated, her bills must have become, from their
very multitude, almost or entirely worthless. The first “ bank ” in Rhode
Island, as we have noticed, was issued in 1715. The second, in 1721, to
supply the lack o f specie, amounted to 40,000/., loanable for five years,
the interest being payable in hemp and flax, the production of which was
thus indirectly encouraged. Half the interest to be divided yearly among
the towns. In 1728, the time of payment of the first bank was extended
from ten to thirteen years, the borrower to be allowed ten years more at
the end of the time, for the process of payment by yearly instalments of
one-tenth— no interest accruing in these ten years. The period of the
second bank was extended in the same manner. A t the same time was
issued a third bank o f 40,000/., to be loaned for thirteen years, and all
for the recovery o f trade from its state of decay.
In 1731, Rhode Island emitted her fourth bank. The bill was vetoed
by Gov. Jencks, but in that simplest of democracies, the Legislature de­
nied his right to do so, and put the law in force. The merchants of New­
port ineffectively memorialized against the project, and joined with some
members of the Council and Assembly in a prayer for interference by the
home government.
The fifth bank followed in 1733, amounting to 100,000/., on a twenty
years’ loan. In 1738, another 100,000/. followed, the interest of which,
as well as the principal, was secured by mortgage, a precaution resulting
from the heavy losses endured by trusting the interest of the former issues
to the insufficient security merely o f a personal bond. But the security
on the side of the bill-liolders was still as defective as ever; when the




Commerce o f the United States.

435

borrower paid his debts with the colony’s credit, the recipient was not
afforded the slightest security o f the mortgage given by the former. He
had the depreciating promise of the colony, without any property pledged
whatever.
By the report of a Legislative Committee, in October, 1739, Rhode
Island had issued up to that time, in addition to the hanks for the use o f
trade, 114,001/. 15s. for the supply of the treasury, and had loaned 3,0007.
to one individual. O f this amount, 105,7047. 15s. 2(7. was now called in
and burned, leaving 11,2967. in circulation. In September, 1740, in order
to fit out a vessel against the Spaniards, a bank o f 20,0007. was issued.
The General Assembly endeavored to fix the rate o f depreciation of this
issue, by stating real and nominal values on the face of the bill, the low­
est value being 9s. to an ounce of siver of sterling alloy, or 67. 13s. 4(7.
to an ounce of coined gold. This species o f money took the name of
“ New Tenor,” the other being denominated “ Old Tenor,” and the same
distinction obtained in the bills of the other colonies, from a similar cause,
after about this period. Bills were still occasionally printed from the oldtenor blocks, (expressing only the nominal value,) but the great body of
subsequent issues were o f the new-tenor style. This description lasted in
Rhode Island until 17.56-8, when it gave way to the Lawful-Money bills.
Three months after the above act, (December, 1740,) the Assembly being
reminded by the Lords Justices of England to observe an act of 6th Anne,
regarding the value of the metals, amended it, making the bills payable
in the same bills, or in silver at 6.?. 9(7., or gold at 57. the ounce. In Auggust, 1741, 6s. 9(7. of the new-tenor was made equal to 27s. of the old,
that is as one to four, in the discharge o f all contracts, judgments, or
otherwise.
Great difficulty was found in the collection of the different banks as
they fell due, and the mortgages were often put in suit.
In the Middle Colonies the issues had been much smaller than in New
England, and except in Pennsylvania, were for war purposes chiefly. For
the expeditions against Canada in the war of 1702-13, New York had
emitted about 30,0007. In 1736 the Assembly of that colony voted to
raise 6,0007. to redeem its outstanding bills, but was baffled by the Gov­
ernor, who desired the disposition of the money, and who would neither
assent to any act for continuing the excise or redeeming the bills of credit,
unless the new principle of limiting the revenue grants to a single year
were abandoned. The dispute was amicably adjusted, when, a few years
later, Governor Clinton arrived in the colony.
The first issue o f colonial credits in Pennsylvania was made in March,
1723, at the time of the commercial embarrassment before alluded to. To
supply the loss of specie, 15,0007. was emitted in bills of 17. to Is. The
loans were made on landed security, or on plate deposited in the loan
office, to double the value of the loans. Interest at the rate o f 5 per cent
was to be paid annually, as well as one-eighth of the principal. The bills
were made a tender in all payments, with penalty on refusal, of confisca­
tion of the debt, or forfeit of the comm odity; and punishment was pro­
vided also for all who should discredit the bills by offering cheaper trade
for gold and silver. The loans were in sums of 127. to 1007. Trade ap­
peared to revivify, and the same year 30,0007. more was issued on the
same terms. Another emission followed in 1729, and a fourth in 1739.
In the more Southern Colonies the issues had been as heavy, propor­




436

Commerce o f the United States.

tionately, as in New England. In Carolina, the war expenses of 1702-13,
and the indian war of 1715, had been very heavy, and could be met in
no other way but by this expedient; and such was again the case with
the war beginning in 1739. Relief from the taxes for redeeming these
bills was sought in fresh issues. The depreciation of the paper o f Carolina
was much accelerated by the troubles between the governor and legisla­
ture about 1720, and by the ill-management o f the proprietors; but the
tendency was arrested after it became a royal province, under its own
general administration.
In 1740, on occasion o f the invasion o f Florida by Oglethorpe, Carolina
and Virginia contributed, in their currency, 120,000?., equal to one-tenth
that amount in sterling.
The English sterling pound was fixed at 3 oz. 17 dwt. 10 grs. of silver
o f a certain fineness, or silver at 5s. 2d. an ounce. In New England, in
1740, silver had risen above this standard to 27s., and was much higher
in the Carolinas. The amount o f the several currencies equivalent to 100Z.
sterling, was at this time as follows:—
The four New Englandcolonies......................................................
New York and New Jersey...........................................................
Pennsylvania.................................................................................
Maryland......................................................................................
North Carolina ..............................................................................
South Carolina.......................................................................

£525
160
170
200
1,400
800

MANUFACTURES.

A considerable number of “ schemes, societies, partnerships, or compa­
nies,” referring to the establishment o f manufactures, were suppressed, by
the extension to the colonies of the restrictive act o f 1720. Quite a rage
for manufactures was springing up, as is usually the case in these high
speculative fevers.
Upon the interest o f its credit-issue of 1731, the colony of Rhode Isl­
and established a bounty of 4d. per lb. on the production of flax, o f 9cZ.
per lb. on hemp, of 5s. per bbl. on whale oil, of leZ. per lb. on whalebone,
and of 5s. per qntl. on codfish, to continue for ten years.
Several iron furnaces were set up during the period in review in the
colony of Pennsylvania. The Reading furnace, in Berks county, was
erected in 1730, and the Warwick in 1736. The Cornwall furnace was
built by Mr. Peter Grubb, in 1741-2, and in 1745 was leased to a com­
pany of twelve persons.
THE SLAVE TRADE.

To save the Royal African Company from losses incurred by their op­
erations, Parliament granted 10,000Z. a year in and after the year 1730,
to maintain their forts and factories in A frica; but with this grant the
trade was laid open to the participation of all subjects. Still the com­
pany were losers, and determined, in 1734, to confine their trade to the
coast and interior of Africa, purchasing slaves to be resold to other adven­
turers, for transportation to America.
The Northern Colonies, especially Massachusetts and Rhode Island,
were now actively engaged in this trade, and found it more profitable than
the royal association did. Their principal market was at .Jamaica, whence
the negroes were distributed throughout the whole W est Indies, and car­




Commerce o f the JJnited States.

437

ried also in great numbers to the Spanish main. The number brought
into North America was also largely increasing.
There were imported into South Carolina in 1724, 493 slaves. From
the separation of the Carolinas in 1729, the importations of negroes were
large, and to this cause was due the rapid progress of those colonies,
enabling the wealthy planters to elfect a much more extensive cultivation
than they had hitherto been able to undertake. No slaves were carried
to Georgia, as the company under whose auspices the settlement was
made, prohibited their importation; Oglethorpe himself had long been
one o f the most zealous in the effort to suppress the slave trade. The ef­
fect was, of course, unfavorable to the present growth of the colony, and
occasioned great discontent with the settlers, who could not fail to com­
pare their unprosperous condition with the forward movement of South
Carolina— a difference which they attributed entirely to the permission of
slavery in the one, and its denial to the other.
Slaves had been brought
plentifully into Louisiana; and when the French, in 1730, rooted out the
Natchez tribe of Indians, 400 o f them were sold in Hispaniola.
A t the North, negroes were introduced in fewer numbers; but there
were a sufficiency of them in New York to alarm the town with an al­
leged Servile Plot, at about the same time that South Carolina was first
troubled with slave insurrections. In the latter province one o f these
movements occurred in 1738, (when there were about 40,000 slaves,) and
another in 1742. In New York there was a great negro agitation in
1741. On charge of participation in a scheme o f destroying the city,
murdering the white population, and revolutionizing the province, 154
negroes, with 20 alleged white accomplices, were arrested. Of the negroes
thirteen were burned, twenty were hung, and seventy-eight transported,
the rest being acquitted.
In this province there was a duty, noticed by the Board o f Trade in
their report of 1732, of 21., or 5 ounces of silver, on all negroes imported
from Africa, and of 41. on all imported from other places.
In Newport, Rhode Island, there were, in a population o f 4,640, in 1730,
649 negroes, who were all, or nearly all, slaves. In each of the Northern
colonies there were slaves, and probably not less than 15,000 in the seven
colonies above Maryland. In New Jersey there were 3,081 slaves, against
43,388 whites, in 1738. In South Carolina, in 1723, there were 15,000
slaves to 14,000 whites. In Louisiana there were 2,500 slaves to 5,000
whites, in 1732, when the Mississippi Company relinquished its chartered
rights.*
REVENUE.

Virginia yielded, in 1738, a revenue of 7,8001., of which 3,500?. was
from quit-rents, at 2s. per 100 acres, being the perquisite of the king’s
private exchequer ; from the duty of 2s. sterling per hogshead on tobacco,
3,200?. was received; from the duty o f Is. per ton on shipping, 500?.;
from various fees, 600?.f
INSURANCE.

About 1741, through Franklin’s influence, a public insurance company
was established at Philadelphia, being the first within the United States,
* Martinique, in 1736, had 72,000 slaves, and there were fourteen or fifteen vessels arriving yearly
with negroes from Guiana.
f The duties on the products o f Jamaica yielded in England, yearly, .£100,000. The 4£ per cent
West India duty yielded .£10,000 yearly.




438

Commerce o f the United States.

though private insurance was extensively practiced. The enumeration o f
risks in the old policies was far more comprehensive than at present, re­
ferring to nearly every possible form of danger.
NEW SPAPERS.

The first of these potent engines o f Commerce, as they have everywhere
been found, established in New York, was set up in 1725. In 1732 Frank­
lin began a newspaper in Philadelphia. The first printing establishment
on the Island of Cuba was set up at Havana in 1735. Mention is made
by British writers of English and Dutch newspapers about 1740, as giving
statistics o f trade ; and it would seem to have been about this time that
the interests of Commerce began to be leading subjects of attention with
these periodicals.
PUBLICATIONS ABOUT THE COLONIES.

A pamphlet of 114 pages 8vo., entitled “ The Importance of the British
Plantations in America to this Kingdom, &e., Considered,” was published
in London in 1731. Macpherson thought it the best exposition o f the
commercial importance o f the colonies that had, to that time, been made,
and quotes from it largely.
In 1738 Sir William Keith published a history of Virginia, a work o f
174 pages, embracing a treatise on the commercial aspect o f the colony.
PIRATES.

In 1738 a number of pirates were hung at Newport. Whenever a pi­
rate vessel was found to be in the American waters, a guarda costa was
at once equipped by the merchants for her capture.
GEORGIA.

Among the objects of the settlement of this province in 1732, one was
to keep it out of the hands of the Spaniards, and another, of the French,
of whom it was said— “ They greatly lament their not having a footing on
any part of the eastern shores of North America, so as to communicate
more easily with their sugar islands, their voyages to and from the Mis­
sissippi colony being by no means so convenient for carrying provisions,
lumber, &c.”
The charter of the Georgia Company, even at this late
date, extended their possessions from the Atlantic westwardly in a direct
line “ to the South Sea ” Beside the prohibition of negro slavery, the
proprietors forbade the importation of rum, and also all intercourse with
the West Indies— measures which, under existing circumstances, however
well meant, could not but injuriously affect the growth of the colonies.
The lands were held in tail-male on the tenure of knight service.
CAROLINA PROPRIETORSHIP.

Carolina became a royal province in 1720, and in 1729 the crown set­
tled with the proprietors. One of the eight retained an equivalent for his
interest in land; the other seven received l7,500f., with 5,000Z. for
arrears of rent. An entire remission of quit-rents was made to the
colonists.*
* The French crown, in 1733, sold its claim to the Island of St. Croix, WeBt Indies, to the Danes,
for £75,000.




Commerce o f the United States.

439

LOUISIANA.

The few left of the Louisiana colony, in 1722 removed to New Orleans,
which was declared the capital of the colony, and the plan of the future
city laid out. The streets were located at right angles, and afterwards in­
tersected by canals. Dykes were built fifteen leagues along the river to
prevent its overflow. It was already foreseen that New Orleans must be
the depot for the trade of the whole upper western region, and from the
settlements in and around the present State of Illinois it was expected to
supply the sugar colonies of France with wheat and other agricultural
products. The land in Louisiana was well cultivated, and rice, maize,
tobacco, etc., produced in considerable quantity.
Some industrious Germans afterward cleared the land and formed a
respectable settlement at about ten leagues above New Orleans. A fort
was also erected at the mouth of Red River, and a canal was dug through
a narrow isthmus ten miles above the capital, which changed the entire
channel of the Mississippi for a course of 14 leagues. Some hardy and
brave men penetrated from Canada, and, joined by a few emigrants from
the British colonies and some Germans and Swiss, formed a settlement on
the Mississippi at New Madrid. Westward from the Mississippi, the Louis­
ianians were said, about 1730, to have extended their communications as
far as the Spanish province of New Mexico, influenced, it was supposed, by
a desire for the rich silver mines o f New Spain. To the east they had
settled so far up the Alabama River “ as to have forts on it within twenty
days’ march of Charleston.”
Still the colony was feeble and its progress slow. The French colonists
were always disposed to scatter over much larger areas than were occu­
pied by the same number of the English. W hile the French occupied
Louisiana there were never, it is said, above 6,000 or 7,000 Europeans in
the province, mostly scattered along the Mississippi, for a space of 500
leagues, and defended only by 3 poor forts. Excepting the Germans and
Swiss, these were mostly composed of felons from France.
In 1729, the Natchez Indians entirely destroyed the French post at
Natchez, killing over 200 persons. This place was one of the most prom­
ising trading settlements in Louisiana.
The next year the French, uniting
along the whole course of the Mississippi, and aided by the Choctaws, re­
venged themselves by the extirpation o f the Natchez tribe, after which time
they had little trouble from the Indians.
In an effort against the Cbickasaws, in 1739, Fort Assumption was built, on the site of the present town
o f Memphis, in Tennessee.*
In 1723 the king of France, to restore some order to the Mississippi
Company after the grand explosion, fixed its capital at 112,000,000 livres,.
and the annual interest at 8,000,000 livres, to be paid out of the tobacco
farm and the profits upon the furs from Canada. In 1731 the company
was constrained to re-purchase its trade monopoly, at a price of 1,450,000
livres; but in April, 1732, it relinquished all its chartered rights, and the
political jurisdiction and commercial regulation of the colony again returned
to the crown.
IMMIGRATION.

In the year 1729 there arrived in Pennsylvania 6,208 immigrants, of
• The Indians o f Nova Scotia, in 1723, captured at Canseau seventeen sail of vessels, with numer­
ous prisoners.




440

Commerce o f the United States.

■whom about two-thirds were from Ireland, whence they were driven by the
increase of rents.
The rest were English, Welch, Scotch, and Germans.
The transportation of these immigrants appears to have been mainly effected
by Pennsylvania vessels, and we find the clearances of vessels from Penn­
sylvania to Ireland, a few years after, nearly double those to Great Britain.
There was also a large immigration of Irish, between 1719 and 1730, to
New Hampshire.
In 1734, two parties of 500 or 600 were sent to Georgia from England;
in 1736 Oglethorpe carried out 300. Between 1734 and 1740,large num­
bers of Swiss, Germans, and Scotch were sent to Georgia; and at the lat­
ter period there had been 2,500 immigrants dispatched to that province.
There was also a numerous immigration to Carolina after 1729. In 1740
Parliament offered thorough naturalization to all foreign subjects who should
settle in the British American provinces, remain there seven years, and take
the oath of fidelity, express provision being made for the accommodation of
the religious scruples of Jews and Quakers.
POPULATION.

Massachusetts, in 1735, had 138,427 inhabitants; within what is now
the State of Maine there were about 9,000 persons; Rhode Island, in 1730,
had 17,985 ; New Jersey, in 1738, had 47,369 inhabitants, of whom 3,981
were slaves ; Maryland, in 1734, had about 36,000 taxables ; South Caro­
lina, in 1723, had— of whites and blacks— 29,000; Louisiana, in 1732,
of the same classes, 7,000 to 7,500.
The British West Indies, in 1734,
had 36,201 whites, of whom 18,295 were in the Island of Barbadoes, and
7,644 in Jamaica. The Bermudas contained about 5,000 whites.*
Of the towns, Salem, the second in commercial rank in New England,
in 1733, contained 5,000 inhabitants; Newport, the chief port between
Boston and New York, had 4,640, in 1730 ; and New York, in 1731, had
8,628.f
SHIPPING OWNED AND EMPLOYED.

New Hampshire, in 1731, owned 5 ships, and 300 or 400 tons, owned
elsewhere, was employed in their trade, tire main part of which, however,
was carried on through Boston ; there were about 40 sailors belonging to
the province. Massachusetts, according to the report o f the Board of Trade,
owned above 600 sail of ships, sloops, &c., of about 40,000 tons ; half of
this fleet was employed in the European, the other half in the coast and for­
eign American trade and in the fisheries.
The number o f mariners and
fishermen in these vessels was at least 6,000.
There were 1,300 tons of
shipping engaged in the whale fishery. In 1743, it is said, Massachusetts
'had about 1,000 vessels, exclusive o f fishing craft.
At New York, in 1736, there were 2 ,1 arrivals and 215 clearances. At
Philadelphia, the same year, 211 arrivals and 222 clearances.
The clear­
ances from Philadelphia, from 1719 to 1725, were as follows:—
1719................
17 20...............
1721................ ..............
17 22................ ..............

No. vessels. Tons’.
4,514 1 1723.................
3,982 | 1724.................
in
3,711 I 1725..................
3,531
96

No. vessels.

Tons.

3,942
5,450
6,665

* Ireland, the source of so large emigration to America, had, in 1725, about 1,670,000.
t Edinburgh, in 1722, contained about 30,000 inhabitants; Manchester, in 1727, about 50,000;
Dublin, in 1742, about 80,000.




441

Commerce o f the United States.

Comparing the years 1720 and 1721 with 1724-25, we see that the
size of the vessels clearing from that port had nearly doubled within that
period.
The arrivals and departures at Pennsylvania for the year March, 1735,
to March, 1736, with the numbers to and from each port, were as fol­
lows :—
Places.

London .........................
Bristol. Eng...................
Liverpool.................
Ireland..................

Cl’ d.

n
9

2
14

Total Great Britain. . .
Gibraltar ......................
Lisbon...........................
Cadiz.............................
Madeira........................

36
1

Total Europe.............
Barbadoes.....................
Jamaica........................
St. Christopher’s ...........
Antigua.......................
Turk's Island................

56
19
9
9
20

Total West Indies... .

6
6

7

10
3
0
23
36
6
13
2
5

Boston........................
Rhode Island.............

17

Cl’d.
10

8

7

New England.. . . . .
New York................
Maryland..................
Virginia....................
North Carolina...........
South Carolina..........
Georgia......................
Newfoundland............

25

17

Places.

Arrived.

4

7
5
1
1
3

2
IS
5
5
IS
1

1

3

62
26
16
9
20
0

Not specified.............

22

60

71

Grand total...........

212

Coast trade...........
Total American. . . . ..

28

40

143

150

In the sugar island and all other trades, Maryland and Virginia had,
about 1730, not over 1,000 tons employed upon their own proper account.
They gave freight, however, in the transportation o f their tobacco to at least
24,000 tons yearly, this shipping being valued at 240,0001. There were
130 sail in the trade of Maryland. A large number of vessels also resorted
there for trade otherwise.
This shipping belonged to England and the
other colonies.*
In the trade with the Island of Jamaica, the North American colonies
employed constantly about 12,000 tons of shipping, according to the Board
of Trade report, in 1732. TJiatisland gave employment also to about 300
British vessels, carrying 6,000 seamen.
STAPLES AND VALUE OF COMMERCE.

The Commissioners of Trade, in their report of 1732, state the leading
articles of export from the several provinces to have been as follows :—
New Hampshire exported lumber and fish. Connecticut— timber, boards,
grain, hemp, flax, sheep, and horses. The lumber and horses went mainly
to the West Indies. Massachusetts—-all kinds of lumber, fish, grain, pro­
visions, horses, ships, naval stores, masts, &c. New York— furs and skins,
whalebone, oil, pitch, tar, provisions, horses, lumber, copper. Pennsylvania

* London, in 1732, owned 1,417 vessels of 15 to 750 tons, measuring in total, 178,557 tons, and
navigated by 21,797 seamen. Of these vessels, 130 were of 300 to 500 tons ; 83 o f 200 to 300; one
only over 500—the South Sea Company’s great ship o f 750 tons.
Liverpool, in 1739, had 211 vessels o f 30 tons and over—one being o f 350 tons, one o f 300, one o f
250, two of 240, two of 200, two of 190, four o f 180, seven of 160, fifteen o f 150, ten o f 140, five o f
130—fifty were thus of and above 130 tons, and 160 below that size.




442

The U su ry Law s.

— provisions, hemp, ships, grain, fish, drugs, stoves, horses, and a little to­
bacco. The province had no staple export, but made up its cargoes of a
great variety of products. New Jersey— like New York and Pennsylvania,
Virginia and Maryland— tobacco, the great staple; pitch, tar, furs, deer­
skins, walnut-tree planks, iron in pigs, cypress-wood, shingles, staves, head­
ing and hoops for casks, (all these latter are described above as lumber,)
masts, spars, and ship timber.
The trade of these two colonies with England afforded her a yearly profit
of 180,000/. South Carolina, in 1733, exported 30,584 bbls. of rice, 2,802
bbls. of pitch, 848 bbls. of turpentine, 60 tons lignum-vitse, 20 tons brasiletto-wood, 27 tons sassafras, 8 chests of skins, beside lumber, beef, pork,
peas, and Indian corn.
The total exports of all the colonies to Great Britain, in 1730, a fair av­
erage year, were 472,075f.
The imports were yet much in excess of the exports. Sir William Keith,
in 1728, stated that the colonies consumed one-sixth part o f all the woolen
manufactures exported from Great Britain, and more than double that value
in linen and calicoes.
NORTHWEST PASSAGE.

'In 1721 Captain Scroggs, apparently in the Hudson Bay service, at­
tempted the Northwest Passage to China, through Hudson Bay. The
highest point he reached was 64° 56'.
After 1725, Chevalier de Beauharnois, Governor of Canada, planned an unsuccessful expedition across the
continent to the South Sea.
PROGRESS OF COMMERCIAL LIBERALITY.

In 1734 England and Russia effected a treaty of Commerce, in which
each granted to the other within its own dominions the enjoyment of bet­
ter privileges than had been hitherto conceded. The duration of the treaty
was limited to fifteen years from December of that year.

Art. IV.— THE USURY LAWS.
( a n s w e r TO MR. GEORGE BACON .)

I n the Merchants' Magazine for the present month there is a paper from
Mr. George Bacon, claiming to be a seriatim criticism of the Anti-Usury
Law Report of the New York Chamber of Commerce.
Passing by all his occasional discourtesy o f expression, as merely the
harmless incident of “ criticism,” we will only look a little after the facts
and principles put forth by the author of the paper.
This article of Mr. Bacon is almost an exact copy o f the one he pub­
lished in the New York Times of 17th November last. A reply was then
put in the same paper, and from which we will now draw, in part, in
making our second answer.
In regard to his charge of “ begging the question,” we would refer to
pages 10 to 15 of the report for a full specification of the “ meddlesome
and oppressive” character of our present Usury Law.




The U sury Laws.

443

To prefer a charge, and omit the specification, is not “ begging the
question.” When our opposing friends say “ government has the right
to limit the rate of interest because money has exclusive functions,” they
thereby “ beg the question,” there being no necessary connection between
the premises and the inferences thus stated.
We might, with equal propriety say that vegetable and animal food,
with wholesome water, have the “ exclusive functions ” of sustaining life;
therefore government ought to regulate the prices of what we eat and
drink. This, of course, would be arrant nonsense, but not more so than
our Usury Laws are.
Mr. Bacon next objects to what is said in regard to the Usury Law be­
ing inoperative; says the laws against gaming and drinking are also par­
tially inoperative, correctly adding that they should not, for such reason,
be repealed. The laws against gambling and against improper drinking
harmonize with the moral sense of the community. Our Usury Laws do
not thus harmonize. The criminal features of the gambling and the drink­
ing laws are often put in force— the criminal features of the Usury Laws
never.
Next, as to grand juries, Mr. Bacon says it was in “ bad taste ” for the
report to intimate that grand juries turn away in disgust from indicting
offenders under such a law, although they are, by the courts, expressly re­
quired to present all Usury Law infractions.
Waiving all argument about “ taste,” we would respectfully ask atten­
tion to the fact shown by the following charge recently given by His
Honor, Judge Beebe.
The judge spoke as follows :—
“ I am also directed by the law to charge you upon the subject of usury. Month
after month from this bench, I have charged grand juries on this subject, and yet
I have never seen the first man who was indicted for this offense.” “ The of­
fense consists in taking for the loan of money more than 7 per cent interest, and,
so far as the criminal effect o f the law is concerned, (I don’t allude to its policy,)
it may be as well wiped from the Statute Book.” “ There is scarcely a mer­
chant or man of business who has not paid illegal interest.” “ There is probably
no grand juror who does not know, in his own experience, some violation of the
law." “ My legal term is now very short, and as I have never seen a man in­
dicted for the offense, I probably never shall see one.”
And then again, to show what grand juries themselves think of the law,
I will quote from a presentment of a grand inquest, published in the Jour­
nal o f Commerce o f the 24th February, 1848 :—
“ The grand inquest fully concur with the honorable court, that the Usury Laws
of the State are highly prejudicial to the public morals, as well as to the lawful
business of the people.”
And, after a searching exposition o f the baneful deformities o f those
laws, the grand inquest closed by repeating that—
“ The Usury Laws of this State are highly injurious to the public morals, and
ought to be thus presented as a public evil.”
Mr. Bacon next avows his ignorance of the fact that the advocates of
stringent laws deny the moral and the legal right o f citizens to use their
coin for any purpose other than for currency or circulating medium.
Upon this point we will refer him to the text-book that was published
by our opposing friends in 1850.




444

The U sury Law s.

The writer o f that book speaks as follows:—
“ Money is unlike any other article, and so unlike that the possessor has nei­
ther the legal nor the moral right to take for it all he can get.”
“ Government created money as a currency for the convenience o f all."
“ The title of an individual to a portion of this currency is qualified, he having
no legal, at any rate no moral, right to pervert the object of its creation.”
Now, the governmental object, the perversion of which is thus interdicted,
being currency, we must, of course, take care and not stain our morals by having
any of our rusty dollars made into spoons.— See Bankers' Magazine, March,
1850, pp. 688, 694.

Mr. Bacon next says a passing word as to the doctrine o f the report,
that the only care o f government should be to prepare the material most
suitable for coin, and take such general care, as our citizens may need,
relative to the security of the currency.
This is all right. Let Mr. Bacon look up the early history o f coinage,
and he will find that what is here urged is fully sustained. It seems to us
that the extremely plain illustration of Dr. Dewey, relative to the origin
o f coinage, cannot possibly be controverted.
Mr. Bacon asks, “ W h y make coin the only legal tender ?” Simply be­
cause that is, by universal consent, allowed to be the most convenient
mode of extinguishing a demand against a debtor, and shield him from
persecuting litigation.
Mr. Bacon says the government o f the United States do not derive their
authority from the people, but from the States. The people invest the
States with authority, and the States pass over portions of it to the Fed­
eral head. Let us brush away hair-spilitting quibbles as to the origin of
authority, and come square up to the truthful and unsophisticated merits
o f the case. “ Ours is a popular government, erected by the people. The
government must be amended and modified, (under the constitutional
rules,) just as the people choose it should be.”
A government thus constituted should be extremely careful not to legis­
late too much. To turn some legislative screw so as to adjust every move
o f a human being, could not be tolerated by the good sense of the people.
“ Arbitrary and inexpedient laws invite offense, and almost make a virtue
o f disobedience.
Mr. Bacon sa)rs the report assents to the doctrine that “ the central gov­
ernment have the exclusive authority to coin money and make it a lawful
tender in the payment of debts.
Certainly the report thus assents, and accompanies the assent with the
remark, that “ these monetary powers have been conferred upon a great
central point for public convenience." (See page 8 of the report.)
The debates in the Chamber next attract the friendly eye o f Mr. Bacon.
A ll the difference o f opinion in the Chamber worth speaking o f consisted
in the fact that one o f the gentlemen of the committee of five preferred
to exclude from the freedom banks and bonds and mortgages, fo r the
present.
Mr. Bacon speaks of the exclusive privilege o f banks. H e forgets that
the General Banking Law has done away with all that exclusive mo­
nopoly.
W e are glad to perceive that Mr. Bacon seems to coincide with Us in
opinion, that bonds and mortgages should, at any rate, enjoy all the lib­
erty of other loans. What was said about having a law only for the city




The U sury Laws.

445

and county of New York, was a mere passing remark o f one o f the gen­
tlemen present, and was instantly withdrawn.
Mr. Bacon argues that if we place money on the same footing as other
property, in its relation to the owner, we ought then to have the power o f
making any and all other items o f our property a legal tender in the pay­
ment of debts. This ground is by no means tenable. Experience has
taught us that we are the gainers by finding out the peculiar fitness of the
various items of our property for certain specific purposes.
For thousands of years the article we call money has served to express
the value o f other things, and to adjust balances or settle exchanges. N o
other article would do so well, and we may argue as long as we will— the
question will, after all, be settled by human convenience and comfort.
Mr. Bacon’s remark that the value of gold is determined by its use as
money, is refuted by the fact that gold and silver coins are being sold to
the silversmiths here by thousands of dollars every day, to be made into
articles of use and ornament, and those articles are sold for a great deal
more than their weight in coin.
Fine chased silver pitchers, for instance, sell for near three times their
weight in silver coin.
Mr. Bacon denies that bank bills represent g o ld ; says that paper will at
some future day supersede gold. W e cannot agree with him at all, on
either of these points.
Bank bills do represent coin, or some material substance equivalent
thereto.
As for governmental issuing o f paper, it would probably result as did
the famous assignats of France. The records o f French history inform us
that in the years from 1790 to 1796, their wild and insane movements in
certain governmental bonds, called “ assignats,” (so called because based
upon promises of assigning public lands,) produced “ more wide-spreading
misery, more sudden changes from comfort to poverty, more iniquity in
transactions, both between individuals and the government, more losses to
all persons engaged in every department of industry and trade, more dis­
content, disturbance, profligacy, and outrage, than the massacres and all
the sanguinary violence of the Reign o f Terror.”
The contemplating such a picture as this is quite enough to make us re­
coil from the very thoughts of such a blighting chimera. Give us, we
say, our present money, consisting o f coin and bank bills redeemable with
coin. W e enter our immovable protest against each and all these day­
dreams about “ government or national currency.”
It occurs to us, at this point, to make a passing remark upon an article
published by Mr. Bacon in the Merchants' Magazine for May, 1851, upon
“ The Measure o f Value." In that paper he suggested the idea o f issuing
“ public stocks” depending for quantity upon the population— the creation
o f public stocks, bearing a low rate o f interest, to be the basis o f “ na­
tional m oney”— a given amount for each individual, to be increased in the
ratio of the increase of the population. This, he adds, would give us a
basis that “ would never be touched by foreign exchanges."
This credit to be made a legal tender. The interest to be 4 per cent
per annum— '■‘■assuming that to be the true value o f capital." (Never vary
from that ?) He then proceeds to say “ the public would always be able to
obtain currency at 4 per cent per annum, together with the risk and ex­
pense o f reinvestment; and as all holders o f the stock would be competi­




446

The U sury Laws.

tors in tlie money market, there would be no unreasonable advance in the
rate o f interest.
And he adds, furthermore, that under such competition all Usury Laws
might be repealed. Here, by-the-by, is an admission that competition
among lenders would, as we have always contended, keep down the rate of
interest. This system Mr. Bacon calls making income, instead of gold, the
measure of value. W e don’t pretend to comprehend his theory at all, nor
do we deem it worth while to trace out its devious turnings and windings,
for Mr. Bacon himself winds up with the very sensible conclusion that he
does not expect to see the system adopted “ because it is so entirely at
variance with the present ideas of all classes of society.”
W ith the well-known historic fact of the numerous repudiations of mere
currency issues o f “ public credit,” also with the well-known fate of John
Law and his vagaries, it really seems strange that any intelligent and
well-educated man should touch upon such visions of fancy in a matter so
important. For thousands of years we have had gold and silver— one
or both— as the only reliable basis for the currency wherewith to settle
balances.
The basis of credit is more broad, for it embraces not only gold and
silver, but all other material commodities, or wealth in any substantial
form ; and so these matters will no doubt remain for other thousands of
years.
The authors of the report are let off rather lightly and indulgently on the
score of absurdity ; for our friend says the most absurd part o f the docu­
ment is that which speaks of the governmental regulation of weights and
measures as analogous to the governmental regulating o f the weight and
fineness of coin.
No fair-minded man will be likely to misapprehend the position o f the
report upon that head, still it might perhaps have been well for them to
have been a little more full, and said something like this: “ W e measure
or express the value of commodities by money, and yet government claims
only the right or duty to limit one of the values expressed by money.
W e measure fabrics by a yard-stick regulated by government, and we
weigh hundreds of articles with scales and weights regulated by govern­
ment, and yet government does not limit the price for the use of scales
and yard-sticks. Nor do they arrange the general prices of commodities
that are weighed and measured according to law.”
Some of the States, we believe, still attempt to regulate the fees o f a
weigh-master for his personal services; but that folly has ceased in our
State.
Mr. Bacon charges the report with assuming that the General Govern­
ment ought to regulate the value or price of money. This is quite a mis­
apprehension on his part. The report merely says that Congress, rather
than the States— provided either do it— should determine upon some rate
of interest to govern in the absence of a contract. No human power has
ever been able to fix immovably the rate of interest.' W hy, then, should
wo not profit by the lessons o f experience, and discontinue at once all
these very, very injurious attempts to counteract the natural laws o f sup­
ply and demand ?
If our State government must so far yield to traditionary attachments as
to retain still some little remnant o f the feudal system, let them give us a
law by which we can collect the sum lent, with the present legal rates of




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447

interest, relying solely on the honor o f the borrower for any extra interest
he may have agreed to pay.
This would be an essential improvement upon our present position. W e
could freely deal with each other during trade revulsions that will now
and then come along, and the relying upon the honor of a borrower for a
portion of a demand against him, would of course be no violation of posi­
tive law.
This reform now being sought for would undoubtedly have a highly
beneficial effect in lessening the violence of a money pressure ; our money
market would rule generally at lower rates o f interest, and our banks
would probably make lower dividends. But bankers and capitalists would
be more than compensated by the consciousness that they were infringing
no law ; also by the conviction that we are, by liberal currency laws, re­
moving the only remaining hindrance to the attainment of an intelligent
financial position before the commercial world.
W e need not follow out Mr. Bacon in all his speculations. The report
of the Chamber claims only to be a plain recital of facts bearing upon the
question as to the expediency of relieving the borrowing and lending of
money from all legal restraint, except the laws o f all civilized communities
in regard to the collection of debts.
The accompanying digest o f the Chamber’s report will, we think, meet
all the arguments of Mr. Bacon that are not met in the present communi­
cation.
c. B.

Art. V.— CO M ERCIAL GROWTH OP N EW YO R K *
I n the spring of 1854 the collection o f the Mercantile Library Asso­
ciation of the city of New York, then numbering some 40,000 volumes,
was removed from the old Clinton Hall, at the comer o f Nassau and Beekman-streets, which it had occupied since 1830, to the new Clinton Hall,
in Astor Place, an admirably arranged library building, into which the
skill and aptness o f an eminent architect had converted the ci devant
opera house.
The Directors of the two associations of Clinton Hall and the Library
judged aright in thinking the occasion one fit to be observed with ad­
dresses and ceremonies. In a city so intensely and engrossingly mercan­
tile in its thoughts, aims, and pursuits as New York, no opportunity should
be lost— every appropriate occasion should be seized for directing the
mind to literature,, and o f enforcing its claims to the time and thoughts
even of the busiest merchant. He needs to be reminded o f the duty of
the merchant to literature, as well as the debt of literature to Commerce,
and of the growing interest and value of what may almost be considered
a new department of letters, the growth of the present day, which has
been termed the literature of Commerce. That the merchants and the
merchants’ clerks of New York are not unmindful of the claims, not in­
sensible to the charms o f literature, is sufficiently shown by the very rapid
* Address o f John Romeyn Brodhead, Esq., and his Excellency Governor Horatio Seymour, de­
livered before the Clinton Hall Association and Mercantile Library Association, at their celebration
commemorative o f the removal o f the library to Astor Place, and New York, 1854.




448

Commercial Growth o f N ew Y ork.

growth of the Mercantile Library. B y their almost unaided efforts, with­
out government assistance, and without endowment, it has grown from
nothing to 40,000 volumes in thirty-five years:— and it is now in posses­
sion of a building that can hold 120,000, as well as afford ample facilities
for public lectures and private classes. And if we were asked for another
proof that the claims of literature are not unrecognized by the merchants
of New York, Mr. Brodhead’s kind commendation, in the address we are
about to quote, would encourage us to point to the success of the Mer­
chants' Magazine, a success due in a large measure, we are proud to say,
to the enlightened discrimination of New York merchants.
The committee made a happy selection in inviting Mr. J ohn R.
B rodhead to be their orator. The historian o f the State of New York
has shown in the first volume already published, the best qualities of the
historical inquirer, patience, discrimination, impartiality and insight; and
some of the highest qualities of the historical writer, clearness, terseness,
and animation, in admirable combination. A t the same time, Mr. Brod­
head’s position as naval officer of the port gave him a kind o f official right
to speak of the Mercantile History o f New York. His appointment lately
announced, as consul-general to Japan, will afford a field for the labors of
our accomplished historian, which we trust will prove fruitful alike to the
literature and trade of New York and his country.
W e extract from Mr. Brodhead’s address his interesting sketches of New
York mercantile history:—
“ Promote commerce, * * * * whereby the Manhattans must prosper—her
population increase—her trade and navigation flourish. For when these once
become permanently established—when the ships o f New Netherland ride on
every part of the ocean—then numbers now looking to that coast with eager
eyes will be allured to embark for your island.”
Such was the advice and prophecy which the mercantile directors of the Dutch
West India Company addressed from Amsterdam to their provincial officers
here, in the winter of 1652.
At the time—now a little over two centuries ago—New Amsterdam was
about to become an incorporated city. Its population was, perhaps, eight hun­
dred souls. For more than forty years the island of Manhattan had been the
point to which the sagacity of Holland merchants had directed their transatlantic
enterprise. Their country had always been commercial. The legend on their
earliest coins predicted their way to be “ on the sea, and their paths in many
waters.” The “ Great River of the Mountains,” which Hudson had explored for
them in 1609, was soon awakened from the lethargy of uncivilized nature, and
its overflowing stream became the channel of peaceful trade. At the head of
navigation, a stockaded fort, built in 1614, near the present site o f Albany, was
the depository where cargoes of furs, bought from Iroquois hunters, were col­
lected for shipment at the river’s mouth to Holland markets. The same year
witnessed the launch of the first vessel constructed by the Europeans at New
York. It was a yacht of sixteen tons burthen, built by Adriaen Block, to re­
place bis Amsterdam ship which had been destroyed by fire. For many years
afterwards, this little vessel—most appropriately named “ The Restless,” as if to
typify the activity which was to make Manhattan the proud emporium she now
is— was employed in exploring Long Island Sound and the Delaware Bay, and
in trading with the native savages. All honor to that brave bark and her con­
structor! The annals of commercial New York will ever gratefully record
“ The Restless” as the pioneer vessel launched by white men on her waters, and
her first shipbuilder, Adriaen Block.
As time rolled on, the importance of Manhattan grew ; and in 1626 the island
was purchased from its Indian owners by the Dutch West India Company for




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449

sixty guilders, or about twenty-four dollars o f our present currency. This inci­
dent is one of the most interesting in our early annals, and well does it deserve
commemoration. “ Not as the conqueror comes” came the founders of New
York. They came from a land of honest traders, where mercantile faith was
the guiding star. They brought with them hither maxims and habits which had
made Amsterdam great— which were to make New Amsterdam greater. Almost
their first act was to superadd to the original Dutch title, by discovery and oc­
cupation, the higher right of title by purchase. It was an honest sale:—let me
add, it wa4 an honest bargain. For, however, some may now be inclined to carp
at the inadequacy of consideration when estimating the present value of corner
lotsr your skill as accountants will readily suggest that twenty-four dollars, with
compound interest from 1626, would make a very respectable figure upon the
plethoric books of our tax commissioners. If ever Europeans acquired an honest
title to American territory, the Batavian settlers of New York surely had it.
Not long afterwards, another incident occurred here, which it is very fitting to
relate in this assembly of Commercial men. In the year 1631, a merchant fri­
gate of eight hundred tons burden, and mounting thirty guns, was built and
launched at Manhattan, and dispatched to Holland. This great ship was not
only by far the largest that had ever been attempted in America, but it was pro­
bably one of the most capacious merchantmen at that time afloat. Its size and con­
struction attracted attention in England at that early day to the skill of our
naval architects; and it was nearly two centuries before the shipwrights of New
York again began to build trading vessels which surpassed the Mammoth pro­
portions of the pioneer ship “ New Netherlands1
The admirable position of this island early indicated it as the center of a farreaching commerce. And it is a significant fact that New York was always a
city of the world. Venerating the liberal example of their fatherland, its first
occupants looked upon Commerce as the “ solvent of national antipathies.”
They made residence and loyalty the only conditions of citizenship. And so,
Walloons, Waldenses, Huguenots, Swedes, Anabaptists, Roman Catholics, Ger­
man Lutherans, English Puritans and English Quakers, all came to seat them­
selves quietly down beside the Calvinistic natives of Holland.
In the*year 1643, Father Isaac Jogues— one of the most illustrious o f those
Jesuit missionaries, whose self-denying zeal in bearing the cross to the heathen
has left so bright a record on the book of time, and so worthy an example for
imitation— visited the island of Manhattan, where he was courteously received
and entertained by the Dutch governor. He describes it as then containing about
four or five hundred men of different sects and nations, and speaking “ eighteen
different languages.” The Calvinistic faith was predominant; but the Jesuit
father found Catholics and Puritans, and Lutherans, all enjoying the advantages
of a tolerant and inviting home. Indeed, it may be truly said, that, in the cor­
dial welcome which its earliest Dutch burghers gave to all strangers of every
race and creed who desired to settle among them, may be observed the origin of
that large and comprehensive spirit which has made our city “ the attractive me­
tropolis of the Columbian world.”
Ten years after this visit of Father Jogues, the first municipal government
was organized here, and New Amsterdam became, in fact, a city on the second
day of February, 1653. This was followed in 1657 by the establishment of the
system of burghership, by which all residents who kept “ light and fire” within
the city walls, and who contributed a certain sum to its treasury, were invested
with peculiar civic privileges. The next year its merchants, availing them­
selves of a favorable opportunity, dispatched a bark to Quebec with a cargo of
sugar and tobacco, upon which all duties were remitted in consideration of its
being the “ first voyage” from Manhattan to Canada. In 1659, the West India
Company, adopting a more liberal policy, allowed their province a foreign Com­
merce with France, Spain, Italy, the West Indies and elsewhere, upon condition
that the return cargoes should be brought either to New Netherland or to Hol­
land. Early in the following year an inter-colonial treaty was arranged for a
“ free trade and Commerce” between New Netherland and Virginia. The inhaVOL.

x x x i i .— n o .




iv.

