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H U N T’S
MERCHANTS’ MAGAZINE.
E s t a b li s h e d J u l j r, IS 39>
BY FREEMAN HUNT, EDITOR AND PROPRIETOR.
VOLUME X X V .
AUGUST,
CONTENTS
OF
NO.
1851.
II.,
VOL.
NUMBER II.
XXV.
AR T I CL ES .
A rt.
page .
I. THE PROGRESSING EXPANSION. By E dmund D wigiit , Esq., o f New York............... 147
II. THE PHILOSOPHY OF JOINT STOCK BANKING. By A. B. J ohnson, Esq., President
of the Ontario Branch Bank, and Author o f a “ Treatise on Banking,” etc........................... 153
III. CALIFORNIA: PAST, PRESENT, AND FUTURE. By a Three Years’ Resident in
California......................................................................................................................................... 160
IV^TIIE STUDY OF POLITICAL ECONOMY. By a Farmer.................................................. 168
V . COMMERCIAL TRIBUNALS: WITH REFERENCE TO THE PROJECTED COURT
OF COMMERCE FOR THE CITY OF NEW YO RK........................................................... 174
f
VI. COMMERCIAL CITIES AND TOWNS OF THE UNITED STATES.—No. XX V .—A
COMMERCIAL SKETCH OF NEWPORT, RHODE ISLAND........................................... 181
JOURNAL OF MERCANT I L E LAW.
Edwards’ Chancery Reports—The Nature and Limits o f the Banking Business..............................
Post Nuptial Agreements and Conveyances...........................................................................................
Merchants and Manufacturers.................................................................................................................
An Act to exempt the Homestead o f Families from Attachment and Levy or Sale in New Hamp
shire........................................................................................................................................................
Fraudulent Assignment............................................................................................................................
Insurance Policy on Freight....................................................................................................................
Collision at Sea—Cause for Damage.—Freight and Charges on Merchandise.................................
The Usury Laws o f Wisconsin..........................................................................................................
193
194
194
197
199
209
201
202
COMMERCI AL CHRONI CLE AND R E V I E W:
E M B R A C IN G A F IN A N C IA L A N D C O M M E R C IA L R E V I E W O F T H E U N IT E D S T A T E S , E T C ., I L L U S T R A
T E D W I T H T A B L E S , E T C ., AS F O L L O W S :
Opening o f the Fall Trade—Changes in Customs and Modes o f Business—Deposits and Coinage
at Philadelphia and New Orleans Mints—Condition of the New York City Banks—Condition o f
Bank of Tennessee and Branches—Arrivals and Clearances at the Port o f New York for the
first quarter of 1851, showing the Character and Tonnage of the Vessels, the Ports from whence
they came, and their destination—Imports and Exports at New York for June, and for the two
duarters just ended, including a description o f the receipts of Dry Goods—Statement of the
receipts for Customs at all of the principal ports in the United States for twelve months, endl n i / iirif h tliU I.’ i
111 V
ET1
. . . . . . . f 7i
i.. t /\n.>
OH*7_QAQ
146
CONTENTS OF NO. II., VOL. XXV.
PAGE,
COMMERCI AL
STATISTICS.
Trade and Navigation of the United Kingdom in 1850 and 1851.........................................................
The Lumber Trade o f Michigan in 1851.................................. .............................................................
Consumption of {Spirits in Ireland from 1841 to 1850, inclusive .......................................................
Exports of Sugar Horn Havana and Mutauzas in 1847 to 1851............................................................
Statistics o f the Liverpool Docks............................................................................................................
The Corn Trade of Denrpark.—Trade and Commerce on our Western Waters.................................
The Cotton Trade in France....................................................................................................................
Import o f Wines and Spirits into Great Britain....................................................................................
COMMERCI AL
209
210
21L
211
212
213
214
REGULATI ONS.
Tariff of British Guiana from 1st July 1851 to 1st of July 1852 ...........................................................
Tariff of the Province of New Brunswick trom April 1st, 1851, to December 31st, 1854.................
Of Vessels from the British North American Provinces: A Treasury Circular................................
Of Allowance mad** for Deficiency in Imports: A Treasury Circular...........................................
Selling Goods by Sample in Philadelphia.—Commercial Treaty between G. Britain and Sardinia
NAUTI CAL
210
214
216
218
220
220
I NT EL L I GENCE.
Survey o f Graham’s Shoal........................................................................................................................ 221
Two New Light-houses on the Coast of Sweden................................................................................... 223
Navigation oi the Gulls o f Finland and Riga.—New Light-house at Cape St. Mary’ s, Algarve----- 223
JOURNAL
OF
BA NKI NG,
CURRENCY,
AN1)
F I NANCE.
Bartlett’s Commercial and Banking Tables..........................................................................................United States Treasury Statement for June, 1851.................................................................................
Value of the Real and* Personal Estate of New York, from 1830 to 1851..........................................
British Customs Returns..........................................................................................................................
New Banks in the State of New York, established since December, 1850.........................................
Debt and Finances of Cincinnati. Ohio..................................................................................................
Redemption o f Bills of New York Banks.— Brief Mention o f Life Insurance...................................
Condition o f the Banks of Maine in 184(5-48— 1850-51.........................................................................
Annual Report of the Bank of British North America........................................................................
Of the Public Debt and Public Works of Ohio.....................................................................................
An Act to organize a Banking Department in New York State.........................................................
An Act establishing a Board of Bank Commissioners in Massachusetts...........................................
California Coin...........................................................................................................................................
S T AT I S T I CS
OF POPULATI ON.
Population o f Maine by each Census to 1850.........................................................................................
Population o f New Hampshire by each Census to 1850.......................................................................
Population of Vermont by each Cei'sus lo 1850.— Population of Mass, by each Census* to 1850....
Population ol Rhode island by each census to 1850.—Population of Conn, by each Census to 1850
Census o f Ireland in 1841 and 1851........................................................................................................
RAI LROAD,
CANAL,
241
242
243
244
245
245
246
246
246
OF MINING AND MANUFACTURES.
The Gems o f the Crystal Palace : A letter to the Editor. By L. Feuchtwanger, Esq......................
On the Cost of Manufacturing Cotton Cloth...........................................................................................,
Sketch of the Manufacture o! Vitriol in Glasgow..........................................................................
The Mountain of Light Diamond............................................................................................................ ,
Improvement in the Manufacture of Starch.......................................................................................... .
Copper Mines o f Lake Superior...............................................................................................................
Slack’s Flax Cotton.—First Use of Coal in England as Fuel............................... ............................. .
Product o f the Coal Mines of Pennsylvania................................................. .......................................... ,
Silver Mines in California.— American Inventions in France.—Cement for Mending Vessels....... .
MERCANTI LE
THE
Notices o f 50 new Boobs, or new Editions
247
249
251
252
253
254
255
256
257
MI SCELLANI ES.
Credit, or the Recipe lhat Cures...............................................................................................................
Moral Responsibility o f Commercial Firms.— What is Debt?............................................................. .
Rivalry for the Indian Trade.—Sketch of a Boston Merchant—Robert G. Shaw............................. ,
The Chiffoniers, or Rag Merchants of Paris.—The First Artificial Dock in Liverpool..................... ,
A Word for Men-Milliners.- Native Politeness of Sailors.—The Religion o f Paying Debts........... .
Adulteration ot Coffee and Pepper.— European Demand for American Lam Oil............................
The Mayer and the Merchant.—Changes in the Marts of Commerce.................................................
Commercial Value o f Strawberries.—The Fate of a Liverpool Merchant..........................................,
Of the Cultivation o f Cotton in Liberia.—A Thought for those who live beyond their M eans....
237
237
238
2 '9
239
AND STEAMBOAT S TATI STI CS.
Progress of Railroads in South Carolina.................................................................................................
Progress of Railroads in Maine.—Steam on the Waters o f the Bosphorus........................................
Hudson R:ver Steamboats in 1813 and 1850.— Wrought Iron Beams for Steam Engines.................
Condensed History of Steam.—Origin of the, use of Steam in Propelling Boats...............................
Plank Road Law of New York.— Boston Raihoad Dividends.............................................................
An illustration of the Influence o f Railroads........................................................................................
Connecticut and Passutnpsic Rivers Railroad.— British Railway Capital and Loans........................
Steam Communication wilh the North of Europe.—Incrustation in Steam Boilers.........................
A Model Emigrant *hip..........................................................................................................................
JOURNAL
224
225
226
227
227
228
229
230
230
23 L
232
235
236
258
259
260
261
262
263
263
264
264
HOUR TRADE.
265-272
HUNT’ S
MERCHANTS’ MAGAZINE
AND
COMMERCIAL REVIEW.
AUGUST,
Art. I.— THE
1851.
PROGRESSI NG EXPANSI ON.
T h e gold o f California lias entered as a new and controlling element into
our systems o f Commerce and finance. It must become an influential power
in every great movement, and its various bearings will continue to be sub
jects of interesting and important investigation. The internal action o f the
country, feels its quickening energy at every point, while it is changing our
financial relations to other nations. Its first and obvious effects are, the
evolutions o f credits— the increased issues o f existing banks— and the rapid
creation o f new ones. For every million o f gold retained in the country, we
shall have an addition of from three to four millions o f paper. Then comes
a universal inflation o f prices, affecting first, stocks, city real estate, and all
the more susceptible forms o f value, and gradually reaching the land itself.
Concurrently with the rise in prices, there is a vast multiplication o f new
projects. Millions o f newly created stocks and bonds are crowded upon the
market, which seems suddenly to have acquired an unlimited capacity for
absorption. For the first time in a series o f years we buy much more than
we pay for. Our imports exceed our exports, in a single year, to the extent
o f $26,000,000.
All this tends to a revulsion. Certainly it must have a limit. A t what
point in this career have we now arrived ? W hat are our securities ? W h at
our dangers? and what are the precautions demanded? Our present rela
tive position may be seen by a glance at the tables which indicate the course
o f our, banking and commercial movements.
Going back seventeen years for a starting point, and noting the periods o f
highest expansion, and o f lowest contraction, in the intervening time, the
leading accounts o f the banks o f the Union exhibit the following aggregates:
1814 .
C a p ita l..........................
$200,005,944
Loans and discounts............... 324,119,499
Circulation.................................
94,839,570
1817 .
184 *.
18 ,51.
$290,772,091 $228,861,948 $227,469,074
525,115.702 254,544,937 412.607,658
149,185,890
58,503,608 155,012,911
148
The Progressing Expansion.
Taking the loans and discounts as the index o f the state o f credits, we
find them, in 1834, sufficiently large for the capital; but rising rapidly from
that period, till, in 1837, they reached the explosive point— 525 millions.
Then followed a long and distressful contraction, which, in 1843, had re
duced the bank loans to 254 millions, being less than one-half o f their amount
six years before. From this extreme point of depression, we may mark the
progress of the expansion now in course o f development. It began with the
most rigid caution, growing only with the absolute demands o f business,
until 1849. During this interval o f six years, the loans o f the banks had
increased only seventy-eight millions. But upon the discovery o f California,
there was a sudden acceleration o f the movement, and in two years the
loans ran up 80 millions, so that in January, 1851, they had again reached
so high as 412 millions. Since the opening o f 1851 the advance has been
still more rapid, and the limit o f 1837 is evidently not far oft'. The state
ment o f next January will probably show that the old maximum has been
nearly, if not fully attained.
Our Commerce exhibits a similar history. During the years o f currency
expansion, from 1833 to 1839, our imports exceeded our exports by the
enormous sum of 200 millions. In 1840, under the total destruction o f our
credit abroad, we were forced to pay for what we bought, and the current
changed, and in the ten years down to the close o f 1849, the aggregate
balances, in our favor, amounted to about 44 millions. Thus was going on
a healthful process o f liquidation, when the first receipts from the Land o f
Gold gave a new and powerful impulse to trade. In a single year our im
ports rose about 30 millions, while our exports remained nearly stationary.
The tables o f imports into New York, for 1851, show a ratio o f increase
which renders it probable that our imports, this year, will exceed 200
millions, and will be some 60 millions in excess o f the average ordinary
amount.
Thus it is manifest from the tabular records o f Banking and Commerce,
that a vast and rapid expansion is going on. The issue o f many millions o f
railway bonds, declares the same fact. A general feeling pervades the pub
lic mind that the elements are gathering for a storm at no distant day.
W hat, then, are our secureties now as compared with the last period of
overaction.
The present movement is not, like the former ones, purely factitious.
It has a real increase o f gold for its basis. W e have in the mines a re
source for supporting our credits, and for recovering from prostration, such
as we have never had before. Heretofore, the only process o f restoration
from overtrading was a painful and ruinous one. Ten millions exported to
settle our balances with foreign countries, would reduce the vdiole stock o f
coin in all the banks o f the Union, a full fourth. Wide-spread embarrass
ment would follow, and our only course o f recovery would be through a pe
riod o f economy, earning back the millions we had lost. Now our condition
is wholly changed. W ith California behind our bank vaults, we may send
abroad ten or twenty millions within a few weeks, and we shall soon re
place them from our own soil. W e have not, as formerly, to export our
cotton, and buy back the coin to avert universal suspension. W e have only
to check importations, and our own hills soon give forth the required supply,
and all is right again.
The capacity o f our gold region to provide for any accidental balances
against us, may be seen by a comparison o f our exports of gold with our
The Progressing Expansion.
149
whole trade. Thus, our average o f exports for the last ten years has been
about 140 millions. That o f imports has been about the same. The ag
gregate excess o f imports, in all that period, has been about 20 millions.
Now, with the capacity to produce and export from 50 to 75 millions o f
gold, we have gained a resource far above the demands o f any previous bal
ance against us. Bearing so large a proportion to the aggregate value o f
our whole exports, it may be relied on to meet the exigencies o f any year o f
overtrading that is not utterly wild and reckless.
Hitherto cotton has been our prime article o f export, our annual crop ex
ceeding in value any staple exported from any country, and forming about
one-third o f the whole values shipped from the United States. Hence a de
cline in the price of cotton has always been felt through all our commercial
and financial interests. Now we have a new product, o f which we shall soon
be able to send abroad an amount exceeding the whole value o f our cotton
exports. But a small proportion o f it is in any sense consumable at home.
It is independent o f the fluctuations o f prices, the prosperity o f manufactur
ers, and all those influences which affect the value o f our staples. It is most
valuable in times o f pressure, and will always cancel the same amount of in
debtedness, whatever may be the state of the markets.
W e have also a new source o f strength in the United States Treasury
system. This system was forced upon us by a disastrous experience.
Formerly the revenues of the Government were made- to the greatest possi
ble degree an element o f disturbance and derangement. Being always lar
gest in seasons o f overtrading, they were deposited in the banks to be loan
ed, thus further stimulating overaction, and giving the appearance o f greatest
abundance o f money, just at the moment o f greatest danger. Under the
existing system, this delusive influence is unknown. This same revenue now
works ever as a strong conservative principle, acting with the simplicity, yet
the wide reaching effects of a law o f nature. The accumulation o f a reserve
o f from 10 to 14 millions o f coin, always ready to reinforce the banks, is
only its most obvious benefit. It is in the mode and the times o f that ac
cumulation, that it manifests its salutary power. Like the governor in the
steam-engine, its presence is scarcely noticed under a safe and regular
m ovem ent; but the moment overaction begins, it not only indicates the
change, but by shutting off the steam, exerts an effective restriction until
the working rate is restored. Increasing accumulations first give the warn
ing. But that is not all. The coin paid for duties is drawn from the
banks, the very sources o f credit. This compels contraction on their part,
and a vigorous repression is thus established. I f this is not enough, and
overtrading goes on to a dangerous extent, and a drain o f specie sets in
from abroad, then the resources which have been gathered come forth to
sustain the banks, and avert a c tastrophe.
The sagacity that is forever calculating the loss o f interest on the money
in the Sub-Treasury, is that o f the merchant doing an extended business,
yet keeping an insignificant bank account. However great his actual capi
tal, he is liable at every moment to embarrassment, sacrifices, and even sus
pension, for want o f ready cash. It is the penny wise and pound foolish
policy. Such wisdom would display itself in economizing the strength o f a
steam-boiler, or the bracings o f a bridge. A n individual carrying on a
large business, must have a reserve fund always at command— so must a
nation.
Another favorable point o f comparison is afforded by the prompt and full
150
The Progressing Expansion.
productiveness o f a large portion o f the investments o f borrowed capital. In
the last period o f excessive credits, the State, corporate, and private loans
created, were wasted in unfinished enterprises, and in real estate, at ficti
tious valuations, or vanished in the reckless expenditures o f the time. That,
too, was a period o f high prices o f land and diminished production. The
present is just the reverse. Land is cheap, while production is beyond all
precedent. Then the agricultural States were importing wheat. Now the
multiplied channels o f trade are swollen with their produce.
The investments recently made in Kail ways and Steamships, enormous as
they have been, have begun at once to produce full interest on the outlay,
and they possess an intrinsic value fully equal to their cost. Besides earn
ing the interest on their bonds and stock, many of them are rapidly paying
back the principal itself from their excess o f earnings.
I But the value o f railways as a productive investment o f capital, is as noth
ing, compared with their indirect creation o f wealth. In a new country, the
results are beyond calculation. The question whether land is worth £50, or
$20, or §1, or nothing, per acre, is simply a question o f transportation. The
lands o f Illinois are as rich as the lands o f New York.
A n acre o f land in the State o f New York is worth $40, because the
freight to market leaves the farmer a nett profit o f say forty cents per
bushel, and other products in proportion. But an acre o f land in Illinois is
worth only $5, because the cost o f transit leaves the producer, say five cents
per bushel. Thus assuming, for illustration, that the cost o f production is
sixty cents; in either case— the New York farmer sells for $1, and realizes
forty cents profit. The Illinois fainter sells for sixty-five cents, and realizes
one-eighth the profit o f the other. N ow reduce the transit from Illinois,
say twenty cents per bushel, and the nett profit is quadrupled, and the value
o f the land is enhanced in the same ratio. Illinois, which was worth $5 per
acre, now becomes worth $16, and it approaches the value o f New York,
just as the transportation is reduced.
A railway traversing the level regions o f the w'est, costs say, $12,000 per
mile. I f a breadth o f ten miles on either side was worth $5, and rises to
$20 per acre, as it probably will in a few years, the value thus created is
equal to fifteen times the cost o f the road. Such an enhancement is only
the natural result o f a railway, in a new country, for at the same time that
it multiplies the per cent profit on all the products o f the land, it augments
the amount to a degree only limited by the capacity o f the soil. A new
country is enriched by railways far more than an old one. Thus, in Eng
land, land had already reached nearly its maximum value before her costly
system o f railways was constructed. The Western States, on the contrary,
rested like unworked mines, awaiting the development o f their boundless
resources.
Never was there a period in history when “ A Currency Extension A ct o f
Nature,” could so rapidly add to the actual and permanent wealth o f the
world. Never could large masses o f money be applied with such amazing
results to the promotion o f the welfare o f men.
Railways and steamships were invented, and the world wanted means to
build them. A t this juncture, Providence beneficently unlocked his richest
treasure-house, and bade men to take and use. A nd now a new race o f
swift and mighty vessels are seen coursing every ocean. The barrier, which
from the beginning, had divided two hemispheres, is overcome. The an
tipodes become our neighbors. A t home, the frame-works o f new States
The Progressing Expansion.
151
are seen stretching over the wilderness. Land and men, the raw material
o f States, are brought together. Highways, the distinguishing features o f
an old and wealthy country, are there, ill a perfection to which, until re
cently, the oldest and wealthiest had never attained.
The acres but just>
appropriated from Nature’s wide domain, now make the riches o f tens of
•thousands of thriving farmers. The annual produce o f the prairies, which
before was given.to the flames, now rolls away to bring back a large return
from the marts o f Commerce. Pecuniary revulsions may come, but the
wealth o f new States, thus created, will never be cancelled. It is so much
added to the available possessions of mankind, and the vital forces within
will go on to increase its amount though the originating cause may be
withdrawn.
Contemplating such results o f railways, we are assured that the three
hundred millions expended upon them in the United States, has not been
lost, and that the gold o f the mines has come to us, not as it came to Spain
and Portugal, to sow the seeds of national decay, but to aid the accom
plishment o f some of the grandest achievements of human enterprise.
W e may here allude to the healthful influence of the new modes o f com
munication on land and water, in quickening the activity o f Commerce, in
the rapid conveyance o f intelligence, in preventing the accumulations o f
stocks, in the more even course of production and distribution, and in the
frequency with which our paper currency passes round the circle o f circula
tion, constantly returning for redemption, and thus resisting the tendency to
inflation.
Another point in our survey o f the brighter side o f our financial condi
tion, is the improvement o f our Banking System. The plan adopted in
several States o f requiring all bank issues to be registered, and secured by
public stocks, gives to our currency an* ultimate and certain value, which
cannot be lost so long as the Slates themselves are solvent, and we trust the
day of repudiation has gone forever.
