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TH E
MERCHANTS’ MAGAZINE,
E stablished. J u ly ; 1 83 9 ;
BY FREEMAN BENT, EDITOR AND PROPRIETOR.
VOLUME X X I .
A U G U S T , 1849.
CONTENTS
NUMBER II.
O F N O . II., V O L . X X I .
ARTICLES.
ART.
I.
II.
PAGE
DEBTS A N D FIN AN CES OF TH E STATE S OF TH E U N IO N : W ITH R E FE R E N C E *
TO TH E IR G E N E R A L CONDITION AN D PR O SPER ITY .— C h a p t e r V I.—TH E W EST
ER N ST A TE S—IN D IA N A . By T h o m a s P. K e t t e l l , E s q ., o f N ew Y o rk .......................... 147
R A IL R O A D L E G ISL A T IO N OF N E W Y O R K IN 1849.
By J. B.
V a r n u m . E s q .,
Mem
ber o f the Legislature o f New Y o rk .................................................................................................... 163
III. V IR G IN IA : H E R H ISTO RY A N D RE SO U R CE S........................................................................... 181
IV . TH E COM M ERCE OF H U N G A R Y A N D T R A N S Y L V A N IA . By G .F . S e c c h i d e C a s s a l i ,
late o f Italy, now o f N ew Y o rk ............................................................................................................ 191
V.
V I.
TH E PROPOSED R A IL R O A D TO TH E PACIFIC. B y W i l l i a m D a r b y , E s q . , Author o f
a “ Universal Gazetteer,” o f W ashington, D. C................................................................................ 194
T R A D E -M A R K S .
By
F r a n c is
O.
D o r r , E s q .,
o f the N ew Y o r k Bar.................................. 199
V H . SM ITH’ S ST ATU TO RY A N D CON STITU TIO NAL L A W .
By
D a v id
R.
J a q u e s , E s q .,
of
the N ew Y ork B a r...................................................... .............................................................................. 203
M E R C A N T I L E L A W C AS E S .
Points in Mercantile Law , from Sandford’ s Suprem e Court Reports........................................................ 206
Prem ium Notes in Mutual Insurance................................................................................................................ 206
Marine Insurance— the Rotten Clause.............................................................................................................. 207
Statute o f Lim itations—W hen it begins........................................................................................... ............... 208
C O M M E R C I A L C H R O N I C L E AND R E V I E W :
EMBRACING A FINANCIAL AND COMMERCIAL R EV IE W OF THE UNITED STATES, ETC., ILLUSTRA
TED W IT H TABLES, ETC., AS FOLLOWS I
Rate o f M oney—R ise in Cotton—Im proved V alue o f Exports— Sales Stocks—Emigrant Rem ittances— Effect on Bills—Rates o f Exchange— M ovem ent o f Specie—California—Rate o f Interest
— Em ploym ent o f Capital—D em and for Means— Activity o f Enterprise— Raw Materials— W ool,
Produce and Im port of— British and United States Consumption, e tc ......................................... 209-214
VOL.
XXI.-----N O . II.
10
146
CONTENTS OF NO. II., VOL. XX I.
PAG E
COMMERCIAL STATISTICS.
Statistics of- the British Cotton Trade, and o f the Manufacture o f Cotton G oods................................
British exports o f Calicoes, Printed and D yed, and Shawls and Handkerchiefs in 1847-8................
British exports o f Hosiery and Ginghams in 1847-8 ....................................................................................
British exports o f Cotton Yarn and Cambrics and Muslins in 1847-8.....................................................
British exports o f Cotton and Linen, Cords, Velveteens, etc., in 1847-8 ................................................
British exports o f Plain Calicoes, Lace, etc., 1847-8....................................................................................
British exports o f Cotton Thread and Counterpanes in 1847-8..................................................................
British exports o f Tapes, Quiltings, and Ribbs, etc., in 1847-8..................................................................
Bags and Bales o f Cotton im ported, exported, etc., in London, L iverpool, Glasgow, etc., in each
year from 1833 to 1849......................................................................................................................................
Im ports o f Cotton W o o l into Liverpool, w eekly, during the year 1848; also, the num ber o f bales
sold to the Dealers, Spinners, and Exporters, w eekly prices, etc., in 1848........................................
Cotton Yarn exported from L ondon, L iverpool, Hull, G oole, Bristol, and N ew Castle-upon-Tyne
in 1847-8, showing the increase and decrease............................................................................................
Cotton W o o l exported from London to various Ports in 1847-8..............................................................
Average price o f Manufactured G oods exported from 1845 to 1848 ........................................................
Quantity o f Cotton spun in England and Scotland in 1848 ........................................................................
Im port o f Cotton W o o l into Great Britain for the last 43 years, Distinguishing the Growth............
Shipping em ployed in the United K ingdom ................................................ ..............................................
Im port o f R ice into Rotterdam from 1844 to 1848........................................................................................
215
215
216
216
217
218
218
219
220
220
221
222
222
223
223
224
224
COMMERCIAL REGULATIONS.
A n act o f the State o f N ew Y o rk for the Incorporation o f Insurance Com panies............................. 225
The new Bermudian Tariff for 1849 and 1850...................................................... ...................................229
Lim ited Partnerships in Indiana........................................................................................................................ 230
Circular to Collectors o f Customs—on Fishing V essels.............................................................................. 231
NAUTICAL INTELLIGENCE.
British Light-houses............................................................................................................................................... 231
Cashe’s, or A m m en’s R ock. By C h a r l e s H e n r y D a v i s , Lieutenant Com m anding United States
Coast S u r v e y ....................................................................................................................................................... 233
Prussian Baltic L ights........................................................................................................................................... 234
J O U R N A L OF M I N I N G AND M A N U F A C T U R E S .
Professor Page’s new Electro D ynam ic Pow er. B y J o h n J a m e s G r e e n o u g h , E s q . , o f W ashing
ton, D. C................................................................................................................................................................. 234
Political E conom y o f M achinery....................................................................................................................... 236
Commercial Im portance o f the Metalic Sulphurets. By T. H. L e i g h t o n , o f England....................
Smelting Copper Ores— Im provem ent in the sam e......................................................................................
Manufacture o f SuJphuret o f A m m onia..........................................................................................................
Proposed Im provem ent in the Manufacture o f A lk a li................................................................................
Manufacture o f Maraschino.— Ship-Building in Maine................................................................................
237
238
238
238
239
R A I L R O A D , C A N A L , AND S T E A M B O A T S T A T I S T I C S .
The Railroads o f Ohio, Com pleted, in Progress, and Chartered..............................................................
Georgia Railroad— Statistics o f Receipts, Expenditures, e tc .......................................................................
Northern (New Hampshire) R ailroad...............................................................................................................
Verm ont Central Railroad— Connecticut R iver R a ilro a d ............................................................................
240
242
244
244
J O U R N A L OF B A N K I N G , C U R R E N C Y , AND F I N A N C E .
Condition o f all the Banks in Ohio........................ ................................................ .......................................
Tariff o f the Mint o f the United States upon Deposits o f G old and Silver for Refining, etc............
Lending M oney at “ A Quarter a Day.” ...........................................................................................................
Interest on Loans o f the United States.— G old M oney Incom patible with an Extended Com m erce.
245
246
247
248
MERCANTILE MISCELLANIES.
E conom y the Cause o f Success in Business.................................................................................................... 249
Excerpts for Business M en : or Thoughts and Observations on Business from u Acton.” .................. 250
T HE BOOR T RADE.
Com prehensive Notices o f N ew W orks or N ew Editions.................................................................... 251-^256
X)ur Magazine ; an Extract from a Private Letter, e tc ................................................................................. 256
HUNT’S
MERCHANTS’ MAGAZINE
AND
COMMERCIAL REVIEW.
A U G U S T , 1 849.
Art. I.— DEBTS AND FINANCES OF T1IE STATES OF THE UNION:
W IT H R E F E R E N C E TO TH E IR G E N E R A L C O N D ITIO N A N D P R O S P E R IT Y .
C H A PTE R V I .
The Western States— Indiana.
I n d i a n a is one o f those remarkable States that in the course o f a few
years, as it were, developed themselves from the wilderness, not only to take
a position, but a controlling one, amidst the independent members o f the
Federal Union.
The Northwestern Territory, ceded by Virginia to the
Federal Government, for the benefit o f the whole Union, was promptly colo
nized by hardy settlers from the original thirteen States, as soon as a glorious
peace had confirmed the absolute independence and internal tranquillity of
the people o f the Union. That territory, incapable o f black slavery, as well
naturally, as by operation o f popular sentiment, has been, according to the
tenor o f the deed o f cession from Virginia, divided into five sovereign States,
o f which the area, dates o f admission into the Union, and population, are as
foUows:—
Area.
Miles.
Acres.
Ohio........................
Indiana.................
Illinois...................
Michigan...............
W isconsin.............
39,964
33,809
' 55,405
56,243
53,924
25,576,960
21,637,760
35,459,200
35,995,520
34,911,360
Total.................
239,345
153,580,800
Date o f admission.
November
December
“
January
May
29,
11,
3,
26,
29,
1802
1816
1818
1837
1848
Popul’ n 1840.
1,519,467
678,698
466,183
212,267
220,867
3,107,482
This table exhibits the order o f their admission into the Union. The
States o f Ohio, Indiana, and Illinois, are bounded on the south and east by
the River Ohio, emptying into the Mississippi, which forms the western boun
dary o f Illinois and W isconsin; on the north, the three States are hounded
by the great lakes, into which, as it were, the peninsula o f Michigan projects,
148
D ebts and Finances o f the States o f the Union.
having on its eastern border, Lake Huron, and on its western, Lake Michi
gan, which separates it from Wisconsin. The whole territory is watered by
several rivers, o f which the Scioto, in Ohio, the Wabash, o f Indiana, and the
Illinois, in the State o f that name, are the principal; and many smaller
streams drain the fertile fields in each State. The soil is o f unsurpassed fer
tility, and abounding in minerals. Although nature had richly endowed this
whole territory with means o f water communication, it was manifest that arti
ficial avenues were necessary to its rapid settlement; and for this object o f
paramount importance, Congress, in 1806, passed a law to construct a National
Road from Cumberland, in Maryland, to Ohio. This was opposed by many,
on the ground that the Federal Constitution conferred no power on Congress
to spend the public money for works o f improvement. Certain it is, that if
Congress possesses such a power in an unlimited degree, in connection with
the right to borrow money for such purposes, it is the most dangerous pre
rogative which can exist in our country. After debate, the matter was com
promised by a provision in the law, requiring the assent o f Maryland, Penn
sylvania, and Virginia, through parts o f which States the road must pass, for
its construction. This was merely an evasion; for if Congress did not possess
the power, the assent o f these States would not confer i t ; and if it did possess
the power, the assent was unnecessary. The opinion on this matter now
seems to have settled down to the belief, that when a public work is not ex
clusively in one State, it acquires a national character, which places it under
the control o f Congress. This was the case with the National Road. It may
well be supposed that the expenditure, by Congress, o f a considerable sum o f
money in a new State, was far too desirable to the people and landholders o f
that State, to suffer the matter to slumber, and some forty different acts have
prolonged the road from Cumberland, through Pennsylvania, part o f Vir
ginia, Ohio, Indiana, and across Illinois, running from W heeling nearly par
allel to the River Ohio, to Alton, on the Mississippi River. The amounts ap
propriated by Congress have been, from the commencement o f the road in
1806 to 1838, east o f the Ohio River, $1,901,041 ; in Ohio, $2,081,008 ;
in Indiana, $1,135,000; in Illinois, $746,000, making a total o f $5,863,049.
The expenditures in the State o f Indiana commenced in 1829, and were con
tinued annually to 1838. O f the whole sum expended by Congress, a por
tion was to be re-imbursed by Indiana, from the per centage o f public lands
sold within the States, allowed to each on its admission into the Union. It
has been the custom, on the admission o f a new State into the Union, for
Congress to make to it a grant from the public lands, for schools, a seminary,
a seat o f government, and to allow to it 5 per cent of the proceeds o f lands
sold within its border, after paying expenses, for the construction o f roads and
canals. O f this sum o f 5 per cent, 3 per cent is paid over to the State, to be
expended under its direction, and the remaining 2 per cent is expended
under the direction o f Congress. In Indiana, the 5 per cent has amounted,
up to the close o f 1848, to $959,246 25. O f this, $575,547 75 has been
paid over to the State, and the remaining $383,698 50, forms part o f the
$1,131,000 expended by Congress on the National Road. In addition to the
original grants o f lands for schools, seminaries, and seats o f government, Con
gress has, from time to time, made grants o f land in aid of the internal im
provements undertaken by the several States. There are also reservations o f
lands for salaries, for Indians, for corporations, military bounties, <fcc. In the
State o f Indiana, the several quantities o f these lands are as follow s:—
149
Indiana.
DISPOSITION OF LANDS IN INDIANA.
Area in acres......................................................................
Proclaimed for sale............................................................
15,477,628
Sold................................................
Granted to schools..................................
631,863
“
universities.. .........................
46,080
“
internal improvements____
1,609,861
“
individuals...........................
843
“
seats of government............
2,660
Bounties, military, late war...................
69,776
“
“
Mexican war...........
189,640
Reserved salaries.....................................
24,235
“
Indians ....................................
126;220
“
companies...............................
150,000
Private claims.........................................
179,880
21,478,760
21,359,707
18,508,426
Swamp lands area.............................................................
2,970,334
981,682
Unappropriated balance, 1849................................acres
1,998,652
k
The following table shows the quantities o f land sold annually in Indiana,
with the population o f the State at various times, according to the State and
Federal census:—
LANDS SOLD ANNUALLY IN INDIANA.
Years.
1807...........
1808...........
1809...........
1810...........
1811...........
1812...........
1813...........
1814...........
1815...........
1816...........
1817...........
1818...........
1819...........
1820...........
1821...........
1822...........
1823...........
1824...........
1825...........
1826...........
1827...........
Acres sold.
47,867
31,242
35,711
44,949
35,876
55,050
137,135
155,985
371,374
272,023
192,586
56,461
165,482
266,340
252,573
151,893
157,246
157,102
197,195
51
89
79
19
26
98
96
52
80
12
15
09
02
52
64
41
21
18
16
Popula’n. Years.
1828........
1829........
1830........
24,520 1831.........
1832........
1833.........
1834........
1835......... . .
1836........ . .
1837........
1838.........
1839.........
1840...........
147,178 1841...........
1842 ........
1843.........
1844........
1845...........
1846.........
1847.........
1848......... . .
Acres sold.
Popula’n.
339,744 83
343,031
537,267
531,858
534,484
650,665
1,547,500
3,016,960
64
68
44
81
21
77
572,474 89
685,866
93,746
54,000
46,543
99,999
73,257
82
29
50
99
42
857,33 2
*321,790 36
932,777
In addition to this, 1,179,259 acres actually situated in Indiana, were sold
in the Chillicothe, Ohio land district, and are returned in Ohio sales. The
population for 1845 and 1849 is estimated on the official return o f taxable
polls. These, in 1849, were 36 percen t more than in 1 8 4 0 ; hence the
population is taken at the same ratio o f increase. The settlement o f Indiana
progressed from general causes differently at different times. Before the
construction o f the Erie Canal, o f New York, in 1827, the produce o f those
States could command no market, and for twenty years, the annual sales of
lands did not materially vary. Simultaneously with the outlet for produce from
* Three quarters.
150
D ebts and Finances o f the States o f the Union.
the lakes to tide-water, formed b y that work, the expenditure on the Na
tional Road, in Indiana, commenced. Both o f these circumstances naturally
stimulated settlement, and under the general influence o f those speculations
which pervaded the Union, the sales gradually increased to the enormous
quantities returned in the year 1 8 3 6 ; when, through the operation o f the
reformed policy o f the Federal Government, as manifest in what was called
the “ specie circular,” refusing any longer to part with the public domain for
hazardous credits, through which the lands were passing into the hands o f
speculators at the expense o f the actual settlers, the sales were checked.
During the continuance of this mania, the efforts o f the landholders and
speculators to enrich certain localities, by the expenditure o f public money,
produced a gigantic scheme o f internal improvements. So well watered is
Indiana, naturally, that the farmers o f fifty-eight counties o f the ninety or
ganized in that State, can transport their productions from their own doors,
by water, in flat boats, to market. Sixteen are hounded or intersected by the
W a bash ; ten by the north branch o f W hite R iver; twenty by the south, and
its forks ; fourteen by the Ohio, and its little tributaries; five by Lake Mich
igan and St. Joseph’s ; and others by other branches and creeks. From all
parts o f the State, farmers and mechanics can prepare their freights, and in
the winter season float off to New Orleans, or other markets, and return in
season for another year’s labor.
Nevertheless, the speculative mania then rife throughout the Union, prompt
ed the most reckless undertakings, and Indiana suffered in common from these
with others. The first work projected was the Wabash and Ohio Canal, to
connect the waters o f the lake with the Ohio River, by running froni the
Ohio State line, in the valley o f Miami, to Lafayette, 138 miles; thence 90
miles to Terre Haute, in the valley o f the W a bash ; from which river, ob
structions were to be removed to complete the navigation. The cost o f this
work was originally estimated at $2,000,000, which had been expended up
to the time that the State suspended its payments in 1841. In the year
1824, Congress, by special act, authorized the State of Indiana to construct
a canal through the public lands, to connect the waters o f the W abash and
the Miami, and granted 90 feet of land, on each side, to the State, to aid in
the construction. In 1827, another law granted one and a half sections in
width, on each side o f the proposed canal, to aid in its construction, reserv
ing each alternate section to the United States. In 1832 the State passed
a law to realize and render available the donations, and to appoint commis
sioners to borrow money, on the credit o f the State, to prosecute the work.
Operations were thus commenced, and in 1833 the middle section was put
under contract. From that time forward, loans were occasionally made for
this work, until the failure of the State credit, and the whole amount o f stock
issued on account o f it, was as follows :—
STATEMENT EXHIBITING THE NUMBER AND AMOUNT OF BONDS SOLD, THE RATE OF INTEREST
ALLOW ED, THE AMOUNT REALIZED THEREFROM , THE DATE OF SALE, W HEN DUE, AND TO
W H O M SOLD, FOR THE WABASH AND E R IE CANAL.
B O N D S IS S U E D ON A C C O U N T O F W A B A S H A N D E R IK C A N A L .
No. o f Rato
A in’ t o f
Sold
Date o f
bonds, p. c. K ind, bonds.
for.
sale.
1 to 100 6 $ bonds. $100,000 $113,260 A u g., 1832
1 to 100 5
“
100,000 102,050 Feb., 1835
1 to 200 5
“
200,000 204,100 F eb., 1835
501 to 565 5
“
65,000 69,550 A p ’l, 1835
566 to 699 5
“
134,742 141,479 A u g., 1835
W h en due.
To w hom sold.
1852 to 1862 J. D. Beers & Co.
1855 to 1865 Prime, W ard & King.
I 860 to 1875 Prime, W ard & King.
1860 to 1875 Secretary o f W ar.
1860 to 1875 J. J. Cohen &. Brothers.
No. o f
Rate
bonds, p. c. Kinds.
1100 to 1164 5 $ bonds.
1215 to 1254
5
“
1255 to 1354
5
“
1355 to 1357
5
“
1358 to 1376
5
“
1937 to 1966
5
“
1816 to 1936
5
«
1937 to 2286
5
“
2287 to 2686
5
“
A in’ t o f
bonds.
65,257
40.000
100.000
3,000
19.000
30.000
120.000
350.000
400.000
Indiana.
151
Date o f
sale.
Aug., 1835
Sept., 1835
June, 1836
July, 1836
July, 1836
Julv, 1837
July, 1837
Sept., 1837
Jan., 1839
W hen due.
T o w hom sold.
1865 to 1885 J. J. Cohen & Brothers.
1865 to 1875 Prime, W ard & King.
1866 to 1886 J. J. Cohen & Brothers.
1866 to 1886 Secretary o f W ar.
1866 to 1886 T. Biddle & Co. & Mor. Canal.
1866 to 1886 Christmas, Livingston & Co.
1866 to 1886 T. Biddle & Co. & M or. Canal.
1866 to 1886 Morris Canal.
1864 to 1889 Morris Canal.
Sold
for.
68,520
42,000
100,000
3,210
19,190
30,000
121,200
357,000
396,009
T otal.............................. $1,727,000 1,767,560
The legislature o f 1832 also incorporated eight joint stock companies, for
constructing railroads from the Ohio River to Indianapolis, and to different
places on the Wabash, with an aggregate capital of $4,000,000. The spirit
o f speculation then rife in lands and other property, required a bank to fa
cilitate its progress. The constitution o f the State provides that there shall
be no institution to issue bills o f credit, or notes payable to bearer or order,
provided that this shall not be construed to prevent the legislature from es
tablishing a State bank, with not more than one branch to three counties;
and in 1834 the State Bank o f Indiana was incorporated. It went into
operation in November, o f that year, with ten branches, v iz : at Indianapolis,
Lawrenceburg, Richmond, Madison, New Albany, Evansville, Vincennes,
Bedford, Terre Haute, and Lafayette. Subsequently, in 1835, a bank was
located at Fort Wayne, one at South Bend, in 1838, and one at Michigan
City, in 1839, making thirteen. Each o f these branches issues and redeems
its own notes, and discounts by its own board o f ten directors; but three o f
these are chosen by the parent board, which controls the branches, and may
suspend either o f them. In case o f insolvency o f any branch, the State stock
is paid in full before that o f any individual stockholder. The State sub
scribed to the stock of this bank by the issue o f bonds, and by turning over
to the bank the fourth instalment of surplus revenue to be paid by the United
States, which, however, was never paid by the United States, but which was
anticipated by the sale o f bonds. A ll the bonds issued by the State on ac
count o f this bank, were as follows
STATE BONDS ISSUED ON ACCOUNT OF STATE BANK OF INDIANA.
N o. o f Rate
Ain’ t o f
Date o f
bonds, p. c. Kind.
bonds. Sold for.
sale.
W h en due.
T o w hom issued.
1 to 500 5 $ bonds. $500,000 $505,250 A u g., 1834 1854 to 1864 Prim e, W ard & King.
1 to 23
5
“
23,000 .............
1859 to 1874
700 to 1099
5
“
399,000 416,955 A u g., 1835 1855 to 1865 J. J. Cohen & Brothers.
1165 to 1214
5
“
50,000 52,250 Sept., 1835 1855 to 1865 Prime, W ard & King.
1377 to 1816
5
“
440,000 444,400 Sept,, 1836 1856 to 1866 T. Biddle & Co. & Mor. Canal.
1 to 1000 5 £ bonds. 1,000,000 980,000 A p ’ l. 1839 1859 to 1874 Morris Canal.
T otal................................ 2,412,000 2,398,855
The $1,000,000 issued to the Morris Canal, was sold to it by the president
o f the bank, at a time when it was largely in debt to the State o f Michigan,
much embarrassed in its affairs, and its stock selling at 56 per cent. The
proceeds were payable in ten instalments, o f which $20,000 only was real
ized, and the State realizes for the stock issued, $1,304,950 o f bank stock.
The whole amount of bonds issued to the bank was $2,412,000; but the
bank acknowledges and pays interest only on $1,390,000. The difference,
$1,022,000, lost by the bank through its own mal-administration, was turned
over, by some legerdemain, to the internal improvement fund. Although
the amount is a State loss, the bank ought to be held accountable for it.
Individual subscriptions reached $1,366,668 V5, making the whole bank capital
$2,675,618 75. The operation o f this new bank was to stimulate the ex
isting speculations. The sale o f bonds abroad, for the bank capital, as well
152
D ebts and Finances o f the States o f the Union.
as for the Wabash Canal, aided in keeping exchanges in favor o f the State,
and facilitating the loans to speculators, and sales o f merchandise on credit.
The distribution o f the surplus revenue derived from the United States in
1836, and which was loaned out in the several counties by law o f 1837, the
expenditures upon the National Road, the disbursements upon the Wabash
Canal, and the discounts o f the bank, naturally produced the desire for more
extended operations, and in 1836, a law authorizing the borrowing o f
$10,000,000, for a grand internal improvement system, was passed. Under
it, three commissioners were appointed to borrow money. This “ system”
was composed o f the following works:—
1
2
3
4
5
6
7
White Water Canal........................................................
White River Canal..........................................................
Wabash and Erie Extension..........................................
Wabash River Improvements........................................
Madison and Lafayette Railroad.................................
Turnpike from Vincennes to Hew Albany..................
“
“
Hew Albany to Crawfordville............
$1,400,000
3,500,000
1,300,000
50,000
1,300,000
1,150,000
1,300,000
Total.............................................................................
$10,000,000
This vast scheme having been projected to benefit all localities in the
State, operations were commenced on the whole simultaneously. The result
was, that vast sums o f money were expended before any one work was com
pleted. The funds set apart for the payment o f interest and principal on the
internal improvement debt, w ere: 1st., the tolls o f the works ; 2d., the tolls
on the Wabash Canal, when the debt contracted for its construction should
be paid from the lands granted by Congress; 3d., the sums received from
Congress under the Distribution Act, $860,254 4 4 ; 4tli., the bank stock
owned by the State, when the profits accruing on it should have repaid the
loans contracted to purchase it. This pledging o f expected profits as security
for further loans, shows the peculiar nature o f the speculative mania then
prevalent. The original plan o f internal improvements, was, as a matter of
course, considerably extended, and it very soon became evident that
$20,000,000 would not more than half suffice to complete any portion, in
consequence o f the necessity o f spending all the money that could be got in
all parts o f the State at once. The negotiation o f the bonds, was also a
source o f most fearful jobbing, which resulted in serious losses to the State.
The Morris Canal Bank, which was a kind o f tender to the late National
Bank, was the largest and best customer on time for Indiana, as well as other
State bonds, and the manner in which it succeeded in procuring those stocks
which afterwards were pledged for the loans made on behalf o f the late
National Bank, by its agent in London, is indicated in an extract from the
report o f the Committe o f the State of Indiana, appointed in 1841 to in
vestigate the conduct o f the Board o f Internal Improvement.
Dr. Coe, one o f the fund commissioners, was also one o f the largest stock
holders in the Morris Canal Bank, the New York, Staten Island and W haling
Company, and also a director o f the Staten Island Bank. By these institutions,
the State lost $2,275,000. The committee report that Dr. Coe became a stock
holder in the Morris Canal at the following dates, and for the amounts annexed :
Hovember and December, 1836.........................................
July, 1837 .............................................................................
August, 1837.........................................................................
Total...............................................................................
70 shares.
298
“
40
“
408
“
Indiana.
153
These he held until October 19, 1840. In the spring and summer o f
1837, the Morris Canal was reorganized, and large quantities o f its stock were
issued to certain leading men at 50 per cent on the dollar, in order to pro
cure the use o f their names as directors, to give sufficient credit to the com
pany to enable it to negotiate its bonds in Europe to the amount o f
$1,261,777, which fell due in 1846. It seems that Dr. Coe became a stock
holder at the same time, and also that the Morris Canal Company received
in 1836 $898,824 o f Indiana bonds. A t the date o f its report in Febru
ary, 1837, the company owed the State $584,890, and in February, 1838,
the amount was increased to $733,138, or by $148,258 ; during which period,
it appears Dr. Coe received 338 shares o f stock, at 50 cents on the dollar.
W e may now make an extract from the report o f the investigating com
mittee, as follow s:—
“ The committee also obtained an account o f numerous benefactions re
ceived by Dr. Coe from the Morris Canal and Banking Company, which,
upon their face, evince anything but a just regard to his duties as fund com
missioner, as a mere exposition o f the facts alone will make evident.
He is credited with a commission of 5 per cent upon a sale of $400,000
(supposed stocks)............................................................................................
His half of profits on a sale of 280 bonds......................................................
A ll his stock, 398 shares in the Morris Canal Bank at par, which at the
time were not worth more than 15 cents on the dollar, making a differ
ence o f about.........................................................................................................
Also his note for about...........................................................................................
Total........................................................................................................
$20,000
11,200
33,680
39,000
$103,880
“ Here we have it evident that Dr. Coe received commissions and profits
and benefits from the Morris Canal and Banking Company alone o f more
than $100,000. It needs no comment.”
The development o f transactions like these, gave a great impulse to that
popular feeling which was manifesting itself against the payment o f the State
debt, and also aided materially in preventing further loans. The impossi
bility o f continuing to borrow, caused a suspension o f the public works in
1839, and in 1840 the Board o f Internal Improvement was suspended, one
member only, Noah Noble, Esq., being continued at a salary o f $1,000.
The condition o f the public works was then as follow s:—
PUBLIC WORKS OF INDIANA, DECEMBER,
Estimated
Length.
cost.
Wabash and Erie Canal 1294
Wabash and Erie Extension.............................
104£
49
Cross Cut Canal............
White Water Canal___
76*
Central Canal................
124*
“
Extension.......... 194
Erie and Michigan........ 182*
Madison and Indianapolis Railroad...............
85*
Indianapolis and Lafayette Turnpike...........
73
Albany and Vincennes
Turnpike...................
105
To be
Expended.
$2,041,012 £2,041,012
1841.
Expended.
Final disposition.
.............
1,500,000
718,672
1,675,738
2,299,853
3,532,394
2,624,823
408,855 $1,191,145 Surr’nd. to trustees.
420,679
297,993 Surrendered to Co.
1,099,867
575,871 Surrendered to Co.
568,046 1,731,807 Surrendered to Co.
831,302 2,701,092 Retained by State.
156,324 2,468,499 Retained by State.
2,046,600
1,493,013
593,737
72,182
1,127,205
654,411
553,587 Surrendered to Co.
521,555 Abandoned.
472,884 Retained by State.
154
D ebts and Finances o f the States o f the Union.
'
Length.
Estimated
cost.
Jeffersonville and Crawfordville...................... 164J
"Wabash Rapids......................
Total..................... 1,289
T o be
expended.
Expended.
1,651,800
102,500
872,183
9,539
19,914,424
Final disposition.
1,279,967 Abandoned.
92,961 Abandoned.
8,164,528 11,749,896
A n d the public debt, in the aggregate, was as follow s:—
FOURTH INSTALMENT OF SURPLUS REVENUE.
No. o f
bonds,
Rate
p. c.
K ind.
A m oun t o f
bonds.
Sold for.
1 to 294
6
$ bond.
1294,000
$294,000
Date o f sale.
W hen
due.
T o w hom sold.
1864
State Bank.
STATE BONDS ISSUED ON ACCOUNT OF THE MADISON AND INDIANAPOLIS RAILROAD.
N o. o f Rate
^Vm’t o f
bonds, p. c. K ind, bonds. Sold for. Date o f sale.
1 to 169 5 § bonds. §169,000 §148,720 Sav 1840 or 1841
170 to 200
5
“
31,000
9,727 N ov. & Dec., 1841
201 to 300
5
“
100,000 88,000
Say 1840
301 to 350
5
“
50,000
44,000
Say D ec.,
351 to 374
5
“
24,000
13,207
Say May,
375 to 394 5
“
20,000
395 to 441
5
“
47,000 41,360
Say 1840
442 to 456
5
“
15,000
4,707
Say 1841
W h en due.
T o w hom issued.
July, 1864 Madison Bond Com pany.
July, 1864
or 1841
July, 1864M adison
Bond Company.
1840
July, 1864
1841
July, 1864
July, 1864
o r 1841
July, 1864Madison Bond Com pany.
July, 1864
T otal.............................§456,000 §349,722
This Madison Bond Company was composed o f the officers o f the road, and
was organized to evade the law in relation to the sale o f the State bonds.
ISSUED TO LAWRENCEBURG AND INDIANAPOLIS RAILROAD.
N o. o f
bonds,
Rate
p. c.
1 to 221
5
K ind.
A m ount o f
bonds.
Sold for.
Date o f W hen
sale.
due.
$ bonds. $221,000 $221,000
1855
T o w hom issued.
Lawr’gh & Indianap. railr’d.
ISSUED FOR INTEREST.
N o. o f
. bonds.
1 to
to
204 to
to
to
241 to
250 to
to
7
203
210
239
240
149
251
252
Rate
p. c.
7
7
7
7
1
K ind.
§ bonds.
«
u
M
it
7
1
7
«
U
A m ount o f
bonds.
Sold for.
$7,000
1,000
7,000
1,000
1,000
9,000
2.000
1,000
$7,000
1,000
7,000
1,000
1,000
9,000
2,000
1,000
Bate o f
sale.
W hen
due.
1841
1841
1841
1841
1841
1841
1841
1841
1846
1846
1846
1846
1846
1846
1846
1846
T o w hom issued.
North and Barrett.
J. J. Astor.
Canal Bank, Albany.
G. K. Sistare.
Davis & Brooks.
Prime, Ward cfc King.
J. J. Astor.
Total................................. $29,000 $29,000
B y recapitulation the debt was as follow s:—
A m oun t o f bonds.
Internal Improvement Fund............................
"Wabash and Erie Canal Fund.........................
State Bank o f Indiana.....................................
Fourth instalment of surplus revenue...........
Madison and Indianapolis Railroad................
Interest on State bonds....................................
Lawrenceburg and Indianapolis Railroad.. .
Total.......................................................
$8,918,000
1,727,000
2,412,000
294,000
456,000
29,000
221,000
00
00
00
00
00
00
00
$14,057,000 00
A m ount sold for.
$7,243,851
1,767,560
2,398,855
294.000
349,722
29,000
221.000 00
$12,303,988 72$
O f these stocks, the State lost by bad debts the following sums :—
Morris Canal and Banking Company.............................
Western Bank of New Y ork ..........................................
Pontiac Railroad Company.............................................
50$
00
00
00
22
00
$2,195,769 34
240,000 00
90,000 00
155
Indiana.
Erie County Bank............................... .............................
Binghampton Bank..........................................................
Bank of Commerce...............
Bank of North America at Buffalo................................
Staten Island Whaling Company...............
“
“
“
“
with other securities
E. and P. Houghwout.......... ...........
W. A. Swan...........................
J. J. Cohen.........................................................................
Compromise property (Cohen’s ) ....................................
Madison Company............................................................
Merchants’ Exchange Bank of Buffalo.........................
Total.........................................................................
141,SIS
60,700
81,600
43,000
60,000
20,000
28,000
4,000
55,000
285,149
55,000
200,000
40
00
00
00
00
00
00
00
00
60
00
00
$3,559,791 34
In addition to the stock debt, there was issued, in 1840, to compensate
contractors on the public works that had been stopped, Treasury notes bearing
6 per cent interest, and receivable for all State dues, to the amount o f
$1,500,000, to meet State exigencies. In 1842, there was due the State
Bank, for advances, a considerable sum, and in discharge o f this, $722,640,
o f similar notes, bearing 5 per cent interest, were issued. It was now the
case that, the ability to borrow having ceased, it became necessary for the
State to resort to taxation. The taxes appropriated exclusively to the pay
ment o f the interest yielded, in 1839, as follows :—
TAXES OF STATE OF INDIANA TO P A Y INTEREST, IN
1839.
30 cents on $100 o f taxable property, amounting to $107,337,715, deduct
ing 9 per cent for collection...........................................................................
Interest on canal lands........................................................................................
Excess over 6 per cent interest on $294,000 of bank stock.........................
Interest on third instalment of surplus revenue............................................
Canal and railroad tolls......................................................................................
From Lawrenceburg and Indianapolis Railroad.............................................
Interest due from New York banks..................................................................
Total.........................................................................................................
$294,000
22,000
8,820
25,180
13,338
11,050
46,000
$420,388
This was short, by nearly $400,000, o f the amount necessary to meet the
interest and civil expenses, and the Legislature o f 1839 raised the tax to 30
cents on the $100, and added a poll tax o f 75 cents. The result o f this was
as follow s:—
REQUIRED FOR
1841.
Civil list........................................................................................
Interest on internal improvement loan....................................
Deficit of 1840............................................................................
$90,000
683,371
40,000
Total.........v ....................................................................
$813,271
The means were as follows :—
Interest from State Bank.....................................
“
“ Indianapolis Railroad...................
“
arising from canal lands.......................
Water privileges....................................................
Canal and railroad tolls........................................
Surplus revenue.............................................
One-third property tax for 1840....................
$71,000
11,000
22,000
5,000
10,000
48,000
40,000
----------
To be met by taxation................................................. ..
217,000
$594,271
156
D ebts and Finances o f the States o f the Union.
Total taxable property for 1841.
Lands coming into tax in 1841..
Lands omitted in 1840 ...............
1101,037,317
9,747,630
7,881,666
Total taxable property..
Yielding, at 30 cents..............
u n s , aat
-t 75
i
100,166> ppolls,
cents tax,
Total tax
$124,666,569
373,999
93,860
467,859
This was the estimate for 1841, and it totally and entirely failed. From
all these resources, money sufficient for the civil list could not he obtained,
without pledging bonds at a very low rate. It became apparent that the tax
o f 30 cents on the valuation o f the property, in addition to the poll tax, would,
if required in specie, be more than the people could pay. It was, however,
partly paid in the depreciated State scrip, which, although it retired a quan
tity from the market, yielded no means to the State. It became evidently
fallacious to depend on the ability o f the people to pay, because the fixed
property was valued at a high rate, inasmuch as that property can never be
made available in payment o f the State debts. The ability o f the people to
pay taxes, depends upon the profits o f their business. Now, the large pro
portion o f the 100,000 voters then occupying Indiana, were small farmers,
living in log huts, depending upon the sale o f surplus pork and grain for the
purchase o f their necessaries, and the expectation o f drawing $1,000,000 per
annum from such sources, to pay the interest or principal o f debts contracted
for the prosecution o f speculative enterprises, was not realized. The capital
employed in trade in Indiana, was scarcely $3,000,000, and it was proposed
to draw 50 per cent o f that every year to pay interest. Under the anti-com
mercial policy o f the Federal Government, the foreign market for American
farm produce, was restricted, and, o f course, the ability o f the fanner to pay
taxes which depended upon profitable sales, was diminished, and the taxes be
came insufferable. More particularly, when the expenditures on the National
Road having ceased in 1838, the State works stopped in 1839, and bank
dealers were called to pay up, as the bank felt the increasing necessity o f re
suming its specie payments to preserve its existence. These circumstances
produced a great pressure, and affected the value o f property very materially.
The means o f meeting the interest for 1841, were not forthcoming, and
State bonds, bearing 7 per cent interest, redeemable in five years, were offered
to bondholders for interest. O f these, $29,000 only, as above, were accepted.
The general distress not only interfered with the duties o f assessors, inducing
an inefficient mode o f assessment, but promoted the conviction that the taxes
could not be paid, and in June, 1839, the tax o f 30 cents, levied in 1838 to
meet the internal improvement interest, was reduced to 15 cents, and from
1840, up to January, 1847, no further effort was made to pay the State in
terest, although the receipt o f the outstanding treasury notes for State
dues annually diminished the amount, and cleared the way for the healthy
operation o f the tax law subsequently enacted. The progress o f the treasury
notes was as follow s:—
INDIANA TREASURY NOTES ISSUED AND REDEEMED.
A ct Of 1840.
6 per cent.
A c t o f 1842.
5 per cent.
5 per cent.
_
_
1843
1844
1845
_
$1,500,000
898,565
200,525
114,540
$722,640
$46,350
91,990
72,405
Total.
$2,222,640
157
Indiana.
Cancelled, 1 8 4 6 ....
147,370
148,510
1847
__________
1848
__________
130,380
1,290,530
Outstanding, Oct., 1848...............
$209,470
76,590
100,320
153,455
----------
500,910
1,791,440
$221,730
$431,200
There was also issued, in 1842, for the purpose o f redeeming the $50 6 per
cent treasury notes, $100,000 o f i per cent treasury n otes; o f these, $38,900
have been redeemed, leaving $61,100 outstanding. There has been also
paid on these treasury notes, for interest, $234,892 81, making the sum o f
$2,026,332 81, which the State o f Indiana paid on its public debt. There
was also issued, on account of the W abash and Erie Canal, two descriptions
o f scrips. One o f these was issued in the years 18 40 -41 and 1842, by the
canal commissioners, on their own authority, to the extent o f $89,909 05,
and was redeemable by dues to the canal, and in payment o f lands. O f this
there remains out $5,689 23. There was also issued another description,
by the State officers, to the amount o f $419,355, redeemable in the same
manner, and o f this there remains out $173,681.
W h en the State failed to pay its interest, therefore, there was outstanding
near $3,000,000 o f paper issued in various forms to domestic creditors, and
made receivable in payment o f taxation, sapping the resources o f the State,
by preventing the receipt o f available money. Notwithstanding the general
distress, and the embarrassed condition o f the State treasury, the necessity
o f some settlement o f the debt was apparent, and, as is usual in such circum
stances, many projects were entertained, among which was a proposal to
sell the public works.
But none o f these met with any success.
In
1845, however, some o f the leading bondholders proposed, through their
agent, Charles Butler, Esq., o f New York, a method o f compromise, which
has been carried out. This compromise was based upon the W abash Canal,
and its value as a State work, when completed.
The inability o f the people o f Indiana to pay their debt in full by taxa
tion, was admitted; but they had the means o f paying in this canal, if it
should be completed. On this basis, therefore, a bill was passed January,
1846, in effect to place the canal and its lands in the hands o f trustees, who
should complete it with funds subscribed for that purpose by the bondhold
ers. That the State should then provide, by taxation, for one-half the old
debt, and one-half its arrears o f interest. That the other half o f the debt and
o f arrears o f interest, should be a charge only upon the canal. The details o f
this law were modified by another act o f January, 1847, which went into
operation. The leading bondholders in London, on the representations o f
Mr. Butler, at a meeting adopted the following resolutions:—
RESOLUTION OF THE LONDON COMMITTEE OF INDIANA BONDHOLDERS.
1st. That under the circumstances stated in the report o f Mr. Charles Butler,
confirmed by a letter from His Excellency, James W hitcom b, dated 5th Febru
ary last, addressed to Mr. Palmer, it is the opinion o f the undersigned that it will
be for the interest o f the bondholders o f the State o f Indiana to concur in the
principle laid down in the act o f the Legislature, passed at Indianapolis on the
19th January last, for the adjustment o f the public debt o f that State, by the pay
ment o f one moiety o f the principal and interest by taxation, and the other moiety
by the property and tolls o f the canal from the State line adjoining Ohio to Evans
ville, on the Ohio River, such property to be assigned to three trustees, and the
State to be freed from responsibility on that portion o f the debt and interest so
to be secured.
158
D ebts and Finances o f the States o f the Union.
2d. That Mr. C. Butler be requested to apply to the bondholders o f the State
o f Indiana resident in the United States, for their co-operation with the bond
holders in Europe, in carrying out the arrangement upon the principle stated in
the foregoing resolution.
London, 30th May, 1846.
f N .M . ROTHSCHILD & SONS.
I P A LM E R , M A C K IL L O P , DENT, & CO.
,1 BARIN G, BROTHERS & CO.
Signed by
> FR ED ER IC K HUTH & CO.
I M ORRISON, SONS, & CO.
i. M AG N IA C, JARD1NE &. CO.
Pursuant to these resolutions, the requisite subscriptions were pro
cured. B y the acts o f the Legislature of Indiana o f 1846 and 1847, all
outstanding bonds were placed upon the same footing, and provision was
made for the funding o f all the bonds, and their accrued interest, into stocks
transferable in New York, and also for the payment o f interest upon those
stocks, one-half o f which are called Indiana State stocks, “ and are provided
for by taxation,” and for which the State faith is pledged; the other half are
called “ Indiana canal stocks,” and for which the Wabash and Erie Canal
lands, &e., are pledged. Under this arrangement, for each bond and its ac
crued interest, the holders received:—
1st. For one-half the principal, a cirtificate for five hundred dollars, bear
ing interest at 5 per cent, payable half yearly, commencing in July, 1847 ;
4 per cent in cash, and 1 per cent funded to 1 8 5 3 ; after 1853, the whole
payable in cash.
2d. For one-half o f the back interest, a certificate for one hundred and
fifty dollars, bearing interest at the rate o f 2 i per cent after 1853.
These stocks are payable by the State.
3d. For the other half o f the principal, a certificate for five hundred dol
lars, bearing 5 per cent interest after first o f January, 1847.
4th. For the other half o f the back interest, a certificate o f one hundred
and fifty dollars, bearing 5 per cent interest after first o f January, 1853.
These stocks are payable out of the revenues o f the canal.
There exist, after the creation o f these stocks in the market, the following
debt and stocks pertaining to the State o f Indiana :—
1st. Indiana bonds, as now existing, so long as there are any not
converted.
2d. The Indiana canal loan, bearing 6 per cent interest, issued for the
eight hundred thousand dollar loan required to complete the canal.
3d. The Indiana State 5 per cent stock, issued for half the principal; pay
able by the State.
4th. The Indiana State 24 per cent stock, issued for half the interest; pay
able by the State.
5th. The Indiana canal 5 per cent preferred stock, issued for half the
principal to subscribers; payable by canal.
6th. the Indiana special 5 per cent preferred stock, issued for half the in
terest to subscribers; payable by canal.
7th. The Indiana canal 5 per cent deferred stock, issued for half the prin
cipal to non-subscribers; payable by canal.
8th. The Indiana special 5 per cent deferred stock, issued for half the in
terest to non-subscribers ; payable by canal.
This complicated operation results in the following statement o f d e b t:—
159
Indiana.
INDIANA STATE STOCKS.
Rate
per cent.
Bonds on which bank pays interest.....................
“
unsurrendered, not payable at all unless
surrendered..............................................
“
issued for half principal—
July,
1847 ..........................................
January, 1848 ..........................................
July,
1848 ..........................................
Bonds, State, half interest “ deferred ” ...............
Redeem able.
Am ount.
5
1855 to 1865
$1,390,000
5
5
5
2i
1867
1868
1868
1,923,50
4,066,500
463,000
49,500
1,622,617
Total liabilities of State for interest... . .
$6,201,617
To be met by taxation:—
INDIANA CANAL DEBT.
Rate
per cent. R ed’m able.
6
5
5
6
5
Am ount.
____
1807
____
....
....
$800,000
4,079,500
499,500
1,213,625
146,850
Total canal debt...................................................................................
“ State debt.....................................................................................
“ Bank bonds...................................................................................
“ unsurrendered bonds..................................................................
$6,739,475
6,201,617
1,390,000
1,923,500
Total debt.........................................................................
$16,254,592
Canal loan..............................................................................
Half o f principal to subscribers “ preferred ” ...................
“
“•
non-subscribers “ deferred ”..............
“ interest to subscribers “ special preferred ” ........
“
“
non-subscribers “ special deferred ” . .
The property o f the canal consists o f lands, donations by Congress, to the
extent o f some 1,00.0,000 acres, and worth $2,400,000, and also the tolls
o f the canal. B y the terms o f the law, the State pays 2 per cent cash
semi-annually, or 4 per cent annually, on the stock issued for principal, and
1 per cent per annum funded, up to January, 1853, when the 2-’- per cent
interest on the stock issued for arrearage interest, will commence, and to it
will be added the 1 per cent deficit, from January, 1847, to January, 1853.
The revenues o f the canal, after paying the repairs and the 6 per cent in
terest on the money advanced for its completion, are applied to the comple
tion, until January, 1853, when all back interest, and arrears o f interest, are
funded in a canal 5 per cent stock.
The canal stock issued to subscribers to the loan is called “ Preferred Canal
Stock,” and will be first paid, both principal and interest, out o f the canal
revenues, before any payment o f either will be made upon the canal stock
issued to non-subscribers.
The right o f all bondholders to subscribe to the loan o f eight hundred
thousand dollars, and receive preferred canal stock, continued until the first
o f November, 1847, but there is no limit to the time within which bond
holders may surrender bonds for the other stocks; it is, however, provided,
that bonds surrendered, will not be entitled to cash payments, that may have
been made before the surrender for any part o f the accrued interest, but all
arrears of interest, up to the date o f such surrender, will be funded in the
stock designated above as Indiana State 2 i per cent, and Indiana canal 5 per
cent special stock.