29

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Commercial Growth o f N ew

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bitants of each province were promised reciprocal rights and privileges, and the
colonial authorities, on both sides, vied with each other in efforts to give full ef­
fect to the treaty. The home government in Holland promptly approved the
negotiations with Virginia, and wrote back to their officers here, that “ a free
and unshackled Commerce with that nation must be conducive to the prosperity
of your city and its inhabitants.”
But the growing greatness of the Dutch province provoked the jealousy of
England. In 1662 the Virginian government was ordered to enforce the British
act of navigation, which excluded all foreigners from trade or Commerce with
the English colonies. This was followed by a still more decisive step. Disre­
garding the peaceful occupation, for half a century, of New Netherland by the
Hollanders, Charles II. conveyed by a patent to his brother James, the Duke of
York, the whole of the Dutch province, which then contained full ten thousand
inhabitants, and sent an overpowering force to seize it as a prize. New Am­
sterdam, with a population of fifteen hundred— but in no condition to resist—
was surrendered to the royal expedition on the 8th of September, 1664, and its
name was at once changed to “ New York.” The English flag was displayed on
that beautiful spot “ where the Commerce of the world may now be watched
from shady walks;” and Nieolls, the royal governor, foreseeing the destiny of
the metropolis, soon wrote home, “ within five years the staple of America will
be drawn hither— of which the brethren of Boston are very sensible.”
Such were the early days o f our city. It is profitable to remember the years
of old, and call to mind our “ rude beginnings.” While we contemplate the
cradling of the State, and then think of its maturing grandeur, we thank God,
and take courage. Grateful for the rich inheritance with which Providence has
endowed us here, and looking hopefully forward into the future, we shall best
show our veneration for those who founded our prosperity by remembering
their maxims, emulating their virtues, and surpassing their zeal.
The next century was full of occurrences peculiarly affecting the fortunes of
New York. The colonial policy of England, of which it had now bec6me a de­
pendency, was jealous and hurtful. The navigation laws Were meant and were
used for the benefit o f the mother country alone. They pressed with especial
weight upon the Commerce of our city. Yet, in spite of the incubus ofS foreign
administration, New York held her own, and advanced. Her geographical
position, midway between the North and the South, made her the pivot province,
and the theater of awfully dramatic war. The burning of Schenectady in 1690
— the campaign of Dieskau in 1755—the attacks of Oswego in 1756, and
William Henry in 1757—the defeat of Abercrombie at Ticonderoga in 1758,
which all occurred within our borders, were but a few of the events of that long
struggle between France and England for ultimate dominion in North America,
which ended only with the surrender of Canada to Great Britain in 1763.
It is not surprising that New York, always Commercial, and so happily placed,
should have exercised a commanding influence upon the destinies of this coun­
try. It is not less gratifying to know that her merchants were always among
the foremost to maintain the cause of popular rights, and promote the progress
of humanity. When Great Britain, in 1765, opened the ball of the revolution
by passing the Stamp Act without our consent, New York took the lead in re­
sistance. On the 7th of October in that year, the first Congress of the American
colonies—ovum reipublicce, “ the egg of the republic,” as it has been aptly termed
—met in this city, “ in opposition to the tyrannical acts of the British Parlia­
ment.” The five delegates from the province of New York were Robert R. Liv­
ingston, John Cruger, Philip Livingston, William Bayard, and Leonard Lispenard. Of these the first was an able lawyer, whose distinguished son subse­
quently became Chancellor o f the State. The other four were eminent mer­
chants, who soon afterwards assisted in founding and sustaining our “ Chamber
o f Commerce.” The first step taken by the Congress was to adopt a “ Declara­
tion of the rights and grievances o f the colonies.” This was drawn up by John
Cruger, then Mayor of the city of New York, and Speaker of the Provincial
Assembly. While the Congress was sitting, our merchants held a meeting on




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451

the 31st of October, and unanimously resolved not to import any goods from
England unless the Stamp Act should be repealed. Thus, the chosen home of
Commerce voluntarily renounced it; and the example of New York swayed the
other colonies. “ The whole city rose up as one man in opposition to the
Stamp Act.” Colden, the royal Lieutenant-Governor, was obliged to yield to
the demand of the Common Council, which represented the people. The ob­
noxious stamps were delivered to Cruger, the Mayor, and deposited in the CityHall—and so the people triumphed. Two months afterwards, ten boxes of
stamps were taken from on board a brig lying at Burling Slip, which had just
arrived from London, and carried up the East River to near Rutger’s Place,
wnere they were consumed in a bonfire. The news reached England while
Parliament was in session; and, on the 18th day o f March, 1766, the reluctant
king went in state to Westminster, and gave his royal assent to the bill which
that Parliament had passed for the repeal of their Stamp Act.
Two years after the repeal of the Stamp Act, on the 5th day o f April, 1768,
some twenty of the leading merchants of this city met and formed themselves
into a society by the name of the “ New York Chamber of Commerce.” John
Cruger—the same who had drafted the “ Declaration of rights ” and tdken pos­
session of the obnoxious stamps— was chosen President; Hugh Wallace, VicePresident; Elias Desbrosses, Treasurer; and Anthony Van Dam, Secretary.
Of this society, thus organized eighty-six years ago, the official records to the
present day have been preserved unbroken and unmutilated. It received a royal
charter on the 13th of March, 1770. After the revolution, the Legislature of
this State passed an act on the 13th of April, 1784, confirming the royal patent,
and establishing as a body corporate and politic, the “ Corporation of the Cham­
ber of Commerce of the State of New York.” What has been the influence of
this venerable institution—who were its eminent members—-how well they ful­
filled their trusts—have all been ably developed by one of their own number,
the present accomplished President of Columbia College, Charles King.
Passing rapidly on, with only a bare allusion to the inauguration of Washing­
ton as the first President of the United States, on the 30th day of April, 1789,
(which interesting event took place on the balcony of the old City-Hall at the
head of Broad-street, now replaced by the Custom-house,) we come to the be­
ginning of this century. Since then, although the seat of government has gone
southward, the seat of the metropolis has become only more stably fixed. Great
events happened, as if to mark her progress in greatness.
On the 7th of August, 1807, our own Fulton reached Albany in his steam­
boat “ Clermont,” in thirty-two hours from her wharf at New York—the first
successful experiment in the world in steam navigation. The next year Robert
L. Stevens navigated his steamer, the “ Phenix,” from this port to Philadelphia,
and thus earned beyond dispute the honor of having first triumphantly encoun­
tered the ocean with a vessel driven by steam. Ten years afterwards, in 1818,
the “ Savannah,” a New York built ship, with side wheels, and propelled by
steam and sails, crossed the Atlantic, reached Liverpool and St. Petersburg, and
returned safely hither. A year afterwards, the “ Robert Fulton,” built by
Henry Eckford, began to ply as a steam-packet between this city and New Or­
leans. It was not until the spring of 1837 that the first 'English steamer, the
“ Sirius,” anchored in our harbor.
The Grand Erie Canal, which connects New York with the mediterranean
seas of our continent, was completed in 1825; on the 4th of November in which
year, Governor Clinton, with imposing ceremony, consummated the union of
Lake Erie with the Atlantic. Vast lines of railways were soon projected, under
the encouragement afforded by the success of the first road of the kind con­
structed in this country—that between Albany and Schenectady, which was fin­
ished in 1831. And now the Erie, Central, and Hudson River roads are inade­
quate to their increasing business. Nor should our majestic Croton Aqueduct,
nor our institutions of charity and benevolence, our Ten Governors and our
Commissioners of Emigration, our colleges of learning, our libraries, our literary




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Commercial Growth o f N ew

York.

and historical societies, our managers o f capital at home and on the sea, he omit­
ted from the necessarily brief and imperfect catalogue.
As most satisfactory and appropriate to this occasion, however, I ask your
permission to exhibit the progress of our city by some statistics which have
been carefully compiled from official sources. At the beginning of this century,
the population of the city of New York was about 61,000. The official returns
of the census of the United States, in 1850, show us that we had then grown to
515,394—an increase in 50 years of 845 per cent. In the year 1800, the value
of goods exported from the district of New York was $13,978,123; in 1853, the
value was $93,828,526, exhibiting an increase of 671 per cent. From 1821 to
1853, the value of goods imported into the district had risen from $26,020,012
$195,962,404—being an increase of 753 per cent. The gross amount of duties
collected in the district of New York in the year 1800, was $3,611,588. In the
year 1853, there were collected $42,410,594— showing an increase since the be­
ginning of the century o f 1,174 per cent. And it is a significant fact, that the
largest increase of revenue occurred under a falling tariff, and the development
of the benign and liberalizing principle o f free trade.
In the year 1846, the Independent Treasury was successfully established.
The receipts in the office of the Assistant Treasurer at New York, from the
sixteenth day of October, 1846, to the thirty-first of December, 1847, were
$24,620,601, and the payments $23,639,691. During the year 1853, the Assis­
tant Treasurer received $47,353,615, and paid out $47,306,869— showing an
increase of receipts and payments since 1846 of about 95 per cent. During that
period, the whole amount of money received by the Assistant Treasurer was
$233,577,235, and the whole amount paid out $231,395,190.
In the year 1821, the whole amount of tonnage entered in the district of New
York was 171,963 tons. During the year 1853, there were 1,813,255 tons
entered— showing an increase o f tonnage in thirty-tw’o years of 1,054 per cent.
On the first day of January, 1800, the whole amount of registered enrolled and
licensed tonnage, in the district of New York, was 155,859 tons. On the first
day of January, 1854, there were 1,063,079 tons— showing an increase from
1800 to 1854 of 682 per cent. I will only add that, during the year ending on
the thirtieth of June, 1853, there were built in this district, eighteen ships, five
brigs, sixty-six schooners, ninety-seven sloops and canal-boats, and fifty-eight
steamers—in all, 244 vessels, with an aggregate of 68,454 tons.
These figures tell their own story. W e have seen the past and the present of
our city. But who can adequately estimate the future, when the Isthmian and
continental lines of communication shall connect us directly with our sister city
on the Pacific— we, inviting and receiving the wealth and abundance of eastern
Europe—she, opening her “ golden gate ” to #till more Eastern Japan ? The
rivalry nevertheless shall be amiable; the more intelligent our merchants be­
come, the more fully will they appreciate their high position as well as their
great responsibilities. And while on this subject, I take great pride and pleasure
in referring to the fact, that one of the best—if it is not the very best—of the
commercial magazines of the day in the world, Hunt's Merchants' Magazine, is
edited and published— where it ought to be—in this city.
And yet, though the material prosperity of New York had been thus growing
great, and her majestic future rising In certain view, she remained in some re­
spects, for a long time, far behind Boston and Philadelphia. Learning and sci­
ence, and literature, it is true, were not neglected here. But, it is equally true,
that these great interests weie too little thought of among the body of those
merchants who owed so much to the genial mother who had dealt with them so
kindly. Still there were not wanting those who looked out with hope for the
coming time when the servants of Commerce should be just to their own class,
in elevating themselves and those who were to follow them to a condition which
should be in every respect worthy of the city of their habitation.




Journal o f M ercantile Law .

453

JOURNAL OF MERCANTILE LAW .
RECENT ENGLISH CASES.
W e give below a number of interesting eases, decided in the Nisi Prius
Court, at Liverpool, (England,) during the month of August, 1854. Before
Justice Crowder. Hoyle vs. Moss:—
ACTION ON A PROMISSORY NOTE.

This was an action for the recovery of £500 under a promissory note, dated
December 28th, 1848, payable six months after date. Mr. Sergeant Wilkins
and Mr. Cleasby were for the plaintiff, and Mr. Atherton, Q. C., for the defend­
ant, who pleaded that a note was given in respect of claims on other amounts
mentioned; and that before the note became due it was agreed to receive £200
in discharge of the full amount. Mr. Atherton, Q. C., said, although for the de­
fendant, it devolved upon him to make a statement o f the case. The defendant
admitted that he made the note for £500, but he set up an answer to the plain­
tiff’s claim on a note which he would have to prove; and it therefore fell to his
lot to commence with a statement of the case. The plaintiff was Mr. Allen
Royle, who, in the year 1848 was, and for some time previously had been, the de­
fendant’s landlord, on a farm situated at Barton-upon-Irwell, Manchester. To­
wards the close of 1848 negotiations took place between Mr. Royle and Sir
Thomas de Trafford, the object being the purchase o f the farm by Sir Thomas.
That resulted in the sale of the farm, in consequence of which Mr. John Moss
became the tenant of Sir Thomas de Trafford. At the time of these negotia­
tions, the defendant Mr. Moss, was very considerably indebted to Mr. Royle;
and, inasmuch as the relation of landlord and tenant, which had subsisted be­
tween them, was about to cease, it occurred to the plaintiff that he would like
to have a settlement o f the account, and to close the transaction between him­
self and his late tenant. The accounts were looked into, and it was ulti­
mately arranged that the balance should be taken at the sum of £500; and for
that balance the note upon which the present action was brought was given,
being a note for £500, dated the 28th December, 1848, and payable six months
after date, and which would arrive at maturity in July, 1849. The plaintiff
beng aware that Mr. Moss was not in good eredit, suggested that he should
make some application to his future landlord, Sir Thomas de Trafford, with a
view of enabling him to wipe out the note, and so close the transaction between
the parties. On that the defendant applied to Sir Thomas de Trafford, at the
suggestion of the plaintiff, for an advance of a sum, less than the note itself, to
be paid down in discharge of the note. The application was successful; and an
agreement was come to, that Sir Thomas de Trafford should advance to the de­
fendant £200, which was paid to the plaintiff in full discharge of the balance o f
£500. The only question between the plaintiff and defendant was whether
that agreement was come to, and whether it was carried out. He should prove
the advance by Sir Thomas de Trafford of the £200; for although he was de­
prived, by death, of the valuable evidence of Sir Thomas himself, he should call
that gentleman’s agent and under steward, who would prove the agreement that
the £200 was paid to the plaintiff in full discharge of the £500. Mr. Thomas
Eyre, agent of the late Sir Thomas de Trafford, and Mr. Bennett, assistant stew­
ard, were called and proved the agreement as interpreted by the learned coun­
sel. Mr. Sergeant Wilkins produced no evidence for the defense, merely con­
tending that there was no direct proof of the agreement to take the £200 for
the £500. His lordship, however, thought there was plenty o f evidence to that
effect; and, by direction, the jury found a verdict for the defendant.




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Journal o f Mercantile Law .
LIABILITIES OF COMMISSION AGENTS.

In the same Court, &c. Wardlaw and others, vs. Sutcliffe and others.
The plaintiffs were Messrs. Walter Wardlaw, Charles Macinto, and Samuel
Hodgkinson, who carried on the business of commission agents, the two firstnamed plaintiffs conducting the business at Glasgow, Mr. Hodgkinson conduct­
ing the branch business at Manchester, where it was his duty to purchase goods
of a suitable kind for the Scotch market, and particularly jaceonets. The de­
fendants, Messrs. Sutcliffe and Corson, were in business in 5, Croraford-court,
Manchester, as sellers of this description of goods; and the action was brought
by the plaintiffs to recover damages ill respect of a very large quantity of jacconets, purchased on two occasions from the defendants, which did not answer the
description which they ought to have done under the circumstances of the sale.
Mr. Atherton, Q. C., and Mr. Cowling were for the plaintiffs; and Mr. Hill, Q C.,
and Mr. Cleasby for the defendants. Mr. Atherton, in stating the case, said the
first purchase of jaceonets, consisting of 4,000 pieces, was made by the plain­
tiffs in the month of May, last year, as shown by the following note from them
to the defendants:—
M a n c h e s t e r , 31st May, 1853.
“ M e s s r s . S u t c l i f f e a n d C o r s o n .— W e accept your offer to sell 4,000
pieces of 32-inch jaceonets, 50 yards, 16 by 15, at 9s., as made by you this
morning, to be completed by five months from this date,” &c.
The second contract, a verbal one, for 3,000 pieces, was entered into on the
12th August following, for the same description of goods, at 9s. 4)d. per piece.
In the course of the delivery of the first order, it was found from time to time
that certain pieces were defective. These were treated as “ rejects,” and re­
turned by their customers upon the hands of the plaintiffs, who exchanged them
for others. Towards November, 1853, the plaintisff received frequent and
strong complaints from the persons with whom they in their turn were dealing
in Glasgow; and in that month Mr. Hodgkinson proceeded to Glasgow to sa­
tisfy himself that a careful inspection had been made at the premises of Messrs.
Inglis and Company, where the goods were lying .He called in to his assistance
Mr. Auld, a gentleman of experience and skill. They examined the goods, and
Mr. Auld pronounced a very considerable number of pieces to be defective. A
small number, thirty pieces, were selected as an average sample, and sent to the
defendants, in order that they might satisfy themselves of the defects. On re­
turning to Manchester, Mr. Hodgkinson wrote to the defendants, stating that
bis partners at Glasgow had found it necessary to reject no less than two-thirds
of the whole goods, on account of “ floats,” and that the thirty pieces returned
to the defendants were an average sample. On the same day (November 1st.)
Mr. Hodgkinson received a reply from the defendants to the effect that the
goods delivered were equal or superior to the contract, and that they could not
admit of the re-opening of the transaction after such a lapse of time from the
delivery of the goods. To this, again, the plaintiffs answered that they should
not pay over any more money for the goods until the matter had been satisfac­
torily arranged; and that they were perfectly willing to take goods equal to the
contract, but not goods which were full of holes. Mr. Corson subsequently
went to the warehouse of the plaintiffs, and admitted that the thirty pieces were
damaged, and that it was arranged that a considerable number of pieces should
be returned from Glasgow for inspection. In the course of their transmission
by railway an accident occurred to the train, and the chief part of the goods was
damaged, and the defendants refused" to take them back on that account. The
supplies still continued, and it was chiefly with the pieces supplied in Novem­
ber that the jury had principally to deal. With respect to these the plaintiffs
wrote, on the 24th November, a letter to the defendants, stating that “ their
friends would receive no more jaceonets after the end of the m onththat,
owing to the bad quality of the goods, they had been obliged to reject fifty per
cent of them; and that “ if their friends threw up any portion of their order,




Journal o f Mercantile Law .

456

they should be compelled to repudiate some part o f the contract with the de­
fendants.” In reply, the defendants wrote that “ if they (the plaintiffs) chose to
keep cloth delivered to them two or three weeks in their warehouse, they (the
defendants) were not responsible for any misunderstandings between them (the
plaintiffs) and their customers.” After some further correspondence, Mr. Cor­
son stated, on the 24th November, that if they would ascertain the number of
defective pieces as speedily as possible, and return them at once, they would be
replaced by goods of a better description. Mr. Nightingale, the plaintiffs’ clothlooker, then commenced an examination, which occupied him night and day.
While at work the defendants sent, on the 28th of November, the following
letter:—“ Our Mr. MT’arlane having been over to know the number of ‘ re­
jects’ of jaceonets, and as your cloth-looker, we find, can give him no infor­
mation on the subject, we beg to give notice that we must know by to-morrow
morning the number o f 1rejects,’ as, after that date, we will not hold ourselves
liable to exchange any.” In answer, the plaintiffs immediately wrote that “ the
jaceonets were so wretchedly bad that, what would otherwise take them several
hours to examine, required as many days.” On the 2d December the plaintiffs
wrote again, stating the number of “ rejects” was 833, and requesting that they
should be fetched away. This, however, the defendants declined to do, on the
ground of non-compliance with their peremptory notice. The result was an ac­
tion by the defendants for the recovery of the price o f the entire number of
jaceonets, and, owing to some difficulties, the plaintiffs were advised to pay the
full amount, relying upon a cross action, which they had now brought. Mr.
Hodgkinson was first examined. In reply to Mr. Hill, he admitted that between
the 2d of November and the end of the month the markets fell materially; that
his partner’s friends in Glasgow were desirous of getting rid of the order; and
that, subsequently, when he was endeavoring to get out of the contract, the de­
fendant (Corson) said “ He would not stand their dodging.” Mr. Joseph Parker,
of Manchester, was called to speak to the quality of the jaceonets, which, he
said, he found very bad, in consequence of the weaver’s faults, comprising
“ floats,” “ shires,” ends out in the warp, thick bars crossing the piece, black oil
lumps, iron-moulds, &c. He should say the goods were deteriorated fully 2s.
per piece. Mr. M'Donald, o f Manchester, gave similar evidence. Mr. Hill drew
his lordship’s attention to a point of law. The contract upon which the plain­
tiffs’ declared, was not a contract of express warranty. If a man sold goods of
a particular description, and warranty was given of their quality, that was an ex­
press warranty, for a breach of which an action lay. According to the orders
given in this ease, there was no express warranty o f any kind touching the
quality of the goods. But the law implied that in a contract for manufactured
goods there was an implied warranty that the goods were merchantable; but at
Manchester there was a local usage, in such a case, that the vender should be
compelled to deliver other goods in exchange. The plaintiffs, however, did not
declare upon that. He should, in addition, put in evidence that, unless notice of
rejection of goods was given in reasonable time after delivery, the buyer was
disqualified from seeking compensation. He then called evidence on this point,
the witnesses stating that it was a custom in the trade to give prompt notice of
“ rejects” in certain cases, and in others to return goods coming under this de­
scription within a week or ten days after their original delivery. Mr. S. Smith,
one of these witnesses, was asked what was done if the buyer neglected to send
the goods back 1 The witness:—Oh, if they don’t send them back the case
comes as this comes. (Laughter.) Mr. Atherton having replied to the evidence
for the defense, his lordship summed up, and the jury retired to consider their
verdict. After an absence of about an hour and three quarters they returned
with a verdict for the plaintiff, damages £10.
COMPENSATION FOR RAILW AY ACCIDENT.

In the same Court. Tong vs. Lancaster:—
The plaintiff is a foreman in the employ of the Lancashire and Yorkshire




456

Journal o f M ercantile Law .

Railway Company, and the defendants, Mr. Lancaster and seven others, are the
managing partners o f the Kirkless-hall Coal Mining Company, and the action
was brought for the recovery o f damages for injuries sustained under the follow­
ing circumstances:—On the 3d of Februry the plaintiff was uncoupling a guardvan at the Bluepit station, ten miles from Manchester, at the desire of the enginedriver, Joseph Crompton, when a coal-train, belonging to the Kirkless-hall Com­
pany, came on without the usual signal to the pointsman being made; and the
consequence was that the plaintiff" had his hand so severely crushed that ampu­
tation was necessary, Mr. Atherton, Q. C., with Mr. Mil ward, for the plaintiff;
Mr. Hill, Q,. C., with Mr. Cowling, for the defendants. For the defense it was
urged that on the day in question there were not the proper number of points­
men on the line; but, in answer, it was shown that there were signals at the
various stations to give notice of incoming trains; that no trains ought to at­
tempt to pass without receiving the signal notice that the line was clear; and
that the train did so pass without having received permission. Two pieces of
negligence were also attributed to the plaintiff; first, that he got off the van on
the wrong side; and, secondly, that he unhooked by means of his foot instead
of getting between the van and the carriage, and unhooking properly with his
hand. His lordship, in summing up, thought the charge of negligence against
the plaintiff, in getting off on the wrong side, came to nothing, as there was no
distinct rule that ought not to be violated, some of the witnesses having shown
that the getting off depended upon convenience. The same observation was ap­
plicable to the uncoupling with the foot; for it had been stated that it was
sometimes more advisable to displace the coupling-hook with the foot, to pre­
vent the body being placed in jeopardy. The jury retired, and, after an absence
of about two hours, they returned with a verdict for the plaintiff, damage £100 ;
accompanied by a censure on the railway company for the absence of the requi­
site precautions at the station where the accident occurred.
WOOL BROKERS.

ACTION TO RECOVER FOR BREACH OF CONTRACT.

In the same Court, &c. Graves vs. Legg.
From the statement of Mr. Attorney-General Knowles, it seemed that Mr.
John Graves is a merchant living in Liverpool, and the defendants, Messrs. Legg
& Son, are merchants in London. In Fob., 1852, the plaintiff sent orders to
Odessa to have a quantity of “ Donskoi” wool purchased for him, the custom of
the trade being for the merchants at the shipping ports to make their purchases
early in the year from the country growers, the wool to be delivered in the au­
tumn, at specified dates. He received advices from Odessa some time after,
notifying him of the purchase of a certain quantity of wool, to be delivered in
July and August, and on the receipt of those advices he chartered and dis­
patched to Odessa a vessel called the Science. Mr. Legg, jun., was in Liver­
pool in May, and made purchases of wool through his brokers, Messrs. Hughes
and Ronald; and on the same month Mr. Hughes called on the plaintiff, and
asked him whether he was willing to sell to the Messrs. Legg the wool that had
been purchased for him at Odessa. He intimated his willingness to do so, and
Messrs. Hughes and Ronald entered into a contract on behalf of the defendants,
having first received their sanction to purchase from the plaintiff 333 bales of
white-washed “ donskoi” wool, (132,000 lbs.,) at 10-id. per lb., laid down in Li­
verpool, Hull, or London, the wool to be delivered at Odessa in July and
August, and the name of the vessel to be declared as soon as the wool was
shipped. On the 16th September the plaintiff received a hill of lading for 100
bales of the wool, and on the 28th of September a bill of lading for the remain­
ing 233 hales was received by Messrs. Hughes and Ronald. On the 13th of Oc­
tober the. plaintiff saw by the papers that the Science had passed Constantinople,
and he immediately informed Messrs. Hughes and Ronald of the circumstance;
and on the same dav they wrote to the defendants, apprising them that the
Science had sailed, with 333 bales of their contract, from Odessa on the 17th
September, and had passed Constantinople on the 26th September. The




Journal o f Mercantile Law .

457

Science reached this country in November, but the defendants declined to ac­
cept the wool, alleging that the plaintiff had not fulfilled the terms o f the con­
tract. A correspondence ensued, in the course of which they were repeatedly
asked to point out wherein the plaintiff had not fulfilled the terms of his con­
tract; and three or four times the defendants had replied, “ merely that the con­
tract had not been abided by,” without entering into the explanation required by
the plaintiff. The jury would find that between the time the contract was made
and when it was rejected by the defendants wool had fallen in price; a fact
which, no doubt, in a great degree, influenced the defendants in their subsequent
conduct. They (the defendants) answered that they agreed with the plaintiffs
to buy the wool for the purpose of reselling; and they then said that wool was
an article which fluctuated in price, and that the defendants could only resell the
wool when, and not before, they had notice of the same being shipped; and
when, and not before, the name of the vessel in which it had been so shipped
had been declared according to the contract. If, continued the Attorney-Gene­
ral, wool had risen ljd.. instead of falling l^d., the defendants would have stood
by the contract, and he must confess that the manner in which they had con­
ducted themselves would hardly dispose Liverpool merehants to a very favorable
supposition in favor o f the London mode o f doing business. Mr. Hughes, of
the firm of Hughes & Ronald, o f Liverpool, wool-brokers, who had negotiated
the transaction, spoke to the terms of the contract and the mode of its fulfil­
ment, as stated by the learned counsel for the plaintiff. He had had cases, he
observed, in which similar transactions had been made and completed, where
the vender had not given the purchaser notice of the name of the ship in
which the goods were shipped at the time they were so shipped. He also
produced the form of the contract in this case, which he had received from the
defendants themselves. On being read by the order of the court, it was found
to contain no mention o f the proviso that they should receive notice of the ship’s
name when the wool was shipped. Accompanying the form was a letter from
the defendants, stating that the contract would run “ as per form inclosed.”
Mr. Hill addressed himself almost entirely to the special plea; submitting that
no instance was ever known in which a contract of this kind could be considered
binding when the name of the vessel was not notified to the purchaser of the
wool; for without such information he was not in a position to re-seil. His
lordship, in summing up, drew the particular notice of the jury to the form of
contract proposed by the defendants themselves, in which no mention whatever
was made of the name o f the ship being notified to them when the wool was
shipped. This being so, the jury would consider whether the defendants, know­
ing the terms of the contract which they themselves had proposed, could not re­
sell in a fair mercantile way,-although they did not receive notice of the name
of the ship. If they found for the plaintiff they would find damages for 500Z.
After a brief consultation, the jury returned a verdict for the plaintiff, damages
500Z. On the application of Mr. Hill, it was ordered that immediate execution
should not issue.
BANKERS AND BILL BROKERS— FORGERIES.

Court of Queen’s Bench; (London, England,)—Before Lord Campbell and a
jury, Gurney & Co., vs. Wemersley.
This was an action brought by Messrs. Overend, Gurney & Co., the exten­
sive bankers and bill discounters in the city, against the defendants, bill brokers
in Clement’s-lane, Lombard-street, to recover the sum of £3,011 19s. 7d. under
the following circumstances:—
A person named Anderson, formerly carrying on business as a merchant in
Billiter-square, and who has since been tried and convicted at the Central Crimi­
nal Court, and sentenced to eight years penal servitude for various extensive
forgeries, of which the bill in question was one, having had various bill trans­
actions with the defendants in December last, took the bill in question to the




45 8

Journal o f M ercantile Law .

defendants for the purpose of being discounted. The bill purported to be
drawn at Calcutta at 90 days’ sight, for the sum of £3,050, by a person named
William Dupong, payable to J. Le Brown, and directed and accepted by Messrs.
P. and C. Van Notter, extensive merchants in Fenehurch-street, and indorsed by
Dupong, and subsequently by Anderson. The defendants knowing the firm of
P. and C. Van Notter to be of great respectability, took the bill to the plaintiffs
for discount, when they at once consented to discount it at the rate of 5 per
cent, the then rate of discount for good bills in the money market, and gave a
cheque for £3,011 19s. 7d., the difference of the amount o f the bill less the dis­
count. The defendants, however, charged Anderson for commission and dis­
count at 8 per cent. Anderson, from his success in obtaining discount for that
and other bills to a large amount, purporting to he accepted by the same firm of
Van Notter & Co., having produced a further bill, suspicions were aroused, in­
quiries made, and their forgery discovered, which led to his apprehension and
conviction. The plaintiffs, Messrs. Overend, Gurney & Co., had taken the bill
without any guaranty from the defendants, they objecting to give the guaranty
on the ground that Messrs Overend & Co., had not required them to do so in
previous transactions. The defense was that the defendants were not liable,
they acting merely as the agents between Anderson and the plaintiffs.
Kir Fitzrov Kelly and Mr. Sergeant Channell appeared for the plaintiffs, and
Mr. Bramwell, Q. C., and another learned gentleman for the defendants. The
case was part heard yesterday, and occupied the greater portion of the morning.
At the conclusion of the evidence on both sides, Lord Campbell having
summed up, the jury, after a few minutes consultation, returned a verdict for
the plaintiffs for the full amount claimed.
,
BREACH OF TRUST— RESPONSIBILITY OF BANKERS.

Tn the event of an individual having more than one account at the same bank­
ers, the general rule that the bankers need not inquire into the particulars of
such cheques as their customers may draw, is materially affected. Thus, a cus­
tomer opened three accounts with his banker, one of which was called the
“ Rotherwas Estate Account,” and it was opened by the customer, avowedly,
as receiver of the rents of an estate of that name. The customer drew cheques
on that particular account, to liquidate a balance due from him on one of his
other accounts, called the “ Office Account.” The customer failed, and the
owner of the estate claimed from the bankers the whole of the balance that was
deficient. Vice-Chancellor Kindersley held that the bankers are liable to make
good the loss. “ A person who deals with another,” .said the Vice-Chancellor,
“ which other he knows to to have in his hands, or under his control, moneys
belonging to a third person, cannot deal with the individual holding those
moneys, for his own private benefit, when the effect o f the transaction is, that
this person commits a fraud on a third person."— (Bodenham v. Hoskins, 19 Law
Times Rep. 294.)
ACTION TO RECOVER VALUE OF GOODS ALLEGED TO HAVE BEEN FRAUDULENTLY
OBTAINED.
'

Court of Exchequer, London, England.

Lee and another vs. Moss Hart.

This was an action of trover, to recover the value o f a quantity of goods al­
leged to have been fraudulently obtained, and sold to the defendant by a person
named Peters, who had since become bankrupt, and was tried for and convicted
o f fraud at the last sessions o f the Central Criminal Court, and sentenced to fif­
teen months’ imprisonment; the defendant, Moss Hart and a person named
Simeon, who had been indicted with Peters for a conspiracy, being acquitted.
The facts connected with the frauds of Peters, to the extent of nearly £12,000,
were detailed on the trial at the Old Bailey, and appeared at the hearing.
The case was arranged by consent of counsel on both sides that a verdict
should be taken for the plaintiffs for £600, with leave to move.
Verdict for £600 entered accordingly.




Journal o f Mercantile Law .

459

QUESTION OF SURVIVORSHIP.

The interesting case below was tried in Rolls Court, Chancery Lane, July,
1854, before the Master of the Rolls. We give the report as we find it in the
London Times of July 18, 1854. Underwood vs. Wing.
The facts of this case were somewhat peculiar and interesting. It appears
that a Mr. and Mrs. Underwood, of Bumstead, in the county of Essex, made
their wills on the 4th of October, 1853, in contemplation o f going to Australia,
by which they made a disposition of their property for the benefit of the sur­
vivor of them. The effect of Mr. Underwood’s will was that he left his property
to his wife for life, provided she survived him, then to his children; and in case
of his wife dying before him, or none of his children attaining twenty-one years,
(or, if a daughter, marrying.) then he left the whole of the property mentioned
in his will absolutely to his friend Mr. Wing, of Bond-street.
Mrs. Underwood’ s will was to the effect that she left the property over which
she had a power of disposition to her husband, provided he survived her, and in
case he died before her, then she left it to Mr. Wing absolutely. Both Mr. and
Mrs. Underwood appointed Mr. Wing their executor. On the 12th of October,
1853, Mr. and Mrs. Underwood and their tnree children went on board the un­
fortunate ship Daihousie, which, on the 19th of the same month, was wrecked
off Beachy Head, and every one on board perished, except a sailor of the name
of Joseph Reed.
From the evidence of this sailor it appeared that when the ship struck, Mr.
Underwood and his wife and two o f their three children were standing on the
deck, clasped in each other’s arms, when a huge wave suddenly broke over the
part of the vessel on which they were standing, and swept them all four off to­
gether into the sea, and none of them were seen to rise afterwards.
The other child of Mr. and Mrs. Underwood did not seem to have been with
her father and mother at this time, and was seen some short time after by the
sailor Reed under the circumstances which he thus described in his evidence.
He says: “ I saw Catherine Underwood, after her father, mother, and two
brothers went down, under the following circumstances: Captain Butterworth
sang out to me, ‘ For God’s sake, look here!’ I went and looked, and saw a
young lady struggling in the water; that young lady was Miss Underwood.
With the assistance of another seaman, who was afterwards drowned, I got her
out of the water and lashed her to a spar, which was afterwards cut away from
the sinking vessel, and when it was cut away, Miss Underwood was alive.”
Under these circumstances, the plaintiff contended that Mi-s Underwood hav­
ing survived her father and mother, even for a short time, became their next of
kin, and that Mr. and Mrs. Underwood having perished simultaneously, no fact
of survivorship could be established by virtue of which Mr. Wing could claim
the property left to him contingently on survivorship under both the will of Mr.
and Mrs. Underwood.
On the part of the plaintiff, the evidence of Mr. Wootton, surgeon, of Fitzroysquare, and of Dr. Hancock, of Charing Cross Hospital, had been taken, iii
which they gave it as their opinion that the death of Mr. and Mrs. Underwood was
caused simultaneously by asphyxia, from being submerged in the sea, and that
there was no survivorship at all; while on the part of the defendant, the evi­
dence of Dr. Taylor and Dr. Brunton was produced, from which it appeared that
those gentlemen were of opinion, upon the evidence that had been given by
Reed, that Mr. Underwood, being a strong man and a good swimmer, would
naturally not go down as soon as Mrs. Underwood, and therefore, in all proba­
bility, he survived her.
The Master of the Rolls, after hearing counsel on both sides, said he was of
opinion that the death of Mr. and Mrs. Underwood was simultaneous, and that
there never was any survivorship, the consequence o f which would be that the
gift over to Mr. Wing, contingent on the same, never took effect. As to Miss
Catherine Underwood, the daughter, he considered the evidence of Joseph Reed
was incontestible, and bore upon the face of it the most touching evidence of




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Commercial Chronicle and Review .

truth. Too much praise, in fact, could not be bestowed upon that brave man
for his conduct all through the transaction; and the way in which he had given
his evidence entitled whatever he said to be received with the highest degree of
respect. The effect of his decision would be that the plaintiff, as next of kin
and personal representative of Miss Catherine Underwood, would take the prop­
erty in question.
Mr. R. Palmer, Mr. Roupell, Mr. Prendergast, and Mr. Baggally appeared in
the case.

COMMERCIAL CHRONICLE AND REVIEW .

C R A S H A M O N G T H K C A L IF O R N I A B A N K E R S — E F F E C T

UPON T H E

M A R K E T IN T H E A T L A N T I C

STATES—

P U R I F Y IN G E F F E C T U P O N T H E S A N F R A N C IS C O M A R K E T S — C O R R E C T I O N O F E V IL S I N C U R A B L E B Y A N Y
O T H E R P R O C E S S — E X C H A N G E B E T W E E N T H E A T L A N T I C A N D P A C IF IC — B A N K

E X P A N S IO N , W I T H S T A ­

T I S T I C S O F T H E M O V E M E N T IN N E W Y O R K A N D B O S T O N — P R O D U C T IO N O F G O L D — D E P O S I T S A T
Y O R K — D E P O S I T S A N D C O IN A G E

AT

P H IL A D E L P H IA

AND N E W

ORLEANS

C O IN — I M P O R T S O F F O R E I G N M E R C H A N D IS E A T N E W Y O R K F O R F E B R U A R Y A N D
— IM P O R T S OF D R Y G O O D S F O R S A M E

P E R IO D — R E C E I P T S

OF

CASH

NEW

M IN T S — C O U N T E R F E I T I N G
SIN C E

J A N U A R Y 1S T

D U T IE S — E X P O R T S F R O M

NEW

Y O R K T O F O R E IG N P O R T S F O R F E B R U A R Y A N D F R O M J A N U A R Y 1ST— E X P O R T S OF D O M E S T I C P R O D U C E
— F O R E IG N E X C H A N G E S — S T O C K S , E T C ., E T C .