But, with all this accumulation o f resources and securities, is the country
safe ? W e believe not. These may put far off the period o f trial— they
may mitigate its power to cast us down, and they may enable us to rise
again from disaster, as from the ruins o f our half-burned cities, with new
strength and vigor. Still we are not safe. W herever there is no limit to
the creation o f paper-money, but explosion, that limit is sure at some time
to be attained, and that result will recur again and again, as often as men
have time to forget their troubles, and as long as the temptation to a re
newal o f their experience remains. This is our great and almost our only
point o f danger— but it is strong enough to overcome all safeguards. This
has been the experience o f England. The history of the Bank o f England,
for two centuries, has been a history o f panics, with intervals of recovery and
repose ; and her course suggests the only true and effectual remedy. This
consists in fixing an absolute limit to the aggregate amount o f currency
which may be issued upon the pledge of stocks. The amount o f currency,
so secured, might be fixed at a certain ratio to the whole population o f each
State, and should be no more than will be required for the ordinary de
mands o f the business community.
Bej'ond such amount, the banks
should be required always to hold specie equal to their issues. Such a sys
tem, while it would give reasonable freedom to the currency, would render
an inflation impossible. Adopted in 1814, by the Bank o f England, it has
already carried her steadily through a famine, which, under the old plan,
152
The Progressing Expansion.
would have been sure to bring on a revulsion. It will not be adopted here
yet, but may be after more experience.
Meantime our new relations call for deliberate examination on the part o f
the managers o f our banks. New York has become the center o f a large
and constant specie movement, compared with which, the average stock of
coin in her banks seems almost insignificant. W e have an average stock o f
from nine to twelve millions in all our city banks, while in the single month
o f June, our exports were more than six millions. Onr banks are thus liv
ing on less than a two months supply. A n unexpected cessation, or short
fall of receipts from California, with a continued shipment of coin, would, at
this rate, completely drain the banks in a few weeks. The movement
might, and, doubtless, w'ould be arrested, but this could not be done in a
day, and the severe contraction demanded might, from great apparent pros
perity, suddenly bring on a financial crisis. Ought the banks of New York
thus to repose on the anticipated permanence o f a passing current ? Ought
the interests o f the Metropolis, and o f the Union, to depend on a support so
narrow and precarious ? Looking at our specie basis, we are everywhere
utterly weak. The banks o f the whole country held, on the first o f January
last, only 48 millions of coin, with a circulation o f 155 millions, and loans
and discounts amounting to 412 millions. New England floats a circula
tion o f more than thirty-two millions, on the slender support o f less than five
millions o f specie. This, with characteristic thrift, is getting a currency
“ dog cheap.” Ohio and the Southern States are inflated to nearly the same
extent. New Orleans, alone, is impregnable, having had, on the 31st of
May, an amount o f specie exceeding her whole circulation.
The Bank of England carries an amount varying from sixty to seventyfive millions. The Bank o f France had, at the last report, over 125 mil
lions. Compared with such sums^tlxe stock in our New York banks looks
small enough.
The truth is, with the great opportunities o f our country for enterprise,
and with as yet limited accumulations o f capital, there is too great an effort
to attain the largest results with the smallest outlay. W h at England does
in pounds sterling, we do in dollars. W e g o for speed more than strength.
The defects o f our banks and o f our steam-engines, are the same— a defi
ciency o f m etal; and the consequences are the same— explosions.
Now, the banks o f New Yopk hold the same relation to the whole Union
that the Banks o f England and France maintain as the financial centers o f
their respective countries. Many o f the banks o f the interior, repose, in a
great degree, upon their New York deposits.
These are denominated
“ specie funds.” Being so regarded, but a small comparative amount of coin
is kept in their own vaults. In case then of a pressure, New York must de
pend on her own resources to meet a double demand, from abroad and from
the interior.
In view o f these facts, ought not a far larger amount, say 20 millions, to
be adopted as the average supply o f the New York city banks. This would,
perha[ s, curtail profits, but it would be in part compensated by better rates
o f interest, and by fewer o f those losses, which fall first upon our merchants
and manufacturers, but are sure to reach the banks at last, in periods o f re
vulsion. A t all events, any possible diminution o f profits would be as noth
ing compared with the uniformity, security, and strength thus imparted to
the financial interests o f the whole country.
The Philosophy o f Joint Stock Banking.
153
Art. II.— THE PIIILOS0PIIY OF JOINT STOCK BANKING*
I n England hanking was conferred in 1708, as a monopoly, upon “ The
Governor and Company o f the Bank o f England,” but individuals, and part
nerships o f not more than six members, were permitted to act as bankers.
The restriction on the number o f partners was removed in 1826, (after a
persistance therein o f one hundred and eighteen years,) except that it was
still retained in London, and in a circuit o f country extending sixty-five
miles around the city ; and except further, that the enlarged partnerships
were prohibited from issuing bank-notes payable in London, or from drawing
bills thereon for a smaller sum than £5 0. Still, for this small relaxation of
its monopoly, the Bank o f England was compensated by a permission to
establish branches in any part of England ; and it accordingly soon opened
branch banks in every principal town, “ much to the dissatisfaction and an
noyance o f country bankers, who could not compete with the branches in
lowness o f discount, or other facilities that the branches were able to give.”
In 1833 the Bank o f England’s monopoly was further relaxed by a re
moval o f the restriction which had prevented country banks from issuing
notes payable in Londi n, and from issuing drafts thereon for less sums than
£ 5 0 ; and we infer that the restriction was removed which had prevented
the establishment in and around London, o f banking partnerships composed
o f more than six members, for Mr. Bell says, “ the first Joint Stock Bank
established in London was in 1834.” In other parts of England, joint
stock banking commenced in 1826, and Mr. Bell’s banking career com
menced about simultaneously, for his book was published in 1840, and he
says it is “ the result o f fourteen years’ personal experience o f Joint Stock
Banking, in the successive offices o f cashier, accountant, branch-manager and
sub-manager.”
The gradations thus classified seem like retrogressions rather than pro
motions, for in our banks the cashier* is usually the highest executive offi
cer, while an accountant is inferior in grade to several persons; but Mr.
Bell’s gradations were, doubtless, upwards, and we thence infer that he be
longs to the class o f distinguished persons whom we in America estimate
fondly as self-made men, in contradistinction to men who attain honorable
stations by favorable parentage, wealth, or other accidental advantages.
W ith us, a self made man holds the relation to a hereditary man, that a
good seedling fruit-tree holds to a grafted tree. W hile the grafted tree is
yet a sapling, we know the flavor, size, and other qualities which will per
tain to its fruit; but the seedling may produce fruit that will surpass every
known variety. So a man reared amid affluence, and graduated at some
good University', is a graft, o f whom, while yet a youth, we may predicate
what dogmas he will know at manhood, and what thoughts and aspirations
will be exhibited by him ; but a man who collects information casually, who
originates his own thoughts, makes his own expedients, and develops his
ethics from his own experience and reflections, is a seedling who may excel
in all desirable characteristics. Our Franklin was a seedling, our Fulton,
and our best statesmen, soldiers, merchants, mechanics and inveutors, are,
* The Philosophy of Joint-Stock Banking, by G. M. Bell. 18mo., pp. 105. London. For a por*
trait and sketch of the life o f Mr. Bell, see Vol. xxii., No. iv., o f this Magazine.
t An English cashier seeh-s to be the functionary whom we call teller—the person who pays checks
and counts deposits.
154
The Philosophy o f Joint Stock Banking.
to a great extent, seedlings— excepting always our literati, who, as a class,
are all grafts from English stocks, to some one o f which every poet, essay
ist, novelist and historian can as easily be traced, as you can trace a golden
pippin-
Mr. Bell’s Philosophy o f Joint Stock Banking is divided into chapters
which, at successive periods o f leisure, were originally published separately
as leading articles in one o f the London journals, and in the year 1840,
were collected by the author and published in their present form. Bank
ing literature was commenced earlier in England than in our country, where
we have but recently begun to know that any such branch o f literature ex
ists ; hence the present book, which otherwise might be deemed old, is
substantially new. Nothing is more encouraging to speculative investiga
tion than the expansibility •which every subject seems capable o f attaining.
Astionomy and geometry are but fair examples o f the vast volumes which
can be intellectually elaborated from the most simple premises ; for nothing
is more simple than the glimpses we can attain o f the sun, moon and stars,
that are the foundation o f astronomy, or the curves and angles that are the
foundation o f geometry. Thought on any subject reproduces thought,
hence a compound progression attends all our intellectual labors, and rend
ers the exhaustion o f any study impossible. Banking literature promises to
constitute no exception to the general principle. Its cultivation in our
country we owe primarily to the Magazine whose pages we are employing,
and which, with a kindred publication in Boston, is benefitting American
bankers by enabling them to learn speculatively the business processes that
were formerly known only practically. Had a man to select whether his
knowledge o f any business should be exclusively practical, or exclusively
speculative, he might well select practical knowledge, as more available for
his maintenance; but a man’s business practices are improved by ponder
ing on them speculatively; and the means which exist for thus pondering
may be classed among the improvements o f our remarkable era. Nearly
every industrial pursuit is become the subject o f speculative investigation in
some periodical publication which is devoted to the given subject, and we
find published in the city o f New York, “ The Turners’ Companion,” “ The
American Agriculturist,” “ American Artisan,” “ American Architect,”
“ The Tailors’ Eclectic Repository,” and kindred magazines and journals on
numerous other handicrafts. Franklin’s old proverb, “ he who by .the plow
would thrive, must either hold the plow or drive,” is superceded by the pre
cept, “ he who by the plow would thrive, must toil in thought as well as
drive.”
But while we would urge men o f every occupation to work intellectually,
we would caution them against the common error o f itinerant lecturers, who,
in recommending intellectual culture to mechanics and merchants’ clerks, es
timate nothing as intellectual but literature. Literature is employed in
academies and colleges as means for developing the intellect o f youth, hence
probably proceeds the vulgar error that nothing is intellectual but literature.
W ithou t the application o f his intellect, no man can become a good tailor,
blacksmith, banker or merchant, but he may become eminently intellectual
in either o f these employments with almost no literature. Indeed, the great
difference which is discoverable in artisans o f the same craft proceeds from
the different degrees in which they apply their intellects to their several pur
suits. Practice will make perfect, as the proverb asserts, but practice must
be directed by the intellect, or the perfection which the proverb promises
The Philosophy o f Joint Stock Banking.
155
■will apply only to facility o f execution, not to excellence o f quality. In
every city, the work o f some one shoemaker is superior to the work o f all
competitors. The like may be said of halters, tailors, ship builders. Selflove whispers to the indolent that such differences among men are organic;
but in all organic physical differences, as the height o f men, their muscular
strength, &c., the differences are trivial. W e shall, therefore, accord best
with the analogies o f nature when we attribute to different degrees o f intel
lectual application, rather than to organization, the differences which we dis
cover in men’s business productions. John Jacob Astor owed his great
success in life to great intellectual efforts in all matters pertaining to his
several employments, but he was so illiterate as to misspell very common
monosyllables. Men of muscular toil are often informed of the literary at
tainments of some “ learned blacksmith,” and are urged to acquire similar
accomplishments; but a literary blacksmith is as little likely to become a
good blacksmith, as the literary pig, exhibited formerly in London, was
likely to become good pork.
But Mr. Bell says, that a bank manager may, without disadvantage, “ be
a man o f great erudition, and o f literary and scientific eminence.” Mr. Bell
knows, being himself distinguished in these attainments, yet we will venture
to assert that ordinarily a man will be none the worse banker, perhaps some
the better, for confining his intellectual studies to his business. The best
writers on law, medicine and surgery, have always been skillful practitioners
in their respective professions, while persons who busy themselves in a lit
erature disconnected from their active business, are rarely very prosperous in
their business. English banking is not without its example, for the banker
who attained celebrity in Italian literature, was unsuccessful as a practical
banker.
Mr. Bell’s book proves, however, that his devotion to general literature
has not interfered with his banking usefulness; for though his main design,
which he has ably accomplished, is to explain the business of banking to
uninitiated readers, his book is full of detail that must be instructive to the
most practiced banker. The general principle he has evolved, is, doubtless,
true everywhere, that “ the entire security and whole system o f banking
rests upon management.” Nearly7 every other business requires only the ap
plication to it o f some definite means to obtain some fixed end, while bank
ing must constantly7 contend against every new artifice by which ingenuity
may hope to illude vigilance ; consequently, nothing is sufficient for the se
curity o f a banker, but a vigilance as comprehensive and versatile as the pos
sibility o f attack.
To American readers, with their present enlightenment on the subject,
Mr. Bell’s book is principally valuable for the insight which it yields into
the social customs and business operations o f England, and their contrast
with ours. A man, for instance, who controls a bank, is, with us, an auto
crat towards whom the community in w'hieh he is situated are wont to
evince the gratitude which flows “ from the expectation o f future benefits.”
Even his directors are often as dependent for perpetuity o f station on his
carefully accumulated proxies, as he is on their voices; with one advantage
on his side, that while they must act aggregately before they can displaee
him, he acts on them segregately, as they severally become applicants to
the bank for loans, or need his proxies to continue them in office; hence
when the book deprecates for the bank manager, that he shall be treated
“ with the respect and friendship o f the directors, by whom he should be
150
The Philosophy o f Joint Stock Banking.
considered in every respect, (as far as regards the bank,) at least upon an
equally elevated footing with themselves, we involuntarily smile as we pic
ture to ourselves the Magnus Apollo o f some one o f our Wall-street two
million banks, deprecating the respect of his board ; or more ludicrously
still, we think of President Biddle, as he once arrived in New York from
Philadelphia, laden with bank post-notes, and made a kind o f triumphal
progress through Wall-street, like “ Caesar with a Senate at his heels.”
But the bank- manager in England possesses an advantage over us, when
he turns from his board to a portion o f his dealers, as we find by the fol
lowing : “ How often has the fear o f being seen by the watchful and re
proving eye of his banker, deterred the young tradesman from joining the
company o f riotous and extravagant friends ? H ow often has it kept him
from the tavern, the club-room, and places o f public amusement and dissi
pation ? W h at has been his anxiety to stand well in the estimation o f his
banker ? Hits it not been a subject o f concern with him to be found regu
lar in attendance on his business, keeping intercourse only with persons of
respectability and good conduct ? Has not the frown o f his banker been o f
more influence with him than the jeers and discouragement o f his friends?
Has he not trembled to be supposed guilty o f deceit, or the slighte-t mis
statement, lest it should give rise to su-picion, and his accommodation be,
in consequence, restricted or discontinued ? Has not the prudent advice and
admonition of his banker opened his eyes to the reckless and ruinous course
which he may have been unwittingly pursuing? And has not that friendly
advice been o f more value to him in a temporal and moral point o f view
than that o f his relations— or, very possibly, of his priest?”
W e believe, also, nothing like the following is true o f our bankers:—
“ It is an unquestionable fact, that a large proportion o f the customers o f
every bank are more or less under obligation to the bank for temporary or per
manent advances, and, as a matter o f course, it is their individual inclination and
interest by all possible means to stand well in the estimation o f their banker.
T o do any thing contrary to what may be supposed the wishes o f that function
ary, would accordingly be very far distant from the mind o f any man who had
an overdrawn account, or who inquired occasional accommodation upon a bill.
The banker, fully aware o f this mighty influence which he necessarily enjoys
over his customer, has not unfrequently exercised it for political, as well as
other purposes; and were scrutinies to be made o f the result o f election con
tests, it would be found that in many districts the successful candidate owed no
small part o f his majority to the interest and influence o f the banks, though it
might sometimes happen, on the other hand, that the minority was swelled by
the like rival interest.”
In the State o f New York every bank must transact its business at its
own counter, with only one ancient accidental exception in favor o f the
Ontario Bank o f Canandaigua, which possesses, till the year 1856, the
power to maintain a branch bank at Utica. In England, however, and
W ales, four hundred and forty five branch banks were, in the year 1839,
owned by one hundred and three joint stock banks, and so entirely reason
able is the power there deemed, that Mr. Bell saj's, “ as well might the Le
gislature enact that a merchant should confine himself to one place o f busi
ness, or that a ship owner should trade only to one port,” as prevent a bank
from establishing branches. But all men seem not o f the same opinion,
even in England, for when evidence on the subject was taken before a com
mittee o f Parliament, we find, “ one banker is entirely opposed to branches,
The Philosophy o f Joint Stock Banking.
157
another considers that they ought to he within the distance o f an easy day’s
ride, to and from the parent bank ; a third is inclined to think the distance
should be limited to one, or at most two counties ; while a fourth asserts
that no difficulty exists in managing branches at a distance o f two hundred
miles, and upwards, from the head office.”
The power to create branch banks, at will, has occasioned the following
discrimination in the names by which English banks designate themselves :
“ Many o f the Joint Stock Banks are distinguised by the name o f District
Banks, as the Manchester and Liverpool District Bank, the Yorkshire District
Bank. These names indicate that those banks have been formed for the purpose
o f supplying the advantages o f a good system o f banking to the Manchester,
and Liverpool, and Yorkshire districts, respectively; and that offices or branch
banks are opened in subordination to the head bank, in different towns through
out those districts o f country. Other banks are distinguished by the name of
Provincial, as the National Provincial Bank o f England, and the Provincial Bank
o f Ireland, indicating that those establishments are severally for the purpose o f
diffusing a well organized system o f banking throughout the provinces o f Eng
land and Ireland. Other establishments, again, are designated by the different
quarters o f the kingdom in which they are located, as the East o f England Bank,
the North o f England Joint Stock Bank, implying that their operations are lim
ited to those qua-iters.”
A Joint Stock Bank, in England, seems to be only a species o f private
partnership, rather than an incorporation of many natural persons into one
artificial person, as a batik is with us. The company is formed on “ a deed
o f settlement which prescribes the duties devolved upon the directors, and
invests them with the power and privileges necessary to the full discharge
o f those duties.” The organization is completed by the procurement of a
“ license named by act o f Parliament,” but the object o f the license seems
merely fiscal, enabling the bank to compound for issuing bank-notes with
out stamps, and subserving some other purposes connected with the reve
nues o f government.
The essential difference between such a bank and ours, consists in the
limited liability o f our bank stockholders, while in theirs, “ the Joint Stock
Banks being, with a few exceptions in Scotland, unchartered companies, and
there being no restriction as to the liability o f the shareholders, each share
holder is liable to the public creditor to the last farthing o f his property.”
W e commend the following to a numerous class of persons who seem to
think that banking is the distribution of favors to needy friends or necessi
tous merit, and hence feel aggrieved when they are not supplied with loans,
irrespective wholly o f the banking merits o f their applications :—
“ A banker is one who deals in money. This money is his merchandise,
which t;is duty and interest require him to buy and sell to the best advantage.”
“ A merchant engaged in trade, procures his stock at as low a price as possible,
and sells again at the best price he can persuade the public to give him, the dif
ference being his profit, or loss, as the case may be. A banker acts on the
same principle. He lends out iiis capital on the highest terms he can get.”
The following description o f a bank director is, we trust, drawn from
life
“■A bank director should be a man o f strict integrity and uprightness. This
is a quality perfectly indispensable to the welfare o f the bank. lie must be
above all trafficking in the stock o f the company, or taking any undue advantage
over the other shareholders, through his intimate knowledge o f the state o f their
158
The Philosophy o f Joint Stock Banking.
affairs, as regards the bank. He must never, for a moment, forget that while
he is a partner- in the concern, and as an honest man, is bound to conduct it in
as faithful and diligent a manner as he would his own private affairs, that lie is
at the same time appointed to a solemn trust, in having the interests o f numer
ous others, equally interested with himself, under his management and control.
In fact, unless the director o f a bank is a man o f strict integrity, he is placed in
a position calculated to be productive o f great mischief. He is invested with
power to ruin the fortunes o f others, and to inflict much commercial evil upon
the community. Where there is a want o f integrity, there is a want o f prin
ciple, and the bank must necessarily be mismanaged.”
"We fear, however, that English human nature is not much better than
American, for Mr. Bell thinks—
“ It would be a most wholesome regulation, were it stipulated in all deeds o f
settlement, that no bank director should be privileged to overdraw his account.
The great facilities which directors enjoyed o f raising money from overdrawing
their bank accounts, have, in some instances, resulted in extensive commercial
disasters, and in the total wreck o f large establishments. The temptation to
speculations of all descriptions which such facilities hold out, necessarily in
creases the risk o f the bank, and induces a less rigid inspection o f the accommo
dation afforded to other customers. Where those who are entrusted with the
management o f the bank forget the extent and importance o f the trust reposed
in them, and begin to enter into unwarrantable speculations with the funds com
mitted to their care, it is not supposable that they will be particularly scrupu
lous as to the general management o f the affairs o f others.”
Mr. Bell's book abounds with excellent observations, and we have quo
ted only from portions o f it that we think least known to our readers. W ith
the same design we will close our too brief review o f so valuable a book, by
some extracts from his chapter on re-discounts; for though the practice is
not resorted to by our country banks as extensively as it seems to be by
English banks, yet re-discounts are practiced, and we do not remember to
have ever before seen the subject discussed on its banking merits
“ A bank whose capital is either not commensurate with its business, or im
prudently invested, becomes dependent, in a large measure, upon re-discounts.
The fieiiities which exist for this, are chiefly confined to London bill brokers.
Few banks have any arrangements with those houses for permanent or stated
advances, nor might such engagements be at all times convenient for either
party. Banks, therefore, which are in the position alluded to, are often put to
incredible inconvenience from the caprice arid disobliging manner o f bill brokers.