Thus, in order to receive the cash payment o f interests January next, the
bonds must be funded prior to that time. If funded prior to that payment,
the holder gets $10 cash, and $21 o f stock to draw 2| per cent interest in
160
D ebts and Finances o f the States o f the Union.
1853 ; if funded afterwards, -$12i o f a
per cent stock, payable
in 1853.
The first semi-annual cash payment o f interest, being 2 per cent on the
stock designated as Indiana State Fives, was made in New York by the State
agent, on the 1st day o f July, 1847, and as each bond yields five hundred
dollars o f this description o f stock, it amounts to $10 cash on each, and 821are funded to draw interest after 1853. In relation to bonds not surrendered,
the law authorizing the surrender, states:—
“ Provided further, that the State will make no provision whatever hereafter to
pay either principal or interest on any internal improvement, bond or bonds, until
the holder or holders thereof shall have first surrendered said bonds to the agent
o f State, and shall have received in lieu thereof certificates o f stock, as provided
in the first section o f this act.”
This may operate hardly upon bonds held on account o f minors and others,
where there is no authority to surrender.
The law which authorized this conversion o f stock, provided for the re
assessment o f property in the State, and the imposition o f a tax o f 25 cents
on the $100 o f valuation, and o f a poll tax o f 75 cents; out o f which was to
be paid the State expenses, a proportion o f treasury notes annually, and the
4 per cent interest on the new stock issued by the State for half the prin
cipal. Should the tax not yield sufficient to pay the 4 per cent, then its pro
ceeds are to be divided p ro rata, and the deficit to be funded, with interest,
up to 1853. This tax was levied and collected, and has proved sufficient to
meet the interest. It was estimated that if all the bonds were surrendered,
the interest payable by the State would amount to $221,360 up to 1853,
and after that, to $336,337. A s all the bonds had not been surrendered,
the interest in 1848 amounted only to $182,170. It is estimated that through
the increasing value o f the State property, and the number o f inhabitants,
that the revenue from the tax will suffice to pay the whole interest accruing
in 1853, without increasing the rate o f tax. A s an indication o f this pro
gress, the following table o f taxable property has been compiled from the
official docum ents:—
NUMBER OF POLLS AND NUMBER OF ACRES TAXED, AND VALUE OF TAXABLES IN INDIANA.
Tow n lots Corporation Personal
Years.
A cres.
Value. Im pr’ments. & build’ s.
stock.
property.
Total.
1 8 3 9 .. . . $7,475,320 $66,703,105 ................ $14,357,550 $1,716,240 $24,560,800 $107,337,715
1 8 4 0 .. . .
8,273,000 58,343,992 ................
12,503,519 1,168,343 19,740,166
91,756,019
1 8 4 3 .. . . 14,924.86655,098,170 $21,507,473
12,454,221 174,124
15,094,096 104,327,084
1 8 4 4 .. . . 15,583,247 56,734,668 21,992,179 12,805,111 168,575
23,889,532 115,590,065
1 8 4 5 .. . . 16,144,569 58,037,857 22,627,244 13,042,732 176,298
24,986,120 118,870,251
1 8 4 6 .. . . 16,510,932 57,687,587 23,240,756 13,554,226 175,973
27,607,144 122,265,686
1 8 4 7 .. . . 16,654,961 58,094,332 23,484,757 13,909,047 153,178
28,916,746 124,610,441
1 8 4 8 .. . . 16,623,091 58,290,434 24,088,074 14,392,136 130,170
32,072,895 128,960,986
Polls.
95,291
100,166
113,262
117,536
124,688
126,939
130,071
136,265
Under this increase o f property, the annual assessments have swollen
largely, as follow s:—
ASSESSMENTS FOR A LL PURPOSES, STATE OF INDIANA.
Years.
1844.. . .
1845.. . .
1846.. . .
1847.. . .
1848.. :
State.
County.
R oad.
School.
Tow nship.
Total.
Dollars.
Dollars.
Dollars,
Dollars,
Dollars.
Dollars.
304,657 17
323,054 82
418,917 95
461,994 44
488,627 44
D elinquent.
....................................................................
726,072 63
317,706 110,364 88 7,409 62 4,516 19
763,051 87
330,122 124,820 39 11,038 39 7,807 77
892,706 77
354,470 144,514 20 14,317 60 17,442 92
992,739 38
391,695 154,270 93 22,845 28 17,550 96 1,074,989 61
Dollars.
85,000
136,569
102,598
152,190
135,795
The delinquencies on the collections are progressively less, and it is appa
rent, from the increasing value o f the taxable property, and the number o f the
161
Indiana.
people, that the yield o f the tax must annually progress, and that in a ratio
equal to the required demands upon the treasury in 1853. The outstanding
6 per cent treasury notes will soon be retired, and ample provision in the
school fund derived from bank profits has been made to retire the 5 per
cent treasury notes. Thus, in the auditor’s report for 1845, the estimates for
1848 were as follows :—
Polls.
Property.
Am ount.
Collection.
Estimate..................
Actual results.........
$130,000
136,265
$125,500,000
128,960,000
$447,150
488,627
$363,450
434,765
Excess over estimate
$6,265
$3,460,000
$40,877
$71,315
Interest
payable.
$221,360
182,170
This is a satisfactory progress, and indicates the general soundness o f the
principle on which the estimates were made. Should all the bonds be sur
rendered, the interest payable by the State in 1853 will be about $330,000,
without any further charge upon the treasury for domestic debt. It is, there
fore, evident that the stocks for which the State is liable, are amply pro
vided for.
The charge upon the canal is now $6,739,475, liable to be increased to
$7,701,225, by the surrender o f outstanding bonds. The quantity o f land
belonging to this canal, when the trustees took possession July, 1847, was
887,067 acres; subsequently increased by act o f Congress in 1848, to 922,386
acres. There were sold o f this land in 1848, 53,674 acres, for $75,246, at
which rate the whole land is worth $1,500,000, and the tolls on the canal for
three years have been as follow s:—
TOLLS ON WABASH AND ERIE CANAL.
1846.
Covington.........................................................
Lafayette...............................
$56,548 11
Logansport...........................
17,074 36
Lagro...................................................................
Fort Wayne............................
29,674 63
TotaL..........................
$102,297 10
1847.
1848.
$2,787 99
69,766 49
17,898 14
7,598 76
35,097 90
$12,702 10
61,656 49
18,167 39
9,500 76
47,143 64
$123,149 28
$149,170 38
The revenue o f the canal for the first six months o f the fiscal year 1849,
exceeded those of the same period of 1848 30 per cent. The proceeds of
the lands, and the net tolls, after paying 6 per cent interest on the loan ad
vanced to complete it, are all applicable to construction, until 1853. A ll the
back interest, and all arrears, will then be funded in a 5 per cent stock, in
stead o f a 2 i per cent, as is the case with the State arrears. It is to be ob
served that the “ preferred canal stock,” principal and interest, is all to be
paid out of the canal revenues, before any payment is made on the canal
stock issued to non-subscribers, or deferred stock. Under the supposition that
the canal is completed in four years from July, 1848, the means will be
land, $1,500,000, tolls for four years, $600,000, and subscriptions, $800,000,
making $2,900,000. The original estimate was short o f $2,100,000, and
there has been completed 96 miles, of which the estimates were $790,171,
at an actual expense o f $781,719. Thus indicating that the means of tho
canal are amply sufficient for its completion. The last report o f the trustees
for the year ending December 1st, 1848, was as follows :—
V O L . X X I .-----N O . I I .
11
\
162
D ebts and Finances o f the States o f the Union .
STATEMENT OF RECEIPTS AND DISBURSEMENTS BY THE BOARD OF TRUSTEES OF THE WABASH
AND ERIE CANAL, FROM THE 1ST OF DECEMBER, 1 8 4 :7 , TO THE 1ST OF DECEMBER, 1 8 4 :8 .
R E C E IP T S .
Balance on hand, 1st December, 1847...........................
Tolls and water rents..................... ................................
Lands east and West of Tippecanoe..............................
“
in Vincennes district.............................................
Bond holders’ subscription................................................
Interest on deposits in New York Banks and exchange
$483,511
145,414
5,884
75,246
838
16,980
50
82
75
92
80
22
$ 7 2 7 ,8 7 7
There has also been received for lands
west of Tippecanoe in scrip...............
For lands east of Tippecanoe in scrip,
principal........................................ . . .
For lands east of Tippecanoe in scrip,
interest..................................................
01
$11,600 00
24,676 31
6,378 91
---------------
$42,655 22
D ISB U R SE M E N T S.
General expenses...............................................................
Ordinary repairs of canal, &c...........................................
Extraordinary repairs......................................................
Construction, Coal Creek to Terre Haute.......................
“
Terre Haute to Port Commerce..............
Expenses of Engineers, surveys, and locations.............
Repairs o f canal near Evansville....................................
Expense of Land Office.....................................................
Interest paid subscribers to the advance of $800,000..
$18,447 01
38,924 75
13,141 67
268,896 85
73,056 31
11,461 27
4,066 32
5,568 60
25,441 94
---------------
Balance..............................................................................................
$459,004 72
$268,872 29
O f which | 2 16,03 2 84 was on deposit with the Ohio Life Insurance and
Trust Company at interest.
The second instalment o f the advance o f $800,000 was payable February
1st, 1849, and the third and last, July 1st, 1849. Every section o f this work
put in operation, not only enhances its own means, but promotes the pros
perity o f the surrounding country, and, by so doing, lightens the burden of
taxation for the State share o f the debt. The present length o f the canal be
ing 189 miles, and its revenue $150,000, it will at least double that sum on
its completion, and suffice for the discharge of all the canal obligations.
The Wabash and Erie Canal connects with the Ohio Miami Extension
Canal, and through it delivers its freight upon Lake Erie, 84 miles from the
Indiana line, at Toledo. From the Ohio line to Lafayette, Indiana, the canal
runs 138 miles; thence to Lodi 51 miles. This 189 miles was the whole
length in operation in 1848, from Lodi to Terre Haute. Thirty-six miles will
be put in operation in 1849, making 225 miles. The Erie Canal o f New
Y ork is 363 miles in length. The Wabash and Erie Canal, when finished
to the Ohio River, will be 375 miles in length, in Indiana, and, including
the eastern end o f it, which lies in the State o f Ohio, will be 459 miles in
length, from Toledo to Evansville, the longest canal in the United States.
STATEMENT SHOWING THE PROBABLE REVENUE FROM THE WABASH AND ERIE CANAL, FROM
1846
Years.
1 846..
1 8 4 7 ..
1 8 4 8 ..
Length
o f canal.
188
188
224
to
1855, i n c l u s i v e ,
a s e s t im a t e d
8 t h De c e m b e r ,
1845.
Cost o f
construction.
Receipts in
tolls, water
rents, & c.
Cost o f re
pairs and
incidentals.
Paid for
colleclion.
Net
revenue.
$2,929,000
2,929,000
3,404,000
$150,000
175,000
225,000
$120,000
75,000
90,000
$3,600
3,600
4,500
$26,400
96,400
130,500
Per
cent on
cost.
163
R ailroad Legislation o f N ew Y ork .
1849..
1850.,
1851..
1852..
1853..
1854..
1855..
337
374
374
374
374
374
374
4,944,000
5,585,000
5,585,000
5,585,000
5,585,000
5,585,000
5,585,000
330,000
390,000
425,000
450,000
475,000
500,000
500,000
135,000
150,000
131,000
127,000
123,000
168,000
123,000
6,600
7,800
7,800
8,000
8,000
8,400
8,400
188,400
232,200
286,200
315,000
344,000
323,000
368,600
3 3-8
4 1-6
5 1-6
e 2-3
6 1-6
4 3-4
6 5-8
The act o f 1847, levying taxes for the payment o f State dividends, did not
yield any returns until February, 1848. As the dividends commenced in July,
1847, and were again due January, 1848, the State was obliged to borrow
the money to meet them, and repay it after the fourth Monday in February,
when the taxes are due the State treasury from the county treasurers. This
time o f payment by the county treasurers is made necessary by the fact that
in an agricultural State, returns o f sales do not reach producers until winter.
It is obvious, therefore, that until the taxes had so far exceeded expenditures
as to allow o f an accumulation equal to the half years’s dividends, the State
would be compelled annually to borrow the money for the January dividend.
To obviate this, the State agent, Mr. James Collins, Esq., under a law o f
January, 1849, has proposed to the creditors to receive the January divi
dends on the first Monday in March, with interest at 6 per cent from Jan
uary— that is to say, with two months’ interest. This will obviate the ne
cessity on the part o f the State to make temporary loans, or issue paper for
dividends, and will continue only a short time, as the means o f the State in
creases so rapidly as soon to enable it to resume the payments at a regular
time.
Art. II.— RAILROAD LEGISLATION OF NEW YORK IN 1849.
T H E G E N E R A L R A IL R O A D L A W — S Y R A C U S E A N D R O C H E S T E R R A I L R O A D , A N D T H E Q U E S T IO N O F P A R A L L E L
R O A D S — B R ID G E O V E R L A K E C H A M P L A IN — R A IL R O A D S
BURGH— PLATTSBU RG H
TO TH E
FROM
C A N A D A L IN E — 8 A C K E T T S
TRO Y TO
HARBOR
RUTLAN D— T R O Y TO
TO
PLATTS
E L L IS B U R G H — A U B U R N T O
B IN O H A M P T O N — B U F F A L O T O H O R N E L L S V I L L E — H A R L E M — F A R E S -----C O M P E N S A T IO N F O R D E A T H B Y UN
LAW FU L A C T.
I n a former article, the legislation, which might be o f general commercial
interest, was briefly noticed, by far the most exciting questions o f the session
related to the railroads. Under the act to authorize the formation o f rail
road corporations, passed in 1848, any number o f persons may associate into
a corporation for constructing a railroad, under the provisions o f that law,
and no special charters can be granted. But in order to obtain the right to
take lands, (where agreements to purchase cannot be made,) an application
must be made to the Legislature for a “ declaration o f public utility,” as it is
called, or a law declaring that in the opinion o f the Legislature, the said road
will be o f sufficient public utility to guaranty the taking of private property
for the construction o f the same. W h at was meant by this phraseology of
the statute, and how far it left any discretion with the Legislature, beyond
securing the interests o f property holders on the line of the road, was a much
vexed question. On the one hand, it was contended that the only question
which the Legislature were called upon to decide, was whether the pu lie
utility o f the road would be such as to counterbalance the injury which | >ivate individuals would sustain in being obliged to sell a right o f way over
their farms. On the other hand, it was urged that the words “ public use,”
104
R ailroad Legislation o f N ew Y ork.
and “ public utility,” in the act referred to, were to be taken in a much more
extended sense; that they opened for discussion the question o f utility in a
more enlarged signification, and invited the consideration o f our State policy
in regard to internal improvements, and the rights of private property in
whatever form affected by i t ; that in determining the question o f public
utility, regard was to be had to the faith o f the State toward existing roads,
and those citizens of our own, and other States who had invested their money
under our laws in works that might be seriously injured, if not destroyed, by
the one contemplated; and also to the consequences which such an exhibition
o f want o f faith might have in preventing the investment o f capital in works
o f improvement in other parts o f the State where it was more needed. That the
object o f the Constitution and the act was simply to place all corporations on
an equal footing with regard to the details of their charters, and enable them
to know exactly what they might expect on the score o f personal liability,
the distribution o f stock, the manner o f taking lands, &c. It was to save the
time o f the Legislature, and expense to the State; to prevent the statute
books from being loaded with hundreds o f special acts, all repeating the same
general provisions for erecting a body joolitic and corporate, “ making it capa
ble o f suing and being sued, &c.”
It was well known that in every application prior to the general law, the
whole merits o f the question, the advantages and disadvantages to the pub
lic o f this or that particular route were fully discussed, and yet the grand
and leading object to be attained by any company at that time was precisely
the same as now— the right to take lands— a right which the act o f incor
poration then earned with it, and without which, an incorporation would be
worth nothing, but which had been expressly reserved from the general act.
That the effect o f the act was to confer upon artificial persons, or companies,
the right which individuals always possessed of building a railroad on their
own land; but that if they wanted special favors o f the Legislature, that
body was to use its discretion in the same way in which they would with in
dividuals.
N o one would dispute, that if there were no general law, there would be
no limit to the inquiry into the expediency o f granting this privilege; and
was that inquiry limited by the circumstance that the Legislature had seen
fit to declare in advance what rules should govern in regard to articles o f as
sociation, subscriptions to stock, election o f directors, and individual liability,
under no one o f which heads did the question as to the expediency o f grant
ing a charter ever come up ? The discussions o f this question will be again
adverted to in a notice o f the bill upon which it arose.
The Syracuse and Rochester Railroad Company, organized under the gen
eral railroad act, applied for a declaration o f public utility. The discussion
involved the whole question o f parallel or competing railroads, and to what
extent, if any, the Legislature should go in protecting existing interests.
Syracuse and Rochester are already connected by a line o f railroad, composed
o f the Auburn and Syracuse, and the Auburn and Rochester roads, one o f
which was chartered in 1834, and the other in 1836. It was claimed that
the proposed road, by taking a more direct and eligible route, would save
about twenty-four miles in distance, and present improved grades, and that
travellers from. Albany to Buffalo would get through at least one hour sooner
than heretofore ; that it would also offer cheaper freight and fares. In oppo
sition, it was shown that the effect o f the road would be to take away nearly
all the through travel from the present line o f road, leaving them but little
R ailroad Legislation o f N ew Yorlc.
165
more than their way travel, which had not heretofore paid one-half the run
ning expenses; and it was contended that before granting a charter which
should produce such results, a most urgent case o f public exigency should be
made out, and this was not made out here, as the proposed road could ac
commodate but a small amount o f local travel, not enough to support i t ;
that the people o f the country through which it is to pass, are within reason
able distances o f other avenues to market, the proposed route being within
an average o f seven miles from the present roads, and that there could be
but little saving o f expense on freight and fares, and little time gained, inas
much as the cars east o f Syracuse and west o f Rochester can be no heavier
loaded than now, their grades being heavier; and as the passengers on the
present line o f roads must be accommodated in the train through to Buffalo,
and this could not be done without either one line or the other running six
trains, where they now run three, or without producing a delay to the pas
sengers over the proposed roads at its termini equal to the time gained
in the passage. That even admitting this gain to through passengers, it is
only lessening time to Buffalo one-eighteenth part, and that this time is li
able to be yet further reduced by the shortening o f the Rochester road at
two points, to the extent o f eleven and a half miles.
The advocates o f the bill denied that it would injure the old roads to this
extent, and contended that the worst effect would be to reduce the number
o f trains run on the old road, and thus reduce the expenses o f running in the
same proportion in which the income was diminished; but that the increase
in travel heretofore showed that in all probability the increase would, by the
time the direct road went into operation, furnish business enough for both
lines.
In answer to this, the opponents o f the measure referred to the official re
ports made to the Secretary o f State, which showed that these roads, owing
mainly to the action o f the State, have cost the sum o f 83,950,000; the
dividends made have amounted to an average o f not quite 8| per cent on
the cost o f the roads— little enough, considering the trouble and cost attend
ing such investments. The highest per centage ever made on capital is 10T'¥.
The cost, as well as the yearly running expenses, had nearly doubled from
1843 to 1848, and the increased demand for further facilities, and increased
speed, had more than kept pace with the increased number o f passengers, so
that the per centage o f net earnings upon the cost is but a trifle greater in
1848 than it was in 1844. That they incurred an enormous expense in re
laying the road, under the compulsion o f an enactment o f the Legislature.
That the business had probably reached an extent which will not be ma
terially increased for many years to come, for the reason that the Erie Rail
road, which, it is estimated, will divert one-half the western travel, the
Oswego Railroad, which, in summer carries eight-tenths o f the travel, and
the Northern Railroad, must inevitably take a very considerable share of
both the through and way travel that has heretofore sought this chan
nel. This road also derives considerable o f its way travel from Palmyra and
Lyons, and other places proposed to be touched by the new road, all o f
which would be diverted.
The Auburn and Syracuse Road has a small
amount o f way business, not exceeding 87,000 per annum ; certainly the in
crease o f way travel could not equal the expenses even, for many years, with
out reducing the accommodations very materially. Thus the new road would
deprive a large population o f accommodations. W ou ld that be public utility?
I f a second road was constructed, the increased outlay would be for the pur
166
R ailroad Legislation o f N ew Y ork .
pose o f doing a business which had not yet paid 9 per cent on the present
capital. It was evident that one o f the two results must follow : either one
road would do all the through business, or the two roads would divide it.
It had already been shown that their way business cannot support either the
present or the proposed road. If, therefore, one road was found to be more
advantageous than the other, the capital required to construct and maim
tain the other would be thrown aw ay; it could not be otherwise invested,
and would not be required in this business. On the other hand, the division
o f the profits between the two roads would not afford to either a sufficient
revenue to maintain it and to make dividends. Neither road would be able
to make that expenditure for the construction and maintenance o f a second
track, for the best depot accommodations, engines, cars, for employing the
most careful and skilful men to manage the business of the road, which would
secure to the public the highest attainable speed, safety, and convenience.
On the contrary, the result would probably be, that both corporations would
be compelled to avoid every avoidable expense, to suffer their roads, and the
equipments thereof, to run down, to fall out o f repair, to employ inferior en
gines, cars, and men, thereby depriving the public o f that speed, safety, and
convenience, in transacting their business, which would be afforded by a per
fect and well-regulated railroad.
It was not contended that there was any express contract by the State to
give these companies an exclusive right. In the course o f the argument be
fore the committee, the constitutional question was debated, as to the right
o f the State to grant competing franchises. The case o f the Charles River
Bridge against the Warren Bridge, 11 Peters, 560, was considered as settling
that question in favor o f the pow er; but conclusive as that case might be,
with regard to the right, there were circumstances connected with it which
were considered equally conclusive against the policy. It will be remem
bered that the State had first chartered the Charles River Bridge, and many
years afterwards the Warren Bridge, which last was, by the terms o f its
charter, to become a free bridge after a certain time. As it was in the im
mediate vicinity o f the first-named bridge, o f course the value o f that fran
chise, as a toll bridge, was destroyed. The Supreme Court o f the United
States, (Judges Story, Thompson, and McLean, dissenting,) decided that
there was nothing in the original charter that could be interpreted as a con
tract on the part o f the State, and that therefore the first-named company
could have no relief at law. But, so strongly were the Legislature o f Massa
chusetts impressed with the injurious consequences which such a precedent
in legislation might have on the State, that, soon after the decision, they
passed a law compensating the first-named company by a payment o f
825,000.
The remonstrants conceded the power to pass this law, if the public in
terests imperatively demanded it, but they contended that, in this case, the
State had given to those who embarked in this enterprise every reason to
believe that it would do no act to impair the value o f what its own policy
had created and fostered into being, as testified by its various enactments to
aid in building the roads and fixing the route to be traversed, the loan o f
its credits, the raising o f the fare, to induce capitalists to subscribe to the
stock, the reservation o f the right to purchase within fifteen years, and the
act compelling them to relay the track. B y the advocates o f the bill, it was
denied that any such obligation towards the companies was to be inferred,
from the fact that the charters o f the present roads specified the route
R ailaoad Legislation o f N ew Y ork.
167
to be taken, for the reason that the corporators had at that time petitioned
for this very route, and received from the Legislature only that for which
they asked.
The opponents o f the hill replied that it was true that such petitions had
been presented, but the Legislature had not granted the prayer without con
sideration o f the respective advantages o f the two routes. Petitions had also
been, at that time, presented in favor o f the route now proposed, and the
Legislature concluded that the views o f the petitioners for the present route
were, on the whole, the wisest. That the mere local travel on the roads
could not have been the object then contemplated, since that travel had never
supported the roads to this day. It was admitted by the advocates o f the
proposed road that there was little probability that the stock would have
been taken for a direct road from Albany to Buffalo at the time the existing
roads were chartered. Six or seven millions would not have been subscribed
in any other way than by making portions of it separately. In other words,
a road was wanted from the Hudson to the lakes; it could not be built, un
less it accommodated the largest number o f villages and citizens on the route.
This admission, it was said, contradicted the assertion, that the roads were
built more for the local than the through travel. This was the pioneer line,
and the subsequent action o f the State show'ed that the Legislature regarded
it not as a mere local line, but one in which the whole country were in
terested.
As to the other evidences o f an implied guaranty, the State loaned its
credit to the roads for the amount o f §400,000, which amount was now
owing from the companies. It was fair to presume that the State would not,
by its own action, materially impair the ability of the companies to meet this
obligation. The raising o f fares, for the purpose of inducing subscriptions to
the stock, and the reservation o f a right to purchase, were acts indicative of
the high estimate placed on the roads as the only avenue from the river to
the lakes for years to come. Suppose the State had bought these roads—
would the property o f the State have been sacrificed to benefit a population
o f about 30,000? The State had invested many millions upon the Erie
Canal. Suppose a company should demonstrate that they could construct
another canal between the same points, which would save a distance of
twenty-four miles, and a vast amount o f lockage, was there a man who would
hesitate to say that the State should protect itself, however great might be
the benefits which the public would derive from the improvement ? It had
already adopted this policy o f self-protection, by charging tolls on all goods
earned over the railroads which would otherwise go by canal. A nd was
not the same obligation imposed towards the citizens as towards the sov
ereignty ? W as an investment o f the State to be regarded as more sacred
than that o f an individual ? It could not be supposed that the State would
impose upon the companies the necessity o f expending $1,200,000 in re
laying their road, unless some consideration was to be paid to the interests
o f those furnishing the money, when other lines asked the right of engaging
in a competition which would be ruinous to these roads. It was not a suffi
cient answer to say that this was only compelling them to make safe roads.
Although the old flat rail had great disadvantages, yet it could have been
used with safety for some years longer. The remonstrants did not contend
in favor of a perpetual monopoly. That the time would come for buik i ig
this road, was not doubted, but they contended that, in every point o f view,
it was inexpedient to build it at present, before the resources o f the country
were sufficient to support both lines o f road.
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There was, they said, an obvious distinction between roads which take
away some o f the profits o f others, and those which take away not merely
the profits, but the very means o f support. The interest o f the stockholders,
though not entirely to be overlooked, is secondary to the interests o f the
pu blic; but that requires, that, in providing conveniences for one class of
citizens, you do not take away, to any great degree, those o f another
class. In brief, the position taken was this :— The proposed road will not be
o f sufficient public utility to counterbalance the injury which the public will
sustain from crippling another road o f great public utility, and the un
healthy competition which will ensue.
W e have endeavored to present the facts o f the case, and the arguments
based thereon, as fairly for both sides as the documents before us would
admit.
B y far the most forcible argument for the bill was that, which, admitting
all the facts put forward by its opponents in the report against it from the
railroad committee, went to show that the railroad law limited the question
o f public utility entirely to the property-holders on the line, which we touched
upon in speaking o f the general railroad law.
It was said that, if the opponents o f the road construed that law correctly,
then the law should be altered or repealed; but that it certainly could not
have been the intention o f the Legislature which passed it, to refuse freetrade privileges in this business, when they granted them to manufacturers
by the general law for the formation o f manufacturing corporations; that
there was no reason why the same competition should not be allowed in this,
as in all other branches o f business; that, upon the doctrine contended for
by the remonstrants, railroads could not be chartered, where, as in most in
stances, they would injure turnpike roads, and every charter would involve
the State in a snarl with “ pretended vested rights.”
To this it was replied, that railroads, unlike most other kinds o f invest
ments, are fixed and permanent improvements; that they cannot be con
verted to any new use, and cannot be disposed of, except for the purpose o f
running th em ; and that hence, unless they are employed in their business,
they are utterly useless, and are only so much sunken capital. There were
reasons why we should be cautious in this matter, however liberal we may
be in relation to other branches o f business. Steamboats and manufactories
have large spheres to operate in, rivers o f water, many markets, and if by
any chance their operations are confined, and they fail, the property still has
some value; at all events, the public do not suffer so much, because the
amount lost is comparatively sm all; but in railroads, if the project do not
succeed, there is nothing but the iron, the ground is not worth a hundreth
part o f its cost; an immense amount has been drawn from the operations o f
business, without yielding any return.
The compensation made to the
bridge company in Massachusetts, as well as the compensation required to
be paid to turnpike companies in the charters o f some o f the New York
railroads, were referred to, and it was remarked there was a broad distinc
tion between turnpikes and railroads. W hile a railroad must injure, to a
considerable extent, a parallel turnpike road, it does not take away the whole
o f the travel. Much o f the pleasure travel, and some of the business travel,
and o f the transportation o f freight, still goes over its accustomed route; and
the property o f the stockholders in the turnpike road, though diminished in
value, is not destroyed. Yet, it was seen that, even in those cases, the Legis
lature has, with true justice, provided a compensation for the injury. The
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169
case o f a railroad chartered on a route parallel to an existing railroad, and
possessing advantages over it, is much stronger. The former must take
nearly all the business from the latter, and must do it fatal injury. It is ob
vious that a provision in a charter compelling a competing railroad to com
pensate its rival for such injury, would, with the enormous cost o f railroads,
be equivalent to refusing the charter. Besides, there was a fair distinction
to be drawn between the injury done to an existing interest by new improve
ments in science and art, and by establishing in its neighborhood another
improvement o f the same kind. A turnpike company could more justly
complain at the erection o f another turnpike, to be travelled by the same
power, by their side, than at the erection there o f a railroad, an improvement on
the turnpike. So a railroad company which might complain o f the construc
tion o f another road, could not complain, if, by a new discovery, a balloon
car should take away their business. A n inventor who had spent his fortune
on a new machine, might complain if the government should give him no
privileges against the encroachment on his invention, but he could not com
plain, if afterwards, by some new invention, or the use o f some new element,
his business should be superseded. N o one can expect protection against
future discoveries in science, or against more powerful elements than he em
ploys ; but he may ask that he shall be protected, to some extent, against
existing means o f competition o f the same kind.
W hile it was certainly not desirable to regulate mens’ dealings with each
other too much, we must beware of running to the other extreme, especially
with regard to those investments, which, if unsuccessful, are like water spilt
on the ground, and cannot be gathered up again. They are matters where
the clearest foresight cannot always avail. Scarce a road is built, where, by
the aid of larger expenditures, lines somewhat shorter and easier may not be
projected. The most direct route is not always the most eligible. The best
route for a road to cost a million o f dollars, may not be the best for one to
cost two millions; and yet, one million may be raised now, where two mill
ions can be raised ten years later. But if the road is wanted now, there
must be some protection against the larger investments at a future day, or
capitalists will not subscribe. The only chance for railroad men consists in
a careful consideration o f all the routes at the time, selecting the one, which,
under all the circumstances, may be considered the most eligible, and in the
assurance that new companies may not be authorised to commence a new
work without some consideration o f the circumstances under which it is
asked, and the interests it will affect; without ascertaining whether the re
sources o f the country through which the new road is to pass will justify the
belief that there is business enough to support the tw o ; not whether there
will be business enough to pay a high dividend to the stockholders, (that is
their own risk, and is quite risk enough,) but whether the two roads can be
sustained. It should be remembered, that all roads which compete with
each other are not necessarily to be objected to, on that account, and herein
consisted the difference between this case and that o f other competing roads.
That here the rival road would not only take away the profits, but the very
means o f support.
To the question, where the line is to he drawn, and hy what rule a decision
is to be made, as to what are, and what are not, parallel roads, or, more
properly speaking, ruinously competing roads, the railroad committee reply
in the language o f Mr. Justice McLean, in the Charles River Bridge case,
that “ an exercise o f judgment is indispensable ; the facts and circumstances
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o f each case are considered, and a sound and legal judgment drawn from
them
or, in the language of Mr. Justice Story, in the same case, 11 Peters’
U. States Reports, page 614, where he lays down, what, if not law, is as
suredly policy; that “ the grant must he supposed to carry with it a fran
chise to a reasonable distance.” The extent o f the injury, and the urgency
o f the public necessities, must be always fair subjects o f inquiry. It was al
leged that it was fair to presume that men would not make large investments
o f this kind without taking into consideration every contingency; and that
this would be security enough against any great inconvenience being sus
tained by the public in consequence o f the diversion from other business of
capital which paid no return.
In answer to this allegation, it was said that if every such undertaking is
to be authorized on the ground that men will not undertake them without
the best security of returns, we should find projects started for lines o f rail
road in every imaginable section; and, though they may not be built, the
simple fact that they have the right to build, will prevent others from going
into those schemes that are really needed— capital will be dissipated between
a great many lines.
Every village in the State, in the spirit o f rivalry and progress, will get a
charter for a road to some other village; all their own available capital will
bo spent, and then they will trust to obtaining subscriptions elsewhere.
W ill they get them? No, the very number o f roads will make capitalists
hesitate; and the money for building those which are really urgently needed,
and which could have been obtained, if the small amounts which have been
dissipated on different lines had been united; or, if the charters o f those not
urgently needed, had been refused, will only be obtained by selling bonds at
ruinous sacrifices, and all the other tricks known in the stock market and
among railroad men. W h at man would subscribe to the stock o f a railroad, when
he saw on the statute book charters for other companies all around it, which
might perchance be constructed some few years later, and render the invest
ment valueless ? It is the same thing if you declare your policy to be to
grant charters in all cases to those who ask for them, where no opposition
comes from the property holders. Men will hesitate, before taking their cap
ital from safe investments and putting it in those which are uncertain.
But, supposing this not to be the case; suppose that a railroad mania
takes possession o f all classes, and all the roads are built, will it be for the
benefit o f the public, unless the lines pay some return to the stockholders ?
Doubtful. W e have seen the consequences o f such a mania in England
within the last eighteen months. Large amounts of capital have been with
drawn from other branches o f business. The consequence was, numerous
failures— a commercial crisis o f the most appalling kind. N o doubt the peo
ple on the lines o f the projected roads were accommodated, but would not
the whole people have been better, had Parliament, before granting the
charters, have made some little inquiry into the local resources for the sup
port o f each, and how far they w'ould withdraw support from other lines ?
The experience o f 1836 had shown that, cautious and prudent as the
Yankee nations are, such a state o f things here as had occurred in England,
was by no means improbable. W e do not always accomplish the most by
attempting too much. W ith regard to this case, it is possible that the pro
jectors of it can make it a successful speculation; because, they can either
break down one road, or make a monopoly o f b o th ; but when we had de
clared in favor o f the universal privilege to build roads, the most unfavorable
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1U
results to the whole State would follow. Instead o f having the best roads,
in the best order, with double tracks, doing thrice the business o f two roads
with single tracks, and low fares, we should have no improvements on ex
isting lines; fares would be raised, instead o f lowered, and roads which are
imperatively required, will not be built, until years o f exertion have been
made.
The bill passed the Assembly by one more than the requisite number of
votes, but was lost in the Senate, where it received but twelve votes, seven
teen being necessary.
Subsequently, an act was introduced into the House for amending the
general railroad law, so as to allow all persons or companies to take property
for building railroads without an application to the Legislature, but this was
lost by a large majority, showing, although a majority o f the House were in
favor o f the direct road, they were by no means disposed to open the busi
ness to the public.
Another bill, which excited much discussion, was that authorizing the
Northern Railroad Company to bridge Lake Champlain at Rouses Point.
The Northern Railroad Company was chartered by an act o f the Legislature
o f this State passed in 1845, under which charter the present company was
organized; and the company now represents that its road has been located
from Ogdensburgh, on the river St. Lawrence, to Rouse’s Point, on Lake
Champlain ; that the entire line o f the road is now under contract for con
struction, and that the whole line will be completed and put in operation in
the summer o f 1850 ; that on the eastern shore o f Lake Champlain, railroad
companies are organized for constructing a continuous line o f railroads from
opposite Rouse’s Point, extending southerly through Vermont, to the New
York State line, near W hitehall; from which last point, a connection has
been authorized, and will no doubt be made, with the Saratoga and W hite
hall R o a d ; that from Burlington, two railroads, connecting with eastern
railroads, reaching to Boston, are also in progress o f construction; and that
the only obstacle to a complete and contiguous railroad connection from New
York to Troy, Albany, New York and Boston, is the outlet o f Lake northern
Champlain. It is to overcome this obstacle, that the right to construct the
proposed draw-bridge is demanded. The bridge was opposed on the ground,
first, that the State has no power to make the contemplated gra n t; and
second, that if the State has the power to make the grant, it is inexpedient,
as regards her interests, to do so.
In support o f the first of these positions, the eighth section, third sub-di
vision, o f the first article o f the Constitution o f the United States wras referred
to, by which power is given to Congress to regulate commerce with foreign
nations, and among the several States. This provision, it was asserted, vests
in Congress the sole and exclusive control o f the navigable waters of each
State, for the purposes o f navigation and commercial intercourse. Hence it
was argued, that any obstruction contracting the navigation at Rouse’s Point,
would be an infraction o f the federal compact, to which our State is a party.
The Senate’s Committee, by Mr. John L. Lawrence, and the Assembly’s
Committee, by Mr. Fitzhugh, made long and able reports, in which they
came to the conclusion that the right o f conveyance, by means o f a draw
bridge across navigable waters within any of the States, is not prohibited by
the Constitution o f the United States, if exercised with a reasonable regard
to the ordinary convenience o f internal navigation. The principle has, in
deed, been decided by the Supreme Court of this State, in the case o f the
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P eople vs. the Rensselaer and Saratoga Railroad Company, reported in
15th W endell, page 113. It was there adjudged, that the draw-bridge over
the Hudson River at Troy, although erected at a place where coasting ves
sels have a right to pass, is not an obstruction so entirely preventing, or es
sentially impeding the navigation, as to be unlawful. “ By a free navigation,”
(said Chief Justice Savage, who delivered the opinion o f the Court,) “ must
not be understood a navigation free from such partial obstacles and impedi
ments as the best interests o f society may render necessary.” “ I have al
ready stated,” he continues, “ that the General Government, and the State
Government, between them, possess the sovereign pow er; and the sovereign
power may doubtless build bridges, where necessary. It has been correctly
said, that the Federal Constitution is a grant o f power, while the State Con
stitutions are limitations o f power. There is, in our State Constitution, no
limitation o f the power to build bridges, and there is, in the Federal Consti
tution, no grant o f such power. There can be no question, then, that the
State Legislature has the power to build bridges, when they shall be neces
sary for the convenience o f its citizens. The right must be so exercised,
however, as not to interfere with the right to regulate and control navigable
streams.”
Another ground taken to sustain the position, that the State has no power
to make the grant asked for, was, that such an act would be repugnant to
the third article o f the treaty o f 1794, concluded between the United States
and Great Britain; which, being one o f the articles declared to be “ perma
nent,” was alleged to be suspended only, not destroyed by the war o f 1812.
The Committee cite the opinion o f Vattel, the eminent writer on the pub
lic law. In remarking on what terms “ an incontestible right o f navigation,”
which one nation may have in waters o f another, he says : (Laws o f Nations,
Book 1, cap. 22, § 2 7 3 .) “ This right necessarily supposes that the river
shall remain free and navigable; and, therefore, must exclude every work
that will entirely interrupt its navigation.” A partial obstacle, then, say the
Committe, like the draw-bridge contemplated in the bill, intended to advance
other interests than those o f navigation, but accommodated to its conve
nience, would not conflict with a stipulation by treaty, for the free navigation
o f a river. The practice o f various other States of the Union, having navi
gable rivers within their limits, has proceeded on the principles adjudged in
our own State; and the Congress o f the United States long since manifested
its opinion o f the unimportance o f the obstacle which a draw-bridge causes
to navigation, by granting a charter for the erection o f such a bridge across
navigable waters within our own exclusive jurisdiction.
The third article stipulated, with certain limitations, which it is not neces
sary to particularize, “ that it shall at all times be free to his Majesty’s sub
jects, and to the citizens o f the United States, and also to the Indians dwell
ing on either side o f the boundary line, freely to pass and repass by land
or inland navigation, into the respective territories and countries of the two
parties on the continent o f America, and to navigate all the lakes, rivers,
and waters thereof, and freely to carry on trade and commerce with each
other.” It is also agreed, that “ the river Mississippi shall be entirely open
to both parties,” according to the treaty o f peace o f 1783, which provided,
b y its eighth article, that “ the navigation of the river Mississippi, from its
source to the ocean, shall forever remain free and open to the subjects o f
Great Britain, and the citizens o f the United States.”
I f the third article o f the treaty o f 1794 were now in force, the objection
R ailroad Legislation o f N ew Y ork.
173
drawn from it to the proposed draw-bridge, would, it was said, be decisively
met by the quotation from Vattel which has been made. But the Com
mittee, after an examination o f the whole question, came to the conclusion
that the said third article was abrogated by the war between the two coun
tries, declared by the United States in the year 1812, and there seems to
have been no great disposition to dispute the doctrine o f the report. After
thus disposing o f these objections to the right, so far as the books are con
cerned, the important question yet remains. W ou ld the bridge obstruct
navigation ?
It is proposed to construct this bridge with piers, so as to leave at least
2,000 feet o f the open waterway in the spaces between the piers, the open
ings between the piers to be not less than 120 feet in the clear, except at
the draws; to have one or more draws o f at least 60 feet in width, and so
located as to afford a passage for all vessels navigating Lake Champlain and
the Richelieu R iver; which draws are at all times to be seasonably opened
by the company, free o f charge, for vessels desiring to pass; to erect a pier,
or dock, extending under the bridge, in the direction o f the current, at least
300 feet long, with posts and fenders for the accommodation and security of
vessels, and to keep the same properly lighted during the season o f navi
gation.
Conflicting testimony was presented to the Committee, on the questions
whether the proposed bridge would not cause, at or near its piers, collections
o f sand injurious to' the channel ? W hether its erection would not occasion
accumulations o f water during heavy southerly gales, so as to overflow any
neighboring low grounds ? A nd whether the safety o f vessels would not be
endangered by the bridge, in their passage to and from the Richelieu River,
during the prevalence o f strong winds ?
Several eminent engineers testified that the piers, if built in the manner
proposed, would not cause collections o f sand. On the other hand, the
opinion o f Major Delafield before the Quarantine Committee, as to the effect
o f such erections, was certainly forcible:—
“ I am decidedly o f the opinion, that every structure o f this kind would
be the rapid cause o f forming a shoal, filling up the harbor so formed. A ll
our experience and observation along the sea-coast o f the United States, from
the sandy shores o f Long Island to the Florida Keys, admonish us o f the
danger of placing obstructions in the channel and tide-ways o f rivers, and
along the sea-shores.”
The reference of the Committee to the action o f Congress, in relation to a
bridge under their own jurisdiction, may seem to be unfortunate, inasmuch
as Congress, at its last session, made an appropriation for an examination,
with a view to removing shoals from the Potomac, caused by the construc
tion o f this very bridge; but the fact is, that bridge is differently built from
any other o f which we have heard. The bridge is, perhaps, a mile long.
President Jackson wanted to build a bridge o f arches, at a cost o f probably
$2,000,000 ; but Congress interfered, and the present structure, costing, per
haps, $200,000 altogether, was the result. On the shallow parts of the
river, piers were built nearly a quarter o f a mile long, and not only have
these caused an immense accumulation on the shoals, forming almost an
island, but serious apprehensions are now felt, lest the channels of the river
should be filled up. Had the bridge been built in the ordinary mode, with
small piers pointing to the current, there is no reason for supposing that
such results would have followed, any more than on the Rhone and the
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Saone, the rapid waters o f which are constantly rushing beneath the arches
o f some structure, perhaps o f Roman date.
W ith respect to accumulation o f water, the Committee say :— Lake Cham
plain, in its whole extent o f one hundred and ten miles, has but about three
feet o f descent, (say one-third o f an inch to a mile,) which creates little or
no perceptible current. The absence o f apparent current continues down
the Richelieu River, until that stream approaches St. Johns, distant twentytwo miles from the lake, when the current becomes rapid. Near the fort on
the lake, one-eighth o f a mile south o f Rouse’s Point, the surface and depth
are represented to furnish, for any flow o f water, a capacity less than that
which would be afforded by the openings under the bridge.
It will be observed that the water-way under the bridge is not to be less
than 2,000 feet. It appears by the affidavit o f the engineer who made the
examinations, that at Ash Island, three or four miles north o f Rouse’s Point,
the whole width o f water-way is only one thousand and seventy-five feet,
with a depth giving an area o f water-way equal to about ten thousand square
feet, while at the bridge there will be a width o f water-way in the clear, be
tween the piers, o f not less than two thousand feet, or near double the width
at Ash Island; and that the depth of water at the bridge is such, that after
it shall be built, there will be over twenty-eight hundred square feet o f water
way, being near three times greater capacity o f water-way at the bridge, after
its construction, than there is at Ash Island.
It was stated, however, that in times o f high water, the river below Rouse’s
Point, at Ash Island, overflows its banks, so as greatly to increase the area
o f water-way at that place.
In answer to this, it was shown by a steamboat master o f great experience
on Lake Champlain and the Richelieu River, that at St. Johns, the river was
but about a thousand feet in width, with high banks, which never over
flowed ; that the whole volume of water escaping from the lake, had to
pass this place, and that in times o f freshets, the water was about as high at
St. Johns as at Ash Island, Rouse’s Point, or other places on the lake. It
would thus seem to be evident, that the spaces between the piers would
suffice for the passage o f any volume o f water that could be admitted near
the fort on the lake; that they would accommodate a flow three times
greater than can escape through the Richelieu River at Ash Island, and that
no inundation o f any neighboring lands is to be feared, after the erection of
the bridge, which they are not already subject to.
It was shown by a certificate o f the collector at St. Johns, that the whole
number of entrances and clearances to and from the United States, during
the season o f navigation in 1847, was only equal to about four steamboats
and less than one sail vessel per day. Most o f the business below Rouse’s
Point is done by steamboats, from which a transhipment takes place at St.
Johns to a railroad to Montreal, and a charter has been granted to extend
the Montreal and St. Johns Railroad up to Rouse’s Point, to connect with the
Northern Railroad, a distance o f less than twenty miles. W hen that shall
be done, the transhipment will take place at Rouse’s Point, and steamboats
probably would not generally pass below the bridge.
It was further shown by affidavit that many times the commerce o f Lake
Champlain at Rouse’s Point, Passes through draw-bridges over the Charles
River at Boston, without serious inconvenience or obstruction to the trade.
And the whole commerce o f the W elland Canal, amounting often to more than
fii.y vessels per day, o f from two to four hundred tons burthen each, passes
R ailroad Legislation o f N ew Y ork.
1?5
through a succession o f draw-bridges, constructed over the canal every few
miles, throughout its entire length of twenty-eight miles ; and though one
o f the Committee has been engaged in this trade for many years, he had
never heard these numerous draw-bridges spoken of as an embarrassment or
obstruction to its progress.
The location proposed, at Rouse’s Point, is deemed by competent engineers,
a most favorable one for a draw-bridge, being protected from the w inds and
sea, by projecting points and headlands, and the contraction o f the lake to
comparatively narrow limits, for some distance above the Point.
The second position taken on the part of the remonstrants was, that if the
State had the power to make the grant, it is inexpedient as regards her inter
ests to do so.
In support o f this position it was argued, that the bridge would form a
part o f a line over which would be carried to Boston a trade legitimately be
longing to this State: that when the road reaches Lake Champlain, New
York is entitled to the benefits of the transportation : that the whole object
is to tap the Erie canal for the benefit o f Boston, to which place produce and
merchandise would be transported from Ogdensburg without breaking bu lk:
that the funds for the road have been furnished mainly by eastern capital
ists : that the distance from the bridge to Boston would be less than to New
York : and that thus the trade fairly belonging to the cities o f Troy, Albany
and New York, would be snatched from them to advance the prosperity o f
Boston.