T h e most exciting portion of our financial history the past month is that con­
nected with events upon our Pacific coast. We mentioned in our last the re­
sumption of Messrs. Page & Bacon, bankers at St. Louis, who had suspended
payment, and we expressed the hope that the San Francisco branch of the house
would not be affected by the difficulties which had been so happily settled here.
This hope was not realized. The “ Oregon” took to California the news of the
suspension, and, of course, a run immediately commenced upon Page, Bacon &
Co., of San Francisco. They stood unfalteringly for several days, and could
they have continued payment until they received the news of the resumption
here, no further trouble might have been experienced. Unfortunately, the steam­
er which should have borne the good tidings was several days behind her time,
and a rumor, strangely originated, was quite current that she would bring back
over one million of protested drafts. This created fresh excitement, and on the
morning of the 22d of February, the house did not open its doors. This suspen­
sion was immediately followed by the suspension of Adams & Co., Wells, Fargo
& Co., Robinson & Co., and the Miners’ Bank, (Wright’s.) Of these, Wells
Fargo & Co. appear to have been solvent, and together with Page, Bacon & Co.,
are making arrangements to resume their business. Adams & Co. (not the Ex­
press Company of that name, the two houses having but a partial connection,)
are thought to be insolvent, and their failure is supposed to be disastrous to
themselves and creditors. Several bankers were enabled to sustain themselves
in the general run, and have come out of the trial with increased credit. The
news of these troubles reached New York on the morning of Monday, the 19th
of March. Much sympathy was felt for the sufferers, but no panic was created,
and the thermometer of the financial world, the stock market, gave no indica­
tions of unusual excitement. Now that the smoke of the explosion has a little
cleared away, many look upon the crash as a real blessing to California. The
financial system in vogue there had been bad in policy, and was eating out the




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Commercial Chronicle and Review.

life-blood of the mercantile community. The bankers, it is now evident, were
doing their entire exchange business without profit, for the purpose o f attracting
large deposits to their vaults. The money thus obtained was loaned out at 3
to 5 per cent a month, and those who were borrowers were one after the other
becoming ruined by high rents, unprofitable speculations, and by the very ex­
travagant rates of interest. It was far better that the whole system should
come down together than that a portion should have been left festering to com­
municate and perpetuate the disease. Now the atmosphere has become clear,
and with brighter skies, the energetic and all with recuperative power, may be­
gin again with better hopes of success. The new business must rest on a basis
altogether different from the old, if the prosperity is to be permanent. Higher
security will be exacted, but at lower rates of interest. The mammoth business
of selling drafts on New York, and remitting specie, must be put upon a differ­
ent footing. The buyers of bills of exchange in asking for a stronger guaranty
of payment, will be compelled to pay a higher rate of exchange. There has
not been for years so favorable an opening for a profitable business in California
as at present. It is the first time since its first' settlement by our countrymen
that the difficulties in the way of legitimate trade have not been too great to be
overcome by a single-handed effort. Now, all barriers have been swept down,
and in building anew, there is more hope of permanency.
The bank expansion is still going on, but with more moderation, while in
nearly all of the States, the specie reserve is increasing. The following will
show the movement in New York city since the opening of the year:—
Date.

♦>

Capital.

Loans and
Discounts.

Specie.

Circulation.

Deposits.

March 5.

March 12.

13,596,963
48,000,000
82,244,706
7,049,982
64,982,158
48,000,000
83,976,081
15,488,525
6,686,461
67,303,398
85,447,998
48,000,000
16,372,127
6,681,355
69,647,618
48,000,000
86,654,657
16,697,260
6,739,823
20,136,618
48,000,000
88,145,697
17,439,196
7,000,766
72,923,317
48,000,000
89,862,170
17,124,391
6,969,111
73,794,342
90,850,031
48,000,000
17,339,086
6,941,606
75,193,636
48,000,000
91,590,504
16,370,875
6,963,662
74,544,721
92,386,125
16,531,279
48,000,000
7,106,710
75,958,344
92,331,789
16,870,669
48,000,000
7,131,998
76,259,484
92,447,345
16,933,932
48,000,000
7,061,018
76,524,227
This shows an expansion of over ten millions in loans and discounts since
January 1st, with a specie basis of three-and-a-half millions, which is relatively
stronger position. The Boston banks show a change less marked, as will be
seen by the following weekly summary:—

Jan. 6, 1855
Jan. 13.......
Jan. 20.......
Jan. 27.......
Feb. 3.......
Feb. 10.......
Feb. 17.......
Feb. 24.......
March 3 ___
March 10 . . .
March 17 . . .

February 12. February 19.

February 26.

Capital........................ §32,247,125 §32,247,525 §32,286,675 §32,344,275 §32,354,075
Loans and discounts. 51,417,824 51,829,922 52,114,800
52,343,488 52,360,060
Specie.........................
3,385,605
3,425,033
3,261,274
3,370,444
3,311,349
Due from other banks
7,206,645
7,230,032
7,358,666
8,342,065
7,720,943
Due to other banks .
6,336,609
6,526,565
6,610,845
6,670,232
6,782 871
D e p o sits....................
13,119,752
13,501,905 13,567,488
14,308,918 14,137,420
C irculation................
7,045,871
7,050,919
6,921,020
7,124,578
6,936,870

The above exhibits no increase in specie, corresponding with the increase in
loans and discounts. Comparative statements in regard to other banks in vari­
ous parts of the country will be found in our Journal of Banking, &c., in an­
other part of the Magazine, nearly all of which show the same general expan­
sion.




V

462

Commercial Chronicle and Review.

The regular arrivals of gold from California have been interrupted by the
difficulties already noticed; but inde e idei t of this, the continued dry weather
at the diggings had tended to diminish the supply. It is now evident that the
yield has nearly or quite reached its maximum, and that any change will be
toward a diminution in the receipts. The total annual products o f the mines for
three years has averaged about $65,000,000; even should this be reduced to
$40,000,000, it will still continue to exert a controlling influence upon our finan­
cial affairs. The increased product >f gold from the discovery of fields not
worked previous to the settlement o f California, including, o f course, the Aus­
tralian diggings, is about one hundred millions of dollars per annum—a large
amount to be added annually to the world’ - coffers.
The receipts of gold from California, so far as the falling off has been owing
to the want of heavy rains, will soon be resumed, but the decline, independent
of other causes, has been greatly to the detriment of their local trade. A con­
siderable portion of the arrivals now being in California mint bars, or other
available forms, is shipped without being deposited either in New York or Phil­
adelphia. The following will show the deposits at, the New York Assay Office
during the month of February:—
Sliver.

Foreign coins.............................................................
Foreign b u llio n .......................................................
Dom estic bullion...........................................................
Total d e p o sits............................................

$765
1,691
11,770
$14,226

Gold.

Total.

$4,000
9,740
1,625,934

$4,765
11,431
1,637,704

$1,639,674

$1,653,900

Of the above deposits, $1,557,738 were for fine bars, and $96,162 for coin;
the deposits include $150,000 in California mint bars. The total amount sent
over to Philadelphia for coinage during the month was $1,029,131 76. The
following will show the deposits and coinage at the Philadelphia and New Or­
leans Mints for the same time:—
DEPOSITS AND COINAGE AT PH ILA DE LPH IA AND N E W ORLEANS MINTS.
DEPOSITS FOR FEBRUARY.

Gold deposited from California. . ....................
G old from other sources................ ....................

New Orleans
Mint.

Philadelphia
Mint.

Total.

$38,012
2,604

$147,000
16,870

$185,012
19,474

$40,616

$163,870
1,029,130
75,300

$204,486
1,029,130
770,967

$736,283

$1,268,300

$2,004,583

Gold from N ew Y o r k ....................
Silver received for coinage...........
Total received for coinage..........................

COINAGE FOR FEBRUARY.
GOLD COINAGE.
N e w O rlean s.

Pieces.

P h il a d e l p h ia .

Value.

Pieces.

3,000

$60,000

....................
Three dollar p ie c e s
Quarter eagles.............................
20,000
Gold dollars..................................

20,000

129,718
27,892
21,515
11,170
69,744
25,000

$2,594,360
278,920
107,575
83,510
174,860
25,000

23,000

$80,000

285,039

$3,213,725

Double e a g le s .............................

Total gold coinage




Value.

463

Commercial Chronicle and Review .
SILVER COINAGE.

H a lf d o lla r s..................................
280,000
Quarter d o lla r s ............................
176,000
D im e s .................................................................
H a lf dim es........................................................

$140,000
44,000
............
............

92,000
104,000
140,000
680,000

$46,000
26,000
14,000
34,000

Total silver coinage................

456,000

$184,000

1,010,000

$120,000

Total coinage .........................

479,000

$264,000

1,301,039

$3,333,725

There is a good deal o f counterfeit and bogus coin in circulation, and an in­
genious fraud has been recently discovered, where the milled edge of the dou­
ble eagle has been filed off, leaving the piece about one-thirty-second of an inch
less in circumference, the milling having been restored by a machine or by skill­
ful filing.
The imports from foreign ports during the month o f February did not show
the same decline which was exhibited in the returns for January, and at New
York the receipts increased as compared with the corresponding period of the
previous year. Thus, the total at that port for February, 1855, was $985,902
larger than for February, 1854, but $5,400,438 less than for February, 1853.
The following is a comparison for the same month in each of the last four
years :—
FOREIGN IMPORTS AT NEW YORK FOR THE MONTH OF FEBRUARY.

1® .
Entered for consum ption......................... $7,024,952
Entered for warehousing........................ 1,003,383
Free g o o d s ................................................ 1,110,949
Specie and b u llio n .................................
110,293

1853.

1854.

1855.

$14,578,018 $9,426,206 $8,315,268
1,012,564
923,480 2,237,394
1,767,908
466,506 1,461 465
123,430
279,388
67,355

Total entered at the p o rt..............$9,249,577 $17,481,920 11,095,580 12,081,482
Withdrawn from w a reh ou se
1,788,997
830,552 1,954,010 2.563,274

The imports for February, 1851, were $12,054,403, being very near the same
amount as for February of the current year. The most noticeable feature of
the above is in the large amount of goods entered for warehousing; the total
withdrawn from warehouse has likewise largely increased, while the receipts o f
free goods, especially of tea, have been very large. The increase in February,
as compared with the same month o f last year, has been trifling, however, com­
pared with the very great decline in January, so that the total for the two months
is $5,676,090 less than for the first two months o f 1854, $5,895,581 less than
for the same period of 1853, but $4,765,635 greater than for the same period of
1852, as will appear from the annexed comparison :—
IMPORTS OF FOREIGN MERCHANDISE AT N E W YO RK FOR TWO MONTHS FROM JAN.

1852.

1851.

1854.

1ST.

1855.

Entered for consumption.................. $16,609,263 $26,141,423 $25,077,621 $16,686,527
Entered for warehousing................
2,284,977
1,654,843
3.195,456
5,492,048
F r e e g o o d s .........................................
2,152,405
2,970,146
1,861,569
2,692,095
Specie and b u llio n ...........................
215,029
156,478
568,753
157,639
Total entered at the p o r t ............... $20,261,674 $30,922,890 $30,703,399 $25,027,309
W ithdrawn from warehouse.........
3,373,649
2,366,887
4,843,526
4,621,205

The imports of dry goods continue to decline, the increase as shown above
being in the receipts o f general merchandise. The imports of dry goods for




464

Commercial Chronicle and Review .

February are $2,157,227 less than for February of last year, $3,156,940 less
than for the same month of 1853, and only $774,457 larger than for February,
1852. This decline was through all branches of dry goods, but is greatest in
silks, as will be seen by the following summary statement:—
IMPORTS OF FOREIGN D RY GOODS AT NEW Y O RK IN FEBRUARY.
ENTERED FOR CONSUMPTION.

1855.

1854.

1852.

1851

o f w o o l ..............................
o f c o t t o n ...........................
o f s i l k ................................
o f f l a x ................................
d r y g o o d s ........................

$ 9 9 0 ,2 9 1
9 3 8 ,1 7 7
1 ,9 8 0 ,1 5 4
5 0 4 ,5 5 0
3 4 9 ,4 8 6

$ 2 ,3 6 7 ,1 7 1
1 ,9 7 7 ,0 2 7
2 ,8 7 1 ,0 1 7
9 0 9 ,4 5 7
5 9 7 ,3 2 0

$ 1 ,4 9 1 ,1 9 8 $ 1 ,2 5 8 ,9 6 2
1 ,3 9 0 ,0 7 8
1 ,0 3 7 ,8 9 6
1 ,6 4 8 ,4 1 1
3 ,2 7 8 ,2 8 5
4 0 9 ,2 5 2
6 1 0 ,9 0 3
4 5 0 ,1 6 4
6 5 6 ,7 8 5

T o t a l ........................................................

$ 4 ,7 6 2 ,6 5 8

$ 8 ,7 2 1 ,9 9 2

$ 7 ,4 2 7 ,2 4 9 $ 4 ,8 0 4 ,6 8 5

M a n u fa c tu r e s
M a n u fa c tu r e s
M a n u fa c tu r e s
M a n u fa c tu r e s
M is c e lla n e o u s

WITHDRAWN FROM WAREHOUSE.

1852.

1851

1854.

1855.

$ 2 0 1 ,9 3 5
3 1 1 ,6 4 7
3 8 4 ,1 9 8
1 8 8 ,7 8 8
6 3 ,0 7 1

$ 1 0 7 ,7 5 1
1 4 5 ,0 5 5
9 6 ,7 5 5
3 7 ,3 8 6
2 9 ,0 1 6

$ 2 8 1 ,2 5 2
4 6 1 ,9 5 7
3 3 1 ,1 1 8
1 9 0 ,5 2 3
5 4 ,7 8 1

$ 3 0 6 ,4 8 1
5 0 7 ,3 8 8
4 5 8 ,8 3 0
2 0 6 ,2 0 6
1 3 3 ,8 8 8

T o t a l ........................................................ $ 1 ,1 4 9 ,6 3 9
A d d e n t e r e d f o r c o n s u m p t i o n ..............
4 ,7 6 2 ,6 5 8

$ 4 1 5 ,9 6 3
8 ,7 2 1 ,9 9 2

$ 1 ,3 1 9 ,6 3 1 $ 1 ,6 1 2 ,7 9 3
4 ,8 0 4 ,6 8 5
7 ,4 2 7 ,2 4 9

$ 9 ,1 3 7 ,9 5 5

$ 8 ,7 4 6 ,8 8 0 $ 6 ,4 1 7 ,4 7 8

M a n u fa c t u r e s o f w o o l ..............................
M a n u fa c t u r e s o f c o t t o n ........................
M a n u fa c tu r e s o f s i l k ................................
M a n u fa c t u r e s o f f l a x ...........................
M i s c e l la n e o u s d r y g o o d s .....................

T o ta l th ro w n on th e m a r k e t . .

$ 5 ,9 1 2 ,2 9 7

ENTERED FOR WAREHOUSING.

1852.

1851

1854.

1855.

M a n u fa c t u r e s o f w o o l . . . ...................
M a n u fa c tu r e s o f c o t t o n ...........................
M a n u fa c tu r e s o f s i l k .................................
M a n u fa c tu r e s o f f l a x ...................................
M is c e lla n e o u s d r y g o o d s ................ .......

$ 1 0 3 ,4 9 2
6 2 ,6 3 1
1 5 0 ,1 7 7
8 ,6 6 2
4 5 ,6 8 5

$ 8 9 ,9 8 1
1 2 6 ,6 0 6
8 6 ,2 2 0
5 ,5 2 8
2 4 ,3 7 5

$ 1 2 2 ,3 2 2
1 6 0 ,1 8 2
2 6 5 ,4 2 7
5 0 ,2 5 4
2 9 ,5 5 5

$ 2 0 1 ,3 6 5
2 0 7 ,1 1 1
4 3 4 ,9 1 2
1 6 0 ,3 3 4
8 9 ,3 5 5

T o t a l ........................................................
A d d e n t e r e d fo r c o n s u m p t i o n ..............

$ 3 6 0 ,6 4 7
4 ,7 6 2 ,6 5 8

$ 3 3 2 ,7 1 0
8 ,7 2 1 ,9 9 2

$ 6 2 7 ,7 4 0 $ 1 ,0 9 3 ,0 7 7
7 ,4 2 7 ,2 4 9
4 ,8 0 4 ,6 8 5

T o t a l e n t e r e d a t t h e p o r t ...........

$ 5 ,1 2 3 ,3 0 5

$ 9 ,0 5 4 ,7 0 2

$ 8 ,0 5 4 ,9 8 9 $ 5 ,8 9 7 ,7 6 2

The above shows that the warehousing business has been very active, both
the entries and withdrawals having been unusually large. The total decrease
in the imports of dry goods at New York for eight weeks, from January 1st, is
$6,759,304 as compared with last year, $6,091,365 as compared with the same
period of 1853, and $1,522,526 as compared with the same period of 1852. The
following will show the total for each month named in the comparison during
the last three years:—
IMPORTS OF D R Y GOODS AT NEW YORK.

1851.

1854.

1855.

J a n u a ry .....................
February............................................................

$8,564,818
9,054,702

$10,232,470
8,054,989

$5,630,393
6,897,762

Total tw o months........................................

$17,619,520

$18,287,459

$11,528,165




465

Commercial Chronicle and Review.
We

annex a sum m ary o f the particulars o f these im ports in each o f the

last fou r years :—
IMPORTS OF FOREIGN D RY GOODS AT THE PORT OF NEW YO RK FOR EIGHT W EEKS, FROM
JANUARY 1ST.
ENTERED FOR CONSUMPTION.

1854.

1855.

$3,162,449
4,016,894
6,251,266
1,583,747
1,288,657

$2,248,884
2,020,977
2,661,032
993,743
922,939

T o t a l.............................................. $11,368,469 $16,811,618 $16,303,013

$8,847,575

1852.
Manufactures o f w o o l ....................
Manufactures o f cotton....................
Manufactures o f silk........................
Manufactures o f flax........................
Miscellaneous dry goods.................

$2,296,613
2,246,629
4,950,787
1,073,711
800,729

1851
$3,981,543
3,720,195
6,254,182
1,779,917
1,075,781

W ITH D RAW N FROM WAREHOUSE.

1852.

1851

1854.

1855.

Manufactures o f w o o l ....................
Manufactures o f c o t t o n ..................
Manufactures o f s i l k ......................
Manufactures o f fla x .........................
Miscellaneous dry goods.................

$416,037
592,248
676,084
310,423
85,391

$225,462
310,442
433,337
67,351
104,112

$562,658
905,013
837,601
312,136
89,457

$494,804
772,518
728,267
302,124
215,407

Total w ith d ra w n .........................
A d d entered for consumption . . .

$2,080,183
11,368,469

$1,140,704
16,811,618

$2,706,865
16,303,013

$2,513,520
8,847,576

Total thrown upon the market. $13,448,652 $17,952,322 $19,009,878 $11,361,095
ENTERED FOR WAREHOUSING.

1852.

1851

1854.

Manufactures o f w o o l.....................
Manufactures o f c o t t o n ..................
Manufactures o f s i l k .......................
Manufactures o f fla x .........................
Miscellaneous dry g o o d s ................

$287,603
261.487
987,534
75,501
70,087

$162,932
230,097
319,979
17,044
77,850

$361,832
731,652
648,120
204,467
38,375

$508,681
755,046
783,754
388,205
244,894

T o ta l..........................................
A d d entered for consum ption . . .

$1,6821212
11,368,469

$807,902
16,811,618

$1,984,446
16,303,013

$2,680,580
8,847,575

1855.

T otal entered at the p o r t ......... $13,050,681 $17,619,520 $18,287,459 $11,528,155
T h e cash d u ties are less than w o u ld at first b e expected, the im ports .being*
un usually large in free g o o d s and in g o o d s entered for w arehousing, w hich do
n o t pay d u ties till "they are w ithdraw n.
CASH DUTIES RECEIVED AT N E W YORK.

1852.
January.....................
February..................
Total 2 m o n th s..

18a

$2,600,662 64 $3,311,IS1? 37
2,286,955 47 3,878,395 47
$4,887,518 11

$7,189,532 84

1854.

1855.

$4,379,285 32
2,867,294 60

$2,560,038 32
2,665,164 94

$7,246,579 82

$5,225,203 26

T h e exports are large, alth ou gh n o t quite up to the very heavy totals fo r the
last year, unless the shipm ents o f sp ecie are included.

T h u s the ex ports from

N e w Y o rk , exclu sive o f sp e cie , fo r the m onth o f F ebruary, are $ 1 ,3 9 3 ,0 0 6
less than fo r F e b ru a ry , 1854, $ 9 9 5 ,7 6 4 greater than fo r F ebru ary, 1853, and
$ 7 9 6 ,9 4 4 less than f o r F ebru ary , 1852.
V O L . X X X I I .— N O . IV .




30

466

Commercial Chronicle and Review.

EXPOETS

FEOM NEW Y O RK TO FOR EIGN POETS FOE THE

MONTH OF FEBRUARY,

1851

18§8.

Dom estic produce............................
Foreign merchandise (fre e )...........
Foreign merchandise (d u tia b le )...
S p e c ie .................................................

$3,352,943
93,932
322,272
3,551,543

$3,325,005
63.197
171,125
1,121,020

$5,400,924
156,434
400,739
579.724

1854.

$3,154,264
812,226
598,601
2,123,708

T otal e x p o r t s ...............................
Total, exclusive o f s p e c ie .........

$7,320,660
3,769,147

$4,680,347
8,569,327

$6,537,821
5,958,097

$6,688,799
4,565,091

1855.

T h e ex ports o f specie are larger than fo r any corresp on d in g m onth since 1852,
b u t n o t as large b y nearly on e-an d -a -h a lf m illion s, as fo r the same m onth o f
that year.

T h e total ex ports fro m N e w Y o r k fo r tw o m onths, exclusive o f

sp ecie, are $ 1 ,3 4 2 ,2 8 4 le ss than fo r the corresp on d in g period o f last year,
$3,602 ,453 greater than fo r the sam e tim e in 1853, and $7 96,9 44 greater than
fo r the sam e period o f 1852.

W e annex a com p arison :—

EXPOETS FEO M N E W Y O E K TO FOREIGN POETS FOE TW O MONTHS FEOM JANUARY

1852.
Dom estic produce.............................
Foreign merchandise (free)...........
Foreign merchandise (d u tia b le )..
S pecie....................................

$5,772,239
120,625
680,516
6,420,501

T otal e x p o r t s ............................... $12,993,881
Total, exclusive o f s p e c ie .........
6,573,380

1851.

1854.

1ST.

1855.

$6,315,629 $10,705,127
105,771
227,958
436,855
869,807
1,868,699
2,425,406

$8,151,051
1,270,317
1,039,240
2,280,106

$8,726,954 $14,228,298 $12,740,714
6,858,255 11,802,892 10,460,608

T h e exports o f p rod u ce have been large, although in som e particulars lim ited
b y the small su pp ly at the seaboard.
have largely decreased.

T h u s the shipm ents o f w heat and flou r

T h e e x p orts o f Indian co rn rem ain ab ou t the same.

M eat p rovision s have been shipped m ore freely, esp ecially to F rance, 6,000 bbls.
o f p ork having left d uring one w eek in M arch, fo r T o u lo n .

W e annex a c o m ­

parison o f the shipm ents from N ew Y o r k , o f certain leading articles o f dom estic
p ro d u c e , from January 1st to F ebru ary 1 8 th :—
EXPOETS

OF

CERTAIN ARTIOLES OF DOMESTIC PRODUCE FROM NEW Y O RK

TO

FOREIGN

I

PORTS FROM JANUARY 1ST TO MARCH 1 8 t h :—

1854.
Ashes—pots.__ bbls.
pearls..........
Beeswax............... lbs.

1,041
241
55,014

Breadstuff's —

Wheat flour . .bbls.
Rye flour..............
Corn meal..............

359,993
3,058
20,418
769 747
Rye....................... 291,384
3,968
Oats ......................
Corn...................... 1,063,803
13,968
Candles—mold..boxes
1,360
sperm........
3,937
Coal.....................tons
68,495
Cotton................bales
1,488
Hay...........................
103
H o p s .............................




1855.

1854.

1855.

2,156 Naval stores.. . .bbls. 129,081 162.927
495 Oils—whale.. .galls.
20,424
49,578
sperm .
21,066
99,655 122,717
lard . . .
5,161
4,623
linseed
884
2,537
111,799
Provisions
—
7,903
Pork............
11,545
15,247
51,574
17.933
29,803
30,420
Cut meats.. ...lbs. 2,626,647 7,609^889
6J39
Butter.......
443,768 140,674
12,111
948,190
Cheese.........
548,585 718,684
11,680
Lard............
2,526,667 3,470,482
8,735
1,976 Rice..............
4,387
319,978 1,010,288
1,741 Tallow............
42,558 Tobacco, crude.. pkgs
8,689
13,489
1,835 Do., manufactured.lbs 413,039 719,868
3,074 Whalebone....
222,018 146,435

Commercial Chronicle and Review.

467

T h e a b o v e sh ow s a large increase in ashes, w hich have g o n e forw ard m uch
m ore freely.

T h e decline in shipm ents o f flou r has b een ov er 60 per cent,

w hile the total o f w heat is on ly a b o u t 4 per ce n t o f the corresp on d in g total fo r
last year.

T h e gain in pork and b e e f is en orm ou s, esp ecially in the form er, o f

w hich lik ew ise the prod uction has b e e n large.
lard have also increased very largely.

T h e shipm ents o f b a co n and

I f there b e anything in the w ay, especially,

o f a fu ll return o f ou r form er com m ercial prosperity, it is fou n d in the fa llin g o ff
in the receip ts o f cotton .

T his is, d o u b tle ss, partly o w in g to a lo w e r c rop , bu t

is chiefly attributable to the d ry w eather, w hich has preven ted the navigation o f
S outhern rivers.

T h e difference, as com pared w ith the crop o f last year, is

nearly, or quite, $12,000,000.

T h e want o f this has been felt in the foreig n

exchan ge m arket, rates having steadily im proved.

T h e stock m arket has been

tend ing u p w a rd ; all g o o d bon ds and state stock s have been in re q u e s t; and
thus, althou gh there has been little speculation, th e dem and fo r investm ent has
added to the general bu oy a n cy .

NEW YORK COTTON MARKET FOR MONTH ENDING MARCH 23,
PREPARED

FOR T H E

M ERCH AN TS’ MAGAZINE

BY UHLHORN &

FREDERICKSO N , B R O K E R S, NEW YO RK.

Our last monthly report closed February 23d, and during the tw o succeeding weeks,
there was but a slight variation from prices then quoted.

Notwithstanding the dull

and unfavorable state o f the European markets— extensive failures, and a reduction
in the hours o f labor— a scarcity o f money, and the continuation o f a war that seems
interminable— our market has been sustained at prices beyond shipping point.

That

the low stage o f water in the Southern rivers, causing receipts to be kept back, has
aided to sustain prices is true, but the maintenance o f rates under foreign advices o f
the most gloom y character is to be attributed to the daily and extensive purchases o f
our own manufacturers, a class o f buyers who do much to sustain prices, in the a b ­
sence o f a shipping demand ; but by the stringency o f some holders, and the want o f
accommodation which Boston and Providence furnish, many o f our best spinners are
com pelled to make their purchases elsewhere.
doubling her trade in cotton 1
ter her port.

W hat prevents N ew Y ork from

She pays for millions, but thousands o f bales alone en­

The commercial and financial center o f the Union seems satisfied with

a trade' in thousands that should be enumerated by millions.

It is strange, but never­

theless true, that there was more cotton waiting for a change o f wind at the mouth o f
the Mersey on the 1st March than there is received in N ew Y ork in a year, and that
there should be a larger import o f cotton in one week in Liverpool than in New Y ork
for six months.

The sales for the month greatly exceed that o f the month previous

— large transactions, and a rapid advance o f nearly one cent per pound having taken
place during the last two weeks o f the month, owing to the intelligence received by
the A f r i c a on the 15th March o f the rep orted death o f the Russian Emperor, Nicholas,
on the 2d March.

This announcement at once caused an active demand from those

who see in the Emperor’s death the return o f the dove and olive branch to the bellig­
erent courts o f Europe, and an immediate renewal o f confidence and improvement in
trade as a consequence.

A belief in the advices, however, was not general, and the

more cautious stood b y and saw fortunes m ade and— bought not, preferring to await
later advices, before operating on a telegraphic dispatch, signed Lord John Russell.
Should, however, the intelligence at hand prove true, there is no doubt that the above
advance will be sustained, aided as it is by a w eekly falling off in receipts.
Our market for the week ending March 2d was well supported by the home trade,
which bought largely.




The sales for the week w ere 7,500 bales, with a fair amount

Commercial Chronicle and Review.

468

on sale, and holders disposed to meet the views o f buyers.
reported in tra n situ and to arrive.

Large transactions were

The market closed steady at the following rates :

THICKS ADOTTED MARCH 2 d FOR THE FOLLOWING Q U ALITIE S:—

O rdin ary...............................................
M idd lin g...............................................
M iddling fa ir.......................................
F a ir .......................................................

Upland.
1$

Florida.

7£
8&
9f
10£

8£
9£
9f

Mobile.

N. O. & Texas.

7£
9
10
lO f

8 9J
10J
11

The sales for the succeeding week were 8,000 b a le s; in the absence o f later for­
eign advices and a shipping inquiry, the purchases were principally for our own
trade.

Prices continued w ell s upported, the upward tendency o f the Southern mar­

kets m aterially aiding holders here.
P RICES ADOPTED MARCH 9 T H FOR THE FOLLO W IN G QUALITIES 1—

Upland.

Florida.

7£
8£
9|
9£

7£
8£
9£
lO f

O rd in a ry .............................................
M id d lin g .............................................
Middling fa ir ......................................
F a i r ......................................................

Mobile. N. O. &. Texas.

7£
9
10
10£

8
9J
10£
11

The market for the w eek ending March 16th closed with an advance o f £c. a fc . per
pound on all grades, with sales o f 15,000 bales.

The Africa’s telegraphic advices o f

the death o f the Russian emperor reached here on the 15th, and the peace prospects
being much strengthened b y such an event, our market immediately advanced, with
large sales for export and on speculation.
to await later advices.

The less sanguine, however, were disposed

The market closed buoyantly at the following rates :—

PRICES ADOPTED MARCH 1 6 T H F O R THE FOLLOW ING Q UALITIES'.—

Upland.

O rdinary...............................................
M iddling..............................................
M iddling f a i r ......................................
F a i r ..........................................................

Florida.

7£
8£
9J
10£

7f
9
10
10J

M obile. N. O. & Texas*

8
9i
lO f
lO f

8£
9£
10J
11£

F or the w eek ending March 23d the demand for export and spieculation continued
active, with a further advance o f fully fc . per pound.
reducing our unsold stock to a small figure.

The sales were 14,000 bales,

Sellers at the close were indifferent

about offering their reduced stock, and the absence o f later foreign advices caused
rather less inquiry at the close o f the week.
follow in g :—

The market was firm, however, at the

PRICES ADOPTED MARCH 2 3 d FOR THE FOLLOWING QUALITIES:----

Upland.

Ordinary..............................................
M iddling...............................................
Middling fair.......................................
F air.......................................................

8
9£
10f
10£

Florida.

8
9f
lO f
10f

Mobile. N. O. & Texas*

8£
9f
lO f
11

8£
9-f
11
11£

~

T he following is from our Circular o f the 21st March, in regard to Receipts,
Crop, A c.:—
“ T he decrease in receipts is now 210,000 bales— in stock on hand and on shipboard
there is a falling off, as compared with last year, o f 285,000 bales.

Increase in ex­

ports to G rtat Britain, 172,000 bales— total increase to all foreign ports, 161,000
bales.

A t N ew Orleans the market is quite bare o f stock ; the total on hand and on

shipboard was 111,000 bales, being less than at any time since October last— the un­
sold stock on the 8th instant being 42,385 bales.

Three millions o f bales is still the

favorite figure as regards the present c r o p ; but whatever the result may prove, there
is but little doubt but that a large quantity o f cotton w ill remain over in the interior
until next season.”




469

Commercial Statistics.

COMMERCIAL STATISTICS.
COMMERCE AND NAVIGATION OF THE UNITED STATES.
TOTAL VALUE OF EXPOUTS.

Whither exported.
R u s s ia ........................................
Sweden and N o r w a y ..............
Swedish W est Indies..............
Denmark....................................
Danish W est Indies.................
H am burg....................................
B re m e n ......................................
Holland.......................................
Dutch East In d ie s ..................
Dutch W est Indies..................
Dutch Guiana............................
B elgium ......................................
E ngland......................................
S cotlan d.....................................
Ire la n d .......................................
Gibraltar.....................................
M alta..........................................
Cape o f G ood H o p e ..............
British East Indies.................
British H on d u ra s....................
British G u ia n a .........................
British W est In d ie s................
Canada ......................................
British American Colonies . .
A ustralia...................................
France on the A tla n t ic .........
France on the Mediterranean.
French W est Indies................
French Guiana.........................
Spain on the Atlantic.............
Spain on the Mediterranean..
Teneriffe and other Canaries.
Manilla & Philippine Islands.
C u b a ..........................................
Other Spanish W est I n d ie s ..
P o rtu g a l....................................
M adeira......................................
Fayal and other A z o r e s........
Cape de Verdes........................
Italy generally.........................
S icily ..........................................
Sardinia......................................
Tuscany......................................
Trieste & other Austrian ports
Turkey, Levant, & c. ................
H a yti..........................................
M exico........................................
Central R epublic o f America.
New Grenada...........................
V enezuela.................................
Brazil..........................................
Oriental Republic o f Uruguay




Iu American

vessels.
$256,334
792,625
12,741
7,649
858,556
658,265
3,521,860
1,409,195
109,203
340,556
53,745
3,242,277
85,794,580
1,971,552
446,953
405,456
136,437
237,423
567,193
203,913
561,639
3,715,596
5,998,708
1,333,746
2,891,229
2S,777,843
1,089,329
385,126
100,148
663,428
187,854
19,613
27,852
8,079,494
871,060
62,608
38,806
4,255
30,037
1,508,215
92,920
93,106
11,735
1,312,204
219,496
1,763,364
1,829,114
193,854
848,478
1,050,129
3,949,141
415,739

In foreign

vessels.
$79,187
292,977
80,221
70,368
1,597,254
4,864,217
890,515
30,824
606,613
49,317,128
1,126,110
559,064
40,989
12,091
55,205

156,457
1,040,802
4,511,665
3,360,025
108,406
971,623
129,457
166,399
726,920
3,024,514
148,622
119,826
64,542
8,902
5,775
78,112
153,231
95,199
385,115
116,823
262,756
56,685
6,776
81,475
97,716
35,116

To
each
country.

To the
dominions o f
each power.

$335,521
$335,521
1,085,602
• 1,098,343
12,741
87,870
• 1,016,794
928,924
2,255,519
■ 10,641,596
8,386,077
2,299,710"
109,203
- 2,834,038
371,380
53,745
3,848,890
3,848,890
135,111,708"
3,097,662
1,006,017
446,445
148,528
292,628
667,193 ►164,552,367
203,913
718,096
4,756,398
10,510,373
4,693,771
2,999,635 J
29,749,466]
1,218,786
551,525 ■ 31,619,925
100,148
1,390,348]
3,212,368
19,613
- 13,869,183
27,852
8,228,116
990,886
127,150]
47,708
214,925
10,030
30,037
1,586,327
246,151
188,305
11,735
1,697,319
219,496
1,880,187
2,091,870
250,539
855,254
1,131,604
4,046,857
450,855

1,586,327
246,151
188,305
11,735
1,697,319
219,496
1,880,187
2,091,870
250,539
855,254
1,131,604
4,046,857
450,855

Commercial Statistics,

470

To
In American
Whither exported.

Argentine Bepublic.................
Chili............................................
Peru.............................................
China...........................................
W est Indies generally.............
South America generally.......
E urope g e n e ra lly ....................
A frica generally........................
South Seas & Pacific Ocean..

vessels.
609,130
1,758,463
639,029
1,293,841
152,230
47,241
5,050
1,60S,682
834,228

T o t a l.............................H i e , 100,273

In foreign

vessels.
49,590
183,867
12,678
84
4,819

108,242
52,551

each
country.

658,720
1,942,330
651,707
1,293,925
157,049
47,241
5,050
1,716,924
' 886,779

To the
dominions o f
each power.

658,720
1,942,330
651,707
1,293,925
157,049
47,241
5,050
1,716,924
886,779

$75,947,533 $252,047,806 $252,047,806

SUMMARY STATEMENT OF THE VALUE OF THE EXPORTS OF THE GROW TH, PRODUCE, AND MAN­
UFACTURE OF THE UNITED STATES DURING THE YEAR COMMENCING ON THE 1ST DAY

OF

JULY, 1 8 5 3 , AND ENDING ON THE 3 0 T H OF JUNE, 1 8 5 4 .
PRODUCT OF THE SEA.

Fisheries—
Oil,
spermaceti..................................................................
Oil,
whale and other fish......................... . '...................
W halebone.............................................................................
Spermaceti c a n d le s ............................................................
Dried or smoked fish..........................................................
P ickled fish...........................................................................

$1,105,907
490,426
817,817
77,991
389,973
162,187
$3,044,301

PRODUCT OF THE FOREST.
W ood —r

Staves and heading, shingles, boards,
hewn timber, <fec..................................
Other lu m b e r ............................................
Masts and spars.........................................
Oak bark and other d y e .........................
A ll manufactures o f..................................
Naval stores, tar, pitch, rosin, turpentine
Ashes, pot and p earl...............................

$5,122,834
165,178
130,522
95,863
2,837,270
2,066,306
322,728
-------------Ginseng......................................................................................
Skins and furs...........................................................................

10,740,701
17,339
888,531
11,646,571

PRODUCT OF AGRICULTURE.

Of animals—
Beef, tallow, hides, horned cattle. . . .
Butter and c h e e s e ....................................
Pork, (pickled,) bacon, lard, live hogs.
Horses and m ules......................................
Sheep............................................................
W o o l ............................................................

2,757,022
1,268,393
11,061,016
200,098
15,194
33,895
--------------

15,325,618

12,420,172
27,701 444
6,074,277
1,002,976
112,703
57 6,195
495,340
121,680
51,766
2,634,127
— ----------

51,190,680

Vegetablefood—
W h ea t..........................................................
P lo u r ............................................................
Indian corn.................... .'..........................
Indian meal.................................................
B y e m e a l ...................................................
B ye, oats, other small grain and pulse.
Biscuit or ship-bread.................................
Potatoes.......................................................
A p p les..........................................................
B ic e ..............................................................

Cotton.




66,516,298
93,596,220

47l

Commercial Statistics.
Tobacco..........................................................................................................

Hemp....................................................................................................

$10,016,046
93,699

O ther a gricu ltu ra l p rod u cts —

Flaxseed.......................................................................
Hops...........................................................................
Brown sugar................................................................
Indigo.........................................................................

$4,958
63/763
220,256
1,320
290,297

MANUFACTURES.

W a x ............................................................................................
Refined sugar............................................................................
C hocolate...................................................................................
Spirits from grain....................................................................
Spirits from m olasses.............................................................
M olasses....................................................................................
V inegar......................................................................................
Beer, ale, porter, and cider....................................................
Linseed oil..................................................................................
Spirits o f turpentine...............................................................
Coaches and other carriages..................................................
Household furniture................................................................
H a t s ..........................................................................................
S addlery....................................................................................
T allow candleB and soap........................................................
Snuff and t o b a c c o ..................................................................
Leather boots and shoes.........................................................
Cables and c o r d a g e ................................................................
Gunpow der...............................................................................
Salt..............................................................................................
Lead............................................................................................

87,140
370,488
12,257
280,648
809,965
130,924
16,945
, 53,385
28,609
1,056,720
762,559
244,638
174,396
53,311
888,657
1,550,327
893,723
186,766
211,665
159,026
26,874

Iron—
Pig, bar, and n a ils ..............................................................
Castings..................................................................................
A ll manufactures o f . .........................................................
Copper and brass, and manufactures o f.............................
Medical drugs...........................................................................

302,279
458,202
3,449,869
91,984
453,752

12,754,009

Cotton piece goods—
Printed or colored......................................
U n colored ...................................................
Thread and yarn......................................
A ll manufactures o f ..................................

1,136,493
3,927,148
49,315
422,500
--------------

5,535,516

Cloth and th r e a d ................................................................
Bags and other manufactures o f ......................................
W earing a p p a r e l....................................................................
Earthen and stone ware.........................................................
Combs and b u tto n s..........................
Brushes o f all kinds................................................................
Billiard tables and apparatus...............................................
Umbrellas, parasols, and sun s h a d e s..................................
M orocco and other leather not sold b y the p o u n d .........
Fire-engines and apparatus...................................................
Printing presses and ty p e .....................................................
Musical instruments................................................................
Books and m aps.......................................................................
Paper and stationery...................
Paints and varnish..................................................................
G la s s ..........................................................................................
T in ...................
Pew ter and lead ................................... ..................................
Marble and stone...............................................

24,456
55,261
200,420
33,867
37,493
9,486
3,204
11,544
15,882
6,597
33,012
126,062
187,335
191,843
121,733
229,882
30,698
16,47 8
88,327

Flax and hemp—




472

Commercial Statistics.

Q u icksilver...............................................................................
Gold and silver and gold le a f...............................................
Artificial flowers and je w e lry ............................................ .
Trunks........................................................................................
Brick and lim e..........................................................................

$94,335
1,311,513
50,411
23,613
33,194
$8,411,182

C oal............................ . .....................
I c e .....................................................
Gold and silver coin and bullion.
A r t ic le s n ot enum erated —
Manufactured..............................
R aw p ro d u c e .............................

4 4 3 ,5 0 6

202,118
38,062,510
4,953,112
1,956,611

Total.

$252,041,806

FOREIGN EXPORTS OF THE UNITED STATES.
VALUE OF MERCHANDISE EXPO RTED TO EACH COUNTRY.