The remedy for this is obviously for a bank to confine its operations within the
prudent limits o f its own capital. T o conduct a large business with a small
capital, and depend on the London market, or even its own credit with other
establishments, for the re-discount o f bills, is a very unsound and unsafe system,
and altogether an error in banking. The bank that is under the necessity o f
constantly re-discounting its London paper, however large may be the profits it
is enabled to divide among its shareholders, is evidently laboring with too small
a capital. In fact, wherever large dividends are declared there can be no doubt
the bank is working on too small a capital. The official returns made by Joint
Stock Banks show that numerous establishments in the manufacturing and
mining districts possess very inadequate capital, and the same fact is revealed by
the large quantity o f paper bearing the indorsement o f these banks kept con
stantly afloat in the money market.
It is perfectly practicable for a bank to confine its operations within its own
available capital so as to avoid recourse to the discount market, and it is at all
times desirable that this should be practiced, though it is not at all times con
venient, nor in all cases profitable. But no bank, whose chief business is that of
The Philosophy o f Joint Stock Banking.
159
discounting bills, being at the same time a bank o f issue, can be considered se
cure with a small capital. The very process o f re-discounting, which is the
great source o f its profits, multiplies its obligations with such amazing rapidity,
that the liabilities o f many small banks in this way would be incredible, were
the fact and the process by which it is accomplished less familiar to the commu
nity. It is not a sufficient argument against this statement that if a bank is to
hold these re-discounted bills as liabilities, they are entitled to take credit for
them as assets. As a matter o f accounting this is doubtless correct; but as af
fecting the stability o f the bank, the matter must be contemplated in a different
light. The risk which the bank runs is multiplied in proportion to the amount
o f bills re-discounted. A bank with a capital o f £40,00.0, having bills running
to the amount o f £300,000, would have its whole capital swept away by a loss
bearing no reasonable proportion to the amount o f its discounts. Now it cannot
be doubted that this statement represents the condition o f numerous banks in
the manufacturing and mining districts. This system is evidently unsound, and
such establishments cannot be too strongly urged to call up more capital.
These observations are not intended to discountenance or throw discredit upon
the system o f re-discounting. Many banks are known to look upon it with appre
hension as being a system fraught with danger. It is well for them if they are
so circumstanced as to realize a reasonable profit without this adventitious aid.
The absurd and dangerous extent to which it is in some cases practiced, is what
is here objected to.”
W e cannot close, however, without saying, that how hazardous so ever
the reliance for re-discounts may be in England, the reliance is still more
hazardous with us. Some years since one o f the large banks o f New York
was prosecuted for damages in refusing to discount for a country bank ac
cording to a written arrangement which it had previously entered into. W e
know, also, a country banker who had made, without charge, large inland
collections during two years for a New York bank, but on the condition
that the country banker should obtain, when he desired, discounts to the ex
tent of $20,000; still, wh n re-discounts were demanded, a pressure existed,
which induced the New Y ork bank to repudiate its agreement. These ex
amples are quoted, not to impute any delinquency to the banks o f New
York, but to exhibit specimens o f the condition to which business is occa
sionally liable in New York, (our best money market,) and the consequent
hazard to country banks o f relying for funds on re-discounts, even when for
tified by explicit assurances. The full stomach loathes not the honey comb
more proverbially, than a strugg'ing city bank loathes a needy country cor
respondent, who is urging his stale claims for discounts, and thereby at
tempting to add new burthens to a load which is already too great to be
borne by the city bank without the most painful apprehension.
ICO
California: Past, Present, and Future.
Art. III.— CALIFORNIA: PAST, PRESENT, AND FUTURE.*
A SKETCH---- A RETROSPECT.
“ No,” exclaimed the Missionary Fathers, “ we must not let this be known—we must conceal it
from the world—this discovery of gold will work the ruin of our neophytes—it is the root of all evil
—it will consume our race—it will prostrate the faith and disturb the world. Throw it away, children
—touch it not, it is from the devil, and cursed of Grid.”
_ “ Away, in limes gone by,” said an Indian Chief to the Spaniards. “ the great valley o f the Tehama,
the smoky and sun-baked plains of the Talares, the wide-extended inner bay, and the fertile valleys
to the North and South, termed one immense mountain-girted sea. Suddenly, as if with the thousand
noises and thunders ol the white man’s guns, amidst lightnings, eruptions, and horrid tremblings, a
cleft was riven in the ocean-bound rocks, and the deluge o f waters, rushing out with the sound o f
mighty cataracts, left dry the great prairies—striped them with the two shining rivers, and formed
this expanded lake at our feet.
“ The Great Spirit then descended and blessed the Indians—he sprinkled the valleys wilh flowers
and grass—planted the acorns to make us bread—gave us the salmon, the elk, the deer, the bear, and
the millions of geese for meat.” — Traditions of the Jhicient California Settlers.
The Truth is got at by bites in California. After all, if it lays some low, it raises others. Many fall,
more rise, and disappointment is soon got over. It is the poor man’s country, and a great one, too,
and for six months he can do without a house. W ell, here it is, and here we are ; we’ll try our luck
again, any how, and, neck or nothing, we’ ll make a “ raise ” —perhaps strike a “ streak of luck,” make
our “ pile,” off home, or buy a Rauch.— Common Talk in California.
T h r e e years ago California contained about two thousand people speak
ing English, twelve thousand speaking Spanish, and numerous petty tribes
o f wandering Indians. She had a few small towns and settlements ; her
Commerce was insignificant; her boundaries and territories cursorily explored,
or almost unknown; the base o f her population nomadic, ignorant, indolent
and unsettled ; her occupation the pastoral life ; her choice lands and points
o f approach covered by titles which had been completed in such a manner
as to be a perpetual bone o f strife and litigation to her future population.
A newly-conquered country; her coast unknown ; her harbors unfrequented ;
her merchants petty shopkeepers ; her markets the most distant in the world
from supplies; laws few and but little understood; no exportable products
but a few bides and ta llow ; and, to crown all, a year’s distance from her
governing power— a power whose experience and policy had been entirely
pacific and commercial until within a very brief p eriod; and who had just
at this time discharged fifty thousand victorious soldiers— restless o f labor,
and panting for new fields o f excitement and conquest.
Thus she lay— a country peculiarly and most critically situated to receive
the coming storm o f events.
Suddenly a discovery was made— the most precious and valuable metal
o f currency and Commerce was found in quantities unheard o f before E l
D orado was “ spotted ”— accessible to Commerce in a singularly advanta
geous manner, and in a climate peculiarly healthy and invigorating. In one
month the population o f fourteen thousand was convulsed as if by a galvanic
shock— old relations annulled— Commerce prostrated— agriculture entirely
* The following sketch is rather out o f the usual vein o f papers intended for the Merchants1 Mag
azine. Although the writer, an old acquaintance, has seen much of the world, he retains the poetical
element in all its original force and freshness. In a private letter, to the editor o f this Magazine, da
ted “ Monterey, California, May 29th, 1851,” he says:—“ It is now nearly eight years since you and I
met, and in thattime I have seen agreat many lands and people—strange sights and strange adven
tures. 1 visited India and Ceylon—lived three years in China, and then took passage to California—
but before I knew anything of the gold mines. I arrived three months after their discovery, and have
lived here nearly three years. Having seen the numerous sights, the wonderful developments o f
California, and studied and observed them closely, 1 am in a small degree able to judge. * * * *
* * * * For the present, no man can tell the upshot of the excitable state o f this country. It is
in a continued ferment and intense excitement,” &.c.
California: Past , Present, and Future.
161
suspended. In two months more came back a receding tide o f men, bring
ing thousands o f ounces of gold, which they had dug with but little labor.
W h o can describe the wild excitement this created, when men, for the first
time in California, began to compare experience and profits— to every one’s
advantage ? The news flew on the wings o f the wind. In four months
more thousands poured in their numbers from Mexico, South America, and
the isles o f the sea.
These did well, too, beyond their fondest dreams ! Then came the rush
ing wave of emigration from the East, with the most energetic, the most
adventurous, and the most enterprising people on the face o f the earth.
They crossed mighty rivers, scaled unknown rugged mountains, tracked the
thirsty desert, battled with fierce savages, and finally mounted the snow
capped pinnacles which overlooked the scenes o f their future labors, and the
bounds o f their future empire.
These also prospered— many beyond their fondest hopes.
Concurrent with this, on sped fleets o f ships loaded with merchandise and
crowded with men, scattering gold wherever they landed, and waking up the
people to a new life— the life o f Commerce, and the love o f adventure. The
ends o f the earth were affected ! all nations and tongues o f men talked o f
California; and for the first time in the history of man, the human race
simultaneously had one subject and matter for conversation and reflection.
Eight hundred millions o f men filled with the name and fame o f one land
and one people ! Marvellous theme for thought, for study, and sage reflec
tion ! How difficult, for common sense to approach !
W ell, let us sum up the whole for eighteen months. A n hundred thou
sand men, o f all nations, land at once on the same soil, actuated by the same
motives. Eight hundred ships, from every quarter o f the Ocean-bound
world, arrive in the commercial center and great haven o f the Pacific Ocean.
Cities are built in as many days as it takes years elsewhere; lines o f steam
ers are established connecting two oceans; a mail is opened with the remo
test parts of civilization; newspapers are established; a system o f govern
ment and laws are instituted, and the foundations o f a fu tu re empire laid •
the governing power is brought within thirty-five days’ distance ; new sour
ces o f hidden wealth are brought to lig h t; steamboats crowd the rivers and
bays ; men, worked up by excitement, by avarice, by the wildest dreams o f
suddenly-to-be-acquired wealth, lose sight o f all the old landmarks o f com
mon sense, common honesty, and almost o f a common nationality. A ll is
confusion, dust, smoke, and a general irresolute resolution, which knows not
where to abide and fix itself. Everything is done on the spur o f the mo
ment ; money loses its common value ; the markets fluctuating, convulsive,
spasm odic; every one is master ; none wise enough to be directed, and none
capable o f directing; immense labors are performed, gigantic enterprises un
dertaken ; enormous sums o f money lavished in buildings, in Commerce, in
mining, in banks, and in legislation, without concert, and on no definite
plan. Men’s natural and assumed characters are tried by the severest te s t;
swindlers, rogues, and wily politicians lay deep their schemes to catch the
flowing stream o f wealth ; and the whole structure o f society partakes o f
the character of reckless gambling— a “ perfect lottery ” in every sense o f
the phrase.
The month o f June has again returned ; three years have elapsed ; eigh
teen hundred ships, o f all nations, have anchored in the waters o f California;
a new and more formidable emigration has arrived by land and sea; the
VOL. x x v . ---- .u . II.
11
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California: P ast, Present, and Future.
cry is still “ they come ” — not by hundreds, but by thousands ; the city o f San
Francisco contains a population o f thirty thousand inhabitants ; employs a cap
ital of seventy millions o f dollars ; fifteen giant steamers enter and leave her
port monthly ; her harbor is crowded with shipping and lined with wharves ;
its merchants dispatch ships to all quarters o f the w orld ; six daily newspa
pers are published ; splendid hotels and banks have been bu ilt; lines o f fleet
sailing clippers circumnavigate the world, making her harbor their d ep ot;
the superstructure of her Commerce and influence laid as the Governing
mart o f the Pacific Ocean ! She affects the monetary and mercantile ex
changes o f the world ! By her unprincipled corporation she is plunged a
million and a half o f dollars in d e b t; she is overrun with gamblers, with
swindlers, and the world’s outcasts and ruffians ; when, behold ! a calamity,
greater than all, lays her merchants, her bankers, her Commerce and her
credit once more in the ashes ! Thirty millions of dollars lost in three years
by the devouring and insatiable elem ent!
Still she is unrepressed; she essays, with a mighty effort and an indomi
table will, to rise from her thick misfortunes and crowning discomfiture. She
does not despond— dispair is no part of her character ! W onderful offspring
o f a mighty nation and world-spread language and lineage 1 ye, and ye
alone, are fit to call back to her a new and more glorious career and renown
— to confirm and establish her as the august- mistress of the Commerce of
the great Pacific Ocean and its contributary shores 1 Though consumed by
fire, pinched by mercantile distress, wasted by speculation, and robbed by
greedy, unfaithful, and unprincipled servants whom you honored afore—
thou, wonder of a wondrous age, shall yet rise, like the fabled Phenix from
the ashes, and soar aloft, the admiration of men— the theme o f sages and
philosophers.
Thou art dreaming ! exclaims the Old W orld.
Y ou have not told half the tale 1 replies the young giant.
Onw ard! then, and renew your flight, scribler, and proclaim to the family
o f man the next chapter in the history o f my young empire— the disturber
o f the great globe.
California is still the Cynosure o f the world. She contains two hundred
thousand inhabitants, young and vigorous, unsettled, adventurous, enterpris
ing, industrious— shall we say moral, reflective, religious— or what do these
terms mean in her vocabulary ? A code o f laws has been framed— her peo
ple are influenced by one language and one system o f jurisprudence. She
contains men from remotest earth. Her mines o f gold exist for six hundred
miles in length— fifty in breadth. Again : they extend to the Western
Ocean within a circle o f four hundred miles ; they are bounded on the East
ern slope by that land o f Mystery— the “ Great Basin
they are followed
away down South into the pathless desert, and among sun-scorched, thirsty,
barren, woodless mountains. In three years she extracts two hundred mil
lions o f dollars* from her placers ; a new fount of wealth is discovered in
her white-ribbed, snow-capped mountains. She is dotted with towns, and
villages, and cities. The grating o f the saw ; the sound o f the ham m er;
the ring o f the trow el; the delving of the hard-fisted d ig g er; the clattering
and stamping o f machinery; the chaffering o f thousands o f traders; the
tracking o f loaded wagons in distant and solitary glens, unknown to man
* W e know this amount will be considered an exaggeration, but time, we believe, will prove our
assertion true.
California: P ast , Present, and Future.
163
afore— is seen— is heard on every side. The sources of her wealth and in
fluence are but barely touched— have just come to light. Her men have
dug gold heretofore: they will rive it now— with the great instrument of
warriors.
Again : her climate is healthful, her air pure, her temperature delightful.
Her soil is fruitful— almost beyond parallel; she begins to supply her own
children with food : farm-houses rise on every side ; schools and churches
adorn the land ; the family relations spring up to bind men to the soft in
fluence o f home, o f woman— “ God’s last best gift to man.” Her streams
are crossed by costly bridges and ferries; her bays, her rivers, and her
ocean-bound coast swarm with the steam craft. Her inexhaustable mines of
mercury are worked— the price is reduced by its means ; she begins to affect
largely the production o f Silver— the secondary medium of the world’s Com
merce and exchange— flows increasedly. She awakes to new life the “ dead
body ” of Mexican industry, with its seven millions o f souls ; she rouses that
people to a new strength ; she stirs South America from beginning to remo
test end. She is now within fifty days’ hail o f the centers o f civilization, of
Commerce, o f learning, o f the arts and sciences; she begins to realize the
dreams o f Columbus and the Ancient Navigators o f a Western passage to
India; three new highways will soon span the narrow necks o f this conti
nent, and bring her within weekly hail o f the world. She holds frequent
communication with, and begins to influence materially, the East— the world
o f Asia, with its teeming and overflowing people— its four hundred millions
o f the family o f man— its curious, its discordant and besotted populations.
The Chinese, the Parsee, the Arab, the Malay, the Hindoo, the Japanese ;
the inhabitants of the ocean-bound isles ; the people o f the soon-to-be “ new
nation ” of her own blood ; the Continent o f Australia ; the Mexican ; the
Spaniard ; the Frenchman ; the German ; the South American ; are all to
be seen in the streets o f her cities and towns. They are diggers in her
mines ; mariners in her ships ; cultivators o f her soil; traders in her marts;
citizens of her governm ent; abiders in her land ; students o f her laws, her
language, and her history.
Let us see. Two o f her legislatures have risen ; laws quickly made, and
hastily altered ; her parliamentary body excitable, ignorant, stormy— any
thing but calmly deliberative ; accused of flagrant breaches o f honor and
good faith to her people ; sticklers for office, and dividers o f spoil and rob
bery ; they plunge the commonwealth into debt, and leave her treasury with
out a dollar. The law’s oppress Commerce ; drive laborers from her mines;
worry and harrass her citizens ; paralyze the fabric of her prosperity. Her
officers of justice and execution, unwatched, are irresolute, feeble, incapable,
impeached o f malfeasance, bribery and corruption ! But all are not so.
Many are her patriots ; her royal sons; her honest officer’s ; her ready wri
ters ; her judges have not all stained the ermine ; her statesmen and jurists
are not all defenders o f wrong and worshippers o f mammon ; they will bat
tle for the right, and hand down their names to a grateful posterity ; they
forget not they are Americans— republicans. They have repealed bad laws;
framed others to protect the poor, the ignorant, the widow and the orphan.
Her people begin to rouse themselves from their lethargy o f avarice and
heedlessness. The press is at work ; knowledge is increased ; seventeen pa
pers are published within her boders ; light is thrown into the dark corners
and secret places.
Again : she is admitted into the great Union o f States ; she is one o f the
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California : P ast , Present, and Future.
constellation o f Stars in the mighty confederacy o f the w est; her represen
tatives are heard in the councils o f the nation, defending her rights, her in
terests, and her citizens. Her revenue laws are fixed; her Commerce is gov
erned by the liberal spirit o f the fifth decade o f the nineteenth century ;
post-offices are established and extended within the circumference o f two
thousand m iles; by the lightning Telegraph she is soon to be within hourly
hail of her sisters o f the Atlantic. Scon her coasts will be lit with beacons
for the ocean-tossed mariners; the wisdom of the nation will quiet her land
claims and heart-burning litigations ; the emigrant will find a resting-spot
and home for his wife and little ones.
Hope on, Hope ever. Tell the truth. Again, she is beset with difficul
ties and dangers on every side— her birth is attended with mighty labors
and convulsive throes. A furious and savage war rages on all her frontiers
— the peace o f the State is ravaged by bands o f robbers and thieves— atro
cious murders are committed in open day— the land is filled with tales of
blood, and the insecurity o f life and property— the laborers in her mines are
harrassed by unjust laws, rapacious officers, and ungovernable outlaws—
drawn battles occur between her own citizens and those of other nations—
a general state o f social anarchy, lawlessness, and commercial bankruptcy
seems ready to ingulf and destroy her in her infancy. She reels and
plunges like a ship in a raging sea, without a pilot and without a helm !
W h at bitter strifes, what consuming, heart-devouring cares— what hot dis
putes and wasting litigations— what coldness of heart and selfishness o f pur
pose— what confusion o f tongues and interests. W hat greedy sharks and
blood sucking leeches, are ye lawyers and “ office holders” — setting neigh
bor against neighbor, friend against friend, countrymen against countrymen,
and trapping the unwary and simple in your toils. Y e wait while others
work— ye pluck the fruit which others have planted— ye reap where others
sow— ye cumber the land.
A h ! she mourns ! what heart-broken sobs she utters. California has
fallen on evil times. But she need not despair— she yet has sons, valiant,
prudent, wise, forethoughtful, patriotic— who love her soil, guard her fame,
and will stand by her, “ come weal or come woe.” She will yet emerge
from her gloom, her trials, her labors, the bright, “ particular star” o f the
Western W orld. “ A ll men shall rise up and call her blessed.”
Thirty years have flown with the swift wings o f time. The Pilgrim has
traveled, has seen many lands, but none like the beautiful one o f California.
His steps totter, his hair is blanched with the snows o f age, care is seated
on his brow— he returns to the land o f his heart’s youth. After a wearisome
journey he mounts the bights overlooking the great Valley o f the South—
the sun is sinking in the western ocean, beautiful, majestic, cloudless. A h !
what a marvellous scene lays before him— the land is covered with fruitful
farms, peaceful villages— “ the cattle on a thousand hills”— thriving, popu
lous and busy cities. Nerves o f lightning flash through her vallies, and
across her mountain tops— the steam-car crosses the path at every turn— a
new motive o f locomotion now girdles the earth, and the air, like water has
been subdued by the genius o f man. The heart burnings, the strifes are
buried— her children are one people— every man sits down “ under his own
vine and his own fig tree,” and enjoys the fruit o f his toil, his labors and his
sacrifices. Here are schools, here are universities o f learning— temples of
worship to the living God— the soil produces by handfuls— her golden
treasures have been her salvation, not her destruction. Her evils have
California: P ast , Present, and Future.
165
worked their own cure. How prosperous, how happy she is. The sky is
clear— the air is pure— the Heavens twinkle with the myriads of stars. As
o f old, when he was young and lusty, the Pilgrim lays him down to rest by
a babbling brook, under a tall, big spreading oak— the sweet flowers of
California^make his bed. H e is wearied— alone— his eyes are heavy— he
sleeps— his memory refuses to be at rest— “ he dreams dreams— he sees
visions.”
Suddenly the mighty past is unrolled— ’tis the seventh decade o f the
eighteenth century. A sanguinary war rages on the Eastern shores of the
Western Continent— the world is convulsed with new and strange princi
ples. A nation is born— -the foundation o f a great empire is laid— the
dream of prophets and sages is fulfilled— self government is instituted, the
young stripling becomes a mighty giant, and sits first among the powers of
the earth.
A spirit touches him— he soars above the earth— he is in the westermost
edges of the Great Sea— California lays before him on the beams o f the
young morning, and the smiles o f the gushing spring. W h at sweeping
plains, soft-swelling, flower-sprinkled valleys, and green cheeked hills. Snow
capped, rib-girted, heaven-piled mountains, majestic, shining rivers, widespreading, deep-extended bays, beautiful shores, a heaven-gifted climate 1
W h o are these people below, that inhabit this fair land ? The Red man,
responds the spirit. They speak a thousand tongues. A Babel reigns here.