In reply to this, it was argued that it was at least a very questionable way
o f opposing a measure, to array selfish feelings and local interests in opposi
tion. it was treating a sister State as if she were a foreign government at
enmity with New York, instead o f regarding the prosperity o f New York as
intimately connected with that o f her neighbors; that New York had ever
repudiated a policy so narrow and unjust, by encouraging and assisting in
the construction o f roads to connect with the great western road to Boston.
By a succession o f acts, through a series o f twelve years, she had established
the principle, that whatever may invigorate the growth and industry o f any
considerable fraction of her people, it is not to be rejected, because they may
not be made tributary to some other fraction. In support o f this principle,
she had generously contributed from the public credit, and had authorized
loans to be made by municipal authorities, creating perhaps powers and ne
cessities for future taxation within their jurisdiction. To adopt this policy in
the case o f masses comparatively favored in climate and population, and
vastly favored in fortune, and to deny even its limited operation to inferiors
in position, numbers and prosperity, might tend to create distrust and discon
tent in the citizen, leading him perhaps to the doubt that power and means
may persuade, while the humbler petition is disregarded.
In this case, if it be true, that trade would be diverted from the city o f
New York, it is also true that the northern counties will be supplied with a
market which they will not otherwise soon obtain, since it is hardly probable
that a railroad will be soon constructed on the west side o f Lake Champlain.
It would be a harsh measure towards those counties, if a boon be refused,
of such consequence to them, and so unimportant to the State, as permission
to erect the proposed drawbridge. “ It is certainly no objection,” say the
Committee, “ that such communications should be effected by moneys furnished
by citizens o f other States. The enterprise and industry o f our citizens, need
for their advancement, more capital than we ourselves possess, and we ought
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to encourage subscriptions by others, for purposes which, if accomplished,
secure great public benefit, and if they fail, do not diminish our own proper
means.”
But it was denied that the advantage would be decidedly in favor o f Bos
ton. It is true, say the Committee, that the number o f miles from Rouse’s
Point, is less to Boston than to New York. But the route first mentioned,
presents great inequalities o f surface to overcome, while the latter is compar
atively level. Hence the equated distance, which combines in its estimate
both the extent o f space and the amount o f hindrance, is least to New York.
The connecting roads, leading to both cities, are all either chartered or in
progress. Those forming the route to Boston, will probably be first comple
ted. But if so, the moneys which the newly created commerce will have
scattered, and the industry it will have awakened in the northern counties
will add, not ultimately only, but speedily, to the amount o f transportation
to and down tide-water. Some o f the bulky articles, which cannot afford
the expense o f distant conveyance by railroad, will be vastly increased in
quantity ; and this enlarged production will necessarily stop at the shores o f
the lake for conveyance by water. The article o f lumber, for example, will
be increased to a very large extent. That product will uniformly seek its
market along the Hudson or at New York, because o f the less comparative
expense o f transportation by water, and because, also, the article always com
mands, in the city o f New York, a higher price than at Boston, which re
ceives a readier and cheaper supply from the State o f Maine. Under any
approach to equality, in other resjaects, the superiority o f the mart o f New
York in promptness, extent and variety, will always control the course of
trade, after both the contemplated routes shall have been finished. That
superiority is constantly and practically acknowledged, by the merchants and
manufacturers of Massachusetts, whose foreign imports and domestic fabrics
daily come to New York for a more ready sale. The latter city can feel no
hostility to a more expanded prosperity o f any parts o f our State, because,
even if selfishness were alone consulted, it would be apparent that any addi
tion to the general means must redound to the advantage of that city. Each
o f her sound thinking citizens regards with pleasure the growth of intercourse
and trade through the agency o f railroads ; which, whenever the whole con
templated net-work o f them shall be formed, will, instead o f verifying pre
dictions to the contrary, prove but so many aids to her own irresistible ad
vancement.
Much stress was laid by the advocates o f the bill, in and out o f commit
tees, on the effect o f a diffused activity among the northern counties, upon
the revenues o f the State. It was urged that the inevitable increase o f pop
ulation and prosperity, will, in its consequences, add to the contributions o f
the treasury whenever required; that such activity would materially aug
ment the tolls o f the Champlain Canal, by an increase o f production, partic
ularly in bulky articles, for which a transit by water must be most advisable.
Since the year 1836, the tolls on that canal, from and to tide-water, instead
o f annually advancing in amount, have on the average decreased. This
might be attributed, perhaps, to occasional variations o f tolls on particular
articles; but in opposition to such a conclusion stands the fact, that the
average number o f tons annually transported to tide-water, since the same
year, has diminished in a yet greater ratio. The tables annexed to the report,
drawn from such official documents as the committee could readily consult,
show the particulars down to, and including the year 1847, a year o f unpre
cedented activity in the internal commerce o f New York. They demonstrate,
Railroad Legislation o f N ew York.
177
that the productions o f the northern counties are decreasing in amount, or
that they find their market in a foreign colony. In either case, it behooves
the State to give such encouragement to the northern counties as may secure
their trade, as far as practicable, to ourselves and to other States o f our Union.
For five months in the year, the counties o f St. Lawrence, Franklin and
Clinton, are as effectually shut out from the great commercial marts, as
though no such marts existed. This railroad connection would enable them
to reach such markets at all seasons o f the year, and while it would increase
the trade and intercourse between those counties and the Hudson River val
ley, it would, without in any essential degree detracting from the business o f
any other section of the State, develope the resources o f those counties, and
greatly increase their business, wealth and population.
The bill was amended in the Assembly so as to provide that the bridge
should not be used until a railroad connection was completed between Rut
land and T r o y ; and, in that form, it passed the House by seventy-eight
votes, sixty-five only being necessary, but shared the fate of the Direct road
in the Senate.
W e have thus particularly adverted to the discussions on these two bills,
because they were the great questions o f the session, and will probably come
up again for consideration at a future time.
A charter for a railroad from Troy, on the eastern side o f Washington
county and of the Hudson River, to the State lin e; thence to connect with
Rutland, Vermont, passed the House without opposition, it being stated by
Mr. Mowry, the chairman of the railroad committee, and member from
Washington county, who reported against the parallel road, that it by no
means came under the same principle contended for in that report; although
it would compete for some o f the business o f the Troy and Whitehall Road,
which is soon to be connected with Rutland, yet it would not take away from
that road the support which it now possesses. That there was here abundance
o f business for both roads, exclusive o f the through travel, whereas, in the
case o f the Syracuse and Rochester Road, neither road could sustain itself on
way travel alone. That this road would be dependent on no source for its
income, which could be withdrawn, by reason o f the richness and fertility of
the soil along its borders, and the amonnt o f business derived from manu
facturing and mill-seats. The estimated freight to be furnished by towns
along the line, exclusive o f Troy and o f western Vermont, is 135,000 tons—
the tonnage from western Vermont would be 90,000 tons more. The pop
ulation o f the towns on the line, adding a few towns near deeply interested
in the proposed work, is eighty thousand ; the estimated value o f personal
and real estate on the line, is fifty millions o f dollars.
But there is another distinction between this road and the Direct road,
which makes it more desirable as a work of public utility. The Troy and
Washington Road is on the west side o f the Hudson, and runs through a
country which has also the Champlain Canal. It is not accessible to those
living on the easterly side o f Washington county, who would be accommo
dated by the proposed road, and to whom the Champlain Canal and the
Whitehall Road have been productive o f decided injury, having broken up
all the old stage routes. The road is therefore demanded by urgent public
necessity, which could not be said o f the Direct road, which would pass
through a country already possessed o f the Erie Canal, and within a short
distance o f the existing lines o f road.
Again, the road was strongly urged on considerations o f public conveV O L . X X I .-----N O . I I .
12
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Railroad Legislation o f N ew York.
nience, as being a continuation o f the Hudson River Road, to be completed as
soon as that. The road itself would be eighty miles long, but, in connection
with the Hudson River and Vermont roads, it would present a track o f rail
way nearly unbroken, from New York city to Montreal, a distance o f 375
miles. It will vary but little from a direct course. It will diverge towards
the Rutland and Burlington Road from Castleton ; but, should the public
require it, extend the road northward from Castleton to Leicester, or some
other point on that road, and it would then again be on the shortest line
for the whole distance as to challenge competition. Burlington will be, in
equated distance, more than fifty miles nearer New York than Boston.
Hence it was argued that the trade and business o f western Vermont, which
Boston is now trying to divert, must be secured to the towns and villages in
the valley and at the mouth o f the Hudson. This, it will be perceived,
served as a strong argument in answer to the objection which was last urged
against the Lake Champlain Bridge.
The bill passed through the Assembly without opposition from any quar
ter, but was violently opposed in the Senate Committee, by those interested
in the Saratoga and Washington, or Troy and Whitehall Roads, to which we
have referred. It finally passed the Senate, and became a law.
The estimated cost o f the road, when completed and in running order, is
§1,500,000, or a little less than $20,000 per mile. A n assessment, it is said,
o f 3 per cent on the property upon the line o f the road and benefitted, would
construct it.
Declarations o f public utility were passed in favor o f a railroad from
Plattsburg to some point in the line o f the Northern Railroad within Clin
ton county, and o f a road from some point on the line o f the Saratoga and
Washington Road to Plattsburg, through the counties o f Essex and Warren.
There is no probability that either project will be soon carried into execution.
The bill to declare the public utility o f a railroad from Ilornellsville to
Buffalo was lost in the House by a small vote. Hornellsville, in the county
o f Steuben, is the point to which the Erie Railroad is soon to be completed.
In 1845 a charter was obtained for the construction of a road from this point
to Attica, in the county o f W yom ing, there to connect with the Attica and
Buffalo Road, thus establishing a connection between Buffalo and the Hud
son River, through the southern counties o f the State. The Attica and
Buffalo Company have found it impossible to commence operations with any
prospect o f success, in consequence o f the objections made by capitalists to
the route selected. It was objected that the company would be too much in
the power of the Attica and Buffalo Company, but with more reason, that a
shorter and better route could probably be obtained by avoiding Attica alto
gether. Application was therefore made for an amendment to the charter,
which would enable the directors to change the route o f the road, if they
saw fit, and also the name. This was regarded as being equivalent to a new
and special charter, and consequently contrary to that provision o f the Con
stitution, which declares that corporations shall be formed under general
laws, and special charters shall not be made, except in cases where the ob
jects cannot, in the opinion o f the Legislature, be obtained under general
laws.
Application was then made for a declaration, under the general law, in
favor o f a road, by the most direct and eligible route, through the towns of
Aurora, in Erie county, and China, in W yom in g county, better known as
Railroad Legislation o f N ew York.
179
the Buffalo Creek route. It was pretty well ascertained that a railroad could
be made over this route, though only partial surveys had been made, and it
was not clear what the saving o f the distance, if any, would be. The bill
encountered opposition from the stockholders in the Attica and Ilonesville
Road, who reside in and about A ttic a ; but the principal objection came
from citizens of the counties of Alleghany, Cattaraugus, and Chatauque,
through which counties the Erie Railroad is yet to pass, in order to reach
Dunkirk, on Lake Erie. It was alleged that if the Erie Road once obtained
a connection by way o f Buffalo with Lake Erie, they would never construct
the road through to Dunkirk, and that thereby great injustice would be done
to those counties, which had voted to be taxed, together with other parts o f
the State, in order to aid in the construction o f that road, by the advance o f
$3,000,000 towards its construction. In answer to this, the advocates o f the
bill referred to the act passed May 14, 1845, by which it was provided that
if the road should be completed to Dunkirk by the year 1851, then this
debt o f $3,000,000 to the State should be released; and it was said that it
was for the interest of the Erie Railroad Company to finish their road, in or
der to obtain a release from this d eb t; that in no other way could they hope
to get rid o f it, for the new Constitution had prohibited the Legislature from
releasing any such liens; that it was only by the valuable addition to thenreceipts which the Hornellsville would afford, that the Erie Company could
hope to obtain the means o f completing their road. The opponents o f the
bill replied that, though a release o f the debt could not be obtained, subse
quent Legislatures might be induced to extend the time for completing the
Erie Road indefinitely. That if the Hornellsville connection were not made,
the stockholders would find it absolutely necessary, in order to secure a re
turn for the money already invested, to use every exertion for completing
the road at the earliest d a y ; whereas, if they were in the receipt o f a greater
amount o f business from the Hornellsville and Buffalo Road than they could
hope to receive from the main line o f their own road west o f Hornellsville, a
great incentive to the completion of the latter would be taken away.
The question will probably come up again at a future session; o f course,
all those interested in the Erie Road, as far as completed, are strenuous for
the passage o f the bill, though professing, likewise, an earnest desire for the
completion o f the Erie Road to Dunkirk, in order to have an independent
communication with the lake.
The Harlem Railroad Company obtained an extension o f time for com
pleting their road to the Hudson River, opposite to the city o f Albany, and
for the purpose o f completing the road to that point, or to any other point
in the counties o f Columbia or Rensselaer, so as to form a junction with any
other road leading to a point on the Hudson River opposite to the city of
Albany, and also for the purpose o f constructing such turn-out and branch
tracks, station and engine houses, and other equipments, as the exigencies of
the business may demand, and their charters may authorize and permit.
The company was authorized to increase their capital stock to an amount
not exceeding, in the whole, five millions of dollars, to be issued at such
times, in such manner, and with such rates o f dividend or interest as the
board of directors may prescribe, to be paid out o f the earnings o f the road
when the same shall be com pleted; and, in the meantime, the company is
further authorized, if the board o f directors shall deem it expedient, to bor
row such sums o f money from time to time as may be required for such
purposes, not exceeding in the whole two millions of dollars, at a rate o f in
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Railroad Legislation o f New York.
terest not exceeding 7 per centum per annum, and may give to the holder
o f any bond or other evidence o f debt, which may be issued by the com
pany for any part of such loans, the privilege of converting the same into
the stock to be issued under this act, at or before the maturity o f such loans.
A n d the company may secure the payment o f the loans, by mortgage of
any part o f their real or personal estate; provided that nothing in this act
shall be construed to impair the covenants and agreements for the issue o f
fifteen hundred thousand dollars o f preferred stock, under the act o f March
29th, 1848.
The said company is also authorized to construct the branch from their
road to the Hudson River, authorized in their original charter from any
point on their road north o f 27th street, to any point upon the Hudson River
which may be permitted by the corporation of the city o f New Y o rk ; and
also to construct a like branch from their road to the East River, at such
point as may be designated by the corporation o f the city o f New York.
On most o f the railroads in this State, except the Erie, the fare is three
cents a mile, that being the amount fixed by the general railroad act, and
by agreements amongst those companies having special charters. It remains
to be seen w'hether the two cents a mile, charged by the Erie Railroad, will
pay enough to the company, to enable them to keep the road and apparatus
in the best order, and do reasonable justice to the stockholders who have in
vested so large an amount o f funds in this great public improvement. A t
the late session o f the Legislature, the committee on railroads reported
against the expediency o f any legislation to compel a reduction o f fares be
low three cents.*
By an act passed in 1847, as amended at this session, it is enacted:—
W henever the death o f a person shall be caused by wrongful act, neglect, or
default, and the act, neglect, or default, is such as would (had death not en
sued) have entitled the party injured to maintain an action, and recover
damages in respect thereof, then the person who, or the corporation which,
would have been liable, had death not ensued, shall be liable to an action
for damages, notwithstanding the death o f the person injured, and, although
the death shall have been caused under circumstances as amount in law to
felony.
Every such action shall be brought by, and in the names o f the personal
representatives o f such deceased person, and the amount recovered in every
such action shall be for the exclusive benefit of the widow and next o f kin
o f such deceased person, and shall be distributed to such widow and next
o f kin in the proportions provided by law in relation to the distribution o f
personal property left by persons dying intestate; and in every such action
the jury may give such damages as they shall deem a fair and just compen
sation, not exceeding five thousand dollars, with reference to the pecuniary
injuries resulting from such death to the wife and next o f kin o f such de
ceased person, provided, that every such action shall be commenced within
two years after the death o f such person, but nothing herein contained shall
affect any suit or proceeding commenced or pending in any o f the courts of
this State.
Every agent, engineer, conductor, or other person in the employ o f such
company or persons through whose wrongful act, neglect or default, the
For this report see the June num ber o f the Merchants’ Magazine.
V irginia: her H istory and Resources.
181
death of a person shall have been caused, as aforesaid, shall be liable to be
indicted therefor, and upon conviction thereof, may be sentenced to a State
prison for a term not exceeding five years, or in a connty jail not exceeding
one year, or to pay a fine not exceeding two hundred and fifty dollars, or
both such fine and imprisonment.
Art. III.— VIRGINIA: IIER HISTORY AND RESOURCES*
W e are glad that our men of letters are paying more and more attention
to American State history, to the annals o f the several States o f the Union.
O f general histories o f the United States, there is no la ck ; but even here,
there is a void that still remains to be filled. W e have, as yet, no such
complete history o f America, so full and scholarlike, as the present state o f
this branch o f historical research allows, and the subject demands. Ban
croft’s work is hardly more than fairly begun. Rumor, o f late, speaks o f a
forthcoming history o f America, by a member o f the Boston bar, to be pub
lished by the Messrs. Harper.f
There are marked peculiarities in the history o f each State o f the Union,
features which distinguish it from all the others, to a degree which surprises
the general reader, who has read little but the history o f the present, or has
not carried his researches into American history farther back than the era o f
the republic.
The effect o f sixty years o f federal government, has been gradually to
smooth down the peculiarities o f the States, and to impress general uniform
ity upon them. But if we go back to the early history even o f the newer
States, we find much that is striking and peculiar in the annals o f each.
Ohio was settled almost entirely by men o f New England and New York.
Illinois, with many New Englanders, received a large admixture from the
south-east. Wisconsin is one-half German. Louisiana still bears marks o f
her French descent. Kentucky is a modified Virginia. The student o f the
early colonial history of America meets with still more striking contrasts;
Massachusetts, with her Pilgrims, New York, with her thrifty Hollanders,
Pennsylvania, with Penti and the Quakers, and Virginia with her adven
turers, idlers, and gentlemen. There is certainly enough in the annals o f
every State o f the Union to furnish materials for a separate history o f each,
and to entitle every one o f them to a history o f its own.
Few o f the States have, as yet, found competent historians; certainly not
one has been more fortunate in this respect than Virginia. Mr. Howison’s
history o f Virginia, is learned, scholarly, and well written. The first vol
ume, containing the first two parts of the history, and bringing it down to
the peace of Paris, in 1763, was published at Philadelphia in 18 46 ; the
second, containing the last two parts, and completing the history to the
present day, was published at Richmond, Virginia, in 1848.
In the matter of externals, type, paper, and general appearance, this work
reminds one o f the elegant and luxurious style in which the historical labors
* A history o f Virginia, from its discovery and settlement by Europeans, to the present time. By
T w o volum es. R ich m on d: Drinker & Morris. N ew Y ork and L o n d o n :
W iley & Putnam, 1848.
t The first volum e has been published since this article was written, and is briefly noticed under
o u r “ Book Trade.”
R o b e r t R. H o w is o n .
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Virginia : her H istory and Resources.
o f Bancroft and Prescott have been given to the world. The resemblance
does not stop there. Mr. Howison’s style is excellent. It has much force,
grace, and point, and bears comparison even with that of these masters o f
historical writing.
Mr. Howison, as in duty bound, being himself a Virginian, is full o f love
and zeal for the “ Old Dominion.” But his zeal is according to knowledge.
H e sees the evil, as well as the good, in the past o f Virginia; her faults, as
well as her virtues, her weakness, as well as her strength. H e rejoices in
the brightness of her fame, but also sees its spots.
It is the peculiarity o f the State o f Virginia, that it is at once old, and yet
undeveloped. Bich in resources, she is yet p o o r ; rich in memories o f the
past, yet falling behind many a younger State, in her influence upon the
present, and failing to fulfil the high promise o f her youth. This leading
feature o f Virginian history, has not escaped Mr. Howison. W hether so in
tended or not, his work might be considered an elucidation of this one idea.
Read with reference to this idea, and, so to speak, in its light, his history be
comes a most instructive lesson in the philosophy which teaches by example,
and acquires as complete unity o f plan as a historian could desire.
On the one hand, the greatness o f Virginia, political and physical, if we
may so speak, no one is able, no one wishes to deny or question, least of all,
when it is portrayed with the taste and discrimination o f Mr. Howison. Vir
ginia is the oldest o f the States, or, more correctly speaking, was settled as a
colony earliest o f all. From the beginning, she has counted among her citi
zens, men o f enterprise, men o f character, men o f learning, gentlemen. Mr.
Howison appreciates, at its true value, the incongruous gentility o f some o f the
early settlers. But who can help admiring the high tone and spirit o f the
great men o f Virginia o f former tim es; the dignified, the gentlemanly char
acter which marked them, and which were so conspicuous in W ashington?
The cavalier spirit, if not carried to excess, certainly has its attractive aspect,
its bright side, and its value as an element of national character; nor, if
genuine, is it any way incompatible with true republicanism, but the reverse.
This spirit certainly marked, to a high degree, the better class of the settlers
o f Virginia, and Washington might be almost called its type.
The great men o f Virginia were not few. H ow many there were, the
pages o f Mr. Ilowison’s history bear witness. A t the threshold, in the first
chapter, we are met by the great name and deeds o f the hero, John Smith,
the father o f the colony. Then follows the dreary period o f political nonage,
barren in men or events of much n ote; that happy era in the history o f every
State, which makes no figure in history. Coming to the period immediate
ly before the revolution, what an array o f distinguished names is presented,
stretching down from that era to the present day, orators, statesmen,
generals!
The great men o f that day were not o f the kind which is commonly thought
to be the growth of the early periods o f a State. Rude, natural force, but
little culture, are looked for in statesmen from the woods, in a “ forest-born
Demosthenes.” But the great statesmen and orators o f Virginia were as
much distinguished for the extent o f their acquirements, as for natural
vigor o f intellect. The eloquence o f Patrick Henry is as refined, at least, as
that o f Chatham, if refinement can be predicated o f either; and Madison
and Marshall were o f as profound attainments, as strong reasoning powers. In
this respect, we are not sure that there has not been a retrograde; that the pub
lic men o f the present day do not exhibit more o f the crudeness and imma
V irginia: her H istory and Resources.
183
turity which are supposed to belong to the early periods o f a nation, than
marked that era itself. In point, directness and force, the public efforts o f
the statesmen of the day, are certainly inferior to the speeches and diplomatic
papers which have come down to us from that day, and which are in marked
contrast with the prosy essays o f our Senate, and the wordy prolixity o f the
House. If we consider the weightier matters of good argument and sound
logic, what are we to think o f the progress of the last fifty years, when we
hear a distinguished senator attempting to overthrow the great first prin
ciple proclaimed by one o f the first o f Virginia’s statesmen, “ that all men
are created equal,” on the ground that “ they are not created men, but born
babes," and that “ only two were ever created at all 2” W h at are we to think
o f modern statesmensliip, to say nothing o f modern democracy, when it is
proclaimed in the House of Representatives, that “ the time is coming in this
Republic, when there will be but two classes o f citizens, the capitalist, and
the laborer, and the capitalist will own the laborer ? These passages are the
more striking, as they not only indicate the degeneracy of modern statesman
ship, but indicate also a radical departure in southern statesmen from the
opinions held and expressed by their predecessors sixty years ago, on an im
portant, a vital topic. Virginia is not only great in m en ; she is great, also, in
resources, in capabilities. She has an area o f sixty thousand miles. The cli
mate is o f that delicious medium temperature, which is the most healthful,
perhaps, o f a ll; a truly temperate climate, not like that o f our more northern
latitudes, where the summer heat is tropical, and the cold in winter is arctic.
But let Mr. Howison himself paint the attractive picture o f Virginia’s re
sources, o f her wealth, at least, in posse. H e does it with discrimination, as
well as with love, and by the striking contrast which he presents, gives us
both its light and shade, as truth demands. In presenting, in chapter V III.
o f the second volume, a view o f the general condition and prospects o f Vir
ginia, after noting the laws, the literature, and the religious aspect of Vir
ginia, Mr. Howison continues:—
Passing from the views o f our State which may be considered as intellectual
and moral, we may now speak o f those which are more nearly allied to her phys
ical condition. It is true that mind is employed in all that we shall notice; but,
it is mind operating chiefly upon matter. The agricultural interests of Virginia,
shall now engage our thoughts. Agriculture must always be the principal source
o f her wealth. It is hard to conceive o f any change that could make any branch
o f industry within her bosom, more productive than the cultivation o f the ground.
Her rich soil, genial suns, temperate clime, her noble rivers, skirting grounds o f
unequalled beauty and fertility, all eminently fit her for copious returns to the
labor o f the husbandman, and had the skill and industry of her people been equal
to her intrinsic resources, it is impossible to estimate the agricultural riches that
she might have produced. Even now, though slave labor and ignorance o f chem
istry have ruined, for a time, many o f her finest lands, her products are yet suffi
cient to banish the idea o f famine from the fancies o f her poorest people. On this
subject, we shall give the results o f the latest and most accurate observations to
which we have access. W e shall present, separately, Eastern and Western Vir
ginia, although their products are often the same. W e will give the amount of
each product o f the State section, and then the county raising the largest, and that
raising the next largest quantity of the article. Our estimate will include, not
merely crops and harvests in the proper sense, but other species o f wealth directly
dependent on them for existence.
Eastern Virginia has an area o f twenty-seven thousand square miles o f land and
water. In 1840, this section of the State had 157,051 horses and mules, o f which
Loudon had 7,627, and Fauquier 7,624; 542,543 neat cattle, o f which Fauquier
had 26,184, and Loudon 25,620; 551,506 sheep, o f which Fauquier had 35,055,
and Loudon 31,503; 1,121,733 swine, o f which Southampton had 43,663, and
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Virginia : her H istory and Resources.
Pittsylvania 42,513; poultry, valued at 481,732 dollars, o f which Fauquier had an
amount valued at 18,091 dollars, and Accomac an amount valued at 18,064 dollars;
this section raised 4,864,814 bushels o f wheat, o f which Loudon raised 573,460,
and Fauquier 362,227 bushels; 77,947 bushels o f barley, of which Albemarle
raised 72,527, and Gloucester 2,748 bushels; 7,586,340 bushels of oats, o f which
Accomac raised 453,137, and Pittsylvania 333,763 bushels; 460,885 bushels of
rye, o f which Albemarle raised 117,369, and Loudon 81,517 bushels; 27,010 bush
els o f buckwheat, of which Loudon raised 6,845, and Fauquier 6,454 bushels;
21,204,699 bushels of Indian corn, o f which Loudon raised 891,695, and Pittsyl
vania 679,319 bushels; 877,030 pounds o f wool, o f which Fauquier raised 75,195,
and Loudon 63,951 pounds; 6,546 pounds o f hops, o f which Orange raised 940,
and Fauquier 626 pounds; 36,779 pounds o f wax, o f which Pittsylvania raised
4,182, and Campbell 2,312 pounds; 1,404,217 bushels o f potatoes, o f which Accomae raised 113,396, and Southampton 88,036 bushels; 193,385 tons of hay, of
which Princess Anne raised 76,250, and Louisa 21,307 tons.
The whole quantity o f tobacco raised in the State was 75,347,106 pounds. In
Eastern Virginia the quantity raised was 73,131,092 pounds; o f this, 41,239,591
pounds were raised in the twelve counties o f Pittsylvania, Campbell, Buckingham,
Cumberland, Prince Edward, Charlotte, Halifax, Mecklenburg, Lunenburg, Nottaway, Amelia, and Powhatan, which, together, cover an area of 6,295 square miles.
Pittsylvania raised 6,438,777, and Halifax 6,209,511 pounds.
Farther, the eastern section raised 1,038 tons o f hemp and flax, o f which Bed
ford raised 249, and Prince William 167 tons; 2,957 pounds o f rice, o f which
Nansemond raised 1,440, and Southampton 1,080 pounds; 3,493,667 pounds of
cotton, o f which Southampton raised 851,315, and Stafford 760,287 pounds;
2,571 pounds o f silk cocoons, o f which King and Queen raised 337, and Nelson
300 pounds; 63 pounds o f sugar, all made in Bedford; 323,663 cords o f wood,
o f which Northumberland produced 45,120, and Isle o f Wight 31,307 cords; pro
ducts o f the dairy, valued at 791,298 dollars, o f which Loudon raised, in value,
80,223, and Campbell 45,605 dollars; products o f the orchard, valued at 447,075
dollars, of which Southampton raised, in value, 40,345, and Sussex 37,520 dollars;
9,628 gallons o f wine, o f which Fauquier made 1,226, and Henrico 1,148 gallons;
and o f home-made fabrics, o f all kinds, an amount valued at 1,485,988 dollars, o f
which Halifax made, in value, 97,779, and Pittsylvania 97,090 dollars.
Western Virginia embraces an area o f about thirty-nine thousand square miles.
In 1840, this section had 169,387 horses and mules, of which Wythe had 10,496,
and Augusta 9,910 ; 481,605 neat cattle, o f which Harrison had 23,536, and Au
gusta 21,479; 742,266 sheep, o f which Jefferson had 67,289, and Harrison
35,119; 870,422 swine, o f which Jefferson had 72,467, and Rockingham 38,765;
poultry, valued at 272,966 dollars, o f which Rockingham had, in value,
15,041, and Monongalia 11,800 dollars; this section raised 5,244,902 bushels o f
wheat, o f which Jefferson raised 516,969, and Rockingham 375,197 bushels; 9,483
bushels o f barley, o f which Jefferson raised 4,230, and Washington 1,168 bush
els ; 5,864,722 bushels o f oats, o f which Monongalia raised 320,092, and Wash
ington 295,770 bushels; 1,021,914 bushels o f rye, o f which Augusta raised 92,227,
and Rockingham 90,886 bushels; 216,812 bushels o f buckwheat, o f which Hamp
shire raised 26,167, and Preston 16,057 bushels; 13,372,892 bushels o f Indian
corn, o f which Jefferson raised 988,552, and Logan 870,930 bushels; 1,661,344
pounds o f wool, of which Jefferson raised 516,840, and Harrison 70,804 pounds;
4,051 pounds o f hops, o f which Monongalia raised 636, and Shenandoah 568
pounds; 28,241 pounds o f wax, o f which Russel raised 2,884, and Logan 2,358
pounds; 1,540,443 bushels o f potatoes, o f which Jefferson raised 151,443, and
Brooke 63,140 bushels; 171,323 tons o f hay, o f which Harrison raised 13,765,
and Rockingham 12,220 tons; 3,828 tons o f hemp and flax, of which Tazewell
raised 923, and Jackson 750 tons; 2,216,014 pounds o f tobacco, o f which Bot
etourt raised 707,885, and Roanoke 599,273 pounds; 816 pounds o f cotton, o f
which Lee raised 556, and Scott 200 pounds; 620 pounds o f silk cocoons, o f which
Logan raised 266, and Monongalia 111 pounds; 1,541,770 pounds o f sugar, o f
which Harrison raised 200,372, and Monongalia 118,569 pounds; 79,927 cords o f
wood, o f which Shenandoah raised 12,703, and Jefferson 7,859 cords; products
V irginia: her H istory and Resources.
185
o f the dairy, amounting to 689,190 dollars, of which Rockbridge produced, in val
ue, 72,077, and Rockingham 61,025 dollars; products o f the orchard, amounting
to 258,690 dollars, o f which Washington raised, in value, 19,932, and Rockbridge,
16,896 dollars; 4,283 gallons of wine, o f which Rockbridge made 981, and Rock
ingham 697 gallons; and of home-made fabrics, an amount valued at 955,684
dollars, o f which Rockingham made, in value, 67,901, and Rockbridge 61,682
dollars.
The estimated agricultural wealth of Virginia will be noted under another head
o f this chapter. W e may now speak o f the manufacturing interest o f the State.
For many years this branch o f industry was carried on almost entirely by private
families, and was inconsiderable in its results; but within the present century, it
has drawn the resources o f wealthy individuals, and of incorporated companies,
and within twenty years past, it has rapidly expanded in its operations. W e hail
this result with unalloyed pleasure. It is vain to speak o f the disadvantages o f
engaging in such pursuits with slave labor, and o f the false principles o f economy
that would suggest the attempt. If Virginia has lately shown any evidence o f
returning prosperity, in nothing is this evidence more satisfactory than in her at
tention to manufactures. They are both the cause and the effect of revived
energy.
The largest amount o f capital thus invested in the State, is in mills for grain.
Flour mills are abundantly scattered through the east and west sections, and at
Richmond they have been erected and employed on the most extensive scale.
The capital applied in milling throughout the State, is estimated to amount to
5,184,669 dollars, while in Massachusetts not more than 1,440,152 dollars are thus
appropriated. The manufacture o f tobacco is next in amount in Virginia; it em
ploys a capital o f 1,526,080 dollars. Next is cotton, which employs 1,299,020
dollars o f capital. Manufactures o f leather are next, employing a capital o f
1,180,098 dollars. Besides these, Virginia manufactures wool, silk, flax, and
hemp, hats and caps, soap and candles, distilled spirits, powder, glass, earthen
ware, paper, carriages, wagons, and furniture, in respectable quantities. W e shall
presently give a full estimate on the subject.
The mining interest o f our State is considerable. No man can tell what amount
o f wealth her mineral resources would produce, were they fully developed. Deep
in her bosom there are hidden treasures, which well-directed labor would bring
forth. W e do not know that her gold mines have yet compensated for the lost
investments, blasted hopes, and chilled hearts that have been expended upon them.
Nevertheless, she has gold in abundance, which is yearly obtained in increasing
quantities. Her most profitable mineral is coal, which in 1840 employed a capital
o f 1,302,000. Next is iron, which in the same year employed a capital o f 1,247,000
dollars.
Such is Virginia, ancient, great in history, great in resources.
In the
course o f his work, Mr. Howison presents a long array o f Virginia worthies,
and his personal sketches and analysis o f character, are lively and striking.
In short, the fame o f the State loses nothing in his hands. On the other
hand, we see the attractive picture he has drawn o f her resources. The prob
lem, then, which his work presents, and with the consideration of which it
appropriately concludes, is th is:— W h y is it that Virginia, the oldest o f the
States, rich in resources, and rich in great intellects, leading minds, which
have always exercised a predominant influence in the affairs o f the Union,
why is it that Virginia fails to attain the prosperity which her resources place
within her reach ? W h y is she losing rank among the States ? or, which is
the same, why is she allowing younger States to outstrip her, and take
higher rank ?
Before considering the causes o f this state o f things, Mr. Howison enters
into a striking comparison between Virginia and Massachusetts :—
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V irginia: her H istory and Resources.
After having presented the varied estimates from which the condition o f a peo
ple is generally to be inferred, the question arises, has Virginia prospered as her
physical resources would warrant us in expecting ? Has she held her place in
the great march o f the American States during the present century ? It has long
been the sad conviction o f her most enlightened children, that these questions
must be answered in the negative. But enough has been shown to encourage
her, and to prove that she has within her bounds every element o f prosperity that
a people need desire. If, then, it be true that she has fallen behind her sisters in
anything pertaining to a nation’s welfare, her defects ought to be made known,
that they may, if possible, be supplied. Her wounds must be probed in order
that they may be healed, and however painful may be the process, her real friends
will not shrink from its accomplishment. To this end, an attempt shall here be
made to compare Virginia with one of the wealthiest and most prosperous States
in the American Confederacy. If this comparison shall prove unfavorable to our
State, the circumstances under which it is made will exclude the idea o f prejudice
or partiality. There may be in it much for our encouragement, as well as for
our humiliation.
Massachusetts was first settled in 1620; Virginia in 1607. Massachusetts in
winter has a cold, harsh atmosphere; Virginia has at all times a temperate and
pleasant climate. Massachusetts has a hard, sterile soil, little grateful for atten
tion ; Virginia has a soil generous even to prodigality, and repaying twenty-fold
the labor o f the husbandman. Massachusetts is cut by small streams, and has
but one river that may claim the first dignity; Virginia has six o f the finest rivers
whose waters reach the Atlantic. Massachusetts has, comparatively a flat coun
try, and supplies water-power by artificial means; Virginia has a surface o f moun
tains, from which she obtains a natural water-power, exhaustless in capacity.
Massachusetts has some iron and granite, but beyond these, her minerals are as
nothing; Virginia has iron, lead, copper, gold, salt, and coal, in quantity which no
one has yet ventured to estimate. Massachusetts has, indeed, splendid harbors,
and everything essential to the expansion o f shipping; but Virginia has an inland
sea, and harbors that might be made as good as any in the world. Massachusetts
has seven thousand eight hundred square miles o f surface; Virginia has sixty-six
thousand square miles o f horizontal area.
From this statement of familiar facts, we infer that, if Virginia has not equalled
her northern sister in her ratio o f progress, the fault is in her people, and not in
her physical condition. That we may see the truth on this subject, the following
comparative view will be presented:—
First, as to population. In 1790, Massachusetts had 378,717 souls. In 1800,
she had 423,245. In 1810, she had 472,040. In 1820, she had 523,287. In 1830,
her total number was 610,048. And in 1840, her population amounted to 737,669.
Thus it will be perceived that in 1840, Virginia had a population o f nineteen, and
Massachusetts o f ninety-jive souls to the square mile. This great difference de
serves attention. For, if other causes o f disparity do not intervene, population
will present the same test o f progress in civilized life, in enlightened, as in savage
nations. If, in the same series o f years, one country has become much more
densely peopled than another, the former has given evidence that it is far before
the latter in the possession o f materials for prosperity.
W e will next offer a comparison o f the actual wealth o f the two States, esti
mated in reference to the same articles, at the same time, under the same circum
stances, and upon the same arithmetical principles. In 1840, in Massachusetts,
the amount computed to be invested in mining, was 2,345,310 dollars. In agri
culture, the produce for the past year had been 22,097,429 dollars. In horticul
ture, 43,170 dollars. In commerce, foreign and domestic, the amount invested
was 28,016,765 dollars. In fisheries, 11,725,850 dollars. The products o f the
forest, for a year, had been 377,054 dollars. The capital invested in manufac
tures o f all kinds, was 45,891,524 dollars, making a total of national wealth, which
might be considered as active, o f 110,497,102 dollars. In the same year, in Vir
ginia, the amount invested in mining was 3,024,000 dollars. In agriculture, the
produce o f the past year had been 92,400,583 dollars in value. In horticulture,
Virginia : her H istory and Resources.
187
19,900 dollars. In foreign and domestic commerce, the amount invested was
21,197,803 dollars. In fisheries, 28,383 dollars. The products o f the forest, for
the past year, had been 619,673 dollars. The capital invested in manufactures o f
all kinds, was 12,865,061 dollars, making a total o f active wealth o f 130,155,403
dollars.
Thus it appears that the wealth o f Virginia, really indicative of public industry,
only exceeds that of her northern sister by about thirty millions o f dollars. Had
her productive labor been profitable, in proportion to her excess o f area over
Massachusetts, her active wealth in 1840 would have been nine hundred and
thirty-five millions, instead of one hundred and thirty millions o f dollars. And if
her more abundant natural riches be taken into consideration, her increase ought
to have been much greater. It must, therefore, he regarded as a truth but too
fully established, that Virginia has fallen below her duty; that she has been in
dolent, while others have been laborious; that she has been content to avoid a
movement positively retrograde, while others have gone rapidly forward. Her
motion, compared with that o f Massachusetts or Ohio, might, in familiar terms, be
likened to the heavy stage-coach of the past century, competing with the flying
steam-car o f the present.
In further illustration o f the apathy and want o f enterprise o f Virginia, of
which our author joins with all the world in and out o f the State in com
plaining, we will add one striking, one glaring instance. Virginia is one o f
the richest States, one o f the richest countries in the w orld; as rich as any
other State o f the Union, as Pennsylvania itself in coal and iron. It is esti
mated that her coal-fields extend through one-third o f the State, or some
twenty thousand square miles. These have not been hidden treasures, o f
which nobody knew anything. True, some o f the most valuable lay far back
from the sea-board, but they could have been reached by a canal much less
than one-half as long as the Erie Canal. Nor has Virginia lacked intellect
to “ know her advantages.”
The first great project with which the ever-busy mind o f Washington oc
cupied itself in the leisure o f Mount Vernon, on the close o f the Revolution,
was a water communication between the sea-board and the Ohio. Twenty
years ago, the enterprise was begun, and now at the time we write this, it
has but just reached the first stage of its completion. It is only now on the
point o f being finished to the coal region o f Cumberland. Even this much
has not been done without liberal co-operation on the part o f Maryland, and
aid from the General Government. Virginia is, therefore, but just beginning
to realize the immense value o f the mineral treasures, which enterprise will
pour into her lap, and to derive some benefit from a coal region whose value
has been known for more than half a century, and which has been pro
nounced a very remarkable deposit o f pure, semi-bituminous coal.
In assigning the causes of the “ sluggishness and imbecility” o f his native
State, Mr. Howison displays a boldness, a frankness, and discernment, which
we admire and honor. The causes are, want o f education among the people ;
leant o f internal improvement; slavery ; these three; but is not the greatest
o f these, the cause o f causes, the original cause— slavery? W ant o f educa
tion we can trace, in part, to slavery. W ant of internal improvement we can
trace to slavery. Idleness o f the master is the counterpart o f the servitude
o f the slave. A n idle hand and an idle brain g o together. W h en the
wealthy who need not work, despise it, the poor who need to work, but who
take their opinions from the wealthy, will despise it, too. W e speak plainly.
W e have paid a hearty and sincere tribute to what is great in Virginia;
why should we fear to speak our mind as to what we think bad, in a State
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Virginia : her H istory and Resources.
capable o f so much ? W h y should we respect serfdom in Virginia, any more
than in Russia ? Above all, why should we respect slavery in a State, whose
worthiest citizens have ceased to respect it themselves, and have ceased to
desire its continuance 1
W e give the wise and excellent views with which Mr. Howison closes his
work. If these views prevail, the next chapter o f Virginian history, which
we trust he will live to write, will be far brighter than the last.
For this sluggishness and imbecility, many causes might be assigned, and in
genious arguments might be urged in their support. The cause may be com
plex ; action and reaction are constantly taking place; causes become effects, and,
in their turn, effects are converted into eauses. But there are three sources from
which, as we believe, the evil disposition o f our State so naturally flow, that they
ought to receive especial notice.
The first o f these is a want o f education among the people. Lord Bacon ha3
said that “ knowledge is power.” He did not say that knowledge is virtue, or that
knowledge would necessarily bring happiness to its possessor. Yet the experi
ence o f all ages has proved that an educated people will, other things being equal,
be the most industrious, most prosperous, most virtuous, and therefore most hap
py. And since the light of revealed knowledge has dawned upon the world, the
necessity for education has become more and more apparent. Great learning may
not be essential, but in the present century, to read and write, and use figures in
telligently, are qualifications without which the great body o f any people will find
it difficult to perform their positive duties. An uncultivated mind will be leth
argic and inefficient in its movements; polish it by education, and you immedi
ately give it activity and power.
Adopting these views, it is with pain we are compelled to speak o f the horrible
cloud o f ignorance that rests upon Virginia. In the eastern section, there are
twenty-nine thousand eight hundred and sixty-three, and in the western, twentyeight thousand nine hundred and twenty-four, making a total o f fifty-eight thou
sand seven hundred and eighty-seven white persons, over twenty years o f age,
who can neither read nor write. This, however, is not all. It is computed that
there are in the State 166,000 children, between seven and sixteen years of age,
and therefore fit for school. O f these, about 28,000 poor children attend the free
and Lancastrian schools, an average o f twelve weeks in a year for each child.
Twelve thousand more children are sent to colleges, academies, and classical
schools. The remaining one hundred and twenty-six thousand children, attend
no school at all, and receive no education, except what can be imparted by poor
and ignorant parents! But yet farther; there are in Virginia 449,087 slaves, and
49,852 free negroes, who are, with few exceptions, wholly uneducated. They are
human beings, with intellects, passions, wills, all perverted by original depravity,
and they are sunk in ignorance. Happily they are permitted to hear the public
ministrations o f our religion, and affecting examples o f its good influence upon
them are often seen. The policy which discourages farther extension o f know
ledge among them is necessary ; but the fact remains unchanged, that they exist
among us, a huge mass o f mind, almost entirely unenlightened. W e fear, then,
that the most favorable estimates will leave in our State six hundred and eightythree thousand rational beings, w'ho are destitute o f the merest rudiments of
knowledge.
This deplorable condition has long been felt and mourned by Virginia’s most
virtuous sons. Efforts have been made to ameliorate it. Education conventions
have assembled, and many animated debates have taken place. The Legislature
has moved from time to time, and during the session o f 1845-46, its movement
was decided and beneficial. Nevertheless, the evil remains almost untouched.
W e pretend not to suggest any remedy. But it will be pertinent to the subject
to add, that in the whole State o f Massachusetts, containing, in 1840, seven hun
dred and thirty-seven thousand six hundred and ninety-nine persons, there were
but four thousand four hundred and forty-eight white persons, over twenty years
o f age, who could neither read nor write.
Virginia : her H istory and Resources.
189
The next cause o f the inefficiency o f Virginia, is the want o f internal improve
ment. Her native wealth is boundless, and if it were furnished with means for its
development, would make her rich in a quarter of a century. But thus far, by a
concurrence o f untoward circumstances, all that she has done in establishing lines
o f internal communion, has effected little in bringing out her real resources. As
early as May, 1784, the Legislature granted an act o f incorporation to the Old
James River Company, and authorized them to raise one hundred thousand dol
lars to improve the navigation o f the James. But their labors were never ex
tensive, and their means were always too limited to accomplish objects o f much
importance. In February, 1820, the Legislature passed an act, under which the
James River Company, with its own consent, was made a trustee to carry on the
work for the State. The plan then proposed, was to render the James River,
from Richmond to the mouth of Dunlap’s Creek, in the present county o f Alle
gany, navigable for boats by a series o f locks and canals; to make the Great
Kanawha navigable in the same manner, from the Great Falls to the Ohio River,
and to connect the Great Falls and Dunlap’s Creek by a turnpike road. Under
this act, improvements more or less important, were applied to parts of the line o f
three hundred and sixty-five statute miles, thus designated; but no portion o f the
route was completed so far as to open the wealth o f the finest section o f Virginia.
Finally, in March, 1832, the stockholders o f the James River and Kanawha
Company, were incorporated by act of Assembly. The object o f this company
was to connect the tide-water of the James with the Ohio River; and it was to be
done either by canal to-Lynchburg, and railroad to the Great Falls o f the Kan
awha, or by railroad from the highest improvement o f the James to the Ohio, or
by a continuous railroad from Richmond to the Ohio. Their works were to be
commenced within two years after the passing o f the act, and to be completed
within twelve years from the first general meeting o f stockholders; otherwise
their charter was to be forfeited.
W e have to record that after a period o f fifteen years from its incorporation,
the company has not accomplished the task for which it was formed. It has
constructed a large and well-made canal from Richmond to Lynchburg, a distance
o f about one hundred and forty-six miles; it has advanced, nearly to completion,
a line o f works from Lynchburg to the mouth o f North River, a distance o f twentyseven miles. Beyond this, it has not been able to do more than keep in good con
dition the works previously constructed. Its charter has been extended, and
legislative aid has from time to time been bestowed on it. During the period
from the 27th June, 1835, to the 31st October, 1845, the “ old improvements” o f
the company have yielded an amount o f revenue which exceeded the disburse
ments on their account by 218,825 dollars. And the Richmond Dock, purchased
by the company, has yielded a nett revenue o f 16,058 dollars. But the “ new im
provements, during this period, have required an expenditure, direct and indirect,
o f 5,975,398 dollars, and to meet this, beyond the nett revenue o f the “ old im
provements” and the Dock, the company has been compelled to rely chiefly upon
payments on the stock made by individuals, by the State, and by several corpo
rations. It will, therefore, be apparent that, thus far, the work has not been
profitable to the stockholders.