Free
Whither exported.
of duty.
Russia.....................................
$1,100
Sweden and Norway.......... .
3,696
Denmark.................................
15,656
Danish West Indies..............
4,441
Bremen..................................
411,843
Hamburg...............................
151,111
Holland... i ...........................
25,632
Dutch East Indies..................
68,500
Dutch West Indies.................
5,884
Dutch Guiana........................
23
Belgium..................................
341,014
England.................................. 1,891,121
Scotland.................................
........
Ireland...................................
........
Gibraltar................................
9,118
Malta.....................................
2,242
British East Indies................
29,131
British West Indies..............
69,023
British Honduras...................
13,563
British Guiana.......................
51
Cape of Good Hoop..............
........
British American Colonies . ..
442,149
.Canada.................................. 1,314,546
Australia...............................
14,499
France on the Atlantic........
345,196
France on the Mediterranean.
111,512
French West Indies...............
12,621
........
French Guiana......................
Spain on the Mediterranean..
31,040
Teneriffe and other Canaries..
804
Manilla & oth. Philippine Isles
42,522
Cuba......................................
64,954
Other Spanish West Indies . .
31,450
Portugal..................................
15,901
Fayal and other Azores........
408
Cape de Verd Islands............
1,248
Italy........................................
116,031
Sicily.......................................................
Sardinia..................................
........
Tuscany..................................
35,461
Trieste & other Austrian ports
126,616
Turkey, Levant, <fec...............
65,125
Hayti......................................
1,240




Paying
duties.

Total.

In American In foreign
vessels.
vessels.

$13,182
$143,995 $145,095 $131,313
9,142
30,182
35,628
39,324
28,541
1,891
23,541
30,033
3,993
29,519
30,026
419,808
346,093
408,058
825,901
618,161
73,115
544,9S6
461,644
53,994
88,982
111,824
142,956
15,513
15,513
1,013
21,302
163
16,181
22,065
7,618
1,618
1,655
143,441
816,990 1,158,004 1,014.563
3,611,904 5,563 631 3,839,488 1,124,143
126,318
63,949
190,336
190,336
51,336
35,149
86,485
86,485
3,961
81,321
17,366
12,209
19,003
21,245
11,112
3,413
39,488
69,219
69,219
82,611
153,211
10,660
84,254
51,681
1,041
58,128
45,165
1,153
1,102
1,153
1,330
1,330
1,330
518,660 1,993,123
2,129,634 2,512,383
5,415,181 6,190,333 3,926,390 2,863,943
133,738
15,706
134,945
149,444
856,912
121,443
633,159
918,355
83,802
201,314
16,611
184,103
41,881
15,355
45,147
60,502
685
686
685
31,040
31,040
804
804
46,650
4,128
46,650
258.682
823,636
322,553
1,083
58,822
2,115
29,541
60,991
23,115
10,211
13,498
1,808
32
440
440
2,208
2,208
960
104,615
60,924
49,402
165,439
13,900
3,100
10,800
13,900
2,020
2,020
2,020
31,032
81,032
1,511
17,668
206,290
128,622
19,114
8,489
105,102
91,213
50,511
812,422
11,116
329,538
328,298

413

Commercial Statistics.
Whither exported.

M exico.........................................
Central R epublic o f America.
N ew Grenada............................
Venezula....................................
B ra zil..........................................
Oriental Republic o f Uruguay
Argentine R e p u b lic ................
Chili.............................................
Peru.............................................
China...........................................
A frica generally........................
South America generally. . . .
A sia g en era lly ..........................
South Seas.................................
South Atlantic Ocean..............
Sandwich Islands......................
T ota l.................................
Entitled to drawback...............
From warehouse........................
N ot from warehouse.................

In American In foreign
vessels.
-vessels.

Free
o f duty.

Paying
duties.

Total.

19,064
778
8,865
8,201
88,668
19,128
39,113
68,074
36
74,607
23,443
102,228

1,024,552
67,567
73,187
61,078
103,716
42,974
63,892
182,855
33,412
29,556
64,605
7,080
200
64,359
1,285
53,968

1,043,616
58,345
82,052
69,279
192,384
62,102
103,005
250,929
33,448
104,163
88,048
109,308
200
66,036
1,560
55,891

1,677
275
1,923

951,385
51,040
82,052
58,749
187,974
63,466
103,005
204,306
25,919
104,163
86,279
109,114
200
65,114
1,500
46,900

6,342,342 17,406,172 23,748,514 15,221,993
3,930
3,930
3,930
14,500,136 14,500,136 9,092,857
6,342,342 2,902,106 9,244,448 6,125,206

92,231
7,305
10,530
4,410
8,636
46,623
7,629
1,769
194
922
8,991
8,526,521
5,407,279
3,119,242

SUMMARY STATEMENT OF GOODS, W ARES, AND MERCHANDISE, OF THE GROWTH, PRODUCE, AND
MANUFACTURE OF FOREIGN COUNTRIES, EXPORTED FROM THE UNITED STATES DURING THE
FISCAL YE AR ENDING JUNE 3 0 T H , 1 8 5 4 .
MERCHANDISE FREE OF DUTY.

Species o f merchandise.

Quantity.

Bullion, g o l d ............................................
silv e r...............................
Specie, g o l d .. . . . ..........................
s i l v e r . . . ...........................................................................
copp er...............................................................................
Teas.................................................................................... pounds
Coffee................................................................................................
Coper, in plates, for sheathing...................................................
Paintings and statuary o f Am erican artists .........................
Sheathing metal............................................................................
Oakum.............................................................................................
Garden seeds, trees, shrubs, plants, A c ...................................
Guano.......................................................................................tons
All other a rticle s.........................................................................

5,177,196
12,005,800
................

386

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

Value.

153,001
8,283
2,354,689
718,757
84,204
1,794,587
1,171,367
56,408
115
82,097
400
2,064
16,361
9

6,342,342

MEECHANDIBE PAYING nCTY.

Manufactures of wool—
Cloths and cassimeres........................................................
Merino shawls.......................................................................
Blankets.................................................................................
Hosiery and articles on frames..........................................
...............
Worsted stuff goods.....................................................................................
Woolen and worsted yarn....................................................
Woolen and worsted articles, embroidered or tambored.
...............
Manufactures of, not specified............................................
Flannels..........................................................running yards
190,852
Baizes....................................................................................
18,727
Carpeting, Wilton, Saxony, and Aubusson.......................
1,769
not specified......................................................

340,723
175,858
29,698
26,029
250,855
47,082
4,520
252,748
74,788
6,144
2,342
52,110

Printed, stained, or colored.................................................
White or uncolored.........................................................

684,483
502,387

Manufactures of cotton—




Commercial Statistics.
Species of merchandise.
Tambored or embroidered............................ running yards
V elvets, o f cotton....................................................................
o f cotton and silk.....................................................
Cords, gimps, and galloons....................................................
Hosiery and articles m sde on fram es..................................
Twist, yarn, and thread..........................................................
Hatters’ plush, o f silk and co tto n .......................................
Manufactures of, not specified..............................................

Quantity.
.................
................
................
................
..............
................
......... ..
................

Value.
$4,894
13,504
5,665
6,272
52,420
40,795
4,218
157,759

Piece goods....................................
Hosiery and articles made on fram es.................................
................
Sewing silk................................................................................
Articles tambored and em broidered....................................
................
Hats and bonnets......................................................................
................
Manufactures not specified....................................................
................
F loss............................................................................................
..............
R aw ..............................................................................................
................
Bolting cloths.............................................................................
................
Silk and worsted goods...............................................................
................
Camlets o f goats’ hair or mohair.........................................................................

663,529
9,768
17,073
74,954
84,087
141,913
2,956
25,010
1,830
21,037
4,851

Silk, and manufactures of—

Manufactures of flax—
Linens, bleached or u n bleach ed .............................................................
Hosiery and articles made on fram es.................................
................
Articles tambored or em broidered......................................
Manufactures not s p e c ifie d ................................. X ............
................

157,120
737
3,370
18,371

Manufactures of hemp—
Sheeting, brown and w h it e ..............*.............................................................
Ticklenburgs, Osnaburgs, andBurlaps...........................................................
Articles not specified...............................................................
945
Sail duck, R u s s ia ........................ .'.............................. pieces
H o lla n d ..................................................................
349
Ravens....................................................................
40
Cotton bagging...............................................running yards
50,132
Clothing, ready m ade..................................................................
........
articles o f w ear............................................................
Laces, thread, and insertings.....................................................
cotton insertings, trimmings, laces, braids, <kc.........
................
Oil cloth o f all k in d s ...................................... running yards
27,402
Hair cloth and hair seating.......................................................
Gunny clo th ...................................................................................
Matting, Chinese and other, o f flags, &c.................................
................

25,484
5,298
2,992
7,301
4,096
455
6,692
152,613
31,813
39,112
43,187
27,299
5,141
16,642
6,620

Hats, caps, and bonnets,flats, braids, dec.—
O f Leghorn, straw, chip, or grass, & c.................................
O f palm-leaf, rattan, willow , &c............................................

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

138,401
9,952

Muskets and rifles........................................_...........................
4,621
Fire-arms not specified............................................................
Side arm s....................................................................................
Drawing and cutting k n iv e s .................................................
Hatchets, axes, and a d z e s .....................................................
Socket ch ise ls...........................................................................
Steelyards and scale-beam s.............................................................................
V i c e s ........................
Sickles and reaping-hooks.....................................................
Scythes........................................................................................
Spades and sh ovels..................................................................
S q u a re s......................................................................................
Needles, darning, sewing, and other.....................................
Cast iron butt-hinges................................................................
Cutlery not specified...............................................................
Other manufactures not specified.....................
Sadirons, hatters’, and tailors’ irons.........................pounds
7,713

12,847
8,902
829
2,896
6,282
3,027
3,180
984
4,844
3,250
3,800
1,002
3,811
277
100,463
294,073
812

Manufactures of iron, and iron and steel—




475

Commercial Statistics.
Species of merchandise.
Bonnet w ire................................................................. pounds
Iron and steel wire, not above Ho. 14.................................
Iron and steel wire, above No. 14........................................
N ails............................................................................................
S p ik e s ........................................................................................
Chain cables..............................................................................
Mill-saws, cross-cut, and pit-saws........................ .num ber
Anchors, and parts thereof....................................... pounds
Anvils, and parts thereof.......................................................
Smiths’ hammers and sledges................................................
Castings, vessels o f ..................................................................
Castings, all other....................................................................
Round or square iron, as braziers’ rods, from 3-16 to 10-16
inches diameter....................................................................
Nail or spike rods, slit, rolled, or hammered......................
Band or scroll iron, as casement rods, slit, rolled, or ham­
m ered.....................................................................................
H oop ir o n ..................................................................................
Sheet i r o n .................................................................................
Pig ir o n ......................................................................................
Old and scrap ...........................................................................
Bar, manufactured by rolling................................ " ..............
Bar, manufactured otherwise................................................

Quantity.
255,641
11,889
................
216,000
98,790
111,741
2,369
155,168
9,721
25,273
43,000
356,930

Value.
$33,321
1,096
1,113
12,626
6,782
10,608
16,787
9,620
1,555
2,346
2,236
9,002

910
3,500

91
245

78,740
338,901
518,988
70
2,148
48,035
4,062

4,760
15,835
37,648
71
1,436
161,896
16,519

4,312
1,434

39,599
13,648

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

86
418
8,213

In pigs, bars, and old...............................................................
................
W ir e .......................................................................................................................
........
Manufactures of, not specified..............................................

3,024
70
16,221

Steel—
Cast, shear, and G e r m a n .......................................................
A ll o t h e r ...................................................................................

Copper, and manufactures of—
Screws..........................................................................................
Copper bottom s........................................................................
Manufactures of, not specified................................................

Brass, and manufactures of—

Tin, and manufactures of—
In pigs, bars, and old.........................'.....................................
In plates and sheets................... .............................................
Manufactures of, not specified..............................................

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

450
40,258
9,298

Lead, and manufactures of—
Pig, bar, sheet, and o ld ................................................ pounds
S h o t .............................................................................................
Pipes............................................................................................
Pewter, manufactures of, not specified....................................

408,880
15,000
9,930

26,334
790
993
271

Manufactures of gold and silver—
Lace, galloons, tresses, tassels, <Scc........................................
Jewelry, real or imitations o f . . ...........................................
................
Manufactures of, not specified...............................................
C lock s........................................................................................................................
W atches and parts o f ..................................................................
Metallic pens..................................................................................
................
Pins, in packs and otherw ise.....................................................
Buttons, metal .............................................................................
Buttons, all other, and button m o ld s ......................................

1,187
103,871
138,855
73
26,358
204
1,105
17,620
10,881

Class, and manufactures of—
Silvered and in fram es__ ...............................................
Polished p late...........................................................................
Manufactures of, not specified...............................................
Glassware, cu t...........................................................................
Glassware, plain......................................................................
W atch cry sta ls.........................................................................
Bottles, not above tw o quarts........................................gross
Demijohns...................................................................... number




60
7,817

8,125
131
11,849
11,753
2,159
303
419
3,796

476

Commercial Statistics.

Species of merchandise.
W indow glass, not above 8 by 10 in ch e s.. . .square feet
W indow glass, not above 10 by 12 inches.........................

Quantity.
99,420
5,200

Value.
$4,660
519

................
Medium, cap, demy, and other writing...............................
Polio, and quarto p o s t ............................................................
................
Copperplate, printing, and d ra w in g ...................................
................
Sheathing paper........................................................................
Playing cards.................................................................... packs
7,920
Papier-mache, articles and wares o f.....................................
................
Paper hangings.........................................................................
Paper boxes and fancy b o x e s .........................................................................
Manufactures of, not specified.........................................................................
Blank books............................................................................... .
................
Printed books, magazines, dsc., in E n g lish .............................
................
Printed books, magazines, &c., in other languages...............
................

9,811
8
156
1,429
802
91
6,522
411
8,640
779
192,892
1,438

Paper, and manufactures of paper—

Leather—

Tanned, bend, and so le ................................................ pounds
Tanned and dressed upper leather......................................
Skins, tanned and dressed............................................. dozen
Skins, tanned and not dressed...............................................
Boots and bootees for men and women......................... pair
Shoes and pumps for men and w om en...............................
Boots, bootees, and shoes, for children................................
Gloves for men, women, and children........................ dozen
Manufactures o f leather not specified..................................

Wares—

1,908
60,063
1,291
5
41,123
5,876
4,995
6,375
................

..............
China, porcelain, earthen, and stone....................................
Plated or g ilt.......................................................................................................
Japanned......................................................................
Silver plated m etal......................................................................
Silver or plated w i r e ..................................................................

680
16,685
10,258
117
31,704
4,985
3,540
12,388
2,376
55,926
31,058
113
1,531
197

Saddlery—
................
................

1,800
745

................
Undressed on the s k in ............................................................
Hatters’ furs, dressed or undressed, not on the skin........
................
Dressed on the s k i n ................................................................
Hats, caps, muffs, and tippets..........................................................................
Manufactures o f furs not sp e cifie d ......................................
................

6,200
2,325
870
4,97 7
4,896

Common, tinned, or japanned.................................................
Plated, brass, or polished s t e e l............................................

Furs— "

Wood, manufactures of—
Cabinet and household furniture..........................................
Other manufactures of, not specified....................................

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

3,160
9,853

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

92,840
12,705
363,881

Wood, unmanufactured—
Cedar, grenadilla, mahogany, rose, and satin....................
Fire-wood, and other not specified........................................
Dye-wood, in s t i c k ............................................ ->..................

Bark of the cork tree—
C o r k s ..........................................................................................
Other manufactures o f.............................................................
Unmanufactured.......................................................................
Marble, manufactures o f ..............................................................
Quicksilver......................................................................................
Brushes and broom s.....................................................................
Black lead pencils.........................................................................
Slates o f all k in d s .......................................................................
R aw hides and skins ...................................................................

1,367
363
650
818
59,137
18,567
119
889
179,793

Manufactured articles—
Shoes and slippers, silk or satin....................................pair
Shoes and slippers, India rubber..........................................
Grass cloth ..................................................................................
Gunny b a g s ...............................................................................




414
17,304

414
21,454
846
26,904

477

Commercial Statistics.
Species of merchandise.
Umbrellas, parasols, and sun-shades, o f silk ....................
Umbrellas, parasols, and sun-shades, all o th e r ................
Unmanufactured articles— w o o l.................................... pounds

Quantity.
................
................
195,143

Value.

|19,058
37,247
41,668

Wines, in casks—
538
4,267
4,462
29,112
39,252
967
8,352
20
94,160
21,488

300
5,777
4,849
27,088
15,459
513
4,458

2
4,775
128
140
30
11,643
1,400

98
37,692
875
1,490
160
23,128
5,964

88,913
38,635
118,831
1,259

136,018
25,429
61,207
1,936

8,461
5,961
4,747
889,295

4,771
4,862
644
179,731

Sperm aceti..................................................................................
W hale and other fi s h ..............................................................
W halebone......................................................................pounds

20
37,316
7,706

25
22,811
487

Olive, in ca sk s............................................................... gallons
Castor..........................................................................................
L inseed .......................................................................................
Rapeseed.....................................................................................
Neatsfoot and other a n im a l...................................................

26,470
30
13,396
3,489
10,858

22,281
35
12,085
3,900.
6,537

B urgundy........................................................................ gallons
M a d e ira ......................................................................................
Sherry and St. Lucar...............................................................
P o r t ............................................................................................
C laret..........................................................................................
Teneriffe and other C an ary ...................................................
Sicily and other Mediterranean............................................
Austria and other o f Germany.............................................
R ed wines not enu m erated...................................................
W hite wines not enumerated.................................................

21
54,405
19,913

Wines, in bottles—
B urgun dy.......................................................................... dozen
C ham pagne...............................................................................
M a d e ira ......................................................................................
S h e r r y ........................................................................................
P o rt...............................................................................................
Claret............................................................................................
A ll other.....................................................................................

Spirits, foreign distilled—
Brandy............................................................................. gallons
From grain..................................................................................
From other materials................................................................
C ordials.................................................................

Beer, ale, andporter—
In c a sk s..........................................
In bottles..........................................................
V in e g a r ..........................................................................................
M olasses..........................................................................................

Oil and bone of foreiqn fishing—

Oil—

Tea and coffeefrom places other than that of their produc­
tion, and not excepted by treaty stipulations—
Tea.................................................................................... pounds
Coffee............................................................................................
C o c o a ..............................................................................................
C h ocolate........................................................................................
Sugar, brow n..................................................................................
Sugar, white, clayed, or pow dered............................................
Sugar, lo a f and other r e fin e d ..................................................
Sugar, candy...................................................................................

4,403
3,790
1,640,086
................
49,820,419
1,357,708
825,862
15,595

1,307
• 379
125,139
290
1,942,310
86,433
67,300
1,279

Almonds......................................................................................
C urrants.....................................................................................
Prunes and plum s.....................................................................
Figs ............................................................................................
D a t e s ..........................................................................................
Raisins..........................................................
Nuts..............................................................................................

69,346
219,118
6,117
64,084
18,343
945,832
146,350

5,746
23,995
978
7,376
1,034
80,657
11,425

M ace.............................................................................................
N u tm e g s ....................................................................................

521
793

442
871

Fruits—

Spices—




478

Commercial Statistics.

Species of merchandise.
Cinnamon........................................................................ pounds
C loves..........................................................................................
Pepper, b l a c k ...........................................................................
Pepper, r e d ................................................................................
Pimento.......................................................................................
Cassia...........................................................................................
Ginger, ground...........................................................................
Ginger, in r o o t...........................................................................
Camphor, crude..............................................................................
Camphor, refined...........................................................................
Candles, wax and sp e rm a ce ti...................................................
Candles, t a llo w ...........................................
C h e e se ............................................................................................
Soap, other than perfum ed.........................................................
T a llo w .............................................................................................
Starch...............................................................................................
B utter...............................................................................................
Lard..................................................................................................
B eef and p ork ................................................................................
Hams and other bacon...................................................
Saltpeter, crude.............................................................................
Saltpeter, refined and partly r e fin e d ............................
Indigo...............................................................................................
Ivory and bone black....................................................................
Opium...............................................................................................
A l u m ...............................................................................................
C o p p e r a s ........................................................................................
Sulphate o f quinine........................................................... ounces
Chloride o f lime, or bleaching p ow der........................pounds
Soda ash, or barilla.......................................................................
Tobacco, .manufactured................................................................
Tobacco, s n u ff...............................................................................
Tobacco, c ig a r s ...........................................................................M.
Tobacco, manufactured, other than snuff and cigars.pounds
Paints, dry ochre............................................................................
Paints, ochre in oil........................................................................
Paints, red and white le a d ..........................................................
Paints, whiting and Paris w h it e ...............................................
Litharge..........................................................................................
Cordage, tarred and c a b le s .......................................................
Cordage, untarred.........................................................................
T w i n e . . . ........................................................
• Hem p, unmanufactured........................................................ cwt.
Minilla, sun, and other hemp o f India.....................................
Jute, Sisal grass, coir, &c............................................................
Rags o f all k in d s ..............................................................pounds
Salt....................................................................................... bushels
Coal. ...................................................................................... tons

Quantity.
37,355
67,067
1,941,316
25,438
1,410,343
140,332
51,780
17,512
1,348
274
2,872
6,500
18,906
11,350
1,646,379
8,500
313,447
11,646
188,285
50,640
2,777,539
357,562
90,301
100
5,711
838
149
3,773
1,760
49,035
677,009
7,755
8,385
473,198
9,978
1,600
44,203
5,000
20,896
848,726
173,092
130,084
2,945
5,319
12,668
600
60,557
2,066

690
650
3,278
817
174,000
771
58,976
1,165
10,593
5,270
216,729
28,023
92,627
7
20,674
52
3
8,252
185
1,089
95,938
1,556
151,673
47,237
285
150
2,226
487
1,955
80,531
18,372
14,793
42,614
56,679
119,661
75
19,960
7,617

1,097,113
5,540
4,754
616,206
1,962
634
4,576

1,664,067
5,300
2,900
2,643,902
5,955
1,302
1,407

50,207
219
13,898
12,159
8,970

171,975
2,967
95,479
48,774
39,718

Value.

$15,320
11,262
172,784
2,431
143,025
35,714
3,051
716
407

122

Breadstuff's—
W heat.............................................................................. bushels
R y e ...............................................................................................
O a t s ............................................................................................
W heat f l o u r ........................................................................ cwt.
R y e m eal..................................................................................
Oatmeal.......................................................................................
P otatoes...............................................................................bushels

Fish, dried, smoked, or pickled—
Dried or sm oked.................................................................. cwt.
Salmon.............................................................................. barrels
M a c k e re l....................................................................................
Herrings and shad.....................................................................
A ll o t h e r ....................................................................................




479

Commercial Statistics.

Merchandise not enumerated—

Quantity.

Paying duties at
5per cent.........................................
Paying duties at 10per cent..................
Paying duties at 16 per cent.......... %..............................
Paying duties at 20per cent..........................................
Paying duties at 25per cent..........................................
Paying duties at 30per cent..........................................
Paying duties at 40per cent..........................................

Value.

$59,439
108,068
37,291
440,380
30,376
389,323
15,089

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

Total value o f merchandise paying duties ad va lo rem .......
T otal value o f merchandise free o f d u ty ...............................

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

$17,406,172
6,342,342

Total value o f exports.......................................................
................ $23,748,514
T o which add value exported from San Francisco, and not received in
1,101,680
time to be included in this statem ent...........................................................
T otal................ ............................................................................................. $24,850,194
Total value o f domestic exports.............................................. $252,047,806
T o which add value exported from San Francisco, and not
1,833,064
received in time to be included............................................
----------------- 253,390,870
Total value o f exports........................................................................ $278,241,064

LUMBER TRADE OF BANGOR.
' B angor,

T o F reem an H

unt,

February 19, 1855.

E d ito r o f the M er c h a n ts ' M a g a z i n e :—

D ear Sir :— Inclosed you have a statement o f pine, spruce, and hemlock lumber
surveyed at Bangor for the season o f 1854.
The stock o f old logs remaining in the boom , and on the banks o f the Penobscot
and its tributaries, is estimated at from 150 to 175 millions feet, which, with the logs
cut this winter, w ill give the mills a stock o f 225,000,000 feet.
Respectfully yours,
FRANKLIN ADAMS.
STATEMENT OF FIN E, SPRUCE, AND

HEMLOCK
seaso n

of

A llen, J a m e s.........................
7,790,682
Bragdon, G a rd n er................
6,573,242
Banows, W m . F ..............................1,888,508
Cummings, George W ..........
8,458,083
Crossmen, C. V ......................
10,429,364
Cummings, F .J ......................
64,651
Emery, S e t h ..........................
5,664,225
Eddy, Chas. X ......................
1,371,754
Fisher, H erm an....................
191,894
Ford, H iram ...........................
4,220,901
Furber, S. AY..........................
5,662
Haines, P e n ly .......................
3,151,043
Hammall, G eorge.......... . .
7,937,461
Kimball, D a n ie l...................
9,218,454
Lincoln Isaac.........................
4,113,268
5,974,375
Milliken, J o s e p h ..................
Heservey, A . L ......................
4,943,656
Norris, J a m e s ...... .................
10,561,939
Total




LUMBER, SURVEYED

AT

BANGOR

FOR THE

1854:—
0ake9, John............................
Pierce, Nathaniel..................
Pratt, A th e rto n ................
Pierce, Charles W ................
Pearson, W m . T .....................
R ow e, Thomas F ..................
Ricker, L. B ..........................
Short, J o h n ............................
Smith, A lb e rt........................
W iggin, N. B..........................
Washburn, George W ..........
W ebster, J o h n ......................
W ebster, M ark ......................
White, J. S ..............................
W ebb, A lfre d .........................
Y oung, A a r o n .......................
Y oung, Jonathan..................
Y oung, John C.......................

579,999
7,585,229
7,031,877
6,989,312
384,388
124,501
955
669,565
855,848
5,802,761
3,337,923
6,175,953
5,301,109
505,883
302,916
4,399,262
8,274,696
8,749,285
159,630,624

Journal o f Banking, Currency, and Finance.

480

JOURNAL OF BANKING, CURRENCY, AND FINANCE.
THE BANKING DEPARTMENT OF THE STATE OF NEW YORK.
W e are indebted to D. B. St. Jolin, the efficient Superintendent o f the Banking De­
partment o f the State, for an official copy o f his report for the year ending D ecem ber
81, 1854.

The document covers 158 octavo pages, and furnishes a detailed statement

o f the condition o f all the Banks and Banking Associations in the S ta te.

From this

report w e learn that since the last annual report (1853) fifteen banking associations
have been organized and deposited their securities, which entitles them to receive cir­
culating notes.

Eight individual bankers have also deposited securities and received

circulating notes.

The names and locations o f the new associations, the amount o f se­

curities deposited, and the amount o f circulation issued to each, is given in the follow ­
ing ta b le :—
Securities.

Names and location.

Bank o f Fayetteville, F a y e tte v ille.................................
Bank o f Yonkers, Yonker3............................... ..............
Bulls’ Head Bank, N ew Y o r k ..........................................
Eighth Avenue Batik, N ew Y o r k ...................................
Farmers’ Bank o f Lansingburg, Lansingburg................
Frankfort Bank, Frankfort..................................................
International Bank, Buffalo.................................................
Jefferson County Bank,* W atertow n...............................
Merchants and Mechanics’ B a n k * T roy..........................
Oneida Central Bank, R om e..............................................
Onondaga Bank, S y ra cu se .................................................
Otsego County Bank.* Cooperstown...............................
Phenix Bank in the city o f N ew Y o r k * N ew Y o r k ..
Pulaski Bank, Pulaski.........................................................
W est W infield Bank, W est W infield...............................
Total............................................................................

$102,423
102,700
100.900
105,582
106,941
100,759
129,081
31,227
11,000
123,344
101,000
20,000
12,000
102,773
100,8S6

00
00
00
00
00
00
00
00
00
00
00
00
00
00
00

$1,250,616 00

Circulation.

$101,000
102,098
100,490
105,037
100,200
100,000
129,081
18,000

00
00
00
00
00
00
00
00

121,681 00
16,500 00
19,600 00
100,586 00
100,844 00
$1,114,617 00

The total amount o f circulating notes issued to banking associations and individual
bankers, and outstanding on the 30th day o f September, 1854, was $24,661,512, for
the redemption o f which there w ere held in trust b y the Superintendent securities
amounting to $25,962,160 33, as fo llo w s:—
Bonds and m o rtg a g e s........................................................................................
N ew Y ork State Stocks.....................................................................................
Canal revenue certificates, 6 per c e n t s .........................................................
United States Stocks, 5 per c e n ts ....................................................
United States Stocks, 6 per c e n t s ..................................................................
Arkansas State Stocks, 6 per cents.................................................................
Illinois State Stocks, 6 per cents.....................................................................
Michigan State Stocks, 6 per c e n t s ................................................................
Cash in deposit......................................................

$6,'118,248
13,125,482
1,429,500
351,000
3,167,306
221,000
646,687
172,000
130,936

Showing a total o f..................................................................................

$25,962,160

In addition to the circulation issued to associations, the outstanding circulation is­
sued to chartered banks was $19,300,963, making the total issued to all banks and
bankers, outstanding 30th Septem ber, 1854, $43,962,535.
The total amount o f securities held in trust by the Superintendent o f the Bank D e ­
partment on 30th September, 1854, $26,219,560.

B y the report for 1853, the securi-

Associations organized under the act passed April 10,1849, chapter 313.




Journal o f Banking , Currency, and Finance.

481

ties held in trust for banking associations was $24,886,737, which shows an increase
for 1854 o f securities amounting to $1,075,423.
The whole number o f banks, banking associations, and individual bankers, including
such banking associations and individual bankers as have given notice o f their intentention to discontinue the business o f banking, is 334, viz.:— incorporated banks, 55 ;
banking associations, 197 ; individual bankers, 82.
O f this number, four banking associations and forty-one individual bankers, have
given notice o f their intention to discontinue the business o f banking, and have re­
turned a large proportion o f the circulating notes issued to them, and for which a
corresponding amount o f securities has been surrendered.
x
From the quarterly reports received from all the banks, banking associations, and
individual bankers, stating their true condition on the 17th day o f September, 1853,
the banking capital o f the State at that date was reported at $76,692,075.

From the

last quarterly reports received, the amount o f banking capital on the 23d day o f Sep­
tember, 1854, was ascertained to be $83,773,288, showing an increase o f capital as
reported by the banks and bankers to be $7,081,213, from September, 1853, to S ep ­
tember, 1854.
O f the forty-one individual bankers who have given notice o f their intention to dis­
continue the business o f banking, twenty-one have com plied with the provisions o f
section 8, chapter 319, laws o f 1841, by redeeming and canceling 90 per cent or over
o f the circulating notes issued to them, and by depositing an amount o f money sufficient
to redeem the balance outstanding.

Three o f the four banking associations have also

complied with the provisions o f the above-named act.
W e close this summary with a few extracts from the Superintendent's report, as
fo llo w s:—
PROMPTNESS OF BANKS TO MEET T H EIR ENGAGEMENTS.

The past year has been marked in the financial history o f our State, as one o f ex­
traordinary financial embarrassment and difficulty. Nor has this been confined to our
own State. It has extended through all the other States o f the Union. The change
from an easy money-market to one o f extreme stringency, has been'sudden and unex­
pected ; but, under all these adverse circumstances, the banks o f our State have
prom ptly met their liabilities to the bill-holders and the public, with but few ex­
ceptions.
THE CASE OF THE EIGHTH AVENUE BANK.

In but one case has the Superintendent been obliged to resort to the securities, held
in trust, to pay bill-holders. The Eighth Avenue Bank, located in the city o f N ew
Y ork, allowed a portion o f its notes to be protested at its banking house on the 10th
day o f October, and subsequently other sums were protested and deposited in this
department, as required by chapter 203, laws o f 1851. The notice required by this
act was given to the bank, to pay the protested notes within fifteen days from the
date o f such notice— the bank failed to do so. Notice was immediately given to the
bill-holders, that the notes would be redeemed out o f the trust funds. The securities
were advertised, and sold at the Merchants’ Exchange in the city o f N ew York, on
the 21st day o f N ovem ber; $39,500 o f the securities consisted o f bonds and mort­
gages, which brought $31,405, or about 80 per cent on the par value. The stocks
were sold at a small premium. A dividend o f 94 cents was made from the proceeds
o f the stocks and bonds and mortgages, which is paid to the bill-holders on presenta­
tion.
OF BONDS AND MORTGAGES AS SECURITY FOR CIRCULATION.

The experience o f the Superintendent, in converting bonds and mortgages into cash,
to pay bill holders, in this case, is similar to what it has uniformly been, when bonds
and mortgages have been sold to redeem circulating notes. It is believed that all the
bonds and mortgages that have been sold under the provisions o f the Free Banking
Law , since the passage o f the act in 1838, have not produced over 75 per cent in cash,
on their par value.
V OL. X X X II.---- NO. IV .




31

482

Journal o f Banking, Currency, and Finance.

The experience o f sixteen years has therefore demonstrated the fact, that bonds and
mortgages do not prove to be a certain and ample security to bill-holders, and it can­
not be supposed that bonds and mortgages can be negotiated, or converted into cash,
on short notice, by the Superintendent, at their par value.
AMOUNT OF BONDS AND MORTGAGES HELD IN TRUST.

The total amount o f bonds and mortgages now held in trust by the Superintendent,
and on which circulation has been issued, is 16,718,248 11. A t the date o f my last
annual report the amount was $5,777,577 39, showing an increase o f $940,670 72.
A large portion o f this increase has taken place by depositing bonds and m ortgages,
and withdrawing stocks. A s the law now stands, one-half o f all the securities de­
posited by banks may be in bonds and mortgages. It is conceded that the stock o f
our own State, and stocks o f the United States, are a more convertible and a more
perfect security, as a basis for banking, than bonds and mortgages, being more easily
converted into cash, and having a more permanent and certain value in the market.
The Superintendent recommends that the present banking law be so amended that
bonds and mortgages shall not hereafter be received as a basis for circulation, or if
received at all, that no more than 80 per cent should be received upon their par value*
T he Superintendent ad d s:—
The price o f stocks has no doubt been much enhanced b y the great demand for
banking purposes, but it is evident from the great number o f banks that have given
notice o f closing business, that the business may be overdone, and that it may be more
profitable to return circulation and dispose o f the securities than to continue banking.
The debt o f the State is to be largely increased during the next three years, for the
purpose o f completing the enlargement o f the canals, and it is believed that the
amount o f State stock to be issued for that purpose will furnish a sufficient amount
o f securities to meet the demand o f the banks now organized, or such as may be or­
ganized from time to time. This course w ill ensure the sale o f our State Stocks from
time to time, as it may becom e necessary to issue the same at reasonable rates, and
increase the confidence o f the public in the circulation o f our banks.
OF PRIVATE BANKING IN TENNESSEE.
The following act, passed March 3, 1854, is an amendment to “ an act to suppress
private banking ” in Tennessee, passed December 14th, 1827 :—

Beit enacted by the General Assembly of the State of Tennessee:—
That before any bank, or banking association, or association o f any other State or
Territory o f this Union, shall keep an office, or agency, or em ploy any person, asso­
ciation, or corporation, in this State, for the purpose o f transacting within this State
the business which such banking corporation or association was created to transact, it
shall be the duty o f the agent o f the said banking association to make affidavit before
the clerk o f the county court, in the county in which such agency is sought to be es­
tablished, o f the amount o f capital o f said foreign association intended to be used in
said county, within twelve months after the making o f said affidavit, and pay to the
said clerk, one half o f one per cent on the amount mentioned in the affidavit, where­
upon it shall be the duty o f the county court clerk to issue a license, authorizing the
said banking association to establish an agency in the said county, for the use o f said
amount o f capital.
S ec . 2. Be it further enacted} That if the agent o f any banking association o f any
other State or Territory in this Union, shall establish an office or agency in this State,
for the purpose o f transacting the business o f banking, without having first obtained
a license, as required by the provisions o f the first section o f this act, he shall forfeit
and pay to the State o f Tennessee the sum o f ($10,000) ten thousand dol'ars for each
and every offense, to be sued for in any o f the circuit courts <?f this State, where the
offender may be served with process, and in any other common law-court o f this State
having general jurisdiction, and the said suit shall be prosecuted in the name o f the
State o f Tennessee, by the attorney-general o f the district where the defendant may
be served with process, and the said money, when collected, shall be accounted for
and paid into the treasury as other forfeitures.
S ec. 3. Be it f urther enacted, That it shall be the duty o f the county court clerk o f
each county in this State, to report each and every violation o f this act in his know l­
edge to the attorney-general for the county in which said clerk resides.




Journal o f Banking , Currency, and Finance .

483

THE FIXED PRICE OF GOLD, AND THE STANDARD OF VALUE.
The London B a n k ers' C ircid a r publishes the following article, which is intended as
a general answer to various correspondents o f the C ircu la r, who are perplexed by the

tw o subjects which stand at the head.

For the sake o f perspicuity the C ircu la r treats

each o f them separately:—
T hey who deny that the price o f gold is fixed in our coinage, reason in the following
m anner:— Take, say they, a definite weight o f wheat, and call that weight one quar­
ter, and then divide it into eight equal parts, calling each part one bu sh el; here there
is nothing but weight and division, but assuredly no fixed price. Granted.
In a similar manner, say these economists, take a definite weight o f gold, and call
that weight one ounce, and then divide that ounce into four equal parts, calling each
part one-quarter ounce or sovereign. Here, also, there is nothing but weight and di­
vision, but assuredly no fixed price. Granted.
The parallel, as here stated, between wheat and gold is complete, and it would
remain complete, and afford a full justification to the bullionists, if wheat and gold
were treated, as they are in this parallel, simply as commodities. But to expose the
sophism we must proceed a step further. The wheat is not coined, the gold is coined ;
the wheat is not legal tender, the gold, when coined, is legal tender; no moneyed d e­
nomination is put on the wheat, but a moneyed denomination is put upon the gold.
On these accounts it is, that the parallel is broken, and instead o f illustrating a de­
monstration, it only illustrates a fallacy. L et the reader realize in his mind what is,
and what alone can be, understood by the words “ moneyed denominations,” and the
sophism becomes transparent. Take any article you please, and put upon it a moneyed
denomination, and by that very act you do o f necessity fix its price.
People go to Mark Lane to ascertain the variable price o f wheat, which fluctuates
from day to day under the law o f supply and demand; but does anybody go to Lom ­
bard street to ascertain the price o f gold coined into sovereigns ? N obody does; and
w hy not? Because everybody knows that its price is fixed, whether the bank holds
twenty millions o f sovereigns, or only a half, or a tenth, or a twentieth of that amount.
E very working jew eller melts down sovereigns, when he intends to apply gold to the
purposes o f his manufacture; he never goes to any market to inquire what is the
price o f 5 dwts. 3 grains o f the metal, because he knows that the price is fixed in that
weight o f gold, or, in other words, in the sovereign.
W e now proceed to the standard o f value:—
“ Gold and silver,” says Mr. Ricardo, “ like all other commodities, are valuable only
in proportion to the quantity o f labor necessary to produce them and bring them to
market. Gold is about fifteen times dearer than silver, not because there is a greater
demand for it, nor because the supply is fifteen times greater than that o f gold, but
solely because fifteen times the quantity o f labor is necessary to procure a given
quantity o f it.” Our ordinance o f coinage, passed in the third year o f the reign of
George I., adopted the proportions referred to by Mr. R icard o; N
that is to say, it fixed
the relations o f value between gold and silver in the ratio o f one to fifteen. Be it ob­
served that this ratio, in the first instance, applied to the two metals sim ply as com ­
modities. This ratio was the act o f nature, not o f legislation, for nature had so de­
posited them in the mines, that the same labor which would only produce one ounce
o f gold would produce fifteen ounces o f silver. That proportion Parliament did not
create, nor could Parliament change i t W e have only as yet arrived at raw bullion,
not at coinage.
H ow, then, did legislation proceed to convert this raw bullion into legal tender ? It
put, both on gold and silver, a moneyed denomination, and set to work in this fashion:
It took an ounce o f silver, coined it, and enacted that this coined ounce should bear a
moneyed denomination o f five shillings and twopence, (5s. 2d )
But gold, as already
stated, is fifteen times more valuable than silver, equal weights for equal weights;
consequently, when a moneyed denomination was put on the coined ounce o f gold, it
was necessary that it should pass as legal tender for fifteen times as much as the
coined ounce o f silver; in other words, for seventy-seven shillings and sixpence ; and
in this manner the ratio between gold and silver, as raw bullion, was preserved, when
both were converted into coins, and received their respective m oneyed denominations.
Subsequently, it was found that the ratio o f fifteen to one was not quite correct; it
became fifteen and a small fraction to on e; therefore the coined ounce o f gold was
raised to seventy-seven shillings and ninepence; hence w e say the price o f gold is
£ 3 17 s. 9d. per ounce.




484

Journal o f Banking, Currency, and Finance.