They fish, they h u n t; the acorn gives them bread— their wants are few ;
they eat, they drink, they sleep—-the morrow is nothing to them— they are
the children of nature.
Look ! a war rages. Tribes, a few leagues apart, ravish and tear each
other to pieces— the valleys are stalked by plumed and painted warriors—
the land is filled with petty wars and violence— they are besotted, savage,
stupidly ignorant. Can nothing save these poor wretches from extinction—
from swallowing themselves up ?
T urn your back to the sun, and look over the great smiling Ocean. How
calm ! what booming swells, as it lays its green, wall-piled, transparent wa
ters at the foot of yon beautiful hills, and laves the white sands, with the
frothing, foaming, ripling, frolicking surf.
A h ! I see a speck on the distant horizon 1 It seems instinct with life.
It approaches near— there are the big flapping wings— there are men there
— it is the W hite man’s ship. She thunders her guns, her anchor plunges
into the sea, and she is stayed in her long sought haven.
The Red man sends up a shout of wonder and fear, and flies to the woods
for‘safety and covert.
It is the month of June in the year 1770.
W h at men are these whose feet for the first time press the soil o f Cali
fornia? How venerable— what benignity in their looks.
They are the Missionary Fathers— the spiritual conquerors of barbarous
and Pagan tribes, the founders o f religion, peace, plenty and love— the pi
oneers o f an Empire.
The Chief among them, a man of majestic mien and noble s o u l; hereto
fore a dweller in cities, a dancer at courts, a soldier, a seeker o f pleasure, is
filled with a new spirit— he becomes a “ Poor Man of Christ” — his h< art
burns with the zeal-glowing words, “ He that saveth souls to God, shall
shine as a Star in the firmament o f Heaven.” H e resolves to become a
missionary to the heathen.
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California: Past, Present, and Future.
This is Father Junipera Serra, the founder o f the mission to California.
The fierce Savage is civilized— he is brought under the influence of a new
spirit— he is trained to labor— to habits of Christian life. Soon they have
fields of golden grain— orchards, gardens, vineyards, pastures— likewise “ the
cattle on a thousand hills” are theirs— horses, sheep and other animals fit
for the use of man abound. They build churches and houses— tl?ey manu
facture all the necessary appliances o f decent life. The land smiles with
peace and plenty— it blooms and blossoms like the rose ; want is not known
within her borders. Twenty-one cities o f refuge are built, and seventy thousand
souls are converted to Christ 1 Wonderful triumph ! Rare sig h t! Simple,
happy, honest people. It is the Golden age o f California.
The Venerable Apostle to the Indians, and founder of California, sleeps
his last sleep— he lays his bones among the people he has conquered to
God. “ He has fought the good fight— henceforth there is laid up for him
a crown o f Glory, eternal in the Heavens.” Many o f his companions follow
him, and are buried among the green vales o f California. Others remain to
complete the work so well begun.
The scene changes. Sixty yearn roll onward. The cities o f refuge are
broken up— the Christian Indians are dispersed— the revered teachers rob
bed, insulted, and driven away. A new power is installed ; confusion, an
archy, civil order and wild disorder hold dominion— a mongrel and greedy
horde eat up the substance of the people. California mourns.
“ Dost thou wail for that fair age
O f which the poets tell—
* -» * * D o I hear thee mourn
Thy childhood’s unreturning hours, thy springs—
B rief times o f genial airs and m elody—
The gentle generations o f thy flowers,
A n d thy majestic groves o f olden times,
Gone with the tribes they sheltered i
Or haply dost thou grieve for those that die—
Bor living things, that trod awhile thy face,
The love o f thee and heaven— and notv they sleep
Mixed with the shapeless dust on which thy herds
Trample and graze ?”
Twenty years more vanish.
The Empire of the W est, founded eighty years ago has become a popu
lous nation— its name and fame is in all the earth— it is filled with a nu
merous, active, enterprising, restless people, from the Sea Board to the
cloud piercing Rocky Mountains. Now they overlook immense, unknown
deserts, thirsty sands, barren wastes, domains o f fierce savage tribes— noth
ing stays them in their course— they scale the snow-crown’d heaven-high
pinacles, and overlook the great savannas and fertile vales o f the uttermost
bounds o f the setting sun. They enter, they conquer, and take possession
o f the land. California is filled with a new people— a new fame— the
magic o f her name is in every mouth.
The dominion o f these people, one in language, various in lineage, ex
tends from “ the rising o f the sun to the going down thereof” — to
“ The continuous woods
W here rolls the Oregon, and hears no sound
Save his own dashings.”
It is washed by two Oceans ; she views from afar the hordes and tribes
o f Asia, “ the birth land o f the human race
she receives into her bosom
the distracted, starving multitudes o f Europe, “ the civilizer o f the Earth,’ ’
California: Past, Present, and Future.
m
and fruitful “ mother o f nations.” On the South she holds the keys o f the
Western Mediterranean, whence courses the “ Father o f Waters” from her
hyperborean-boundaries and Inland Oceans. W ith one hand she embraces
the descendants o f the conquerors o f the New W orld— chides their factions
and muderous strifes, and stretches her boundaries over their feeble territo
ries. W ith the other she overawes and checks the mighty men o f her own
lineage and language, whilom “ the Mistress o f the Seas” — the conquerors
o f Hindostan, o f China, o f the conquerors o f Europe, on whose empire “ the
sun never sits.”
She is but in her infancy, her swaddling clothes have been just cast o f f ;
yet, her valleys, her hills, her vast savannas and prairies, her mighty rivers,
great lakes and harbors, teem with millions o f her prosperous sons, and the
giant works of their hands— the Ocean is covered with their ships— the
hum o f a never-before-known activity and restlessness rises over all— she is
a living wonder to the children o f men— she has been and is now their
refuge in the time o f trouble.
A famine assails the Fatherland— she feeds her people— she forgets not
the brothers and sisters o f her own blood. W ith the snowy products o f her
exuberant soil, she employs, she clothes the inhabitants thereof. She is the
arbiter of nations and of the peace of the world.
She emerges victorious from war— she is a conqueror 1 Her name, her
fame are now confirmed and forever established. The blood courses through
her arteries and veins with lightning rapidity. She is confused in a plethora
o f prosperity, of empire, of glory, and of wealth. Her councils are distract
ed— her statesmen divided on vital principles— her people threaten to be
one no longer. The cloven foot of military ambition begins to stalk across
the stage. She trembles— she staggers— she halts— but only for a renewed
race and a portentious future. New visions, new prospects open to her eye.
W h o shall predict-her destiny ?
O h ! thou
W ho sittest far beyond the Atlantic deep,
Am ong the sources o f thy glorious streams,
M y native land o f g roves! a newer page
In the great record o f the world is thine;
Shall it be fairer ? Fear and friendly Hope
A nd Envy watch the Issue, while the lines
B y which thou wilt be ju dged are written down.
It is the year 1900.
The Atlantic and Pacific shores are connected by bands o f Iron and the
Steam Horse. The nations o f the W est hold hourly communication with
the East— the Earth is circumnavigated by lightning nerves of thought, and
the air is cleft by swift-winged messengers of passage— the mind o f man
courses with a rapidity conceived hitherto by none but unseen spirits.
The great thirsty deserts, and fertile isolated valleys between the heights
o f the Rocky Mountains and the Sierra Nevada o f California, are overrun by
a strange mixture o f half civilized, pastoral nomadic tribes; a great and
wonderful singularity exists in the condition of these people. A mixture o f
races, creeds, habits and customs, fusing into one people, and contending for
the supremacy o f language and tradition. Old landmarks have been re
moved— the political geography o f the Western Hemisphere is newly and
greatly diversified.
The healthy and salubrious climate, the fertile and exuberant soil o f the
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The Study o f Political Economy.
Western Slope, have attracted millions of the human race to make it their
home and abiding place— its men are o f noble mien, vigorous, sinewy, bold
and adventurous. The life o f man is here renewed, and he runs a new race
o f strength— their ships cover the waters— they have explored and mapped
the unknown and numberless isles o f the Great Western Sea— the strength
o f giants and the wisdom o f sages are theirs.
“ A ll crimes shall cease, and ancient frauds shall fa il;
Returning Justice lift aloft her scale ;
Peace o’er the land, her olive wand extend,
A nd white-robed Innocence from Heaven descend.
Then Palaces shall rise; the joy fu l son
Shall finish what his short-lived sire beg u n ;
Their vines a shadow to their race shall yield,
A nd the same hand that sow’d, shall reap the field.”
Art. IT.— THE STUDY OF POLITICAL ECONOMY *
PART
n.
M y first article on the Study o f Political Economy having been criticised
at some length in the June number o f the Merchants' Magazine, and evi
dently misunderstood, I will endeavor in this to explain what may appear
obscure, and place the science o f agricultural production on its true basis.
The theory o f Mr. Malthus, which was substantially adopted by Ricardo and
McCulloch, is, that population naturally increases from year to year, while
tillage for the production o f human food and raiment tends to diminish the
natural fruitfulness o f the earth ; and that the necessary effect of these ap
parently conflicting laws is to restrain the multiplication o f the human
family within certain limits, not well defined. On the other hand, the
theory of Messrs. Carey, Bastiat and others is that food tends to increase
faster than population, creating a surplus, which encourages the withdrawal
o f labor from agriculture to be employed in mechanical and manufacturing
pursuits. Having studied this subject with some care, the undersigned
ventures to express the opinion that both o f the above named theories are
erroneous, and that the truth in this case, as in many others, lies between
the extremes o f contending partizans. Although “ R. S.” fancies that he
can detect “ inconsistencies” in my statements about the chemical and me
chanical results o f good and bad husbandry, yet no such inconsistencies exist.
Let us first inquire, what is production in an agricultural sense ? More
than two-thirds o f the labor and capital of the Union are employed in til
lage and husbandry ; but with what results in the way o f producing and
consuming national wealth ?
There are not far from five millions o f farm laborers in the United States,
and they have in pastures, meadows and cultivation, probably not less than
* For number I. of the present series o f papers by “ A Farmer,” see Merchants' Magazine fox
April, 1851, (vol. xxiv., page 452.) For communication o f “ R. S.” in reply to “ A Farmer,” on the
“ Study of Political Economy,” see Merchants' Magazine for June, 1851, (vol. xxiv., page 700,) and
for reply to “ A Farmer” and “ R. S.,” see number for July, 1851, (vol. xxv., page 64,) under title
“ Protection vs. Free Trade,” etc., by Professor E. P. Smith, University o f Rochester.
The Study o f Political Economy.
169
120,000,000 acres. Can that labor be regarded as truly productive, whose
proceeds are insufficient to cover the damage done to the soil while the labor
is expended? A man who merely loses his labor and the capital which he
produced by former more successful industry, can hardly be said to injure
materially any one but himself. This is often done in disastrous commer
cial and mechanical operations; the capital invested is sunk, and the labor
performed is lost. Bad as operations o f this character really are, they are
much less injurious to the community than a good deal o f agricultural in
dustry, which most political economists consider peculiarly productive. Mr.
Malthus says: “ It has been justly observed by Adam Smith, that no equal
quantity o f productive labor, employed in manufactures, can ever occasion so
great a rc-production as in agriculture.” Commenting on the obove, Mr.
Ricardo remarks : “ If Adam Smith speaks o f value, he is correct, but if he
speaks o f riches, which is the material point, he is mistaken, for he has him
self defined riches to consist of the necessaries, conveniences, and enjoyments
o f human life.”
A common error pervades the mind o f each o f the above named authors,
in regard to the productiveness of rural industry. N ot one o f them takes
cognizance of the fact that valuable raw material is consumed as much in
making a bushel of grain, as in making a yard o f cloth. “ R. S.” has fallen
into the sams error, and hence fails to comprehend how “ tillage alone, with
out cropping, exhausts land, while skillful husbandry will not only maintain
the virgin fertility of the earth, but render it still more productive.” I in
sist on the point that no writer on Political Economy, o f any note, whether
he supports Free Trade or Protection, has attempted to show the difference
between destructive and productive farm-labor. N o one who is familiar
with American agriculture in any State east o f the Mississippi, will deny
that the impoverishment of the soil is the rule, and its improvement in fer
tility, above its natural fruitfulness, the exception, among American cultiva
tors. Following the common estimate o f the value o f crops, and the gain in
domestic animals and their products, let us assume the aggregate product to
be $800,000,000 in the current year, 1851 ; and that the agriculturists, as
a class, consume $600,000,000 of the fruits o f their industry. This leaves
a surplus o f wealth created in twelvemonths by them of $200,000,000.
The important question now arises, how much will it cost to renovate so
much o f the soil as has been damaged in any way by the loss o f fertility in
grass and hay, in grain, roots, tubers, flax, hemp, tobacco, sugar-cane, rice,
cotton, fruits o f all kinds, and in all other field and garden crops, removed
from the ground that produced them ? Adm it that only half o f the im
proved lands in the Union have lost by tillage, the leaching and washing of
rains, by the certain consumption o f vegetable mold, and the volatilization of
manure in a hundred forms, the equivalent o f one good harvest. Now,
what is the sum, in money or labor, that will replace in the soil the equiva
lent, in manure, o f sixty millions acres of grain, cotton, and tobacco, so
far as the atmosphere and rains fail to supply the elements o f crops ?
It may be impossible to give a clear and satisfactory answer to this ques
tion, without also giving a biief account of the things in the soil, consumed,
partly to form the substance o f cultivated plants, and partly to furnish that
considerable amount o f the organic and inorganic food o f crops, which rain
water always leaches out, and removes from arated earth. Did “ R. S.”
ever turn over a large compost heap six times in the course of the summer f
I f so, he must have noticed that the mass “ grew smaller by degrees, and
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The Study o f Political Economy.
beautifully less.” The stirring o f the soil with the implements o f tillage
consumes vegetable mold, irrespective of all crops, in a similar manner, and
it also dissolves out o f the loose ground, salts o f lime, magnesia, potash, and
soda, without which plants cannot grow. W hat political economist has
duly considered the fact that Nature never plows, nor harrows, nor hoes, nor
cultivates the earth, in any way, to produce her largest and most luxurient
vegetables ? O f all the animals on earth, man alone tills it, and ignorantly
impairs its natural fertility. “ R. S.” calls attention to the care with which
manure is saved and applied in Great Britain and on the Continent. I
hope to be pardoned for intimating that I am tolerably well posted up in
the progress o f European agriculture, reading regularly the Journal of the
Royal Agricultural Society o f England, and o f the Scotch Highland and
Agricultural Society, the London Farmers’ Magazine, Agricultural Gazette,
and Gardners’ Chronicle, not to name French periodicals devoted to rural
affairs.
I f the farmers o f England restore to the soil all the elements o f crops ex
tracted from it, and still find it necessary to import 116,000 tons of guano
a year, and an immense quantity o f flax-seed and oil-cake, indirectly for ma
nure, while growing neither cotton, tobacco, nor maize, (our most exhaust
ing crops,) from what sources, and at what cost, shall we obtain the raw
material to renovate, for a single harvest, only six million acres o f our im
poverished land ? W ill “ R. S.” answer this plain question ? Our experi
ence in using 14,000 tons of guano a year, proves that to obtain a single
fair crop, from 200 to 300 pounds per acre must be applied ; and this im
ported manure is now selling in Augusta, Georgia, at fo u r dollars per 100
lbs. By the time the cotton planters get it to their plantations, it will cost
them a dollar more. Now, 200 lbs. o f this manure, costing $10, will not
supply to an acre o f land, by a long way, all the potash needed to form a
fair crop o f cotton, o f corn, wheat, or other grain. But assume that it will
meet every demand o f nature in organizing one crop, which must weigh at
least 3,000 lbs., and if corn, more than twice that amount, the expense is
six hundred millions o f dollars for sixty millions of acres. It will not do to
estimate the value o f manure imported from Peru, or elsewhere, at its price
in sea ports; but it must be placed at its cost where consumed. W ill it be
contended that the uniform experience o f ages, in all countries, indicating
the necessity o f applying manure, is all a mistake, and that we can go ou
for ever growing and exporting cotton, tobacco, and breadstuff's, without
consuming the few well known substances in and near the surface o f the
earth, which form cultivated plants ? I f so, no argument can avail against
such an absurdity.
Whatever may be the precise value, either present or prospective, o f the
natural fruitfulness o f American soil, one thing is perfectly clear to my
mind, which is, that if we subtract all that the whole population o f this
country annually consume from what they produce, the “ riches” left will
not pay twenty-five cents a day for the labor that must be expended to
make the soil as good as we found it, from year to year. In other words,
the wealth o f the present generation is not fairly produced, by } roviding the
raw material consumed, or by keeping the stock in the surface o f the earth
good, by wise tillage and skillful husbandry : but it is created by the waste
ful loss and reckless consumption o f the most precious atoms which alone
can form human clothing, brains, muscles, and bones. One-third o f the
earthy matter in a bushel o f wheat is pure potash, and full one-half of that
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171
in a perfect potatoe plant, including tubers, roots, stems, and leaves, is the
same alkali. W ill any reader say that the constant exportation of pot and
pearlashes from this continent, for two centuries, drawn from its forest trees
and soil, and the constant waste o f all that has been consumed in soap, in
cotton and tobacco, and in a thousand other forms, has not diminished the
supply in the improved lands o f the United States ? I assert, after the pa
tient research o f years, that the quantity of this alkali annually thrown away
in privies and elsewhere, in this country, is equal to the production of
500,000,000 bushels o f wheat, and yet no man has seen a blade o f grass,
or grain, a potatoe, cotton, or tobacco plant, which did not contain potash
as one of its natural elements. Ammonia is worth to-day eleven cents a
pound in England, for agricultural purposes, notwithstanding all the organ
ized elements o f this alkali, in the 80,000,000 bushels o f grain, flour, or
meal annually imported, and all that is contained in the guano, oil-cake,
seeds and provisions also imported, and all that is contained in every vege
table and animal product of British soil. Have I not said enough to show
that the science of agricultural production is little understood; and that
Political Economy is les§ comprehended by economists themselves, so far as
national consumption and production are concerned? These learned men
see very clearly how grain can be accumulated in granaries, and gold in
money-bags, but when it comes to the accumulation o f the element of crops
in the surface o f the earth for the economical production of the great staples
o f a nation, their wisdom is at fault, and nothing can be seen but “ the grocest inconsistencies.” This arises from their neglect to study the causes o f
fruitfulness and barrenness in arated earth. W ith them the difference be
tween good and bad husbandry, is no more than that between tweedle-dee
and tweedle dum. Having filled their mind with conflicting theories about
exchanges— high tariffs, low tariffs, and free trade— there is, unfortunately,
no room left for anything else pertaining to political economy. I would say
nothing in disparagemant of the science o f exchanges, between persons o f
the same nation, or o f different nations, provided it did not, like Aaron’s
rod, swallow up all other kindred studies, which are of much greater conse
quence. If man cannot create the elements o f human food and clothing,
and these elements do not exist in the soil in inexhaustible quantities, is it
not plain that to maintain the natural fertility o f land is one o f the highest
duties which each generation owes to all surrounding ones ? In fifty years
the United States will contain one hundred millions of inhabitants to be all
clothed and fed ; and in view of this fact, what moral right have the twentythree or four millions now here, to leave the earth less fertile than they
found it? Is there no force in the Roman maxim, “ Solus popu li Suprem a L e x ? " In what does the “ safety o f the people,” or republic, con
sist? Not, surely, in desolating a million fields with the plow, instead o f
the sw'ord ? Professor W ay, consulting chemist to the English Royal A g
ricultural Society, estimates the daily waste o f fertilizing matter washed into
the Thames, in the city of London, as worth £2,000, or $10,000. Here is
a loss in a single city of a million o f dollars every one hundred days.
“ R. S.” intimates that Adam Smith brought the study o f political economy
so near perfection seventy-five years ago, that there is very little more to be
learned or said on the subject. In my humble opinion, the A . B. C.’s of
the science have yet to be investigated by the professors o f this department
o f human knowledge. To assume that cities and nations can prosper with
out any reference to the soil, is, obviously, the extreme o f folly. Doubtless,
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The Study o f Political Economy.
Babylon and Palmyra acted on this principle ; but where now is all their
greatness ? Precisely where that o f London and New York will end under
the guidance o f their present false system o f public economy.
There is no such thing as habitually violating a law of God and escaping
punishment. Pigeons scratch the surface o f the ground, fill their capacious
crops with beach-nuts, and other food, multiply in indefinite millions, and
are happy so long as nature feeds them. Squirrels have their “ store-houses,”
like merchants, and work industriously in autumn to fill them, and when
full, they wax as fat as aldermen, propagate, and rejoice in plenty so long as
it lasts. To build cities out of the proceeds o f desolated continents at any
time during the last five thousand years, would seem to demand small wit
and less science. “ R. S.” wants no agricultural schools or colleges, no a d
ditional means for teaching the true principle o f rural and political economy.
Human knowledge o f the immutable laws o f the Creator, affecting man’s
destiny in this world, is so perfect, that no government, either State or Na
tional, should think o f founding one more educational institution 1 H e
does not deny that it is proper to foster the study of all other sciences but
such as have a direct bearing on agriculture, the improvement o f domestic
animals, and o f the fruits which contribute so much to the health and com
fort o f all civilized communities. This is something gained. Is it not pass
ing strange that educated men, who perceive so clearly that “ knowledge is
power,” are utterly incapable o f seeing that ignorance is weakness ?