Neither has it developed the resources o f the State to an extent proportioned
to its cost. It would be unjust to charge the company with negligence and ineffi
ciency, for the failure. They have contended with physical obstacles far more
formidable than had been anticipated, and they have felt the same want o f abundant
capital in money, that Virginia as a State experiences. Yet it is sad to think that
so much has been expended, and so little has been done. It is believed by many
that the canal now brings to the head o f tide-water very little produce that would
not find its way thither by the natural laws o f trade. The improvement has not
yet struck the Great Valley, and opened an avenue through which its wealth may
flow to the east; above all, the Allegany range has not been crossed, the Ohio
has not been reached, and Virginia’s frontier is literally pressed by agricultural
products, which seek outlets in every direction except through her veins.
The railroads which have been completed within the State, are convenient for
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V irginia: her H istory and Resources.
travel, tu t do not effect much for trade. A line o f magnetic telegraph from the
North, has been finished to Richmond, within a few months past, and has already
advanced far to the South. By means o f this miracle o f the age, Virginia may
converse with her distant sisters, and hear their voices urging to energy. And it
is true, that within the present year, she has shown symptoms o f a disposition to
awake from her long slumber.
Several lines o f railroad are now contemplated by the enterprising o f our State.
It is proposed that one o f these shall run continuously from Richmond City to
to the Ohio River. Another is to he carried from the present terminus o f the
Louisa Railroad, at Gordonsville, to the eastern base o f the Blue Ridge. Another
is to run from the metropolis southward, through the tobacco region o f the State,
to Danville, in Pittsylvania county. For this last object, heavy subscriptions have
been already made, and many things seem to indicate that it will be accomplished.
The last and most important cause unfavorably affecting Virginia, which we
shall mention, is the existence o f slavery within her bounds. W e have already
seen the origin and progress o f this institution. As to its evils, we have nothing
new to offer; they have long been felt and acknowledged by the most sagacious
minds in our State. “ It is the common remark o f all who have travelled through
the United States, that the free States and the slave States exhibit a striking con
trast in their appearance. In the older free States are seen all the tokens o f pros
perity; a dense and increasing population; thriving villages, towns, and cities; a
neat and productive agriculture; growing manufactures, and active commerce.
In the older parts o f the slave States, with a few local exceptions, are seen, on
the contrary, too evident signs o f stagnation, or o f positive decay; a sparse pop
ulation, a slovenly cultivation, spread over vast fields that are wearing out, among
others already worn out and desolate; villages and towns ‘ few and far between,’
rarely growing, often decaying, sometimes mere remnants o f what they were,
sometimes deserted ruins, haunted only by ow ls; generally no manufactures, nor
even trades, except the indispensable few ; commerce and navigation abandoned,
as far as possible, to the people o f the free States; and generally, instead o f the
stir and bustle o f industiy, a dull and dreary stillness, broken, if broken at all,
only by the wordy brawl o f politics.”
Were we called to declare what we believe to be the sentiments o f a large ma
jority o f our people, on the subject o f slavery, we would attempt it under two
heads. First. W e hold that this institution, as it exists among us, is lawful, and
that we only have the right to control it. The Constitution o f the United States
has solemnly guarantied the rights o f slaveholders in their property. Any in
terference by the General Government, or by particular States, or by classes of
individuals in other States, with her right to this property, will be resisted by Vir
ginia, even to the end. A dissolution o f the Union is an evil which she regards
with horror, but a dissolution o f the Union would be preferable to submission to
measures which would violate the most solemn pledges upon which the Union
was founded.
Secondly. W e apprehend that, in general, the people o f Virginia hold slavery
to be an enormous evil, bearing with fatal power upon their prosperity. This
sentiment has been gaining ground during many years. Within a very short time
past, a citizen o f East Virginia, intelligent, highly educated, and possessed of great
wealth in this species o f property, has spoken out plainly, and urged owners in
our State to get rid of their slaves as rapidly as possible. And in West Virginia,
expressions o f opinion have been even more decided, and incipient means have
been adopted to provide for the gradual destruction o f the evil.
Under these circumstances, we hail with pleasure any indications that this part
o f our population is decreasing in number, and that the time shall come when
Virginia shall be a free State. In 1790, the slaves o f the State amounted to
293,427; in 1800, to 345,796; in 1810, to 392,518; in 1820, to 425,153; in 1830,
to 469,757 ; and in 1840, to 449,087. Tlius it appears, that in the first ten years
above noted, the slaves increased about 18 per cent; in the second ten years, 13.3
per cent; in the third ten years, 8.4 per cent; in the fourth ten years, 10.6 per
cent; and in the last ten years, they diminished 4.5 per cent. During the same
The Commerce o f H ungary and Transylvania.
191
period, the free population increased in the first ten years, 17.4 per cent; in the
second ten years, 9.2 per cent; in the third ten years, 9.8 per cent; in the fourth
ten years, 13.6 per cent; and in the last ten years, 6.7 per cent.
The principal source of decrease in our slaves, is in the number exported to cul
tivate the cotton and sugar lands of the South. Hardly a day passes in which
large companies may not be seen traversing the roads o f Virginia, on their way
to her southern frontier. Melancholy as may be the thoughts suggested by such
scenes, they will at least bring with them some solace. The condition o f the
slaves in the South, is not probably worse than upon the impoverished plantations
o f our State, and their gradual removal by this means gives place to a better pop
ulation. Already German and New York farmers have occupied large tracts of
land in Fairfax county, and an English company has been formed, whose professed
design is to transport emigrants from Great Britain to the inviting fields o f Vir
ginia. In her latter days, as in her infancy, our State seems destined to draw her
inhabitants directly from the mother country.
W e have now completed a review o f the past history and present condition of
Virginia. The future is yet before her, and its revelations to her must depend
greatly upon her own preparation to meet them. By the exercise o f diligence and
virtue, she may obtain a glory more substantial, and a happiness more pure, than
any she has ever enjoyed. May such be her conduct and her destiny 1
Art. IV.— THE COMMERCE OF HUNGARY AND TRANSYLVANIA.
H u n g a r y extends from the Turkish boundaries to the south, to the Car
pathian Mountains to the north; it touches to the west the Styrian provinces,
the Archdukedom of Austria proper, and Moravia; and to the east Transyl
vania and Vallacchia. Hungary is composed of the following territories, v iz ;
the circuit on this side o f the river Danube, divided in thirteen cantons; the
circuit on the other side o f the Danube, eleven cantons ; the circuit on this
side of the Theiss, nine cantons; the circuit the other side o f the Theiss, six
teen cantons; besides the kingdoms o f Sclavonia and Crotia, both divided
in three cantons, and six particular districts.
The principal streams o f Hungary are the Danube, and its tributaries, the
Theiss, and the Drava, besides several others o f less magnitude.
Hungary, mountainous to the north, contains towards the center and the
south, immense plains, which abound in grains, which supply not only the
wants o f their own inhabitants, but also the populations of the northern
provinces, and those conforming with Germany and part o f Upper Italy.
The other produces o f Hungary are barley, rye, corn, millet, rice, maiz, hemp,
flax, tobacco, saffron, oats, potatoes, and great quantities of vegetables. Kich
in vineyards, Hungary supplies exquisite wines, the most celebrated of which
are the white Tokay, and the red Menes. Hungary abounds in timber, and
all kinds o f wood. Possesses plenty o f pasture grounds, and the cattle forms
one o f the principal riches o f the country. Its horses are greatly estimated
for their smartness and swiftness; its oxen are o f excellent quality, but the
wool o f its sheep is rather coarse; pigs are abundant, and their meatTs a
favorite food with the Hungarians.
The northern part o f Hungary is remarkable for its astonishing mineral
wealth. The gold and silver mines o f Hungary and Transylvania, are, in
fact, the only ones o f any account which Europe possesses. Those o f Schemnitz and Kremnitz are the most lucrative. Oravitz and Jylo are renowned
102
The Commerce o f H ungary and Transylvania.
for tlieir copper m ines; those o f iron are particularly to be found in the
cantons o f Gomor and Zips. Lead, cohalt, quicksilver, and antimony, is
also found, though in small quantity.
The opal is a precious stone peculiar to Hungary, and is principally to he
found in some mountains in the north o f Tokay. The value o f the mineral
wealth o f Hungary is estimated at 2,100 marcs gold, 83,200 marcs silver,
38,000 quintals copper, 24,500 quintals lead, 200,000 quintals iron, 5,200
quintals antimony. Hungary possesses numerous salt-pits, principally in the
district o f Marmaros, o f Rhonazeg, and in that o f M yots; produces also some
natrone, nitre, sulphur o f soda, alum, magnesia, &c. W e may affirm that
there is scarcely a canton in Hungary that does not possess several sources
o f mineral water, the most frequented o f which are those o f Bartfa and Lullo.
Industry is, as yet, very much neglected in Hungary, the greater proportion
o f workmen being German, and commerce is almost altogether in the hands
o f foreigners.
The Austrian manufactories supply all the manufactured
articles. The most important Hungarian industry, is the working of metals,
in the northern provinces principally. The cantons o f Prapova, Liptan, and
Lohl, give annually 80,000 quintals o f iron.
The tanning o f hides and
leathers, and the manufacture o f tobacco, are objects o f extensive trade, as
also the manufactures o f woolen cloths, which are spread through the whole
State. The silk culture has recently acquired a moderate importance, and
several manufactories o f the precious thread are now in operation. There
are also several manufactories o f earthenware, a great number o f glass and
paper factories, but their products are o f inferior quality. Raab, one o f the
most industrious cities of Hungary, is principally known for its manufactures
o f isinglass.
The principal exportations are, grains, tobacco, wines, wools, leathers,
cattle, honey, wax, and metals. Importations consist o f colonial and manu
factured goods. The commerce o f Hungary suffers from the want o f means
o f internal communication ; its few roads are in bad condition, and there are
only two navigable canals, that o f St. Francisco, and that o f Bega. The most
commercial cities are Pesth, Buda, (the capital,) Presburg, and Raab, all on
the banks o f the river D anube; Schemnitz, celebrated for its mines, the
richest o f Europe, and the seat o f a mineralogical school, Premnitz, renowned
for its mines and its mint.
The formation o f a Hungarian bank, to be denominated The F irst H u n
garian Commercial Bank, excites a lively interest, and, according to the
statutes already laid down, will be divided in bank of discount, of circulation,
o f deposit, and of loan. It is rumored that a railroad will be opened to fa
cilitate the communications o f the Danube with the interior of Hungary,
which would prove very useful, for the exportation o f its grains, and would
wake landholders from their actual lethargy.
In 1846, the royal government o f the Hungarian litoral, 75 large ships
o f 22,661 tons, with an equippage o f 828 persons; 73 o f smaller size, of
3,512 tons, and 305 sailors; and 68 small craft, o f 307 tons and 170 sailors.
P e s t is the most commercial city o f Hungary ; it is situated on the left
side o f the Danube, just opposite to the so famous city o f Buda, which was
bombarded by the valliant Hungarians, and taken after a great and bloody
contest. The short space which divides these two important cities, from a
certain point o f view, it appears that they form a single town. A t the be
ginning o f the 19th century, Pest did not count more than 40,000 inhab
itants, while, at the present time, there are more than 150,000 people. In
The Commerce o f H ungary and Transylvania
193
1843, the waters o f the Danube had inundated a great a part o f Pest and
Buda, and had almost destroyed the best establishments o f these cities, but
the generous Hungarian population, independent from their ruler, came to
the help of their brother, and, in a short space o f time, Pest and Buda looked
as richly as before the awful inundation. There are in the city of Pest four
yearly fares, which are visited by some 30,000 persons, and, on this occa
sion, there is a continual trade o f four millions o f florins. The city o f Pest
being the chief commercial metropolis of-Hungary, offers to the trade o f ex
portation all the products and manufactures of this vast and flourishing king
dom. The great wine trade belongs merely to the merchants o f Pest, and,
in a short time, when peace shall be restored, and the independence o f Hun
gary be recognized, the wine trade will be extended into foreign countries
by the steam navigation o f the Danube. The corn of Hungary, and gen
erally the wheat, is the best of all the European continent. The great trade
done at the fairs o f this country consists in furs, oxen, wool, wax, and to
bacco, which are sold at a very low price. They export to Pest every kind
o f goods, from all parts o f the world, and this city will be more flourishing
when Austrian rule shall disappear from Hungary. Not less than 8,000
steamboats enter the road of Pest. The steam navigation already estab
lished here since 1837, offers a daily communication between this city with
Vienna, Constantinople, Odessa, and Trebisonde; in one word, from the city
o f Ulma, on the high Danube, to the shores o f the Black Sea.
F iume is the principal sea-port of Hungary, situated on the mouth o f the
Fiumera, in the Gualneria Gulf, near the northern extremity o f the Adri
atic. Since 1771, the road of Fiume has been declared free from all taxes,
as the best means to advance commerce between Hungary and the other
parts o f the world. The great Leopoldian road from this place to C a r l s t a d
offers a great advantage to the commerce o f this city, the population of
which is almost 13,000 inhabitants.
In 1842 were transported on the Luisian road from Carlstadt, through
the sea-coast, (Fiume and Buecari,) 27,538 centner of goods, 19,805 centner
wheat, 500 centner corn, 298 centner barley, 3,260 centner oats, 74,000
centner seed o f ravizsone, 78,000 centner tobacco, 2,968 centner oil, Ac.,
4,541 centner flax and hemp, 22,609 centner rags, 250,600 centner oak staves.
From the coast to Carlstadt were transported 24,524 centner salt, 1,806
centner oil, Ac., 1,162 centner, colonial products. The principal exports from
Fiume consist principally in tobacco, and hemp of Hungary, timber, staves,
Ac., destined almost all for France; wax, rags, coal, salt, wine, &c., receiv
ing in exchange grains, colonal goods, oil, pastes o f Italy, iron, steel, and
different manufactured articles. There are at Fiume large tanneries, vast to
bacco manufactories, liquor and cordial distilleries, and sugar refineries, a
fine dock yard, and a large depot of sea salt. There are manufactured there
cloths, linens, hats, wax candles, cables, paper, potash, earthenware, Ac.
The harbor, though of difficult access, is commodious and safe.
1842 TO 1848.
Vessels arrived. Ain’t of imports. Vessels cleared. Ain’t of exp’ts.
MARITIME COMMERCE OF THE HUNGARIAN LITORAL FROM
Years.
1842..................... .................
1843.....................
1844.....................
1845.....................
1846.....................
1847.....................
1848 ...................
Florins.
4,866
1,456,954
1,401,118
1,328,754
1,372,657
1,355,212
1,496,843
1,719,548
Fiorins.
4,874
5,940
6,334
7,568
8,136
7,281
7,639
2,397,999
3,352,341
3,681,374
4,957,946
5,023,061
3,437,751
3,520,168
194
The Proposed Railroad to the Pacijic.
LIST OF THE PRINCIPAL MERCHANDISES IMPORTED AND EXPORTED IN
Imported. Exported.
Wine.............
Hides.............
Grain...........
Sugar.............
Tobacco......... ............
Fire wood___ bundles
Building wood .pieces
Staves.......... -.
Coffee.............
1,854
1,119
13,481
270
1,967
67,198
654
4,378
4,050
12,962
5,766,462
562
1848.
Imported. Exported.
Corn..........
Rags..........
Linen.........
Hemp.......
Coal.........
Ranzsore...
Bones........
Lard..........
Paper . . . .
59,005
4,040
244
3,019
1,445
....
....
7,053
26,382
289
3,597
59,179
34,078
15,411
1,648
855
T r a n s yl v a n ia , a vast country contiguous to the Hungarian boundaries,
forms, at present, a part o f this new democratic commonwealth. It is situ
ated between Hungary, Galicia, and Turkey, and marks the oriental limits
o f the Austrian Empire.
This country is the battle-field o f Hungarian
nationality. Here General Bern defeated the Russians, and Dubinsky anni
hilated the Austrian army. The Carpathian Mountains cover a great space
o f Transylvania, and contain in their valleys rich mines o f gold, silver, cop
per, lead, iron, mercury, antimony, perol, salt, sulphur, saltpetre, coals, mar
bles, &c., &c. There is a quantity o f stones called false diamonds, agates,
cornelians, and other precious stones. The most beautiful horses o f the Aus
trian Empire come from Transylvania, as well as the largest oxen used to
till the ground. The culture of the wool is almost as profitable as in any
part o f Syria, and the harvest of wheat and corn is more abundant than in
the Duchy o f Austria. The culture o f the vine is spread all over the coun
try, but the wine cannot be kept longer than one year, and the exportation
to foreign countries is very small, to compare to its large quantity. There
is a great abundance o f flax and hemp, and the tobacco leaf is generally cul
tivated in Ilaromszok and Udvarthey. Manufactures of any kind o f goods
are not o f any value, as the politics o f the Austrian government was to sup
press any other industry but in the German countries. The exportations
consist in a few articles which are carried only to Hungary, as horses, oxen,
wool, salt, and wheat. Klansenburg was the seat of the governor of the
kingdom, and the strong city o f Kronstadt, now under the republic o f Hun
gary, is one o f the most inhabited and commercial cities o f Transylvania.
Art. V.— T H E P R O P O S E D R A I L R O A D TO T H E P A C I F I C .
To
F
reem an
H
unt,
E
s q .,
Editor o f the Merchants' Magazine, etc.
D e a r S ir :— The Christian world at this moment presents an aspect
which it is no exaggeration to say, has more than any other in the history
o f humanity, o f pregnant interest. Christendom, taken in its full extent, is
divided into two great sections, by the Atlantic Ocean. But for the present,
let us glance over Christian Europe, and Anglo-Saxon North America. W h at
a contrast do we behold 1 On the east, all tumult, distrust, and, consequent
ly, disorder. On the west, peace, order, and confidence. Comprising the
immensity before us, the political fluctuations in the United States appear as
mere ripples on the ocean of time. In fact, so steadfast is the sense of safety
in the United States, that the people feel as an audience before whom a
gladiatorial show is in operation. In Europe, on the contrary, from the
The Proposed Railroad to the Pacific.
195
most potent monarch, to the most humble peasant, anxiety o f heart is, to a
greater or less extent, universal. These contrasts are not more wonderful
than true. W h at may be the issue in Europe, is beyond human ken. O r
der may follow chaos, and on that hope we must now rest; but such up
heaving o f the masses must have had a deep and adequate cause. In the
meanwhile, the operations of industry must be paralyzed to a greater or less
extent. A ll great public works, if not suspended, cannot be otherwise than
retarded.
The people o f the United States, whilst spectators o f the European
theatre, are the great actors in America. Disciplined as m y mind has been,
by attention to both theatres, for more than half a century past, the great
events of the moment excite unabated interest. Memory bears me back
wards to the consummation of the United States’ Independence, and to the
outbreak of the French Revolution. W ell do I remember hearing, in 1789,
and succeeding years, the very exclamations now reiterated in our prints, and
reverberating in our public assemblies, and private conversation. As far as
Europe is concerned, there is deep and salutary cause o f reflection, and much
cause o f apprehension; but, as in the days o f its youth, so in its advanced
maturity, there is solid ground o f hope for the United States. W ith me there
has been no pause of thought, or mistrust indulged, through fifty years, as to
the progress o f the United States. Occasional events, however, have from
time to time excited a more than ordinary interest in passing events. This
was in an especial manner the case, when I read the “ Address o f Mr.
Whitney, before the Legislature o f Pennsylvania, on his project for a railroad
from Lake Michigan to the Pacific.”
In the second paragraph o f his address, Mr. W hitney observes : “ In order
that you may the more clearly understand my explanations, see our actual
position on the globe, as compared with the other parts o f the world, and
see the object and intent of this great work ; that of bringing the commerce
o f all Europe, with all Asia, across this continent, I have prepared, and beg
to refer you to a skeleton map.”
This skeleton map places America in the middle, and most admirably ex
hibits what is most eminently to be desired, that the whole people o f the
United States should all see and appreciate, the great advantage o f relative
position possessed by America, in general, but o f North America, in particu
lar. This great, indeed, I venture to say, greatest o f all, not only geograph
ical, but political problems, I had, however, discussed in part, many years
past. In the city o f Washington, 4th December, 1845, the subjoined mat
ter was penned by me, and in the latter part of the same month was pub
lished in the New Orleans Bulletin.
America, contrary to the opposing continent, has its extreme length along
the meridians o f the earth, and including Greenland, stretches farthest to
wards the Northern, as it does in the other direction, towards the Southern
Pole. If we limit its accessible length on the northern extreme, by latitude
80°, and by Cape Horn, south, America stretches over 135° o f latitude.
The extreme eastern capes o f South America, from Augustine to San Roque,
and the parts of East Greenland inhabited by civilized people, are very near
the same meridian, 35° west of London, and 42° east o f Washington. The
coast to the south and north of Bhering’s Strait, is the most western part o f
America ; about 167° o f longitude west o f London, and 90° west o f W ash
ington.
The elongated form o f America, and its extent between the frozen ex
196
The Proposed Railroad to the Pacific.
tremes towards both Poles, and with a mean breadth o f about sixteen hun
dred miles, and great excess of productive soil, give to it, as affording the
resources o f civilized life, a decided superiority to the opposing continent.
Every habitable zone is embraced in its extreme length, and the mean width,
on the latitudes being so much less, America opposes fewer obstacles to a
direct passage over it, from ocean to ocean, than does either Africa or Asia.
America equalling Asia in extent o f area, rivals, if it does not exceed,
Europe, in the advantages bestowed by nature; as America possesses all
that is common, with other advantages peculiar to itself, and, therefore, give
it a preference even to Europe. Crossing all the Northern Temperate and
Torrid Zones; all the Southern Torrid, and 33° o f the Southern Temperate
Zone, all the cultivateable latitudes o f the earth are embraced. Bathed on
the two opposite sides by the two great highway oceans, Europe, Asia, and
Africa are faced on the east, and Asia and Oceanica on the west. Thus
formed and situated, America must become, and thenceforward remain, the
highway o f nations.
One o f the most, if not the very most important, and also most difficult
problems in Physical Geography, is to determine how much o f the land area
o f the earth will admit a given mean density o f population. To reach the
solution o f this problem to any near determinate exactness, is hopeless ; but
we may, however, reach very interesting determinate results. The whole
curve superficies o f the earth, is so near, that we may assume it at
197,000,000 square m iles; o f which extent, about 47,000,000 are land;
consequently, the relations o f surface, as to land and water are, about as one
land and three water ; o f the land surface, in round numbers—
America, Greenland, <fcc............................. square miles
Asia and contiguous islands...............
Africa, Madagascar, <!j c ......................................................
Europe and its islands, inclusive.....................................
Oceanica, New Holland, &c..............................................
15,400,000
15,200,000
10,800,000
3,300,000
3,000,000
Total land area......................................................
47,700,000
W h en making up the matter for m y Geographical Dictionary, I put in
requisition all the element at my disposal, a good part of which were o f the
most accredited geographical authority, and was led to the subjoined conclu
sion, as to the capability o f the land part to sustain population :—
General aggregate o f land area..........................................square miles
47,700,000
From which deduct for frozen regions, deserts, & c .:—
Northern Polar Circle.............................. square miles
Asiatic deserts.................................................................
African deserts...............................................................
Australian or Oceanican deserts...................................
American deserts............................................................
5,500,000
4,000,000
5,000,000
1,000,000
600,000
---------------
16,000,000
Amount of habitable land to any density worthy notice.............
31,700,000
Adrian Balbi, a skilful and scrupulous geographer, calculated that, in
1830, the aggregate o f mankind was, from the best data, 77 1,00 0,00 0; a
number which, though I assume it, I must observe, is greater than his own
data would have justified, and which on 31,700,000 square miles, gives a
distributive population o f a small fraction over tw enty-four to the square
mile. Showing, in fact, that when the whole earth is taken into one point
The Proposed Railroad to the Pacific.
197
o f view, it is only commencing to be peopled; an observation most emphat
ically true, as I shall show, as regards America. W h en compared as to
relative surface, America is naturally more favorable to dense habitation than
even Europe, and must eventually sustain a far greater mass o f human be
ings than, compared in regard to relative surface, any o f the other great land
sections o f our planet. A n inspection of the above tables discloses the cu
rious fact, that America comprises, with its share of deduction, the forty-seven
hundredths o f all the land surface o f the earth, admitting density o f popula
tion worthy statistical application. W e must here naturally inquire, what
would be the population of America, were it in possession of its proportion
o f seven hundred and seventy-one millions ? The answer to this question is
in amount, three hundred and sixty-two millions three hundred and seventy
thousand, or a small fraction over twenty-four to the square m ile; and that
not much above the mean density already reached by the existing organized
States and territories o f the United States.
On more than one occasion, I have demonstrated, from the ratio o f former
increase, that the population of the United States has a regular increment of
a small fraction over 3 per cent annually, and that the aggregate quadruples
in a little less than fifty years. To all general purposes, however, we may
regard a semi-centenial quadrupling, as established by existing data, and as
probable for the next century, from 1850.
There frequently occur, in the progressive history o f the world, movements
which are mighty when apparently alone, to operate on the fate o f nations,
and, to ordinary observation, seem as if they were isolated accidents, whilst,
in reality, they are only parts o f a mighty whole— waves in the flood o f
time. The discovery o f America was an instance; the landing o f English
colonies two centuries past on the eastern shore o f North America, another.
The second was one consequence of the first, and new elements w'ere in
fused into human history. The independence o f the Anglo Saxon colonies
came in due time as a part o f the progress o f events.
But the regular increase of the new nation was o f a nature not to arrest
attention, though the paramount and most abiding result o f all the other
events, and the operation o f the greatest, most salutary, and extensive revo
lution of modern ages.
W hen I look back to 1781, and when with m y parents the Alleghany
Mountains were passed, and when savages were murdering pioneer families
within two hundred and fifty miles o f the spot where the capitol o f the
Union now stands, and when the Ohio River was the ne p lu s ultra, I can at
some moments scarce believe the changes real, but which I have lived to see
accomplished. The date was eleven yearn prior to the publication o f the
fifth census, by which the aggregate population o f the Union fell short o f
fo u r m illions.
W h o then thought of steam vessels, turnpike roads, andv
much less, railroads, o f electric telegraphs, with States and territories
rising in the vast interior, and finally, the whole basin o f the Mississippi
becoming the middle region o f an empire extending to the Pacific Ocean,
and embracing an area exceeding in extent that o f all Europe, and possessed
by a population o f twenty-two millions o f the most active portion o f man
kind ?
W ell do I remember to have heard the project o f steam navigation ridi
culed as the extravigance o f madness; railroads, at a still later period, a sub
ject o f vulgar wit. Such an idea as that o f electric telegraph, if it had been
suggested, sixty, or even fifty years past, would have been condemned as
198
The Proposed Railroad to the Pacific.
impious. But time and its mighty works went on, and with increasing
power. The name o f Dewitt Clinton was made the theme of rude jest and
political abuse, but his genius and perseverance united the Atlantic Ocean to
the sea o f Canada.
I f such have been the great results o f the last sixty years, what have we
to hope for the next twenty-three years, when the population, by the census
o f 1870, will report an aggregate exceeding forty millions ? It is no hazard
to predict that railcars will then bear along, not only on W hitney’s, but on
other roads not now thought of. Senators and Representatives of States ad
joining States, from the Atlantic to the Pacific Ocean. It is not in the laws
o f nature that I can live to behold the completion ; but when completed, and
allowance made for accumulated means, what I have anticipated for the next
twenty-three years, will fall short, very far short, of what I have stated in
this paper, and already have seen accomplished. The people of the United
States have never formally adopted and undertaken a design, and failed in
its accomplishment; nor have they yet formed and carried to completion a
design but what has eventually added to the prosperity and grandeur of the
nation. The very idea is, indeed, extatic, o f the most free and happy peo
ple on the earth, speaking one language, and filling a zone of two thousand
miles, from the Atlantic to the Pacific Ocean, and creating means of motion
vying with the winds, and means o f intelligence rivalling light. Fame, like
all other desirable objects to be obtained, m ust, be paid for, and that at a
high price. But to stand in the list o f public benefactors, with Robert Ful
ton, Dewitt Clinton, and Professor Morse, is surely above all price. Every
one o f these I have heard named, the two former especially, with scoff and
derision. Rich and well deserved is their meed o f reward. Clinton has
deeply engraved his name on the face o f his country. Fulton has changed
the commercial history o f the w orld; and Morse has given the rapidity o f
light itself to human intelligence. Such names, once recorded on the book
o f fame, are not again to be erased— they are the property of all after
generations.
In pursuit o f a plan, which, if realized, will add a feature more to the face
o f earth, Mr. W hitney differs essentially from all former and similar designs,
not only in the magnitude o f conception, but in creation o f means o f accom
plishment. H e requires no money from the national treasury, or tax on the
people. On the contrary, would add to the national wealth and power, by
bringing into cultivation millions o f acres o f land, which, without such road,
must long remain desolate, give steady and profitable employment to our
own citizens, and to the foreign emigrants.
The public lands being the means proposed, now is the golden moment to
com m ence; and if commenced before the soil is partially settled on, the rapid
success o f the plan is sure. The moment I can read the act empowering
Mr. W hitney to enter on the work, no more doubt o f its success will remain
on m y mind, than I have that the steamboats, turnpike roads, the great ca
nals o f New York, and electric telegraphs, have succeeded, and added incal
culable power to civilized man. Proceed now, and the realization will, in all
human probability, advance, as have the other great improvements named in
this paper.
In conclusion, there is no doubt with me, that the most operative cause of
European troubles, is the too great density o f population. Human labor has
there overstocked the market. On A lglo Saxon North America, it is a most
felicitous circumstance, that for a long-coming period, though the increment
Trade-Marks.
199
o f human life is 3 per cent annually, the expansion must find ample space.
Open the way, therefore, to the march of a column which is conquering
acute nature over altogether the most important section o f the earai— the
zone o f North America between the two great oceans, and between 30° and
50° north latitude.
w. d .
Washington, I ). C., J u ly 2d, 1849.
Art. VI.— T R A D E -M A R K S .
T hat no man has a right to use the trade-marks, letters, or symbols o f
any kind which another has previously got up, or been accustomed to use
in his trade, business, or manufacture, may now be regarded as the settled
law o f Great Britain, and of most, if not all, o f the United States. Such
violation of another’s rights, subjects the offender to damages and costs.
This doctrine has been repeatedly recognized by the courts of New York.
It does them honor, and, in part, justifies the poet’s panegyrick—
“ High o’er all elate,
Sits sovereign laws, repressing ill,
Rewarding good.”
The law of trade-marks was ably discussed in the Merchants’ Magazine for
April, 1846; bdt since that period, its principles have been further illustrated
by recent decisions. Courts invested with equitable jurisdiction, will restrain
the deceptive and fraudulent use o f trade-marks, by summarily checking his
operations by injunction; and will, after hearing the parties, decree an ac
count o f the sales made, for the purpose of ascertaining the damages to
which the complainant may be entitled. To assume the trade-marks o f an
other, indeed, is to filch from him his good name, and the advantages deriveable from it. It is to wrest from industry its legitimate reward. Before,
however, a court of equity will interfere by an injunction, in the case sup
posed, the complainant must make out clearly that his trade-marks have
been wrongfully assumed by the defendant. I f it be doubtful whether or
not the defendant has pirated the trade-marks of the complainant, irreparable
injury might be done to the former, by suddenly arresting his business
operations before a final decision upon the rights ot’ the parties. This is il
lustrated by a recent English case, decided in the English Court o f Chan
cery, December 11th, 1846, in which the proprietor o f the “ Pictorial A l
manac” complained that a similar publication had been put forth by one
who had wrongfully imitated the picture on the cover o f the genuine work.
The alleged imitation was so clumsy, that it was doubtful whether any one
would be deceived by mistaking the one almanac for the other; and it was
also doubtful whether the resemblance o f the two was accidental or designed.
The chancellor held, in this case, that to prohibit the publication complained
of, in advance o f a final decision in respect to the rights o f the parties, would,
in such a case, be inequitable, especially as defendant agreed to keep an ac
count. If the defendant should have come off victor at last in the Chancery
suit, it would probably have been a sorry boon to allow him to publish his
almanac at the termination o f the law’s delay. Therefore, when the case
presented by the complainant, is a doubtful one, the question of granting
an injunction against the defendant should be reserved until the rights of
the parties have been determined.
200
Trade-Marks.
It is held to be an insufficient defence to a suit for pirating the trade
marks o f another, that the spurious article is equal in quality to that which
is genuine. The use o f another’s trade-marks, is o f itself an unauthorized in
terference with his property. Although he who assumes my trade-marks
may manufacture wares equal or superior to mine, he should not be allowed
to appropriate to himself the credit resulting from my diligence and skill.
His wares may to-day be better than m ine; to-morrow they may depreciate,
and thus the reputation o f my trade-marks is hazarded. The ground on
which the courts interfere to prohibit the use of another’s trade-mark, is the
infringment of private right on the part of the defendant; and with this
question, the quality o f the spurious goods has no connection. In a suit for
simulating trade-marks, the question o f the comparative value of the genuine
and the spurious goods, arises at least only incidentally, and in ascertaining
the amount o f damages.
Blafield vs. Payne, 4th o f Barnwell and Adolphus’ Reports, p. 410, was
an action on the case in the English Court o f Queen’s Bench. Plaintiff was
the manufacturer o f a metallic hone for sharpening razors, which he was ac
customed to wrap up in a certain envelop, containing directions for its use,
and other matters, the same being intended, and serving to distinguish his
hones from those o f other persons. It. appeared, on the trial, that the de
fendants had obtained some of the plaintiff's wrappers, and used them wrong
fully upon hones o f their own manufacture, and sold them for their own
gain, as and for the plaintiff’s hones. There was no proof o f actual dam
age. The jury rendered a verdict for plaintiff, with a farthing’s damage,
and stated that they thought defendant’s hones not inferior to plaintiff’s.
The court, on motion, refused to set aside this verdict.
In case o f Taylor vs. Carpenter, decided in the New York Court o f Er
rors, on 30th December, 1846, also serves to show that no excuse for simu
lating trade-marks can be derived from the fact that the spurious goods are
equal in quality to those which are genuine. Nor is it any defense to a
suit for fraudulently imitating the trade-marks o f another, that the vender o f
the spurious goods informed the purchaser o f such goods that they were
spurious, or imitations. Although the vender o f the spurious goods should
inform those who purchase them o f their character, the wrong done would
be by no means repaired; for there would be no probability that the pur
chaser would adopt the like seeming candor, and be equally communicative,
in case he should sell the goods to a third party.
Coates vs. Holbrook, 2 Sandford’s Reports, 586. A commission merchant
who sells spurious goods, if aware of their character, is liable to a suit brought
by the proprietor o f the trade-mark, and to be subjected to damage's and
costs. This principle is established in the case last cited.
The fact that the person whose trade-marks are simulated, is an alien,
and has his residence in a foreign country, does not, in any degree, impair
his claim to the exclusive use o f such marks in this country. A foreign
patent, it is true, is inoperative to protect the exclusive use o f an invention
beyond the territorial limits o f the government which granted such patent.
But the trade-mark adopted by a foreigner, is a very different thing. It is
an announcement to the world that he made, or selected for market, the
article to which such trade-mark is attached. The article itself may be imi
tated in the United States by any one, without interference. But he who
simulates such trade-marks, and palms oft' his own wares for anothers, is
guilty o f a fraud which is cognizable in the courts o f every civilized land,
Trade-Marks.
201
because it is contrary to that natural justice which is the foundation o f all
law.
See the decision o f Judge Story, in the case of Taylor vs. Carpenter,
somewhat inaccurately reported in 7 Law Reporter. It was decided by the
Court o f Errors of New York, in the case of Taylor vs. Carpenter, that the
venders o f an article o f trade, which they have designated by a particular
mark, are as well entitled to protection as the manufacturer o f such article.
The judicious selection o f articles for sale, affords ample scope for the exercise
o f skill; and a party is entitled to the benefits o f his skill. A vender who
affixes a trade-mark to his goods, virtually recommends them to the world,
and he who counterfeits, or fraudulently imitates the tokens of another,
wrongs both him and the public.
W here one closely imitates the trade-marks o f another, the courts will pre
sume that the former was actuated by a fraudulent intent. If the simulated
trade-marks require very nice examination, in order to be distinguished from
the genuine ones, the courts will interfere, and protect the rights o f the in
jured party; for, in such a case, the spurious goods will often be mistaken
for those which are genuine. But the courts will not grant an injunction
against the use o f simulated trade-marks, unless they would probably de
ceive the ordinary mass o f purchasers, observing ordinary care. “ Is the imi
tation close and deceptive, or is the resemblance partial, and not likely to de
ceive ?” This is the test by which courts will decide whether or not to en
join a party against using trade-marks complained o f as simulated. Resem
blances between the trade-marks o f different dealers will sometimes occur ac
cidentally ; yet, in the absence of fraud, these resemblances will ordinarily be
slight. Knott vs. Morgan, 2 Keen’s Reports, 213 ; D ay vs. Binning, 1 Coop
er’s Reports, 489 ; Partridge vs. Monck and others, decided by Chancellor '
Walworth, January 25th, 1847.
It has been held in England, that in the case o f the dissolution of a firm,
by the death o f one o f its members, the surviving partners have the right to
use the name o f the old firm as successors thereto. This point arose in the
case o f Lewis vs. Langdon, 7 Simon’s Reports, 421. The firm whose name
originally gave occasion to this case, was that o f Brookman <fc Langdon, the
celebrated pencil-makers. The survivor of the firm, together with a new
partner, carried on business after the death of his co-partner, “ as successors
to Brookman & Langdon.” One o f the executors o f the deceased also com
menced the business o f pencil-making, under the style o f Brookman & Lang
don. On a bill filed by the survivor and his new partner against the execu
tor, Vice Chancellor Shadwell granted an injunction restraining the latter
from using the name o f the late firm in carrying on his business.
It will be observed, that in the case above cited, the complainants, although
availing themselves o f the name o f a firm which had been dissolved by death,
described themselves expressly as the successors o f the said firm. To have
used the old firm’s name, without such qualification, would have savored of
imposition on the public, and might have been fatal to the complainants’
case; for, according to the ancient maxim, “ no action can spring from a dis
honest cause.” Indeed, in the State of New York, it would probably fall
within the provisions o f the A ct o f 1833, by which the transaction o f busi
ness under the name o f a partner not interested in the firm, or the use o f
the designation, “ & Company,” when the party using it has no partner, is
forbidden, under the penalty o f a fine not exceeding $1,000. See Story on
Partnership, p. 142.
202
Trade-Marlcs.
In the case o f Craft vs. Day & Martin, the plaintiffs were the executors of
the surviving partner o f the firm of Day & Martin, the celebrated blacking
manufacturers, and they continued the business and the name of the old
firm. The defendant, Day, a nephew o f the testator, associated with a per
son named Martin, and set up a blacking manufactory, using the old firm’s
name, and labelling their bottles in close imitation o f those of the old estab
lishment. The genuine blacking was put up in bottles, with a label, con
taining as the place o f manufacture, “ 97 High Holborn.” The defendants,
in devising the cut for their label, substituted the royal arms for those of the
original firm, and inserted 9 0 i Holborn Hill, in place o f 97 High Holborn.
Lord Langdale said the defendants’ contrivances were calculated to lead the
bulk of the unwary public into the impression that the new concern was
connected with the old manufactory, and thus to benefit the defendant, to
injure the plaintiff, and to deceive the pu blic; and he therefore directed an
injunction to issue.
The case last cited, clearly illustrates the stringency o f the rule, that no
one shall fraudulently use the trade-mark of another, even when the makers
o f the simulated article bear the same name with that o f the makers o f the
genuine article.
This was also decided in the case o f Sykes vs. Sykes, 3 Barnwell’s &
Cresswell’s Reports, 541.
The courts will not interfere by interdicting the use o f simulated trade
marks, when the original proprietor o f the trade-marks simulated, makes
them the instruments o f imposition and fraud upon the public. H e who in
vokes the protection o f the law, must make out a fair and equitable title to
redress. In the case of Pidding vs. Howe, (8 Simon’s Reports, 477,) a bill
was filed in the English Court of Chancery, to restrain the use o f trade
marks for a sort of tea called Hongua’s mixture. As the proprietor was
shown to have made false representations to the public concerning the mode
o f procuring and making up his mixture, the court refused to grant an in
junction, until it should be established that the complainant had an ostensi
ble title to relief.
A similar decision was made in England on the case o f the proprietor of
“ the Mexican balm of the hair.” It having been shown that he had falsely
represented to the public that the article was prepared from a recipe of the
celebrated Von Blumenach; when, in truth, it was prepared by an obscure
man o f a name fiir less high-sounding.
The law confines its protection of trade-marks to no narrow limits, but
frowns on fraudulent imitations o f all kinds.
In the case o f Bell vs. Lock, in the 8th Paige’s Reports, p. 75, the late
Chancellor o f New York, sustained an injunction, issued for the fraudulent as
sumption o f the name of complainant’s newspaper, for the purpose o f de
ceiving the public, and supplanting him in the good-will o f his business.
A nd in Knott vs. Morgan, 2 Keen’s Reports, p. 213, an injunction was
granted to restrain defendant from running an omnibus, bearing on it the
simulated names and devices which were previously in use by the complain
ant, for the purpose o f inducing the public to believe that it was complain
ant’s omnibus, and thus deprive the latter o f a part o f the good-will o f the
business.
It must be observed that there are cases in which a party is not liable to
pay damages to another, in consequence o f having used his trade-marks
without authority, while the courts of adequate jurisdiction will nevertheless
restrain the offending party by injunction from continuing the injury.
Smith's Statutory and Constitutional Law.
203
Unless a fraudulent intention to injure another by drawing off his custom,
is shown, a jury would not be warranted in giving damages; and, although
the presumption of a fraudulent intention is afforded by the unwarranted use
o f another’s trade-marks, yet this is a presumption which may be rebutted by
testimony. Crawshay vs. Thompson, 4 Manning & Granger, 357. Milling
ton vs. Fox, 3 Mylne & Craig, 338.
The Legislature o f New York have declared fraudulent imitation o f trade
marks to be a criminal offense. A n act passed in 1845, provides, 1st., that
whosoever shall wilfully counterfeit, or cause to be counterfeited, the trade
marks o f any mechanic or manufacturer, with intent to defraud, shall, on con
sideration, be imprisoned for a term not exceeding six months. 2d., that
whosoever shall vend any goods having thereon counterfeited trade-marks,
and without disclosing the facts to the purchaser, shall be liable to the like
term o f imprisonment, or to a fine not exceeding §100.
W e would refer such o f our readers as would examine this subject more
at large, to the thorough researches o f the learned author o f Sandford’s Re
ports, in the second volume o f that work, in connection with the case o f
Coats vs. Carpenter. From that decision, and from the numerous authorities
by which it is fortified, especially by the case o f Taylor vs. Carpenter, we
have mainly derived the foregoing summary of the leading principles upon
which the law o f trade-marks is founded.
Art. VII.— S M IT H ’ S S T A T U T O R Y AND C O N S T I T U T I O N A L L A W *
A w o r k , fully and ably treating the subject o f that whose title we give be
low at length, has been much needed, and the learned labors o f Mr. Smith
have resulted in an exceedingly seasonable publication. O f one fact the book
furnishes conclusive prim a fa cie proof, and a refutation o f a prevailing notion.
W e are often told that the days o f profound scholarship, o f “ learned tomes,”
(as the phrase runs,) are gone. But that, in one branch at least o f human
learning, there are still to be found deep thought and patient study, such
books as these commentaries conclusively prove; and if we are told that we
have no longer the huge folios o f former days, we answer, that the fashion,
rather than the size o f the volume, has changed, and we point, for proof, to
Mr. Smith’s octavo o f a thousand pages.
The direction o f modern legal scholarship has changed, but it has lost
nothing in profundity. N o longer puzzling over the subtleties o f the schools,
it finds enough to do in grappling with the momentous questions and press
ing interests o f the present; and no longer finding time for the refinements
o f a logic which afforded gratification to learned complacency, rather than
yielded practical good, it has need of all its time and powers to keep up with
the developments of an active age, and in endeavoring to reduce to rule and
system the notions and opinions, the necessary modifications o f old rules,
called forth by new events and the changing aspects o f society.
Commentaries on Statute and Constitutional Law and Statutory and Constitutional Construction,
containing an examination of Adjudged Cases on Constitutional Law under the Constitution of the
United States, and the Constitution of the respective States concerning Legislative Power, and also
the consideration of the Rules of Law in the construction of Statutes and Constitutional Provisions.
B y E . F i t c h S m i t h , Counsellor at Law. Pp. 976. New York: Banks, Gould, &. Co., 1 0 4 Nassau-street.
204
Smith's Statutory and Constitutional Law.
W e speak not only with reference to our own country when we call this
work seasonable. A t a time when all Europe is convulsed with movements,
the whole aim and end of which are constitutional change, the shifting of the
supreme power o f States off one basis on to another, with fundamental
changes ; in short, the inquiry into the sources, nature, extent, and limits
(if limits there be) of this supreme power of States, becomes momentous and
vital. W hen we consider that it has for years been a mooted point whether
there be in fact limits to the power o f the legislative or law-making author
ity, and how pertinaciously the doctrine of the omnipotence o f Parliament
(as English writers call it) has been attacked and defended, we see how fun
damental, and at the same time unsettled, are some of the questions con
nected with this subject. One of the most interesting and elaborate chapters
o f this work is devoted to this question. Mr. Smith has brought together
the opinions o f the great text writers on the subject— those of Burlamaqui,
Woodesson, Domat, Blackstone and others on one side, and those of Vattel,
Locke, and Hall on the other, and then proceeds to examine, in detail, the
leading American authorities, o f both State and Federal Courts.
The question is, what, in the language of Mr. Smith, is “ the extent o f
legislative authority irrespective o f any constitutional restrictions upon legis
lative power ?” In theory, it presents many difficulties ; but practically, th e
question, it seems to us, is capable of easier solution. O f what practical im
portance is it to inquire whether in fact there be limits to legislative power,
if there be no higher power to keep it within those limits. The Legislature,
if not all-powerful, is more powerful than any other earthly authority ; and
whether unlimited or not, it cannot be limited by man. Practically, then,
we must look to a higher sanction than human for its control— to the dic
tates o f conscience— to the sense o f duty and responsibility to God. Hence
the importance o f a correct public opinion, above all in a free State. View
ing the question in this light, we were struck with the following passage,
which, it seems to us, practically settles the question. After remarking, that
“ Parliament itself dare not now exercise its sovereignty irrespective of the
fundamental principles o f natural justice, or in contravention of the great ends
o f the civil compact,” the author continues : “ Although the check o f public
opinion, arising from the nature o f the English Constitution, is, at most, a
mere moral one, yet it is one which acts not only on the legislative, but also
upon every department of the government, with a force which is at all times
fe lt; and not unfrequently, as in this instance, becomes an irresistible one.
W h o can fail, from this fact, to discover the potency o f public opinion, the
importance o f having that opinion deeply imbued with religious and moral
truths, with a prevailing sense of moral justice ? For there is a power in m o
ral principle which is more energetic and influential in restraining legislative
tyranny, than all the restraints which are derived from restrictions contained
in a written constitution. For, without moral principle going p ari passu
with such written restrictions, or even in advance o f them, such restrictions
would too often prove a mere cobweb barrier against legislative aggressions
upon private rights and public property. Indeed, it is very much doubted
whether any written restrictions contained in the fundamental law o f a na
tion, however imperative in their nature, or comprehensive and explicit in
their terms, or however sacred might be the rights which it was their design
to protect, would have any potency, or afford any protection against legisla
tive usurpation under a government where the influence of moral principles
were unfelt, or amid a population whose minds and hearts heeded not the
Smith's Statutory and Constitutional Law.