Now, what have we arrived at ? A t nothing more than this, that we have deter­
mined the ratios between gold and silver, which, in the proportions stated, are stand­
ard measures o f each other. But have we discovered one universal standard o f value,
as the bullionists have befooled the world to believe? Certainly not. W e have set­
tled no more than the relations between gold and silver, and have taken labor as the
standard measure o f both. But have we shown what proportion either o f these m et­
als, or both o f them, bear to coal or cotton, iron or sugar, beef or beer, timber or flax,
or to any other comm odity whatever? No, w e have done nothing o f the kind; and
what is more, it never can be done, so that the idea o f an universal standard of value,
fabricated out o f gold or silver, or any other comm odity, is a witless absurdity, though
it has served as a good bait to catch gudgeons.
Perfect invariability at all times, under all circumstances, and in relation to all sur­
rounding things, is the very essence o f a standard, and these conditions distinguish it
from a weathercock. Now, since everything invented by man is imperfect, he cannot
create a perfect standard, which can only be found in nature. Speaking philosophic­
ally, a standard o f length is found in the 400,0U0,000th part o f the earth’s circumfer­
ence, which is equal to the measure o f 3 6 .370 English inches. This is the length o f
the French meter. In England, the philosophical standard o f length is a pendulum
vibrating seconds in the latitude o f Greenwich, which is the measure o f 39.1393 Eng­
lish inches. The English standard o f weight is a cubic inch o f distilled water at the
temperature o f 62 ° o f Fahrenheit, which weighs 252.458 troy grains. Our standard
o f capacity is generated from the space occupied by ten pounds o f distilled water at
the temperature o f 62 ° o f Fahrenheit, constituting our standard gallon. Now, all
these standards and measures are immutable in their most rigid and absolute sense,
and uniform to whatever they are applied,. I f you desire the length or the weight,
or the capacity o f any commodity, here you have the invariable standards and meas­
ures ; and it is plain that they have nothing to do with prices. They are constantly
at our com m and; they can never be hoarded or ex p orted ; other nations are free to
use them, or not use them, as they p le a se ; but such use would cause no derangement
among ourselves. Can this be said o f what is so stupidly affirmed o f our gold stand­
ard o f value ? W hen it is hoarded or exported, is not all business stagnated ?
L et us assume that a law enacted that our measure o f length, weight, and capacity
were to be o f mint g o ld ; and that, by some contrivance, foreigners got possessed o f
them a l l ; is it not plain that all business, wholesale and retail, would have to be sus­
pended, unless the absurd law were repealed ? But foreigners do get possession of
what is ignorantly called our standard o f value, and they only return it when they
have com pelled us to lower prices 50 per cent. Or, the foreigners say, “ Give me 54
inches for a yard, instead o f 36 inches, and then I will give you back the cheating idol
by which your own folly allows you to be periodically plundered ?”
The distinction between a standard and a measure, ever confounded b y bullionists,
is very important. The annual revolution o f the earth round the sun, is a true and
invariable standard o f time, o f which months, weeks, days, hours, are true and inva­
riable measures o f time. The points at which water boils or freezes constitute the
standard o f heat, while mercury, expanding or contracting in the tube, as it receives
or loses heat, constitutes the measure o f heat. In both these cases, the standard o f
time and o f heat is found in nature, and is unchangeable by any human a g en cy ; but
the measure o f heat, being only a m ode o f testing its degree o f intensity, accommo­
dates itself to the contrivances o f men o f science, as it may seem to them best adapt­
ed to bring the virtues o f the standard into practical operation. Thus, in the three
differently graduated scales o f Fahrenheit, Reaumer, and Gay Lussac, we have differ­
ent measures, but all o f them preferable to the one standard found, and only to be
found in nature.
A fter these explanations, we ask any candid reader to point out any flaw in our
reasoning, for we are teachable, and glad to be corrected when w ro n g ; but if no flaw
can be detected, then we ask, where is that pretended standard o f value supposed to
reside in 5 dwts. 3 grains o f gold ? Let it be shown that it is found in nature and in­
variable, for these are the absolute conditions o f a standard. Let it be shown that it
is immutable in all countries, as the standard o f time is immutable in all countries.
L et it be shown that 5 dwts. 3 grains o f gold in coin in this country is always o f the
same value as 5 dwts. 3 grains o f uncoined gold in all other countries. Let it be
shown that this pretended standard always maintains all commodities at a uniform
level, never deranging any. These and many other points must be proved, not merely
asserted, before any man o f comm on sense w ill admit that a true standard o f value
exists in this country.




Journal o f Banking, Currency, and Finance.

485

THE TEXAS DEBT LAW OF THE UNITED STATES.
The following “ A ct to provide for the payment o f such creditors o f the late R epub­
lic o f Texas as are comprehended in the act o f Congress o f Septem ber 9, 1850,” was
passed at the last session o f Congress, and approved February 28, 1855:—
Be it enacted by the Senate and House o f Representatives o f the United States o f
Am erica in Congress assembled, That in lieu o f the sum o f five millions o f dollars,
payable to the State o f Texas in five per cent stock o f the United States, by the act
entitled “ A n act proposing to the State o f Texas the establishment o f her northern
and western boundaries, the relinquishment by the said State o f all territory claimed
b y her exterior to said boundaries, and o f all her claims upon the United States, and
to establish a territorial government for New Mexico,” passed September 9th, 1850,
the issuing o f which stock was restricted by the first proviso, to the fifth proposition
contained in the first section o f said act, the Secretary o f the Treasury be, and he is
hereby authorized and directed to pay to the creditors o f the late republic o f TexaB,
w ho hold such bonds, or other evidences o f debt for which the revenues o f that re­
public were pledged, as were reported to be within the provisions o f the said act o f
Septem ber the 9th, 1850, by the report o f the late Secretary o f the Treasury, to the
President o f the United States, and approved by him on the 13th day o f September,
1851, or which come within the provisions o f said act, according to the opinion upon
the Texas com pact o f the present Attorney-general o f the United States, addressed
to the Secretary o f the Treasury, under date o f Septem ber 26th, 1853, the sum of
seven millions seven hundred and fifty thousand dollars, to be apportioned among the
said holders p r o r a t a : provided that the interest on the debt embraced in this act
shall be determined by the existing laws o f the State o f Texas.
S ec . 2. A nd be it further enacted, That in all cases where the State o f Texas may
have paid any portion o f the debt described in this act, the said secretary shall refund
to the proper officer o f said State the amount actually so paid by the State, upon the
presentation at the Treasury Department o f the evidences o f said debt, on which the
said State m ay have made such paym ent: provided the said sum shall not exceed the
proportion which would have been allowed to the creditor or creditors, if such pay*
ment on said evidences o f debt had not been made by the State o f T ex as; and where
the said sum that may be refunded to the State o f Texas by the provisions o f this sec­
tion is less than the proportion which would have been allowed under this act to the
holders o f such evidences o f ’debt, had such payment not been made them, such hold­
ers shall be entitled to receive the difference between said sum and the proportion
they would have received under this act if no payment had been made th em ; and
where any original certificates or other evidences o f debt have been surrendered to
the authority o f the State o f Texas, and new certificates issued therefor by said State
o f Texas, such new certificates shall be received as evidences o f the original amount
o f the claim.
S ec . 3. A nd be it further enacted, That no payment shall be made under this act
to any holder o f said securities or evidences o f debt, unless the said holder shall first
execute to the United States a receipt for the said payment, in which said holder
shall forever release all claim against the United States for or on account o f the said
securities or evidences o f debt, also similar releases to said State o f Texas, and the
said certificates or other evidences o f debt shall then be deposited with the Treasury
Department.
S ec. 4. A nd be it further enacted, That before payment o f the moneys aforesaid,
the Secretary o f the Treasury shall give notice, by public advertisement for the space
o f ninety days, o f the time at which said payment will be made, and no payment
shall be made on any bond, certificate, or evidence o f debt, which shall not, thirty
days before the time limited by said notice, be presented at the Treasury Department.
S ec. 5. A nd be it further enacted, That the sum o f seven millions seven hundred
and fifty thousand dollars be, and the same is hereby appropriated out o f any moneys
in the treasury not otherwise appropriated, for the purpose o f carrying into effect the
provisions o f this act.
S ec . 6. And be it further enacted, That this act shall not take effect until it shall
be assented to by an act o f the Legislature o f the State o f Texas, and a copy o f the
act o f said State, duly authenticated, deposited in the Treasury Department at W ash­
ington, nor until the Legislature o f the State o f Texas shall pass an act withdrawing
and abandoning all claims and demands against the United States, growing out o f In­
dian depredations or otherwise. A pproved February 28, 1855.




486

Journal o f Banking , Currency, and Finance.

EXPORTS OF AMERICAN AND FOREIGN GOLD AND SILVER FROM BOSTON,
The subjoined iable exhibits the amount o f American and foreign gold and silver
exported from Boston during the calendar years ending on the 31st o f Decem ber

m
American gold

1854.
& silver.

1853.
Foreign gold

1854.
& silver

Quarter ending March 3 1 ....................
“
June 30 .......................
“
Septem ber 3 0 ............
“
Decem ber 3 1 ..............

$14,283
19,100
12,431
7,900

$40,856
29,160
2,300
2,400

$4,827
25,500
35,930
42,194

$17,803
51,942

Total o f gold in American v e sse ls.. . ,

$53,714

$65,716

$108,451

$106,915

Quarter ending March 3 1 .....................
“
June 30 ....................... .
“
Septem ber 3 0 ........... .
“
December 3 1 .............. .

417,000
1,222,726
1,264,543
2,525,615

714,040
1,595,541
2,146,623
1,636,106

19,360
35,329
32,375
108,999

1,870
46,950
75.779
6,608

Total o f gold in foreign v e s s e ls ......... .
“
American “ ante .

$5,429,884
63,714

$6,092,310
65,716

$196,063
108,451

$131,207
106,915

Total exports o f American g o ld ......... .

$5,483,598

$6,158,026

$304,514

$238,122

37,170

CONDITION OF THE BANKS IN THE STATE OF MAINE,
W e give below a statement compiled from the returns published b y the Secretary
o f State, o f the condition o f the Portland banks at the periods n am ed :—
Capital.

June 3, 1 8 5 4 ... ...... $1,773,169
October 1, 1854 ____ 1,816,022
December 30, 1854 . 1,875,000

Loans.

Circulation.

Deposits.

Specie.

$3,406,194
3,604,771
3,656,994

$1,422,336
1,288,725
1,258,771

$796,325
841,408
669,845

$259,856
223,560
178,660

THF FOLLOWING TABLE SHOWS THE CONDITION

OF BANKS IN MAINE AT THE PERIODS

NAMED I—

Capital.

June, 1 8 5 3 ...... . $4,615,580
January, 1854... . 5,913,870
June, 1854 ........ . 5,393,369
January, 1855... . 7,326,302

Loans.

Circulation.

Deposits.

Specie.

$8,710,749
11,166,519
12,114,697
12,770,181

$4,519,113
5,317,750
4,623,926
5,057,297

$2,156,538
2,545,672
3,980,729
2,448,998

$936,968
1,132,610
1,163,522
877,165

REVENUE OF GREAT BRITAIN IN 1854 AND 1855.
W e give below an abstract o f the net produce o f the revenue Great Britain in the
years ended 6th o f January, 1855, and 5th o f January, 1854, showing the increase or
decrease thereof:—
TEAKS ENDED JANUARY

5,

1855.

1854.

Customs................
E x c i s e ..................
Stamps..................
Taxes.....................
Property tax........
Post o ffic e ............
Crown lands ____
Miscellaneous . . .

£20,777,713
16,129,844
7,078,006
3,040,548
7,456,025
1,288,234
271,572
780,568

£20,902,734
15,337,724
6,975,416
3,153,868
5,588,172
1,104,000
402,888
1,066,352

Total income.
N et income .

£56,822,510

£54,531,154




Increase.

Decrease.
£ 12 5 ,0 2 1

£ 7 9 2 ,1 2 0
102,590
113 ,32 0
1,867,853
184,234
131,316
285 ,78 4
£ 2,9 46 ,7 9 7
2,291,536

£ 6 5 5 ,4 4 1

Journal o f Insurance.

487

SHIPMENTS OF GOLD FROM CALIFORNIA.
W e compile from a table published in the San Francisco

Price Current the

follow ­

ing table, showing the comparative shipments o f Gold to Eastern, domestic, and for­
eign ports, for the years 1853 and 1854 :—

To—

1854

1853

N ew Y o r k ................
N ew Orleans...........
L o n d o n ........... ........
V alparaiso................
Sandwich Islan ds...
H on g K o n g .............
Skanghae..................
C alcutta....................
M an illa.....................
N ew South W ales .

47,916,447
390,718
4,975,662
445,778
194,000
831,996
94,138
1,240
17,450
38,670

68
00
25
27
00
44
00
00
00
00

46,289,649
243,517
3,781,080
33,524
212,108
606,122
27,718
10,787
20,000

26
00
34
00
59
70
89
50
00

dec. 1,626,798 42
dec. 143,517 00
dec. 1,194,581 91
dec. 412,254 27
inc.
18,108 69
dec. 225,873 74
dec.
66,419 10
inc.
9,547 50
2,550 00
inc.
38,670 00
dec.

The shipments to all parts, except the Sandwich Islands, Calcutta, and N ew South
W ales, show a decrease in the year 1854.

JOURNAL

OF

INSURANCE.

ACT OF OHIO IN RELATION TO FOREIGN INSURANCE COMPANIES.
W e give below, from an official copy, a law passed b y the Legislature o f Ohio, reg ­
ulating Insurance Companies incorporated in other States :—
AN ACT TO REGULATE THE AGENCIES OF INSURANCE COMPANIES NOT INCORPORATED BY THE
STATE OF OHIO.

1. Be it enacted by the General Assembly of the State of Ohio, That it shall
not be lawful for any agent or agents o f any insurance company, incorporated by any
other State than the State o f Ohio, directly or indirectly, to take risks, or transact any
business o f insurance in this State, without first producing a certificate o f authority
from the auditor o f S ta te ; and before obtaining such certificate, such agent or agents
shall furnish the said Auditor with a statement, under the oath o f the President or
Secretary o f the company for which he or they may act, which statement shall sh ow :
1. The name and locality o f the company, 2. The amount o f its capital stock. 3. The
amount o f its capital stock paid up. 4. The assets o f the company, including the
amount o f cash on hand, and in the hands o f agents or other persons; the real estate
unincumbered; the bonds owned by the company, and how they are secured, with the
rate o f interest thereon ; debts to the company secured by mortgage ; debts otherwise
secured ; debts for premiums ; and all other securities. 5. T he amount o f liabilities
due or not due to banks or other creditors, by the company. 6. Losses adjusted and
due. 7. Losses adjusted and not due. 8. Losses unadjusted. 9. Losses in suspense
waiting for further proof. 10. A ll other claims against the company. 11. The great­
est amount insured in any one risk. 12. The greatest amount allowed by the rules o f
the company to be insured in any one city, town, or village. 13. The greatest amount
allowed to be insured in any one block. 14. The act o f incorporation o f such com ­
pany.
W hich statement shall be filed in the office o f said auditor, together with a written
instrument, under the seal o f the company, signed by the President and Secretary,
authorizing such agent to acknowledge service o f process, for and in behalf o f such
company, consenting that service o f process upon such agent shall be taken, and held
to be as valid as if served upon the company according to the laws o f this State, or
any other State, and waiving all claims o f error, by reason o f such service. And no
insurance company, or agent or agents o f any insurance company incorporated by any
other State, shall transact any business ofdnsurance in this State, unless such company
is possessed o f at least one hundred thousand dollars o f actual capital, invested in
stocks o f at least par value, or in bonds or mortgages o f real estate, with double the
amount for which the same is mortgaged. A nd upon the filing o f the aforesaid stateS

e c t io n




\

488

Journal o f Insurance.

ment and instrument with the Auditor o f State, and furnishing him with satisfactory
evidence o f such investment as aforesaid, it shall be the duty o f said Auditor to issue
a certificate thereof, with authority to transact business o f insurance, to the agent or
agents applying for the same.
S ec t . 2. It shall be unlawful for any agent or agents, o f any com pany incorporated
b y any foreign government than a State o f this Union, to transact any business o f in­
surance in this State, without procuring a certificate o f authority from the Auditor o f
State, such agent or agents having first filed under oath, in the office o f said auditor, a
statement setting forth the charter or act o f incorporation o f the company, for which
he or they m ay act, and the matters required to be specified by the first section o f
this act, and the written authority therein mentioned and furnished evidence to the
satisfaction o f the auditor o f State, that such company has invested in stocks o f some
one or more o f the States o f this Union, or o f the United States, the amount o f one
hundred thousand dollars, and that such stocks are held by citizens o f the United
States. A nd the said agent or agents o f such company, filing said statement and fur­
nishing evidences o f investment as aforesaid, shall be entitled to a certificate o f au­
thority in like manner as is provided for in the first section o f this act.

S ec. 3. It shall be the duty of the agent or agents, in either of the foregoing sections
mentioned, before taking any risks or transacting any business of insurance in this
State, to file in the office of the clerk of the court of common pleas of the county in
which he or they may desire to establish an agency for any such insurance company,
a copy of the statement required to be filed with the auditor of State as aforesaid, to­
gether with the certificate of said auditor, which shall be carefully preserved for pub­
lic inspection by said clerk ; and also to cause said statement and certificate to be
published in some newspaper of general circulation in said county, for three succes­
sive weeks.
S ec . 4. The statement and evidences o f investment required by this act shall be
renewed semi-annually, in the months o f January and July in each y ea r; the first
statement to be made in the month o f July n ex t; and the auditor o f State, on being
satisfied that the capital, securities, and investments remain secure as at first, shall
furnish a renewal o f certificate as aforesaid; and the agent or agents obtaining such
certificate, shall file the same, together with the statement on which it was obtained
or renewed, in the office o f the clerk o f the court o f common pleas o f the county in
which such agency is established, and shall cause the same to be published in at least
one newspaper o f said county.
S ec . 5. W henever any loss shall occur o f any property insured b y any company
authorized to take risks under this act, it shall be the duty o f the agent by whom the
insurance was made to retain in his possession all moneys belonging to such company
which m ay then be or may thereafter come into his possession, until such loss is ad­
justed and p a id ; provided, that if suit shall be commenced by the party insured
against such company, the agent m ay deposit in court double the amount mentioned
in the policy, to abide the event o f the suit; or if the party insured shall not commence
suit within ninety days after the agent shall have given written notice to such party
that the loss will not be paid, the agent m ay thereafter pay over to persons entitled,
the moneys o f said company. A nd if any person insured by such company meeting
with a loss, shall notify any other agent o f such company thereof, it shall be the duty
o f such agent to retain all moneys belonging to such company which m ay then be or
m ay thereafter come into his possession, as hereinbefore required o f the agent with
whom the insurance was effected.

S ec. 6. That copies of all papers required by this act to be deposited in the office
o f the auditor of State, certified under the hand of such auditor to be true and correct
copies of such papers, shall be received as evidence in all courts and places, in the
saire manner and have the same force and effect as the original would have if pro­
duced.
S ec . 7. A n y person or persons violating the provisions o f this act shall, upon con­
viction thereof in any court o f competent jurisdiction, be fined in any sum not exceed­
ing one thousand dollars, or imprisonment in the county jail not more than thirty
days, and fed on bread and water only, or both, at the discretion o f the court. V io­
lations o f the provisions o f this act m ay be prosecuted by information filed by the
prosecuting attorney o f the proper county, or by indictment o f the grand jury.

May 1st, 1854.




Journal o f Insurance,

489

LIFE INSURANCE IJV MASSACHUSETTS,
The Insurance Abstract for 1854 contains the returns, in com pliance with the law
o f A p ril 29, 1854, o f fire, marine, and life insurance companies chartered in Massa­
chusetts.

The returns from the life insurance companies are four in number, and de­

velop the following facts, v iz.:— that the corporations had at risk, D ecem ber 1, 1854>
the sum o f $8,826,417 62, the present value o f which for re-insurance was $557,944 90.
The assets o f the four companies amounted to $1,898,154 25 ; their total receipts the
past year for premium and interest were $297,807 09, o f which the sum o f $30,195 77
was paid for expenses in carrying on the business.
past year was $70,962 71.

The amount of losses paid the

The N ew England Mutual Life Insurance Company, the last annual report o f which
was published in the M erchants?M agazine for February, 1855, had at risk $6,400,662 62 :
their assets were $664,277 7 2 ; their receipts the past year, $213,253 38 ; and their
expenses a fraction over 7 per cent.

The Massachusetts Mutual Life Insurance Com­

pany, o f Springfield, had at risk $725,780; their assets were $19,195 12, (besides
$50,000 guaranty n otes;) their receipts were $16,963 9 1 ; and their expenses were
1 6 .3 per cent.

The Berkshire County Mutual Life Insurance Company had at risk

$1,039,675 ; their assets were $132,303 10, (including $50,000 guaranty notes ;) their
receipts the past year were $27,629 ; and their expenses 44 per cent.
It w ill be seen by the above items that while one institution has expended but 7
per cent and a fraction, another has absolutely got rid o f nearly one half o f its total
receipts.

These are important facts for the public to know, and should be w ell con­

sidered by policy holders.

I t appears that one company, the State Mutual Life, o f

"Worcester, made no return, thus violating the law o f A p ril 29, 1854; section 37 o f
which s a y s :—
“ E very insurance company in this Commonwealth shall, before the 15th day o f
December, annually, transmit to the Secretary o f the Commonwealth a statement m ade
u p to the fi r s t day o f the m on th , in the form appended to this act, signed and sworn
to b y the President and Secretary.”
Section 41 says :—
“ E very insurance company and every agent o f a foreign insurance company neg­
lecting to make the returns required by this act, shall forfeit $100 for each and every
day’s neglect, to be recovered by the Treasurer o f the Commonwealth.”
IMPORTANT CASE OF FIRE INSURANCE.
In the Supreme Judicial Court o f Massachusetts, the Hamilton Mutual Fire Insur­
ance Company recently brought a suit against Peter Harmony to recover the second
and third years’ premiums, less the dividends, upon a policy issued by the Bowditch
Insurance Company to the defendant, dated July 1, 1851, and to run three years.
The facts w ere as follows, v iz.:—
The defendant procured from the Bowditch Company a policy as above stated, and
paid therefor a premium o f $12 for the first year, in advance. The premiums for the
second and third years o f the policy were due, in advance, on the first days o f July,
1852 and 1853.
On the 10th o f February, 1852, and before the first year c f the policy had expired
the Legislature passed an act— “ That the members o f the Bowditch Company, and
the members o f certain other companies, should be a corporation by the name o f the
Hamilton Insurance Company, provided the act was accepted, and that the charter o f
the Bowditch Company should be repealed from the time o f such acceptance.”
On the 30th day o f March, 1852, some of the members o f the Bowditch Company
and the other companies had a meeting, and voted to accept the said act. The
defendant did not attend said meeting, and gave no assent to the change whatever.




Journal o f Insurance.

490

The members o f said companies present at said meeting having voted to accept the
change, proceeded to organize the Hamilton Company. The Hamilton Company
never voted to assume the policies issued by the Bowditch Company, nor otherwise
contracted with the holders o f such policies, to be held responsible for losses upon
them ; but they stood as originally issued.
The defendant wrote to the company to
know if he was insured after the change, and whether the Hamilton Company would
be responsible for losses— stating at the same time, if they were, he was ready to pay
up his premiums in full. They answered— without directly replying to his questions
— that i f he did not pay, they would sue h im ; and soon after brought this suit.
The defendant contended that his contract o f insurance was with the Bowditch Com­
pany, and could not be transferred by force o f the act o f February 10th, 1852, into
the Hamilton C om pany; that the contract o f insurance was a personal contract that
could not exist between him and the plaintiffs without an actual eontract in writing
between him and th e m ; that they were not responsible to him for losses, nor he to
them for premiums or assessments.
The plaintiffs contended that the act o f February 10, 1852, together with the vote
o f acceptance, made the defendant a member o f the Hamilton Company, and bound
him to p ay them, notwithstanding there was no contract between them.
The Court decided in favor o f the defendant, thereby deciding that the plaintiffs
could not recover premiums or assessments upon the policies o f the Bowditch Com­
pany. Perry & Andicott for plaintiffs, J. H. W akefield for defendant.
NOTICE OF AGENTS OF BOSTON MARINE INSURANCE COMPANIES.
J ohnson and H ig gin s , N o. 35 Wall-street, N ew York, under date Decem ber 15th,
1854, have issued the subjoined notice to masters and shipping m erchants:—

The undersigned, having been appointed agents at N ew Y ork for Boston Marine
Insurance Companies, hereby notify masters o f vessels owned at the East, and insured
or likely to be insured at Boston, in the event o f shipwreck or disaster in the vicinity
o f New Y ork, or on the Jersey or Virginia coasts, to telegraph or otherwise advise
the undersigned immediately, that assistance may be dispatched to them ; also, in all
claims for damage to vessel or cargo, to confer with the agents, that their claims m ay
be settled amicably, and with mutual satisfaction.
JOHNSON & HIGGINS.

STATISTICS OF BOSTON INSURANCE COMPANIES.
The following abstract exhibits the amount o f marine and fire losses paid, together
with the amount ascertained, estimated, and unpaid, the past five years, (from 1850
to 1854 inclusive,) by the fourteen stock, fire, and marine offices o f Boston.
I t appears that with the same, or nearly the same amount o f property at risk each
year, there has been a great yearly increase in the amount o f losses, and this with no
notable increase in the rates o f premium until May, 1854.

Tim e enough has not yet

elapsed for parties connected with the insurance interest to decide whether the change
then made in the tariff o f marine rates o f premium is great enough to enable the
offices to pay their losses with earned prem ium s; but experienced underwriters state
that a great advance in some portions o f the last tariff is necessary.

The fact that

losses have steadily increased from $1,278,000 in 1850, to $2,696,000 in 1854, with
no increase o f consequence in the amount at risk, or the amount o f premiums re­
ceived, certainly warrants one in advocating a change in rates, even to secure to the
assured the proper protection.
The reasons o f this augmentation o f marine losses are plain to most in the business ;
some can be drawn, with truth, from the peculiar severity o f the last tw o winters, but
more from other causes, which it is not the present purpose to state.

But as these

extra hazards exist, it is simply the business o f insurance companies to underwrite
against them, and for this extra hazard a remunerating premium should be p a id :—




ABSTRACT FROM THE RETURNS OF THE FOLLOW ING INSURANCE COMPANIES OF BOSTON, AS MADE TO THE SECRETARY OF THE COMMONWEALTH, FOR F IV E YEARS.

,

---------------------------------- MARINE LOSSES PAID FOR THE YEARS ENDING-----------------------------------\

Capital stock.,

Names of Offices.

$50,338
79,878
78,424
18,110
66,687
12,610
59,708
32,893
35,174
205,541
25,705
20,688
83,325
48 771
$4,175,000

Am ount fire losses paid for 5 years...................
Losses ascertained and estim a ted ....................
A n d u n p a id ..............

(

Losses equal to .........

1

Dec. 1,1851.

$60,941
50,743
93,213
65,140
140,333
52,283
51,537
34,016
22,376
340,944
57,129
106,019
68,401
92,034

Dec. 1, 1852.

71
74
62
34
42
03
97
16
58
93
49
39
48
66

$87,289
69,863
113,096
16,832
166,406
35,875
44,057
69,531
13,630
316,579
22,949
54,493
60,151
69,871

47
92
58
13
68
88
69
28
08
83
45
61
35
86'

Dec. 1, 1853.

$105,583
168,364
225,560
6,632
202,133
49,537
50,258
106,912
36,475
421,116
78,909
16,468
56.596
135,107

47
53
41
95
80
41
37
20
96
51
93
20
67
34

Dec. 1, 1854.

$70,452
176,700
190,594
32,983
226,918
38,622
88,760
141,596
92,529
533,036
• 59,286
51,694
131,251
159,755

09
43
25
81
68
95
16
21
48
89
64
72
98
52

Total 5 years,

$374,604
545,550
700,889
139,699
802,480
188,929
294,323
384,949
200,186
1,817,219
243,981
249,364
399,726
505,450

89
72
60
95
08
06
05
55
48
76
39
55
67
83

$817,858 99

$1,235,116 52

$1,140,539 51

$1,659,657 75

$1,994,183 81

$6,847,356 58

135,559 70
953,418 69
325,156 69

198,217 65
1,433,334 17
304,765 00

153,549 90
1,294,089 41
606,869 67

197,069 84
1,856,727 59
496,193 32

143,671 19
2,137,855 00
558,225 77

828,068 28
7,675,424 86
2,291,210 45

$1,278,575 38

$1,738,099 17

$1,900,969 08

$2,352,920 91

$2,696,080 77

$9,966,635 31

31 per cent
on capital.

42 per cent
ou capital.

46 per cent
on capital.

56 per cent
on capital.

65 per cent
on capital.

AMOUNT. AT RISK .

Decem ber
Decem ber
D ecem ber
D ecem ber
D ecem ber

1, 1850............
1, 1851...........
1, 1852...........
1, 1853............
1, 1854............

Marine.

Fire.

Total at risk.

$59,817,297
68,374,548
58,571,879
56,992,992
60,357,539

$46,859,114
47,421,712
46,271,613
48,528,739
51,968,464

$106,676,411
105,796,260
104,843,492
105,521,731
112,326,003

491




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

15
10
74
72
50
29
66
70
38
60
88
63
19
45

Journal o f Insurance.

A m e r ic a n ................ .
B o s to n ......................
B o y ls to n ..................
Franklin....................
H o p e .........................
Manufacturers.........
Mercantile Marine ..
M erchants..................
N a tio n a l....................
N eptune....................
S u ffo lk ......................
United States...........
W a r r e n ......................
W ash in g ton ..............

Dec. 1, 1850.

492

Commercial Regulations.

COMMERCIAL REGULATIONS.
THE NEW POSTAGE LAW OF THE UNITED STATES.
"We give below a correct copy o f the Postage A ct o f 1855 :—
AN ACT FURTHER TO AMEND THE ACT ENTITLED “ AN ACT TO REDUCE AND MODIFY THE
RATES OF POSTAGE IN THE UNITED STATES, AND FOR OTHER PURPOSES,” PASSED MARCH

3,

1851.

Be it enacted by the Senate and House o f Representatives o f the United States o f
A m erica in Congress assembled, That, in lieu o f the rates o f postage now established
b y law, there shall be charged the following rates, to w i t :—
1. For every single letter in manuscript, or paper o f any kind in which information
shall be asked for or communicated in writing, or by marks or signs, conveyed in the
mail for any distance between places in the United States not exceeding three thou­
sand miles, three cents; and for any distance exceeding three thousand miles, ten
cents.
A nd for a double letter, there shall be charged double the rate above specified;
and for a treble letter, treble those rates; and for a quadruple letter, quadruple those
rates; and every letter or parcel not exceeding half an ounce in weight shall be
deemed a single le tte r; and every additional weight o f h a lf an ounce, or additional
weight o f less than half an ounce, shall be charged with an additional single p osta g e;
and upon all letters passing through or in the mail o f the United States, excepting
such as are to or from a foreign country, the postages as above specified shall be pre­
paid, except upon letters or packages addressed to officers o f the government on offi­
cial business, which shall be so marked on the envelop. A nd from and after the 1st
day o f January, 1856, the postmaster-general may require postmasters to place post­
age stamps upon all prepaid letters upon which such stamps m ay not have been
placed by the writers.
A nd all drop-letters, or letters placed in any post-office not for transmission through
the mail, but for delivery only, shall be charged with postage at the rate o f one cent
e a ch ; and all letters which shall hereafter be advertised as remaining over, or un­
called for, in any post-office, shall be charged with one cent each in addition to the
regular postage, both to be accounted for as other postages now are.
2. A nd be it further enacted, That it shall not be lawful for any postmaster or
other person to sell any postage stamp or stamped envelop for any larger sum than
that indicated upon the face o f such postage stamp, or for a larger sum than that
charged therefor by the Post-office D epartm ent; and any person w ho shall violate this
provision shall be deemed guilty o f a misdemeanor, and on conviction thereof, shall be
fined in any sum not less than ten, nor more than five hundred dollars. This act to
take effect and be in force from and after the commencement o f the next fiscal quarter
after its passage: provided, that nothing herein contained shall be so construed as to
alter the laws in relation to the franking privilege.
3. A nd be it further enacted, That for the greater security o f valuable letters posted
for transmission in the mails o f the United States, the postmaster-general be, and
hereby is authorized to establish a uniform plan for the registration o f such letters on
application o f parties posting the same, and to require the prepayment o f the postage,
as w ell as a registration fee o f five cents, on every letter or packet to be accounted
for by postmasters receiving the same in such manner as the postmaster-general shall
direct: provided, however, that such registration shall not be com pulsory; and it
shall not render the Post-office Department or its revenue liable for the loss o f such
letters or packets or the contents thereof.
A pproved March 3, 1855.
The Postmaster-General has issued the following official notice in reference to and
explanatory o f the new postage b i l l :—
Notice is hereby given, that agreeably to an act o f Congress approved March 3d,
1855, the following rates o f postage are to be charged, on and after the 1st day o f
A p ril next, in lieu o f those now established, to w i t :—




Commercial Regulations.

493

On every single letter conveyed in the mail between places in the United States,
for any distance not exceeding three thousand miles, three cen ts; and for any distance
exceeding three thousand miles, ten cents.
From and after said 1st day o f A pril prepayment on letters is required, excepting
upon such as are to or from a foreign country, or to officers o f the government on
official business. The franking privilege remains unchanged.
From and after the 1st day o f January, 1856, postmasters required to place post­
age stamps upon all prepaid letters on which such stamps may not have been placed
by the writers.
B y the third section o f the act the Postmaster-General is authorized to establish a
uniform system for the registration o f valuable letters. This provision o f the law w ill
be carried into effect, and the special instructions therefor will be issued to postmas­
ters as soon as the necessary blanks can be prepared and distributed.
JAMES CAMPBELL, Postmaster-General.
P o s t -o f f ic e D e p a r t m e n t ,

March 9.

RECIPROCITY TREATY BETWEEN THE UNITED STATES AND GREAT BRITAIN,
AN ACT TO AMEND “ AN ACT TO CAR RY INTO EFFECT
STATES AND GREAT
august

BRITAIN,”

SIGNED

ON

THE

5TH

A

TREATY
OF

BETWEEN

THE

JUNE, 1 8 5 4 , AND

UNITED

APPROVED

5t h , 1 8 5 4 :—

Be it enacted b y the Senate and H ouse o f Representatives o f the United States o f
A m erica in Congress assembled, That from and after the date when the reciprocity
treaty o f the 5th June, 1854, entered into between Great Britain and the United States,
shall go into effect, the Secretary o f the Treasury shall be, and he is hereby author­
ized and required to refund out o f any money in the treasury, to the several persons
entitled thereto, such sums o f money as shall have been collected as duties on “ fish
o f all kinds, the products o f fish, and o f all other creatures living in the water,” im­
ported into the United States from and after the 11th day o f September, 1854, the
date o f the promulgation by the President o f the United States o f the reciprocity
treaty aforesaid, on proof, satisfactory to the said Secretary, that the articles aforesaid
w ere the products o f some one o f the British provinces o f N ew Brunswick, Canada,
N ova Scotia, Newfoundland, or Prince Edward’s Island, and im ported therefrom into
the United States, and duties duly paid thereon, which have not been refunded on
e x p o r t; and he is further authorized and required, from and after the day the treaty
aforesaid shall go into effect, to cancel, on like satisfactory proof, any warehouse bonds
to secure the duties that m ay have been given for any o f said articles imported as
aforesaid.
S ec. 2. A nd be it further enacted, That from and after the date when the reci­
procity treaty o f the 5th June, 1854, entered into between Great Britain and the
United States, shall go into effect in the manner therein described, the Secretary o f
the Treasury shall be, and he is hereby authorized to refund out o f any money in the
treasury not otherwise appropriated, to the persons entitled thereto, such sums of
money as shall have been collected as duties on any o f the articles enumerated in the
schedule annexed to the third article o f the reciprocity treaty aforesaid, imported into
the United States from the British provinces o f Canada, N ew Brunswick, and Nova
Scotia, respectively, since the date o f the acts o f their respective governments ad­
mitting like articles into said provinces from the United States free o f duty, on proof,
satisfactory to the said Secretary, that the articles so imported were the products o f
Canada, New Brunswick, or Nova Scotia as the case may be, and imported there­
from into the United States, and that the duties were duly paid thereon ; and he is
further authorized and required to cancel, from and after the date the treaty afore­
said shall go into effect, on like satisfactory proof, any warehouse bonds to secure
duties which may have been given for any o f the said articles imported as aforesaid.
A nd the Secretary o f the Treasury is also hereby invested with the same authority
and power to refund the duties and cancel the warehouse bonds on any o f the arti­
cles enumerated in said treaty, the produce o f Prince Edward’s Island or Newfound­
land, respectively, on said treaty going into operation, should it be proved to the satis­
faction o f said Secretary, that Prince Edward's Island or Newfoundland have admitted
all o f the articles enumerated in said treaty from the United States free o f duty, prior
to said treaty going into operation.

A p proved March 2, 1855.




Nautical Intelligence.

494

RATES OF POSTAGE OJV PRINTED MATTER BY THE BREMEN LINE.
W e are authorized to say that the Postal Convention between the United States
and Bremen has been so modified that pamphlets, magazines, and other printed mat­
ter, as w ell as newspapers, m ay be sent in narrow bands, open at the sides or ends,
by the Bremen line o f steamers, from the United States to any point beyond, as well
as to Bremen, belonging to the German Austrian Postal Union ; and, vice versa , from
any such point to the United States.
On newspapers sent from the United States by the Bremen line, the postage is
three cents each, prepaym ent required.
Austrian Postal Union.

This pays in full to any part o f the German

A n y postage accruing on newspapers beyond the German

Austrian Postal Union must be collected at the points o f delivery.
Newspapers received by the Bremen line are in like manner fully prepaid.
On pamphlets, magazines, and other printed matter, (except newspapers,) a post­
age o f one cent an ounce or fraction o f an ounce must be prepaid at the mailing office
when sent from, and collected at the office o f delivery when received in the United
States.

This is the United States postage only.
EMIGRANT PASSENGER SHIPS.

The Collector o f Customs has received the following important decision from the
Secretary o f the Treasury, relating to emigrant passenger ships :—
“ I f a ship does not carry a larger number o f passengers in other parts o f said ves­
sel than she is legally entitled to carry on her lower and orlop decks, and said paseengers have the spaces unoccupied by other goods, not being their personal baggage,
in the part o f said vessel where carried, which are prescribed by law, she is not liable
to the penalties imposed by said laws for excess o f passengers, even though her lower
or orlop decks may be occupied in whole or in part for the storage o f merchandise.”
This decision w ill dispose o f this whole matter to the satisfaction o f the ship-owners
or consignees, and at the same time secure to the passengers all the space allotted to
them by the laws.

The decision will be highly appreciated by those interested in the

extensive business o f carrying emigrant passengers.

NAUTICAL INTELLIGENCE.
SIGNALS OF THE PORT OF PARA, BRAZIL,
The following notice to mariners, being an extract o f a communication addressed to
Henry H . D ew ey, Esq., United States Consul at Para, Brazil, has been officially com ­
municated to the Light house Board, by the Department o f State, and is published in
the M erch a n t s’ M a g a zin e for the information o f navigators.
Experience having proved that it is much more convenient that the signals hereto­
fore made in the village o f the Salinas for the vessels which touch at that point to re­
ceive pilots should be made near the light house, on account o f being more distinctly
seen from on board the vessels, the captain o f this port has caused a flag-staff forty
feet in hight to be placed at the distance o f fifty-eight fathoms E. N. E. o f the said
light-house, where the signals will be made with seven different flags, as follows :—
1. A red flag, with white swallow tail.
2. A white flag, with a cross through it.
3. A flag, upper half red, lower half white.
4. A flag, all blue.
5. A flag, inner half white, outer half red.
6. A flag, blue and white checkered.
*7. A flag, red and white checkered.




Nautical Intelligence .

495

No. 1 signifies to vessels arriving at Salinas that a pilot is there and a boat to take
him on board.
No. 2. That the pilot goes on board immediately.
No. 3. That the tide will not allow the pilot to embark.
No. 4. That the pilot will go on board before noon.
No. 5. That the pilot will go on board after noon.
No. 6. That the pilot w ill go on board at midnight.
No. *7. That the pilot w ill go on board after midnight.
W hen on board the vessels a bonfire is seen in the village o f Salinas, it is under­
stood that there is a pilot, and a boat to take him on board as60on asthe tide w ill
allow. W hen two bonfires are seen, it is a signal that there is a pilot but no boat to
take him on board. W hen no bonfire is seen during the night in the village, the ves­
sels having appeared during the day, it signifies that there is no pilot at the station.
Vessels which arrive off that station wishing a pilot, should hoist a red flag at either
the fore or mainmast head, but never at the peak.
W hen on board the vessels it is known by the signals made on shore that the tide
w ill not allow the pilot to go off, vessels not wishing to anchor in six or seven fathoms,
keeping the light house bearing S. E., should lie off and on, standing out during the
flood and in shore during the ebb tide.
Vessels being N. W . from the light, can receive pilots more prom ptly than in any
other position. The pilots embark at high water, which at the full and change o f the
moon, is, on the coast, at thirty minutes past seven, and at the place where the vessel
should anchor, fifteen minutes past eight o’clock.
F or information between the village o f Salinas and the light house, tw o flags w ill
be used at the said village, one o f which is all white, and the other red with a white
square in the center.
The white flag hoisted on the staff in the village signifies that there is both pilot and
boat. The red flag with white square signifies that there is a pilot but no boat.
The two flags together are a signal that there is no pilot at the station.
Masters o f vessels need pay no attention to these last-named signals, as they are
merely made for the information o f the keeper o f the light, who also has charge o f the
signals.
IIEN'RY B. DEW EY, U. S. Consul.
Para,

November 23,1854.

LIGHTS AT CAPE ELIZABETH, MAINE.
NOTICE TO MARINERS.

Notice is hereby given, that on or about the 1st o f June next, 1855, the present
fixed light and the present revolving light at Cape Elizabeth, Maine, w ill be discon­
tinued, and at the time o f the discontinuing o f the two lights—
A fixed light, varied by flashes, o f the third order o f the system o f Fresnel, will be
exhibited from the tower from which the present fixed light is exhibited.
The tower o f the revolving light will not be removed, but the two towers w ill be
left standing as at present, to serve as a distinguishing mark o f the locality by day.
Due public notice w ill be given o f the day on which the proposed change will take
place, accompanied by a full description o f the appearance o f the light as it will be
seen by the mariner. By order o f the Lighthouse Board,
W . B. FRANKLIN, Lighthouse Inspector, First District.
P ortland,

M e ., December 20, 1854.

WHALE’ S BACK LIGHTS, ENTRANGE TO PORTSMOUTH, N. H.
Notice is hereby given, that on or about the 1st day o f June next, 1855, the pres­
ent lower light, exhibited from the W hale’s Back Lighthouse, at the entrance to Ports­
mouth harbor, N. H., will be discontinued, and there w ill be substituted at the same
time for the present upper fixed light—
A fixed light, varied by flashes, o f the fourth order o f the system o f Fresnel.
Due public notice w ill be given o f the day on which the proposed change will take
place, accompanied by a full description o f the appearance o f the light as it will be
seen by the mariner. B y order o f the Lighthouse Board,
W . B. FRANKLIN, Lighthouse Inspector, First District.
P ortland,

M e ., December 20, 1854.