It has always seemed to me that a youth designed for the profession of
agriculture, should be able to use all the elements o f fertility, including heat
and sunshine, as well as water, atmospheric air, and earthy minerals to the
best advantage. To do this, he must be acquainted with the known powers
o f both vegetable and animal vitality, as they exist in the living beings
which he will labor through life to multiply. Knowing the daily wants o f
all growing plants and animals, he can provide for the same in the most
economical way. Their indispensable food is his riches, and the basis o f all
national wealth. There is no necessity of impoverishing American soil, and
thereby making each succeeding crop o f cotton, tobacco and grain, cost
more labor per pound to produce it. Ignorance is the parent of this na
tional loss, which falls far heavier on trade and Commerce than on the til
lers of the earth. I f poor land gives but half a crop of cotton, the planter
gets two prices for it per pound, while factors lose half their commissions,
shippers half their freight, merchants and manufacturers half their stocks,
and consumers half their allowance o f cotton yarns, prints and plain cloths.
O f all men, the producer is least interested in having cheap grain, pro
visions, wool and cotton, whose market price is inseparably connected with
the continued fruitfulness of cultivated land. “ E. S.” says, “ let the cobler
stick to his last,” as though the productive power o f the soil did not concern
every human being, who has a mouth to feed and a back to clothe. In
twenty years from this time, there will be ten millions o f farm laborers con
stantly at work, digging from the soil every atom that goes to form cotton,
grain and provisions, to be wasted at home, or sent to market, but never to
be returned to the ground whence it was taken. In this operation, agri
culturists will plow deep and use lime, and demand more railroads, canals,
lake harbors, and improvement o f rivers. The nations goose lays eggs of
pure gold, and she must be killed in the least possible time. W h at has
posterity done for us, that we should forbear to impoverish one acre of land
between New Brunswick and the Rio Grande? Suppose that each square
The Study o f Political Economy.
\
173
foot o f earth contains an ounce o f pure potash within two feet o f the surface,
which is available by tillage for the growth o f crops, have not the wisest anci
the smartest people in the world, a perfect right to extract this alkali, and
throw every pound o f it into New York and Boston harbors, in night-soil ?
Adm it there are a thousand other cities and villages in the Union, which
have an equal right to cast into rivers and lakes, the raw material o f crops,
and that there is no lack o f railroads to transport agricultural staples to the
places of consumption; how many years will it require to remove all the
potash within two feet of the surface, provided always that we farmers are
industrious, use the needful lime, subsoil, and drain where necessary ? I
confess I desire to see the end of this business, in which agriculturists, me
chanics, manufacturers, merchants, and all other classes, are equally en
gaged. An all wise Providence has denied man the power to annihilate a
single atom of matter ; but he has not prevented him from making vast de
serts in eastern Asia, where golden harvests once rejoiced the hearts alike of
reapers and the denizens of magnificent cities. A degree of injury to arated
land, which it took the primitive Asiatics a century to inflict, we can ac
complish in ten years, by our vastly superior knowledge o f mechanical and
agricultural science. Having a whole continent to impoverish, we are be
yond comparison, the most skillful operators at the business the world has
ever seen. Our economical theory is, that the raw material for making
cotton, tobacco, grain, grass and roots, costs nothing, and is worth as little.
This is the fundamental error o f American agriculture— the basis o f our na
tional extravagance and folly. There is as little difficulty in accumulating
the elements of human food and clothing, both in the soil and out o f it, as
there is in saving a cask o f potash or o f guano. W h en 100 pounds o f ma
nure will produce 300 o f wheat, or 600 o f corn, why not husband the fer
tilizer, and thereby prove that American husband-men know something of
husband-ry ?
But as the products o f the soil pass out o f the possession o f the farmer, it
is not he, but the consumer, who should husband the elements o f fertility.
W e farmers can do nothing in the way o f correcting the evil without the
cooperation o f all that dwell in cities and villages. Tour political economy
wages a successful war upon our fa rm economy ; and if we are denied both
municipal and legislative aid, the great work o f land-killing must go on for
ages to come. Tillage is performed not for the cultivators alone : and good
husbandry claims, and has a right to claim, the effective friendship o f all
that in any way participate in its invaluable fruits. Deny it who will, it is
a weighty truth, nevertheless, that such reasonable friendship it has never
had.
“ R. S.” should know that his principle, “ let the cobler stick to his last,”
is incompatible with any advancement or improvement whatever. H ad
every man stuck to his last, there never would have been a canal, or rail
road, or steam-engine in the world. H ad the professor o f logic in Glasgow
University stuck to his last, the “ W ealth o f Nations” would not have been
written. I desire the critical study o f political economy for two objects, and
two alone. The first is, that the American people may know better how to
create national wealth ; and the second is, that they may far better under
stand how to keep and make a wise use o f the property which their pro
ductive industry really calls into existence. Neither the science o f keeping
property, nor the art o f producing it, is known to the laboring millions in
this or any other country. W ith your permission, Mr. Editor, 1 shall un-
'174
Commercial Tribunals :
W ith Reference to tlie
dertake to prove to the satisfaction o f every fair minded reader, in furture
numbers .of the Merchants' Magazine, that one per cent o f the property
which ignorance annually destroys in the United States, is sufficient, if
properly expended, to remove such ignorance. Production does not exist in
human muscles, bones and nerves, no more than it does in those of a wild
elephant; nor will the unwise education of man increase his power o f pro
duction beyond his necessary consumption. There are many kinds as well
as degrees of knowledge, and the world has not fully attained the best. W e
have, however, useful knowledge enough for seed, and if it be planted in
American soil, and cultivated with that attention and care which so great an
interest deserves, this Republican Empire will reap a harvest o f riches and
happiness, o f glory and true honor, beyond what any statesman, philosopher
or philanthropist has ever dreamed of. God has given us all the essential
elements o f boundless wealth, all possible inducements to foster science, in
crease agricultural knowledge, and weed out o f the popular mind all mo
tives o f hostility against the rich, by removing from the human heart every
fear o f injustice and oppression. Coward Fear is a tyrant and a devil, and
Science is the only power on earth that can chain him. Science has more
than doubled the productive force o f human thoughts and hands within the
last twenty-five years ; and if those who have gained most by this gift, pos
sess reason enough to cherish the prolific source o f their riches, it is able and
ready to bestow a hundred dollars for one. It is science, not the soil,
which is so marvellously reproductive, Adam Smith and Malthus to the
contrary, notwithstanding.
A F arm er.
Art. V.— C O MME R C I A L
TRI BUNALS. *
WITH REFERENCE TO THE PROJECTED COURT OF COMMERCE FOR TIIE CITY OF
NEW YORK.
T h e last five years have been fertile in changes and reforms in the law, in
the State o f New York— changes, however, which affect the forms and
modes of proceeding, the constitution o f Courts, and the distribution o f
judicial business, rather than the principles o f jurisprudence. It is true, a
commission is now sitting, whose duty it is to prepare a digest o f the juris
prudence o f New York, but that commission has, as yet, hardly reached the
“ beginning o f the e n d ” o f its labors, and, moreover, its labors are those o f
arrangement and compilation, rather than reconstruction. The great pur
pose and aim of these legal reforms seems to be, to provide more adequate,
prompt, and appropriate remedies for rights, not changes in the rules which
* It will be seen by the following paragraph, which we copy from W i l m e r a n d S m it h ’ s Times}
that the subject o f Commercial Courts, or Tribunals, is being agitated in England:—
“ T r ib u n a l s of C o m m e r c e .— Incompliance with the invitation o f the President and other mem
bers of the Committee lor the Promotion o f Tribunals o f Commerce in this country, a number o f
gentlemen met on Thursday, at the London Tavern, to consider the propriety and practicability of
establishing such institutions in England. Lord Wharncliffe occupied the chair, Mr. M’Gregor, M. P.,
Mr. Anderson, M. P., Mr. Montague Gore, and Mr. Cowan, M. P., took part in the proceedings. Mr.
Holland attended on the part of the Liverpool Chamber o f Commerce. Ultimately, a resolution was
passed appointing a committee, to consist o f Messrs. Montague Gore, Lyne, K. Thornton, and M’ Gre
gor, who should frame and get petitions signed and presented to both Houses o f Parliament, pressing
on their attention the necessity of improving the administration o f the law in commercial questions.”
Projected Court o f Commerce in the City o f New York.
175
determine them. The code contains some very broad and sweeping pro
visions, apparently intended to afford the widest scope and utmost facility
for the determination o f vexed questions o f law and right. Under the code
any disputed point may, on consent o f parties, be submitted for the decision
o f judges, without action— without any preliminary proceeding. Under the
code, when actions are brought, parties may, by mutual consent, choose
their own judges, select them from persons out o f the Court— from persons
not lawyers. Under the code, questions o f fact may, in all cases, be tried
without jury, by mutual consent. These provisions, however, do not seem to
have been carried out in practice, to any extent. Habit is strong, and it
takes time to make men alter their accustomed ways, however easily laws
may be passed. Moreover, all these proceedings require mutual consent.
Two merchants having a difference between them, may, by mutual consent,
refer the question to judges o f their own selection, or to the Court, without
suit, but if either refuses consent, these provisions o f the code are inope
rative.
The Chamber o f Commerce o f New York recommends the erection o f a
Court o f Commerce in that city, having jurisdiction in mercantile matters, a
compulsory jurisdiction like all other Courts, but with judges elected from
its own body, and with juries o f merchants
The details o f the proposed
plan will be found in the Report o f the Committee o f the Chamber, ap
pointed to consider the subject, and in the draft of an act which they submit.
Courts o f Commerce are no new thing. They are the natural result of
an extensive Commerce, involving diversified mercantile interests, which lead
to innumerable questions, requiring to be decided in accordance with the
spirit and policy o f trade, and with [that promptness which the celerity o f
mercantile transactions demands.
In France, the germ o f the present Tribunal de Commerce was the an
cient Consuls des Marchands. As early as 1549, Francis I., by decree o f
the month of July o f that year, established at Toulouse a public exchange,
like the one already existing at Lyons, and authorized the merchants o f
Toulouse “ annually to elect from their number a presiding judge ( Prieur)
and two consuls, to take cognizance o f and decide, in the first instance, all
suits relating to merchandise, fairs, and assurance, between the traders and
manufacturers o f Toulouse.” In 1556, a similar Court was established at
Rouen. In the reign o f Charles IX ,, a decree, prepared by the celebrated
Chancellor L’Hopital, in 1563, established similar consular tribunals at Paris,
and afterwards at Rouen, Bordeaux, Tours, and Orleans. The decree o f
1563 confines the jurisdiction o f the tribunals to cases of trade only.
1 The preamble o f a decree o f Francis II., August, 1560, sets forth the
policy of a Commercial Tribunal, and a summary mercantile jurisdiction, as
forcibly and in as modern a spirit as if written yesterday. “ The king,” it
recites, “ ever desirous for the repose o f his subjects, was always pondering
new modes o f preventing the bringing o f suits, and o f settling them as soon
as brou gh t; and he doubted not that nothing enriches cities, countries, and
kingdoms so much as the traffic in merchandise, which rests and reposes en
tirely on the good faith o f merchants, who must often act upon good faith
with one another, without witnesses or notaries, without heeding or observing
the subtleties o f the laws, the consequence o f which is, that certain cunning
and evil disposed persons avoid paying their just debts.” The decree proceeds
to provide for compelling parties in difference to submit their disputes to ar
bitrators chosen from merchants by themselves. The Consuls des Marchands
continued to act until the revolution.
176
Commercial Tribunals :
W ith Reference to the
The act o f the 24th o f August, 1790, established Tribunals o f Com
merce in their place, and their provisions were incorporated in the Codq de
Commerce of 1809. Each tribunal is composed o f a president, judges, and
assessors, not more than eight nor less than two in number, who are elected
by the leading merchants o f each judicial district. They hold for two years,
one-half going out each year, and each Court has its clerk and officers. I he
concurrence of three judges is sufficient to decide. N o counsel are allowed,
and no one can plead for another unless the party is absent, or he is specially
authorized. This exception has, however, practically annulled the rule, and
has given rise to a regular practice in the Courts. The judges receive no
pay, and their jurisdiction extends— 1st, to all contracts and transactions
between merchants, traders, and bankers; and 2d, to all parties when the
dispute relates to Commerce and trade.
England, a'so, had, in earlier times, its special Commercial Tribunals—
the Court o f the Mayor o f the Staple was nothing less than a Commercial
Court for the summary decision o f mercantile cases, arising at the fairs of
the staple or market towns, at which nearly all the trade of those times was
done.
Similar Courts were in existence in Flanders and Germany.
In
England the General Jurisdiction o f the K ing’s Bench and Common Pleas
seem to have gradually absorbed the various and special jurisdictions of nu
merous Courts which formerly were known to the English law. I here can
be little doubt that, if its principles had not been expanded to meet the exi
gencies of Commerce and society, during and since the time of Mansfield,
new Courts would have had to be established. The County Courts, lately
erected in England, also, to a degree, meet this want. W e cannot, however,
but wonder, that England, the greatest commercial nation of the earth,
should be without special tribunals for the decision of commercial cases.
It will be seen that the act reported to the Chamber o f Commerce follows
quite closely, in a number o f particulars, the French system. It is one dic
tated, indeed, by the circumstances o f the case. A prompt decision o f the
disputes o f merchants, by merchants for judges o f the law, by merchants
for juries to try the facts, without technicalities and without unnecessary delay
is what is required. A nd this we think the act proposed will, in the main,
secure. The only points we have noticed open to criticism, can be easily
corrected. Section 4 is, we think, a little too general in its terms. Its effect,
as explained by section 15, would be to make the proposed Court o f Com
merce a tribunal o f far wider jurisdiction than its name would indicate, or
its object requires or admits. It is designed, if we understand the plan, to
be a Court for the decision o f the controversies o f merchants, relating to
trade and Commerce. The French code, we think, defines the jurisdiction
o f such a Court more correctly and neatly.
The second point we notice, is that the act is absolutely silent on the sub
ject of forms o f pleading and proceeding. Whatever may be said about
the evils of technicality, there can be no doubt that there must be some
rules and forms observed for mutual convenience. W e do not understand
whether it is proposed that the new Court establish a practice and pleadings
o f its own, or is it to follow existing forms, but the inference from section
14 is, that the present rules o f pleading and practice are not to be in any
way binding. Y et rules and forms o f some kind every Court must have.
The act was not reported in time to be submitted to the Legislature at its
present session ; the delay will give time for a fuller discussion and consul
tation among the merchants of the city o f New York, and on this account
Projected Court o f Commerce in the City o f N ew York.
177
is the less to be regretted. W ith the improvements suggested by the expe
rience o f enlightened merchants, and which the wisdom o f the Legislature
will adopt, the Court established by this act will form a valuable addition to
•the judiciary system of New York.
REPORT IN RELATION TO A COURT OF COMMERCE.
To the Chamber o f Commerce o f the State o f New Y o r k : —
The Committee appointed to consider the expediency o f memorializing the
Legislature for the creation of a Tribunal o f Commerce—
Report, That they deem such a tribunal highly desirable, and have agreed on a
memorial to the Legislature, and also on the draft o f an act for the establishment
o f a Court o f Commerce in the city o f New York, which papers they herewith
submit, together with the request that, if approved of, the Chamber may resolve
to have the same at once presented to the Legislature at Albany.
JOHN J. BOYD.
LEOPOLD BIERWIRTH.
Jlpril, 1851.
CALEB BARSTOW.
S. BALDWIN.
M. MAURY.
At a meeting o f the Chamber o f Commerce, on Tuesday, April 1, 1851, the
foregoing report was accepted, and, as it was deemed too late in the present ses
sion to memorialize the Legislature, the act and memorial that were presented
with the above report, were referred back to the same Committee with instruc
tions to have the same printed, and circulated among the members o f the Cham
ber, in order that the subject may be considered and acted upon at a future
meeting.
To the Honorable the Legislature o f the State o f New
convened .*—
V
.
York, in Assembly
The Memorial o f the N ew Y ork Chamber o f Commerce respectfully represents,
That, in the city o f New York, the Commercial Emporim o f the entire American
Continent, there is a rapid imcrease in the number and importance o f questions and
disputes, and matters in equity, needing to be settled in conformity with Commercial
Practice, based upon principals o f Common and Statute L a w ; also many other ques
tions, arising from Foreign Contracts, needing to be determined and disposed o f accord
ing to the rules, treaties and decisions ol' the principal Commercial Nations o f the
world.
That the prosperity and general progress o f this city in its commercial movements,
can be essentially promoted by the adoption o f some new mode o f judicature, by
which much o f the long and formal process o f our courts, as they are now organized,
may be avoided.
That a Court o f Commerce organized in the manner set forth in the accompanying
draft o f an Act, to take cognizance o f all matters in dispute between Merchants, Tra
ders, Mechanics and others, would lead to a more prompt elucidation o f Commercial
Law, and have a salutary influence in many respects.
That the formation o f Petit Juries, as our Civil Courts are now framed, often leads
to erroneous decisions in grave and important Commercial and Maritime questions,
because it frequently happens that not more than one or two, if any, upon the Jury in
in such cases, know anything o f the matter at issue from their own practical knowl
ed g e ; whereas, with a Jury taken from the Chamber o f Commerce, the needful prac
tical knowledge can be secured.
That this practical knowledge is the more needful because the principals o f Com
mercial L aw should continue to be the same in all leading Commercial Nations, thus
regulating such contracts and transactions as may come in contact with similar trans
actions in other countries, and adjust and assimilate, iu a harmonious manner, any and
all the respective interests or customs.
That Commercial Courts, or Tribunals o f Commerce, have within the present century,
been introduced among all the principal trading Nations of Continental Europe, and
their uuited testimony as to the beneficial results o f such Tribunals, should be taken
as an additional inducement for their establishment in a city where commercial trans
actions equal in magnitude and variety, those o f the largest marts o f the Old World.
The New York Chamber o f Commerce therefore pray The Honorable the LegisiaYOL. XXV.---- NO. II.
12
178
Commercial Tribunals :
W ith Reference to the
tare o f the State o f N ew York, to pass an A ct like the one herewith presented, or
such an A ct as, in their wisdom, will embrace the objects herein sought lor.
A N A C T F O B T H E E S T A B L IS H M E N T O F A COUBT O F
C O M M E R C E IN T H E C IT Y O F N E W Y O R K .
S ec . 1. There shall be, and there hereby is, established within the City and County
o f New Y ork, a Court to be called and known by the name o f “ the Court o f Com
merce,” which shall consist c f a Judge, and not less than two, nor more than four
Associate Judges.
S ec . 2. The Chamber o f Commerce o f the State o f N ew Y ork shall determine the
number to be elected o f Associate Judges. The Judge and Associate Judges shall,
within two months after the passage o f this A ct, be elected by ballot, by the members
o f said Chamber from the members o f that corporation, at a special meetiug lor
that purpose convened. The ballots shall designate the person voted for as J udge, and
o f the persons voted for as Associate Judges, the persons having the greatest number
o f votes shall be respectively J udge, and Associate J udges o f said Court.
The Judge shall hold his office for four years, and the Associate J udges for three y ea rs;
but provision shall be made by the said Chamber o f Commerce that, at the first elec
tion, the Associate Judges shall be divided into tw o classes, to be determined by lot, o f
which one class shall hold office for two years, and the other class for three years.
But at all subsequent elections the said Associate Judges shall be elected lor a term
o f three y e a rs; so that at the expiration o f two years from the first election, their shall
be an annual election for Judge or Associate Judge or Judges as the case may be.
Such Judge, or either, or all o f the Associate Judges, may be removed from office
for cauxe, to be assigned in a complaint in writing to the Cnamber o f Commerce ; a
copy o f which shall be served upon the said J udge or Associate J udges, against whom
the complaint m ay be.
Within three weeks after the service o f such copy o f the complaint, it shall be the
duty o f the secretary o f the said Chamber to call a special meeting th ereof; o f which
notice shall be given to such J udge or Associate J udge or J udges.
A t such meeting, or at any adjournment or adjournments thereof, a full and impar
tial investigation shall be made o f the charge or charges o f said complaint. Shuuid it
be found true, the said J udge or Associate J udge or J udges may thereupon be removed
from office by a vote o f not less than three-fourths o f the members present at the time.
Notice shall be given b y the Secretary o f the said Chamber to the members thereof o f
the time when and the place where the said votes will be taken.
S ec . 3. The said court shall be held and be in perpetual session, Sundays, the fourth
day o f July, or, when upon a Sunday, the day succeeding such fourth day, Christmas,
the first, day o f the year, and such day or days as may be designated or reccommended
by the Executive o f the State as o f forbearance from labor, alone excepted. The daily
session to be from the hour o f ten o’clock in the morning until three o’clock in the after
noon. But it shall be competent fot the J udge or Associate J udge or J udges on any
day, or upon any occasion, to prolong the hours for the daily session.
S ec. i . 'lh e said Court shall have power to try, hear and determine all actions in re
lation to personal property arising within the City and County o f N ew York, between
parties resident therein, or when one o f the parties to an action may be a resident, and
the other anon-resident therein ; and all actions that may, by the consent of the parties
thereto, be submitted to the Said Court, but shall have no jurisdiction in actions relating
to real estate.