205
dictates of a pure and ennobling system of morality, that, aided and fostered
by religion and the light of revelation, is well calculated to instill reverence
for private rights, and constitutes the only sure basis upon which the funda
mental law o f a nation can safely rest, and is more potent and effective to se
cure, and render sacred, rights of property and of person than even the man
dates of a fundamental law o f a nation.” — (Chap, vii., § 132.)
The chapter closes with an examination o f the subject of ex p ost fa cto laws,
and o f retroactive legislation in general.
The title o f the work, full as it is, conveys but an inadequate idea o f the
extent o f the subject, and o f the ground the author goes over. In the first
five chapters, by way of natural, and indeed necessary introduction to the
whole subject, a historical sketch is given o f the origin and history o f legis
lation among the ancient governments, in England, and in the colonies of
Virginia, New Plymouth, Massachusetts Bay, and Connecticut. In chapter
six, the provisions of the Constitutions o f all the States respecting the rights
o f the citizen, generally, and in particular, the regulations and restrictions of
the legislative power, are given in detail, and, for the most part, verbatim.
The contents o f chapter seven we have noticed. The body of the work is
taken up with the consideration, among other topics, o f the restrictions upon
the legislative power o f the Federal and State governments in the Constitu
tions of the United States and o f the respective States ; o f legislative and ju
dicial interpretation ; o f interpretation and construction ; o f the construction
o f Statutes, penal and others; o f their repeal, and the proofs o f their ex
istence.
W e commend this work, and the subject which it treats, to the study, not
only o f the American lawyer, but o f the American legislator, the American
merchant, and, we may add, to every citizen who, as a voter, makes a unit in
that aggregate o f popular will which expresses itself by acts of legislation.
The American Union presents a striking spectacle. Here is a great central
Legislature, around which cluster thirty local Legislatures, each meeting at
least once a year, some twice a year, each promulgating its volume o f laws
annually. It is true that a large proportion o f the laws o f both National and
State Legislatures are private acts. But we must consider that very often
private acts involve the most important questions o f public authority and
legislative power. Railroads, canals, and other public works, which are mul
tiplying daily, are making daily' demands for the appropriation of private
property to public uses.
This power o f appropriation is obviously an exceedingly delicate one, and
involves many important considerations. W h at is a public use ? Can the
property be taken before the compensation is paid ? Is it sufficient that the
Legislature provides for its payment ?
This country is in a state o f what we may call legislative ferment. The
law-making power is in constant action, and manifests a tendency towards
changes or reforms, a disposition to overhaul and remodel existing laws, so
violent that we should call it revolutionary were it not peaceable.
W ithin two years the Legislature o f New York have abolished a system
o f pleading and practice, which, in its main features has existed in England
for at least four centuries, and had existed a century and a half in New York.
It has within a year abolished the rule o f law which gave the husband any
estate or interest in his wife’s property.
The equity system of practice, as distinct from the legal, has ceased to ex
ist in New York. W ithin a year (we think) several States have passed laws
206
Mercantile Law Cases.
exempting real estate, to a certain extent, from all liability for debts. W e
mention these instances not to find fault, for many o f them are reforms, but
as illustrations o f the activity o f American legislation.
It is time that the American citizen who elects, and the American legisla
tor who is elected, realize how difficult and delicate, how high and solemn,
how deeply to be studied and carefully exercised, is that duty o f legislation
which is but too often imposed with little discrimination, and performed with
little care. Did our legislators more carefully read, and more deeply reflect,
we should not be compelled so often as we are, to lament that
“ Fools rush in where angels fear to tread.”
MERCANTILE LAW CASES.
POINTS IN MERCANTILE LAW.*
FORM X.— SANDFORD’ S SUPERIOR COURT REPORTS.
With the exception o f the two volumes by Mr. J. Prescott Hall, published some
fifteen years ago, this volume o f reports by Mr. Justice Sandford, contains the only
decisions o f the Superior Court o f the city o f New York which have been given
to the public. The high character for ability and learning which this tribunal has
always maintained, and the great interest and importance o f the cases (a large
proportion involving mercantile points) decided by it, since its establishment in
1822, render it a matter o f serious regret that its decisions have not been more
regularly reported.
It is the great commercial tribunal o f the State. Recent legislative changes
have widened its jurisdiction so that it now takes cognizance o f equitable as well
as legal actions. Appeal is also now allowed from its decisions directly to the
Court o f Appeals. It is now, in fact, a local Supreme Court, having jurisdiction
in cases involving the most important questions o f law, and the largest amounts
o f property. Not only has the jurisdiction o f the Court been widened, but, by
an act o f the Legislature at its last session, three additional justices for the Court
were provided for, who were chosen at the late municipal election in New York.
These are John Duer, the distinguished lawyer and commentator on the Law o f
Insurance, John L. Mason, and William A. Campbell. All these selections have
given (we believe) the most entire and general satisfaction.
W e hardly know whether the present volume gives us most regret or satisfac
tion. W e certainly feel more fully the loss the public have sustained in not having
the decisions o f this Court regularly published heretofore, when we perceive the
importance o f the decisions given in the first volume o f the new series. On the
Law o f Insurance, and in particular on several vital points in the Law of Mu
tual Insurance, hitherto unsettled, this volume is particularly full.
P r e m i u m n o t e s in M u t u a l I n s u r a n c e C o m p a n i e s .
There are no less than
seven cases, in this volume, in which the nature of premium notes, and the liabili
ties o f the makers of them, are considered.
In a number o f the Merchants' Magazine for 1846, the reader will find a careful
abstract of the provisions o f the various charters establishing these companies,
and in particular o f the clauses relating to premium notes. The two-fold char
acter o f the makers o f such notes, they becoming at once provisions, and mem
bers o f the company to which the promise is made, by the simple act o f making
* Reports o f cases argued and determined in the Superior Court o f the city o f New Y ork. By the
Hon. L k v i H. S a n d f o r d , one o f the Justices o f the Court. V ol. I. New Y o r k : Published by Bunks,
G ould & Co.
Mercantile Law Cases.
207
the notes, at the same time payers and payees, leads to somewhat anomalous re
sults. In the cases o f Brower vs. Appleby, (p. 158,) and of Hone vs. Allen, (p.
171,) the question arose, Whether there was a sufficient and valid consideration
for these notes, they not being given for insurance already effected, or for policies
already issued, but in advance for future insurances ? It is held in these cases
that “ the authority given by the statute, the security held out to the dealers, and
the advantage contemplated in the compensation for the credit furnished by the
makers o f the notes, furnished a sufficient consideration to uphold the notes, al
though no policies were ever taken out by the makers. And the mutual agree
ment and association o f the parties who respectively gave such notes, for the pur
pose o f giving them, also furnished a sufficient consideration.” It is further held
that “ such premium notes are equally valid, for the security o f dealers, although
the makers have never signed any subscription or paper agreeing to give premium
notes to the company.” Brower vs. Hill, (p. 629.) The Court in Hone vs. Folger,
(p. 177,) further held that “ it is no defense to such a note that the company failed,
and on application to it subsequently for insurances, so as to apply the same on
the note, the company declined to underwrite for the makers of the note.”— l b .
The important point was decided in the Merchants’ Mutual Company vs. Leeds,
(p. 183,) that all premiums paid by the maker of a jpremium note, for policies ac
tually paid after the making o f it, must be deducted from the amount o f the note.
It will be perceived, on referring to the article in this Magazine above mentioned,
that the all-important section, upon which most o f the controversy in these cases
turns, is that numbered twelve in nearly all the charters, they being, for the most
part, formed upon one and the same model. The twelfth section provides that
“ the company, for the better security o f its dealers, may receive notes for pre
miums in advance o f persons intending to receive its policies, and may negotiate
such notes for the purpose o f paying claims or otherwise, in the course of its bu
siness ; and on such portions of said notes as may exceed the amount o f premi
ums paid by the respective signers thereof, at the successive periods when the
company shall make up its annual statement as hereinafter provided for, and on
new notes taken in advance thereafter, a compensation to the signers thereof at a
rate to be determined by the trustees, but not exeeding 5 per cent per annum,
may be allowed and paid from time to time.” It will be perceived that here is
provided a compensation, a consideration o f 5 per cent for the excess o f the amount
o f such notes beyond premiums actually earned. In connection with this section
must be token two others, which provide that every signer o f such a note, every
party insured is a member o f the company, and that in case o f loss, the amount o f
such loss is to be deducted, so that the compensation provided for may entirely
fail. The questions which naturally suggested themselves, and which were briefly
considered in the article in this Magazine referred to, were, Whether there was
any sufficient, any valid consideration to support these notes? and, Whether, if,
on the one hand, there be a sufficient consideration, it did not arise from relations
existing between the makers, which amounted to partnership, inter sese, and, on
the other hand, if there were no such consideration, Whether the notes were valid
and could be enforced in any way ? From these considerations, the importance
of the decisions we have cited, affirming the validity of premium notes, is obvious.
M a r in e I n su ra n ce — T h e R otton C l a u s e .
The cases in this volume are not
confined to Life Insurance and the Mutual System. In the case o f Innes vs. Al
liance Insurance Company, (p. 310,) the policy contained the rotton clause, which
is to the effect that “ if, upon a regular survey, the vessel should thereby be de
clared unseaworthy, by reason o f her being unsound, or rotton, or incapable of
prosecuting her voyage on account o f her being unsound or rotton, then the as
surers should not be bound to pay their subscription on the policy. The ship,
which was bound for London, was obliged to bear away for Fayal, in consequence
o f a leak, which was so bad that the pumps had to be kept going night and day.
On arriving at Fayal, the Consul, upon application, appointed a survey. The first
survey proving insufficient, another survey was ordered by the Consul, Mr. Dabney,
and made by the regular Portuguese surveyors o f the port, who reported that
“ they found a great number o f the timbers decayed;” “ that close to the foremast
fourteen timbers were in that state, and incapable o f holding a b o l t “ that the
208
Mercantile Law Cases.
breast hooks were started, as also the stern frame, the bolts being worked out of
their places,” &c. After the second survey, a very heavy gale came, which caused
the ship to strain badly, and rendered an additional pump necessary. The captain
reported these facts to the Consul, who thereupon ordered a third survey by five
captains of American ships. They surveyed the ship, the captain being present,
and reported that the twixt decks were strong and secure, with the exception o f
a “ break of quarter deck, which gave strong indications o f working much with
great motion in heavy weather.” In the hold, “ the timbers were rotten, and oth
erwise very much decayed.” The Court, after stating the established rule that
the rotten clause is a good defense only where the survey proves the rottenness
to be the sole cause o f unseaworthyness, not the principal cause, or a cause, but
Che cause, held that the evidence in this case did not present unmixed cause o f
unseaworthyness, and that the vessel was not to be considered as condemned for
rottenness only.
The regularity o f the survey by the shipmasters was objected to on the ground
that a Consul has no right to order a survey. The Court, concurring in the opin
ion of Judge Story, held that the survey was regular. Judge Story says, “ It is
certainly the usual practice for Courts o f Admiralty to order surveys as a matter
o f maritime and admiralty jurisdiction within their cognizance; but I am not
aware that it has been held indispensable to the validity of a survey that it should
emanate from such a source.” “ There does not seem any good reason why, if
an American Consul should interpose in behalf o f the master, and, with a view
to assist him, should appoint the surveyors at his request, and thereby sanction
their competency to the task, such an appointment should be deemed objectionable.”
S t a t u t e o f L im it a t i o n s — - W h e n i t b e g in s t o R u n .
The case o f Argali vs.
Brijant, (p. 98,) turns on a rather curious point under the Statute of Limitations,
which we hardly know whether to consider settled by this decision or not. The
question is, When does the lapse o f six years bar an action for the negligent per
formance of an act, or the non-fulfilment o f a duty ? Is it the lapse o f six years
reckoned from the time of the actual neglect, or from the time when the damage
from this neglect was first actually felt? In this case the defendant had incor
rectly printed a notice o f special partnership. In consequence o f the misprint the
Supreme Court held the partnership to be general, and the plaintiff was held liable
for claims for which, as special partner, he would not have been answerable. This
decision o f the Supreme Court was made more than six years after the misprint,
but not more than six years after the debt was contracted, for which the plaintiff
was held liable in consequence o f it.
The Court held that the action was barred by the Statute, because “ the cause
o f the plaintiff’s action occurred more than six years before this suit was brought.”
“ The implied promise, if broken at all, was broken in September, 1835, when the
error was committed; and we think the plaintiff' could have maintained an action
at that time, in either form o f remedy for its breach. His right to commence a
suit was totally distinct from the measure o f his damages. If he had sued in
1835, his damages might have been merely nominal, or they might have been as
sessed upon the probabilities o f the future. The last o f these arguments o f the
Court, that drawn from the probabilities o f future loss, does strike us as a little
wild. But, admitting the general force o f the reasoning in this decision, is not
the real question after all, not whether the six years are to be counted from the
time of the breach o f duty, or from the time the damage was sustained, but what, in
fact, was the brecah o f duty ? Was it the mere misprint ? The publishers of
newspapers are not mere printers. They are persons who undertake, by means
o f a printed paper, to convey notifications o f certain facts to certain persons, in
the case of ordinary advertisements to the public in general, in the case of legal
notices provided for by the Statute, as in the present instance, when the Statute
makes the publication for six weeks o f the notice of partnership constructive no
tice to all future dealers, to all such dealers. The breach o f duty, in this point
o f view, was not the misprint merely, but the incorrect notification to the party
who gave credit within six y e a r s , by means o f the mistake made more than six
years ago. If this view be correct, the breach o f duty must be considered as
committed within six years.
209
Commercial Chronicle and Review.
COMMERCIAL CHRONICLE AND REVIEW.
RATE
O F M O N E Y — R IS E IN C O T T O N — I M P R O V E D V A L U E
M IT T A N C E S — E F F E C T ON B IL L S — R A T E S
OF E X P O R T S — S A L E S
S T O C K S — E M IG R A N T R E
O F E X C H A N G E — M O V E M E N T O F S P E C IE — C A L IF O R N IA — R A T E
O f I N T E R E S T — E M P L O Y M E N T OF C A P IT A L — D E M A N D F O R
M EA N S— A C T IV IT Y
OF E N T E R P R I S E — R AW -
M A T E R I A L S — W O O L , P R O D U C E A N D I M P O R T OF— B R I T I S H A N D U N IT E D S T A T E S C O N S U M P T IO N , E T C .
T h e general features o f the money market, as noted at the date o f our last,
continue to present themselves in a more marked manner. M oney in those great
reservoirs whence the leading operations o f commerce are supplied with means,
are filled to repletion, while the general absence o f enterprise, that may be as
cribed to the presence o f the prevailing epidemic, prevents the creation o f that
desirable class o f paper which banks covet, in any sufficient quantity; and with
accumulating deposits in bank, both the institutions and individuals are offering
money freely at call to thirty days, on stock securities, at 3 a 4 per cent per an
num. W h ile this is the case with the central operations, there is,' ow ing to the
stagnation o f trade, a scarcity o f money among retail dealers, and the shopkeepers
offer paper freely at 7 per cent per annum. T h is is indicative o f the difficulty o f
converting goods into cash, to the usual extent, as obligations for their purchases
mature. This is usually the time o f year when business is very dull, but when
the importations for the fall trade begin to create a demand for money, which is
enhanced some sixty days later, through the wants o f operators in the large erop3
o f the south and west.
This year, however, the importations o f goods, to July 1,
do not exceed those o f last year, while the exportation o f specie has been much less,
and the importation o f the preeious metals, as well from Europe as from California,
have been considerable greater. The difference in the specie movement between
the first six months o f this year, as compared with the last, has not been far from
$9,000,000. This, o f itself, has been an important item in the state o f the markets.
It has also been the case, this year, that the quantities o f produce going forward
have been mueh larger than last year, both cotton and farm produce, and the
prices o f the former have continued to improve. A s an indication o f the progress
and influence .of the cotton exports, w e compile a table o f the number o f bales
exported from the United States, at the close o f each month, this year and last,
with the quotation o f fair cotton, in N ew York, as an index o f value.
EXPORTS OF COTTON FROM THE UNITED STATES MONTHLY, W ITH ESTIMATE OF VALUE BASED
ON PRICES OF F AIR COTTON IN N E W YORK.
IS5-18.Bales.
January 1 .........
Jan. 1 to Feb. 1.
Eeb. 1 to Mar. 1.
Mar. 1 to April 1
April 1 to May 1
May 1 to June 1
June 1 to July 1
Total..............
327,448
120,025
195,605
336,098
266,249
216,565
183,905
1,646,895
Prices.
91
8*
8
71
6
6f
6f
a
a
a
a
a
a
a
Value.
A
1849.-
r
Bales.
101 §13,097,920
4,080,850
6,454,965
81
10,082,980
n
6,922,474
61
I f 6,063,580
5,149,340
n
483,793
179,317
258,690
360,353
293,168
298,491
243,398
§51,876,069
2,117,210
Prices.
6f a
71 a
71 a
71 a
71 a
7f a
81a
Value.
71 §13,570,600
8
5,469,168
81
8,019,390
8
10,810,590 ,
8
8,795,040
81
9,551,712
91
8,438,930
§64,655,430
T he accuracy o f this mode o f estimate is indicated in the fact that the value of
Y O L . X X I .-----N O . I I .
14
210
Commercial Chronicle and Review .
the exports o f cotton for the fiscal year 1848, is $60,532,761; while the actual
value by official reports, is given at $61,998,294, showing an approximation suf
ficiently near to mark the comparative improvement this year. The bales ex
ported avaraged a little more than 400 lbs. each, which was the assugied weight
in the estimate. The difference between the estimated value and the actual sum,
arises from this circumstance.
T he difference is very considerable, and has been progressive as the season has
drawn to a close, increasing the supply o f bills in that period o f the year when
in progress o f business the supply o f paper drawn against the crops is usually
exhausted.
T he price o f cotton abroad has steadily advanced, under the in
creased demand, resulting from continued low prices for food and money, with a
generally tranquil political condition in Western Europe, which has permitted in
dustry to resume its course, temporarily disturbed by the revulsions o f last year.
W h ile the great staple o f the south has thus continued to improve in export
value, the export o f farm produce has presented similar indications. Thus the
quantities and value o f four chief articles o f food, exported from the United
States to Great Britain and Ireland, for corresponding periods, have been as fol
low s :—
EXPORTS OF FLOOR FROM UNITED STATES f O GREAT BRITAIN AND IRELAND FROM SEPTEMBER 1
TO JULY 1 .
Hour.
Meal.
Bbls.
Bbls.
1848...........................
1849...........................
159,191
908,356
92,638
73,393
Increase................
749,165
Wheat.
Bush.
Corn.
Busk.
215,239
1,028,784
3,060,982
10,722,638
813,545
7,661,656
The increased export value o f these articles is some $9,000,000; and keeping
pace with this demand for produce has also been the improved market for Amer
ican stocks, o f which some $8,000,000 have gone abroad. These three items o f
cotton, breadstuff’s, and stocks, will reach an excess o f $30,000,000 over last
year, in the sum o f American credits in Europe, to which may be added at least
$5,000,000, brought here by immigrants. A s an offset, in some degree, to this
latter item, it may be taken into consideration, that very considerable sums are
being constantly remitted abroad by emigrants, for the relief o f poor relations at
home. The British Emigration Commission, in a report dated JJay 17, 1849,
states that the emigrants which left the British island in the year 1848, for North
America, numbered 219,298, o f whom 188,233 proceeded to the United States.
It was ascertained that the amount paid in the United States for passages, or re
mitted through houses at Liverpool and in Ireland, exclusive o f the house o f
Baring Brothers, Liverpool, reached £460,000, say $2,000,000, in 1848; and that
three-fourths o f all the expense is defrayed in the United States. This forms an
important item in international transactions; but it is to be considered that nearly
the whole o f it returns into the pockets o f American shipping inlerests, and the
aggregate is, moreover, exceeded by the sum o f the amounts brought individual
ly, in specie and other capital, by the better class o f European immigrants. Un
der all these circumstances, the American credits will reach near $35,000,000
more than last year, while debts for goods purchased do not greatly exceed
those o f the previous year. Hence, notwithstanding the importations o f specie
that have taken place, and the approaching close o f the crop years, bills o f ex-
I
211
Commercial Chronicle and Review.
change are rather disposed to droop than otherwise.
paratively :—
They are as follows, com
KATES OF EXCHANGE IN NEW YOKE.
December 1
u
15
January 1
“
15
February 1
it
15
March
1
“
15
April
1
M
15
May
1
«
14
June
1
it
14
July
1
U
14
Sterling.
84 a 8 4
8| a 9
8 }a 9
8|a 9
8£a8f
8 a 8l
7 a8
64 a 7
5 a 64
4 f a 64
74 a 8
8 a8i
8J- a 8§
8fa9
84 a 9
8 ' a 84
Paris, 60 days.
5 .2 7 i a 5 .2 5
5.30 a 5.25
5.274 a ___
5.30 a 5.25
5.324 a 5.25
5 .3 1 4 a 5 .2 7 4
5.324 a 5.30
5.371 a 5.32
5.371 a 5.32
5.371 a 5.35
5.30 a 5.32
5.26 a 5.25
5.28 a 5.30
5.274 a 5.30
5.274 a 5.314
5.30 a 5.314
Amsterdam.
40| a 4 0 f
404 a 404
404 a 404
4 0 f a 404
4 0 f a 40£
404 a 4 0 f
40 a 404
39| a 39f
3 8 f a 39J
39 a 394
394 a 39f
40 a 404
39|a 404
394 a 404
3 9 f a 394
394 a 3 9 f
Hamburg.
3 5 f a 354
354 a 354
35f a 35l
354 a 35f
354 a 35f
35 a 354
3 4 f a 35
344 a 34f
344 a 34f
344 a 344
34|a 344
35 a 354
354 a 354
354 a 354
. . a 854
. . a 35
Bremen.
7 8 ! a 77J
78J a . .
784 a 78§
7 8 f a 78|
. . a 78f
784 a 784
7 7 f a 784
774 a 78
764 a 774
764 a 77
7 7 f a 78
784 a 79.
77 a 784
784 a 784
. . a 784
774 a 7 7 f
These rates for sterling hills are about 1 per cent lower than at the same period
last year, when considerable amounts o f specie had been exported. The specie
movement, as compared with last year, for the six months ending with June, was
as follows, at the port o f New Y ork :—
1848.
1849.
Imports......................................................
E xports....................................................
$391,488
7,471,360
$2,109,339
1,359,824
Excess of exports....................................
“
imports....................................
$7,080,072
...............
...............
$749,515
The difference is largely in favor o f the present year, and there has, moreover,
been receipts o f some $3,000,000 o f gold from California, o f which $2,000,000
has reached the national mint. The general result is, that the profitable sales of
the proceeds o f national industry, added to the influx o f capital from abroad, is
rapidly enhancing the amount o f circulating capital. The indisposition to em
bark in general enterprise, manifest at present, and the apprehension that the pre
vailing epidemic may affect the autumn business to a considerable extent, has
induced many to avoid contracting extended obligations, and therefore, for the
moment, there is a glut o f money, although the disposition in most o f the States
to construct railroads, erect factories and buildings, is such as to probably ab
sorb the floating capital usual in years o f accumulation, and is, in fact, such as to
produce a stringency in many locations, even at the present moment.
There is a tendency to purchase real estate for a rise, in the view that increasing
money capital, as well from Europe as California, will, within a few months, pro
mote an advance in that description o f property, and its tendency, under these an
ticipated purchases, is in many quarters already to rise, and many large capitalists
refuse to lend money, on good mortgages, at less than 7 per cent. There appears
to be a combination among the heaviest o f this class, to reject all loans under 7
per cent, no matter what may be the actual market rate. The supposition is,
that in the long run, money is worth 7 per cent on bond and mortgage, and that
by firmly adhering to that rate, even if some money should for a time lie idle, in
consequence, the sum o f the interest account at the close o f the year will be the
212 .
Commercial Chronicle and Review.
larger. This grasping policy answers for the possessor o f overshadowing capital,
and o f estates as nearly entailed as our laws will permit. They are enabled thus
not only ultimately to get a full rate o f interest for money loaned, but gradually
the net overspreads all the desirable property. In the competition o f business
now existing, involving large amount o f sales and small profits, there are com
paratively few instances where money can be borrowed at 7 per cent, and em
ployed so profitably as to allow the payment o f such an interest, and still leave
a profit to the borrower, who may be contending in his business with one who may
be satisfied with 6 per cent gross profit on his own capital employed. Thus the high
rate o f interest is backed b y all the vicissitudes o f trade, as an efficient instru
ment, in bringing the mortgaged property to the hammer at the time best calculated
to further the views o f the lender, in purchasing at a rate favorable to himself.
T he free influx o f capital into the country, it is to be hoped, will protect small
borrowers, who are generally the most active business men, from the unfavorable
operation o f interest and class combination. It is doubtless the case that, at this
moment, capital, as w e have slightly indicated, is accumulating throughout the
country, with a rapidity never before known. That is to say, there is more wealth
being produced, and less consumed by extravagant living, through the operation
o f false credits, than ever b e fo r e ; but the capital so increasing is being on an
extensive scale transferred from floating to fixed capital; that is to say, railroads,
public works, buildings and machinery, all o f which, although ultimately they
will be productive o f a still more rapid development o f wealth, for the moment
cause a demand for floating capital, beyond, perhaps, even its enhanced supply.
In the New England States, the rapid increase o f railroads has been productive,
since their regular operation, o f a rise in the value o f property in Boston alone,
to an amount greater than the whole cost o f all the railroads in New E n gland;
and the profits o f the enhanced trade they have created in that emporium, divided
among the community, has probably been far greater than the aggregate sum o f
the dividends paid by all the railroads to their stockholders.
The process o f ex
penditure is, however, still considerable, while the demand for capital to prosecute
the business their operations has created, competes with the wants o f the various
companies to complete their roads. A s these extend, however, new resources
and new means are brought to the command o f enterprising men, and enhance
the general demand for cash means. The same general want is manifest in the
W estern States, particularly Ohio. There is, however, this difference: that in
some o f the W estern States, particularly Ohio, there is a far greater expenditure
o f capital through individual extravagance in living, than in the New England
States.
The increase o f railroads and manufactories in the Southern and W est
ern States is calculated to promote the accumulation o f local capital, to cause a
husbanding o f sectional resources; and while capital is kept in the new States
to reproduce itself in industrial occupations, the profits o f the Eastern States
will becom e less considerable. W hile demand by the latter for raw produce has
been greater, the returns in the shape o f manufactured goods have been gradually
diminishing, in proportion to the growing population.
Nevertheless, the aggre
gate consumption o f raw material, by American manufacturers, is constantly on
the increase.
In the case o f sheeps’ w ool, official figures give results as follow s.
T h e census o f 1840 gave the productions o f w ool as follows, in those States
which seek markets through the Pennsylvania and New York canals:—
213
Commercial Chronicle and Review.
Vermont...........................lbs.
New York.............................
Ohio........................................
Indiana...................................
Illinois....................................
Michigan................................
3,699,235
9,845,295
3,685,315
1,237,915
650,007
153,375
Wisconsin.........................lbs.
Iowa.......................................
Tennessee...............................
Kentucky...............................
6,777
23,039
1,060,332
1,786,847
Total...........................
23,428,141
N ow the deliveries on the New Y ork canals at tide-water, and on the Pennsyl
vania canals at Pittsburg, in 1841, was one-fifth the production per census, and
these deliveries have since increased as fo llo w s :—
1841.
N ew Y o rk canals. 3,617,075
Pennsylv’ ia “
. 1.476,960
Total lbs.......... 5,094,035
1842.
1841.
1844.
1848.
3,555,148 3,212,500 3,621,800
1,268,733 2,500,789 3,166,999
1846.
1847.
1848.
9,504,039 8,866,376 12,044,000 8,729,407
3,763,570 3,403,161 4,281,987 2,936,133
4,823,881 5,713,289 6,798,769 13,267,609 12,269,537 16,325,987 11,665,540
This increase is verymarked and considerable, andis diminished by
the in
creased consumption which takes place in the State o f New York.
The progress o f the trade in relation to those coarse qualities that constitute
the importations from abroad, have been, distinguishing the country, as follows,
for four years:—
IMPORT OF WOOL INTO THE UNITED STATES, W IT H AGGREGATE VALUE.
1846.
1847.
1848.
1,238,338
207,935
207,006
85,699
8,854
81,156
111,981
5,744,328
425,148
45,215
4,295,659
1,819,762
122,686
2,165,310
682,477
157,957
8,781
38,917
19,817
Turkey...............................
M exico...............................
Brazil...................................
Bio Janeiro.........................
C hili....................................
Peru.....................................
Other places.......................
973,283
146,827
674,481
836,767
15,789
727,867
299,128
6,686,630
272,840
191,819
11,774,918
220,365
90,730
920,596
3,315,713
551,909
137,945
1,098,785
1,932,572
450
514,682
1,314,231
267,807
22,359
257,689
7,038
132,553
41,574
2,341,414
57,250
334,169
5,579,897
767,934
85,829
231,675
Total...........................
Value...........................
A verage.....................
23,833,040
$1,689,794
7 cents.
16,558,247
$1,134,226
7 cents.
8,460,005
$556,022
7 cents.
11,381,429
$857,037
7£ cents.
1845.
England.............................
British American colonies.
Gibraltar...........................
France ...............................
Belgium.............................
In 1845, under the tariff o f 1842, the duties were payable 5 per cent ad valo
rem on all w ool under seven cents per pound in value, and three cents per pound,
and 30 per cent ad valorem on all w ool worth more than seven cents per pound.
A s seen by the average value in the table, very little o f the latter was apparently
imported at all, although fine w ools were in some cases introduced in a dirty
state, and valued at seven cents, to avoid the duty. The tariff o f 1846 raised the
duty on coarse w ools from 5 to 30 per cent, taking off three cents per pound on
the fine w ools. The table shows to how great an extent the importation has
diminished. In the meantime, the duty on w ools in England has been removed
altogether, and the result is seen in the following table o f imports and exports:—
IMPORT AND EXPORT OF WOOL INTO AND FROM GREAT BRITAIN.
Years.
1841 .......lbs.
1842 ............
1843 ............
Im ported.
Exported.
Net im port.
56,170,974
45,833,983
49,243,093
2,554,465
3,687,789
2,961,282
53,616,519
42,196,194
46,282,811
Value o f
British w ool w oolen goods
exported.
exported.
£555,620
510,965
420,940
£6,300,821
5,772,764
7,533,120
214
Commercial Chronicle and Review.
IMPOST AND EXPOUT OF WOOL INTO AND FEOM GEEAT BRITAIN— CONTINUED.
Years.
1844
1845
1846
1847
1848
Im ported.
.......lbs.
.................
.................
.................
.................
65,663,686
16,813,855
65,117,668
62,592,598
70,521,957
Exported.
Net import.
Value o f
British w o o l w oolen goods
exported.
exportod.
1,972,674
2,662,353
3,011,980
4,809,725
6,575,584
63,691,015
74,151,502
62,105,688
57,782,873
63,946,373
£532,478
556,340
342,848
288,231
189,817
£9,163,053
8,760,042
7,243,371
7,897,402
6,516,809
The duties were removed in 1845, and the quantities since consumed show a
marked increase. The decline in the value o f goods exported, arises partly from
low er prices resulting from cheaper raw material and increased facilities for man
ufacturing, and also from the increased consumption o f the English people,
caused by a removal o f the taxes on consumable articles— particularly food. In
1847— the year o f famine— the consumption o f w ool decreased materially, and
the export value o f goods increased, notwithstanding the low price. T he famine
prices for food compelled people to buy less clothes. In the last three years
England has purchased increased quantities o f w ool from the United States,
where the production has much increased.
T h e whole supply in the United States, as indicated in the quantities imported,
and the delivery on the tw o great avenues o f trade, is as fo llo w s :—
184a.
1846.
1847.
1848.
Import....................... Jbs.
Ke-export.........................
23,833,040
64,495
16,558,247
125,286
8,460,005
239,350
11,381,429
20,740
Net import.......................
Per canals.........................
23,768,545
13,267,609
16,432,967
12,269,537
8,220,655
16,325,987
11,360,689
11,665,540
Total.............................
37,036,154
Less domestic exports..........................
28,702,504
668,386
24,546,642
378,440
23,026,229
781,102
This apparent diminution in supply is almost altogether o f the coarse South
American wools, which have been attracted to England, where they are admitted
free. The largest proportion o f the English imports are, however, o f German
and Australian w ools. In the American supply, if the deliveries on the canals
bear the same proportion to production as they did in 1841, the production in the
ten States must be 60,000,000 lbs., or five times the importation o f 1848, instead
o f being but equal to that o f 1845, indicating the rapid progress which the Am er
ican manufacturers are making in the interior for successful competition with the
English manufacture o f the four great fibrous materials. The United States am
ply supply w ool and cotton, and if they make but little progress in silk, there is
no reason why they should not supply flax on as good terms as any other nation,
under such a steady currency as will encourage a demand o f goods on the part
o f consumers.
215
Commercial Statistics.
COMMERCIAL STATISTICS.
STATISTICS OF THE BRITISH COTTON TRADE.
Our readers will notice, by referring to volumes xviii. and xix. of the Merchants
Magazine, that we have published a series of chapters under the title o f 11Statistics
and History o f the British Cotton Trade, and Manufactures o f Cotton Goods,” em
bracing a fuH account of cotton wool, yarn, twist, manufactured goods, imported, ex
ported, <fec., in Great Britain from 1831 to 1846. The last annual publication of
“ Burns’ Commercial Glance,” furnishes us with the means of completing the tables,
or bringing them down to the close of the year 1848, as foHows:—
BRITISH EXPORT OF CALICOES, PRINTED AND DYED, AND SHAWLS AND HANDKERCHIEFS IN
1847
and
1848.
Calicoes, printed and dyed.
Shawls and handkerchiefs.
1847.
1848.
1847.
Yards.
Yards.
1848.
Exported to
Doz.
Doz.
Brazils*........................................
Buenos Ayres, Monte Video, (fee.*
British West Indies....................
British North America...............
Belgium ......................................
Coast of Africa, exclusive of Cape
Chili and Peru.............................
Cape of Good Hope...................
Colombia......................................
44,498,163
4,730,821
11,127,260
10,712,424
677,675
8,370,858
15,157,030
3,743,108
5,566,702
176,899
1,391,834
1,368,914
13,630,015
3,892,046
23,453,063
29,082
127,045
19,057
33,336
7,831
18,549
23,875
15,547
17,593
99,168
16,073
28,233
5,280
1,176
20,401
35,148
15,137
46,781
1,360
2,060
44,964
27,753
567
129
583
22,745
69,242
48
248
9,292
1,177
9,443
1,714
325
7,600
7,164
76,602
3,691
1,518
60,526
4,660
31,921
11,629
16,065
Holland........................................
Indiaf...........................................
Chinaf..........................................
Malta and Ionian Isles...............
Mauritius and Batavia...............
Mexico..........................................
New H olland.............................
Naples and Sicily.......................
13,494,448
1,705,787
2,880,211
938,593
750,006
2,712,158
7,544,032
27,843,545
7,845,469
10,913,510
7,005,603
853,909
8,799,815
23,640,315
2,979,737
8,124,584
247,966
1,525,852
1,379,120
8,545,071
8,919,689
22,319,989
30,578
11,388,438
14,778,761
2,639,541
3,797,808
836,527
10,680,937
2,152,422
4,353,483
Portugal, Madeira, A c ...............
Russia...........................................
Sweden and Norway.................
Spain.............................................
Sardinia, Tuscany, A c................
Trieste, Austrian ports, A c ___
Turkey and Levant....................
United States o f Am erica........
10,551,385
184,509
594,102
12,830
6,657,461
3,092,664
32,195,805
44,425,017
14,505,564
392,213
531,935
5,464
9,230,201
3,262,973
42,383,765
39,600,996
189
1,327
31,232
32,009
19,619
157,247
284
1,488
6,519
20,493
8,771
148,847
Total....................................
287,384,903
301,515,780
725,263
677,568
E g y p t..........................................
France...........................................
Foreign W est In dies.................
Gibraltar.......................................
Hanse Towns, A c .......................
11,120^001
6,021
22,222
2,021
686
* Previous to 1845, the exports to Brazils and States of La Plata were entered
under one head, since then they have been made separate.
f Previous to 1844, the exports to India and China were entered under one head
since then they have been made separate.
»
Co m nurcial Statistics.
216
BRITISH EXPORTS OF HOSIERY AND GINGHAMS IN
1847
AND
1848.
Ginghams.
Hosiery.
Exported to
Barbary and Morocco................
Brazils...........................................
Buenos Ayres, Monte Video, &c.
British West Indies....................
British North America...............
Belgium........: .............................
Coast of Africa, exclusive of Cape
Chili and Peru.............................
Cape o f Good Hope...................
Colombia......................................
Denmark.......................................
Egypt ..........................................
France...........................................
Foreign West Indies..................
Gibraltar.......................................
Hanse Towns, <fcc.........................
Hanover.......................................
Holland........................................
In d ia ............................................
China............................................
Malta and Ionian Isles...............
Mauritius and Batavia...............
Mexico......................... .............
New H olland..............................
Naples and Sicily.......................
Prussia.........................................
Portugal, Madeira, &c................
Russia.............. ............................
Sweden and Norway.................
Spain.............................................
Sardinia, Tuscany, &c..'.............
Trieste, Austrian ports, &c . . . .
Turkey and Levant....................
United States o f Am erica........
Total.
1847.
1848.
Doz.
jLoz.
Yards.
15,541
49,460
772
308,390
22,191
33,809
890
637,320
205,179
186,129
12,998
8,357
9,426
24,269
1,414
2,487
13,259
9,447
1,961
60
736
21,728
2,366
16,418
1,053
5,812
3,530
10,110
11,599
15,863
371
549
3,859
475
46,511
531
5,688
12,820
430
970
3,809
4,466
47,155
864
1,662
6,326
620
107
1,668
450
1,319
70,988
1,440
8,365
155
220
588
34
179
56,414
152,421
11,850
326,246
247,780
825,430
1,096,750
1847
1848.
Cotton yarn.
1848.
Yards.
18,684
9,965
15,566
45,565
2,883
2,328
13,732
11,830
1,547
LN AND CAMBRICS AND MUSLINS
Exported to
Barbary and Morocco................
Brazils...........................................
Buenos Ayres, Monte Video, &c.
British West Indies....................
British North A m e rica .............
Belgium.......................................
Coast of Africa, exclusive of Cape
Chili and P e ru ...........................
Cape of Good Hope...................
Colombia......................................
Denmark....................
Egypt.........................
Prance........................
Foreign West Indies.
Gibraltar...................
Hanse Towns, (be... .
Hanover.....................
Holland.....................
1847.
5,005
1,030
585
7,987
122,766
150
6,231
86,897
66,262
100
600
615
in
and
Cambrics and muslins.
1847.
1848.
1847.
1848.
Lbs.
Lbs.
Yards.
Yards.
454,169
106,396
395,826
191,583
104,912
50,188
97,269
81,854
96,846
243,969
18,824
272,674
80,465
49,149
33,770
147,390
144,001
93,072
12,000
29,280
101,628
. 56,204
329,161
23,460
16,338
177,168
182,162
158,575
2,260
64,894
48,038
18,818
626,926
3,520,473
253,077
2,730
20,047
49,709
888,844
243,013
73,862
26,215
91,081
36,123,631
2,295,968
16,206,656
4,544
11,774
73,332
832,224
3,168,678
67,687
4,520
37,008
88,923
1,636,860
734,460
25,111
400
281,704
32,910,867
2,468,466
18,877,037
85,321
Commercial S tatistics,
217
BRITISH EXPORTS OF COTTON TARN AND CAMBRICS AND MUSLINS---- CONTINUED.
Cotton yarn.
Cambrics and muslins.
1847.
1848.
Lbs.
Lbs.
Yards.
Yards.
15,581,914
4,438,380
904,259
547,833
612,461
12,570
34,256
29,514
114,348
269,413
15,091
Sardinia, Tuscany, &c . . . . . . .
Trieste, Austrian ports, &c . . . .
Turkey and Levant....................
United States of America........
9,090
5,519,198
386,954
816,438
12,631,353
3,483,891
10,062
2,59l'S39
2,576,285
8,015,674
58,743
13,638,111
4,361,401
2,045,135
29,399
520,376
13,118
7,617,833
1,083,353
1,399,720
12,097,947
2,320,291
107,886
5,367,817
3,042,897
12,171,045
81,523
11,768
3,080
119,498
1,635,713
Total....................................
116,512,874
127,121,446
5,010,117
In d ia ............................................
Malta and Ionian Isles...............
Mauritius and Batavia...............
Mexico..........................................
New H olland.............................
Naples and Sicily.......................
Prussia.........................................
Portugal, Madeira, Ac................
Russia...........................................
Sweden and Norway.................
1847.
Exported to
Barbary and Morocco................
Brazils...........................................
Buenos Ayres, Monte Video, Ac.
British West Indies...................
British North America...............
Belgium........................................
Coast of Africa, exclusive of Cape
Chili and P e r u ...........................
Cape of Good Hope...................
Colombia......................................
Denmark.......................................
E gypt...........................................
France...........................................
Foreign West Indies..................
Gibraltar.......................................
Hanse Towns, Ac........................
Hanover.......................................
Holland.........................................
India........................... ...............
China............................................
Malta and Ionian Isles...............
Mauritius and Batavia...............
Mexico..........................................
New Holland...............................
Naples and Sicily.......................
Prussia.........................................
Portugal, Madeira, A c ...............
Russia...........................................
Sweden and Norway.................
Spain............................................
Sardinia, Tuscany, A c................
Trieste, Austrian ports, Ac . . . .
Turkey and Levant.....................
United States of America........
Total....................................
1847
OO
1848.
Yards.
Yards.
Yards.
173,025
29,292
31,151
67,276
35,885
8,995
44,734
45,558
75
6,072
45,668
914
34,428
1,240
22,971
127,139
66,764
43,099
10,520
237,221
2,040
2,780
2,427
488,157
2,170
139
3,834
1,710
7,537
57,116
240,000
6,788
......
300
410
5,892
3,358
28,269
611,679
1,717,189
5,200,925
AND
.1848.
Cords, velveteens, &c.
1847.
10,640
12,474
56,608
40,792
13,907
6,483
3,552
11,600
19,267
26,713
39,198
BRITISH EXPORTS OF COTTON AND LINEN, CORDS, VELVETEENS, ETC., IN
Cotton and linen, mixed.
1848.
9,761
54,646
7,312
333,791
8,900
" -3
Exported to
2 ,2 2 0
255,424
1,939
3,525
74,539
9,722
1,634
801,230
1,080
34,313
86,952
1848.
Yards.
500
5,023
56,180
44,327
12,040
5,486
163,574
9,108
22,916
8,596
48,744
13,010
6,646
353,411
25,929
15,352
14,666
27,606
7,400
400
2,220
1,692
1,300
1,825
113,665
226,300
2,770
8,048
270
6,174
137,374
76,051
360,290
1,400
19,644
4,140
1,066
598
18,618
1,420
21,619
730,387
58,771
2,160
2,030
1,225,468
302,702
26,706
10,595
505,194
659,358
59,116
7,600
382,283
1,433,879
2,392,992
2,770,943
2,541,436
58,890
22,782
6,556
218
Commercial Statistics.
BRITISH EXPORTS OF PLAIN CALICOES, LACE, ETC., IN
1847
1848.
AND
Calicoes, plain.
Exported to
Barbary and Morocco................
Brazils...........................................
Buenos Ayres, Monte Video, &c.
British West Indes....................
British Worth America...............
Belgium.......................................
Coast of Africa, exclusive of Cape
Chili and P e r u ...........................
Cape of Good Hope...................
Colombia..................................
Denmark............................
E g y p t...........................................
France...........................................
Foreign West Indies...................
Gibraltar.......................................
Hanse Towns, <fcc........................
Hanover.......................................
Holland.........................................
India.............................................
China............................................
Malta and Ionian Isles...............
Mauritius and Batavia...............
Mexico..........................................
New H olland..............................
Naples and Sicily.......................
Prussia................ ........................
Portugal, Madeira, & c..............
Russia............ ...............................
Sweden and Norway.................
Spain.............................................
Sardinia, Tuscany, &c................
Trieste, Austrian ports, <fcc........
Turkey and Levant.....................
United States of America........
Total....................................
Lace, &c.
1847.
1848.
1847.
1848.
Yards.
Yards.
Yards.
Yards.
36,550,459
13,999,296
13,203,796
9,911,445
726,214
4,660,295
28,553,564
3,621,009
7,338,088
1,240,654
13,660,474
520,994
7,545,513
20,843,510
15,267,684
18,422
12,097,290
134,222,419
58,902,431
12,491,830
1,667.606
5,252,249
2,334,281
8,074,466
567,896
22,218
192,749
784,296
10,033,016
75,051
546,526
61,461
105,879
66,673
378,590
255,101
103,238
903,941
5,254,445
13,521
567,718
78,654
270,534
12,324
8,733,228
1,361,668
35,178
36,087,639
42,177
12,496,870
496,076
105,007
52,091
24,012
4,960,288
776,125
110,676
27,198,150
21,798,707
1,138,548
777,189
118,258
8,299,493
5,221,870
50,865,085
41,519,244
38,882,213
793,720
850,712
49,155
17,872,035
9,642,697
58,936,380
16,968,637
23,027
1,640,413
75,132
5,115
80'460
152,696
34,428
8,721,838
488,044,682
556,199,538
83,301,504
54,800,198
6,986,973
11,457,080
12,544,643
1,326,923
4,641,397
24,478,045
4,797,452
4,932,215
350,901
7,747,270
406,597
10,737,531
7,221,097
13,906,756
15,816
10,497^015
114,228,334
53,827,109
4,461,583
1,001,764
292,143
2,833,756
4,811,590
526,180
148,504
2,100
BRITISH EXPORTS OF COTTON THREAD AND COUNTERPANES IN
Cotton thread.
Exported to
1847
AND
96,564
2,055,172
88,533
33,123
33,526
272,357
8,968,911
65,369,043
1848.
Counterpanes, & c.
1847.
1848.
Lbs.
Lbs.
N o.
N o.
158,802
113,489
21,393
41,251
56,903
10,078
191,441
8,671
51,050
17,465
8,055
9,439
123,864
172,348
141,805
130
59,179
70,734
2,090
21,540
20,225
38,132
161
14,012
24,663
412
735
7,576
14,802
1,205
884
11,594
104
987
18,020
225
1,040
288
20,258
193
624
451
348
Brazils...........................................
Buenos Ayres, Monte Video, &c.
British West Indies....................
British North America...............
Belgium.......................................
Coast of Africa, exclusive of Cape
Chili and P e r u ...........................
Cape of Good Hope...................
Colombia......................................
Denmark.......................................
E g y p t ..........................................
France...........................................
Foreign West In dies.................
Gibraltar.......................................
Hanse Towns, <fce.........................
179,568
81,030
20,072
25,067
44,643
6,633
154,649
5,804
47,709
721
10,400
39,905
236,555
39,592
202,400
Holland.........................................
59,687
10,505,802
1,180,775
33,800
23,088
33,510
583,542
348^925
228,110
1847.
1848.
Commercial Statistics.
219
BRITISH EXPORTS OF COTTON THREAD AND COUNTERPANES---- CONTINUED.
Cotton thread.
1847.
1848.
Exported to
L bs.
L bs.
In d ia .......................................... e*
China............................................
Malta and Ionian Isles...............
Mauritius and Batavia...............
Mexico..........................................
New H olland.............................