Statistics o f Population , etc.

496

HAMBURG CRUISING PILOTS.
In pursuance o f the resolve, experimentally to introduce Hamburg Cruising Pilots,
the schooner Cuxhaven has been built for government account, and is next to be put
on duty. She carries the Hamburg government flag and the well-known large pen­
nant o f the Hamburg Pilot-Galliote (L oot’s G alliote;) at night she will display a red­
dish light, and is distinguishable besides by the No. 1 in black paint on her foresail.
She is detailed to cruise between the mouth o f the Elbe, Borkum, and Heligoland, in
order to supply pilots to inward bound vessels; but within sight o f the outer station
o f the Pilot-Galliote, she is not permitted to furnish pilots, unless the said Galliote
should be off her station or unable to transfer pilots.
Such vessels as take a cruising pilot comply, in so doing, with their obligations as
expressed in section 15 A o f the Piloting Ordinance (Loot’s Ordinance) o f 1838. The
hoisting o f a pilot flag at the foretop, or o f a lantern at night, signifies the desire to
receive a pilot on board.
The cruising pilot brings the vessel to Cuxhaven, and there gives her over to a River
Pilot, who takes her to the “ B oesch;” but one pilotage only, from sea to the Boesch,
is charged, and this is for each Hamburg foot draft: During summer, to wit, from 1st
A p ril till 30th September, nine marks currency; during winter, to wit, from 1st Octo­
ber till 31st March, twelve marks currency. Vessels o f less draft than ten feet will
be called ten feet.
Vessels which take, beside the cruising pilot, another one from the Pilot-Galliote,
w ill have to pay for the latter according to the existing scale.
In all other respects, the regulations o f the former Piloting Ordinance remain in
force.
The Committee on Navigation and the Port o f Hamburg.
H am burg,

January 9,1855.

STATISTICS OF POPULATION, & c.
PROPERTY OF THE POPULATION OF MAUVE.
W illiam Allen, Esq., o f Norridgewock, communicates to the K en n eb ec J o u rn a l a
carefully prepared table, exhibiting the amount o f property owned by each individ­
ual in every county and town in the State, taking the census of 1850 as the basis.
In some places— as Portland, Bath, Lewiston, <fcc., there has been a great increase o f
property since that time.

W e give the following statement o f some o f the principal

towns, arranged according to the average amount owned b y e a ch :—

$471 S a c o .........

Castine..................
B id d e fo r d ...........
B a t h ....................
P e rk in s................
Damariscotta
South B e r w ick ..
B a n g o r ................
North Yarmouth
A u g u s ta ..............
W isca sset...........
W e s tb r o o k .........

357
346
319
277
271
270
268
259
258
248

Portland . .
Yarmouth .
Topshatn . .
Kennebunk
Thomaston
Machias . . .
Belfast . . .
H allow ell .
W aterville.
W o o lw ich ..

$386
351
339
289
276
270
269
262
256
256
244

THE KATE IN EACH COUNTY TO EACH PERSON, EXCLUSIVE OF W IL D LANDS, IN INCOR­
PORATED PLACES, IS AS

Cum berland......................................
Y ork and K e n n e b e c......................
L in c o ln ..............................................
Penobscot...................
W a ld o ...................
Franklin.............................................

$232
205
198
145
144
140

f o l l o w s :—

I H a n c o ck ..........................................
|S om erset.........................................
jOxford .............................................
jW ashin gton.....................................
Piscataquis.......................................
|A r o o s to o k .......................................

$136
134J
133
127
109
77

The poorest town in the State is Mayfield, in Somerset county, which has an average
o f $26 to each inhabitant; the next poorest is Stoneham, in Oxford county, $30 each.




Statistics o f Population, etc.

497

FACTS FROM THE POPULATION TABLES OF THE BRITISH CENSUS.
The “ Population T ables” contain a summary o f the information collected in 1851,
respecting the occupations, ages, <fec.,of the people o f Great Britain.

The information

obtained upon this occasion on the subject o f occupation was more exact than hereto­
fore, and a new classification has been adopted.

There is—

1. The class engaged in the general or local government o f the country. A t the
head stands her Majesty, with the royal family, and the court and household; then
come members o f Parliament not otherwise classed, persous em ployed in the civil ser­
vice and the dockyards, 2,302 magistrates, 18,348 policemen.
There are in this class
71,191 men above 2 0 ; 37,698 are in the civil service o f the nation, 29,785 are in offices
o f local government.
2. The second class comprises the persons engaged in the defense o f the country.
The active force was 1 in 158 o f the population. O f every 100 officers and men, there
were 68 effectives and 32 non-effectives.
3. The next class contains the three learned professions, with their immediate sub­
ordinates. Their number was 110,730, or about 37,000 each. There were 17,621
clergymen, and 1,093 Roman Catholic priests; 3,111 barristers, and 13,256 attorneys
and writers to the signet; 2,328 physicians, and 15,163 surgeons. Eight women are
returned under the title “ Scripture reader, missionary, or itinerant preacher.”
4. The literary class comes next. The return o f authors, writers, and literary men
comprises 2,866 persons; to whom are added 8,600 artists, architects, (fee., doubtless
including many drawing-masters and builders, 496 professors o f science, 34,378 male
teachers, and 71,966 schoolmistresses and governesses, the latter returned as 21,373.
5. The fifth class comprises wives and children at home. There were 3,461,524
wives in Great Britain, o f whom one in four was engaged in some extraneous occupa­
tion ; and 795,590 widows, o f whom two in three were referred to occupations in e ther
classes.
6. The next class consists o f persons engaged in entertaining, clothing, and perform­
ing personal offices for others. There were 28,881 innkeepers. The domestic servants
were above 1,000,000; 133,626 males and 905,165 fem ales; one-third o f the latter
under 20 years o f age. There were above 270,000 shoemakers, and nearly the same
number o f dressmakers, besides 72,940 seamstresses or shirtinakers, and 12,769 staymakers. This whole class comprises 2,420,173 persons.
This is the chief field o f
labor for young women who, as they advance in years, marry and re-enter the fifth
class. A bov e half the women o f Great Britain 20 years old are entered in the fifth
class; nearly a fourth in this sixth class.
7. The seventh class contains persons who bay or sell, keep, let, or lend money,
houses, or goods, but. not including such shopkeepers as grocers or tallow chandlers,
w ho are returned as dealing in particular descriptions o f articles.
It includes 105
male and 101 female capitalists, 10,103 merchants, 43,741 male and 19 female com ­
mercial clerks, 9,395 male and 14 female commercial travelers.
8. The carrying class comes next, and includes 285,686 men and 100,345 b o y s ;
1,597 women are toll collectors, and 2 are in the telegraph service.
9. N ext comes the agricultural class, with woodmen and gardeners; it numbers
2,390,568 persons; o f whom 385,193 are boys below 20.
O f the men above 20,
277,816 are professedly farmers or graziers, 824,587 out-door laborers, and 109,452
in-door farm servants; 27,986 women are returned as farmers.
One-fourth o f the
men o f Great Britain are included in this class.
10. The tenth class comprises 100,262 persons engaged about animals, horse-dealers,
and the like. Rat-catchers and mole-hunters come under this class; there are 2,072
men whose lives are psssed in hunting and destroying noxious animals. One man calls
him self an “ apiarian.”
11. Artisans, mechanists, and handicraftsmen are numbered n e x t ; and, adding those
who work and deal in matters derived from (12) the animal, (13) the vegetable, and
(14) the mineral kingdom, we find 2,250,369 men, 550,759 women, 615,961 boys, and
299,328 girls, engaged in trades, mechanical arts, handicrafts, and manufacture— in all
m ore than 3,700,000 persons.
15. A number o f persons are returned indefinitely as laborers, 367,472 men and
9,079 w om en; the class is supposed to include many who are ready to take the place
of any one that falls out o f the ranks in any line o f labor.
16. Persons o f independent means, not otherwise classed, 10,604 are returued as
V OL. x x x i i . — NO. IV .




32

498

Statistics o f Population , etc.

gentlemen, and 15,318 a9 gentlewomen ; 23,032 men, and 121,222 women, as annui­
tants.
17.
Persons supported by the community. In regard to 157,402 persons we have
no account o f their occupation but that they were paupers, lunatics, prisoners, pen­
sioners, or vagrants. There w ere also 76,250 males, and 108,814 females, o f whose
condition no return was made.
The total number of in-door paupers in England and W ales was 126,488, or 1 in
142 o f the population ; in Scotland, 5,438.
There were 26,855 persons in criminal
or debtors’ prisons in Great Britain, or 1 in 785 o f the population; and 18,803 in
lunatic asylums, or 1 in 1,115.
Owing to the increase o f births in Great Britain in recent times, b y which the pro­
portion o f children and young persons has been raised, it is considered doubtful
whether the people o f any country in Europe are so young as the people o f Great
Britain. But in none o f the great European nations have the ages o f the people ever
been enumerated with any degree o f com pleteness; in France and in Russia they have
never been stated at all. The following statement shows the population o f Great
Britain in 1851, classed according to the natural divisions o f life ; but o f the women
under 20, 25,607 were m arried:—
Babes and sucklings (under 1 y e a r)..................................................................
Infants ( 1 - 5 ) ............................................................................................................
Children ( 5 - 1 0 ) .....................................................................................................
B oy s'(1 0 - 1 5 ) ..........................................................................................................
Girls ( 1 0 -1 5 )..........................................................................................................
Youths ( 1 5 - 2 0 ) .....................................................................................................
Maidens (1 5 -2 0 ).....................................................................................................
Y oung men ( 2 0 - 3 0 ) .............................................................................................
Y oung women ( 2 0 - 3 0 ) .....................................
Middle-aged men (3 0 -5 0 ) ...................................................................................
M iddle-aged women (30—5 0 ) .............................................................................
E lderly men and women ( 5 0 - 6 0 ) .....................................................................
Old (6 0 - 7 0 ) ............................................................................................................
V e ry old (above 7 0 ) ............................................................................................

578,743
2,166,456
2,456,066
1,141,933
1,114.882
1,051,630
1,048,404
1,830,588
1,939,906
2,376,904
2,482,382
1,452,516
948,570
596,030

Farms occupy two-thirds o f the land o f England.
The number o f the farms is
225,318 ; the average size is 111 acres. Two-thirds o f the farms are under that size,
but there are 771 o f above 1,000 acres.
The large holdings abound in the south­
eastern and eastern counties; the small farms in the north. There are 2,000 English
farmers holding nearly 2,000,000 acres; and there are 97,000 English farmers not
holding more. There are 40,650 farmers who em ploy 5 laborers each; 16,501 have
10 or more, and employ together 311,707 laborers ; 170 farmers have above 60 labor­
ers each, and em ploy 17,000.
The proportions in the service who are returned as married in every 100 o f each
class are 25 officers and 15 men in the arm y; 30 officers in the navy and 24 seamen ;
while 2 officers in 100 and 1 man in 100 are widowers in the army, and 1 officer and
1 man in the navy. The proportion o f bachelors in civil life is 31 in every 100 per­
sons o f the age o f 20 and upwards. A m ong the officers o f the age o f 20 and upwards
serving in the army, 71 in 100; among the men, 82 in 10 0; among the officers in the
royal navy, 60 in 100; amoDg the seamen, 69 in 100 are returned as bachelors. The
cases in which the husband and wife are precisely of the same age must be o f rare oc­
currence; but the number o f cases in which the husband and wife were born in the
same year is considerable ; and in 3,202,974 pairs, the ages of 1,299,008 pairs fall in
the same quinquenniad, 1,954,519 in the same decenniad, and 2,574,952 (or four-fifths)
in the same vicenniad.
W omen o f the age o f 20-40 give birth, probably, to 7 in every 8 children; and it
is seen that o f 1,703,475 wives o f the age o f 20-4 0, there are 1,397,453 married to
husbands o f that age ; 297,045 to husbands o f 4 0 -60 ; while only 1,620 o f these wives
are united to husbands under 2 0 ; and 7,357 to husbands o f 60 and upwards.
The
disparities o f age are generally in the direction that popular observation would in­
dicate; for, while the age o f the husband and wife falls in 1,299,008 instances within
the same quinquenniad, the wife belongs in 1,409,275 instances to the earlier ages, and
in only 494,691 instances to the ages older than the age o f the husband. The degree
o f disparity differs, and i9 greatest at the extreme age o f either sex. The disparity
o f age has a wide range ; and the returns show one instance in which a man o f 30 -35




Statistics o f Agriculture, etc.

499

is married to a woman o f 90-95, and four in which men o f 95 -1 0 0 are married to w o ­
men o f 45-50. In one instance it appears in the tables, that a girl o f 18 is married
to a man o f 100 ; but this is an error.
There is a certain regularity in the numbers that marry at different ages, and in
such a degree as indicates that the acts which appear to result from arbitrary volition
and chance are the result o f regulated contingencies, which in their course obey laws
and follow rules as definite as any that sway the relations o f the physical phenomena
o f inorganic matter.
The tendency in marriage is stronger that unites husbands to
wives o f the same age-period ; and it would appear that the reciprocal attractiveness
o f the sexes diminishes in the distance o f age at rates which may ultimately be ex­
pressed by some simple mathematical formula.

CALIFORrAlV EMIGRATION AND IMMIGRATION.
The statistics o f passengers “ come and gone,” by sea, at San Francisco, in 1854,
compared with the previous year, will b e seen in the following statement, derived
from an authentic source:—
Men.
Women.
Total.
Children.
Passengers arrived..............
88,490 '
47,811
7,131
2,190
Passengers le ft....................
19,764
1,051
428
21,243
Gain in 1854........................
Total gain in 1853 .................
A R R IV E D

18,726

FROM AND

6,080

G O N E TO

1,762

26,568
5,395
-v

C H IN A .

M en............................................
W o m e n .....................................

Arrived.
14,127
935

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

15,062

Gain o f Chinese in 1854.........
Loss o f Chinese in 1853.........

Left.
2,160
15
2,175
12,887
151

STATISTICS OF AGRICULTURE, &c.
SWINE: AND TIIE SWINE TRADE.
The first swine introduced into A m erica were probably brought from Spain to H is­
paniola by Columbus, in his second voyage, in 1493 ; for, as a portion o f his cargoes
consisted o f horses, cattle, seeds, plants, (fee., it is not likely that he would have om it­
ted so common an animal as the hog.
The first person, so far as w e know, who im ported swine into what now constitutes
a part o f the United States, was Ferdinand De Soto, in 1538.

He brought them from

Cuba to Florida with a cargo o f horses, among which were thirteen sows, the progeny
o f the latter soon increasing to several hundred.
The Portuguese took cattle and swine to N ova Scotia and Newfoundland in the
year 1553.

Thirty years after, they had multiplied in such abundance that Sir R ich­

ard Gilbert, in attempting to land on that island to obtain supplies o f cattle and hog3
for his crew, was wrecked.

Swine and other domestic animals were brought to A c a ­

dia by L ’Escarbot, in 1604, the year that country was settled.

In 1608, the French

extended their settlement into Canada, and soon after introduced various animals,
among which, probably, there were swine.
In 1591, the British ship “ Henry May ” was wrecked on Bermuda, at which time the
surviving crew found that island swarming with wild black hogs, though not a single
human being was living there.




It is supposed that these swine were the descendants

ft
Statistics o f Agriculture , etc.

500

from those which had belonged to some vessel that had been cast aw ay there many
years before, as several Spanish and Dutch wrecks were found on the shore.
The first swine introduced into Virginia was b y the “ London Company,” in 1609*
They consisted o f six hundred in number, and m ultiplied so rapidly in the colony,
that in 1627 the people w ere obliged to palisade Jamestown to prevent being over­
run by them.

In 1627, the Indians near the settlement fed upon hogs that had be­

com e w ild in the forest, without number, instead o f game.

E very family in Virginia,

at that time, who had not an abundance o f tame hogs and poultry, was considered
v ery poor. In 1733, which was a good meat year, one planter in Virginia salted
down 3,000 barrels o f pork.
On the authority o f Captain John Smith, o f Virginia, swine were first introduced
into the colony o f Massachusetts B ay in 1624. T hey are mentioned as thriving on
fow l m eadow grass in 1629, which grew wild in that vicinity, and was also relished
b y the horses, cows, and goats.
to $5 60.

In 1650, the price o f a yearling sow was from $4 80

The first importation into N ew Netherland was made from Holland, in 1625, by
the “ Dutch W est India Company.”
colony was from $8 to $10.

In 1644, the price o f a yearling sow in that

In 1671, hogs fattened well there in the woods, but those

fed on Indian corn made sweeter pork.
H ogs were abundant on the Illinois River prior to 1750.
The first swine o f which we can find any reliable account as having made much
improvement in the breeds in the United States, was a pair o f pigs sent by the Duke
o f Bedford to General Washington, by a Mr. Parkinson, an English farmer, who came
to this country towards the close o f the last century. H e leased a farm in the vicin­
ity o f Baltimore, in Maryland, where he resided for some time.
these pigs to Washington, he dishonestly sold them.

Instead o f delivering

They w ere generally called the

“ W o b u rn ” or “ B e d fo rd ” b re e d ; but in some districts in this country, they were
known b y the name o f the “ Parkinson hog.”

This breed originated at W oburn, the

estate o f the Duke o f Bedford, produced by a cross o f a Chinese boar on the large
English hog.

W hen bred in perfection, they were splendid animals, being fine in their

points, o f a deep round carcass, with short legs and thin hair.

They kept easily and

matured early, weighing, at twelve to twenty months, from 300 to 700 pounds, having
light offal, and meat o f the first quality.
with dark-blue or ash-colored spots.

Their color was white, broken more or less

A t one period, they were widely diffused in

. Maryland and the border counties o f Virginia, as well as in Delaware and Pennsylva­
nia ; but it is believed that the purity o f the breed no longer exists, either in England
or this country.

General R idgely, o f Maryland, bred these hogs in perfection.

He

sent a pair to Hon. Timothy Pickering, o f Salem, Massachusetts, the descendants o f
which and their crosses, w ere extensively propagated in this as w ell as the adjoining
States.
The amount o f pork exported from Charleston, South Carolina, in 1747-48, was
3,114 barrels; in 1754, 1,560 barrels; from Philadelphia, in 1752,4,812 barrels; in
1767, 6,647 barrels; in 1796, 12,029 barrels, besides 1,082,690 pounds o f ha m ; from
Savannah, in 1755, 20 barrels; in 1760, 8 barrels; in 1770, 521 barrels.

The annual

amount exported from Virginia for several years preceding the Revolution was about
4,000 barrels.
The total exports o f pork from the United States in 1791, was 27,781 barrels ; in
1800, 55,467 barrels; in 1810, 37,209 barrels; in 1815, 9,073 barrels.
The following table shows the nu m beaof swine and the quantities o f pork, bacon,
and ham, with their valuations, exported from the United States for thirty-three years
ending 1853:—




501

Statistics o f Agriculture, etc.
Years.
1 8 2 0 -2 1 .................
1 8 2 1 -2 2 ................
1 8 2 2 - 2 3 ................
1 8 2 3 -2 4 .................
1 8 2 4 -2 5 .................
1 8 2 5 -2 6 .................
1 8 2 6 -2 7 ............... .
1 8 2 7 -2 8 ................
1 8 2 8 -2 9 ...............
1 8 2 9 -3 0 .................
1 8 3 0 -3 1 ................
1 8 3 1 -3 2 .................
1 8 3 2 -3 3 .................
1 8 3 3 -3 4 .................
1 8 3 4 - 3 5 ................ ..........
1 8 .3 5 -3 6 ................
1 8 3 6 -3 7 .................
1 8 3 7 -3 8 ................
1 8 3 8 -3 9 ................
1 8 3 9 -4 0 .................
1 8 4 0 -4 1 ...........................
1 8 4 1 -4 2 .................
1 8 4 2 -4 3 ................
1 8 4 3 -4 4 .................
1 844 4 5 .................
1 8 4 5 -4 6 .................
1 8 4 6 -4 7 ...........................
1 8 4 7 -4 8 .................
1 8 4 8 -4 9 ............ .
1 8 4 9 -5 0 .................
1 8 5 0 -5 1 .................
1 8 5 1 -5 2 .................
1 8 5 2 - 5 3 ................

Hogs.
No.

3,930

7,901

3,274

Pork.
Barrels.
66,647
68,352
55,529
67,229
85,709
88,994
73,813
53,836
69,539
45,645
51,263
88.625
105,870
82,691
61,827
22,550
24,583
31,356
41,301
66,281
133,290
180,032
80,310
161,629
161,609
190,422
206,190
248,269
253,486
881,841
165,206
83,382
129,881

Bacon and hams.
Pounds.
1,607,506
1,142,945
1,637,157
1,409,199
1,896,359
1,836,133
1,864,956
1,837,920
2,305,405
2,154,986
1,477,446
1,810,830
1,786,637
1 520,638
1,492,027
1,398,475
965,935
1,194,890
1,445,527
1,643,397
2,794.517
2,518,841
2,422,067
3,886,976
2,719,360
3,006,630
17,921,471
33,551,034
56,060,822
41,014,528
18,027,302
5,746,816
18,390,027

Lard.
Pounds;
3,996,561
4 ,137,814
6,067,071
5,053,182
5,483,048
7,231,643
6,927,084
7,493,319
7 ,154,742
6,001,417
6,963,516
7 ,756,782
7,655,198
9,050,342
10,637,490
6,493,878
6,388,174
7,209,478
7 ,723,834
7,418,847
10,597,654
20,102,397
24,534,217
25,746,355
20,060,993
2 1,843,164
37,611,161
49,625,539
37,446,761
54,925,546
19,683,082
21,281,951
2 4,435,014

Value.
$1,3 54 ,1 1 6
1,357,899
1,291,322
1,489,051
1,832,679
1,892,429
1,555,698
1,495,830
1,493,629
1,315,245
1,501,644
1,928,196
2,151,558
1,796,001
1,776,732
1,383,344
1,299,796
1,312,346
1,777,230
1,894,894
2,621,537
2,629,403
2,120,020
3,236,479
2,991,284
3 ,883,884
6,630,842
9,003,272
9,245,885
7,550,287
4,368,015
8,765,470
6 ,202,324

According to the census returns o f 1840, there were in the United States 26,801,293
swine; o f 1850, there were 30,354,213; showing an increase o f 4,052,920.
The
present number m ay be estimated at 32,000,000 ; which, at $5 each, w ould be worth
$160,000,000.

MEXICAN FRIJOLES.
There are tw o varieties o f frijoles cultivated in M ex ico; the one small, o f a black
color, growing on the coast and in the hot climate (tierra caliente); the other o f a
brown color and a larger size, in the high lands, under the temperate and cold climate
o f that republic.

They grow in small bushes, and yield abundantly.

planting them is the months o f A p ril and May.
the Mexican popualtion.

The time o f

The frijoles are the principal food o f

W hen ripe and dry, they are generally soaked in soft w a­

ter three to four hours, and then cooked in water with chopped onions and pork or
lard, without salt.
The culture o f frijoles has been tried for the last few years in Prussia with great
success, where they have been recommended to the farmers as a substitute for pota­
toes.

They are a substantial, healthy, and most palatable food.

Like the potatoes

in Europe, they are always met with at the tables o f the rich and poor.
For a delicate dish, the following direction is used : Soak the frijoles in soft water
for three hours, and boil them with chopped onions and lard, without salt, in the even­
ing, until they are nearly done.

The next day, take sufficient lard, put chopped

onions in it, and when very hot, add the frijoles with their gravy to it, and let them
boil quickly for a quarter o f an hour, seasoning with pepper and salt.

Care must

be taken not to let the gravy boil all away, as when dry, they are not so savory.




502

Railroad , Canal, and Steamboat Statistics.

RAILROAD, CANAL, AND STEAMBOAT STATISTICS.
RAILWAY TRAFFIC OF THE UNITED KINGDOM IN 1854.
I t appears from the published traffic returns o f railways in the United Kingdom for
the year o f 1854, that they amounted to 18,541,8551. on 7,300 miles o f railway, be­
ing at the rate o f 2,604/. per mile.

In addition to the published returns, there were

receipts upon 792 miles o f railway amounting to about 1,458,6701, which, with the
above sum o f 18,541,855/., makes a total o f 20,060,525/., as the traffic receipts for
railways in the United Kingdom in 1854.
The length o f line opened for traffic at the end o f the year was about 8,028 miles,
the traffic on the whole being at the rate o f 2,491/. The cost o f construction amounted
to 273,860,000/., being at the rate o f 34,020/. per mile.
The total receipts on 7,700 miles in 1153 amounted to 17,920,530/., showing an in­
crease in 1854 o f 2,079,995/., or above 11 per cent.

This is a very satisfactory result,

and would have been attended with more beneficial consequences to the shareholders
had not the outlay o f capital also increased, the increase o f having been 10,000,000/.
during the year.

The working expenses, rates, amount to about 47 per cent o f the

whole, or 9,400,000/., leaving 10,600,000/. for the dividends on preference shares and
loans and dividends on the ordinary capital.

The profit on the working would yield

a dividend on the outlay o f about 3|- per cent, which shows an improvement on the
average o f former years. The average for 1853 was a trifle more than 3J per cent,
and in 1852 about 3£ per cent.
progressive.

The increase o f the traffic has been satisfactory and

In 1843 it amounted to 500,874/. over the preceding y ea r; in 1844, to

768,337/.; in 1845, to 1,051,342/.; in 1846, to 1,020,650/.; in 1847, to 1,2S5,797/.; in
1848, to 1,109,335/.; in 1849, to 980,803/.; in 1850, to 1,774,161/.; in 1851, to
1,809,923/.; in 1852, to 520,402/.; in 1853, to 2,040,220/.; and in 1854, to 2,079,995/.
over the preceding year.
Should the traffic continue to increase, and the expenditure on capital account be
restricted to providing the necessary accommodation for the increasing traffic, the
position o f railway property must gradually improve.
The published traffic returns o f railways in 1843 amounted to 4,843,000/., yielding
an average receipt o f 3,045/. per mile ; and in 1854 to 18,541,000/., yielding an aver­
age receipt o f 2,604/. per mile. The capital expended on those lines up to July, 1843,
amounted to 57,635,100/.; and in 1854, on the lines in question, to 255,610,000/., show­
ing an increase in the annual traffic o f 13,698,000/., and the capital expended, o f
197,974,900/.
The mileage ha3 increased during that period from 2,000 miles to 8,000 miles, and
the average cost per mile remained about the same, varying from 34,000/. to 35,000/per mile.

A GREAT IRON STEAMSHIP.
The Edinburg J ou rn a l has the following account o f a monster ocean steamer, now
in course o f construction on the C ly d e :—
The hull o f this ship will be finished early the coming summer, and her machinery
is in process o f rapid construction. She is 680 feet long, 85 feet wide at her greatest
breadth o f beam, and 60 feet depth in the hold, and she will measure from 22,000 to
25,000 tons. She w ill be furnished with both paddle-wheels and screw-propeller, the
ormer o f a nominal power o f 1,000 horses, the latter o f 1,600 horses. The four cy l­




503

Railroad , Canal, anc? Steamboat Statistics.

inders in -which the pistons are to work are the largest in the w o rld ; each o f them
weighs 28 tons. The engines, when erected and put together, will be upwards o f 50
feet high, and the weight o f the machinery is estimated at 3,000 tons. The structure
o f this vessel is novel, being cellular. T w o tight iron partitions run the entire length,
while there will be ten partitions entirely across her, and four decks; the hull will
thus consist o f 120 large rooms with water-tight sides. Then three feet outside the
hull is an outer hull, extending above the water line. The strength o f this form o f
structure is estimated as if nearly solid iron. The cost o f this ship is set down as
likely to exceed two millions o f dollars. She w ill carry several thousand tons o f coal
and merchandise, and will easily accommodate 1,600 passengers. Her draft o f water
will be small, not exceeding 20 feet when in ballast and 30 feet when fully loaded.
She is to have five or six masts and five funnels, and her ordinary speed is expected
to be eighteen or twenty miles an hour. She is intended for the Australian trade, and
her owners expect she will make the voyage from England to Australia in thirty days,
and return by way o f Cape Horn in thirty days more, thus making the circuit o f the
globe in two months. There will be, it is said, ten thousand tons o f iron used in the
construction o f the hull.

THE « NEW WORLD >> OF THE PEOPLE’S LINE.
W e learn from the A lbany J ou rn a l that the proprietors o f the People’s Line have
concluded to make very extensive alterations in the N ew W orld, which is now the
largest steamer that ever run between A 't any and N ew York.

They have concluded

to widen her hull by adding twelve feet to her width o f beam.

There will be two

tiers o f state-rooms above the main deck for the accommodation o f passengers.

The

first will be very spacious, with a hall through it as wide as the boat will allow.

The

second, which is to be immediately over the first, will contain state-rooms o f the same
size, the only difference between the ■aloons being the width o f the halls.

The state­

room s and saloons will be furnished in the latest and most approved style, and the
utmost care taken in the reconstruction o f the boat, so as to make her as staunch as
iron and w ood can render her.

N o expense w ill be spared.

her the most magnificent and spacious vessel afloat.

It is intended to make

B y the additional width o f

beam, it is thought that even with all the additional work upon her, she will draw
less water than she now does.

RAILROAD SUSPENSION BRIDGE AT NIAGARA,
Length o f span from center to center o f t o w e r s ................................................feet
822
Hight o f towers above the rock on the American side............................................
88
Do. on the Canadian 6 id e ...............................................................................................
78
Do. floor o f railw ay..........................................................................................................
60
W ire c a b le s .................................................................................................................. No.
4
Diameter o f each cable......................................................................................... inches
10
No. 9 wires in each c a b l e ..........................................................................................No. 3,659
A ggregate strength o f c a b le s ................................................................................. tons 12,400
W eight o f superstructure...............................................................................................
740
Do. superstruction and maximum lo a d s .....................................................................
1,250
Maximum weight o f cable and stay will su p p o r t...................................................
7,300
H ight o f track above the water...............................................................................feet
234
Hight o f railroad above wagon t r a c k .........................................................................
60

OPERATIONS OF THE RAILWAYS OF MASSACHUSETTS, 1854.
C O M P IL E D B Y D A V ID M . B A L F O U R , E S Q , F O B T H E M E R C H A N T S ’ M A G A Z IN E F R O M T H E

AN N U A L

R E P O R T S T O T H E L E G IS L A T U R E .

In the following table, “ Interest” and “ Amount paid other Companies in Tolls,’
are not considered as running expenses, and are therefore deducted from the total;
and the amount paid other companies in tolls, and amount received for interest, are
deducted from the total of receipts.




-

Names o f railways.
Worcester.........................................
W estern...........................................
Charles River Branch.....................
Providence and Worcester...........
Worcester and Nashua...................
Fitchburg and W orcester.............
Amherst and Belchertown.............
Connecticut R iv er..........................
Pittsfield and North Adams...........
2-Stock bridge and Pittsfield.........
3-West Stockbridge........................
4-Boston and New York Central..
5-Medway Branch..........................
Providence.......................................
Taunton..........................
New Bedford...................................
6-Stoughton Branch......................
8-Old Colony and Fall River.........
10-South Shore................................
11-Cape Cod Branch......................
Fitchburg...............
Vermont and Massachusetts.........
13-Lexington and W. Cambridge.
14-Peterboro’ and Shirley.............
Lowell...............................................
Nashua..............................................
Lawrence.........................................
Salem and Lowell...........................
15-Stony Brook...............................
16-Boston and Maine......................
17-Eastern.......................................
E ssex................................................
Newburyport...................................
Grand Junction......... 1......................

Length in miles.
/—
■—---------RECEIPTS.-------Of
From
Of Double
From
Of
main bran track &
From
freight and mails,
Total.
road-bed.
passengers
gravel. rents, &c.
roads. ches. sidings
Cost.
$138,922
59 $4,856,371
$512,765 $405,499 $34,632 $952,895
24
82,468 1,763,944
280,530
9,953,259
756,503
924,973
62
14,271
256
3,469
500
9
313,000
10,302
249,962
5,737
30,727
43
1 843,333
122,276
121.949
is
209,119
18,171
1.394,703
107,333
95,958
5,828
46
8
4,198
42,648
3,374
14
333.885
19,591
18,859
2
18,112
4,053
947
290,077
8,533
8,632
19
277,771
36,033
11,302
135,961
130,508
50
2
8
1,802.245
50,895
6,657
22,495
27,500
900
19
443.678
1
42,000
3L409
448,700
22
1,827
41,516
3
46,101
77,550
29.461
1,988
49
2
3,310.948
3.679
37,909
1,968
1,711
1
543,750
75.788
3,611,822
316.100
214,594
13,056
a
23
2,662
95,950
10.413
307,136
55,737
37,551
11
i
1
40.061
129,620
12,281
533,954
85,978
3,581
i
1
13,138
93,433
7,190
5,529
428
1
351,340
15
649,656
93,882
3,434,165
419,015
222,519
8,122
79
24
8
7,530
136.789
3
299
27,733
25,759
1,778
482,295
1,675
11
102,140
963,975
76,26 L
23,780
2,099
10,607
46
1
3
704,639
134,730
301,416
390.885
12.338
17
3,730.965
69
82,629
133,384
59,510
275,523
41,398
69
8
3,456,363
5
1
5.853
25,701
17,647
230,034
2,191
7
264,601
22,522
14
442,492
267.252
8,932
74,741
2
42
2,158,933
166,308
654.603
8,648
186,937
25,442
72.782
105,507
17
38,712
11,942
5,482
56,136
5,273
2
363.658
2
67,452
373,879
36,302
31,081
36,229
17
69
266,268
22,979
1,206
42,049
17,864
3,995
1
858,381
8,092
118,267
74
9
49
4,179,535
552,843
297,446
443,491
30,2(52
579,198
60,188
20
4,959,808
105,445
20
6,066
747.099
26,224
51,247
14,087
10,936
1
3
287,414
32,678
15
22,283
10,395
395
1
1
163,664
12
1,583,482
47,898
90
25,679
22,219
5

Total........................................... . 1,156




106

439

59,030,450

4,495,836

3,725,186

346,441

8,696,251

1,233,076

EXPENSES
Of
motive MiecellaTotal.
power.
neous.
$81,122 $374,485 $594,529
224,743
539,968 1,045,241
11.339
11,083
25.690
106,702
163,119
21,682
114,729
74 876
2,84 L
19,250
13,035
7,340
13,283
1.290
29.371
174,829
109,425
15,194
25,376
3,525
560
100
22
21,844
35,215
13,371
45,169
11,991
12,018

210,508
41,296
48,597
4,467

331,465
63,700
72,896
4,467

82,511

313,877

490,270

577
10,431
183,805
29,740

10,057
29,441
323.906
79,678

75,703
32.806
3,870
2,261
5,208
48,474
53,719
5,882
1,241

172,583
72,812
15,083
18,676
15,007
318,488
185,671
24,300
17,13G

12,412
50,481
640,441
150.816
6,831
3,887
300
323,027
131,d60
24,226
57,166
24,210
485,229
299,578
36,247
18,772

10,594

10,684

1,008,041

3,135,827

5,435,757

1,696

Net
income.
$358,366
718,703
2,932
86.843
94,390
23,398
4,829
102,942
25,519
41,440
31,309
1,805
42,335
3,679
212,285
32,250
56,724
8,671

Net
income
p. c. on
cost.
$7 38
7 22
0 94.
4 71
6 75
7 01
1 66
5 71
5 75
7 00
7 00
4 35
1 28
10 00
5 88
10 50
10 62
9 28

159,386
7,530
15,321
51,659
64,198
124,707

4
5
3
3
1
3

64
50
18
36
72
61

13,760
22,222
119,465
55,877
31.910
10,286
17,839
373,152
279.620
15,000
13,906

6
7
5
8
8
2
6
8
5
2
4

00
00
53
54
77
75
70
93
64
00
84

37,214

2 35

3,260,494 av. 5 52

Or

ft
O

ft

C\
8
T

ft

a
o*

ft
s-.
s.

-r

:m i l e s R u n . ----- \
H
£7 C3
g o
£
S.2.W
3 C
J3'<<
l 5

<----- N U M B E R
Names o f railways.

c® a
£. p ^
81 O P




96,568

3 ?

P

®o

®2•

sr*®
S.3co
B
-3 '
® p p
3
•— ZZ
g CO
a g
op o ®
“ Pa
p «-* CD
SU
§. o ® 3
7 TJ
—P . o
3
• a P£ C
®O p
? g.3
»
D©
* 7 PP7
: a?
551,847 $1 73 $1 08 SO 65 1,608,602 26,408,157 324,990 12,057,532
989,432 1 79 1 06 0 73
597,559 28,684,552 355,053 32,284,323
21.592 0 66 0 52 0 14
8,943
59,620
99,342
499.036
199,860 1 25 0 81 0 44
650,868 6,623,850 117,513 2,701,698
156,990 1 33 0 73 0 60
219,350 3.617,846 97,468 2,435,333
451,747
627,402 374,672
36,411 1 17 0 53 0 64
56,875
9,050
133,606
26,560 0*68 0 50 0 18
318,588
23,140
202,575 1 37 0 86 0 51
349.925 4,420,617 102,850 2,564,1*8
436,093
25,460 2 00 1 00 1 00
1,033,523 28,370
58,076
417,941
31,871
37,176
43,311
873,111
125,346
7,628
265,317
41,185
24,127
....
-.•a

18

0~0

' 154,982

3,182,334

852,270
169.626
146,949

11,995,208
1,807,346
2,502,643

1,282,6io

17,*949,995

389,203

1 67

1 26 0 41

2,530
20,217
643,780
102,625
17,403
1,000
70,461 1 45 0 72 0 73
95,000
1.679,000
182,965 49,508 505,034 1 40 1 27 0 13 1,262,600 17,312,*08
52,937 11,229 155,368 1 77 0 97 0 80
157,649 2,947,384

lll*,8i2 14*25i 286*,458 i *54 i ’ i2
48,907
6,448 111,347 1 68 1 18
7,000 3,781 35,263 1 59 0 69
11,170
61,547 1 10 0 93
124,560 33,870 569,189 1 51
39,788 42,292 390,560 1 48
13,146 2,865 55,449 0 92
3,600
40,020 0 82
4,430

:

! 3 5*3 2,3

■ £ 05 O ZPeZ

7 7

0~32 0~38

110,490

7,540

Sinn
2.<S2.
g.3 p
H
ao

H- C £ . 3
>— „ CO

2^205 330,590 r s
i *66 0 6 3
130 42,546 2 25 1 49 0 76
270 63,454 2 04 1 14 0 90

17,846
108,956
13,728
13,264

*0,525

2H

0
0
0
0

6*42
0 50
0 90
0 17

**60*4,706
273,264
113,442
120,289

9,221,761
2,759,464
1,331,424
1,292,147

85 0 66 i ,969,464 28,473 879
76 0 72 1, If 1,514 16,029,380
913.710
93,348
65 0 27
745,130
47 0 35
81,190

4,430 10 81 2 41 8 40

3,314,4591,962,108 354,447 5,531,014

1 57 0 90 0 59

505

Total,

188,696 26,907
621,170 40,006
1.504
74,892 2,517
64,000 2,969
8,975
606
12.560
81,769 10,839
6,864 2,418
17,340 2,796
13,728

B ts

Railroad, Canal, and Steamboat Statistics.

Worcester................................................ 336,244
Western................................................... 328,256
Charles River Branch..............................
20,088
Providence and Worcester....................... 122,451
Worcester and Nashua.............................
90,021
Fitchburg and Worcester........................ 26,830
Amherst and Belchertown........................
14,000
Connecticut River..................................... 109,967
Pittsfield and North Adams.....................
16,178
1Berkshire...............................
17.340
2Stockbridge and Pittsfield.....
27,457
3West Stockbridge..................
4Boston and New York Central...........
92,644
5- Medway Branch...................................
Providence.............................................. 219,429
Taunton................................................... 28,688
New Bedford...........................................
49,920
6- Stoughton Branch.................................
7Fairhaven Branch.................
8- Old Colony and Fall River.................... 285,095
i)-Dorchester and Milton.........................
10South Shore..........................
17,687
11Cape Cod Branch..................
52,058
Fitchburg................................................. 282,561
Vermont and Massachusetts.....................
91,202
12Harvard Branch.....................
13Lexington and West Cambridge.......
14Peterboro’ and Shirley...........
Lowell..................................................... 160*395
Nashua...................................................
55,992
Lawrence................................................
24,482
Salem and Lowell..................................... 50,377
15-Stony Brook......................................
16Boston and Maine.................. 410,759
17Eastern...... .......................... 308,480
Essex....................................................... 39,438
Newburyport...........................................
36,420
18Danvers and Georgetown.....
Grand Junction........................................

OF

506

Railroad, Canal, and Steamboat Statistics.

«
1. Operated by the Housatonic (Connecticut) Railway Company.
2. Operated by the Housatonic (Connecticut) Railway Company.
8. Operated by the Berkshire Railway Company.
4. Unfinished.
6. Operated by the Boston and New York Central Railway Company.
6. Operated by the Boston and Providence Railway Company.
7. Opened throughout, October 2, 1854.
8. United in one corporation, July 1, 1854.
9. Operated by the Old Colony and Fall River Railway Company.
10. Operated by the Old Colony Company until April 1, 1854.
11. Opened to Hyannis, July 8, 1854.
12. Operated by the Fitchburg Railway Company.
13. Operated by the Fitchburg Railway Company.
14. Operated by the Fitchburg Railway Company.
15. Operated by the Nashua and Lowell Railway Company.
16. Interest and Portsmouth, Portland, and Saco Railway surplus ($48,409) deducted
from receipts.
17. Income from property ($151,072) deducted from receipts.
18. Operated by the Newburyport Railway Company.
HUDSON RIVER STEAMBOATS.