S ec. 5. The hearing and deciding o f all actions shall be b y the Judge or one o f the
Associate Judges aud a jury ; or, at the election or choice o f the parties litigant, by
the Judge or either o f the Associate Judges, or by a jury.
S ec . B. A Jury o f the said Court shall consistof seven o f the members o f the Cham
ber o f Commerce o f the State of New York, who shall be drawn by lot from a box, to
contain the names o f all the members o f the said Chamber, who may elect to perform
duty as Jurors. The said members so serving as Jurors shall be exempted Irum all
other Jury duties.
The decisions or verdict o f a Jury shall be given in writing and be signed by the
Jurors.
In all cases, it shall be held as one o f both law and fact, and may be given b y a
majority o f said Jurors, the minority to assign reasons for dissent in writing, aud with
their signatures.
S ec. 7. Appeals shall not be held from the decisions in the said Court, if made by
unanimous consent o f Jury, and the amount decreed, or o f judgment, be not m ore than
Projected Court o f Commerce in the City o f JVew York.
I? 9
five handrerl dollars, exclusive o f costs, nor if the original hearing he had before the
Judge, and all the Associate Judges, and the decision or j udgment be that in which the
•Judge, and all such Associate Judges agree.
A ppeals may be had in manner follow ing:— I f the hearing o f the cause has been by
o r before a Judge or Associate Judge and a Jury, and that the said Judge or Associate
Judge and the Jury hare not agreed, or that the verdict o f the jury has been by a ma
jo r ity only. I f the hearing ha9 been before the Judge or one o f the Associate Judges,
in such case the appeal will be to the full bench.
I f the hearing has been by a Jury only, and the verdict has been that o f a majority,
or, if the verdict, although unamimous, exceeds fire hundred dollars, exclusive o f costs,
then appeal m ay be had to a second Jury. Upon such appeal, the party appellaut
shall prepare a statement o f the facts, proven or admitted on the original trial, to be
certified by the foreman and at least two o f the Jurors o f the first Jury. This with
the verdict o f the said first Jury, shall be submitted to the second Jury. Should the
second Jury confirm the verdict o f the first Jury, there shall be no further appeal; but
if such finding be not in accordance with that o f the first Jury, an appeal may be had
to a third Jury upon the same documents, with the addition o f the finding o f the sec
ond Jury ; and the verdiet o f such third Jury shall be the final and conclusive ; and
no furthur appeal shall be had.
But no J uror, having served upon the first, shall serve upon the second J ury, nor
shall one having served upon the first or second, serve upon the third Jury.
S ec 8. Decisions made by appeal to a full bench, must be concurred in by the Judge
and all the Associate Judges I f they cannot so concur or agree, then the names o f
tw o Jurors shall b e taken by lot from the box containing the names o f all the Jurors o f
the said court. These tw o Jurors stall be assosiated with the said Judge and Associate
Judges, and the decision o f a majority shall be held and taken as that o f the Court.
In no case shall appeals he taken from the decisions o f this Court to any other
Court.
S ec. 9. U pon judgment being rendered, process for the enforcement thereof shall be
issued with like power, and as if issued from the Court or courts o f the highest judica
ture o f the State.
S eo . 10. The costs on action in the court aforesaid, shall be— if the amount o f ju d g
ment, exclusive o f costs, should not e x c e e d :—
Five hundred dollars, ten per centum ; exceeding five hundred dollars, and not ex
ceeding one thousand dollars, eight per centum, provided that they shall not be less
than fifty dollars; exceeding one thousand, but not exceeding two thousand dollars, six
per centum, provided that they shall not be less than eighty dollars.
Exceeding two thousand dollars, but not exceeding ten thousand dollars, three per
centum, provided that they shall not be less than one hundred and twenty dollars.
Exceeding ten thousand dollars, two per centum, provided that they shall not be less
than three hundred thousand dollars.
Such per centage o f costs to be taxed upon the amount o f judgment or verdict m
each case, and to be recovered with the amount o f such judgments, and be comprised
as an addition thereto, in the process for enforcement.
A t the commencement o f an action, the costs (to be estimated by the amount claimed)
shall be deposited in Court by the plaintiff; at its termination, should the verdict be
for less than the amount claimed, the difference between the deposit and the actual
amount o f costs shall be refunded. But should judgment be against the plaintiff, the
deposit shall be taken as costs. N o other costs than those thus named shall attend
•original actions in such C ourt But upon each and every appeal, the costs shall be
augmented fifty per centum ; such costs or additional costs to be deposited b y the
appellant.
■Upon the decision or appeal, the additional costs shall be paid, if in favor o f the ap
pellant, by tbe adverse p a r ty ; if against him, then by appellant.
S ec. 11. The said Judges and Associate Judges (or by the vote o f a majority) shall
have power to appoint a Clerk and such surbordinate officers or servants o f the said
Court as they may deem proper, and to fix their salaries, wages or compensations, and
to rent, lease or hire the requisite accomodations for holding the said Court.
S ec . 12. The salary o f the said Judges, and that o f the Associate Judges, shall be
fixed by a vote o f the Chamber o f Commerce o f the State o f New York, and by the
entire or majority vote o f those present at the meeting, and shall not be changed during
the term o f such Judge or Associate Judges respectively.
S ec . 13. The compensation to be allowed the Jurors shall also, an d in the sam e m o d e
b e fixed by the said Chamber,
180
Commercial Tribunals :
With Reference, d’c.
S eo. 14. Every action entered in the Court hereby established, shall b e tried upon
the merits, and it shall not be competent to the said Court to delay or neglect proceed
ings for nonconformity with any forms now or hereafter to be enacted for practice or
pleadings in any other o f the Courts o f this State.
S bc. 15. The words “ personal property,” as used in this Act, are to be understood
and construed as meaning money, goods, chatties, things in action, contracts and eviden
ces o f debt, and all that is not real estate.
S eo. 16. Should the costs as hereinbefore specified, not pay the salaries, rents, inci
dental and contingent expenses o f the said Court, the deficiency shall be paid by the
Supervisors o f the City and County o f New York. Should they exceed such salaries
and expenses, the surplus shall be paid into the Treasury o f the said City.
S ec. 17. This Court is hereby declared to be a Court o f Record, and m ay devise
and use a sea l; and all process issuing from the said Court shall have the like power,
validity, and effect, whatever may be the form as process for similar intent, issuing
from the Supreme Court o f this State.
S ec. 18. This A ct shall take effect immediately.
ADDITIONAL REMARKS UPON THE PROPOSED COURT OF COMMERCE.
Common sense and the promptings o f conscience form the essential basis of
all good laws, and experienced men, in commercial pursuits or in the ordinary
vocations and callings of life, can generally see and understand the rightful prin
ciples o f a case, without any very elaborate examination into the practices and
decisions of olden times; and when a case comes up needing to be governed by
the usages of foreign tribunals, such usage, it is presumed, can be ascertained
and understood quite as well by intelligent merchants as by the most learned
lawyers.
The codification of laws has never been made so plain, and probably never
will be made so clear and plain, that no doubtful question can possibly arise.
Litigation often grows out of the uncertain application o f law rules to com
plicated circumstances; hence the great usefulness o f calling in the aid o f intelli
gent, experienced, and matured practical judgment, in the elucidation of such rules
and circumstances.
The Court in contemplation will not, o f course, conflict with any positive
enactment o f law, but will give more prompt efficacy to the substantial features
o f such a law.
Constituted as our laws and customs and habits are, and viewing the vast
amplitude o f our Commerce with the entire habitable globe, we shall natuarly con
tinue to seek for principles and rules to suit new combinations o f circumstances
that are daily arising. Tribunals o f commercial law, framed and organized as the
one now proposd, will, it is thought, be very serviceable in this respect, and are
probably destined to expand and increase with the increasing knowledge aDd
enterprise of society.
There is, in conclusion, one other point worthy o f consideration. It is this:__
The organizing o f the proposed Court from members of our Chamber o f Com
merce will invest our merchants, as a body, with a greater influence in the guidance
o f public, measures than they have hitherto had. It will suggest the necessity o f
more thought as to the rights and duties of merchants in business transactions,
and most unavoidably result in a more combined and efficient action o f merchants
or useful purposes.
Commercial Cities and Towns o f the United States.
181
Art. TI.— COMMERCIAL CITIES AND TOWNS OF THE UNITED STATES.
NO. XXV.
A COM M E R C IA L SK E T C H OF N E W P O R T , R H O D E I S L A N D *
I n 1638, Governor Coddington (having associated himself with seventeen
others) purchased Aquidneck (or “ Isle o f Peace ” ) o f the Indian sachems,
in his own name, as agent. The company immediately took possession of
the island, and settled on its northern extremity, where they proposed estab
lishing a colony. A town was regularly laid out, and at first called Pocasset
— now known as Portsmouth. The colony prospered, and the following
summer search was made for a more favorable location, which resulted in
the selection o f the south-western extremity o f the island, now known as
Newport. The following spring, a part o f the colony moved to the new
site, laid out the principal streets, and commenced the erection of houses.
A t a subsequent date, the island, by order of the General Court, was called
the “ Isle o f Rhodes,” or Rhode Island, on account of its great resemblance
to the beautiful Isle of Rhodes in the Mediterranean.
Rhode Island is situated in Narragansett Bay, in lat. 41° 2 9 '; Ion. 11°
20'. It is fifteen miles in length, and, in the vicinity o f Newport, about four
in width ; gradually diminishing towards the north until it terminates in a
point. Thn shore line is eighty miles.
Newport, the subject of our present sketch, is beautifully situated on a
hill, sloping gently to the harbor on the west. It is laid out with some de
gree of regularity ; the principal streets running north and south, and crossed
at right angles. The ancient part of the town is very compact; that of re
cent date is open and tastefully arranged. The inner harbor is formed by
the town on the east; the neck on the south, terminatingin Brenton’s Point;
Goat Island on the west, with an opening to the north, and also to the south
west. The outer harbor comprises that portion of Narragansett Bay lying
between Rhode Island on the east, and the island of Connanicuton the west;
opening to the ocean on the south, and to the north running into Providence
River. The entrance to the harbor is two miles in width, twenty-nine fath
oms in depth ; and in only one instance has it been obstructed with ice since
owned by the whites. The approach to the harbor is so free from obstruc
tions of every kind, that a stranger may euter in safety, without the aid of a
pilot. Vessels can enter and depart in any wind ; and the united fleets of
the world could here find secure and commodious anchorage.
There are five forts in and around the harbor, though o f these but two
are fit for service. The most important is Fort Adams, situated on Brenton’s
Point, at the mouth o f the harbor. It was commenced in September, 1824,
and up to the end of 1850 it has cost $1,692,000. The fort and redoubt
are fitted to mount 468 guns. The parade ground, within the main work,
contains about eleven acres. The engineer’s estimate for this work was
$730,166.
The second, Fort Walcott, situated on Goat Island, directly in front of the
town, was built in the early settlement of the town, and known at different
* For many o f the facts embodied in this article, the writer is indebted to the file o f the “ Newport
Mercury,” and wMemoirs of Rhode Island,” by the late Major Bull.
182
Commercial Cities and Towns o f the United States :
times as Fort Ann, and Fort George. • The North Battery, afterwards called
Fort Greene, in compliment to the General o f that name, was built, during
the Revolution, a little to the north o f the town, and was at various times
garrisoned. It is now in ruins. Fort Dumpling is situated on Connanicut,
directly opposite Fort Adams ; and Rose Island— a small island in mid chan
nel— was also fortified. Plans have already been adopted for the erection o f
a water-battery on Rose Island, and for the erection o f a substantial work on
the site of Fort Dumpling.
Rhode Island is connected with the main on the east by a substantia!
stone bridge, which is owned by a company, who realize a small dividend
from the tolls. There is also a telegraphic communication between Newport,
New York, Boston and Providence, via Fall River. The communication be
tween Newport, Boston, New York and Providence, is direct: the New
York and Boston boats, via Fall River, touching at the long wharf, morning
and evening ; and the steamer Perry, a fine river boat owned at Newport,
connecting with Providence, making one trip a day, each way, in winter, and
two in summer. The distance from Newport to Providence is thirty m iles;
to Fall River eighteen ; and from there to Boston, by railroad, fifty-three £
to Point Judith, fifteen ; to Block Island, thirty ; and to New York one hun
dred and sixty-five miles.
The public buildings o f Newport are the State House, a well-arranged and
commodious building, situated at the head o f the P arade; the Redwood
Library, one of the most classical buildings in the country ; the Jew’s Syna
gogue, three Baptist, one Congregational, one Unitarian, and two Episcopal
churches, and two Friends’ meeting-houses. There are seven hotels, four o f
which are only opened during the summer, for the accommodation of the
crowds that resort here for the “ season.”
In the county there are four woolen and eight cotton manufactories ; the
w oohn manufactories are mostly coarse goods, commonly called “ N egro
Cloth,” satinets, a coarse kind o f broadcloth, and a small quantity of a bet
ter quality. The cotton manufactures are about No. 40 sheeting, and Nos.,
28 to 30 printing cloths. The quantity made, when in full operation, is
1,230,000 yds. sheeting, and 2,200,000 yds. printing cloths a year. Coarsegoods, imported from Great Britain, comes in direct contact with our manu
factures, so much so as to cause the suspension, in part, of operations. There
are also two oil and candle manufactories, one soap and candle factory, one
steam planing-mill, one brewery, and three rope-walks.
Rhode Island produces hay, corn, rye, oats, barley, potatoes, onions and
garden vegetables, together with beef, pork, and poultry. About two-thirds
o f the capital is employed in producing. The average profit above raising
is from 4 to 6 per c e n t; average profit on capital, from 8 to 8 per cent.
COST OF P R O D U C IN G ,
fro m 1832 to 1842.
H ay........ ........................................per ton
Corn...............................................per bushel
R y e ..................................................................
O ats..................................................................
B a rle y .............................................................
Potatoes......................................
Onions ............................
B e e f ........................................... per pound
P ork.................................................
P o u l t r y ..................
815 Oft
92
10#
42
67
83
37
6
10
10
From 1842 to 1845.
|12 00
70
87
87
67
8025
4
6
10
A Commercial Sketch o f Newport , Rhode Island.
183
'The county does not raise a sufficient supply of stock and provision for its
own use, and is dependent on New York, Massachusetts, Vermont, New
Hampshire, Maine, Connecticut, Maryland, Louisiana and Cuba.
The following is the average amount, together with the prices:—
From 1832 to 1842.
Flour........................... . . bbls
B e e f ..........................
P o r k ...........................
B a c o n ........................
Fi>h.............................
B utter........................
C h e e se ......................
Lard............................
N. O. Molasses......... .. . .gals
Corn.............................
R y e .............................
Buckwheat....................b b ls
Beans ........................
Cuba Molasses____ . . .gals
H orses........................
N eat Cattle................
11,500
700
800
300
1,000
100,000
60.000
150,000
10,000
50,000
4,000
1,500
500
25,000
200
2,000
$6
10
12
15
3
5
6
75
30
00
00
00
00
50
12
8
8
30
60
75
00
00
25
00
00
From 1842 to 1845.
$69,000
7,000
9,600
4,500
3,500
12,000
4.800
12,000
3,000
30,000
3,000
7,500
3,000
6.250
15,000
60,000
$5
7
10
12
3
4
5
60
20
00
00
00
00
00
10
6
6
28
60
60
00
00
20
00
00
$57,000
4,900
8,000
8,600
3,000
10,000
3,600
9,000
2,800
25,000
2,400
6,000
2,500
5,000
12,000
40,000
About 8,000 pounds o f wool are raised in the county— average price
from 1832 to 1842, about 30 cents; from 1842 to 1845, about 37 cents.
But little attention is paid to ship building, as compared with former
years. A reason is found in the fact that the supply of ship-timber in the
State is nearly exhausted.
There are four marine railways attached to the two ship-yards, which are
kept in constant use by vessels from the adjacent ports. We have also six
teen shops in which from thirty to forty men are constantly employed in
boat-building, turning out about four hundred boats a year, the greater part
of which are sold for the use of shipping in the adjacent ports.
The commercial, manufacturing and navigation interests are not connected
with, or dependent on, that of agriculture.
Total valuation o f property in N ewport in 1849 ........................................
Tax assessed.........................................................................................................
$4,522,600
15,000
Total valuation o f property in 1850 ..............................................................
T ax assessed.........................................................................................................
4,720,450
15,577
Population o f N ew port in 1 8 2 0 ..
“
“
1 8 3 0 ..
7,319 I Population o f N ew port in 1 8 4 0 ..
8,010 [
“
“
1 8 5 0 ..
8,833
9,563
The proportion of capital invested in navigation, contrasted to that of ag
riculture, is as 1 to 10.
The direct exportations from this county are almost too small to note.
They consist of sperm and tallow candles, pork, cordage, cheese, potatoes,
onions, garden vegetables, poultry and fish.
TONNAGE.
Tons registered. Enrolled and licensed.
1847.............................................
1849 .........................................
1850 .........................................
5.761 01
5,480 45
6,644 33
4,658 14
4,666 84
4,934 21
N U M B E R O F V E S SE L S C L E A R E D F O R
F O R E IG N P O R T S .
Vessels.
1849 ..........................................................
1850..........................................................
Total.
10,419 15
10,147 34
10,578 54
9
17
Tons.
1,307
2,752
Men.
66
127
184
Commercial Cities and Towns o f the United States :
N U M B E R O F V E S S E L S E N T E R E D F R O M F O R E IG N P O R T S .
1849 ..........................................................
1850..........................................................
18
11
8,011
2,602
Number o f vessels boarded b y custom-house boat, in 1848..........................
Number o f vessels boarded by custom-house boat, in 1849..........................
Number o f vessels boarded by custom-house boat, in 1850..........................
111
126
1,328
2,032
3,426
This does not include fishing-vessels, which sometimes enter to the number
o f two or three hundred in a day.
Number
Number
Number
Number
of
of
of
of
ton9
tons
tons
tons
em ployed in coasting trade................................................
em ployed in whale fish ery................................................
em ployed in cod fishery......................................................
em ployed in mackerel fish e ry ..........................................
4,112
1,516
121
320
25
61
18
13
There are ten light-houses under the superintendence o f the collector o f
Newport, which are kept in order by nine keepers, who are paid, in the ag
gregate, 83,200. W h ole amount o f expenses for the district o f Newport,
when the Revenue Cutter is in active service, $18,219 52. The Collector,
naval officers, and surveyors depending on fees.
Newport has seven banks, with an aggregate capital o f $680,000, on which
an annual dividend o f 6 per cent is usually paid. There is also a bank for
savings. Its deposits, which are rapidly increasing, amount, at the present
time, to $190,000.
There is a mine o f anthracite coal at the north end o f the island, which
is in successful operation ; the coal uniformly commanding $3 a ton, at the
mines.
From the foregoing, it will be seen that the trade and Commerce o f New
port is very limited ; and, had she nothing more to offer, would deserve but
little notice from the more prosperous. But, if now on the decline, or, at
best, barely sustaining herself, she has seen the day when she was second, in
a commercial point, only to Boston and New York, and in foreign trade sur
passing the latter. If she is now depressed, it is because her ships were cap
tured and destroyed, her habitations burnt, her sanctuaries profaned, and her
merchants scattered, never to return. Her history is now only found in the
few pages that are left us, and to these we must turn, if we would glean any
facts connected with her Commerce.
The settlers o f Rhode Island appreciated its advantages for trading, and
at an early day assigned a regular time and place for buying, selling, and
exchanging goods. The commencement o f the trade in Narragansett Bay
was between the natives and the inhabitants of Plymouth ; the former having
set apart the Island o f Prudence (afterwards purchased by the settlers of
Rhode Island) as a trading ground. The Inhabitants o f Rhode Island con
tinued their trade with P lym ou th ; sending corn, pork, and tobacco in ex
change for a few European goods they could not subsist without. The first
commercial enterprise from Newport started from Prudence. It was a small
vessel, fitted out by the farmers o f Rhode Island; the captain, mate, and
crew each owning a part. She was sent on a trading voyage to the W est
Indies. Tradition says she brought, on her return, the first coffee introduced
into the colonies. The berry was then known as the coffee bean.
The first imperfect statistical account o f Rhode Island is found in the an
swer o f the Governor and Company o f Rhode Island to questions from the
Lords o f the Committee o f Colonies in 1680. W e select such only as re
late to the subject in view.
A Commercial Sketch o f Newport , Rhode Island.