Naples and Sicily.......................
Prussia.........................................
Portugal, Madeira, & c...............
Russia...........................................
Sweden and Norway.................
Spain............................................
Sardinia, Tuscany, <fec................
Trieste, Austrian ports, &c . . . .
Turkey and Levant....................
United States of America........
194,270
4,234
19,293
4,330
6,100
8,448
162,533
4,262
131,986
11,660
23,708
3,592
142,910
96,131
45,642
842,407
.,855,941
Total....................................
BRITISH EXPORTS OF TAPES,
1848.
181,958
2,084
15,277
1,992
73,798
6,338
94,009
674
300
726
1,480
72
24,798
1,615
325
36
368
24,231
284
174,707
23,865
28,134
9,577
229,117
89,107
104,100
1,309,216
225
630
123
421
412
30
513
545
326
17,141
170
320
680
18,057
3,523,642
208,005
157,700
., QUILTINGS AND RIBS IN
Tapes, &c.
Exported to
Barbary and Morocco................
Brazils...........................................
Buenos Ayres, Monte Video, <kc.
British West Indies....................
British North America...............
Belgium.......................................
Coast of Africa, exclusive of Cape
Chili and P e ru ...........................
Cape of Good Hope...................
Colombia......................................
Denmark......................................
E g y p t..........................................
France...........................................
Foreign West Indies.................
Gibraltar.......................................
Hanse Towns, <fcc.........................
Hanover.......................................
Holland........................................
India............................................
China............................................
Malta and Ionian Isles..............
Mauritius and Batavia...............
Mexico..........................................
Hew H olland..............................
Naples and Sicily.......................
Prussia.........................................
Portugal, Madeira, &c................
Russia......................... ................
Sweden and Norway..................
Spain.............................................
Sardinia, Tuscany, &c.................
Trieste, Austrian ports, tVc........
Turkey and Levant....................
TJuited States of America.........
Total....................................
Counterpanes, & c.
1847.
1847
and
JV*o.
1848.
Q u iltin g s a n d ribs.
1847.
1848.
1847.
1848.
J)oz.
D oz.
Yai ds.
Yards.
16
708
200
20
1,129
905
309
1,540
200
229
1,150
423
374
1,666
io o
' 690
461
1,006
10,580
350
1,208
2,135
813
240
124
37,415
648
191
25
32,601
837
1,165
2,196
8,104
3,843
190
9,697
4,108
3,462
909
89
1,469
1,896
1,050
1,520
50
70
*560
350
1,224
381
24
2,576
80
142
1,866
568
600
1,500
109
44
. . . .
8,815
....
318
1,080
12,887
8,504
24,360
79,511
58,238
220
Commercial Statistics.
STATEMENT SHOWING THE NUMBER OF BAGS AND BALES OF COTTON IMPORTED, EXPORTED,
TAKEN FOR CONSUMPTION, AND THE STOCK ON HAND IN LONDON, LIVERPOOL GLASGOW, ETC.,
EACH YEAR FROM
Years.
Imported.
1833
1834
1835
1836
1831
1838
1839
1840
1841
1842
1843
1844
1845
1846
1847
1848
1849
931,796
946,585
1,089,309
1,191,744
1,163,837
1,429,062
1,109,550
1,599,343
1,341,659
1,384,894
1,556,982
1,479,331
1,855,660
1,243,706
1,231,035
1,743,724
1833
Bags.
TO
1849,
Exported.
Bags.
79,056
90,895
107,240
100,853
128,535
102,370
121,659
126,045
117,330
141,457
121,410
134,882
120,595
194,246
207,775
195,072
BOTH INCLUSIVE.
Stock in
Taken for
London,
consumption. 1st Jan.
Bags.
Bags.
877,589
883,280
937,616
1,031,904
1,064,931
1,265,116
1,043,511
1,274,729
1,118,717
1,221,693
1,357,662
1,421,482
1,577,617
1,561,232
1,120,279
1,604,541
34,102
35,243
26,296
24,470
60,820
64,160
46,450
31,640
50,660
68,240
74,570
84,160
91,775
90,060
67,985
54,000
57,750
Stock in
Liverpool,
1st Jan.
Bags.
197,960
180,780
145,311
184,700
204,590
170,853
248,349
206,049
366,140
429,830
456,600
653,900
740,580
885,480
438,970
363,530
393,340
Stock in
Glasgow,
1st Jan.
Total.
stock 1st
January.
13,058
9,127
13,953
20,843
23,500
24,370
26,300
27,190
27,248
40,190
30,234
46,692
61,627
84,990
41,103
34,409
44,960
245,120
215,150
185,560
230,013
289,000
259,373
321,099
265,479
464,048
538,268
561,404
785,955
902,982
1,060,430
548,658
451,939
496,050
Bags.
IMPORTS OF COTTON WOOL INTO LIVERPOOL W E E K L Y, DURING THE YE AR
Bags.
1848 ;
ALSO THE
NUMBER OF BAGS AND BALES SOLD TO THE DEALERS, SPINNERS, AND EXPORTERS, THE R E
PORTED SALES TO SPECULATORS, ETC., AND W EE K L Y PRICE OF UPLANDS FOR
January
{<
M
“
February
U
u
March
«
u
April
ti
«
“
May
«
U
June
ii
it
ii
July
a
u
“
u
August
U
<(
8....
15....
22___
29___
5 ___
12___
19___
26___
4 ___
11___
18___
25....
i ___
8 ___
15___
22___
29___
6 ___
13___
20___
27....
3 ___
10....
17....
24___
1 ___
8 ___
15....
22___
29....
5 ___
12....
19....
1848.
No. of bags No. of bags No. of bags Total No.
ol bags
No. of bags taken by
taken by taken by
imported. the trade. exporters. speculators. sold.
19,328
300
24,880
24,580
....
26,300
4,968
70
1,250
24,980
28,700
200
11,847
28,500
....
25,580
15,905
25,010
570
34,630
160
3,300
12,547
31,170
3,100
1,600
31,670
15,244
26,970
2,400
21,840
17,890
1,550
20,401
500
19,230
33,356
18,380
350
450
1,000
17,820
11,368
16,370
560
400
24,040
24,270
23,080
300
23,000
22,000
700
20,905
600
24,780
12,873
22,000
2,180
600
24,670
36,996
20,590
3,480
20,730
970
63,719
19,660
100
3,420
250
25,350
21,680
33,585
5,070
500 ■ 24,450
54,670
18,880
30,940
....
26,150
4,190
33,617
1,000
39,210
4,966
3,831
33,244
24,120
....
92,506
22,710 ' 1,410
29,720
1,200
2,500
83,186
26,020
1,200
1,240
28,190
25,750
32,473
1,550
2,700
30,080
25,830
92,997
31,860
1,100
1,400
11,999
28,760
25,800
3,140
1,300
21,360
15,313
2,800
32,970
5,860
24,310
60,826
26,830
3,420
1,200
22,210
135,158
39,210
28,810
7,100
3,300
24,778
37,590
5,240
8,500
51,330
42,383
5,150
41,090
4,390
50,630
29,693
34,180
6,100
2,700
25,380
53,635
31,800
25,300
3,700
2,800
16,768
29,290
21,210
1,800
6,280
35,279
28,440
500
24,900
3,040
14,805
Weekly
price of
uplands.
41 a 71
4£ a 5 J41 a 41
4 a 5
4± a Si
41 a 51
4J a 51
4 a 51
4J a 51
S i a Si
41 a 5
a 4-§4 a 5
3f a 4f
31 a 5
3f a 5
31 a 4£
3f a 5
3 1 a 51
31 a 51
3fa4f
31 a 41
31 a 5
31 a 41
31 a 41
31a4f
31a 5
31 a 51
3 1 a 51
3 f a 51
31a4f
81 a 5
31a4f
221
Commercial Statistics.
1848— CONTINUED.
IMPORT OF COTTON WOOL INTO LIVERPOOL W EEKLY, DURING THE YEAR
August
September
«
U
ft
“
October
«
U
a
26. .
2 ..
9 ..
16..
23. .
4 0. .
7 ..
14. .
21. .
28..
November 4 . .
“
11..
«
18. .
“
25. .
2
December
«
9. .
«
16..
« »
23. .
«
30..
1st 3 months. . . .
2d
3d
“
4th
“
No. of bags
imported.
28,644
24,529
26,480
9,428
5,504
27,313
40,784
39,380
4,027
19,802
15,801
2,407
3,635
47,823
34,832
11,123
17,865
19,425
N o. o f bags No. o f bags No. o f bags Total No.
taken by
taken by
taken by
o f bags
the trade. exporters, speculators.
sold.
27,500
32,240
21.930
21,120
20,700
21,020
19,860
21,580
19,820
26,650
26,730
25,030
29,210
38,870
26,800
19,700
38,380
28,560
11,940
7,546'
11,424
8,954
10,732
4,850
6,170
3,700
6,400
3,830
4,450
3,330
6,310
4,940
1,450
1,950
390
1,700
520
100
1,450
2,050
1,490
750
1,100
1,000
1,100
1,300
500
800
600
500
100
500
5,500
2,700
1,450
7,150
7,000
7,500
15,200
16,700
5,700
33,450
39,410
26,730
28,820
25,030
26,270
23,790
27,390
24,860
28,600
34,180
28,128
32,360
46,540
33,900
28,650
55,630
46,750
18,390
W eekly
price o f
uplands.
a5
a 4£
a 4f
a 44
a 4f
a 44
a 44
a 4f
a 44
a 4-4
a 44
a 44
3 a 4f
a 44
2| a 4|H a4
n a 4|
3 f a 4$
H a4|
n
3f
n
n
n
n
H
H
H
Si
n
n
Forwarded into the country by interior
importers, and not accounted for in the
sales.
STATEMENT OF COTTON YARN EXPORTED FROM LONDON, LIVERPOOL, HULL, GOOLE, BRISTOL,
AND NEWCASTLE-UPON-TYNE, IN THE YEARS
1847
AND
1848, TOGETHER
W ITH THE INCREASE
AND DECREASE.
Brazil.............................
British West Indies.. .
British North America
Belgium.......................
Coast of A frica...........
Chili and Peru.............
Cape of Good H o p e ..
Colombia......................
Denmark.....................
E gyp t..........................
France .........................
Foreign West Indies..
Gibraltar......................
Hanse Towns...............
Hanover.......................
Holland......................
India...........................
China.........................
Malta, &c....................
Mauritius, &c.............
M exico.......................
New Holland.............
Naples and Sicily___
Prussia.......................
Portugal, tfec..............
Russia........................
Sweden, &c................
Spain.........................
Sardinia, & c...............
1847.
1848.
Increase.
Lbs.
Lbs.
Lbs.
48,038
18,818
620,926
3,520,473
253,077
2,730
20,047
49,709
888,844
243,013
73,862
26,215
91,081
36,123,631
2,295,968
16,206,656
15,581,914
4,438,380
904,259
9,090
5,519,198
386,954
816,438
12,631,353
2,483,897
10,062
2,591,539
16,318
73,332
832,224
3,168,678
67,687
4,520
37,008
88,923
1,636,860
734,460
25,111
400
281,704
32,910,867
2,468,466
18,877,037
13,638,111
4,361,401
2,045,135
29,399
520,376
13,118
7,617,833
1,083,352
1,399,720
12,097,947
2,320,291
107,886
5,367,817
...........
54,514
205,298
...........
...........
1,790
16,961
39,214
748,016
491,447
...........
190,623
...........
172,498
2,670,381
...........
...........
1,140,876
29,399
520,376
4,028
2,098,635
696,398
583,282
...........
...........
97,824
2,776,278
Decrease.
Lbs.
31,720
...........
...........
351,795
185,390
...........
...........
...........
...........
...........
48,751
25,815
...........
3,212,764
...........
...........
1,943,803
76,979
...........
...........
...........
...........
...........
...........
...........
533,406
163,606
...........
...........
222
Commercial Statistics.
STATEMENT OF COTTON YARN EXPORTED FROM LONDON, ETC.---- CONTINUED.
1817.
1848.
Increase.
Lbs.
Lbs.
Lbs.
2,576,285
8,015,674
58,743
3,042,897
12,171,045
81,523
466,612
4,155,371
22,780
116,512,874
127,121,446
116,512,874
17,182,601
6,574,029
Increase in 1848...............................
10,608,572
10,608,572
Trieste, ifcc...............
Turkey and Levant.
United States..........
Total.
Decrease.
Lbs.
6,574,029
STATEMENT SHOWING THE QUANTITY OF COTTON W OOL EXPORTED TO THE UNDERMENTIONED
PORTS FROM LONDON, LIVERPOOL, AND HULL, IN THE YEARS
Aarhuus............
Abo....................
Amsterdam.......
Altona..............
Alicante............
Antwerp............
Aalborg..............
Bay Chaleur___
Bremen.............
Belgium.............
Beirutt...............
Bergo.................
Bergen...............
Brake.................
Carlshamm........
Christinestadt.. .
Cronstadt..........
Christiania.........
Constantinople..
Copenhagen . . . .
Cadiz..................
.Calcutta.............
Corunna,............
Canton................
Casa Blanca.......
Delfzyl...............
Dordt.................
Dantzic..............
Drammen..........
D rom .................
Drontheim..........
E lsin..................
Ghent................
Genoa................
Gothenburg.. . .
Gibraltar...........
Havre................
Hamburg..........
Harlingen..........
Hong Kong........
1847.
1848.
Lbs.
Lbs.
702
61,074
919,620
1,735
59,670
1,053
'81,081
7,042,113
100,737
7,722
17,199
626,535
195,858
5,630,742
481,221
2,808
17,550
” 471,393
698,490
30,888
34,398
71,604
1,959,282
1,793,259
10,536
37,908
15,436,629
1,135,134
1847
AND
1848.
1847
1848.
Lbs.
786 Konigsborg . . . .
165,060 Kampen.............
297,077 L au vig..............
Leiban...............
Leer...................
119,072 Leghorn.............
2,751 Lisbon...............
Miramichi...........
83,706 Marseilles...........
5,374,092 Malta.................
Messini...............
Magadore..........
Naples...............
New Brunswick.
691,025 New Diep..........
Odessa..............
8,395,594 Oporto...............
752,988 Petersburg........
Pittea................
14,541 Rotterdam.........
Rostock.............
23,580 Riga...................
Stockholm..........
Stettin...............
Seville................
79,779 Shanghae...........
785,795 Stolpeminde......
331,208 Stralsund...........
8,043 Sierra L eon e.. .
72,770 Schiedam...........
104,954 Swinnemunde...
Trieste...............
Tonsburg ...........
574,071 Varel.................
625,990 Venice...............
Udderwalla__ _
2,681 Wyburg.............
7,068,326 W ism ar.............
366,278 Z w olle..............
Lbs.
55,458
53,001
132,767
107,741
61,776
.14,040
7,660
217,871
38,300
50,644
115,830
7,760
962,405
124,956
24,411
14,'308,866
227,885
148,578
26,290,080
10,'550,709
14,040
409,617
9,864,321
846,612
247,494
1,255,364
3,510
15,795
35,100
87,750
5,763,420
890,782
279,045
737,451
108,861
904,905
68,252
6,511
1,179
58,450
91,260
STATEMENT SHOWING THE AVERAGE PRICES OF MANUFACTURED GOODS EXPORTED IN 1 8 4 5 - 8 .
Description.
Calicoes, printed and dyed . . . .
“
plain.............................
Length Weight
Nos.
of
of
above, pieces. pieces.
7
6
8
1848.
Yards.
Lbs. oi.
s.
d.
28
24
20
4 4
5 12
9
6
6
0
0
9
3
0
1847.
1846.
s.
10
7
7
d.
s.
d.
6
1
9
6
7
9
9
0
4
1846.
s.
9
6
6
d.
6
6
9
Commercial Statistics.
223
STATEMENT SHOWING THE AVERAGE PRICES OF MANUFACTURED GOODS---- CONTINUED.
Length
Nos.
Of
above. pieces.
Yards.
Description.
Cotton and linen, mixed........ . .
Dimities...................................
Damasks and diapers............ . .
Ginghams and checks.......... . .
Lawns and Lenos................... . .
Lace, Nett, A c ....................... . .
Nankeens...............................
Quiltings and ribs..................
Ticks, Checks, A c.................... . .
Velveteens, cords, A c............ . .
Counterpanes, <kc........................... . .
Hosiery.................................... . . .
Shawls and handkerchiefs. . . . . .
Tapes and Bobbins.................. . .
W eight
of
pieces.
Lbs. oz.
1848. 1847.
d.
s.
d.
s.
8 0
9 0 10 6
12 0 19 6 22 6
10 0 10 6 21 6
8 1
9 6
3 8
2 8 9 6 10 6
0 8 8 6 9 6
8 8 15 6 17 2
18 8 39 0 43 0
20 0 18 0 20 6
22 12 39 0 43 0
40
60
36
14
3
10
15
20
20
13
9
5
18
16
4
50
50
60
50
60
No.
Doz.
Doz.
Doz.
11
12
19
17
8
7
2 8
2 8
1 0
4
8
3
1
0
9
6
9
4
9
4
1846. 1845.
d.
S. d.
10 0 9 9
21 6 21 0
20 5 19 11
9 1
8 10
10 0 9 8
9 0
8 9
16 4 16 0
41 0 39 11
19
41
4
9
3
6
9
0
2 1
8
0
4
4
9
2 0
19
39
4
9
3
1
3
11
2
1
7
11
STATEMENT SHOWING THE QUANTITY OF COTTON SPUN IN ENGLAND AND SCOTLAND IN 'rHE
year
1848.
N o. o f
bags
consum ed.
Average
weight
o f bags.
Total
weight
o f bags.
1,160,863
76,583
38,877
164,872
2,800
417
184
210
366
212
484,079,871
14,091,272
8,164,170
60,343,152
593,600
22,762
1,501
762
3,232
54
Total...........................
1,443,995
Loss in spinning, I f ounces per lb .....................
567,272,065
62,045,382
28,311
Total spun in England and Scotland in 1848..
Deduct spun in Scotland in 1848.....................
505,226,683
33,472,232
Total spun in England in 1848 ......................... . . . .lbs.
471,754,451
Description.
Am erican...............................
Brazil, A c.................................
Egyptian.................................
East Indies.............................
West Indies'..........................
W eekly
consum ption.
IMPORT OF COTTON WOOL INTO GREAT BRITAIN FOR THE LAST FORTY-THREE YEARS, DISTIN
GUISHING THE GROWTH.
1806.
1807.
1808.
1809.
1810.
1811.
1812.
American • . . . .
Brazil................
Egyptian...........
East India........
West India, Ac.
124,939
51,034
171,267
18,981
37,672
50,442
160,180
140,927
246,759
142,846
128,192
118,514
95,331
98,704
7,787
77,978
11,409
81,010
12,512
67,512
35,764
103,511
79,382
92,186
14,646
64,879
2,607
64,563
Packages.......
261,738
282,667
168,138
440,382
326,231
261,205
........
561,173
1813.
1814.
1813.
1816.
1817.
37,720
137,168
48,853
150,930
203,051
91,055
1818.
Am erican.........
Brazil................
166,077
123,450
199,669
114,518
207,580
162,499
East India........
West India, Ac.
1,429
73,219
13,048
74,800
22,357
52,840
30,670
49,235
120,202
44,872
247,659
50,991
Packages.....
249,536
287,631
369,303
369,432
479,261
668,729
1819.
1820.
1821.
American.........
Brazil................
205,161
125,415
302,395
180,086
300,070
121,085
329,906
143,505
East India........
West India, &c.
184,259
31,300
57,923
31,247
30,095
40,428
Packages......
546,135
571,651
491,678
1822.
1821.
1824.
19,263
40,770
452,538
144,611
5,623
38,393
27,632
282,371
143,310
38,022
50,852
25,537
533,444
668,797
540,092
224
Commercial Statistics.
1825.
1826.
1827.
1828.
1829.
1810.
423,446
193,942
111,023
60,484
31,988
395,852
55,500
47,621
64,699
18,188
646,776
120,111
22,450
73,738
30,988
444,390
167,362
32,889
84,855
20,056
463,076
159,586
24,739
80,489
18,867
618,527
191,468
14,752
35,019
11,721
Packages......
820,883
581,950
894,063
749 552
746,707
871,487
1811.
1812.
1811.
1814.
1815.
1816.
Am erican.........
Brazil................
Egyptian..........
East India........
West India, <tc.
608,887
168,288
38,124
76,764
11,304
628,766
114,585
41,183
109,298
8,490
654,786
163,193
3.893
94,698
13,646
733,528
103,646
7,277
89,098
17,485
163,199
143,572
43,721
117,965
22,796
764,707
148,715
34,953
219,493
33,506
Packages......
903,367
902,322
930,216
951,034
1,091,253
1,201,374
Am erican.........
Brazil................
Egyptian..........
East India........
West India, <fcc.
1817.
1818.
1819.
1840.
1841.
1842.
Am erican.........
Brazil................
Egyptian..........
East India........
W est India, <fcc.
844,812
117,005
41,193
145,174
27,791
1,124,800
137,500
29,700
107,200
29,400
814,500
99,300
33,500
132,900
36,000
1,237,500
85,300
38,000
216,400
22,300
902,500
94,300
40,700
273,600
32,900
1,013,400
87,100
19,600
255,500
17,300
Packages.......
1,175,975
1,428,600
1,116,200
1,599,500
1,344,000
1,392,900
1841.
1844.
1845.
1846.
1847.
1848.
Am erican.........
Brazil................
Egyptian..........
East India. . . . .
W est India, <fcc.
1,396,800
98,700
48,800
182,100
17,700
1,246,900
112,900
66,700
237,600
17,500
1,499,600
110,200
82,000
155,100
8,800
932,000
84,000
59,600
49,500
9,000
874,100
110,200
20,700
222,800
4,900
1,375,400
100,200
29,000
227,500
7,900
Packages ___
1,744,100
1,681,600
1,855,700
1,134,100
1,232,700
1,740,000
sniPPIlVG EMPLOYED I!V THE UNITED KINGDOM.
The total number of British and foreign vessels (steam and sailing) entered inwards
in the ports of the United Kingdom in the year 1848 was 34,883, namely, British,
21,183, and foreign, 13,104. British tonnage, 4,565,533; foreign, 1,960,412. The num
ber of vessels, British and foreign, engaged outwards in the same year was 34,882,
namely, British, 21,177 ; foreign, 13,645. Number of tons British, 4,724,027 ; foreign,
2,056,654. The total number of sailing vessels registered at English ports on the 31st
o f December, 1848, was 29,248, namely, above 50 tons, 11,363 ; under 50 tons, 6,586.
Of steamers, above 50 tons, 358 ; under 50 tons, 447— total, 805. Registered at Irish
ports— sailing vessels above 50 tons, 1,083 ; under 50 tons, 1,158—total, 2,241: steam
vessels, 106. Registered at Scottish ports— sailing vessels above 50 tons, 2,219 ; under
50 tons, 1,310 ; steam vessels, 168. The total number of vessels built and registered
in 1848 in the ports of the United Kingdom was 877, namely, sailing, 733; steam,
144; vessels sold and transferred, 2,667.
IMPORT OF RICE INTO ROTTERDAM.
The following table shows the quantity of rice imported from South Carolina and
the East Indies during the years 1844 to 1848, inclusived:—
Carolina. . .
East Indies
.casks
..bags
1844.
1845.
1846.
1847.
1848,
5,100
151,500
3,800
59,600
2,500
112,000
4,000
146,000
3,200
157,600
Commercial Regulations.
225
COMMERCIAL REGULATIONS.
INCORPORATION OF INSURANCE COMPANIES IN NEW YORK.
W e publish below a correct copy of an act passed by the Legislature of New York,
April 10th, 1849, providing for the incorporation of Insurance Companies in the State
of New York.
AN ACT TO PROVIDE FOR THE INCORPORATION OF INSURANCE COMPANIES.
The people o f the State o f New York, represented in Senate and Assembly, do enact as
follow s:—
S ec . 1. Any number of persons, not less than thirteen in number, may associate and
form an incorporated company, for either of the following purposes, to w it:—
1.
To make insurance upon vessels, freights, goods, wares, merchandise, specie,
bullion, jewels, profits, commissions, bank notes, bills of exchange, and other evidences
of debt, bottomry and respondentia interests, and to make all and every insurance ap
pertaining to, or connected with, marine risks, and risks of transportation and naviga
tion. 2. To make insurance on dwellings, houses, stores, and all lands of buildings, and
upon household furniture, merchandise, and other property, against loss or damage by
fire and the risks of inland navigation and transportation. 3. To make insurance upon
the health or lives of individuals, and every insurance appertaining thereto, or connect
ed with health or life risks, and to grant, purchase, or dispose of annuities.
S ec . 2. Any company organized under this Act, shall have power to make re-insu
rance of any risks taken by them respectively, and may make insurance upon any or
all of the risks mentioned in the first or second subdivisions of the first section. But no
company making insurance on the health or lives of individuals, shall be permitted to
take any other kind of risks, nor shall the business of Life Insurance and of Health In
surance be in anywise connected or united in any company mailing insurance on marine
or fire risks.
S ec . 3. Such persons shall file in the office of the Secretary of State a declaration,
signed by all the corporators, expressing their intention to form a company for the pur
pose of transacting the business of insurance, as expressed in the several subdivisions of
the first section of this Act, which declaration shall also comprise a copy of the charter
proposed to be adopted by them, and shall publish a notice of such their intention, once
in each week, for at least six weeks, in a public newspaper in the county in which such
Insurance Company is proposed to be located.
S ec . 4. It may and shall be lawful for the individuals associated for the purpose of
organizing any company under this act, after having published the notice, and filed
their declaration and charter as required by the preceding section, to open books for
subscription to the capital stock of the company so intended to be organized, and to
keep the same open until the full amount specified in the charter is subscribed; or in
case the business o f such com party is proposed to be conducted on the plan of mutual
insurance, then to open books to receive propositions, and enter into agreements in the
manner, and to the extent hereinafter specified.
S ec . 5. No joint stock company organized for the purposes mentioned in this Act,
shall be organized in the city and county of New York, nor in the county of Kings^
with a smaller capital than one hundred and fifty thousand dollars; nor in any
other county in this State with a smaller capital than fifty thousand dollars; nor shall
any company formed for the purpose of doing the business of marine, or fire, or inland
navigation insurance, on the plan of mutual insurance, commence business, if located in
the city of New York, or in the county of Kings, until agreements have been entered
into for insurance with at least one hundred applicants; the premiums on which, if it
be marine, shall amount to three hundred thousand dollars, or if it be fire or inland
navigation, shall amount to two hundred thousand dollars, and notes have been re
ceived in advance for the premiums on such risks, payable at the end of, or within
twelve months from the date thereof, which notes shall be considered a part of the
capital stock, and shall be deemed valid, and shall be negotiable and collectable for
the purpose of paying any losses which may accrue or otherwise; nor shall any mutual
V O L. X X I . ----- N O. I I .
15
226
Commercial Regulations.
insurance company in any other county in the State,, commence business until agree
ments have been entered into for insurance, the premiums on which shall amount to one
hundred thousand dollars, and the notes received therefor, payable, as aforesaid, and
which notes shall be liable for, and used as aforesaid; nor shall any company which
may be organized under this act, expose itself to any loss on any fire or inland naviga
tion risk, or hazard to an amount exceeding ten per cent of its capital.
S ec. 6. No company formed for doing the business of life and health insurance on the
plan of mutual insurance, shall commence business until a cash capital of one hundred
thousand dollars shall have been paid in, and actually invested either in the stocks of
the incorporated cities of this State, the stocks of this State, or of the United States, or
in bonds and mortgages on cultivated farms worth double the amount for which the
same is mortgaged; the value of the land to be appraised by three disinterested com
missioners, appointed by the first judge of the county where such company is to be
located. Farm buildings to form no part of the valuation.
S ec. 7. It shall not be lawful for any company organized under this act, to transact
business unless possessed of capital or securities as hereinbefore mentioned; nor shall
it be lawful for any agent or agents of insurance companies incorporated by other
States, directly or indirectly, to take risks, or transact any business of insurance in this
State, without procuring a certificate of authority from the Controller of this State, and
such agent or agents, having procured a statement under the oath of the President or
Secretary of the company for which he or they may act, which statement shall show
the amount of the capital of such company, the manner in which the same is invested,
and shall also state the fact whether its capital is impaired, and if so, how much; such
statement shall be filed in the office of the County Clerk of the county where such
agent resides, and shall be published in at least one newspaper, if a newspaper be
therein published, at least six successive weeks after the filing of such statement as
aforesaid; the first statement shall be filed in the month of January next, and such
statement shall be procured, annually, and filed and published in each and every suc
ceeding month in January thereafter, as long as such agency continues ; and no com
pany incorporated by other States shall transact business in this State unless possessed
of the amount of actual capital required of companies formed under the provisions of
this act, and no agency of any Life Insurance Company formed imder the laws of other
States shall transact its business in this State, unless it shall first prove to the satisfac-*
tion of the Controller, of which fact he shall give a certificate to be filed in the office of
the clerk of the county v here such agency is established, that it possesses such an
amount of actual capital as is required of companies transacting the business of Life
Insurance under the laws of this State. Nor shall it be lawful for any agent or agents,
hereafter to be appointed, of any company incorporated by any foreign government,
other than the States of this Union, for the purpose of insurance, to transact the busi
ness of insurance in this State, without procuring a certificate of authority from the
Controller : such agent or agents having previously furnished evidence to the satisfac
tion of the Controller of the State, that such company has invested in the stocks of this
State, or the United States, an amount equal to the amount of capital or security re
quired by this act, and such stocks are held in trust by citizens of this State for the
benefit and security of such, as may effect insurances with liirn or them. And the agent
or agents furnishing satisfactory evidence as aforesaid, shall be entitled to a certificate
thereof from the Controller aforesaid. The statements and evidences of investments
required by this section, shall be renewed from year to year, in the month of January
in each year, and the Controller, on being satisfied tliat the capital securities and in
vestments remain secure as at first, shall furnish a renewal of certificates as aforesaid ;
and the agent or agents obtaining such certificate, shall file the same, together with a
copy of the statements on which it was obtained or renewed, in the office of the Clerk
of the county in which such agency shall be established, and shall cause the same to
be published in at least ofie newspaper published in such county. Any violation of the
provisions of this section shall subject the party violating to a penalty of five hundred
dollars for each violation, which shall be sued for and recovered in the name of the
people, by the District Attorney of the county in which the agent or company so vio
lating shall be situated, and the said penalty, when recovered, shall be paid into the
treasury o f said county, provided that all companies incorporated by any government,
other than the States of this Union, which may have appointed such agent or agents
before the first day of March, 1848, may hereafter appoint a new agent or agents in
the case of the death, resignation or removal of an agent or agents previously appoint
ed. The term agent or agents used in this section shall include an acknowledged
Commercial R egulations .
227
agent or surveyor, or any other person or persons who shall in any manner aid in
transacting the insurance business of an insurance company not incorporated by the
laws of this State.
S ec. 8. It shall be lawful for any company organized under this act, to invest its
capital, or the funds accumulated by its business, or any part thereof, in bonds and
mortgages on unincumbered real estate within the State of New York, worth fifty per
cent more than the sum loaned thereon, and also in the stocks of this State or of the
United States, and also in any or all stocks or bonds o f either of the incorporated cities
of this State, and which stocks or bonds shall be at or above par at the time of such'
investment, and to lend the same, or any part thereof, on the security of such stock or
bonds, and any company organized for the purpose of marine insurance, may, in addi
tion to the foregoing, loan their funds on bottomry and respondentia, and change and
re-invest the same, as occasion may from time to time require.
S ec. 9. No company organized by, or under the provisions of this act, shall be per
mitted to purchase, hold and convey real estate, excepting for the purposes, and in the
manner herein set forth, to w it:—
1. Such as shall be requisite for its immediate accommodation in the transaction of
its business: or,
2. Such as shall have been mortgaged to it in good faith, by way of security for
loans previously contracted, or for moneys due : or,
3. Such as shall have been conveyed to it in satisfaction of debts previously con
tracted in the course of its dealings: or,
4. Such as shall have been purchased at sales upon judgments, decrees or mortga
ges obtained or made for such debts; and it shall not be lawful for any company, in
corporated as aforesaid, to purchase, hold or convey real estate, in any other case, or
for any other purpose ; and all such real estate as may be acquired as aforesaid, and
which shall not be necessary for the accommodation of such company in the conven
ient transaction of its business, shall be sold and disposed of within five years after
such company shall have acquired title to the same, and it shall not be lawful for such
company to hold such real estate for a longer period th|in that above mentioned, unless
the said company shall procure a certificate from the Controller, that the interests of the
company will suffer materially by a forced sale of such real estate, in which event the
time for the sale may be extended to such time as the Controller shall direct in said
certificate.
S ec. 10. In addition to the foregoing provisions, it shall be the duties of the corpora
tors of any and every company organized under this act to declare in the charter
which is herein required to be filed, the mode and maimer in which the corporate pow
ers given under, and by virtue of this act, are to be exercised, the mode and manner of
electing trustees or directors, a majority of whom shall be citizens of this State, and
the filling of vacancies, the period for the commencement and termination of its fiscal
year, together with the amount of capital to be employed in the transaction of its bu
siness.
S ec. 11. The charter thus filed by the corporation shall be examined by the Attorney
General, and if found to be in accordance with the requirements of this act, and not in
consistent with the Constitution or laws of this State, he shall certify the same to the
Controller of the State, and the said Controller shall thereupon cause an examination
to be made, either by himself, or by three disinterested persons especially appointed by
him for that purpose, who shall certify under oath that an amount equal at least to the
amount specified in the fifth section of this act, if it be a Stock Company, has been paid
in and is possessed by it in money, or in such stocks and bonds and mortgages as are
required by the eighth section of this a ct; or if a Mutual Company, that it has receiv
ed, and is in actual possession of the capital, premiums, or engagements o f insurance, as
the case may be, to the full extent required by the fifth section of this act; or if it be a
Life and Health insurance company, to the full amount, and invested in the same man
ner as required by the sixth section of tliis a ct; copies of such certificate shall be filed
in the office of the Secretary of State, whose duty it shall then be to furnish the corpo
ration with a certified copy of the charter and certificates aforesaid, which upon being
filed by them in the office of the clerk of the county in wliich their company is to be
located, shall be their authority to commence business and issue policies, and the same
may be used in evidence for or against said incorporation.
S ec. 12. The corporators, or the trustees or directors, as the case may be, of any
company organized under the provisions of this act, shall have power to make such by
laws, not inconsistent with the Constitution or laws of this State, as may be deemed
necessary for the government of its officers, and the conduct of its affairs.
228
Commercial Regulations.
S ec. 13. It shall be the duty of the President or Vice President, and Secretary of
each company organized under this act, annually on the 1st day of January, or within
one month thereafter, to prepare, under oath, and deposit in the office of the Controller
of the State, as well as in the office of the clerk of the county in which such company
shall be located, and in each and every other county in which such company shall have
an agency, and shall also cause to be published, in at least one newspaper published in
such county, a statement exhibiting the total amount of premiums received, and the
total amount of losses paid and ascertained, including expenses during the year; also
the amount of debts owing by the company at the date of the statement, and the
amount of claims which then exist against the company for losses accrued, showing
what amount of such claims for losses is payable on demand, what amount thereof is
considered fair or legal, the payment of which has not then matured according to the
contract, and what amount thereof is resisted on account of alleged fraud, or for which
the company do not consider themselves legally liable; also a statement of the securi
ties representing the capital stock, and all funds of the company, and also whether any
o f the securities held or owned by such company are considered bad or doubtful, and if
so, specifying the amount of such securities, and the gross amount of outstanding risks
thereon, and a list of the stockholders, if a Stock Company, together with the amount
o f their respective shares; and if upon due examination it sliall appear to the Controller
that the losses and expenses of any Stock Company, during the year, have exceeded
the premiums, and in consequence thereof the capital of such company has become de
ficient, or from any other cause has become impaired to the extent of 25 per cent, it
shall be the duty of the said Controller to direct the officers of any such company,
within sixty days, to proceed to wind up its business, unless within that time the stock
holders thereof shall pay in the amount of such deficiency. Any company receiving
such requisition from the Controller, shall forthwith call upon its stockholders for such
amounts as will make its capital equal to the amount fixed by the charter of the said
company, and in case any stockholder of such company shall refuse, or neglect to pay
such call, after notice personally given, or by advertisement, in such time and manner
as the Controller shall approve, it sliall be lawful for the said company to require the
return of the original certificates of stock held by such stockholder, and in lieu thereof,
to issue new certificates for such number of shares as the said stockholder may be en
titled to in the proportion that the ascertained value of the funds of said company may
be found to bear to the original capital of the said company, the value of such shares
for which new certificates sliall be issued, to be ascertained under the direction of the
Controller, and the company paying for the fractional parts of shares, and it shall be
lawful for the directors of such company to create new stock and dispose of the same,
and to issue new certificates therefor to an amount sufficient to make up the original
capital of the company. And it is hereby declared that in the event of any additional
losses accruing upon new risks, taken after the Controller shall have made the requisi
tion aforesaid, and before the said deficiency shall have been made up, the directors
shall be individually liable to the extent thereof. And if upon due examination it shall
appear to the Controller, that the losses and expenses of any company chartered on
the plan of mutual insurance under this act, shall, during the year, have exceeded the
premiums, and in consequence thereof that the capital of the company, as required in
its organization, has become deficient, or from any other cause has become impaired, it
shall be the duty of the Controller to direct the officers of such Mutual Insurance Com
panies to take the same proceedings as herein required to be taken in case of Joint
Stock Companies; and until such directions shall be complied with, the directors shall
be personally liable to pay all damages occasioned by such neglect, to any person or
body corporate which may be injured thereby. Any transfer of the stock of any com
pany organized under this act, shall not release the party making the transfer from his
liability for losses which may have accrued previous to the transfer.
S ec. 14. Any existing Joint Stock Company, incorporated by this State, for either
of the purposes mentioned in the first section of this act, may at any time after notice
being given for three months in a newspaper published in the county where such com
pany is located, of such intention, and with a written consent of a majority of threefourths in amount of its stockholders, or if a Mutual Company, with the unanimous
consent of its Trustees, extend its original charter to the time specified by the pro
visions of this act, by altering or amending the same so as to accord with the provisions
of this act, and filing a copy of the same, so altered or amended, together with a dec
laration under its corporate seal, signed by its president and directors of their desire for
such extension, and also the written consent of three-fourths of its stockholders, and the
Commercial Regulations.
229
unanimous consent of the trustees, as aforesaid, to such extension, in the office of the
Secretary of State, and upon the filing of such consent, declaration and charter, the
same proceedings shall be had as are required by the eleventh section of this act; and
any of the Mutual Insurance companies, already chartered by the Legislature of this
State, may, after giving ninety days notice in three of the public papers of the State,
change to Joint Stock companies, by proceeding in accordance with, and conforming
their charters to the provisions of this act.
S ec. 15. A ll charters formed or extended under this act, shall be of thirty years’ du
ration each, except those of Life Insurance, but the Legislature may at any time alter,
amend or repeal this act, or dissolve and provide for the closing up the business and
affairs of any company formed under it.
S ec. 16. Suits at law may be maintained by any corporation formed under this hct,
against any o f its members or stockholders, for any cause relating to the business o f
such corporation; also suits at law may be prosecuted and maintained by any member
or stockholder against such corporation, for losses which may have accrued, if payment
is withheld more than two months, in all risks after such losses shall have become due.
S ec. 17. All companies formed under this act, shall be deemed and taken to be bo
dies corporate and politic, in fact and in name, and shall be subject to all the provisions
o f the Revised Statutes, in relation to corporations, so far as the same are applicable.
S ec. 18. N o company formed under this act, shall, directly or indirectly, deal or
trade in buying or selling any goods, wares, merchandise, or other commodities what
ever.
S ec. 19. The trustees and corporators of any company organized under this act, and
those entitled to a participation of the profits, shall be jointly and severally liable until
the whole amount of the capital raised by the company shall have been paid in, and a
certificate thereof recorded, as hereinbefore provided. Notes taken in advance of pre
miums, under this act, are not to be considered debts of the company, in determining
whether a company is insolvent, but are to be regarded as assets of the company.
S ec. 20. N o dividend shall ever be made b y any company incorporated under this
act, when its capital stock is impaired, or when the making o f such dividend would
have the effect o f impairing its capital stock, and any dividend, so made, shall sub
je c t the stockholders receiving the same to a joint and several liability to the creditors
o f said company, to the extent o f the dividend so made.
S ec. 21. In pursuance of this act, it shall be lawful for any Mutual Company, esta
blished in conformity with the provisions of the fourth section of this act, to unite a
cash capital to any extent, as an additional security to the members, over and above
their premiums and stock notes, which additional cash capital shall be left open for ac
cumulation, and shall be loaned and invested as provided in the eighth section of this
act, and the company may allow an interest on such cash capital, and a participation
in its profits, and prescribe the liability of the owner or owners thereof to share in the
losses of the company, and such cash capital shall be liable as the capital stock of the
company in the payment of its debts.
THE NEW BERMUDIAN TARIFF FOR 1849-50.
AS PASSED BY THE HOUSE OF ASSEMBLY, TO GO INTO OPERATION ON THE 6TH JULY, INSTANT,
AND TO CONTINUE UNTIL 5 l'H JULY, 1 8 5 0 .
TABLE OF DUTIES.
Wine, of all kinds, the gallon................................................................................. £0 1 6
And 10 per centum on the value thereof.
Wine, when imported in bottles, commonly called whole bottles— each and
every dozen of such bottles to be estimated to contain two gallons— al
cohol, brandy, gin, whisky, shrub, cordials, the gallon................................. 0 2 0
Rum, the gallon....................................................................................................... 0 1 3
Malt liquor, on each and every hhd. thereof, not imported in botttes............ 0 15 0
Cider and perry, when imported in bottles, commonly called quart bottles,
for each and every dozen thereof.................................................................... 0 0 9
Cigars, on each and every 1,000 thereof............................................................. 0 8 0
Or, at the option of importers or consignee, including the weight of the
packages, per lb .......................................................
0 1 0
Tobacco and snuff of all kinds, (other than cigars,) on each and every pound
weight thereof.................................................................................................... 0 0 2
Oxen and cows, per head..................... ............................................... ............... 0 4 0
230
Commercial Regulations.
Upon all articles not mentioned in the above tables, nor included in the list of ex
emptions, an ad valorem duty of 3 per cent.
- ■
TABLE OF EXEMPTIONS.
Agricultural implements, say— plows, harrows, hay forks, hay rakes, iron rakes
scarifiers, rollers, seed drillers, corn shelters, corn mills, potato forks, weeding hoes
sythes, reaping hooks, chaff cutters, pruning knives, bullion, books, not reprints of Brit
ish puplications, coin, coals, for the use of steam vessels employed in carrying Her
Majesty’s mails, diamonds, fresh fruit, ice, manures, specimens of natural history, plants,
and trees for planting, provisions and stores of every description, for the use of Her
Majesty’s land and sea forces, or for Her Majesty’s establishment for convicts trans
ported to these islands, passengers’ baggage, apparel, and professional apparatus,
shrubs, seeds for planting, fresh vegetables, and potatoes.
LIMITED PARTNERSHIPS IN INDIANA.
From the “ Economist’’ a paper recently established at Cannelton, Indiana, designed
to advocate (be extension and development of manufactories in the West, we take the
following remarks touching the law of that State in regard to limited partnerships. It
will be seen that the law is similar to that now in force in the State of New York. W e
scarcely need say, that the well-considered views of the Economist, on this subject, are
in harmony with those entertained by the editor of the Merchants’ Magazine:—
Indiana is one of the States of our Union whose councils have been enlightened by
the spirit o f wise legislation. Her legislators have always shown an anxiety to ad
vance the public welfare, and the liberality with which her citizens have seconded
their wishes, is honorable alike to themselves and to the American character. We
very much doubt whether another State exists in our whole confederation, whose stat
utes can skow better evidences of wisdom, and fewer marks of folly. There has al
ways been, on the part of her leading men, a desire manifested to render all the affairs
and manifold relations of her people, as free and untrammeled as possible. As a State,
she has invariably evinced an enlarged and liberal policy. Her constitution is not de
graded by political solecisms, nor by the illiberal expressions and limitations of anti
quated bigotry. A perusal of the annual joint resolutions of her General Assembly,
are strikingly illustrative o f her great desire for the promotion of good ; and the rapid
ity which lias marked the course of her prosperity, very plainly shows that the genius
o f her institutions is wonderfully adapted to the requisitions of the times.
The facility and perfect security with which capital may be employed in this State,
is, perhaps, one principal cause of her increasing prosperity. Her statutes regulating
the formation o f limited partnerships for the transaction of mercantile, mechanical, or
manufacturing business, are well worthy attention. By section 2d, of article 1st, of
Revised Statutes, “ Said partnerships may consist of one or more persons, who shall
be called general partners, and shall be jointly and severally responsible, as general
partners now are by l aw; and of one or more persons who shall contribute to the
common stock a specific sum, in actual cash payment, as capital, and who shall be
called special partners, and shall not be personally liable for any debts of the partner
ship, except in the cases hereinafter mentioned.”
The persons forming such partnership, are required severally to sign a eirtificate
containing the name of the firm, names and residences of the general and special part
ners, amount o f capital which each special partner has contributed to the common
stock, nature of the business to be transacted, and the time of commencement and ter
mination of the partnership. Such eirtificate must be acknowledged by each partner,
before some justice of the peace, and be recorded in the office of the recorder of the
county in which the principal place of the business of the partnership is situated; and
if the partnership shall have places of business in different counties, then a copy of the
certificate must be recorded in every such county. Public notice of the formation of
such partnership, is required for six weeks, immediately after such registry, and with
out such publication, the partnership will be deemed general. The business of the
partnership is conducted under a firm, in which the names of the general partners only
are inserted; and if the name of any special partner shall be used in such firm with
his consent of privity, or if he shall personally make any contract respecting the con
cerns of the partnership with any persons except the general partners, he shall be con
sidered as a general partner. During the continuance o f the partnership, no part o f
231
N autical Intelligence.
the capital stock thereof can be withdrawn, nor any division of interest of profits be
made so as to reduce such capital stock below the sum stated in the certificate.
Such are the general features of the law o f limited partnership, existing in this State,
by which persons of capital may invest some portion of their means without becoming
responsible for any larger sum than they put into the concern. A t common law no
such partnership could be formed. New York was the first State in the Union that
established such regulations in regard to business transactions; and those other States
in which limited partnerships exist, have generally followed the provisions of her act
in all essential points. It is to be regretted that similar laws do not exist in all the
several States of the Union, for the advantages which have accrued to those in which
their effects are thoroughly tested, are such as invariably elicit the warmest approba
tion. W e are gratified, however, with the progress evidently made within the last
few years, in the minds of our State legislators generally, as respects commercial reg
ulations, for we see in such manifestations the promise of increasing prosperity and
wealth. Many of the illiberal principles of the common law are yearly giving place
to the better adapted regulations of the civil law. From present indications, we may
conclude that the provisions of the latter will, in a short period of time, enter largely
into all our business transactions, so eminently are they calculated to meet the wants
of a commercial people.
CIRCULAR TO THE COLLECTORS OF THE CUSTOMS— ON FISHING VESSELS.
T reasu ry
D epartm ent,
June 30, 1849.
It is deemed proper by this Department so far to modify the circular instructions
“ on fishing vessels,” dated the 22nd December, 1848, as to dispense with the observance
of the regulation requiring that vessels employed in the cod fisheries, in order to become
entitled to the allowance provided by law, should complete their prescribed term of cod
fishing “ in continuous or consecutive voyages or fares,” it being considered by the De
partment a satisfactory compliance with the law, that such vessels shall have been
actually and exclusively engaged in the cod fisheries, under license for the same, such
number of days between the last day of February, and the last day of November, as
shall in the aggregate complete the term prescribed by laAv, o f three and a half or
four months, as the case may be ; the right remaining to said vessels to pursue the em
ployment of mackerel fishing, provided they be licensed for that fishery, in alternate
voyages or faxes, during the fishing season.
w . M . M EREDITH, Sec'y o f the Treasury.