We give below a table of all the passage boats that have been built for the North
River business, and run for any considerable time upon the river, between Albany and
New York, since Fulton introduced steam navigation in 1807:—
When
built.
1807
1808
1809
1811
1811
1811
1813
1814
1815
IS 16
1819
1823
1824
1825
1825
1825
1825
1825
1826
1826
1827
1827
1827
1827
1828
1829
1830
1832
1832
1833
1835
1836
1836
1837
1838
1839
1839

Name of Boat.
Clermont.....................................
North R iver...............................
Car o f N eptune...................... .
H ope...........................................
Perseverance............................
Paragon......................................
Richmond...................................
Fulton.........................................
Olive Branch.............................
Chancellor Livingston...........
Henry E ckford........................
James K e n t...............................
Hudson.......................................
Sandusky...................................
Constitution..............................
Constellation.............................
Chief Justice Marshall..........
Saratoga.....................................
Sun..............................................
N ew Philadelphia...................
A lb a n y .......................................
Independence..........................
North Am erica........................
Y ictory.....................................
De W itt Clinton......................
Ohio............................................
N ovelty......................................
Champlain................................
Erie............................................
H elen......................................... •
Robert L. Stevens..................
Rochester..................................
Sw allow ....................................
U tica..........................................
D iam ond-................................. .
B alloon.....................................
N o r t h A m e r i c a ......................




Tons.
165
295
280
331
370
295
495
...
364
170
289
276
276
300
250
280
300
298
368
497
290
571
412
477
471
472
...
298
491
426
340
398
204
491

Remarks.
Name changed to North River.
Broken up.
Sunk
Broken up.
Broken up.
Sunk, 1825.
Broken up.
Broken up.
Broken up.
Broken up.
Broken up.
Broken up.
Broken up.
Towing.
N ow Indiana, towing.
T ow barge.
Lost on Long Island Sound.
T ow barge.
Burnt, 1831.
Runs on Delaware.
Broken up.
On Philadelphia route.
Destroyed b y ice, 1839.
Sunk, 1845.
T ow barge.
T ow barge.
Broken up.
Tow barge.
T ow barge.
Destroyed, 1834.
Runs to Saugerties.
Broken up.
Sunk, 1845.
^
Runs to CatskilL
Broken up.

Gone South.
Runs to Rondout.

507

Journal o f M ining and M anufactures.
Built.
1840
1840
1841
1841
1842
1843
1843
1845
1845
1845
1845
1845
1845
1847
1848
1849
1849
1851
1854

Name of Boat.
South A m e r ic a ................
T ro y .....................................
C olum bia............................
Rainbow ..........................
Curtis P e ck ........................
Empire .............................
K nickerbocker...................
B e l l e ...................................
E xpress...............................
N iagara...............................
R ip Van W in k le ..............
Hendrick H u d s o n ...........
O re g o n ...............................
A lid a ...................................
Isaac N ew ton....................
New W orld.................
Manhattan..........................
R eindeer............................
H e r o ...................................

Tons.
724

288

1.170

1,400
1,400

Remarks.
Runs to Hudson.
Runs to Troy.
Runs to Hudson.
Towing.
On James River.
Sunk.
East River.
Towing.
Gone South.
Towing
Runs to Albany.
Runs to Albany.
Hauled off.
Runs to Albany.
Runs to Albany.
Hauled off.
Runs to Albany.
Burnt.
Runs to Albany.

The table is copied from an elaborate article on the North R iver steamboats,
■which will appear in the next volume o f Munsell’s A n n a ls o f A lb a n y .
Besides the above, a great many boats have been run for a short time as opposition
boats, or taken the place o f other boats during the time required for repairs.

Am oug

them the ill-fated Henry Clay, the Armenia, Iron W itch, Eureka, (fee., (fee.

JOURNAL OF M IN IN G AND MANUFACTURES.
DAGUERREOTYPES, AND THE DAGUERREOTYPIC ART.
The art o f daguerreotyping, which m ay be said yet to be in the infancy o f its de­
velopment, presents the only exception to the non-commercial features which charac­
terize the entire catalogue o f the arts. The materials which enter into the composi­
tion o f its rare expressions, have called forth large manufacturing establishments, and
maintained the investment o f millions o f capital.

I t therefore claims a recognition

among the standard elements o f Commerce.
N ot twenty years have elapsed since the first result o f light upon metal came to
reward the earnest scientific research o f the French Chemist, Daguerre.

So feeble

was it even then, and so beset witji obstacles, that to all save him it seemed a chi­
mera.

Perseverance, however, evolved the truth o f his theory, and from thence dates

the commencement o f an inc eas3 and improvements unparalleled in the history o f
the arts.

Through the cities o f Eui ope it first spread, engaging the attention o f men

o f science and artistic taste.

Its popular acceptance being, nevertheless, im peded by

the obstacles o f ignorance, prejudice, and distrust.
The scene, however, o f its most exalted triumphs, its rarest excellence, and its most
rapid universalization, has been this country.

The golden arts had not woven about

us the subtle spell o f their infuence, w e had no precedents to break from ; it was a
desideratum which had almost becom e a necessity, and its applicability to the pecu­
niary condition o f all classes, its facility o f supplying universally what had hitherto
been inaccessible except to the wealthy, aided the rapidity o f its spread and the cor­
diality o f its reception.
The consequence o f this wo: ld-wide demand for its products was the sudden and
large investment o f capital to supply its mechanical requirements.

Gigantic facto­

ries arose in France and G erm any; the whirr o f industrial energy follow ed, and from




Journal o f M ining and Manufactures.

508

its dim and obscure germination in the dusky laboratory o f Daguerre, it rapidly ex­
panded into a recognized element o f manufacture and Commerce, and an invaluable
auxiliary o f the sister arts.
A t this time, although the capacities o f the art are comparatively undeveloped, and
new and almost fabulous improvements are continually being made, scarcely a village
exists throughout the length and breadth o f the land which does not contain a gallery
for the production o f daguerreotypes, nor a home, however humble, but is gladdened
b y the fairy inspiration o f the art.
Some efforts have been made to transplant the production o f materials from France
to this country. Comparatively speaking, they have been attended with success, and
several establishments devoted to that branch are now in active operation.

The bulk

o f its manufactured requirements, however, are derived from France.
Hereafter, we may devote an article to the statistics o f the trade.
limits forbid an extended or elaborate treatment o f the theme.

A t present our

Its rapidly increasing

commercial importance, and the probabilities o f its future, however, render pertinent
the direction to it o f general attention.

W e therefore defer to another period the

more comprehensive and exact treatment which it merits.
A p r o p o s to the above sketch, and as an illustration o f the enterprise manifested

in the prosecution o f this art, w e can do no better than to give a description o f the
establishment o f M. B. Brady, which, being the largest and most comprehensive in the
world, m ay stand as the representative o f the multitudinous galleries in the country.
H is name was first heard o f prominently in association with the art, and his un­
ceasing efforts, while they may be said to have given life and system to daguerreotyping in this country, have also attracted the attention and elicited the applause o f
the country.

Bringing, as he did, to the task o f elevating and improving the crudities

which then characterized it, and prevented its recognition b y people o f taste, a genu­
ine appreciation o f its possibilities, and an energetic and resolute determination to
give it permanence and position, it is not strange that his name should be identified
with its improvement, nor that to him should be awarded the credit o f lifting A m eri­
can daguerreotypic art to the altitude it occupies.
The results o f his experience, embracing a period o f nearly fifteen years, which have
been spent in Washington, Hew Y ork, and Europe, are contained in his tw o galleries
in Broadway.
H o more striking example o f the importance o f this process, as a conservator o f in­
dividuality, or a condenser o f the intellectual reflex o f the great men o f the time,
could be afforded than these present.

From the days o f Jackson to the present one,

national men are represented; while from France, the most renowned o f her states­
men, scholars, literati, and celebrities, are brought.
W e have recently examined a new process o f this art, which is nothing less than
taking daguerreotypes on paper.

A s it m ay not be familiar or uninteresting to our

readers, we will detail briefly its difference from the daguerreotype.

The impressions

are first taken upon glass, and thence transferred to paper, producing an effect com ­
bining the perfection o f the daguerreotype with the fineness o f a steel engraving. The
process is such as to render the reduplication easy and inexpensive.

W e observe that

Mr. Brady has recently made arrangements to supply photographs o f any o f the dis­
tinguished men his gallery contains at from one to two dollars each.

The opportunity

thus afforded o f possessing life-like portraits o f our celebrities is a tim ely and import­
ant one.
W e cannot too strongly commend the enterprise which these establishments and
the wide reputation Brady has acquired exem plify.

W e advise such o f our readers

as are interested in this phase o f American art to pay his gallery a visit.




Journal o f M ining and M anufactures.

509

PRODUCTION OF RAILWAY IRON IN TIIE UNITED STATES.

The following estimate of the quantity of railway iron produced in this country in
1854, is derived from the speech of Mr. Cooper, of Pennsylvania, in the United States
Senate. The table exhibits an increase over the estimate for the year 1853, of eightyfive thousand tons. It shows the number of tons, the amount of pig-iron consumed,
the location of the various mills, and the quantity of the manufactured article pro­
duced by them respectively.
R A IL R O A D

M I L L S , AND T H E I R

Name o f works.

Montour Iron Works........
Rough and Ready............
Lackawanna.....................
Phoenix Iron Works...........
Safe Harbor.....................
Great Western................
New Works.......................
Pottsville Iron Works
Cambria Iron Works........
Trenton Works.................
Massachusetts Iron Works
Mt. Savage Iron Work___
Richmond Mill.................
Washington Rolling Mill..,
Crescent works.................
New Mill..........................

E S T IM A T E D P R O D U C T IO N .

Location.
State.
Danville.........
Danville....... . . .Pennsylvania... .
Scranton........
Phcenixville...
Safe Harbor ..
Brady’s Bend . .. .Pennsylvania....
Pittsburg........
.Pottsville.......
.Cambria.........
.Trenton..........
Boston.............
,Mt. Savage . . .
.Richmond.......

Tons.

18,000
4.000
16,000
20,000

15.000

12.000
5.000
3.000
5.000
15.000
15.000
12.000

5.000
5.000
5.000
5.000

.Wheeling........
.Portsmouth__

Total

160,000
160,000 TO N S R A IL R O A D IR O N .
per ton of rails..............
213,333
per ton of rails..............
840,000
per ton of rails
560,000
213,333
per ton of rails.............

R E P R E S E N T E D IT E M S O N T H E P R O D U C T IO N O F

Pig-iron required.............................
Coal used.........................................
Iron ore.............................................
Limestone.......................................

1J- tons
5£ tons
3| tons
1J- tons

1,826,666

Total number o f tons raw m a te ria l.......................................................

I t appears that there was a capital invested in these works o f .................... §10,000,000
LABOR

E M P L O Y E D F R O M T H E M A T E R IA L S

IN

T H E G R O U N D TO T H E

F IN IS H E D

R A IL IN

TH E

M ARKET.

In mining, transporting, and delivering coal, per ton o f coal at $1 9 2 ..
In mining, transporting, and delivering iron-ore, per ton o f ore at $1 60.
In mining, transporting, and delivering lime stone, at 65 cents per t o n ..
A t and about the furnace, per ton o f pig-iron at $3 1 1 ....
663,466
A t and about the mill, per ton o f rails at $ 2 ........................
1,920,000
Carrying rails to market, say average $2........................................................

$1,612,800
896,000
138,666

Number o f men em ployed, 18,500— yearly earnings, $300 per h e a d .. .
Population supported, 5 times 18,500, equal to..............................................
Breadstuffs consumed per annum, 92,500 persons at $50 per head.........

5,550,932
92,500
4,625,000

320,000

Other interests as b e lo w :—
Owners o f coal lands— royalty— valued on a ton o f rails at $1 8 4 .........
Coal operator— his average profit valued on a ton o f rails at 95 c e n ts..
Owners o f ore lands— royalty— valued on a ton o f rails at $1 41...........
Owners o f lime-stone quarries— quarry cave— value on a ton o f rails at
13 cents...............................................................................................................
Capitalists— use o f money, interest, <fcc., value on a ton of rails at $1 50
Transportation companies— clear profits over and above working ex­
penses, valued on a ton o f rails at $3 7 8 ...................................................
Storekeepers and others, for merchandise, oil, brass, fire-brick, Ac., val­
ued on a ton o f rails at $2 39............................................................... 382,400
T ota l......... ..............................................................................................




294,000
152,000
225,600
20,800
240,000
604,800

$1,919,600

510

Journal o f M ining and M anufactures.

The above is only a partial statement, affecting only some sixteen iron mills, and
only six o f the thirty one States o f this Union.

It shows the business only in its in­

fancy. but its future importance to the country, if not now destroyed, looms up in g i­
gantic form.

E very State in the Union, with one or two exceptions, has rich iron and

coal beds.

GOLD ASSAYING IN SOUTH AMERICA.
The process o f gold assaying among the native miners o f South America is very
simple.

A fragment o f quartz is pounded, and rubbed to powder between two pieces

o f granite.

A bullock’s horn o f black color is the only assay instrument.

It is cut

longitudinally into two equal pieces, partly on the curve, so that one half forms a kind
o f long spoon, the inside o f which being polished.

The powder being placed in the

spoon, the water is poured in it and shaken, and then poured off.

A second and a

third water being applied, nothing is left but the coarser particles at the bottom, and
at one edge o f them, conspicuous on the black horn, is seen a fringe o f gold powder,
if gold be present.

W ith a keg o f water at his back, and his spoon in his wallet, and

a little parched meal, the mine hunter wanders among the barren rocks in search o f a
treasure, which he sells when discovered, and seeks another ; the claims o f labor being
practically regulated by natural aptitudes. The man who buys the mine digs the ore,
breaks it up into the size o f walnuts, loads it into hide sacks, borne on mules, and sells
it to the b en efcia d or, or benefiter, in the valley below, who passes it through his mill.
Having settled upon a small stream, with a fall from four to five feet, he builds np
two walls to inclose it on each side, and a back wall to form a small reservoir, with a
spout and plug to let out the water at his pleasure.

Over the side walls, with consid­

erable labor, he contrives to lay a flat circular granite stone, some five feet in diame­
ter, with a hole o f some fifteen inches through the middle.

The middle o f the stone

is hooped round with staves, which stand up eighteen inches in the form o f a tube.
The outside is surrounded with similar staves, so that a water-tight circular trench is
formed, with a granite bottom.

Through the central hole is passed the straight stem

o f a tree, shod with an iron pivot, standing on an iron shoe, first to a block below .
The upper part o f the tree is steadied in a beam above, supported by tw o upright
posts.

Through the middle o f the vertical shaft is a horizontal hole, with a horizontal

shaft projecting on each side.

In this horizontal shaft, at nearly the level o f the foot

below, are affixed in a circle, like the spokes o f a wheel, a number o f wooden spoons,
about three feet in length.

T o the horizontal arms above are tied, by raw hide cord­

age, a sort o f large flag paving stones, with their faces bearing on the flat granite be­
low .

The water being turned on the spoons, the paving stones are drawn round by

the motion o f the shaft, and grind the quartz.

A n improvement on this is to use two

vertical roller stones, eighteen inches thick and five feet in diameter, with a circular
hole in the center, through which the horizontal shaft or arm passes, and forces them
round.

A s the stones vary in their speed on the inner and outer edges, there is a

grinding as well as a crushing process. W hen the machine is at work, a quantity o f
quicksilver is thrown into the trench, and the quartz with it. A small stream o f w a­
ter runs in, and at one portion o f the rim there is a hole for it to run over, which it
does, carrying the floating mud with it.
quicksilver at the bottom.

A s it runs over, it falls into a goat-skin, with

Out o f this goat-skin it falls into a second, with more

quicksilver, and so on from one to another, according to the amount o f fall

W hen

the quicksilver is supposed to be saturated, the mill i3 stopped, the quicksilver is taken
out o f all the receptacles, and poured into a linen bag o f fine texture, and three or
four thicknesses.

The quicksilver i3 squeezed through this bag, and the thickening

amalgam is finally rammed down with a sort o f rolling pin.




Journal o f M ining and Manufactures.

51 1

ANTHRACITE COAL TRADE OF PENNSYLVANIA,
The P o tts v ille J ou rn a l furnishes us with the data for giving the official quantity o f *
Anthracite coal shipped from the different regions o f Pennsylvania during the year
1854, together with the quantity o f semi-bituminous coal shipped from Dauphin county
in comparison with the supply o f 1853, from the same sources:—
Schuylkill R eg ion ........................
Lehigh Region.............................. .
Delaware and Hudson C o...........
Pennsylvania Coal C o ..................
W ilksbarre.....................................
Shamokin.........................................

Dauphin C o ...................................

1851.
2,551,603
1,080,544
494,209
512,477
442,511
15,500

1854.
2,986,670
1,246,418
440,944
496,648
492,689
63,500

Increase.
435,067
265,874

5,097,144
69 007
29,000

5,726,869
57,500
63,000

699,119

5,195,151

5,847,369

733,119
80,901

Total increase in 16 54.........

Dec.

....

53.265
16,129

....
—

50,178
48,000

09,394
11,597

34,000
80,901

652,218

O f this increase Schuylkill county furnished 434,067 tons, and the other regions
217,251 tons. O f the aggregate supply furnished there was derived from—
Schuylkill cou n ty........................................................................................
From all other regions...............................................................................

2,986,670 tons.
2,860,699 tons.

Total supply in 1854.............................................................................
The total supply o f coal from all the different regions in Penn­
sylvania since the commencement o f the trade in 1820
amounts t o ..........................................................................................
O f this quantity Schuylkill county furnished..................................

5,847,369

48,907,860 tons.
25,190,604 tons.

Leaving supply from all others of.

23,717,256 tons.

PURE AND IMPURE GAS,
It is the duty o f our municipal authorities, says the S cien tific A m e r ic a n , to see that
our city is supplied with pure gas for illumination. They should therefore— not unfrequently— have the gas as it comes from the burner pipes analyzed by a competent
chemist. W e are confident that much o f the gas which is supplied by our city gas com­
panies is impure. A ll coals contain carbon, hydrogen, oxygen, and nitrogen ; and bitu­
minous coals in general contain some sulphur. In the distillation o f coal to produce
illuminating gas, a considerable quantity o f ammonia comes over, which, if not com ­
pletely separated, is carried off with the gas, and detracts from its illuminating pow ­
ers. It is also injurious to the health o f the people, by mixing with the atmosphere
and being inhaled at every respiration. Being exceedingly volatile, and y et not diffi­
cult to condense, much o f it escapes through leaks in the large gas conductors, and
condenses in the soil beneath the streets and buildings; this is evident when any o f
our streets .are trenched for the purpose o f examining pipes or opening drains.
An
odor o f ammonia is always observable for a considerable space, around an exposed
street excavation. I f this is the case now, how much worse must the evil be in nine
or ten years from the present date ?
The continued accumulation o f such an impurity in the soil beneath our streets
will, in the course o f time, find its way into draius, ooze out into the atmosphere and
pollute it. Nothing but pure carbureted hydrogen should ever be suffered to pass
from the gas reservoirs into the conducting pipes ; every impurity should be removed
from it in the course o f the manufacture.
I f there is any sulphur in the coal from which gas is made, it results in the pro­
duction o f sulphuric acid, which, if not separated in the p u r ifie r , such a product will
injure books and cotton fabrics which may be in the apartments where the gas is
burned. Cannel coal being free from sulphurets, is to be preferred for making gas ;




512

Journal o f M ining and M anufactures.

and if ou r gas companies do not now use the American cannel in place of bituminous
•coal, they exhibit an amazing want o f good sense and sound information in relation to
the best kind o f coal to em ploy in their business.

METHOD OF DETECTING COTTON IN LINEN,
Eisner has published a critical review o f the various methods proposed to distin­
guish cotton and flaxen fibers, (Berlin. Industrie u. Handelsbl. xxiv.), the best o f which
the S cien tific A m e r ic a n extracts from his report.

Stockhardt observed that a flaxen

fiber, inflamed in a vertical position, and then extinguished, appeared to be carbonized
at that end in a smooth, coherent sh ape; while cotton, similarly treated, appeared to
be spread out like a brush or tuft.

Eisner observes that it especially occurs when

the flame is violently blown out, and that it succeeds with dyed goods, unless dyed
by chrome yellow .
The potash test consists in putting the fiber into boiling caustic potassa-lye for a
couple o f minutes, when the flax turns deep-yellow and the cotton is scarcely changed.
The test is not reliable.
One o f the best is the microscopic examination, for when flax is magnified three
hundred times, it appears like long, com pact tubes, with a narrow channel in the
center; while cotton appears to be flattened, ribbon like cylinders, with a wide channel,
and mostly in spiral windings.
The test with oil o f vitriol is reliable in an experienced hand, but every trace o f
weaver’s gum must have been previously removed by boiling with water.
is laid on a plate o f glass, and oil o f vitriol dropped on it.
to observe the effect.

The fiber

A single lens is sufficient

In a short time the cotton fiber is dissolved, the flax unaltered,

or only the finest fibers attacked.
The oil test is also a good one, and convenient in execution.

W hen flaxen fibers

are rubbed up with olive oil, they appear transparent, like oiled p a p e r; while cotton
under similar circumstances remain white and opake.

D yed goods exhibit the same,

if previously bleached by chloride o f lime.
Eisner’s method consists in putting the fibers for a few minutes into a tincture o f
various red dyes, o f which cochineal and madder give the most striking results.

The

tincture is made by putting one pt. o f madder, tfec., into twenty pts. common alcohol
for twenty four hours.

In the cochineal tincture, cotton is colored bright-red; flax,

v io le t ; in madder, cotton becom es light-yellow ; pure flax, yellowish-red.
It is better to em ploy several o f these tests— the microscopic, oil, sulphuric acid
and combustion, rather than to rely upon a single test.

DISCOVERY OF A SILVER MINE IN GEORGIA.
A letter to the A ugusta (Georgia) C hronicle , sa y s :—
I take leave to inclose a small piece o f silver ore, taken from a shaft now being
sunk upon the lands o f Mr. Thomas J. Waters, o f this county. The mine was discov­
ered by a gentleman who said he derived his information from a traditionary account,
handed down for many years, that somewhere contiguous to the River Chattahooche
there was an old abandoned silver mine, and upon a close and careful examination, a
pit— apparently hastily filled up and abandoned— was found.
Mr. W aters im me­
diately placed a number o f hands at the control o f this individual ; and after several
weeks’ labor, having sunk a shaft forty feet deep, a rich deposit o f the inclosed ore
was the result. From a lump o f the size o f the piece sent, which was subjected to a
chemical analysis, pure silver to the value o f a half dime was obtained. From various
relics, such as old iron implements com m only used by pioneers, silver drinking cups,
<fcc., which have accidentally been found in various sections o f this county, many intel­
ligent persons are o f opinion that the celebrated Spanish adventurer, De Soto, must
have passed along here in his searches for the mineral wealth o f the N ew W orld.




Journal o f M ining and Manufactures.

513

TUSCAN STRAW MANUFACTURES.
Tuscan straw has a well-worn fame in the United States.

Y e t half the beautiful

and curious things wrought at these straw manufactories are there unknown.

A thous­

and exquisite articles, which seem fairy-work, beautify these shop windows, tempting
the ready purses o f strangers, and are o f course sold at exorbitant prices.

Here is

the tiny slipper o f open-work straw, delicate as the spider’s gossamer w e b ; its rosehued, or sky blue lining, peeping daintily through flowery interstices at the belle, whose
Cinderella foot is about to grace i t ; here are reticules, lined with every rainbow hue,
light enough for the arms o f sy lp h ?; here are field-flowers for shepherd maidens,
tresses for m eadow uymphs, and jaunty bonnets for gipsey coquettes; and here are
the famous Leghorn hats, so fine that their braids seem from Lilliputian fingers— so
costly, as to be the gift for a lifetime.
W ho would not believe all these the work o f the smallest and whitest hands 1
W ho w ould believe, till they saw it with their own eyes, that such marvelous fine
things were the street-work o f filthy women and girls, whose hands are the color o f
the dirt trodden by their strapping bare feet?

Y e t who does not stop to watch the

dexterous fingers, how ever begrimed, which seem not to feel the straw, any more
than the beholder can see it, growing so fast into braids ?

A

pretty eight are the

peasant-braiders, which one sees outside the city gates, sitting or walking together,
with clean aprons, and hands that w ould be white, if they were not sun-burnt.

A

Tuscan bonnet braided by these ought to sell for double the price o f those made by
the city hags.

Let all American ladies take for granted that their once especial L eg­

horns were the handiwork o f the dark-eyed G ontadina.

Let us wear what is given,

us, as w e “ eat what is set before us, asking no questions.”

The straw department

o f the exhibition was beautiful enough to have been the work o f Calypso and her
nym phs.
THE IUORY TRADE.
E veryone knows, says the J ou rn a l o f C om m erce , that this substance is derived from
the tusks o f the elephant; but the difficulties attendant upon obtaining it, and the
labor and ingenuity requisite in its manufacture, or its importance as an article o f use
and commerce, are perhaps less generally understood. W e were shown, by an im­
porter o f the article, a lot o f sea-horse tusks, measuring nearly two-and a-half feet in
length, consisting o f ivory o f the finest description, and sustaining a better polish than
that o f the elephant, though it is not so highly esteemed, in consequence o f its tend­
ency to becom e tarnished. Some other sea animals yield ivory, among which are the
walrus, narwal, Ac. The tusk o f an elephant is solid only about half its length, the
remainder being similar to the horn o f a cow — hollow and comparatively thin. W e
saw at Mr. Phyfe’a warerooms, in Hurray-street, a tusk about six inches in dia­
meter, having embedded in its center a bullet, the place o f its entrance being entirely
overgrown, presenting the appearance o f having been inserted by the nicest art. The
tusks weigh from one to one hundred and eighty pounds each, according to the size o f
the animals from which they are taken, about two-thirds o f which is available for
manufacturing purposes. Nine-tenths o f all the ivory brought directly to the United
States comes from Zanzibar in Africa, to the port o f Salem ; and fiiis is all large— a
lot o f 20,000 lbs. which we saw, averaging 80 lbs. to the tusk. It has been conjec­
tured that eventually the supply would be stopped, on account o f the extinction o f
the animal; but this, we are informed by those conversant with the subject, is not
probable, large quantities being brought from the unexplored interior o f Africa by the
natives, and sold to traders on the coast, o f which a part is obtained from animals
who have died naturally ; the elephant being too large game to be seriously affected
by the weapons o f savages. The dealer can readily discern by the appearance o f the
tooth whether it is taken from a freshly slain animal or not. Some o f them, broken
and mutilated, give evidence o f deadly encounters their proprietors have had in their
native jungles, while other's are gnaw ed by African rats probably, for the teeth marks
VOL. xxxii .— no. IV.
33




514

Journal o f M ining and Manufactures.

are large and deep incisions. The English traders, owing to their superior facilities,
have the monopoly o f the market in India and Africa, and the choicest articles can
only be obtained from them. In price it varies from 75c. to $1 75c. per pound net,
which are the extremes for corresponding qualities. W ithin five years past, owing to
its extended appropriation to purposes o f art and luxury, it has increased twenty per
cent in cost, and great economy is requisite to work up the scraps and clippings to
advantage, as its curved form will not admit o f straightening, without destroying the
texture, which would be fatal to its usefulness and beauty. Nothing, however, is
permitted to go to waste. The refuse is carefully calcined, and when ground upon a
marble slab, yields a je t black velvety pigment, used by artists to paint “ t^nde
Toms,” broadcloth coats, and other matters requiring a particularly jetty hue. Next
to the Chinese, the Germans excel in ivory carving and ornamental work, most o f the
beautifully embellished umbrella and cane knobs being made by them. These, ac­
cording to the amount o f work lavished upon them, range in price from three to ten
dollars each.
The most beautiful piece o f art we ever saw was a marine landscape in a lto relievo
upon the lid o f a small ivory box, and the connoisseur who possessed it valued it at
$500, but would not dispose o f it at any price.
The curiously carved ivory balls which are brought from China, each containing se­
veral balls within them, and apparently entire, puzzling the senses to conjecture how
they could possibly be made, are not really entire; but are joined so accurately as to
be imperceptible even under the glass o f a microscope. Subjected for a time, how ­
ever, to the action o f boiling water, they separate, and the wonderful ingenuity o f the
Chinaman is revealed.
Ivory is dyed o f various colors by contact with chemicals, though no art has yet
succeeded in imparting a color deeper than the surface, and this will eventually wear
off. The quantity imported into England last year, foots up-about 6,000 tons, and
into the port o f Salem about 250,000 pounds.
In the business o f the ivory dealer may also be included the manufactures o f box ­
wood, JignumviUe, and other hard woods, which are to a greater or less degree sub­
stitutes for the former. The nearest resemblance that any article bears to ivory, is
found in the ivory nut, a vegetable production o f South America. These are much
like a horse chesnut in appearance, but about twice their size, and when turned into
articles o f fancy or ornament, are exceedingly clear, and o f an alabaster appearance.
They do not wear, how ever; are brittle, and soon become discolored and opaque.
They may be seen in the form o f infant’s rings, needle boxes, die., in any o f the fancy
stores .— N ew Y o r k J ou rn a l o f Com m erce.
THE IRON MOUNTAIN OF MISSOURI.
In the county o f St. Francis, and in the midst o f a fertile and flourishing agricul­
tural region, some eighty miles from St. Louis, and some twenty-eight from the Mis-,
sissippi, rises this famous eminence o f iron.

It is thus described by a correspondent

o f the St. Louis R e p u b lic a n :—
The mountain and the mound consist o f masses o f iron ore o f the richest quality,
arranged by the hand o f nature in “ ready-m ade” lumps, from the size o f a pigeon’s
egg upward, mixed with a small portion o f reddish-yellow clay, which itself contains
quite a per centage o f iron. Thus far the workings— there is no mining necessary—
have been confined to a small portion o f the westerly slope o f the mound, the mount­
ain being held in reserve, I presume, for the grander operations o f future generations.
A few hands, with little labor or cost, pick out enough ore to supply the furnaces.
The entire mound, so far as it has been excavated and tested, i3 composed o f these
lumps o f ore, almost as pure as pig metal, easily separated from the clay which fills
the interstices. In many places, scarcely anything but lumps o f pure ore, with hardly
any admixture, appear. In some parts o f the workings the ore taken out requires no
roasting to prepare it for the furnace; but generally it is roasted in immense heaps,
which at this time form a large store for future use. W hen this mound, or that por­
tion o f it above the level o f the furnaces, is all changed from its crude state to iron,
the company may proceed to excavate below that level, or continue eastward a few
hundred feet, and attack the mountain itself, which— so far as is known— is but a
vastly enlarged edition o f the same volume.
But at what period will the mound even be exhausted ? I have seen no calcula­
tions, and heard o f no estimate o f the quantity o f o r e ; but for my own satisfaction,




Journal o f M ining and Manufactures.

*15

assuming the following data as entirely within reasonable bounds, these results are
obtained:—
Twenty acres an average depth o f fifty feet, yielding, say four tons o f ore to the
cubic yard, would produce about six-and a-half millions of tons o f o r e ; and allowing
seventy per cent as the net yield o f metal, four-and a-half millions o f tons o f iron. I f
this were taken out at the rate o f one hundred thousand tons per annum, it would oc­
cupy forty-five years. Unless, therefore, a much larger quantity be yearly disposed
of, the present generation o f workmen will not witness the disappearance o f the
mound, even to the level o f the furnaces.
Respecting the quantity in the mountain, it is enough to say that it is practically
inexhaustible. The line o f the St. Louis aud Iron Mountain Railroad passes imme­
diately west o f the works, affording easy and most convenient railroad access to the
mound, the furnaees, and the base o f the mountain.
THE MANUFACTURE OF PORT WINE.
W hen port is required to be manufactured, two separate processes are deliberately
and systematically gone through; first, the wine itself is made, and then the bottles
are prepared into which the liquor is to be transferred.

W hen the mixture itself is

deficient in the fragrancy peculiar to the grape, a bouquet is contributed, by means o f
sweet scented herbs, by orrisroot, elder flowers, or laurel water.

A vineous odor is

sometimes imparted by small quantities o f the liquid known as “ the oil o f wine.’*
The p’ easant juice o f the sloe imparts a port-like roughness to the compound, and
sawdust or oak-bark effect the same purpose.

A fruity taste is given by a tincture o f

raisins, and the rich ruby color has probably once flowed in the vessels o f the sandal­
wood tree.
But the bottles have to be crusted.
phate o f lime.

This is done by tincture o f catechu and sul­

The corks are steeped in a decoction o f Brazil-wood, and the very

casks are prepared with a layer o f cream o f tartar, which is formed at the bottom in
glittering crystals.

Thus a pipe o f port which was young in the morning is made to

fall into extreme old age in the course o f the afternoon.

These are no exaggerations^

and the following has been given as the chemical analysis o f a bottle o f cheap port
wine, though for obvious reasons we suppress the quantities:— Spirits o f wine, cider,
sugar, alum, tartaric acid, and a decoction o f logwood.

In most instances, when the

wine is not manufactured in this country, the consumer is victimized by a three fold
adulteration.

The exporter adulterates, the importer adulterates, and finally the re­

tail dealer adulterates.
THE SCOTCH PIG IRON TRADE.
The following statistics o f the Scotch pig iron trade have been compiled, after

a

careful comparison of the circulars which were issued at the end o f 1854 by the Glas­
gow metal brokers:—
Total shipments........................... ____
Local consumption...................... ___

1851 .
684,200
291,000

1851 .
624,784
302,500

1852 .
431,000
247,550

1851 .
452,013
246,150

Total d e liv e rie s...................... ____
Computed m a k e .......................... . . . .

875,200
765,750

927,284
710,000

698,163
773,300

Stock, 80th D ecem ber................ ____
Increase o f s t o c k .........................
____
Furnaces in blast..........................

132,000

217,600

678,550
777,000
448,000
96,000

85,600

230,000
114

113

114

81s. Od.
49s. 0d.
61s. 7cL

77s. Od.
35s. 6d.
45s. 2d.

44s. 9d.
37s. 6d.
40s. Od.

Highest p r ic e ...............................
L ow est price................................ ___
A verage price.............................




63s. 6d.

352,000
82,000

Mercantile Miscellanies.

516

MERCANTILE MISCELLANIES.
“ THE USURY LAWS” — ERRATUM.
In the article on this subject in a former part o f the present number o f the M er ­
chants' M a g a zin e , page 422, in first paragraph, first line, it reads— “ In the M erch a n t s’
M a g a zin e for the p re s en t m on th , there is a paper, &c.”

N ow , it should read— “ In

the M erch a n ts’ M a g a zin e for February, 1855, there is, Ac.”

The article o f Mr. Bars-

tow, in reply to Mr. Bacon, in the present number was in type for the March issue o f
the Magazine, but was crow ded out, and in the absence o f the editor, the proof-reader
inadvertently neglected to make the necessary alteration.
THE BOSTON BOARD OF TRADE.
This institution was incorporated by an act o f the Legislature o f Massachusetts,
passed A p ril 28, 1854, “ for the purpose o f promoting trade and Commerce in the
city o f Boston and its vicinity, with all the powers and privileges, and subject to all
the duties, liabilities, and restrictions set forth in the 44th chapter o f the Revised
Statutes.”

The corporation cannot, however, “ traffic in goods, wares, or merchandise

o f any description.”

It has privilege, b y the act, o f holding real and personal estate

to an amount not exceeding one hundred thousand dollars, to be devoted exclusively
to the purposes o f the corporation.
The Board met on the 10th o f May, 1854, and adopted by laws in regard to the
election o f members, the choice o f officers, the meetings o f the Board, the duties o f
officers, Ac.

The officers o f the Board consist o f a President, three Vice-Presidents, a

Treasurer, and twenty-four Directors.

The annual meeting, when the officers are

chosen, takes place on the third W ednesday in January.

The President, V ice-Presi­

dent, and Treasurer are not eligible for more than tw o years in succession, unless by
the unanimous vote o f the Board.

Regular meetings o f the Board are to be held on

the first Monday o f March, May, September, and N ovember in each year.

Special

meetings m ay be called at any time by the government, or upon the written applica­
tion o f ten members to the Secretary.

The admission fee is five dollars, and an an­

nual assessment o f two dollars.
From the first annual report o f the Treasurer, made up to the 15th o f January,
1855, we learn that the whole number o f members admitted at the organization o f
the Board was 769 ; that there have since been admitted 10, making in all 779 ; that
o f these, 562 paid their admission fee o f five dollars each, and first annual assessment
o f tw o dollars.

From the 562 w ho paid, the Treasurer received $8,934, and paid out

for expenses o f the corporation $3,145, leaving a balance in hand o f $788.

In a city

possessing the intelligence, wealth, and enterprise o f Boston, the members o f such an
institution should number by thousands.

The list, though small, embraces some o f

the best names in commercial enterprise and industry.
The first annual report o f the government, presented to the Board on the 17th o f
January, 1855, is an interesting document.

It was prepared by I s a a c 0. B a t e s , the

Secretary— a gentleman o f education, possessing much general information in relation
to commercial affairs in our ow n and other countries.
o f the life and activity o f the Board.

The report furnishes evidence

I t reviews what has been done, and gives a

comprehensive idea o f the plan which it is proposed to pursue in order to accomplish
the end for which it was established.




M ercantile Miscellanies.

517

A m ong the subjects noticed in the report, are the appointment o f a comm ittee o f
inquiry into causes o f shipwreck; the subject o f the revenue laws, as regards the
seizure o f vessels, and a petition to Congress in favor o f a change o f the 6am e; the
allowing grace on sight drafts ; the usury laws ; the bankrupt la w s ; the appointment
o f a committee to consider the propriety o f changing the banking hours from tw o
o’clock to three o’c lo c k ; the transport o f merchandise ; the reciprocity treaty, (which
is highly and justly commended.)

The association seems, so far as it has gone, to

have fully answered the expectations o f its government.

The President, Mr. S a m u e l

L a w r e n c e — a brother o f the distinguished merchant and diplomatist, the Hon. A b b o t t
L a w r e n c e — is a merchant o f large and liberal views, and his influence in such an as­

sociation will add materially to its future usefulness.
erally are men o f enterprise and intelligence.

The directors and officers g en ­

Many o f the members, perhaps, come

under Mr. Webster’s designation o f “ solid men o f Boston.”
THE BUFFALO BOARD OF TRADE.
The annual meeting o f this Board for the election o f officers was held at the Corn
Exchange, in Buffalo, on Monday, the 12th o f March, 1855.
chosen; and on the first ballot, G

eorge

Ten directors were

S. H a z a r d , Esq., was duly elected as Presi­

dent for the present year— a selection that reflects credit on the intelligence o f the
Board.
The remarks o f the new President, made upon taking the chair, are in keeping
with the progressive spirit o f a liberal Commerce, and w ill be read with interest b y
every true merchant.

W e are gratified to find that the merchants in most o f our

large cities are becoming more and more alive to similar views in regard to the action
and influence o f Boards o f Trade and Chambers o f Commerce.
W e commend the remarks o f Mr. Hazard as w ell w orthy o f the attention o f every
reader o f the M erch a n ts’ M a g a z in e :—
G e n t l e m e n o f t h e B o a r d o f T r a d e :—
*

*

*

*

*

*

*

Permit me to make a few suggestions which I hope m ay not be considered inappriate to this occasion. The objects, purposes, and intentions o f this Board are to en­
courage and promote just and equitable principles o f trade, to correct abuses, and
generally to protect the rights and advance the interests o f the mercantile classes.
Gentlemen, the objects are o f noble and high im port; worthy your special care and
attention, not only as applying to the interests and administration o f the business o f
this association, but to your ow n character as high-minded and intelligent m erchants;
y ou should not only look to the present, but beyond, and by example and carefully
established precedents and customs, leave such landmarks and beacon lights as m ay
Berve to guide your successors in the business you are pursuing.
This institution should not be looked upon as a merely temporary organization for
the benefit o f its members only, but as the means to accomplish results in establish­
ing and maturing “ just and equitable commercial customs and laws o f trade,” regu­
lating and systematizing modes o f business, and b y co-operation with Boards o f Trade
in other cities, endeavoring to cultivate and establish an unanimity and identity o f
interest in regard to all great and important movements or enterprises affecting the
trade and Commerce o f the country.
It is necessary for the prosperity o f Commerce, that sound and equitable customs
and laws o f trade should prevail every w h ere; not only in our own city and State,
but that other cities and States with which we are in constant intercourse should es­
tablish customs in harmony with this ru le; and to obtain these results, Boards o f
Trade should act in concert and interchange views, so that whatever m ay seem unfair
or improper methods in business may, by friendly legislation, be explained or re­
formed.
Questions and movements affecting the interests o f commercial classes are frequently
brought before Congress and State legislatures, and it seems to to me that so large




M ercantile Miscellanies.