185
“ T h at as fo r h orse (cavalry) w e have bu t f e w ; b u t the c h ie f o f our m ilitia
consists o f ten com pan ies o f f o o t ; bein g train-bands, under one com m ander,
and their arms are fire-locks. O u r co a st is little frequented, and n ot at all at the
present tim e, with pirates or privateers. A s for foreigners and Indians, w e have
n o C om m erce with th em ; bu t as for our neigh bors, the E nglish , w e have, and
shall endeavor to keep, a g o o d correspondence with them. T h e principal place
o f trade is N ew port, w here the generality o f the buildin gs are o f w ood , and
small. W e have nine tow n s, or divisions. T h e principal m erchandise ex ported
are horses and provisions, and the g o o d s im ported are a small quantity o f the
p rod u ce o f B arbadoes, fo r ou r o w n use. W e have several men w h o deal in
b u y in g and selling, though they cann ot p roperly b e called m erchants; and fo r
planters, w e con ceive there are ab ou t 500, and ab ou t 500 other m en. W e have
la*e had fe w o r no new -com ers, either o f E nglish, S cotch , Irish, or foreigners—
only a fe w blacks im ported. T h ere m ay be, o f w h ites and blacks, a b ou t 200
b orn a year. W e have ab ou t 60 m arriages a year. T h e burials fo r the last
seven years, a ccord in g to com putation, am ount to 450. W e have fe w m erchants,
b u t m ost o f the c o lo n y live com forta b ly by im proving the wilderness. W e have
n o shipping belo n gin g to the c o lo n y , bu t on ly a fe w sloop s. T h e great obstruc
tion co n cern in g trade is, the w ant o f m erchants— men o f considerable estate
am on g us. A fishing trade m ight prove very beneficial w ere there m en o f prop
erty w illin g to carry it on. A s fo r g o o d s ex p orted or im ported there are very
fe w , and there is n o cu stom -h ou se.”
It should be borne in mind that the early settlers were anxious to keep
from the Commissioners o f Colonies the true state o f their prosperity— to
depreciate their trade and Commerce, as the surest means o f preventing
their establishing a system o f custom duties. It will be seen by the above
that great stress is laid on the want o f merchants and men o f estate; and
it is also worthy o f note that the sloops, alluded to as the only shipping,
were large vessels— larger than brigs are now generally built. They were
well armed, and carried large crews. W ith such vessels they carried on a
considerable trade with the coast o f Afiica and the W est Indies. Their
fears, lest a cu-tom-house should be established, were realized, for in 1682
the General Assembly appointed a naval officer, agreeable to the laws o f
the mother country, and required all masters o f vessels, on their arrival, to
make entry o f their respective ships and laden, and give bonds as required
by Parliament, paying duty on tonnage, etc. This met with general oppo
sition ; and in 1686, in a petition from Governor Clarke and Council to
K ing James II., appears the following:;— “ And further, we humblv petition
your Royal favor, that, forasmuch as the port o f Newport, Rhode Island, lies
in the midst o f your Majesty’s colonies, it may be a free port for navigation
and entries paying dutits.'" There efforts were, however, unavailing, and
soon duties were laid on all imported goods.
In 1696 a duty o f 12s. 6d. per pipe, was laid on Madeira w in e; on
Fayal wine, 10s. 5d. the p ip e ; and on brandy, and all other distilled spirits
from foreign places, one penny per gallon. The governor w'as appointed
collector, and received 10 per cent for his labor. The same year a bond o f
£1,000 was required of any person to whom a commission was granted for
an armed vessel, except as might be fitted by the colony. The trade in fish,
at this date, must have been good, for it appears, by the Town Records, that
the use o f the north end of Goat Island was given to certain persons to
cure fish ; and in 1751, the use o f the south end was given to another com
pany, for the purpose o f trying out whale oil.
In 1703 a tonnage duty o f one pound of powder, for every ton o f ship
ping entered at the port of Newport, belonging to persons not inhabiting
the colony, was laid, to be for the use o f the fort at Newport.
186
Commercial Cities and Towns o f the United States:
1706. An expedition was fitted out to capture a French privateer sloop,
which had infested the coast. She was captured by a vessel in the colony
service, and brought into Newport, with her crew as prisoners.
1707. Rhode Island, at the request of the Governor of Massachusetts,
furnished a vessel of eighty tons, with eighty men, armed and equipped for
four months, against the French and Indians,
The same year a duty o f £ 3 a head was laid on all negroes imported.
1709. The General Assembly “ voted, and be it further enacted, that
whereas there is one Bradford, son o f Bradford the printer o f New York,
who hath afford himself to set up a printing press in this place, and to find
paper, and to print all things that may relate to colony and government,
for £5 0 per annum, if it be but for one or two years. The Assembly con
sidering the premises are, upon condition aforesaid, willing to allow the said
Bradford £ 5 0 for one year, and so yearly, if the colony see fit to employ
him.”
This year Rhode Island furnished three vessels to join the fleet sent to
capture Port Royal. To defray the expenses o f the war, the circulation of
paper money was resorted to. It has been estimated that in 1748 there
was in circulation bills to the amount o f £500,000, old tenor.
1715. One-half the revenue arising from the duty on negro slaves, was
granted by the General Assembly to the town o f Newport, for seven years,
to defray the expenses o f paving the streets in said town ; a grant being
made at the same time, o f £2 89 17s. 3d., then in the naval officer’s hands,
received by him as duty on slaves.
1720. The General Assembly passed an act prohibiting the sale o f strong
drink to any Indian employed in the whale fishery. The act states that their
employers have been at great charge in providing whale-boats, irons, warps,
casks, <fec., in order for fishing ; and that the said Indians, so employed,
were prevented front performing their duty by means o f intoxication. It
would appear that at this time the whale fishery was carried on, in and
around Narragansett Bay, in boats from the shore, without the aid o f vessels
o f burthen, in the same manner that it was commenced in Nantucket.
We may here remark that the manufacture of spermaceti was first car
ried on in Newport; the art having been introduced from Portugal, by
Jacob Rod Reveira, a highly respectable Jew, who greatly contributed to
the prosperity of Newport, he having owned more than thirty sail of vessels,
and was extensively engaged in manufacturing spermaceti. Newport, before
the revolution, monopolized this branch of manufacture, having in operation,
at one time, no less than seventeen oil and candle factories.
172.3. Two pirate sloops, the Ranger and the Fortune, were captured by
his Majesty’s ship Grey Hound, and brought, with thirty-six prisoners, into
Newport. The latter were tried, and twent-six of their number hung. A
number of pirates were hung in 1738, and in 1760 two more suffered the
same penalty.
In case of an enemy or pirate being seen on the coast, it was usual to
take up a merchant vessel and equip her with despatch as a guard coaster.
1730. Census of Newport, whites, 3,843 Negroes, 6 4 9 ; Indians, 148.
1739. The first privateer was fitted out at Newport. She was a sloop of
150 tons, and was built and fitted to protect the coast from Spaniards. In
this, she, with others, was successful.
1741. Artillery company established. W ith the exception of the time
the Island was in the possession of the British, it has continued to perform
its duties, as Governor’s Guards, to the present day.
A Commercial Sketch o f Nemport , Rhode Island.
187
1744. The bounty taken off o f hemp, flax, whale oil, whalebone, and
codfish, as before Allowed.
A t this time, on account o f the French privateers that swarmed the coast,
the New England fisheries were abandoned, and the Commerce o f the coun
try restricted to such as sailed under convoy. Great preparations were made
for the capture o f Louisburg. The people o f Rhode Island entered into
this war with great spirit. From ten to fifteen privateers were fitted out
from Newport, and upwards o f twenty prizes, some o f great value, w.-re
sent in by them. Rhode Island furnisned a regiment o f 1,000 men for the
Canada expedition, at. the same time about 1,500 men were in the privateer
service, be-ides defending her own coast. The British Parliament subse
quently granted to the State, for her services in the Cape Breton expedition,
£6 ,322 12s. 10d., sterling.
1745. This year, “ Godfrey Malbone built two large ships o f twenty-two
guns each. They were equal in size and force, and sailed on their first
cruise for the Spanish Main, the day before Christmas, at the commencement
o f a north-east snow storm. In accordance with the superstition o f that
day, the hour and minute, found by the science o f astrology to be most
fortunate for sailing, was strictly observed, and when the lucky moment ar
rived they both started. These ships were never heard from, and it was
conjectured that they must have run foul o f each other during the thick
snow storm, and both went to the bottom. By this accident upwards of
400 persons perished, and nearly 200 women o f Newport made widows.”
The price o f a prime negro slave, in 1745, was about one hundred ounces
o f silver.
There are many anecdotes recorded o f the bravery o f the Rhode Island
seamen o f that day. W e quote one from the Boston P ost Boy, of 1747 :—“ The brave Captaip Dennis, commander o f a Rhode Island privateer, has
lately taken several French privateers in the W est Indies, the last of which
(of fourteen guns and 140 men) was fitted out in an extraordinary manner,
at Martinico, to take Captain Dennis ; but after a smart engagement o f four
hours (in which Captain Dennis was slightly wounded) she was taken, and
carried into St. Kitts, where Captain Dennis was highly caressed by the
Governor and other gentlemen o f the Island, who, as an acknowledgment
o f bis eminent service, presented him with a golden oar, and a pur-e o f 500
pistoles. The French privateer was immediately sold to some English mer
chants, and in a short time was cruising against the enemy.
1748. Census, 4,640.
The war closing this year, Newport began to feel the disadvantages of
peace. Her capital was invested in ships o f war, wdiich must be altered to
merchantment; her seamen were unfitted for other than the exciting life
they had led, and her merchants were distrustful, or unwilling to enter
largely into trade. This, added to the depreciation o f the currency, gave a
check to the prosperity o f the town, from which it did not recover for several
years.
1749. Clearances from Newport for foreign ports, 160 ; and entries, 75,
for the year.
1750. Newport sent a strong remonstrance to the General Assembly
against issuing more paper money, it having fallen to £)0 o f paper for £1 o f
silver.
This year a remarkable circumstance occurred at Newport. “ A vessel
was discovered one morning, coming from the eastward, close in with Eas
188
Commercial Cities and Towns o f the United States :
ton’s beach, with all sails standing.
She seemed suddenly to alter her
course, avoiding the rocks, and came directly on shore, at the north-west
corner of the beach. N o one being seen on board, she was boarded by
some fishermen, who were spectators o f the scene, and, to their great surprise,
no person was found on board; but they found the table set for breakfast,
the kettle boiling, and a dog and cat in the cabin— everything undisturbed,
(except the long-boat, which was missing,) as if the crew had that moment
left her. The vessel proved to be a brig belonging to Newport, which had
been hourly expected from Honduras, she having been spoken but a day or
two before, by a vessel that had arrived in port.”
The brig was commanded by Captain John Huxham. No tidings was
ever heard of him or his crew, and what became of them will probably ever
remain a mystery. The vessel was afterwards got off, and sold to a mer
chant of Newport, who changed her name to the “ Beach Bird,” by which
name she made many voyages.
1751. The number o f negro slaves in Newport at this time must have
been great, for we find it recorded that Pars o f an insurrection were enter
tained in consequence o f a large number o f the inhabitants having gone to
South Kingston, to witness an execution, which drew together an immense
concourse of people.
1752. A merchant o f Newport petitioned the Assembly for a special act
o f insolvency, which was granted. This was noised abroad as a remarkable
event; so successful had the merchants o f the town been, up to that date.
In a queer work, published in Dublin, 1751, by Dr. MeSparran, and Eng
lish missionary to the church o f South Kingston, it is stated:— “ That the
produce o f the colony is principally butter and cheese, fat cattle, wool, and
fine horses, that are expoited to all parts o f English America. There are
about 300 vessel-5, such as sloops, schooners, snows, brigantines, and ships,
from 60 tons and upwards, belonging to this colony. But as '.hey are rather
carriers for other colonies than furnished here with cargoes, you will go far
to conclude that they' are lazy and greedy o f gain ; since instead o f culti
vating the land, we improve too many hands in trade. This is indeed the
cas\”
The same year (1754) Fellowship Club wras formed and incorporated. It
consisted o f such as were, or had been, commanders o f vessels. Its object
was mutual assistance and to relieve their brothers when reduced to poverty.
The society is still in a prosperous state, and is now known as the Marine
Society.
1755. A tax was assessed, Newport paying £7 ,000 , and Providence,
£2,450. The population of Newport at this time, was 6,754— one sixth of
the whole colony. From the following we can judge of the opulence of
Newport:— The Assembly agreed to rebuild Fort George (opposite New
port) paying £1 0,00 0 providing Newport would pay £5 ,000 on her own
account.
The number o f negroes in the town at this date was 1,300. They were
regularly organized, and had their yearly election for town officers, choosing
from their number, by ballot, a mayor, judge, &c., to whom they paid the
utmo-it defi rence during thier term o f service. Qualification for a voter, a
pig and sty on the 1st of June.
1758. This ye: r the Newport M ercury was first published by James
Franklin, brother of Dr. Benjamin. This is the oldest newspaper establish
ment in the country, except one at Annapolis, Maryland. The first news-
A Commercial Sketch of Newport, Rhode Island.
189
paper published in Bbode Island was in I '732, at Newport, by the abovenamed James Franklin, previous to which time he had been the ] ublisher
of the New England C ou ra n t, in Boston. The M e r c u r y has now entered
on its ninetieth volume, it having lost three years duiing the Kevolution.
The late publisher of the M e r c u r y was the last of a family that had inher
ited it for more than seventy years.*
This year, 1758, several large privateers were fitted out at Newport, the
inhabitants taking an active part in the war then waged against the French.
1759. A tax was levied at the June session of the Assembly, in which
Newport was assessed £2,200, Providence, £6 67 , South Kingston, £8 03 ,
&c. The members from Newport protested against the assessment. In
their protest they say, “ that the merchants o f Newport, in the course of
their trade, have lost upwards o f two millions of money (about $350,000)
since the commencement of the present war.”
1761. Number o f dwelling houses, 888, warehouses and others, 439.
This year a severe storm swept over the town, causing considerable loss o f
sugar, salt, &c., and doing much injury to the shipping.
1763. The Jewish Synagogue was dedicated with great pomp. At that
day there were sixty families of Jews, numbering in all more than three
hundred in the town. This fact is here mentioned, for to the merchant
Jews, Newport owed much of her prosperity, they having embarked ex
tensively in trade and Commerce.
During the war against the French, the merchants of Newport carried on
an extensive trade with the West Indies, under flags of truce; while her
privateers were a constant annoyance to the emmy. She contributed as
much to the war as any town of the same size in New England, and many
of her merchants, through the success of their privateers, became very wealth}'.
1764. The following facts in regard to the trade of Newport, were this
year set forth in a protest against the Sugar Act:—“ There are upwards of
thirty distilleries, erected at vast expense, (the principal materials of which
were imported from Great Britain,) constantly employed in manufacturing
rum. This distilling is the main hinge on which the trade of the colony
turns, and many hundred persons depend immediately uponit for sustenance
—employing, at this time, 2,200 seamen.
Articles exported to French islands, horses, lumber, and fish. The colony
has no staple for exportation, and does not raise enough for its own con
sumption.
By a moderate calculation, goods (British manufacture) imported annually,
and consumed in the colony, amount at least to £120,000. The only arti
cles produced in the colony, suitable for a remittance to England areflaxseed
and oil, and some few ships built for sale : in all, £5 ,000 per annum. Be
sides these, there are a small portion of lumber, fish and horses sent to the
West Indies.
It appears, from the custom-house books, in Newport, that from January,
1763, to January, 1767, there were 184 sail of vessels bound on foreign
voyages, that is, to Europe, Africa, and the West Indies, and 352 employed
in coasting from Georgia to Newfoundland. These, with fishing vessels, em
ploy 2,200 seamen.
* The pres®, on which Dr. Franklin worked when learning his trade, is still in the offhe. It was
the first used in the uffiee, and as it is probable that his brother brought it with him Imm Boston, it
must date from 1721, at which tune the said .lames Franklin imported from England a press and type,
to carry on the “ art and business of printing.”
190
Commercial Cities and Towns o f the United S ta tes:
O f the foreign vessels, 150 are annually employed in the W est Tndia
trade, which import into this colony about 14,000 hogsheads of molasses,
whereof a quantity, not less than 2,500 hogsheads, is from English islands.
It is this quantity of molasses which serves as an engine in the hands o f the
merchant to effect the great purpose o f paying for British manufactures ; for
a part o f it is exported to the Massachusetts Bay, to New York and Penn
sylvania, to pay for British goods, for provisions, and many articles which
compose our W est India cargoes; and part to other colonies, southward of
these last-mentioned, for such commodities as serve for a remittance imme
diately to Europe, such as rice, naval stores, & c .; or such as are necessary
to enable us to carry on our Commerce. The remainder (besides what is
consumed by the inhabitants) is distilled into rum, and exported to Africa.
Nor will the trade to Africa appear to be of little consequence, if the follow
ing account of it be considered.
Formerly, the negroes on the coast were supplied with large quanties of
French brandies; but in the year 1723, some merchants in this colony first
introduced the use o f rum there, which, from small beginnings, soon in
creased to the consumption of several thousand hogsheads a year, by which
the French are deprived o f an equal sale o f brandy ; and as the demand
for rum is annually increasing upon the coast, there is the greatest reason for
thinking that, in a few years, if the trade is not discouraged, the sale o f
French brandy will be entirely destroyed.
This little colony only, for more than thirty years past, has annually sent
about eighteen sail, of vessels to the coast, which have carried about 1,800
hogsheads o f rum, together with a small quantity o f provisions, and some
other articles, which have been sold for slaves, gold dust, elephants’ teeth,
cam-wood, &c. The slaves have been sold in the English islands, in Caro
lina and Virginia, for bills of exchange, and the other articles have been
sent to Europe ; and by this trade alone remittances have been made from
this colony to Great Britain, to the value o f £40,000 sterling, yearly. And
this rum carried to the coast is, so far from prejudicing the British trade
thither, that it may be said rather to promote it. For as soon as our vessels
arrive, they exchange away some o f their rum with the traders o f Britain,
for a quantity o f dry goods, with which each o f them sort their cargoes to
their mutual advantage.
Besides this method of remittance by the African trade, we often get bills
of Surinam, Burhice, &c., and this happens when the sale of our cargoes
amount to more than a sufficiency to load with molasses; so that in this
particular a considerable benefit arises fromthe molasses trade ; for these bills
being paid in Holland, are the means of drawing from that Republic so much
cash, yearly, into Great Britain, as these bills amount to. From this deduc
tion from the course of our trade, which is founded in exact truth, it appears
that the whole trading stuck of this colony, in its beginning, progress and
end, is uniformly directed to the payment of the debt contracted by the im
portation of British goods; and it also appears, that, without this trade, it
would have been, and always will be, utterly impossible for the inhabitants
of this colony to subsist themselves, or to pay for any considerable quantity
of British goods.”
The repeal of the “ Stamp Act,” in 1769, was received with great rejoicing,
and during the few years of peace that followed, Newport was at the zenith
o f her commercial prosperity. The population was then between eleven and
twelve thousand. She had nearly 200 vessels in the foreign trade, between
A Commercial Sketch o f Newport, Rhode Island.
191
300 and 400 coasters, and a regular line o f London packets. The town
contained 17 manufactories o f sperm oil and candles, o rope-walks, 3 sugar
refineries, 22 distilleries, and a great number o f establishments in which
large quantities o f furniture were made, to supply New York and a south
ern market.
The. first act o f violence and resistance to British authority in America
took place at Newport, July 18th, 1769, although it is generally accorded
that the d&struction o f tea in Boston was the first. A brig and sloop, be
longing to Connecticut, was brought into Newport by the armed sloop Lib
erty, Captain Read, under suspicion o f having contraband goods on board.
On the following evening a number of persons seized Captain Read, while
standing on the wharf, and compelled him to send on board for all his crew'
except his first officer. W hile this was going on, a party went on board the
Liberty, sent the officer on shore, cut the cable, and run the sloop on shore
at the point, where they cut away her mast and scuttled her. Her boats
were then taken to the head o f the town, (where the Liberty Tree stands,)
and burnt. The vessels under seizure, in the meantime, got under way, and
made their escape.
The second act o f violence in the colony— the capture o f the Gaspee, by
about forty men, in five or six whale-boats— incensed the Ministry to a high
degree.
The fear o f a war with England called home our shipping, as is shown by
the entries on the custom-house books, for June and July of 1774. Number
o f vessels entered from foreign ports, 64 ; coasters, 134 ; whalemen, 17 ;
making, in all, 215 vessels in the space o f two months.
On the breaking out o f the war, great numbers of the inhabitants left the
island, and during the summer aDd fall o f 1776, Newport remained in a
distressed condition— without Commerce, without defense, except a few guns
at Brenton’s Point, and a total prostration o f business o f all kind. The
British fleet arrived, took possession o f the town, and remained three years.
During their stay the town was under martial law. Before leaving it, they
destroyed 4 80 buildings o f various classes, burnt the light-house at Beaver
Tail, cut down all the ornamental and fruit trees, destroyed nearly all the
wharves, and the places o f public worship, with two exceptions, were used
as f tables and riding-schools. The State-House they turned into a hospital.
The church bells, with one exception, (a present from Queen Ann,) the ma
chinery from distilleries, and the town records, were carried to New York,
never to be returned ;* and when, at length, they evacuated, all the wells
were filled up, and as much property as possible destroyed, by order o f the
British commander.
The British army, quartered on the town, numbered 8,000, English and
Hessians. They encamped in summer, but in winter, were forced into the
houses of the inhabitants.
From 1778 to the time that the island was evacuated, contributions were
constantly made by States, towns, parishes, religious societies, companies,
and individuals, fur the benefit of the sufferers at Newport. The State
granted 160 cords o f wood, then worth twenty silver dollars a cord, and
£ 1 ,000 for the poor. Old houses were torn down, and one ship broken up
for fuel. So great was the demand for food that corn brought $4 (silver) a
bushel, and potatoes $2 a bushel.
* The vessel that contained the records was sunk in Hurl Gate, but was recovered. The papers
were afterwards offered to the town, but proved worthless, as they were illegible.
192
Commercial Cities and Towns o f the United States.