NAUTICAL INTELLIGENCE.
BRITISH LIGHT-HOUSES.
Ill England the earliest lights and beacons along the coast were erected by individ
uals, to whom royal patents were granted, authorizing them to collect certain tolls from
the passing vessels to defray the cost of building and maintenance. The right of con
structing those sea signals, however, rested solely with the crown; and, in fact, the far
larger number were used only in times of warlike expedition, and for certain special
purposes. The earliest light-house, which still remains in existence, was that of Lowe
stoft, built in 1609. Another at Hurstbarton Point, on the east coast, was erected in
1665; and the light on the Scilly Isles dates its establislunent from 1680. Besides
these there were two light-towers erected during this period at Dungeness and Orfordness, under patents granted by James I. to Sir R. Howard and Sir W. Erskine. These
establishments remained private property, paying only a small quit-rent to the crown,
until very recently, when the Trinity Board, under the act of 1836, purchased them
both at a high price from their owners, Mr. Coke and Lord Braybroke.
In 1609, the final establishment of the Trinity Board took place. Under this Board,
which was denominated “ The Brotherhood of the Trinity-House,” almost aU the au
thority over English commerce and navigation was to pass.
The dates of the several patents granted to the Trinity begin with 1680, when Charles
232
N autical Intelligence.
IT. authorized the erection of the Scilly light. Two other patents were issued by that
monarch, for the light beacons of Spurm and Tynemouth Castle. Anne granted one
patent to the Trinity-House, for Milford-haven; George L granted 4 ; George I t , 7 ;
George III., 15; George IV., 7 ; and William IV., 5.
The first Eddystone Light-house was commenced in 1756, by Mr. Winstanley. The
light was first exhibited in 1798, and burnt steadily for five years, when the whole edi
fice was swept away by a furious gale in November, 1703, while Mr. Winstanley was
iilmself within it. This first light-house was formed of courses of stone.
A tradesman on Ludgate-liill, Mr. Rudyerd, then undertook the construction of a
tower wholly of wood. The wooden tower bore the brunt of the weather from 1708
until 1755, when it unfortunately caught fire, and, after burning for several days, was
totally consumed. Two years later Mr. Smeaton was engaged in founding the present
edifice. On the 16th October, 1759, the lights were first exhibited, and have never
since ceased to shine from sunset to sunrise.
As the light-house stations multiplied, it became necessary to contrive some distin
guishing mark by which the pilot might determine the one he sought. Various forms
and changes of the light were, therefore, introduced, accomplishing nine varieties, name
ly, the fixed white, revolving white, revolving red and white, revolving red and two
whites, revolving white and two reds, flashing, intermittent, double fixed wliite, double
revolving white. As the red rays penetrate little more than half as far as the wliite,
no light must consist of red alone, especially as even white will look red through a dry
haze. The other colors are less penetrating still, and therefore wholly uufit.
Through the perseverance of Mr. Hume, a parliamentary committee was appointed
in 1834 to investigate the condition and administration of British light-houses. As
usual, great mismanagement was proved to exist, combined with an uncertainty and
inconsistency in the charges and tolls levied upon shipping, which must have occa
sioned considerable injury to our commerce.
Some curious anomalies were also exposed in the levying of tolls on vessels for the
supposed advantage o f the lights. Thus throughout England, a duty of ■£& to l^d.
per ton was levied on every vessel passing a light-house, the rate varying with every
light, which had its distinct rules and system of collection. In Scotland, on the other
hand, a ship that passed one light paid a certain rate per ton for the whole number,
and no more, if it went the entire circuit of the coast. In the voyage from Leith to
London, therefore, a vessel of 142 tons would pay £1 9s. 7-£d. for the Scottish lights,
though it passed only one of them; and would have £4 17s. 3d. charged for the nine
teen English light-houses passed between Berwick and London. A Yarmouth vessel,
also, bound for the Thames, but driven by stress of weather to the Frith of Forth,
would pay for the whole series of Scotch lights, though it had used none, having only
been driven into their waters. In Ireland, the charge was made at certain rates on the
tonnage of every ship entering an Irish port, whether it had passed a light-house or not.
In consequence of the report of the committee of 1834, the act 6 & 7 Will. IY. was
passed. Under this statute all the private rights in light houses were extinguished
and bought up by the Trinity-house at a cost of no less than £1,182,546, such was the
presumed value of these indispensable monopolies.
In Scotland, the earliest light house was that of Cambrre, on Little Cambrse Island,
built in 1756, and re-built in 1793. The Leith light was established in 1780, and that
on Cape Wrath, completed in 1796, is visible for 26 miles, being the widest range of
any British light. The Bell Rock, finished in 1811, at a cost of £61,331; and the
Skerry vore light house in Argyleshire, completed as lately as 1844, for which the esti
mated cost was £31,500, are the works of most interest in an engineering point of view.
Enormous difficulties were overcome in the construction of these edifices, and both re
main triumphs of British skill and science. The height of the Bell Rock tower is 100
feet, that of the Skerry vore, 138 feet 5 inches. In the lantern of the former there were
.24 parabolic reflectors, each 18 inches across the tips, and containing £21 worth of sil
ver on its polished surface. Ireland first possessed a light house, in 1768, at Poalbeg,
at the entrance of the Dublin River. The Balbriggen light was erected in the follow
ing year, that on Clare Island in 1807, and is visible for 15 miles. Cape Clear and
Arran lights were built in 1817. The Seeling Rock light house was the most expen
sive of the Irish beacons, costing £41,651.
The Isle of Man has seven lights, that of the Calf being the chief Two beacons, one
in Denbyhaven, built 1659, and another in Castletown harbour, built in 1765, are in
tended to aid the herring fishery, and are lighted only during that season.
A t present the British system of light-houses remains under the control of tliree
boards, viz:—
N au tical Intelligence.
233
1. The Trinity-house Brotherhood, consisting of 31 members, 11 of whom are honor
ary, and the rest more or less connected with commerce or shipping. Established
about 1553.
2. The Commissioners of Northern Lights, holding jurisdiction over the Scotch and
Isle of Man light-houses, consisting of 25 members, being sheriffs and county magis
trates. Established 1786.
3. The Dublin Harbour Corporation, otherwise called the Ballast Board, to whom
was committed, in 1810, the custody of the Irish lights, consists of 20 members, chosen
for life among the chief merchants and bankers, together with the mayor and the
sheriffs of Dublin for the time being. One day in each week the board sits for light
house purposes.
A number o f small lights remain under the control of local authorities and harbour
trustees, &c.
The system of lights administered by the three boards above mentioned, comprised,
in the year 1844— Trinity-house, 65 fixed, and 23 floating lights; Northern Light
Commissioners, 32 fixed, 2 floating; Dublin Board, 27 fixed, 4 floating; local and har
bour lights made up a grand total of 312 British light-houses. The cost of maintaining
the public lights was, on the average, about £500 per annum for the fixed, and £1,200
for the floating fights. The gross sum collected by the three boards for 150 fights
(local and harbour being exclusive) was £349,475. Of this £131,036 was expended in
maintenance, and £15,814 in charges of collection, leaving a surplus of £196,631 on the
year’s receipts.
CASHE’ S LEDGE, OR AMMEN’ S ROCK.
We publish for the benefit of navigators the following letter from the Report of the
Superintendent o f the Coast Survey, to the Secretary of the Treasury, communicating
the determination of Lieutenant Commanding Charles Henry Davis, U. S. N., assist
ant in the Coast Survey of the position of Cashe’s Ledge.
U nited S tates S teamer B ibb, )
B oston, June 8, 1849.
j
D ear S ir : I have the pleasure to inform you that, on Monday the 4th inst., I sailed
from Boston to execute that part of my instructions relating to the rock at Cashe’s
Ledge, and that I have found it, and determined its position satisfactorily.
«0 The Bibb remained at anchor on the rock from five o’clock on Tuesday, to five
o’clock on Wednesday afternoon, during which time the boats were employed in re
peated examinations ©f the surface of the rock. The sea was smooth, the wind west,
the weather perfectly clear and the southern and western horizons well defined.
The latitude was determined—
First, by the meridian altitude of the moon, with three observers, whose reading
differed from each other less than a half a minute. The meridian passage occurred at
twelve minutes past midnight; the declination of the moon was 17£° south, which,
the night being remarkably cloudless, secured a distinct horizon.
Second, by a meridian observation of the sun, with four sextants, the readings of
which differed, in the extreme, but one minute. The latitudes given by the sun and
moon differ from each other but one minute.
The longitude was determined by three chronometers from Messrs. William Bond &
Son, which were taken on board on Monday and returned on Thursday, and were
proved by the final comparisons of Thursday to have run correctly. Twenty-five ob
servations, taken on the 5th and 6th, were used to ascertain this element; the mean
of those of the 5th differing from that of those of the 6th by only a second of time.
Several sets, not employed in obtaining the reported results, were also taken for con
firmation. Not being absolutely required, they were worked out with less care.
The latitude of the rock, by the meridian observation of the sun, is
The longitude, the mean of both days, is ...........................................
42° 56' N.
68 51£ W.
The latitude and longitude of this rock, recently given by the best authorities, are
42° 44', and 69° 3', the former differing twelve miles, and the latter twelve miles,
from the Coast Survey determination. Formerly, the latitude and longitude of this
spot were laid down as 43° 4', and 69° 11'; the former eight, and the latter twenty
miles in error. These errors, particularly in latitude, give additional value to our de
234
Journal o f M ining and M anufactures.
termination, and render its early announcement important to navigators. The least
water on this rock is twenty-six (26) feet. A less depth has been reported by the
fishermen, but they sound with their fishing lines, not accurately marked, and having
on them a lead of three and a half pounds only— not heavy enough to press down or
pass through the thick kelp that covers the rock. The extent of rock having ten or
less fathoms on it, is about half a mile in a N. W. by W., and a S. E. by E. direction,
and very narrow. It is surrounded by deep water at a short distance, particularly on
the south and east sides, where the depth increases suddenly to sixty fathoms.
It is my wish that this should be called Ammen’s Rock, in compliment to the offi
cer by whose exertions last summer the means were afforded of discovering, and cor
rectly determining its position at this time.
Yours truly,
(Signed,)
CH A R LE S H E N R Y D A V IS .
A. D. B ache, LL. D., Superintendent.
United States Coast Survey, Washington.
PRUSSIAN BALTIC LIGHTS.
It has been considered necessary for the defence of the Prussian coats to extinguish
provisionally the Light on the Greifswalder Oie. Although the other Lights on the
Prussian Baltic shores are for the present to continue in the established order, and are
not to be extinguished without pressing necessity, still as a motive of this kind may
occur suddenly, so as to leave no time for any previous announcement, it will be neces
sary for all parties engaged in the Baltic navigation to take the possible case already
now in their calculation of one or the other of the remaining Lights at the usual known
places being extinguished during the period appointed for their duration, and thereby
avoid being mislead.
JOURNAL OF MINING AND MANUFACTURES.
PROFESSOR PAGE’ S S E W ELECTRO DYNAMIC POWER.
To
th e
E d it o r
of
t h e
M e r c h a n t s ’ M a g a z in e , e t c .
Many and fruitless have been the attempts heretofore made to obtain an effective
power from the galvanic current, by means of electro magnets, since its suggestion by
Professor Henry. The most prominent and costly experiments, within our knowledge,
were those of Davenport and his associates, in this country, Jacobi, in Russia, and Davi
son, in England, and Professor Grove. The first-named inventor, we believe, never
succeeded in producing any useful result. Jacobi, under the patronage of the Russian
government, made a very complex engine, and placed it on a boat on the Neva. This
boat he was enabled to move by the power a short distance at a very slow rate, at an
estimated cost of about twenty-four dollars a horse 'per diem. Davison made a cumber
some and complicated electro magnetic machine, weighing some tons, and placed it on
a railroad, but it run only a short distance, and then became exhausted and stopped.
Professor Grove’s able and accurate experiments resulted in an estimated cost of about
twelve dollars a day for the horse-power. Several other experiments have from time
to time essayed some new effort, but with no better success; thus, up to the present
time, it has seemed problematical whether the galvanic power could ever be applied to
a useful purpose. The subject was rendered still more perplexing, by the well-known
fact, that with the best formed engines, no increase of power could be attained by in
creasing the size o f the machine beyond certain very narrow limits, for reasons well
known, but for which there seemed no remedy; thus rendering it perfectly demon
strable that a large machine could not be made available on any known principle. The
static force of large electro magnets is enormous, and when in contact, they have been
known to sustain ten thousand pounds; while the dynamic force would not raise ten
pounds one inch. A perceptible time is required to charge and discharge a large electro
magnet so as to attain its full power, and then wholly nutralize it, which, together with
its limited range of action, renders the attainment of an efficient power impossible.
Dr. C. G. Page, who has been long known in this country, and throughout Europe, as
a successful experimenter and discoverer in natural science, has for many years been
Journal o f M ining and M anufactures.
235
engaged in this most interesting subject of electro magnetism, and the analogous
branches, in which he has made many important machines and instruments, in common
use for medical and other purpose, and has anticipated several noted investigators in
their experiments for an available power, by means of electro magnets, and revolving
or reciprocating armatures, but with no better practical success, till he devised what he
now terms the axial engine, based on principles developed in the philosophical toy
known as De La Reeve’s Ring, in which he does not employ the usual electro magnets,
but, instead thereof, an armature moving within a coil of wire. Dr. Page has raised
with this apparatus, and a very imperfect battery, fifty-eight pounds, through a space
of five inches at a single impulse, and at a velocity almost instantaneous. The expense
of this power is not reduced to a level with steam, but it approximates very closely to
what steam cost fifteen years ago, and his experiments have been necessarily limited,
on account of their great expense. He has constructed several engines of different
sizes, in which he has demonstrated that the power is increased with an increase of di
mensions, which will probably be found equal to the steam engine, and the expense di
minished in like proportion.
The last Congress, after a careful investigation of the subject by a special committee,
before whom Dr. Page exhibited his engine, and drove a printing-press, appropriated
twenty thousand dollars for further prosecuting tliis discovery, under the supervision of
Dr. Page, the results of whose labors will be anxiously looked for by the scientific
world.
W e now have before us a pamphlet o f sixteen pages, octavo, printed on a single N a
pier printing press, having a bed o f 24 b y 41 inches, driven at the rate o f 1,200 im
pressions per hour.
So many giant strides have been taken in conquering material nature, and in levying
contributions therefrom for the wants and comforts of man, that tliis may be truly de
nominated the century o f inventions, in which wonders multiply upon us with a fer
tility so great, that, like the phenomena of nature, they almost cease to be wonders.
The line of demarcation, broad and distinct in times past, between the sober realities
of the possible, and the dreamy flights of the enthusiast, seems fast fading away, and
the magicians mightiest wand becomes the mere walking-stick of science.
We shall probably be able to trace the cause of these new victories to the timely aid
of men of science and learning, who, instead of now looking down upon the conflict of
their less enlightened fellows, struggling to advance civilization by reducing nature
with ill-directed aim, and such confused light and instruction as could be meagerly ob
tained, have boldly come forward to the rescue, disdaining that narrow policy of their
predecessors who thought it degradation to make their toilsome labors useful, and who,
therefore, left their original conquests half achieved, to be occupied and cultivated by
the untrained adventurer, possessing only a superficial knowledge of its boundaries,
topography and laws. It is not strange when such a state of things existed, that the
failures were frequent, and signal, in the attempts to introduce any new improvement,
till at last their uncertainty became proverbial, and both the inventor and his invention
were alike thrown into the vortex of incredulity and contempt, from which it required
the greatest heroism, and most indomitable energy to rescue even what was really
useful.
That there is a change for the better in modern times, is apparent, from the rapid
and wonderful improvements brought into use within a few years; the transfusion of
thought with electric velocity, that far outstrips the tardy revolutions of the earth we
inhabit, is, by the aid of well-directed science, transferred from the dream land of the
poet, to the real existence of a tangible caterer to our wants.
And again has science aided in drawing together the most distant provinces of a
continent, with fraternal bonds of iron, as much more perfect and useful than the
Appian way, as the Corinthian temple of the Greek was more beautiful than its pon
derous predecessor, the Egyptian Pyramid.
We hail the new era with pleasure, and look forward for other achievements with
the same confidence that Columbus sought a new world, or the modern philosopher a
new planet; and we are happy to perceive in the little pamphlet now before us, prom
ise that we are not likely to be doomed to disappointment, for by it we learn that an
other brilliant invention is about to rise above the horizon, which bids fair to eclipse
many a minor star, and should it prove as successful as the learned and well known
inventor anticipates, it may totally annihilate our old and long tried servant, the steamengine. If, however,rit comes into successful competition with this giant agent, it will
be glory enough for one man, and one age.
236
Journal o f M ining and M anufactures.
POLITICAL ECONOMY OF MACHINERY.
The February number of the Glasgow Mechanic’s Journal contains a translation
from a recent French work on Political Economy, by Joseph Granner. The transla
tion given is the chapter devoted to the political economy of machinery. After no ticing the common argument against the introduction of labor-saving machines, as
throwing laborers out of employ, the writer goes on to sa y:—
In many cases, machines, far from supplanting human labor, have multiplied it. In
fact, every abridgement of labor, by reducing the cost of production, carries the man
ufactured article to the door of a greater number of consumers; and experience proves
that consumers multiply in a greater degree than the price decreases, especially when
the method of manufacture improves the commodity. The diminution of the price
by a fourth, has not been known to double the consumption. We will only cite two
examples— printing and cotton spinning. Although the steam-press enables one man
to do the work of two hundred, the multiplication of books, the arts which are con
nected with them, such as the casting of type, the fabrication of paper, the professions
of author, corrector, binder, <fcc., employ a thousand times as many persons as formerly
were occupied in them. And what a difference in form and price between the manu
scripts of early times, and the books of the present! When we observe the perfec
tion of the machinery for spinning cotton, and the admirable rapidity with which the
bobbins are covered with thread, we may fancy that the greater number of persons
formerly employed in spinning have been thrown out of work ; yet precisely the re
verse has happened. Before the invention of machinery, only 5,200 female spinners
at the wheel, and 2,100 weavers, altogether 7,900 persons, were employed in England;
whilst in 1787, ten years later, 150,000 spinners, and 247,000 weavers, or 397,000 per
sons, were reconed. Since that time, mechanics have passed into another phase. The
same business is done with fewer workmen, and steam has taken the place of manual
labor in a great number of manufactures. However, the number of workmen has in
creased. Mr. Baines, in his History of the Cotton Manufacture, has established, that
in 1833 there were 273,000 spinners or weavers by machinery, and 250,000 loomweavers, in all 523,000 persons. Adding the persons employed in collateral branches
of industry, such as printing on stuffs, the making of tulles, embroidery, caps, <fcc.,
Mr. Baines arrives at the number of 800,000; or 1,500,000, taking into account
the old men, women, and children, supported by the work-people; and two millions,
reckoning the carpenters and masons employed in building manufactories, and the
makers of loom-frames, without their children, and old persons. We arrive at the same
figures in comparing the cotton imported in 1769, and that in our days . Although it is
possible there may be statistical exaggeration, we cannot but acknowledge the great in
crease o f labor employed in the cotton manufacture, in consequence of the invention of
machinery intended to abridge it, without taking into account the sailors, the carriers, the
merchants, the travellers, the brokers, and the retail dealers, who are engaged in it,
each in their own business.
The history of the cotton manufacture would furnish matter which would admit a
considerable expansion, if we were to analyse the prodigious increase in the consump
tion of cotton throughout the world, the employments of various kinds to which it has
given rise collaterally, not only amongst the manufacturing classes, but amongst the
commercial and agricultural classes as well, and the various products which it has
been necessary to make in order to obtain those immensely valuable accumulations of
manufactured cotton.*
Thus, if it be true that machinery, at a given moment, displaces human labor, it is
not slow to create employment for a much more condsiderable number, and to com
pensate injury to individuals by a benefit to society, namely, by enlarging the supply
of commodities, and diminishing their price by stimulating consumption, and by mul
tiplying enjoyments, which increase capital and the demand for labor.
* In 1834, M. de Jounes, in his statistics o f Great Britain, thus summed up the com parative con di
tions. of the cotton trade in Great Britain and France. Annual manufacture : in England, 900,000,000
o f francs ; in France, 250,000,000. H om e consum ption: in England, 400,000,000 ; in France, 193,000,000.
Individual consum ption : in England, 16 francs, 66 centim es; in France, 6 francs, 86 centimes. It
was calculated that the cloth exported from England in 1833, was long enough to go ten times and a
half round the earth. In a paper, published in the Journal des Economistes, (vol. 16,) the exporta
tion o f w oven goods from the same country in 1845, is estimated at 479,000,000 o f fra n cs; that o f
thread, at 176,000,000; and the dem and in 1843, at 263,000,000. A franc, w e may remind the reader,
is worth 9£d. o f our m oney.
Journal o f M ining and M anufactures.
237
These facts would also be an answer to that other allegation, that machinery de
presses wages, because the demand for labor will not increase, unless those who em
ploy labor are able to employ and remunerate the increased demand. Machinery for
spinning cotton, so far from reducing wages, actually raised them during the first ten
years after the invention came out. A woman earned two francs fifty centimes, in
place of one franc; and a man earned five francs instead of two. Wages were after
wards lowered, by the disproportionate increase of the population ; but it is well to re
mark, that in 1833 Mr. Baines established, by very plausible calculations, that if the
7,900 operatives of 1767 had between three and four millions of francs amongst them
for wages, (three or four francs each,) the 800,000 of our days had 455,000,000, (560
francs each. The railways offer analagous facts. We might suppose that they would
put down drivers, grooms, postillions, &c., and render horses less useful and less ex
pensive. Exactly the contrary has happened; and nothing is easier to explain. Do
not railways multiply travelers and traffic? and, as a consequence, are not the lateral
ways of communication more used, as well as horses upon them ?
The perfecting of the means of intercourse diminishes the cost of production, and
advances the industry of a people. There is an intimate connection between the im
provement of the means of conveyance and that of markets. Our epoch will be es
pecially remarkable for the improvement of the means of communication— rivers, ca
nals, roads and railways. The last, especially, seem as if they would change the face
of the world. Following and assisting this formidable development of steam, the re
sults which the new mode of communication do and will produce are uncalculable.
The statist will, some time or other, disclose them to us. Traveling becomes a thou
sand times more common; some villages will assume the importance of towns, and
many towns will certainly lose rank.
The localities of industry have already
been greatly m oved; some will be reanimated, others will disappear; joys, griefs
unheard of, will flow from the new phases of production, so radically modified by
these new and powerful organs of conveyance. In some there will be destruction in
some particulars, but reanimation on the whole. But nothing can give us any idea of
the mysterious revolution which time has in store, not even the extraordinary results
at the end of the last century and the commencement of the present one, of cotton
spinning by machinery, and in all branches of industry dependent and similar. It is
remarkable that steam is still the first cause, with the simple addition of two rails.
The impulse has been given. The United States, England, and Belgium, have for
some years been furrowed by these new modes of communication; Germany and
Russia have tasted of this enormous influence; France is hastening forward in the
same path; Northern Italy already possesses lines of railway; and the rest of the
Peninsula is striving to obtain others. Spain, Portugal, Sweden, and other countries,
are also alive to the impulse.
A ll that we have said of machinery is likewise applicable to discoveries of every
kind; to all processes, of what nature sover they may be, which aim at producing
more quickly in a better manner— in other words, at a cheaper rate.
COMMERCIAL IMPORTANCE OF THE METALLIC SULPIIURETS.
BY T. H. LEIGHTON---- SWANSEA, ENGLAND.
A l k a l i.
Since the repeal of the salt tax, the preparation of
soda alkali has become an extensive and important branch of manufacture. In the
form of crystallized soda, this is much used for washing and other domestic purposes;
and, in other states, it is used for manufacturing soap and glass, and for bleaching. To
decompose salt, sulphurous acid, with an addition of a portion of nitrous gas and water
or steam, in large leaden chambers, where the gases condense into liquid sulphuric
acid, or oil of vitriol. Salt is then acted upon by a due proportion of this acid, in a re
verberatory furnace; sulphate of soda forms, and muriatic acid is given off. This is
extremely volatile, and difficult to condense; in consequence, some escapes into the at
mosphere, causing considerable nuisance and damage around alkali works, notwith
standing innumerable ingenious contrivances for preventing it. Sulphate of soda is
again decomposed in another furnace, by small coal and carbonate of lime, as chalk or
limestone. The coal abstracts the oxygen from the sulphate of soda; sulphuret of so
dium forms; the mass then fuses; when the two bases mutually exchange their com
binations— lime becoming a sulphuret of calcium; the sodium, a sub-carbonate of soda.
A mass of rough alkali, or black ash, is thus obtained, composed of soluble sub-carbon
T
he
M
anufacture of
238
Journal o f M ining and M anufactures.
ate of soda, and insoluble sulphuret of calcium, which are separated by lixivation with
water. By the present improper mode of effecting this, the sulphuret of calcium is
allowed to pass, partially, into a soluble hydrosulphuret of lime, which renders the
alkaline solution very impure, requiring to be purified before it is fit for use. The
refuse, when turned out, becomes very offensive by heating, noxious gases being evolved.
Some important improvements in this manufacture are about to be proposed, in con
nection with smelting copper— another branch of manufacture which lias liitherto been
attended with much nuisance and damage.
S m e l t in g C o p p e r O r e s .
The most abundant ores of copper are sulpliurets. These
are first calcined; sulphurous acid is formed; and, in general, is allowed to escape into
the atmosphere. Iron is always present in these ores, and it becomes partially oxidised
by calcination. In the second operation, a general mixture of ores is melted, the protosulphuret of iron acting as a flux. By some uncertain process, oxygen and sulphur
pass off, the iron absorbs the sulphur from the copper, which settles to the bottom; the
other ingredients form slag, which is skimmed off with a rake. This is a veiy awkward
operation— if the workman dips too deep, he draws off copper; if he does not go deep
enough, he leaves slag. The copper thus obtained is much impregnated with sulphur
and other impurities, and requires to pass through a long series of operations before it
becomes sufficiently pure.
P r o p o s e d I m p r o v e m e n t in S m e l t in g C o p p e r .
The fact cannot be denied, that pure
metallic iron has a stronger attraction for the majority of the bodies with which copper
is naturally associated in the different ores, than copper itself has; therefore, to pro
cure copper, by a single fusion, in a state of greater purity than it is now obtained,
after seven or eight operations, it is only necessary to mix with the ore a sufficient
proportion of granulated iron to take up the sulphur, or other matter, in combination
with the copper present; and further, by an improved arrangement of the furnace, a
more complete separation of the copper and slag may be obtained, while the latter is
kept flowing off spontaneously. Pure iron, in a granulated form, may be prepared
cheaply in various ways. The smelting of copper would thus be much simplified, and
conducted without causing any nuisance or damage.
M a n u f a c t u r e o f S u l p h a t e o f A m m o n ia .
In this mode of manufacturing, a large
quantity of sulphuret of iron would be produced in the slag, which could easily be
granulated while hot. By proper treatment, this can be made to yield ammonia and
sulphur. Au improved mode of converting sulphur into sulphuric acid, without using
nitre or leaden chambers, has been matured. Ammonia and sulphuric acid in vapor,
drawn by a diffusion of steam into a condensing flue, or chamber, will yield a solution
of sulphate of ammonia.
P r o p o s e d I m p r o v e m e n t in t h e M a n u f a c t u r e o f A l k a l i.
It is proposed to decom
pose salt, in an open furnace, by a solution of sulphate of ammonia, instead of sul
phuric acid; sulphate of soda will be obtained as at present; muriate of ammonia
will sublime, which, being easily condensed, may be obtained as a solution, and crystalized. The manufacture of alkali will thus be simplified also, and damage prevented.
In lixivating the rough alkali, an improved plan has been matured, by the adoption of
which, the sulphuret of calcium will be preserved throughout. This being dried
quickly at a high heat, and kept dry, will be valuable as a manure, more particularly
for certain crops. A further nuisance will thus be avoided. This improvement in
lixivation, with a small addition of carbonate of ammonia to the liquor in boiling down,
and an improved mode of evaporation, will peoduce soda alkali in a state of greater
purity than it has hitherto been, which will lead to an extension of consumption.
P r o p o s e d A r r a n g e m e n t s f o r W o r k i n g o u t t h e a b o v e I m p r o v e m e n t s . The various
subjects touched upon in the above remarks, would prove too multifarious and com
plicated for the consideration of parties to carry them out altogether in a single estab
lishment ; such is not my object. By a proper division, the whole will be rendered
simple and practicable. To smelt copper, the smelters must' either prepare their own
granulated iron or have it done for them. The new furnace is exceedingly simple in
its arrangements; the only novelty, therefore, requiring any nicety, whatever, will be
the granulating o f the slag. The treatment of granulated copper slag, to produce
sulphate of ammonia, will form a new branch of manufacture, requiring new estab
lishments and fresh people to embark in them. I would recommend further that the
decomposition of the salt should form a separate business, which could be advanta
geously conducted by parties engaged in salt-works. In addition I would observe,
that a quantity of iron will remain in the residue after the preparation of sulphate of
Journal o f M ining and M anufactures.
239
ammonia, capable of being reduced. The manufacture of iron, and its treatment to
develope the several properties requisite for the various uses to which it is to be ap
plied, constitute, altogether, a subject of such magnitude and importance, that I shall
deter its consideration for a future communication; in the mean time my attention will
be directed to the arrangement of abundance of data, which I have been accummulating for several years.
SHIP-BUILDING IN MAINE.
The following remarks of the editor of the Neviburyport Herald will be read with
interest; and, as they contain nothing that will particularly alarm the “ Land Reform
Party,” or injure our friends of the “ Sunny South,” we have concluded to reproduce
them for the information o f our readers generally:—
“ Maine is the greatest ship-building State of the Union, and yet she has no advan
tages for the business, except her sea-coast. She produces now little or nothing but
the spars for the great number of vessels which she annually creates. It is a notable
illustration of enterprise, this fact, that Maine has become signalized in ship-building,
and is'every year increasing greatly in the business, while she is compelled to draw
the oak which she uses from Virginia, and the Pine from Georgia and the Carolinas.
W e have heard it stated that at this moment the ship-builders of Bath have a thou
sand men at work in Virginia, getting out oak timber, and as many more in Georgia,
getting out pine. There is a party organized in this country, called the Land Reform
Party, the principle of which is, that no individual shall own more than a limited
quantity of land. Let these Reformers be warned against these down east ship-builders.
In the business, which is growing so largely and rapidly beneath their hands, they
threaten to monopolize all the valuable timber lands of the South. They are too
ambitious to buy the timber of the southern owners, but they buy up all the lands,
send out Yankees to cut the tree3 and run the saw mills which they erect on the spot,
and then send their own vessels to bring the timber and plank to their ship yards,
away down east. Are our southern friends aware that it is no longer the cotton lords
of Massachusetts which they have to fear, but that the democratic ship-carpenters of
Maine are getting possession of their soil, and becoming, in the midst of their towns
and villages, a great landed aristocracy! a non-resident aristocracy, too, the most
odious in the world, carrying abroad all the income and profit of the soil, and drawing
away its life blood, even as the English landlords have done to Ireland.
There were built in Maine in the year ending June 30, 1848, four hundred and twen
ty-eight ships, barks, and brigs, the aggregate amounting to nearly 90,000 tons. Not
withstanding the immense amount of new tonnage which lias been built in Maine and
other States, during the last two years, the master ship-builders have made little or
nothing, and some o f them, indeed, have lost heavily, the demand for labor having
been so much greater than the supply, that the wages of the workmen have absorbed
all the profits o f the business. The present season they have made their contracts,
based on this high price of labor, and we learn that within a week or two such has
been the influx of journeymen ship-carpenters from Europe and from the British prov
inces, that wages have fallen from $2 and $2 50 a day to *>1 50 and $1 25. This
will enable many of the master ship-builders this year to make up the losses of last
year, and the year previous.
MANUFACTURE OF MARASCHINO.
The principal manufactory in Zara (the capital of Dalmatia) is that of maraschino,
the liqueur made from the marasca, or black cherry, which is grown mostly in the
neighborhood of Almissa, between Spalato Macarsca. Bordeaux is not more famous for its
wines, than Zara for its liqueurs; and in the manufacture of them they surpass aU
other places. I visited these distilleries one day, and found them to have nearly aU
the same appearance, a low ground-floor opening on a little back garden; large cop
pers of the liqueur closely covered, so as to exclude air ; the shelves filled with vari
ous colored rosolj ; the Portogallo, or orange, clear as amber, and the delicious Garofalo, or clove, the prince of liqueurs. Spanish wax was boiling in a pot over a brazier,
and the corked bottles, being reversed, are dipped in it, and sealed with the name of
the firm. The fruit is picked and skinned in June and July. Drioli and some of the
240
Railroad, Canal, and Steam boat Statistics.
houses pretend to have secrets for mixing the proportions which are transmitted to the
women of the family from generation to generation; but in truth it is like the secret
of the protean Jean Maria Farina of Cologne, the true secret being the possession of
adequate capital and a current sale. The best maraschino is that of Drioli, Luxardo,
and Kreglianovich. The maraschino of the first of these is reckoned b y the native
Dalmatians as the best of al l ; but it is dear. Luxardo makes good maraschino, and
has a large sale ; the maraschino of Kreglianovich is very good in quality, and mode
rate in price, but strong enough for the English and Russian taste; for while the Si
cilians prefer weak and sweet maraschino, a more powerful liqueur is requisite for the
English, Dutch, and Russians. There are altogether about a dozen distilleries in the
town, and several of the proprietors have made handsome fortunes.— Patou's High
lands and Islands a f the Adriatic.
RAILROAD, CANAL, AND STEAMBOAT STATISTICS.
THE RAILROADS OF OHIO.
The following comprehensive statement of the railroads in Ohio completed, in pro
gress, and chartered, is derived from the Cincinnati Price Current, Commercial In
telligencer, and Merchants’ Transcript:—
Ohio has been late in entering the field of railroad construction, hut will probably,
in the end, surpass every other State in the number and value of her railroads. A t
present, this subject engages much of her public attention, and there are few things
more intimately connected with commerce, or with the use and profit of capital. In
deed, it seems inevitable, that in the United States an immense amount of capital
must find its way into railway investments. Already we surpass any country in the
world in the extent of railways, and the fact, that" they cost far less than in Europe,
will only increase the facility and number of future constructions. The railways of
the United States now exceed five thousand miles in extent! The cost has not ex
ceeded one hundred add twenty millions of dollars. The same number of miles con
structed in any part of Europe costs more than double that sum. The immense
amount of agricultural and mineral products transported upon railroads here, and the
rapid increase of that produce, taken in connection with the smaller cost, must make
the investment in railways profitable for many years to come. These reasons exist
with still stronger force in regard to Ohio; for here these works are made much cheaper
than they are in the Atlantic States, while the produce of the State to be transported
is vastly greater in proportion. These facts and this reasoning, will unquestionably
cause the rapid increase of railroads in Ohio. That our commercial readers may be
posted up on what is done and doing in this important field of commercial enterprise,
we give the following very brief view of railroads in Ohio:—
T h e L i t t l e M i a m i R a i l r o a d C o m p a n y was chartered about the year 1836, but was
not fairly commenced till some years afterward. By the aid o f a subscription of
$200,000 from the city of Cincinnati, $50,000 from the comity of Green, and $150,000
from the State, this railroad company was able to get a portion of the work con
structed ; when the rapid increase of business so demonstrated its public utility, and
the certainty of profit on the stock, that the work was at once finished. The length
of this work is eighty-four miles, to Springfield, Clarke county, where it connects with
the Mad River and Lake Erie Road. The total cost (which includes both very ex
pensive depots and a great number of cars and locomotives) may be set down in round
numbers at $1,350,000, or $16,000 per mile. The cost of the road itself, however, was
not more than two-thirds of this amount; the residue was expended in the depots and
machinery o f the work. The earnings.of the work have averaged 8 per cent since it
has been in operation, but they have been expended in new work and machinery, the
stockholders receiving scrip.
T h e M a d R i v e r a n d L a k e E r i e R a i l r o a d , 134 miles in length, from Springfield
(the termination of the little Miami) to Sandusky City, on Lake Erie. The entire
length of the two roads is 218 miles, connecting the valley of the Ohio with the basin
of the lakes. The cost of this work is believed to have been about $2,000,000, or
$15,000 per mile The Company has made large earnings, but we are not informed
R ailroad , Canal, and Steamboat Statistics.
of the amount of dividends.
large.
241
The number of passengers transported on it is very
T he M ansfield R ailroad . This work extends from Mansfield, the county-seat of
Richmond county, to Sandusky city. The length of this works is 56 miles. We are
not informed o f its precise cost; but it is immensely profitable. In one year it di
vided about 20 per cent, almost all of which was earned by the transportation of
wheat, Mansfield being the center of the most productive wheat country in the United
States. The commercial value of the work, therefore, is great.
The above three works have been complete.! several years; but there are in course
of construction, and probably will be finisheu this year, other works which are contin
uations of these works, and of equal extent. They are as follows :—
T he C olumbus, X enia and C incinnati R ailroad . This is all under contract, and it
is supposed will be finished this year. This is a continuation of the Little Miami rail
road from Xenia (65 miles from Cincinnati) through London, the county seat of Madi
son county, to Columbus. Seventeen and a half miles of this route (all in the county
of Greene) is subscribed for, and constructed by the Little Miami Company. The
whole distance is 55 miles ; it passes through a rich and most beautiful country almost
entirely level. The cost of this work will be 1600,000, and it must be very profitable.
It will be finished this year. The entire distance from Cincinnati to Columbus, by
this route, will be 120 miles, which will not require more than six hours to ac
complish.
T he C incinnati and C leaveland R ailroad . This extends from Columbus to
Cleveland, and will be a continuation of the Columbus and Xenia, and the Little
Miami, constituting a complete railroad route from Cincinnati to Cleveland. The
Cleveland and Cincinnati is in length 134|- miles. The capital required is all obtain
ed, and the entire gradation and masonry under contract; it will be finished next,
year. The entire distance from Cincinnati to Cleveland, by this route, will be 254£ miles..
T he M ansfield and N ewark R ailroad , extending from Mansfield to Newark.
Licking county, is now under contract, and will be finished the present year. This
passes through a very rich agricultural country, and through several flourishing villa
ges. It is 60 miles in length.
T he F indlay R ailroad . This is a branch of the Mad River and Lake Erie Railroad.
It is 18 miles in length.
T he I ron R ailroad . A portion of this road is already under contract. The com
pany propose, at present, to contract only 26 miles, excluding from Ironton, the site of
a new village, three miles above Hanging Rock, and terminating in the upper part of
Lawrence county. It is supposed that from the termination, it will ultimately be
carried to Jackson, and thence to Chillicothe or Logan.
S pringfield and D ayton. This work is intended as a continuation of the Mad
River and Lake Erie, from Springfield to Dayton, 24 miles. It is supposed that the
construction of this work is made certain at an early period.
T he G reenville and D ayton. This line is undertaken by two companies, and a
portion of it is already under contract. Its whole length is about 40 miles, and its
completion, at a short time, may be considered certain. The following is a summary
of the railroads completed, and of those in progress, with the probable cost:—
COMPLETED.
Miles.
Little Miami..............................................
Mad River and Lake Erie......................
Mansfield., ..............................................
Total
Capital.
$1,350,000
2,000,000
850,000
$4,100,000
IN PROGRESS.
Xenia and Columbus................................
Cleyeland and Cincinnati.........................
Mansfield and Newark.............................
Hancock and Findlay............................. .
Iron Railroad............................................
Dayton and Springfield..................... . .
Greenville and Dayton............................
1650,000
2,250,000
800,000
206,000
200,000
350,000
600,000
Total...................................................
15,050,00
V O L . X X I .-----N O . I I ,
16
R ailroad, Canal, and Steamboat Statistics.
242
Of the latter class of -works, the Xenia and Columbus, Hancock and Findlay, and
Mausfield and Newark, will be completed this year, and the residue early in 1850.
W e shall now describe some other lines, charters for which have been obtained, and
towards which large sums of money have been subscribed, and which may, therefore,
be considered as sure to be constructed at an early period.
T he H illsborough and C incinnati R ailroad . The charter of this company au
thorizes the construction of a road from Hillsborough to Cincinnati. About 1 100,000
have been subscribed— the company has been organized. The Board of Directors
have caused surveys to be made, and the route surveyed is well adapted to the pur
pose, much of it being over a level country. To avoid part of the expense, the com
pany propose at first to construct the road as a branch of the Little Miami, intersect
ing that road at O’Bennon’s Creek. The distance from Hillsborough to the Little
Miami, to the mouth of O’Bannon is but 37 miles ; the grading of which is easy, and
the cost but comparatively small. It may be considered certain that this road will
be constructed.
T he Cincinnati and B elpre R ailroad . The charter for this road was obtained
several years since, and a Board of Directors chosen. The subscription required to
secure the charter has been made, and the company are merely waiting for further
progress in the Baltimore and Ohio road, and the great natural central route between
the Atlantic and St. Louis, passing through Cincinnati. By the charter of the Balti
more road, that work cannot come below Fish Creek, on the Ohio, a point about 60
miles above the chartered termination of the Belpre Railroad. For this link, however,
a new charter may and will be obtained. The road will, doubtless, be made at an
early day, for it offers a prospect of larger profits than almost any work in the United
States. The work when made will pass through Chillicothe, Athens, and Marietta.
T he O hio and M ississippi R ailroad . But a small portion of this road will lie in
Ohio; but as it is only a part of the great central route, it has as much interest for
the people of Ohio as any other work. It was for this reason that the city of Cincin
nati, recently, by public vote of the people, subscribed a million of dollars to this
great enterprise. It will proceed in as near a straight line as possible, from Cincin
nati, through Vincennes, in Indiana, to St. Louis, in Missouri. The entire length will
be about 370. miles, and the cost, including machinery and depots, about $6,500,000.
The subscriptions to this work have already reached the sum of $2,200,000, and there
can be little doubt that this great enterprise will be undertaken, and finished, within
a few years.
T he S cioto and H ooking V alley R ailroad . This is a very recent undertaking,
but at present offers some prospect of success. The object is to continue the Mans
field Railroad, (now nearly finished to Newark, Licking county,) from Newark to Lan
caster, and from Lancaster to Circleville, and from Circleville, through Chillicothe, to
Portsmouth. The length of this work will be about 120 miles. Large subscriptions
have already been made to it, and it seems now as if the project would succeed.
I f the works above mentioned are all completed, they will require a large amount
o f capital, and, on the other hand, will cause a vast amount of saving, to both produ
cers and consumers, by the reduction of freights. The length and capital of the above
works will be nearly as follows:—
Hillsborough.......................................... ................ 37 miles
Cincinnati and Belpre.......................... ............... 180 ((
Ohio and Mississippi............................ ............... 370 H
Scioto and Hocking V alley................. .............. 120 it
Total................................................
«
$400,000
2,500,000
6,000,000
2,000,000
$10,900,000
GEORGIA RAILROAD.
W e published in the Merchants' Magazine, Vol. xx., No. 4, for April, 1849, page
446-7, some account of the condition of the Georgia Central Railroad, including tab
ular statement of the route, distances, rates of fare, receipts from freight and passen
gers in 1847 and 1848, together with the number of passengers and bales of cotton
transported over the road from December 1, 1847, to December 1, 1848. That road is
sometimes confounded with the Georgia Railroad, both being located in the same State.
The Central Railroad, as will be seen by referring to this Magazine as above, extends
from Savannah to Macon, a distance of 191 miles, while the Georgia Railroad runs from
R ailroad, Canal, and Steamboat Statistics.
243
Augusta to Atlanta, a distance of 171 miles. The following table shows the route of
the last named rpad, the distances, and rates of fare:—
Miles.
Places.
Miles. Fares.
Places.
Fares.
96
$5 00
Bell Air.......................
$0 50 Madison......................
104
5 25
112
Berzelia......................
21
1 00 Rutledge.....................
5 70
During........................
120
29
1 50 Hieroglyphics.............
6 00
130
Thompson...................
38
1 90 Covington..................
6 50
Comak........................
141
47
2 30 Couyers........................
7 00
Gumming...................
2 80 Lithonice....................
147
7 00
57
Crawfordville..............
155
7 00
65
3 25 Stone Mountain........
Union .Point...............
3 80 Decatur.......................
7 00
Greensborough...........
7 00
4 25 Atlanta.......................
171
From the report of the doings of this company for the year ending March 1, 1849,
we condense the following exhibit of the income, expenses, and net profits of this road
for that period, as compared with the preceding year:—
RECEIPTS.
1848.
Passengers.............................
Freight...................................
United States mail and rents.
Total...........................
1849.
.
$157,694 67
280,486 27
38,871 74
$166,484 04
376,957 07
38,573 48
Increase.
$8,789 37
96,470 80
*298 26
,.
$477,052 68
$582,014 59
$104,961 91
EXPENSES.
$44,318
50,538
67,256
13,439
Conducting transportation
Motive power...................
Maintainance of w a y .. . .
“
cars. . . .
Total.........
Net profits.
.
25
72
55
32
$175,552 84
301,499 84
$49,895
65,531
66,054
14,300
90
14
99
85
$195,782 88
386,231 71
$5,577
14,992
*1,201
861
65
42
56
53
$20,230 04
84,731 87
This statement exhibits a gratifying increase in the income of the road for the last
year of $104,961 91, (22 per cent,) and in the net profits of $84,631 87, (28 per cent,)
with an increase in the expenses of working the road of only $20,230 04, (11-j- per cent.)
The increased income has been, from passengers $8,789 37, and from freight $96,470 80.
Thirty-eight thousand six hundred and twenty-eight passengers have been carried in the
cars, making an average of 106 per day, both ways— the same as during the previous
year. The average number of “ through passengers ” per day between Montgomery
and Charleston has been 18, against 16 for the preceding year.
The report of the directors goes on to say, that “ since the last meeting of the stock
holders, the Memphis Branch Railroad, leading from Kingston to Rome, has been com
pleted, and is now in full operation. Though a short road, it will be a very important
feeder to the improvements east of it. The boating on the Coosa is now upon an ex
cellent footing, and -well conducted by the enterprising proprietors. The State Road
and the Nashville and Chattauoga Road are both making satisfactory progress, and
strong assurances are given that the latter will be completed before the close of the
present year. The Montgomery and West Point Road is also under contract to West
Point, and it is believed will be finished with all convenient dispatch.”
We leam from the American Railroad Journal, that in addition to the above “ con
nections, which will be important feeders to this road, the contemplated road from A t
lanta to Lagrange fills up the last link unprovided for of the great line of internal
steam communication from Maine to Mobile. Means have been provided, however, for
the completion of the part of this road, extending from Atlanta to Newran, and we
cannot doubt that when the importance of this road to those already constructed in that
State, and as well as to the commercial interests of the whole country, is properly ap
preciated, it will lead to its speedy construction. The Georgia Railroad, without the
aid o f those important feeders winch are now in rapid progress of construction, from
* Decrease.
24 4
R ailroad , Canal, and Steamboat Statistics.
which may be expected a vast increase of business, is one o f the best paying roads iti
the country, and is almost the only road running through a section entij-ely agricultural,
whose stock is at a premium in the market; and those gentlemen intrusted with its con
struction and management have the double satisfaction of giving to their fellow citizens
the advantage of railway communication, and making the stock of the road a safe and
profitable investment of their money.”