518

and intelligent a class as the mercantile community ow e a duty to themselves to
create an identity o f interest, that their voice may be heard in the legislative council
whenever necessary. It is the case that Boards o f Trade or Chambers o f Commerce
occasionally make known their wants to these councils; but their petitions are gen­
erally suffered to go as unheeded as the passing breeze. Business men are seldom
politicians, and hence are not considered, by politicians, to be the stuff votes are made
o f ; consequently are not often consulted by that class o f men in regard to measures
affecting their interest. I think it does not require much sagacity to discover the pal­
pable want o f tact and commercial experience in the administration o f our own State
affairs, as w ell as many o f the great undertakings which have so signally failed o f
success. Had the Erie Canal been managed for the past ten years— and I may say
five— by intelligent business men, the enlargement would now be complete, and the
prospective deficit o f half a million o f dollars would not come up, like the ghost o f
Banquo, to haunt the dreams o f the Canal Board. I do not mean to say that commer­
cial men are infallible, or that they seek or desire political station, but merely that
politicians in office would be better able to frame useful laws and execute them more
satisfactorily to the greatest number, if they would more frequently advise with ex­
perienced business men, who have gained their knowledge in the school of experience,
and are able to give an opinion o f the practical effect o f contemplated measures affect­
ing the trade and Commerce o f the country.
Gentlemen, you are the commercial representatives o f this city, and on you depend,
to a great extent, her prosperity, good name, and position among her sister cities.
Many o f you have witnessed her early struggles and watched her onward progress ;
that progress will be steadily onward if her business men remain true to her interests
and their own.
I need not recapitulate figures to show the steady and vigorous
growth o f this city. It is sufficient to say that Buffalo receives and ships more
breadstuff’s than any other port in the world. In wealth aud prosperity she stands
only second in the State, and ranks only third in the United States in maritime
tonnage.
Shall she not, then, have a Board o f Trade worthy o f her high position— which shall
reflect honor upon her name, as well a3 upon the character o f her merchants? Let,
then, your course be progressive in endeavors to elevate the character o f the mer­
chant, by examples o f laudable ambition and enterprise, by useful and well-digested
customs o f trade, and, above all, by a true standard o f honorable and conscientious
dealing, and prosperity shall be your reward.
The directors re-elected J o h n J . H

enderson

as Secretary o f the Board— a gentle­

man eminently w ell qualified for the duties o f the office.
THE TONTINE BUILDING IN NEW YORK.
The old structure on the northwest corner o f W all and W ater streets, known as
the “ Tontine Building,” is, we understand, to be demolished, and a more modern edi­
fice erected on its site.

D a v i d T. V a l e n t in e has furnished the T rib u n e with the facts

embodied in the following sketch o f this old building:—
The Tontine Building was commenced in 1792 by an association o f merchants, and
com pleted in or about 1794, for the purpose o f providing suitable accommodation for
the common convenience, and as a center for the daily intercourse o f the mercantile
community. By the constitution under which such association was formed, 208 shares
were subscribed for at §200 per share, severally depending upon a life selected by
each subscriber, who stated in the memorandum accompanying such subscription the
age, sex, and parentage o f the nominee, during whose natural existence he was to re­
ceive his equal proportion o f the net income o f the establishment.
U pon the death o f the nominee, the subscriber’s interest ceased, and his interest
thereby merged in the owners o f the surviving nominees.
The original shares were
assignable and held as personal estate ; and the whole property was vested in five
trustees, who were to be continued in the manner pointed out in the constitution, and
who were to hold the same until the number o f such nominees was reduced to seven,
when the holders o f the shares contingent upon these surviving nominees became en­
titled to a conveyance in fee by trustees o f the entire premises, to be equally divided
between them.




Mercantile Miscellanies,

519

The nominee him self did not necessarily have an interest in the association; for each
subscriber in naming some person— generally a child— looked to such as had the prom ­
ise o f “ length o f days.”
The plan o f this association originated from the scheme o f Lorenzi Tonti, a Neapol­
itan, who introduced it into France in 1658, under Louis X I V . ; and hence the word
Tontine came to designate “ a loan advanced by a number o f associated capitalists for
life annuities, with benefit to survivorship.”
In the erection o f this edifice the plan was altered from the scheme o f Tonti. His
intent was the establishment o f a company who should each contribute a like amount
o f capital, to be loaned to a responsible party at a certain rate o f interest, which was
to be divided equally between the members o f the same a g e ; but where there was
a diversity o f age, according to a fixed ratio— the elder received more and the younger
less. A s the members died off, the survivors absorbed their respective interests ; and
when the last survivor died, the b orrow er took the whole capital.
The above constitution bears date June 4, 1794; but the nominations by the sub­
scribers were not completed until March, 1795. The association, in their preamble,
named the building the “ Tontine Coffee-house,” and it was thereby directed to be
kept and used as a coffee-house.
Upon the opening o f the Merchants’ Exchange, the interests o f the shareholders de­
manding a change in this special appropriation, they applied to the Court o f Chancery
for permission to let the premises for general purposes, and by its decree, in 1834 the
above restrictions were rem oved.
Subsequently, doubts having arisen as to the validity o f the trusts under which the
trustees took and held the property, in consequence o f the Revised Statutes on the
subject, the Legislature, in 1843, passed on act confirming the same, and altered the
name to the “ Tontine Building,” and directed that the management o f the affairs o f
the concern be by the Committee o f the Tontine Building, who received, beside their
other duties, the income from the establishment, and divided the net proceeds on the
second Tuesday in each month o f M ay among the owners o f the shares, depending on
the nominees alive on the previous past day o f the same month.
This association, on the 4th o f June, 1855, will have existed sixty-one years. In
reference to the successive diminution o f shares by death, the interesting fact is dis­
closed that the lapse o f shares from year to year is in proportion, with slight variation,
to the relative number o f both males and females. The existence o f so many o f the
noraiuees, after such a lapse o f time, is admitted by the compilers o f annuity tables—
here and abroad— to be very unusual, if not unprecedented. The nominees selected,
however, were children o f parents in easy circumstances, who were not in general
subjected to the exposure and privations incident to the masses, the average o f whose
lives forms the basis o f the usual calculations on this subject.
The following is an extract from an article on the subject o f this association, p u b ­
lished iu one o f the W all-street papers in 1851:—
“ There are few, however, whose age links them to the olden time, when it was the
chief center o f the commercial interests, who cannot recall scenes within its walls—
‘ the like whereof we ne’er shall see again.’
A public meeting convened within its
roof sent forth a decision which was almost universally respected.
A s a single in­
stance of-this, let us turn back for forty years, when the habit o f distributing expen
sive scarfs to bearers and others at ordinary funerals was so prevalent that many poor
families were sorely pinched to provide this necessary mark o f respect for a departed
relative. Some benevolent individuals seeing the evil influence o f such a fashion,
called a meeting at the Coffee-House, where nearly two hundred o f those whose weight
o f character gave force to their decisions signed a pledge to abstain from the custom
o f distributing scarfs, except to the attendant ministers and physicians. This was the
death-knell o f the oppressive fashion.
In matters o f more vital moment, when great
public interests were at stake, a voice has gone out from the said Coffee House which,
like a recent echo from Castle Garden, lias been heard throughout the length and
breadth o f the land.
Some o f the noblest charities, too, which the world has ever
witnessed received their first contributions beneath this time-honored roof.
“ But the history o f this organization is highly instructive in another point o f view.
The longevity o f the nominees ha9 been remarkable, we believe', beyond any similar
experiment o f the kind ever witnessed. It is true, that the circumstances under which




520

Mercantile Miscellanies.

their names were selected would naturally lead us to expect for them a longer aver­
age period o f existence ; but this average has been so far extended as to be quite ex­
traordinary. O f the 203 handed in about fifty-seven years ago, 60 still su rvive! O f
these, the youngest is about fifty-eight, and the oldest seventy-nine.
This is about
one-third greater longevity than the average o f European estimates.”
The Tontine Building is the only one left standing in W all-street which was erected
during the last century. In this building died the renowned George Frederick Cook,
that eminent tragedian who, in his delineations o f the tragic muse in his day, was
without com petition; surrounded by many o f his cotemporaries, patrons o f the house,
who continued with him in that last act in the drama o f his eventful life. Hither men
from every section o f the country were attracted by its reputation ; and they regarded
a visit to the Tontine in those days as essential to the comfort and agreeability o f their
temporary sojourn in this city.
For many years past the building has been occupied as printing and other offices,
and has paid a handsome sum per annum to the respective owners.

RULES OF MeDONOGH, THE MILLIONAIRE OF NEW ORLEANS.
Mr. J o h n M c D o n o g h , the millionaire o f H ew Orleans, has engraved upon his tomb
a series o f maxims, which he had prescribed as the rules for his guidanfce through life,
and to which his success in business is mainly attributable.

These rules would un­

doubtedly secure riches and honor; and as a whole are worthy o f being accepted:—
ECLES FOE

THE

G U ID A N C E O F M Y L I F E ,

1804.

Remember always that labor is one o f the conditions o f our existence. Time is
g o ld ; throw not one minute away, but place each one to account. D o unto all men
as you would be done by. N ever put o ff till to morrow what you can do to-day.
Never bid another to do what you can do yourself. N ever covet what is not your
own. N ever think any matter so trifling as not to deserve notice. Never give out
that which does not first come in. Never spend but to produce. Let the greatest
order regulate the transactions o f your life.
Study in your course o f life to do the
greatest amount o f good. Deprive yourself o f nothing necessary to your comfort,
but live in an honorable simplicity and frugality. Labor, then, to the last moment o f
your existence.
Pursue strictly the above rules, and the Divine blessing and riches o f every kind
will flow upon you to your heart’s content; but, first o f all, remember that the chief
and great study o f our life should be to tend, by all means in our power, to the honor
and glory o f our Divine Creator. The conclusion to which I have arrived is, that,
without temperance, there is no health; without virtue, no order; without religion,
po happiness; and that the aim o f our being is to live wisely, soberly, and righte­
ously.
S E L F -R E L IA N C E

T H E M A IN -S P R IN G

O F SUCCESS.

T o the above maxims o f McDonogh w e would add one more, which comes to us
opportunely in the columns o f the Philadelphia D a ily R ep o rter. It is a rule o f rules
— the complement o f all the rest— the keystone o f the arch of mercantile character.
For what most men lack is not rules, but the energy to apply them at the right m o­
ment ; not moral principles, but m ora l p resen ce o f m ind — and this is
s e l f

r e l ia n c e

.

s e l f -p o s s e s s i o n

,

“ W o unto him that is faint-hearted,” says the son o f Sirach.

“ W e have just received the following letter,” says the R ep o rter, “ from one o f Phil­
adelphia’s best and noblest merchants.”

The letter is as follow s:—

I send you the extract I spoke o f a few days since. It contains more real truth o f
-what m y long experience has been in the great battle o f life, (having commenced at
th e first round o f the ladder,) than any article I have ever seen in print, and I do hope
that every newspaper in our country w ill republish it, for the benefit o f all young
men who are about commencing business, and who are now in business, for it will do
much good, if they will be governed by its precepts.




M ercantile Miscellanies»

521

The extract referred to appeared originally in the Richmond P o s t, and is as fol­
lows :—
W hen a crisis befals you, and the emergency requires moral courage and noble
manhood to meet it, be equal to the requirements o f the moment, and rise superior to
the obstacles in your path. The universal testimony o f men whose experience exactly
coincides with yours, furnishes the consoling reflection that difficulties may be ended
by opposition. There is no blessing equal to the possession o f a stout heart. The
magnitude o f the danger needs nothing more than a greater effort than ever at your
hands. I f you prove recreant in the hour o f trial, you are the worst o f recreants, and
deserve no compassion. Be not dismayed or unmanned, when you should be bold and
daring, unflinching and resolute. The cloud whose threatening murmurs you hear
with fear and dread is pregnant with blessings, and the frown whose sternness now
makes you shudder and tremble, w ill ere long be succeeded by a smile of bewitching
sweetness and benignity. Then be strong and manly, oppose equal forces to open
difficulties, keep a stiff upper lip, and trust in Providence.
Greatness can only be
achieved by those who are tried. The condition o f that achievement is confidence in
one’s self.
W e certainly do not often meet with a piece o f better sentiment or sounder moral­
ity.

This confidence in one’s self, in a world where every man appears to be striving

against his fellow, is as necessary to a successful career as is breath to physical exist:
ence. Or it may be likened to the healthful action o f the heart, whose steady pulsa­
tions direct and keep in harmony every movement o f the animal economy.

This once

lost, and the consequences are as calamitous as those that follow any disorder o f the
great human engine.

In order to maintain intact this self-confidence, one must respect

himself, which can only be done by pursuing a uniform life o f honor and integrity.
There are those who quail and shudder before every breath o f adverse fortuneTheir timidity is their stumbling-block, if not their ruin, while they have the additional
mortification o f witnessing the rapid advance and ultimate success o f those who, com ­
mencing life with themselves, have placed and retained self-confidence at the helm o f
their adventurous bark.
The writer o f the letter inclosing us this extract is a most admirable specimen o f
the results o f this Bound philosophy, and the eminent position he now occupies in the
affection and respect o f the community, and, indeed, o f the country, must be abund­
ant reward for the trials and difficulties he so nobly battled in his earlier career.

THE CHARACTER OF MERCHANTS,
The Rev. Dr. A

d am s,

o f N ew York, recently delivered a lecture before the Y oung

Men’s Christian Association o f Newark, in which he portrayed the mercantile profes­
sion in its brighter features, without touching the darker sides o f the picture.

He

commenced with a happy allusion to the motto on the seal o f the letter inviting the
lecture, “ R es, n on verba ” — actions, not words— which was worthy the imitation o f
every young man.

Our republic was not founded by poets and theorists, but by eur-

veyors, merchants, mechanics, and others, whose principle was R es, n on verba.

In

commencing his theme — the ideal o f a m ercha nt — he noticed Shakspeare’s description
o f Shylock and A n ton io; while we stigmatize one as an avaricious man, believing
strongly in law, but not in mercy, w e are won by the sublime heroism o f the m er­
chant’s self-sacrifice.
The world is a great mart, where riches, fame, and luxurious ease are striven _for ;
but he would protest against the idea that to attain these w e must devote all our
energy, discarding everything else. H e mentioned prominent merchants o f the Old
W orld who had done much for literature as well as business; there was no incongruity
between habits o f thought and action.




The merchant should not write over his mind

522

Mercantile Miscellanies.

the inscription o f his counting-room— “ N o admittance, except on business.”

The idea

that mercantile life was one o f ease and exemption from labor, had poisoned the pros­
pects and advancement o f many a boy, and spoiled a good farmer or mechanic in a
poor merchant.

There is no more respectability in wielding a pen in broadcloth, than

in following a plow or welding an axe.

A s much worth, interest, and honor as a man

puts in his business, so much will he derive from it.
In mercantile life, honesty will be severely tried, and w ill either decline or be
strengthened so that it w ill be steadfast ever after.

H e then dwelt upon credit — its

beautiful derivation credo , I believe— men trusting in fellow -m en; and this surrounded
them like the halo that old painters throw around everything divine.

The nice sense

o f honor in their code was more binding than statutes, and helped them in adversity.
W hat expanding ideas crowd the merchant’s mind as he views the great panorama of
Commerce !

W ho knows so well as he the civilizing effects o f Commerce ?

Their ex­

change forms a sort o f court to which every nation sends its representatives, and na­
ture seemed to have distributed her products for their benefit.
H e spoke strongly in favor o f early and discreet marriages, which should not be
deferred ti 1 they could vie with the opulent; and paid a high tribute to Mrs. John
Adam s, who he regarded as the cause o f her husband’s advancement. Her gentle in­
fluences, which lay about the roots o f his character, stimulated and strengthened its
growth.
W ealth adds nothing to intelligence or real enjoyment, our capacity for happiness
being in our nature, and not in our means.

Simplicity and industry are the most

beautiful ornaments o f successful merchants; and the world looks more hopefully and
trustfully to them than to its legislators.

THE WAY TO WEALTH ILLUSTRATED.
It is an awkward thing to begin the world without a dollar— and yet hundreds o f
individuals have raised large fortunes from a single shilling.

I know a gentleman, a

builder, in an extensive w ay o f business, now well worth $100,000, who was a brick­
layer’s laborer some six years ago, at one dollar per day.
upon principle.

H e became rich, by acting

H e has frequently assured me that even when he was in ill-paid em­

ploym ent he continued to save fifty cents per day, and thus laid up $182 the first
year.

From this moment his fortune was made.

Like the hound upon the right

scent the gam e sooner or later won was sure to become his own.

Another very ex­

tensive firm— one which has since died, and left behind him an immense property,
the other is still alive, and has realized as much, and y et both these men came to New
Y ork, without a cent, and swept the very shop wherein they both afterwards made
their fortuues.

Like the builder whom we have just mentioned, they possessed au

indomitable spirit o f industry, perseverance and frugality, and the first half-crown be­
cam e in consequence the foundation o f a million more.
The world at large would call these individuals fortunate, and ascribe their pro­
perty to good luck ; but the world would be very wrong to do so.

I f there was any

luck at all in the matter, it was the luck o f possessing clear heads and active hands,
by which means multitudes o f others have carved out their own fortunes, as well as
those instances we have above cited.

But the word business means habit.

Paradox­

ical as it may seem at first sight, business is nothing in the world except habit— the
soul o f which is regularity.

Like the fly-wheel upon a steam engine, this last keeps

up the motion o f life steady and unbroken, thereby enabling the machine to do its
w o r k ; without this regularity, your motions as a merchant may be capital, but never
will be profitable.




52 3

The Book Trade.

THE BOOK TRADE.
1.

— T h e W r itin g s o f T hom a s Jefferson : Being his Autobiography, C orrespondence,
Reports, Messages, Addresses, and other Writings, Official and Private. Published
by the order o f the Joint Committee o f Congress in the Library, from the Original
Manuscripts, Reprinted in the Department o f State. W ith Explanatory Notes, Table
o f Contents, and a Copious Index to $ach Volum e, as well as a General Index to
the W hole. B y the Editor, H. A . W a s h i n g t o n . Vols. vi. vii. viii. ix., 8vo. New
Y o rk : Riker, Thorn & Go.

This work which has been in progress o f publication for some time, has at length
been brought to a close. W e have noticed in former numbers o f the M ercha nts'
M aga?:ine the first five volumes as they appeared, and w e have now before us the
last four, completing the series o f nine volumes, of some six hundred pages each, or
nearly six thousand pages. The sixth volume, and part o f the seventh, contains the
letters o f Jefferson, written after his return to the United States, down to the time o f
his death, that is from 1790 to 1826. The remainder o f the seventh volume em ­
braces Jefferson’s reports and opinions while Secretary o f S ta te ; his Indian addresses,
inaugural addresses aud messages, and replies to public addresses. In volume eighth,
the inaugural addresses and messages are concluded ; and we have also the celebrated
“ Notes on Virginia,” and biographical sketches from the same pen, o f Peyton Ran­
dolph, Merriwether Lewis, General Kosciusko, with anecdotes o f Dr. Franklin. In
volume nine and last, we have Jefferson’s Manual for Statesmen, the Arras, and a
great number o f curious and interesting miscellaneous papers. A s a republican
statesman, and as the father and founder o f American democracy, Jefferson, was far
in advance o f any o f his cotemporaries, indeed comparatively few who profess to
adopt his theory o f democratic republicanism, have yet reached the stand point
from which he took his departure. His writings should be “ read, marked, learned,
and digested,” by all who would become statesmen, or who intend to devote their
lives in the service o f their country, either as diplomatists or legislators. Jefferson’s
requisites for public trusts, were, honesty and capacity— and we should say that the
best evidence o f the last-named requisite was a thorough acquaintance witli writings
embraced in volumes that contain the author’s imperishable works.
2. — H a r r y A s h t o n ; or The W ill and the W ay. 8vo., pp. 207.
8.— E lle n de V e r e ; or The W ay o f the W ill. 8vo., pp. 190.
4.

— M in n ie G r e y ; or W ho is the H eir?

5.

— G u ss H o w a rd ; or H ow to W in a W ife.

8vo., pp. 116.

6.

— A m y L a w ren ce ; or The Freemason’s Daughter.

7.

— F red A rd en ; or The Jesuit’s Revenge.

8.

— S ta n field H a l l : Historical Romance.

8vo., pp. 200.
8vo., pp. 149.

8vo., pp. 194.
8vo., pp. 432.

N ew Y ork : Garrett & Co.

The admirers o f dramatic, stirring, fascinating romance are indebted to the A m er­
ican publisher for reproducing these popuhy Euglish novels. The four volumes, neatly
bound and illustrated, contain seven o f the author’s, (J. P. Smith,) most successful
works o f fiction. “ Stanfield Hall,” the most elaborate o f the series, is a pow erfully
written romance, embracing one o f the most exciting periods o f English history. It
has enough o f intrigues in love and politics, and stormy dramatic scenes, for those
who can only live on high seasoned food. The L on d on A th en ceu m , reviewing on i o f the
author’s works, says, it is w ell worthy o f a place beside the noble productions o f Scott
and Dumas.
9. — L ilies and V io le t s ; or Thoughts in Prose and V erse on the True Graces o f
Maidenhood. By R o s a l ie B e l l . 12mo., pp. 442. N ew Y o r k : J. C. Derby. Bos­
ton : Phillips, Sampson & Co.
A pleasant and agreeable miscellany, consisting o f pieces in prose and verse,
original and selected from 3ome o f the best names iu our literature. The subjects are
classified under Esthetic, Intellectual, Affectional, Devotional, and Devotion. The
work is designed for the fairer part o f creation, and prepared with the hope that its
perusal may serve to encourage our daughters to walk more diligently in the path of
“ wisdom, beauty, and love.”




524

The Book Trade.

10. — T h e W o r k s o f B eau m on t a n d F letch er. The text formed from a new collation
o f the early editions. With Notes and a Biographical Memoir by the Rev. A lexan ­
der D vce. In 2 vols. 8vo., pp. 952 and 978. Boston: Phillips, Sampson & Co.
N ew Y o r k : J. C. Derby.
T o the enterprising house, whose name3 appear first in the title, w e are indebted
for the first American edition o f these old English dramatists. O f Beaumont and
Fletcher only three critica l editions have hitherto been attempted in England. The
first was that o f 1750, commenced by Theobald, and com pleted b y Seward and
Sympson, in which great liberties were taken with the text. The second, published
in 1778, was regarded as an improvement on the first named, inasmuch as the editors
(o f whom Colman was the chief) rejected the greater portion o f the arbitrary alterations
introduced by their predecessors. The third, published in 1812, edited by W eber,
who, having availed himself o f Monck Mason’s Notes (printed in 1798) produced
what has been regarded as the best edition o f the dramatists which had y e t appeared.
The present edition is unquestionably the most perfect extant. The text of it is
formed from a minute collation o f all the early copies, and two o f the plays— the
H on est M a n ’ s F o rtu n e and the H u m orous L ie u ten a n t, have, it appears been amended
by means o f manuscripts. The reverend and learned compiler has stated with great
precision the particulars already known concerning Beaumont and Fletcher and their
writings, and added some other new facts, though o f less importance, such as the date
and place o f Fletcher’s birth. W ith biographical details, Mr. D yce has mingled such
observations as were suggested to him by repeated perusals o f the poet’s works. The
value o f this edition will be appreciated by all admirers o f the old English dramatists;
and it should be found side by side with rare Ben Johnson, and the immortal Shakepeare.
11.

— L ectu res D eliv ered b efore the Y ou n g M en ’s C h ristia n A ss o c ia tio n in E x e te r
H a ll, L o n d o n : From November, 1853, to February, 1854. 12mo., pp. 485. R obert

Carter tfc Brother.
This volume embraces the ninth o f the annual series, which have been delivered for
the Y oung Men’s Christian Association, London. The object o f their association is to
“ promote the spiritual and mental improvement o f young men.” The present publi­
cation contains thirteen lectures, in keeping with this plan, from as many different
minds. The subjects are as various as the writers in character and style. The open­
ing lecture o f the course on desultory reading, was delivered by Sir James Stephens,
Professor o f Modern History in the University o f Cambridge. John B. Gough, the
American temperance lecturer, contributes one to the series, on “ H a b i t a n d the Rev.
Dr. Cumming. the celebrated Scotch preacher, another on “ the signs o f the times.”
Most o f the lectures are by eminent clergymen o f different denominations, but few o f
them are what would be regarded as strictly religious.
12. — S a lt W a ter B u b b le s ; or Life on the W ave. B y H a n s e n M
Original Illustrations by Kilburn and Mullory. 12mo., pp. 408.
. Reynolds.

W ith
B oston: W . J.

a r t in g a l e .

Several o f the tales comprised in this volume were originally written for the B o s ton J ou rn a l by the editor, Captain John S. Sleeper; and were favorably received by
the subscribers to that print. The author was for many years, as sailor and ship­
master, connected with “ Life on the Ocea# W ave.” This portrayal o f nautical life,
scenes on shipboard, and sketches o f the character o f the sailors in the American mer­
chant service during the first quarter o f the present century may therefore be
regarded as graphic and accurate. The language o f the sailors who figure in these
“ Bubbles” is o f a less technical, profane, and otherwise objectionable character than
is generally ascribed to those who pass their lives on the ocean. The sketches are
cleverly drawn, and will afford the reader much innocent amusement, if not much use­
ful knowledge.
13. — S a tire a n d S atirists.
Redfield.

By J am es H

annay.

12mo., p p . 235.

N ew Y o rk : J . S.

A n interesting treatise by the author o f “ Singleton Fontenoy,” an extraordinary and
popular novel. Mr. Hannay has produced a picturesque delineation o f the ancient
and modern satirists, written in a clear and readable style. O f course, in the space o f
this volume, the author has not attempted to treat o f a ll satire and satirists, but the
work, to quote from the prefatory remarks, is “ rather a collection o f passages in the
history o f satirical literature than anything else.”




The Boole Trade.

525

14. — Sabbath E v en in g R ea d in g s on the N ew Testam ent. B y Rev. J ohn C umming,
D. D., F. R. S. E. Minister o f the Scottish National Church, Crown Court, Cov­
ent Garden, London. 2 vols., 12mo., pp. 288 and 422. B oston: John P . Jewett <fc
Co.
W e have noticed in former numbers o f the magazine other works o f this prolific
writer and popular preacher. H e is, in a certain sense, in the Scotch Presbyterian
Church in the Old W orld, what Henry W ard Beecher is in the Orthodox Congrega­
tional, or Theodore Parker in the Unitarian Church, in the N ew W orld. Crowds o f
admiring or anxious listeners rush to hear each, and come aw ay variously edified, de­
lighted, and pleased. The two volumes o f “ Sabbath R eadings” consist o f comments
on the Gospels o f Matthew and Mark. These comments are more popular than crit­
ical, but sufficiency explanatory o f difficult passages to enable the ordinary reader to
ascertain the author’s views with the least possible obstruction. They are designed
“ for schools, scripture readers, families far off from an edifying ministry, and for
travelers and many others who have neither time, nor talent, nor taste to inves­
tigate learned and elaborate works ” on the same all-absorbing topic o f “ revealed
religion.”
— T h e l i l l y o f the V a lley f o r 1855. Edited b y E liza b e th D oten . 1 2 m 0 .,p p . 803.
Boston: James M. Usher.
This beautiful volume, though designed as a gift book for Christmas and N ew Y e ar,
w ill be an acceptable offering at all times and seasons.
The tales, sketches, and
poems, embraced between its handsome covers, possess a perennial value and interest.
They inculcate, in an attractive form and style, those lessons o f purity, charity, truth,
and goodness, so essential to to the peace, comfort, and happiness o f social and do­
mestic life. The illustrations, seven in number, are cleverly done. The engraving
“ Poor N e d ” is capital, and the story that it illustrates, from the pen o f the gifted
editress teaches a lesson worthy o f “ all acceptation.”
15.

16.— Success in L i f e — The Artist.
B y Mrs. L. C. Tuthill,
Y o rk : J. C. Derby. Cincinnati: H. W . D erby.

12mo., p p. 177.

New

This is an interesting work written in a pleasing, clear style b y a popular authoress,
and contains sketches o f eminent painters and sculptors, anecdotes o f their youth,
and depicting their struggles and successes. The book also gives advice o f a practi­
cal kind, and warnings and encouragements to the artist. The authoress, in substance,
correctly says that the taste o f our countrymen is improving, and what might have
been said with truth o f our country twenty or thirty years ago, that few encourage­
ments were offered to the artist, is disproved at this day by abounding facts. This is
an excellent book for public and school libraries.
17. — T h e S ons o f the S ir e s ; a History o f the Rise, Progress, and Destiny o f the
American Party, and its probable influence on the next Presidential Election. T o
which is added a review o f the letter o f the Hon. Henry A . W ise against the
Know Nothings. B y an A m e r ic a n . Philadelphia: Lippencott, Grambo
Co.
This volume advocates the principles and plan o f operation adopted by the party
popularly called “ Know Nothings,” and therefore embodies the views o f a large num­
ber o f American citizens on the subject o f the naturalization o f foreigners. The sub­
je c t is treated in a forcible though ornate style?
18 . — T h e I n i t i a l s ; a Story o f Modern Life.
Peterson.

12mo., pp. 402.

Philadelphia: T. B.

The scene is laid in Germany, and life in that country is depicted, we presume, with
fidelity, as the fair authoress, w ho is an English lady, a daughter o f Lord Erskine, has
lived on the Continent since her marriage to a German nobleman. Hildegarde, the
heroine, is a noble woman, and the character is w ell drawn. The story w ill please,
and is not devoid o f instructiveness. It has passed through several editions in Eng­
land.
19. — T h e R ecord ed W i l l : or Truth and not F iction; remarkably illustrating the care
o f Divine Providence. B y a C l e r g y m a n ’ s W i d o w . 12mo., pp. 234. B oston : Tappan & Whittemore.
This story illustrates the oft-repeated but truthful aphorism— “ truth is stranger
than fiction.” The plain, unvarnished facts related in this volume occurred in the long
pathway o f years trodden by the clergym an’s w idow . Living witnesses can attest
the truth of the story.




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20. — N a tu re in D isea se, illustrated in various Discourses and Essays. To which are
added Miscellaneous Writings, chiefly on Medical Subjects. B y J acob B i g e l o w ,
M. D., Physician and Lecturer on Clinical Medicine in the Massachusetts General
Hospital, Professor o f Materia Medica in Harvard University, President of the
American Academ y o f Arts and Sciences, and late President o f the Massachusetts
Medical Society. 12mo., pp. 888. Boston : Ticknor & Fields.
Dr. Bigelow, the author o f these sensible discourses and essays, is a physician o f the
highest eminence in Massachusetts. He may be classed as an allopathist, yet he is a
man o f liberal mind, and consequently not ultra or fanatical in his opinions. His
views on self-limited diseases— measles, small pox, scarlet fever, erysipelas, etc.— are
replete with common sense. Am ong the miscellaneous writings, is a paper on the
poisonous effects o f the American partridge or ruffed-grouse, in which are cited some
singular cases o f persons being poisoned or made sick with alarming symptoms, soon
after partaking o f the delicate flesh o f this bird, so much prized. There is an inter­
esting paper on “ Coffee and Tea,” which includes the history and medicinal effects o f
these substances, which the Doctor considers salutary if taken in combination with
nutritious food at proper times, and in moderate quantities.
21. — The P o ets a n d P o e t r y o f E u rop e. W ith Introduction and Biograpical Notices*
By H e n r y W a d s w o r t h L o n g f e l l o w . 8 vo ,, p p . 779.
N ew Y o r k : Charles SFrancis &, Co.
The first edition o f this work was published in 1845, b y the late firm o f Carey &
Hart. The present edition is an exact copy o f the first, and published in an equally
handsome style. Mr. Longfellow has derived his translations from ten different lan­
guages, viz.: the six Gothic languages o f the North o f Europe— Anglo-Saxon, T eu­
tonic, Danish, German, and Dutch, and the four Latin languages o f the South o f Eu­
rope— French, Italian, Spanish, and Portuguese.
Mr. Longfellow acknowledges his
indebtedness to Bowring, Herbert, Costello, Taylor, Jamieson, Adamson, and Thorp,
who furnished him with many o f the translations. The translation o f each poem is
given in the table o f contents. The com piler’s reputation as a poet and scholar is a
sufficient assurance o f the excellence o f the whole work, which w e regard as a most
valuable addition to every choice library.
22.

— H isto ry o f the H en F ever. A Humorous Record.
B y G e o r g e P. B u r n h a m .
Boston: James French & Co. N ew Y o r k : J. C. Derby.
Phila­
delphia: T. B. Peterson.

12mo., pp. 326.

This volume is a history o f five years’ speculation in what was called China Fowls,
designated by the names o f Cochin-China, Shanghae, and many fancy appellations.
I t is written in Mr. Burnham’s well-known style o f wit and satire, and will be exten­
sively read, because its facts and fictions are both attractive. The Hen speculation
was not on so large a scale, and did not involve so serious results, as to make a spor­
tive account objectionable, although some persons undoubtedly sustained considerable
pecuniary loss.
Mr. Burnham came out not only unscathed, but writh a well lined
purse. In character this bubble was similar to those o f the Merino Sheep, the M orns
M u ltica u lis , and other kindred speculations. W hoever takes up this book will read
it through with a lively interest aud be richly amused.
23. — T h e G a u ger’s H a n d -B o o k : a com plete and concise treatise on Gauging, as prac­
ticed by the Gaugers o f the Customs at the Port o f N ew York. Together with
such Rules and Regulations as are necessary for his guidance in all cases. 18mo.,
pp. 92.
A concise and simple treatise on the subject which the title indicates. One object
o f the w oik is to establish a uniform system o f gauging in the United States. The
authors have had years o f experience as practical gaugers. The book is well printed
on beautiful paper, and is dedicated, by permission, to John Cochrane, Surveyor o f
the Port.
24. — I n -D o o rs and O u t ; or V iew s from the Chimney Corner.
12mo., pp. 330. Boston : Brown, Bazin & Co.

B y O l iv e r O p t ic .

A variety o f sketches illustrative o f social and domestic duties, some o f which have
appeared in newspapers.
The author has aimed to hit the follies o f the parlor, the
kitchen, the shop, and the counting-room, and has done so in stories which are o f a
pleasing and popular character.
The book is illustrated with numerous appropriate
engravings.




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The B ook Trade.
25. — The L i f e a n d C ha racter o f S ylvester Judd.
Nichols.

12mo., pp. 531.
#

Boston : Crosby <fe

The life o f a clergyman or an author, so far as external circumstances and geogra­
phical transitions are concerned, is not a3 full o f stirring events as that o f the military
chieftain, the voyager, or the traveler.
But to those who feel that high and noble
principles are more honorable than deeds o f daring, and conspicuous stations, and that
wealth o f mind and heart far outweigh the richest natural products, this life o f Mr.
Judd will not be found wanting in interest and attractiveness. The design o f the
authoress has been to make it, as far as possible, an autobiography. Commencing
with his parentage and childhood, boyhood and youth, she traces her subject in his
preparation for college life, changes in his theological views, relations to the ministry,
and to progress and reform ; portrays his character as an author, a lecturer, and a
student. She has, in brief, sketched a life and character, which, with a most intimate
knowledge o f the one, and a perfect understanding o f the other, impressed upon her
heart a deep love and profound reverence.
26. — B otan y o f the S ou th ern States.
In T w o Parts. Part I. Structural and Physio­
logical Botany and Vegetable Products. Part II. Description o f Southern Plants,
arranged on the Natural System.
Preceded by a Linnaian and a Dichotomous
Analysis. By Professor J o h n D a r b y , A . M. New Y ork : A. S. Barnes Co. Cin­
cinnati: H. W . Derby. Savannah: John M. Cooper. 12m o, pp. 612.
The volume whose title is prefixed embraces a condensed and comprehensive trea­
tise upon the science o f botany, with an improved classification o f plants. The first
part contains a scientific view o f the subject in its general character as a science, with
the laws which govern i t ; and the second part, a description o f those plants which
are peculiar to the Southern States. Numerous w ell executed wood engravings tend
to illustrate the text. The subject furnishes an interesting topic o f study ; and the
author remarks in his preface that he has “ aimed at presenting to the colleges and
high schools o f the Southern States a text-book that shall answer all the ends o f such
a work in the hands o f intelligent and skillful teachers.”
27. — M em oir o f R ev. Jam es M . Cook.
B oston: James M. Usher.

B y T h e o d o r e D. C o o k .

12mo., pp. 430.

W e have ever esteemed biography as the most interesting portion o f the world’s
literature, and, when faithfully written, as the most useful and instructive. Through
this medium, wise and good men “ being dead, y et speak ” to the living.
Their vir­
tues, trials, and triumphs animate and encourage, and their foibles and faults become
beacon lights to the tried and tempted traveler. The subject o f this memoir was
a preacher in the denomination o f Christians known as Universalists, and this
memoir o f his life was written by a brother, who has freely introduced personal re­
miniscences which may be regarded as a faithful transcript o f cherished records
stored away in the sacred archives o f a brother’s memory. Interwoven with the
biography we find historical sketches o f Universalism in the several fields o f the
preacher s labors.
28. — T h e C h ristia n R etrosp ect and R e g is ter ; a summary o f the Scientific, Moral, and
Religious Progress o f the First H alf o f the Nineteenth Century. With a S upple­
ment, bringing the work down to the Present Time. B y R o b e r t B a i r d . 12ino.,
pp. 442. N ew Y o rk : M. W . Dodd.
This is a new edition o f a work originally published in 1851. It is divided into two
parts. The first relates to the progress o f mankind in his material interests. The
second refers to what the author denominates the progress in the moral and religious
interests which the world has made during the period under consideration. The sup­
plement added to this addition brings the same topics down to the close o f 1854.
The'author regards Protestantism as identical, if not synonymous, with Christianity,
hence his work is entirely Protestaut in its character.
29. — The H eiress o f B ellefon t.
By E m e r s o n B e n n e tt , author of “ Clara More­
land,” “ Viola,” “ The Forged W ill,” “ Pioneer’s Daughter,” “ Bride o f the W il­
derness,” “ Kate Clarendon,” “ Ellen Norberry,” &c. 8vo. Philadelphia: T. B.
Peterson.
The fictions o f this author are fascinating, and have gained considerable popularity.
H is descriptions o f border life are w ell drawn. Such novels as this are o f a useful
character.




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SO.— C o r s ic a : Picturesque, Historical, and Social. W ith a Sketch o f the early life
o f Napoleon, and an account o f Bonaparte, Paoli, Posso di Borgo, and other prin­
cipal Families. Suggested b y a Tour in the Island in 1852. Translated from the
German o f F erdin and G re goeoviu s , b y E d w a r d J oy M o r r is . 12m o., pp. 622.
Philadelphia: Parry & McMillan, successors to A . Hart. N ew Y o r k : sold b y D.
Appleton.
The publication o f this work in Germany, has greatly added to the knowledge o f
one o f the most interesting countries o f Europe, and the American translator has done
a service in the diffusion o f elegant literature in translating a work o f such rare liter­
ary ability, setting aside its historical value. The author traveled in the island in the
summer o f 1862, and the work is chiefly the product o f what he saw and learned
while there. W e have sketches o f the many illustrious men from Seneca to Napo­
leon, whom birth or fortune has connected with the history o f the island. W e have
views o f the past and present Corsicans, illustrative stories beautifully told, daintilydrawn descriptions o f the life o f the island, and fascinating pictures o f scenery. The
learned translator seem to have performed the difficult tasa o f rendering the German
into English in a manner which evinces his good taste and scholarship.
31. — F irm ilia n . A Spasmodic Tragedy. B y T. P e r c y J o n e s .
Y o rk : Itedfield.

12mo., pp. 165. N ew

This poem has been pronounced one o f the cleverest satires o f the age, and is writ­
ten by W . E. Aytoun, the present editor o f B lackw ood. It hits the vulnerable points
o f some o f the prominent authors o f the day— as Carlyle, Gilfillan, Tennyson, and
Alexander Smith— whose Life Tragedy, it is supposed, suggested this production.
There are some rather pungent reflections on Uncle Tom literature. The wit gen­
erally is caustic, and will please those who are fond o f this class o f composition.
32. — T h e W a y s o f L i f e : Showing the Right W ay and the W rong W a y ; contrasting
the High W ay and the L ow W a y ; the True W a y and the False W a y ; the Upward
W a y and the Downward W a y ; the W ay o f Honor and the W ay o f Dishonor. By
Rev. S. G. W e a v e r , author o f “ Hopes and Helps,” “ Mental Science,” &c. 12mo.,
pp. 157. N ew Y o r k : Fowlers & W ells.
The reverend author o f these lectures moralizes in earnest and plain style, and in­
culcates wisdom’s ways, and shows that “ they are ways o f pleasantness, and all her
paths are peace.”
33. — K a t e A y l e s f o r d ; a story o f the Refugees. B y C h a r l e s J. P e t e r s o n . 12mo.,
pp. 386. Philadelphia: T. B. Peterson. Boston: Phillips, Sampson & Co. New
Y o rk : J. C. Derby.
This is an historical novel, useful as exhibiting a picture o f the men and women, the
toanners and customs o f our good old Revolutionary times. The author possesses de­
scriptive talent to a high degree o f excellence, and the story abounds in interesting
and thrilling incidents and strongly marked characters, presented in a vigorous style o f
writing. The history o f the refugees o f N ew Jersey is embodied in the tale, and the
book must deservedly enhance the reputation o f Mr. Peterson as an historical romance
writer.
84. — A fr a j a : a Norwegian and Lapland Tale, or Life and L ove in N orw ay. Trans­
lated from the German o f Theodore Mugge.
B y E d w a r d J o y M o r r is .
1 2 m o .,
pp. 571. Philadelphia: Lindsay & Blakiston.
The life-like descriptions o f the manners and customs o f the Laplanders and Nor­
wegian settlers on the coasts, are drawn with great power, and cannot fail o f awaken­
ing the keenest interest in a story o f sufficient brilliance to keep the attention o f the
reader intensely excited from the first to the last page. Mr. Carey, the distinguished
political economist, in his papers on “ Money,” published in the Decem ber and January
numbers o f the M erch a n ts’ M a g a zin e , draws an illustration o f his subject from the
pages o f this story.
85. — T h e P ilg r im s o f W a lsin gh a m ; or Tales o f the Middle Ages.
A n Historical
Romance. B y A g n e s S t r i c k l a n d . 1 2 mo., pp. 386. N ew York : Garrett & Co.
The scene o f this romance is laid in England in the reign o f Henry V III., while
Charles V . was on a visit to the English court.
Catherine o f Arragoti, Anne Boleyn,
Cardinal W olsey, and King Henry are introduced. It sketches traits o f English char­
acter.