NORTHERN (N EW HAMPSHIRE) RAILROAD.
From an abstract of the report of this great New Hampshire railroad company, it
appears that the capital stock of the corporation is 12,600,000, of which the sum of
$2,548,908 81 has been realized. The nominal stock of the Franklin and Bristol, now
united with the Northern road, is $200,000 ; but only about $156,900 has been paid
in ; and it appears from the report that in uniting with it, the Northern takes it at
something over $236,000, having paid and assumed debts to the amount of $80,000.
For this it has 335 shares of the stock unsold, and a claim for $6,753 10 due on stock
sold— making $40,253 10, reckoning the stock at par. The receipts from both roads
during the past year are stated to be— passengers, $158,109 39; for freight,
$242,558 76; for mails, express, rents, <fcc., $9,287 79. Total, $408,655 94. Deduct,
paid lower roads, $122,068 11 ; expenses of running and railroad tax, $119,292 29.
Total, 241,378 40. Net earnings, $166,277 54; deduct November dividend 3)- per
cent paid, $92,978 66 ; earnings not divided, $74,298 88. This is the sum that would
have been divided among the stockholders at this time, had it not been for the debts
assumed by the Bristol road. The net earnings of both roads for the year were more
than 6 per cent on the capital stock paid in.
The liabilities of the corporation, exclusive of the above “ earnings not divided,” are
stated to be $129,978 46. Their assets are stated to be $178,783 56, in which sum is
included real estate that maybe sold $17,604 00; stock in machine shop, $11,390 02 ;
Bristol road stock at par, $33,200; and fuel on hand, $28,198 14.
The number of passengers carried in the cars is stated to be 128,5441; number of
tons of freight, 73,442; miles run by passenger trains, 97,901; by freight trains,
62,198. Length of Northern road, 69 miles and 1,251 feet; length of double track at
stations, 3 miles; length of Bristol road, 12-J- miles. Number of passengers over the
road to and from Concord, 22,758; Manchester, 16,782^-; Nashua, 5,480 ; Lowell,
19,784^; Boston, 27,475|; and all other way stations, 36,246.
VERMONT CENTRAL RAILROAD.
This road, which, in connection with the Fitchburg, Vermont and Massachusetts,
Cheshire and Sullivan Railroads, completes the route from Boston to Montpelier, Vt.,
was opened for passenger travel between the White River Junction and Bethel, Vt.—
a distance of 25 miles— on the 26th of June, 1848, and for freight on the 10th of July
following. On the 7th September, cars were run to the summit in Roxbury, 46 miles,
and to Northfield, 53 miles, on the 10th of October, the same year. On the 13th of
February, 1849, passenger cars were run, for the first time, from the White River
Junction down to Windsor, Vt., 14^- miles, making the whole length of the road in
operation since February 13, (between Windsor and Northfield,) 67£ miles. On the
20th of June, 1849, the road was opened for passengers to Montpelier, and the first
locomotive entered the Capitol of Vermont on that day. The distance from Northfield
to Montpelier is 10 miles. The whole length of the road now in operation, therefore,
is 77-J- miles.
CONNECTICUT R IVE R RAILROAD.
W e are indebted to J. H unt, Esq., the accomplished Superintendent of this road1
for the fourth Annual Report of the Directors to the Stockholders. Its details are
full and complete; and we only regret that it was received too late for an abstract
for the present number of the Merchants’ Magazine. W e hope, in the course of the
month, to pass over the road, which will, on our return, enable us to speak more ac
curately of its character and condition.
Journal o f B anking , Currency, and Finance.
24 5
JOURNAL OF BANKING, CURRENCY, AND FINANCE.
CONDITION OF THE BANKS OF OHIO.
ABSTRACT OF THE QUARTERLY STATEMENT OF THE CONDITION OF THE SEVERAL BANKS IN THE
STATE OF OHIO, TAKEN FROM THEIR RETURNS MADE TO THE AUDITOR OF STATE ON THE
FISRT MONDAY OF MAY,
1849.
RAL ASSEMBLY, PASSED MARCH
PREPARED IN OBEDIENCE TO A RESOLUTION OF THE GENE
2, 1846.
The eleven “ Independent Banks" namely, Bank of Geauga, Canal Bank of Cleve
land, City Bank of Cleveland, City Bank o f Cincinnati, City Bank o f Columbus, Com
mercial Bank of Cincinnati, Dayton Bank, Franklin Bank of Zanesville, Sandusky City
Bank, Senaca County Bank, Tiffin and Western Reserve Bank, report:—
LIABILITIES.
RESOURCES.
Notes and bills discounted. $1,948,882 69 Capital stock paid in.......... $750,580 64
Specie...................................
295,699 26 Circulation........................... 1,003,196 00
155,088 98
Notes of other banks.........
213,275 00 Due banks and bankers. . .
Due from banks and bank’rs
155,589 81 Due depositors.................... 1,031,377 98
940,265 71
Eastern deposits.................
254,953 75 Safety Fund stock .............
State tax during last six
Bonds deposited with State
months.............................
3,240 45
Treasurer......................... 1,099,090 16
U ndivided profits or surplus
Real estate and personal
fund..................................
83,408 26
property..........................
40,612 85
110,040 35
Other resources...................
143,978 70 Bills payable and time drafts
Dividends unpaid................
36,040 83
38,843 02
Total............................... $4,152,082 22 Other liabilities...................
Total................................$4,152,082 22
The forty “ Branches o f the State B ank" namely, Athens Branch, Athens, Akron
Branch, Belmont Branch, Bridgeport, Chillicotlie Branch, Commercial Branch, Cleveland,
Commercial Branch, Toledo, Dayton Branch, Delaware County Branch, Delaware, Ex
change Branch, Columbus, Farmers’ Branch, Ashtabula, Farmers’ Branch, Mansfield,
Farmers’ Branch, Ripley, Farmers’ Branch, Salem, Franklin Branch, Cincinnati, Frank
lin Branch, Columbus, Guernsey Branch, Washington, Harrison County Branch, Cadiz,
Hocking Valley Branch, Lancaster, Jefferson Branch, Steubenville, Knox County Branch,
Mt. Vernon, Licking County Branch, Newark, Lorain Branch, Elyria, Mad River Valley
Branch, Springfield, Marietta Branch, Mechanics and Traders’ Branch, Cincinnati, Mer
chants’ Branch, Cleveland, Miami County Branch, Troy, Mt. Pleasant Branch, Mt. Pleas
ant, Muskingum Branch, Zanesville, Norwalk Branch, Piqua Branch, Portage County
Branch, Ravenna, Portsmouth Branch, Portsmouth, Preble County Branch, Eaton, Ross
County Branch, Chillicotlie, Summit County Branch, Cuyahoga Falls, Toledo Branch,
Toledo, Union Branch, Massillon, Wayne County Branch, Wooster, and Xenia Branch,
Xenia, report:—
RESOURCES.
LIABILITIES.
Notes and bills discounted. $9,690,729 85 Capital stock paid i n ......... $4,153,136 10
Specie................................... 2,357,774 42 Circulation........................... 7,227,342 00
N otes of other banks..........
625,011 00 Due banks and bankers. . .
303,336 42
Due from banks and bank’rs
383,498 25 Due depositors....................
2,297,555 62
Eastern deposits..................
455,779 85 Safety Fund at credit of
Safety Fund deposited with
Board of Control............
94,399 54
Board of Control.............
792,286 80 State tax during last six
Real estate and personal
months.................. ..........
20,298 45
property..............................
125,71570 Undivided profits or surplus
Other resources......................
174,28660
fund..................................
185,167 56
Bills payable and time dafts
155,827 65
Total............................... 14,605,082 59 |Dividends unpaid................
159,627 35
Other liabilities...................
8,392 00
Total,
14,605,082 59
Journal o f Banking, Currency , and Finance.
246
The five “ Old Banks” namely, Bank of Circleville, Clinton Bank of Columbus, La
fayette Bank of Cincinnati, Bank of Massillon, and Ohio Life Insurance and Trust Com
pany, report:—
RESOURCES.
LIABILITIES.
Notes and bills discounted. 83,341,520 96 Capital stock paid in..........$2,011,226 00
Specie...................................
372,901 09 Circulation........................... 1,020,721 00
286,705 92
Notes of other banks.........
336,802 00 Due banks and bankers. . .
Due from banks and bank’rs
418,438 74 Due depositors.................... 1,001,299 98
Eastern deposits.................
261,171 11 State tax during last six
Beal estate and personal
months.............................
2,150 00
property.........................
127,165 23 Undivided profit or surplus
Other resources..................
360,911 51
235,158 00
fund.................................
Bills payable and time drafts
80,414 15
Total....................... 85,218,910 64 Dividends unpaid...............
20,751 00
Other liabilities...................
560,484 59
Total...............................$5,218,910 64
TOTAL LIABILITIES AND RESOURCES OF ALL THE BANKS IN OHIO, AS ABOVE.
RESOURCES.
Notes and bills discounted..! 14,,981,133
,026,374
Specie.
Notes of other banks . . . . .
,175,088
Due from banks and bank’rs
957,526
Eastern deposits.................
971,904
Bonds deposited with State
Treas’er and Safety Fund
deposited with Board of
Control............................. 1,891,376
Beal estate and personal
property.........................
293,493
Other resources...................
679,176
LIABILITIES.
50
77
00
80
71
96
84
87
Total............................... 23,976,075 45
Capital stock paid in......... $6,914,942 74
Circulation........................... 9,251,359 00
745,131 32
Due banks and bankers.. .
Due depositors.;................. 4,330,233 48
Safety Fund stock and Safe
ty Fund at credit of Board
of Control....................... 1,034,665 25
State tax during last six
25,688 90
months.............................
Undivided profits or surplus
503,733 82
fund..................................
346,282 15
Bills payable and time drafts
216,419 18
Dividends unpaid...............
607,719 61
Other liabilities...................
Total................................ 23,976,075 45
TARIFF OF THE MINT OF THE UNITED STATES:
UPON DEPOSITS OF GOLD AND SILVER FOR REFINING, ETC.
M
in t o f t h e
U
n it e d
S tates,
)
June, 1849. )
Under the provisions of the Mint Act of January 18, 1847, the terms upon which
gold and silver are received for coinage have been readjusted, and the following tariff
o f charges has been adopted, with the concurrence of the Secretary of the Treasury.
It presents terms the most liberal that are consistent with the actual cost of the ope
rations, and, it is believed, as advantageous to depositors as those of any other mint
or refinery.
R . M. PATTERSON , D irector.
P
h il a d e l p h ia ,
RATE OF CHARGES UPON DEPOSITS OF GOLD AND SILVER BULLION AT THE MINT IN PHILADEL
PH IA AND THE BRANCH MINT IN NEW ORLEANS---- TO TAKE EFFECT ON AND AFTER THE 1ST
JULY,
1849.
I.
For refining, when the bullion is below standard.
1. On gold, three cents per ounce of gross weight after melting, on so much of
a deposit as wiU bring the whole up to standard.
2. On silver, from 500 to 700 fine, three cents per ounce, as above.
From 701 to 800 fine, two and a half cents per ounce, as above.
From 801 to. 899 fine, two cents per ounce, as above.
On so much as will bring the whole up to standard.
II. For toughening, when metals are contained in it which render it unfit for coinage.
Journal o f Banking, Currency, and Finance.
247
1. On gold, from one to three and a half cents per ounce of gross weight after
melting, according to the condition of the metal.
2. On silver, if not coppery, one-third to one cent per ounce, as above.
I f coppery, 800 to 700 fine, 3 cents per ounce, as above.
“
401 to 800 fine, 2|
“
“
“
801 to 925 fine, 2
“
“
III. For copper, used for alloy, two cents per ounce.
IV. For silver, introduced into the alloy of gold, one hundred and twenty-nine cents
per ounce.
V. For separating the gold and silver, when these metals exist together in the bullion.
1. I f not coppery, proportion of gold 1 to 200 thousands, 1-$- cents per ounce gross,
after melting.
Proportion of gold 201 to 600 thousands, two cents per ounce gross, after
melting.
Proportion of gold 601 to 900 thousands, three cents per ounce gross, after
melting.
Proportion of gold 901 to 935 thousand, four cents per ounce gross, after
melting.
2. I f coppery, proportion of silver 500 to 700 fine, the gold in proportion not
less than 1-J- thousands, three cents per ounce gross, after melting.
Proportion of silver 701 to 800 fine, two and a half cents per ounce gross,
after melting.
Proportion of silver 701 to 925 fine, two cents per ounce gross, after melting.
3. Limit to the separating of gold and silver. Neither gold nor silver shall be
separated for the benefit of the depositor, when the net product of the
operation, estimated upon the above charges, shall be less than five
dollars.
LENDING MONEY AT A « QUARTER A BAY.”
Many people not acquainted in 'Wall street, and with Wall street operations, says
the Dag Book, doubt the statement that a large amount of money is loaned every day
to merchants and speculators at £ per cent a day— 7^ per cent a month— or ninetyone and a quarter per cent per annum. Of course no one can afford to pay this inter
est, neither can they afford to pay 2 per cent a month ; and it is doubtful if they can
pay 7 or even 6 per cent per annum, on any considerable amount. But there are a
great many that pay i per cent a day, on small amounts ; and as the number who
want money is large in proportion to the number that will be guilty of this species of
robbery, (lending money at J per cent a day,) there is almost always a demand for it.
Lending money at a “ quarter a day” has become too common among shavers and
Shylocks, to be treated as a misdemeanor; and there is no more danger of being pro
ceeded against for usury than there is for selling oysters. Once in a while an unfortu
nate fellow will plead usury to get rid of paying a debt, but he will plead as soon
when the shave is 9 per cent per annum, as when it is 9 per cent per month? Gener
ally, the party lending and the party borrowing, are unknown to each other. The
borrower applies to a broker, and the broker goes to the lender, and something like
the following conversation takes place:—
Broker.— “ Anything you want to put out to-day ?”
Lender.— “ Don’t know—what you got ?”
Broker.— •
“ Several things.” Shows a handful of notes and checks, which the lender
takes and looks over carefully; after selecting such as he knows or thinks are good,
asks, “ What rate,” they will stand ? If the broker answers “ a 4,” the loan is made ;
if not, not Before 3 o’clock the broker is pretty sure to be back with an answer, that
his customer has concluded to “ come to terms.” In nearly every case of this kind,
the lender of money learns who is the borrower, and “ marks him.” He knows he is a
“ used up man,” and every time he sees his check, he looks upon it just as an old lib
ertine looks upon the wretched female he meets in Broadway at 11 o’clock at night.
The victim of the usurer may keep up for a while; but the day he borrows money
at “ quarter a day,” he is gone; there is no salvation for him : lie has fallen; and al
though he may be an honest merchant, and a worthy man, his fate is sealed. Know
ing that he has committed an act, the knowledge of which will ruin his credit, he looks
upon every man he meets as viewing him with suspicion; and in all his conduct there
Journal o f Banking , Currency, and Finance.
24 8
are visible signs of guilt— of something that the world is pretty sure to think is worse
than borrowing money at a quarter per cent a day.
INTEREST ON THE LOANS OF THE UNITED STATES, ETC.
W e have been favored, through the politeness of ex-governor Young, with the fol
lowing valuable statement of the amount of the public debt, on which interest was paid
in New York on the 1st of J u ly:—
STATEMENT OF THE INTEREST ON THE LOANS OF THE UNITED STATES, PAYABLE IN N EW YORK,
AND OF THE NUMBER OF PUBLIC CREDITORS, AND THE AMOUNTS HELD BY THEM, COLLECT
IV E L Y , IN EACH LOAN.
Date of
loan.
1842.................................
1843.................................
1846.................................
1847 .................................
1 8 4 8 .:.............................
No. of
creditors.
Total......................... ...............
2,559
Total of loans.
$2,993,580 32
3,209,700 00
2,722,000 00
14,300,000 00
6,014,450 00
Total of interest
payable in
New York.
$89,807 41
80,242 50
81,660 00
385,782 35
180,048 44
$29,239,730 32
$817,540 70
A ssistant T reasurer’ s Office, July 21, 1849.
EU G EN E HUNKETT.
JOHN YO U N G .
As compared with the January returns, the foUowing changes are exhibited:—
----- JULY.------------------- v
Date o f
loan.
No. o f
creditors.
1842.............................
1843.............................
1846.............................
1847.............................
1848.............................
265
151
328
837
330
T o ta l...................
1,911
Increase........
N o. o f
creditors.
Am ount.
$2,921,330
3,325,100
2,676,300
9,492,300
5,667,100
Am ount.
32
00
00
00
00
301
168
335
1,327
428
$24,080,130 32
2,559
1,911
$29,239 730 32
24,080,130 32
648
$5,159,600 00
$2,993,580
2,209,700
2,722,000
14,300,000
6,014,450
32
00
00
00
00
This exhibits a considerable increase in the quantity of stocks held here, mostly
through the funding of treasury notes into stocks of 1847. The result indicates that
the quantities of stock sent abroad, have been mostly of those freshly issued by the
government. These issues having now nearly ceased, the continuance of the foreign
demand tviU effect the sales of those amounts held here at improved prices.
GOLD MONEY INCOMPAITBLE W ITH AN EXTENDED COMMERCE.
The quantity of money should keep pace with the wants of an extended commerce.
But by our present system, commerce is tied down to the quantity of gold that there
may be in the country. The natural consequence is, that the quantity of gold remain
ing stationary whilst the productive powers of industry and machinery are extending,
we are driven upon a system of constantly falling prices. This would be of less conse
quence, but for our immense fixed charges— such as the national debt, the government
salaries, the settlements on estates and annuities, which become heavier every year
through this depreciation in prices. The farmer finds his com falling every year, his
rent remaining the same. The merchant imports a cargo, but finds he has to meet a con
stantly falling market. But the annuitant, the fundholder, and the men at fixed sala
ries, find themselves better off every year, because their incomes command more of
these cheap commodities. We are at this moment in the power of a few shrewd cap
italists, who, by controlling the supply of gold, enrich themselves, embarrass the Bank
of England, and devastate trade by constantly recurring prices.— Wilmer & Smith's
Times.
M ercantile M iscellanies.
249
MERCANTILE MISCELLANIES.
ECONOMY THE CAUSE OF SUCCESS IN BUSINESS.
It was, sometime ago, stated in the Merchants' Magazine, on the authority of General
H. A. S. D e a r b o r n , for many years Collector of the port of Boston, that during the last
half century, among the merchants of Boston ninety-five out o f every hundred have
failed in business. In allusion to this fact, a writer in the Providence Journal makes
some calculations to show that the failure of nine-tenths is directly attributable rather
to a profuse expenditure of their gains in living beyond their income, and in rashly ex
tended operations, undertaken to sustain such a career, than to the generally unrequiting
nature of business pursuits. It appears, by a recent statistical report, that one-half o f
the whole property of Providence, with a population of 40,000, is hi the hands of 115
individuals. And, if the inquiry could be pushed a little further, it would probably be
found that most of those individuals have been, through life, men of frugal and indus
trious habits and moderate desires.
This subject has elicited the attention of our political economists, and is one of much
interest to all, particularly every young man engaged in, or commencing, mercantile life.
The Journal sa ys:—
It will be found, on investigation, that the large estates of the 115 individuals who
possess one-half o f the whole property hi this city, have been solely acquired by per
severing dilligence and economy, rather than by bold enterprises; which, when success
ful, induces reckless habits, like success hi drawing the prizes in a lottery.
Every one becomes surprised in examining the Annuity Tables, in familiar use in the
offices of Life Insurance Companies, at the astonishing aggregate amount of the daily
expenditures of small sums when compounded with interest, and filially summed up at
the termination of a long life, as exhibited in the following abstract:—
TABLE SHOWING THE AGGREGATE VALUE W ITH COMPOUND INTEREST.
Daily
expenses.
2£ c e n ts
54
84
“
“
11
“
13§
274
55
824
“
“
“
“
1 10
1 37
“
a day, or
“
U
a
tt
«
tt
tt
u
“
$10
20
30
40
50
100
200
300
400
500
a
y e a r .........
“
...
.........
tt
«
it
u
in 20
years.
$130
260
390
$360
720
1,080
1,440
1,860
3,600
7,200
10,800
14,400
18,000
...
650
1,300
...
.. .
...
3,900
5,200
6,500
it
tt
tt
tt
Am ounting
in 30
years.
in 10
years.
$790
1,580
2,370
3,160
3,950
7,900
15,800
23,800
31,600
39,500
in 40
years.
$1,540
3,080
4,620
5,160
7,700
15,400
30,800
46,200
51,600
77,000
in 50
years.
$2,900
5,800
8,700
11,600
14,500
29,000
58,000
87,000
116,000
145,000
By reference to the preceding table, it appears that if a laboring man, a mechanic,
unnecessarily expends only 2§ cents per day from the time he becomes of age to the
time he attains the age of three score and ten years, the aggregate, with interest,
amounts to $2,900; and a daily expenditure of 271 cents, amounts to the important
sum of $29,089. A six cent piece saved daily would provide a fund of nearly $7,000,
sufficient to purchase a fine farm. There are few mechanics who cannot save daily by
abstaining from the disgusting use of tobacco, from ardent spirits, visiting theatres, <fec.,
twice or thrice the above stated amount of a six cent piece. The man in trade who
can lay by about a dollar per day, will find himself similarly possessed o f one hundred
and sixteen thousand dollars, and numbered among the one hundred and teventy-five
rich men who owned one-half of the property of the city of Providence.
Few people estimate the large sums to which the yearly saving in personal and
household expenses will accumulate. Four thousand dollars a year is not an uncommon
expenditure for merchants in this and other cities. Half a century ago, $500 would
M ercantile M iscellanies.
250
have been regarded as a sufficient expenditure. The difference between these two sums
for fifty years, with the accumulation of compound interest, reaches the enormous amount
o f over one million of dollars. Extend the time eleven years, and this sum, great as it
is, becomes doubled.
The preceding calculations are sufficient to encourage hope of eventful success and
independence in the bosom of every young man, who, on commencing business, will
maintain a determined resolution to combine industry with economy, and also to warn
him that without economy, the opposite result of bankruptcy is frightfully certain.
With the plain statement of actual results before us, it cannot, therefore, be a matter
o f surprise that the present general prevalence of an unrestricted indulgence in showy
habits of dress and of living, should cause the failure of nine-tenths of the men who
embark in business, and involve, also, the prudent and careful, on whom must fall the
lossess caused by recklessness and extravagance in every form.
The true value of money consists in the rational use of it. Economy becomes a vice
in the miser, while extravagance becomes, on the other extreme, a vice in the spend
thrift. The golden mean lies between these extremes. By applying available gains for
the procurement of rational comforts and enjoyments, and for advancement in moral and
intellectual culture, we fulfil the highest desire of our nature,
EXCERPTS FOR BUSINESS M E N :
OR THOUGHTS AND OBSERVATION'S ON BUSINESS, FROM
“ ACTON.”
B usiness I ndispensable. Business is not only an indispensable necessity, but an
irresistible desire in the heart of man. How restless and uneasy the want of it makes
us ; and occasional perplexities with it, are a thousand times preferable to the frequent
torments without it— for to have no business is to be cut off from the rest of the world,
and to exist in a state of listless isolation and exclusion.
“ Thou wouldst, forsooth, be something in a state,
And business thou wouldst find, and wouldst create;
Business ! the frivolous pretence
O f human lusts to shake off innocence;
Business ! the grave impertinence;
Business 1 the thing which I of all things hate,
Business! the contradiction o f thy fate.”
Cowley’s Complaint.
T he K ame— B usiness. Business implies occupation, or employment in some af
fairs. But with the Romans, it denoted self-denial of ease, nego otium (negotium,) I
renounce all pleasure and self-indulgence for the sake of business; and that is the life
and soul of it, and the true secret of its prosperity and success.
P ractical K nowledge of B usiness. The moral maxim, “ that we cannot serve
two masters,” is applicable to nothing more strictly than to trade. That calling re
quires a watchful and devoted attention to the objects in view, to the one all-governing
rule and aim. One must be “ totus in Ulus,” wholly absorbed, to insure success; and
with these qualifications, if prudence be not wanting, success is not apt to be impossi
ble. Nullum numen abest si sit prudentia. It is said that Plautus, the Roman comic
writer, acquired a handsome fortune by his comedies. He was afterwards tempted to
embark in trade, and met with such severe losses that he was in consequence reduced
to the necessity of working in a mill in order to obtain a support. What a grinding
occupation and unpoetical business it must have been to him !
R egular O ccupation. The experience of life demonstrates that a regular and sys
tematic business is essential to the health, happiness, contentment, and usefulness of
man. Without it, he is uneasy, unsettled, miserable, and wretched. His desires have
no fixed aim, his ambition no high and noble ends. He is the sport of visionary
dreams and idle fancies— a looker-on where all are busy; a drone in the hive of in
dustry ; a moper in the field of enterprise and labor. If such were the lot of the
feeble and helpless only, it were less to be deplored; but it is oftener the doom and
curse of those who have the power to do, without the will to act, and who need that
quality which makes so many others, but the want of which unmakes them— the
quality of vigor and resolution. Business is the grand regulator of fife.
The B ook Trade.
251
THE BOOK TRADE.
1.— The History o f the United States o f America, from the Discovery o f the Conti
nent, to the Organization o f Government under the Federal Constitution. By R ich
ard H ildreth . In Three Volumes.
VoL I. 8vo., pp. 570. New York: Harper
& Brothers.
It would seem, after the elaborate volumes of Graham and Bancroft, an unproduc
tive labor, to write another history of the country. Yet the author, adopting an orig
inal plan, and executing it with marked success, lias here given to us a most valuable
work. It was his design to exhibit, in a simple and condensed form, the prominent
facts which have borne upon the progress of the United States, in chronological order,
and without much digression or ornament, and he has, thus far, ably performed the
task. The historical narrative flows on in a transparent stream : it is comprehensive
and analytical; and we have no reason to doubt that the judgment of the author,
founded upon the evidence which was adduced before his mind in its composition, are
impartial and correct. Different opinions will, of course, be formed by historical wri
ters upon many points, springing from their own particular bias, but they will seldom
vary widely from certain general conclusions regarding the facts which they investi
gate. “ No other work on American history,” says the author, “ except mere compends
and abridgments, embraces the same extent of time, none comprehends the same cir
cuit of inquiry, or has anything like the same plan and objects. Nowhere else can be
found, in the same distinct completeness, the curious and instructive story of New
England theocracy, the financial, economical, and political history of the colonies and
the revolution, the origin and shaping of our existing laws and institutions, State and
National.” It is designed to sketch the history of the country down to the present
time, in two succeeding volumes. W e shall take occasion to speak more fully of this
valuable history, in a future number of our magazine.
2. — A Compendium o f Ecclesiastical History. By Dr. J ohn C. L. G ieseler , Consistorial Counsellor and Ordinary Professor of Theology in Gottingen. From the
fourth edition, revised and amended. Translated from the German by Samuel Da
vidson, LL. D., Professor of Biblical Literature and Ecclesiastical History, in Lan
cashire Independence College. 2 vols. 8vo., pp. 396 and 399. New Y o rk : Harper
& Brothers.
Dr. Gieseler’s Compendium of Ecclesiastical History, of which the work before us
is a literal translation, is marked by great and peculiar excellence. The text is brief
and condensed, marking the results at which the learned author arrived ; but the ac
cumulated materials in the notes enables the reader to see at once the basis on which
the statements o f the text rest. It is a work of immense research, and from its dry
ness, we should infer of striking impartiality. In the latter respect, we are told byjthe
translator, the author has been blamed b y some, his spirit of impartiality preventing
him from expressing a decided opinion, where it would be desirable to throw the
weight of his authority into the side of what he deemed the truth. Its excellencies,
we believe, far outweigh any minor faults that may be supposed to belong to it. It
is considered, by those better able to judge of such matters, one of the two ecclesias
tical histories at the present time, that deserve to be read and studied, namely, that
o f Neander and Gieseler, both ex fontibus hausti, as Bretschneider remarked to the
translator. As a text book for theological students, we should say it is without any
rival.
3. — Posthumous WorTcs o f the Rev. Thomas Chalmers, D. D., LL . D. Edited by the
Rev. W illiam H anna, LL. D. VoL VI. 12mo., pp. 512. New Y ork: Harper &
Brothers.
The reputation of this eminent divine as a religious, profound, and elegant writer,
would seem to call for a permanent edition of his entire works, running through the
labors of a protracted life, and we shall soon have them, doubtless, in an appropriate
form. The volumes which have been already issued, relate to various topics, but the
opinions of an individual so distinguished in the department of theology, upon any
subject, are of considerable importance. They will doubtless prove, therefore, a well
prized accession to the library of the “ Orthodox” divine, if not a source from which
much good doctrine or salutary advice may be gleaned.
252
The B ooh Trade.
4. — Hints on Public Architecture. New Y ork : George P. Putnam.
The manner in which this book is got up is highly creditable to the publishers. The
engraving, lithography, and letter-press are all of the best, and worthy of being placed
by the side of the work on archaeology, published by the Smithsonian Institution, or
the South Sea Exploring Expedition. W e wish we could say as much for the con
tents. The Regents of the Smithsonian Institution, in an introductory note, disclaim
the paternity of the work, which, it seems, is an emanation from the building commit
tee of which Mr. Robert Dale Owen was the chairman, and who is himself the author
o f the work. Mr. Owen is a gentleman with some eccentricity, but much information
and ability, and we had expected something at his hands which might at least be re
garded as original and striking. With his utilitarian views, we had anticipated that
the combination of utility, with beauty, would have been a leading feature in his plan
for a national architecture. But we were disappointed in all respects. There is no
thing particularly novel in his illustrations, nor are they very clearly presented ; and
the conclusions to which he comes, however creditable to his taste for the picturesque,
will hardly be approved of by the practical matter-of-fact readers who will peruse his
work.
5. — The Adventures o f Captain Bonneville, U. S. A., in the Rocky Mountains and
the Far W est; digested from his Journal and illustrated from various other sources.
By W ashington I rving . 12m. pp. 428. New Y ork: George P. Putnam.
In this volume we have from one of our most eminent authors, a faithful description
of the journeyings of an adventurer through the forests and over the mountains of the
remote West. There is something of interest associated with the freshness and mag
nificence of forest life, with all its crude associations, and the traveler from whose
journal this narrative was compiled, passed through a track abounding with varied as
pects, and he experienced many vicissitudes. There is, moreover, embodied in the
work, valuable information respecting the more recent operations of the fur trade,
which for a century has constituted the principal commercial traffic which has circula
ted through the lakes and rivers of the western portion of our territory. W e doubt
not, that like the other works of Mr. Irving, it will continue to be a volume of per
manent and standard value.
6. — The Works o f Washington Irving. New edition, revised. Yol. IX . The Crayon
Miscellany. New Y o rk : George P. Putnam.
This, the ninth volume of the revised edition of Irving’s Works, embraces “ A Tour
on the Prairies,” “ Abbotsford,” and “ Newstead Abbey.” The series will be completed
in thirteen volumes. The rapid sale of the nine volumes already published, affords
conclusive evidence of the high estimation in which the writings of our distinguished
countryman are held, and a due appreciation of the taste and liberality of the enter
prising bookseller, to whom we are indebted for the elegant style in which the volumes
are published. The trite remark, that “ no family library is complete without this
work,” applies with all its original force in the present case.
*7.— Religion Teaching by Example: or Scenes from Sacred History. By R ichard W .
D ickinson, D. D. 12 mo. pp. 456. New York: Robert Carter <fc Brothers.
The author o f this volume has brought together in a readable form, many of the
most interesting examples from the Bible, with the lessons which they teach, in a clear,
unostentatious, and often beautiful and eloquent style. In these narratives, the author
has embodied what he conceives to be the operative doctrines of the gospel, as well as
some of its most conclusive evidences. The author’s views are generally such as are
popularly considered evangelical, without the two frequent accompaniment of narrow
ness or bigoted denunciation. The volume appears in the usually correct and hand
some style of all the publications from the press of the Brothers Carter.
8.— The Spirit World. A Poem ; and Scenes from the L ife o f Christ. By J oseph
H. W ythes. Philadelphia: 1849.
The “ effusions ” contained in this little volume were written, as we are told by Mr
Wythes, in intervals of leisure spared from other pursuits. The object of the “ Spirit
World,” the leading poem, “ is to unite the discoveries of astronomical science with
consistent and scriptural ideas respecting the power, condition, and probable employ
ment of disembodied spirits, so as to illustrate the plan of Divine Providence among
men, and assist in forming a definite conception of a future state.” The poetry is read
able, which is saying more than we should feel prepared to say of many similar efforts,
and the theology will be acceptable to many pious-minded people.
The Boole Trade.
25 3
9. — The Domestic Practice o f Hydropathy. With Fifteen Engraved Illustrations of
Important Subjects, from Drawings by Dr. Howard Johnson. By E dwakd J ohn
son, M. D.
12mo., pp. 467. Hew York : John Wiley.
The water treatment is daily gaining accessions from the ranks of the alopathists,
and becoming more and more popular with the people. Whatever may be its efficacy
as a curative of diseases, of one thing we feel quite sure, and that is, persons with tol
erable constitutions, who live in the intelligent belief, and in the practice of its princi
ples, will seldom need a physician, for they will rarely be sick. The object of the
present volume is to bring the benefits, and they are neither few nor small, as much
as possible within the reach of the poor, and a large class of persons, to whom
the water treatment is a dead letter, on account of their inability to leave their busi
ness, by reason of the pressing claims of business. The title of the work sufficiently
discloses the general nature of its contents, which may be briefly particularized thus:
— It contains, first, a very minutely detailed description of the various hydropathic
processes, and directions as to the proper manner of preparing them ; with an enu
meration of the several kinds of baths in use— their comparative powers, their indi
vidual effects, their temperature, the manner and times of taking them ; observations
regarding diet generally, clothing, sleep and exercise, with necessary cautions upon
all these subjects. Secondly, it contains general observations on the hydropathic
treatment, its mode of action on the living system; with remarks on the nature of
general and local diseases. Thirdly, it contains a detailed description of the symp
toms by which each disease is recognized, with its appropriate treatment; and partic
ular directions as to diet, exercise, clothing, &e. It appears to us to be a valuable
treatise on the subject, and one that may be studied with advantage, by all who desire
to understand the character and principles of the Water Cure.
— The Seven Lamps o f Architecture. By J ohn R uskin, author o f “ Modern
Painters.” With illustrations, drawn and etched by the author. 12mo. pp. 186.
Hew Y ork : John Wiley.
The author of this work, we believe a graduate of Oxford, possesses a peculiar and
decided genius, disciplined by classical learning, and is already well known by his for
mer critical treatise upon “ Modern Painters.” His mind is imbued with a sublimated
love for the fine arts, and he has thoroughly studied the philosophy of the beautiful,
as exhibited in their development. In the present work, he has given us a philosoph
ical and critical essay upon architecture, presenting the subject in various relations and
dependencies, everywhere giving evidence of extraordinary power. The division of
the subject which he has made, with figurative titles, is original, but no less so than
the mode in which he has considered i t ; and indeed, it is impressed throughout with
the unerring indications of profound thought and the acquisitions of a scholar. It is,
besides, made more valuable, by numerous engravings, which tend to illustrate the
points which he has made in its composition.
10.
11. — The Pathfinder Railway Guide f o r the New England States. Ho. 1, July 1st to
July 15th, 1849. Boston; George K. Snow &. Co.
This is emphatically what it purports to be— a complete railway guide to all the
railroads of Hew England. It gives more full and accurate information in regard to
the several lines of railways in the Hew England States, than has ever before been
presented, in a condensed and available form, to the public. It is published under the
“ authority,” and with the aid of the Hew England Association of Railway Superin
tendents, as we learn from an official note signed by W. Raymond Lee, the accom
plished Engineer and Superintendent of the Providence and Boston Railroad, and the
President o f the Association. It furnishes complete time tables, giving the hours of
departure of every train from each station, with distances and fares, and such other
information as may be useful to the traveling public. The information, furnished, as
it is, by the Superintendents of the several roads, can be relied on for its entire accu
racy, and imparting to it a value far exceeding the trifling sum (three cents) demanded
as the price of the work. The first number contains a map of Boston.
12. — Pictorial Edition o f the Poetical Works o f Lord Byron. With Hotes by Lord
J effeev, T homas M oore, and others. Hew York and London: George Virtue.
W e have received parts four and five of this beautiful serial edition of the great
poet. The illustrations in the present numbers are equal to any that have preceded
them, and all, thus far, are in the highest style of line engraving.
254
The B ook Trade.
13. — The L ife o f Maximilien Robespierre, with Extracts from his unpublished Cor
respondence. By G. H. L ewis , author of the Biographical History of Philosophy.
12mo., pp. 328. Philadelphia: Carey & Hart.
The biography of this prominent actor in the French Revolution, under Louis X V I.,
which is here exhibited, presents all that could be collected regarding that individual,
from contemporaneous records. The historical works o f the day throwing light upon
his career, have been carefuHy examined, and his career from early youth, to his final
execution, is described as accurately as possible from the materials which had been
collected by the author. There is likewise much information here conveyed, respect
ing that epoch of the history of France ; and since all facts of such a nature are upon
permanent record, the present volume will be found valuable in contributing to the
knowledge which we possess of the period which it involves, and of a revolutionist
who figured most prominently at that time upon the stage.
14. — The Deer Stalkers; or, Circumstantial Evidence, a Tale o f the Southwestern
Counties. By F rank F orester, author of “ My Sporting Box,” “ Field Sports of
North America, &c., &c. Illustrated by the author. Philadelphia: Cary <fc Hart.
The present forms the twenty-eighth volume of “ Cary & Harts’ Library of Humorous
American Works.” Like “ My Shooting Box,” by the same author, a slight thread of
connected story is carried through a variety of incidents on the road, in the field, and
the forest; and like that, its gist is to be found briefly summed up in the first lines of
the tale itself, namely, “ that there is not only much practical, but much moral utility,
in the gentle scenes of wood-craft.”
15. — The Bothie; or, Toper-Na-Fuosich, a Long Vacation Pastoral. By H ugh
C lough. 18mo., pp. 205. Cambridge: John Bartlett.
W e may as well confess at once our inability to criticise the character, or describe
the contents o f this volume; and the author furnishes us with very little data from
which to gather his design. In a note, however, he “ warns” the reader “ to expect
every kind of irregularity in these modem hexameters— spondaic lines, so called, are
almost the rule; “ and a word,” he adds, “ will often require to be transposed by the
voice, from the end of one line to the beginning of the next.” W e trust the worthy
publisher will hereafter send us something that we can understand— something that is
tangible— something that we can speak of intelligibly.
16. — America and the Americans. By the late A chille M urat, citizen of the Uni
ted States, Honorary Colonel in the Belgian Army, and Ci-devant Prince Royal of
the Two Sicilies. Translated from the French. 12mo., pp. 260. New York: W il
liam H. Graham.
It appears to have been the design of Murat to present some of the principal facts
connected with our own country. It contains numerous statements and reflections re
garding its public institutions, arts and sciences, literature, the army and navy, politi
cal decisions, its laws, and the general condition of the people, which, if not always
accurate, at least evinces considerable labor and research in the collection and acqui
sition o f information of these various topics. The translation was made by Captain
Bradfield, an officer in the British army, and a gentleman of literary taste and ac
quirements. It is a scholarly, and, doubtless, a faithful translation of the original.
17. — The Philosophy o f the Beautiful. From the French of V ictor Cousin. Trans
lated, with Notes and an Introduction, by J esse Cato D aniel, Cheshunt College.
18mo., pp. 192. New Y ork: Daniel Bixby.
Victor Cousin, in common with most German and some French writers, considers
the Beautiful simple, immutable, absolute, that he who enters the domain of Beauty,
and says, “ This is Beautiful,” utters a judgment, not personal but universal, not the
prompting of prejudice, or custom, or education, the voice of Humanity: reason, the
revelation of God in man. In the present work, the author illustrates and establishes
this theory with the learning and philosophical acumen which so eminently distinguish
him. Mr. Bixby, the publisher, has produced the work in a fittingly beautiful style.
18. — The Village Doctor. A translation from the “ Medecia du Village,” of the
Countess D ’A rbouville. New Y ork : Daniel Bixby, 122 Fulton-street.
This is a small but very handsome pamphlet of some fifty pages, which contains
one of the most beautiful tales we have ever read. Thrilling and deeply affecting,
there is nothing in the narrative overstrained or unnatural. Its artistic simplicity
will commend it to all persons of a refined taste.
The B ook Trade.
255
19. — The American Angler £ Guide; or, Complete Fishers' Manual fo r the United
States. 12mo., pp. 332. New York: H. Long it Brother, and John J. Brown &
Co.’s Anglers’ Depot.
This, the third edition of a very popular manual, has been “ revised, corrected, and
unproved, with the addition of a second part, containing over one hundred pages of
useful and instructive information.” It embraces the opinions and practices of expe
rienced anglars in Europe and America, and gives the various modes adopted in ocean,
river, lake, and pond fishing, the usual tackle and baits required, instructions in the
art of making artificial flies, the methods o f making fish ponds, transportation of fish,
etc. Every page is handsomely illustrated with appropriate engravings, and in the
second part, added to the present edition, we notice some twenty engravings of the
principal angle fish of America. The engravings, on steel, stone, and wood, are by
accomplished artists, so that the work, aside from its value to the angler, will interest
the student of nature. “ Old Isaak Walton,” were he in the land of the living, would
no doubt be highly delighted with the book; and so, we presume, will be every ardent
disciple of that distinguished angler.
20. — Dante's Divine Comedy, The Inferno. Translated b y Dr. J ohn A. C arlyle .
12mo. New Y ork : Harper & Brothers.
When Dante adopted, as the subject of his immortal poem, the secrets of the invis
ible world, and the three kingdoms of the dead, he could not possibly have selected a
more popular theme. It has the advantage o f combining the most profound views of
religion, with those vivid recollections of patriotic glory and party contentions, which
were necessarily suggested by the re-appearance of the illustrious dead on this novel
theatre. Such, in a word, was the magnificence of its scheme, that it may justly be
considered as the most sublime conception of the human intellect. The publication of
this poem, especially when translated and edited by a scholar such as Carlyle, forms
an important event in the history of literature. It is one, however, more properly the
subject of an elaborate review, than a notice within the limited space o f a magazine.
The work forms a handsome volume, and contains a fine steel engraving of the author.
21. — Live in the Far West. By G eorge F rederic B uxton, author of “ Adventures
in Mexico and the Rocky Mountains,” etc. 12mo., pp. 235. New Y ork : Harper &
Brothers.
This work is from the pen of Lieutenant George Ruxton, of the British Army, who
recently deceased at the age o f twenty-eight, in St. Louis, upon the Mississippi. The
matter of which the volume is composed, was originally contributed in numbers to
Blackwood’s Magazine, where they attracted a considerable degree o f the public at
tention. It contains racy and graphic pictures of the habitudes which prevail in the new
and semi-barbarous regions to which it refers; and as the author possessed a natural
love of the hardy and adventurous vicissitudes of frontier life, the sketches are doubt
less drawn from his own experience. W e commend it to those who possess a taste
for this species of literature, as a volume containing spirited and interesting pictures
of the scenes which it describes.
22. — On Consumption, Coughs, Colds, Asthma, and other Diseases o f the Chest; their
Remedial and Avertive Treatment, addressed in Popular Language to Non-medical
Readers, with Copious Observations on the Diet and Regimen necessary f o r Invalids.
By R. J. Culverwell, M. D , author of “ Guide to Health,” “ How to be Happy.”
New York: J. S. Redfield.
This popular treatise, by a popular writer, on popular diseases, contains many valu
able suggestions; and, as eclectic in medicine, (with a strong bearing to Hydropathy,)
we are inclined to think favorably of it, as it appears to be well calculated to throw
some light on the subjects discussed, and is, withal, the production of an intelligent
practitioner.
23. — “ A Trap to Catch a Sunbeam.” Pp. 60. Boston and Cambridge: James Munroe <fc Co.
Here is a truly beautiful little tale, from the pen of an English lady. It has better
delineations of character, and more impulsive power, than many larger works, of es
tablished reputation. It is filled with a sweet, healthful spirit, and can scarcely be
read without feeling a sunbeam at the heart. It is elegantly printed, as is usual with
the Monroe press.
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Our M agazine.
24.— Woman in all Ages and Nations: a complete and Authentic History o f the Man
ners and Customs, Character and Condition o f the Female Sex, in Civilized and
Savage Countries, from the Earliest Ages to the Present Time. By T h o m a s L.
N ic h o l s .
12mo., pp. 237. New Y ork : H. Long & Brothers.
The present work, as its title imports, is devoted to a review of the history, condi
tion, manners, and habits of women in all ages and nations, from the earliest to the
present time. Female beauty, costume, education, courtship, marriage, the treatment
and condition, the character and conduct of women, each form the subject of one or
more chapters of the work. The author has evidently had access to all the sources of
information, and used them with discrimination and judgment; and, on the whole,
furnished a very interesting and instructive work.
OUR
MAGAZINE.
upon the generosity of our readers to pardon us for occupying a little
space with a matter more gratifying to the Editor and Proprietor of the Merchants’
Magazine, perhaps, than interesting to his subscribers, we venture to give an extract
from one of the many business letters, we are almost daily receiving from our patrons,
touching the appreciation of our labors, in a department of literature, that we humbly
conceive was unoccupied, until we entered it with an earnest purpose and a determined
will. Such testimonials are all the more acceptable, when, as in the present instance,
they come from an old subscriber, and furnish a practical illustration of the utility
o f our endeavors to impart information of importance to the large “ parish ” of per
sons for whose benefit it is not only our interest, but our duty, to labor.
The writer, a citizen of Tarboro, North Carolina, it will be seen, by the extract from
his letter, here subjoined, is an agriculturist, or planter, and is, moreover, engaged in
the practice o f the law.
P
r e s u m in g
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arboro,
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N. C., July 3d, 1849.
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“ I became a subscriber to the Merchants’ Magazine with the eighth or ninth vol
ume, having previously supplied myself with all the numbers. I have been a con
stant reader, and in my opinion it is the ablest and most useful publication of the sort
in. America. It is alike useful to the Statesman, the Professional Man, the Man of
Science, the Financier, the Merchant, Manufacturer, Agriculturalist, Shipper, Miner,
and Carrier; indeed, to all the great producing classes, and those subservient thereto,
the Magazine is invaluable. The Commercial Chronicle and Review alone will richly
compensate any one engaged in any of the active or business pursuits, for the cost of
subscription. Under its guidance as an agriculturist, I have more than once, in a sin
gle crop, realized, in a pecuniary view, vastly beyond the cost of the entire publica
tion. I have, in every instance, found the magazine correct in its commercial calcula
tions, unless varied by events which were necessarily unforeseen. As a member of
the legal profession, I have, in several instances, from the essays you have published
on the Law of Debtor and Creditor of some of the States, saved myself from trouble,
and my clients from expenses. In the course of practice, it is often necessary for
members of the profession of one State, to be informed of points of law of another
State, growing out of the relation of Debtor and Creditor; in such cases, they are
compelled to take counsel frequently in a distant State, and often by reason of the
necessary delay, at the imminent peril of a client’s interests. Originating from stat
utes and judicial decisions, these laws differ more or less in each of the several States,
and, though scattered through a vast number of volumes, are necessarily familiar to
every member of the profession, of the respective States in which they occur, and
might easily be embodied in short essays.
“ Impressed with the importance and utility of such essays, I have recently com
menced an essay on the law of Debtor and Creditor, as it exists in North Carolina,
which I will send you for publication, if you desire, some time in the ensuing fall or
winter. I would make tender of it at an earlier day, but for engagements which will
necessarily postpone its completion to that time.”
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@FedFRASER