During the stay o f the British there were always vessels o f war in attend
ance, numbering at times as many as seventy men-of war and transports,
and when the French, under Count D’Estaing, appeared ofi' the coast, the
British destroyed many o f their vessels to prevent their falling into the hands
o f the French. The Lark, Orpheus, Juno, Ceberius, Kingfisher, Grand
Turk and others were bu rnt; two gallies were blown up, the Flora sunk,
and fifteen large transports scattered and sunk in the outer harbor, while
the Falcon sloop-of-war, and thirty unarmed vessels were sunk in the inner
harbor.
The British evacuated in 1779 ; at that time the population o f the town
was reduced to four thousand. After the Briti-h left, the town was used for
cartels between New York and New England States. Many o f the inhab
itants returned, but it was generally the poorer class, which only increased
the general distress. Efforts were shortly made to restore the Commerce,
and a few privateers were sent out, which brought in many prizes ; but ow
ing to its exposed situation, and the long period it had been in the posses
sion o f the Biitish, other towns, with fewer natural advantages, had taken
the lead in commercial enterprise.
Newport probably furnished one thousand men for the w ar; o f these a
greater part were seamen. Twenty-three of her captains commanded armed
vessels from other ports, and probably many more were in the same em
ploy, though their names are now lost.
W e have no statistics to which we can refer for facts connected with the
Commerce of N ew port; the town having been literally sacked by the
British, and all the valuable documents destroyed or carried off. But there
is yet enough extant that must be taken as proof irrefragable o f her com
mercial success, and the high position maintained by her merchants, until
they were ruined or scattered by the war. Probably on no spot in the colo
nies was there concentrated more individual opulence, learning, and science,
than in Newport. In arthitectural taste, and costly structures, it was un
surpassed ; and it was regarded as the emporium o f fashion, refinement, and
taste. Uer seamen were bold and hardy, and first pushed the whaling
business as far as the Falkland Isles. Her manufactures were unsurpassed
by any in the country, and the remains o f her extensive distilleries are still
visible in various parts o f the town.
Dr. Waterhouse, in an article published in 1824, entitled “ Medical Lit
erature of Rhode Island,” says o f N ew port:— “ It was the chosen resort o f
the rich and philosophic, from nearly all quarters of the world.” lie then
adds, “ there were more complete chemical laboratories in Rhode Island, than
are to be found anywhere in Massachusetts, prior to fifteen years ago. If it
be asked, what were they doing in Philadelphia at this time ? we answer,
nothing, if we except Franklin’s exhibitions o f electricity. There was then no
considerable library, public or private, except one owned by William Logan,
Esq., another wealthy and generous patron o f literature among the quakers
— the Abraham Redwood o f Pennsylvania. Is it asked, what were they
doing in the medical and philosophical line in Boston at this time ? Pelting
Dr. Boylston with stones, as he passed the streets in the d ig, and breaking
his windows at night, f o r intioducing inoculation f o r small pox. W h at were
they doing in Cambridge between 1721 and 1754?— ask your grandfathers,
— and what were they doing in Rhode Island ? Reading the best collection
o f books to be found in New England, (Cambridge only excepted,) which
gave to Newport a literary cast o f character, which it sustained till the
Revolution; that is, till their distinguished men were scattered.”
Journal o f Mercantile Law.
193
After peace was restored, efforts were made to secure for Newport tlie po
sition she had lost during the war, but with little or no success.
In 1784, a fishing company was formed, and a number o f vessels were
built or purchased. The same year, by an act o f the Assembly, all slaves
were manumitted, and an act was also passed, granting to Newport a city
charter, which, however, did not satisfy the inhabitants, its, in 1787, they re
turned to the old form of government.
U p to the war o f 1812, Newport dragged slowly along: her Commerce
gradually improved, and her merchants, in a measure, regained lost ground.
Census in 1 8 0 1 ,0 ,7 6 3 ; in 1810 it had increased 1,012. In 1811, the
tonnage o f the port was 13,957 34. Newport enjoyed an extensive trade
with the West Indies during the war.
JOURNAL OF M ERCAN TILE LAW .
Ed w a r d s ’
chancery
r e p o r t s .*
Edwards’ reports of Vice-Chancellor M’Coun’s decisions are one of the
standard series of New York reports, of established authority and character.
The first volume was published in 1833, and contained the first of the Vice
Chancellor’s decisions.
Mr.
The present volume completes the series as Chancery Reports, the labors of
Judge M’ Coun, as Vice-Chancellor, having expired in September, 1846, by
virtue o f that provision o f the former Constitution o f the State o f New York,
since happily abandoned, which made a man judicially non compos at sixty. On
taking formal leave o f the Bur, Mr. M’Coun announced that he had “ arrived at
the end o f his judicial labors;” but the people were not so impatient to dispense
with his services, and the benefits o f an experience o f more than fifteen years
upon the Bench, as he seemed to suppose, for at the first popular election of
Judges o f the Supreme Court under the new Constitution, he was raised to the
Bench, on which he still administers the principles o f equity as well as law,
both jurisdictions being combined in the newly organized Courts. Several of
Judge M ’Coun’s decisions in equity cases in the Supreme Court are also given
in this volume, which Mr. Edwards has prepared wi.h his usual care, and with
the skill which is acquired only by long experience. Those who have occasion
to consult law books, know how much their utility depends upon the appliances
which the reporter must furnish, such as full and accurate head-notes, and a
well-arranged index.
Several o f the cases reported in this volume attracted much attention while
pending. The principles o f law involved were important, and the amount of
property large.
T h e n a t u r e a n d l i m i t s of t h e b a n k in g b u s in e s s .— One o f these impor
tant cases is that o f Leavitt, Receiver of the North American Trust and Bank
ing Company, vs. Yates and others. Even banker and merchant, as well as
lawyer, would be profited by Judge M’Coun’s sound and instructive views of
the duties of bank directors in their business management. He defines the na
ture o f banking business, and lays down sound rules as to the duties o f keeping
within its legitimate limits. He holds that a banking association, under this
General Banking Law o f the State o f New York, “ may borrow money to dis
count notes, and also to purchase state stocks, and other securities, to be depos
ited with the Controller,” as the basis o f their issues o f notes ; “ but it has no
right to borrow money to be used in speculations, or in mercantile or other bu* Reports o f Chancery Cases, decided in the First Circuit of the State o f New York, by the Hon.
William T. M’Coun, Vice-Chancellor. By Charles Edwards, Counselor at Law. V ol.’ iv. New
Y o r k : Banks, Could &. Co., 144 Nas»au-street. Albany : Could, Banks &. Co., 475 Broadway.
VOL. XXV.---- JNO. I I .
13
194
Journal o f Mercantile Law.
siness, having no relation to the ordinary business o f a bank.” The leading
fact of this ease was the issue, by the North American Trust and Banking Com
pany, on the 15th December, 1840, o f “ eight hundred promissory notes, all of
the same date, payable thirteen months thereafter, in favor o f their clerk, who
indorsed them, not for the purpose o f adding anything to their security, but to
give them currency without further trouble. Four hundred o f them being for
$500 each, and the remaining four hundred for $1,000 each, amounting, in the
aggregate, to $600,000. At the foot o f each note was this memorandum :—
‘ The payment o f this obligation, with others, amounting, in the aggregate, to
$600,000, is guaranteed by the transfer o f securities estimated at $800,000,
under a deed o f trust executed between the Company and Henry Yates, Thomas
G. Talmago and William Curtis Noyes, Trustees, bearing even date herewith.’
These notes were delivered out principally to directors and agents, to raise
money and bring it into the association.” Upon this state o f facts, Vice Chan
cellor M’Coun held that “ these notes had so far the character o f circulating
notes as to be within the restraining law o f 1830, (1 R. S. 712,) which prohib
its the issuing o f notes and other evidences o f debt “ to be loaned or put in cir
culation as money” without the authority o f law, and the Act of May 14, 1840,
‘‘ to authorize the business o f banking,” the fourth section o f which prohibits
the issuing o f any bill or note, “ unless the same shall be made payable on de
mand, and without interest,” and that they were, consequently, illegal. He was
also o f opinion that they w'ere void, “ from the fact that they were not based on
the pledge o f securities with the Controller, nor intended to be countersigned
and registered as required by the Banking L aw : likewise, that the notes being
void, the accompanying trust-deed, made for their security and payment, had no
legal effect, and was void. It would seem, also, that such trust deed was fraudu
lent in law, as tending to hinder and delay creditors. Still, it might, be that
creditors, dealing with the company in legitimate banking business, and induced
to accept some o f these notes on the strength o f the trust, at the same time re
linquishing other securities, would be remitted to their original rights and secu
rities.”
P o s t - n u p t ia l a g r e e m e n t s a n d c o n v e y a n c e s .— Another important case is
that of Cruger vs. Douglass, which turned upon the validity o f a deed executed
after marriage, by the wife, by which she transferred, irrevocably to her hus
band, one-half o f the income o f her estate, real and personal, for life, and di
rected her trustees to pay it. Vice Chancellor M’ Coun held the deed valid, and
was o f opinion that the provision of the Revised Statutes which forbids the ass
signment by a person beneficially interested in a trust for the the receipt o f the
rents and profits of lands, from disposing o f his interest in any manner, did not
affect it, because the transfer was in fact a carrying out o f the original design o f
the trust in favor o f the wife, and “ an appropriation o f the benefits resulting
from the trust in a manner compatible with the object.”
This volume also contains cases o f partnerships, debtor and creditor and other
commercial topics o f more or less interest to mercantile readers.
MERCHANTS AND MANUFACTURERS— WHEN A PARTY SUES ON AN ACCOUNT EX
PRESSED IN FOREIGN CURRENCY HE IS ENTITLED TO RECOVER THE PAR OF EX
CHANGE, AND NOT ACCORDING TO THE RATE OF EXCHANGE.
In the Supreme Judicial Court o f Massachusetts, (March Term, 1851.) Sam
uel Alcock et. al. vs. Solomon Hopkins.
This case involved some commercial questions o f considerable importance.
The plaintiffs are manufacturers of china and earthen ware in Staffordshire, Eng
land. The defendant is a merchant of Boston, engaged in the importation and
sale o f such wares, in May, 1847, the defendant wrote to the plaintiffs, ordering a
quantity of goods of their manufacture, to the amount of about £200 sterling,
saying in the same letter, that he “ should like these goods on six months, by drafts
on Coats & Co. o f London,”— and in July of the same year he sent another or
der, to the amount o f something over £100 sterling,in which also he said, “ the
Journal o f Mcrca
payment o f this, as formerly, hy drafts on Messrs. Coats & Co. o f London.”
Coates & Co. were the bankers of the defendant in London, and were also
general commission merchants in the American trade there. On the receipt of
each of the orders, the plaintiffs, before proceeding to execute them, wrote to
Coates & Co., to know if such drafts as the defendant proposed would be hon
ored by them ; Coates & Co. replied,in each case, that the orders were regular,
and the drafts therefore would be accepted, on receipt by them of the invoices
and carriers’ receipts for the goods. The plaintiffs then proceeded to manufacture
and put up the goods. The first invoice was forwarded in July, the other invoice
in October o f the same year. The plaintiffs charged the goods on their books to
the defendant, and made out duplicate invoices o f each parcel in the following
form, to w it:— “ S. Hopkins bought o f S. Alcock & Co.”— and sent one copy o f
each invoice to the defendant, and one copy o f each to Coates & Co. The plain
tiffs also sent to Coates & Co., with the invoices, the carriers receipt, showing
that the goods had gone forward, and also in the same letter a draft for the
amount of each invoice as it was sent. These invoices or bills o f parcels were
not receipted. The goods were marked and directed bv the plaintiffs to the de
fendant, but sent by the defendant’s request to the order o f Coates & Co., who
shipped them to the defendant.
On receiving the invoices, carriers’ receipts, and drafts, Coates & Co. entered the
goods on their books o f account to the credit o f Alcock & Co., and charged them
to the defendant; and Coates & Co. considered and treated the transaction, accord
ing to the testimony of their book-keeper, as a purchase of the plaintiffs by them,
(Coates & Co.,) and a re-sale of the goods by Coates & Co. to the defendant,
and Coates & Co. charged the defendant their usual commission as o f a purchase
o f goods by them for the defendant. Coates & Co. also retained the invoices
which they received from the plaintiffs, and made out new invoices o f the goods,
headed as follows, to w it:— “ S. Hopkins bought o f Coates & Co.” At the same
time that Coates & Co. credited the goods on their books to the plaintiffs, they
charged back the acceptances for the same amount, so as to balance the account
on the spot. There was no evidence that the plaintiffs knew that Coates & Co.
made the entries on their books, unless such knowledge could be inferred from
asimalar course o f dealing between the same parties for many years. Coates &
Co. duly accepted drafts, and returned them so accepted to the plaintiffs, saying
in their letters endorsing the acceptances, that they sent them “ in payment” for
the goods.
The acceptances were negotiated by the plaintiffs, and were outstanding in the
hands o f third parties at maturity, and were duly presented for payment to the
acceptors, and were protested for non-payment, Coates & Co. having become
bankrupt previous to the maturity o f either o f the acceptances. The plaintiffs,
as endorser, took up the acceptances, and they were produced at the trial. The
present action was instituted for the purpose of recovering the original purchase
price of the goods.
The counsel for the plaintiffs claimed that, although the orders for the goods
were given here, yet as they were received and accepted by the plaintiffs in Eng
land, the contract between the plaintiffs and the defendant was to be governed by
English laws ; that, although by the law o f Massachusetts, notes and bills o f ex
change given for a debt are considered as a payment and extinguishment o f the
original debt, yet it is not so in England, but that, by the English law, notes or
bills, though expressed to be received in payment, are not considered as an extin
guishment o f the original debt, unless they be paid in fact, or unless the party re
ceiving them be guilty o f some laches, by which the defendant is injured; that, by
that law, in order that notes or bills should constitute an absolute discharge and
extinguishment o f the debt, it must have been so expressly agreed by the parties
at the time of receiving the bills, that is, that the contract must have been equiv
alent to an agreement on the part of the creditor to look only to the bills and take
the risk of them ; that it makes no difference whether the notes or bills o f the de
fendant himself or o f a third party are given, nor whether they are given for a
pre-existing debt, or on a debt arising at the time.
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Journal o f Mercantile Law.
T h e defendants’ coun sel insisted that the contract was to b e constructed accord
in g to the M assachusetts law ; this, how ever, w a s n ot m uch pressed. H e also
insisted that by Ihe law o f England, i f an agent there purchases g o o d s fo r a for
eign principal, the vendor o f the g o o d s is considered as giving credit to the agent,
exclusively, insom uch that the principal abroad is w h olly exonerated, and lhatin
this case, C oates & C o. w ere the agents o f the defendant, bu yin g the g o o d s o f
the plaintiffs fo r the defendant, and that they only and n ot the defendant, w ere,
even by the E nglish law , liable to pay fo r them to the plaintiffs. Further, that if
the sale was considered and proved to b e a sale direct from the plaintiffs to the
defendant, and not a sale th rou g h C oates & C o., as the defendants agents— yet,
inasmuch as the defendant in ordering the g o o d s , said that paym ent was to be
m ade by drafts on C oates & C o., the receiving o f these bills by the plaintitfs c o n
stituted an express agreem ent on their part to take them as an absolute discharge
and extinguishm ent o f the claim ; and that the negotiation o f the bills fo r value
m ade them payment, i f they w ere not so before.
Dewey, J., charged the Jury, 1st, that the transaction and contract was to be
governed by the English law, and not by the law as it exists in this State ; 2nd, that
the Englsh law, although where an agent there buys goods there for a foreign prin
cipal, tiie agent may be considered directly liable to the vendor, even though
the vendor knew he was buying as agent, and yet knew also who the principal
was, yet that this did not exonorate the foreign principal from liability in this
case ; that it was a rule or usage for the benetit o f vendors, giving them a re
sponsible party within their own jurisdiction to look to ; 3rd, that by the law' of
England, bills or notes are not considered as an extinguishment and absolute dis
charge of the claim or debt for which they are given, unless it is agreed tit the
time that they shall be so taken— but that in order to constitute such agreement,
it is not necessary that any particular form o f expression should be used, but that
the jury must determine from the correspondence o f the parties, and the whole
evidence in the ease, whether it was understood and agreed between the plaintitfs,
and the defendant at the time o f the transactions, that the plaintitfs should look
only to the drafts, as payment and satisfaction o f their claim, in which case their
verdict must be for the defendant— or whether the agreement and understanding
o f the parties at the time was, to consider the drafts as a medium or mode of pay
ment, (as was contended by the plaintiffs’ counsel,) and adopted for the convenience
o f the defendant, as well as to give additional security for the plaintiffs— and if
so, then the verdict must be for the plaintiffs for the amount claimed : that the
negotiation o f the bills made no difference, inasmuch its the plaintiffs had been
obliged to take them up and had produced them in court. The jury returned a
verdict for the plaintiffs for $1,641 08.
The defendant moved for a new trial on the ground that the verdict was against
the evidence, and against the weight o f evidence. I h e defendant also took ex
ceptions to the rulings and instructions o f the Judge, at the trial on the questions
o f law. There was also questions reserved as to the rate o f exchange to be al
lowed. At the trial American interest was allowed.
F letcher J. delivered the opinion o f the C ourt, in substance as fo llo w s :— T h e
question o f fact subm itted to the ju ry w as, w hether the parties agreed that the
acceptances o f C oates & C o . should be considered as ab solu te payment. T h e
principal witness fo r the defendant on this point was Mr. K ean , the book-keeper
o f C oates & C o. H e testified, am on g other things, that a ccoid in g to the under
standing o f the parties, and the usage o f trade, these acceptances w ere to be taken
in paym ent, and that when he returned them to the plaintiffs with C oates & C o.’s
acceptance upon them, he said in bis letter in closin g them, that they w ere in pay
m ent. B ut in cross-exam ination it appeared that the on ly k n ow led g e he had o f
the understanding o f the parties was derived from the correspondence, and from
M r. C oates. B u i Mr. C oates h im self m ight have been a w itness, and his state
m ents to K ean are n ot evidence, and the corresp on d en ce was subm itted to the
ju ry.
'The defendant further contends, that by the law o f E nglan d, when an agent in
E ngland buys g o o d s there for a foreign principal, the E n g lish agen t is e x clu siv e ly
Journal o f Mercantile Law.
197
liable to the seller for the price o f the goods, to the exoneration o f the foreign prin
cipal. This Court are o f opinion that such is the law of England. It is true this
has been questioned, in certain cases, by judges in New York, but on examining
the authorities, we are satisfied that the defendant’s proposition, as a general prin
ciple, is now the law o f that country. The difficulty is that the facts of the pres
ent case do not bring it within the principal o f law contended for. In this case
it is proved that the defendant ordered the goods himself. Mr. Kean, the defendint’s witness, testifies that although sometimes Mr. Hopkins sent his orders to
Coates & Co., and they transmitted them to the manufacturers, yet in regard
to these two particular invoices, he says they had nothing to do with the ordering
of them. It was, therefore, not a case o f a purchase by an agent in England for
a foreign principal,— but, in this case the foreign principal, that is, the defendant
himself, purchrsed the goods directly o f the plaintiffs; his correspondence, as to
the goods, was with them directly, and not through Coates & Co.— and the rule
of law contended for is not applicable to the case.
Again, it is claimed by the defendant that the negotiation o f the acceptances by
the plaintiffs, in the usual course o f their business, for value, and the fact that
they were outstanding in the hands o f third parties at the time o f the failure o f
Coates & Co. and o f their maturity, operates as a payment and discharge o f the debt
for which they were given, and that the taking up of the drafts by the plaintiffs
afterwards, cannot operate to reinstate them in their original position so that they
can maintain an action for the price of the goods— and Finlayson’s treatise on the
subject of pleading is relied upon as an authority that such is the law of England.
That writer does so state the principal, and cites cases in support of his proposi
tion. But on looking into the cases he has cited, we do not find that they sus
tain that doctrine. On the contrary, those cases rightly viewed, establish the con
trary doctrine, as contended for by the plaintiffs— and those and other cases are
clear, that bv the law of England, although the seller o f goods has taken bills
for them, and negotiated those bills for value, and they are outstanding in the
hands of third parties at maturity, yet if the seller takes them up as endorser, and
produces them in Court ready to be surrendered, as in this case, then such nego
tiation o f the bills is no bir to the right o f recovery for the price o f the goods.
The plaintiffs, then, in this case, are entitled to recover. As to the exchange,
the rule o f this Court is, that when a party sues on an account expressed in for
eign currency, as here, in pounds shillings and pence, he is entitled to recover
according to the par of exchange, and not according to the rale of exchange,
meaning by p ar o f exchange the actual value o f a pound sterling in dollars, with
out any allowance for fluctuations in the rate o f exchange on account oi interest,
insurance, scarcity, or other disturbing causes. The judgment must be for the
plaintiffs.
THE HOMESTEAD EXEMPTION ACT OF NEW HAMPSHIRE.
D u rin g the last session o f the L egislature o f N ew Ham pshire, the fo llo w in g
act w as passed, exem pting the hom estead o f families, provided such hom estead
shall n ot ex ceed five hundred dollars, from attachm ent, and levy, or sale
execution.
on
W h ile w e record in the pages o f the M erchants' M a g a zin e the p r o -'
visions o f such law s, as matter o f inform ation upon the relations o f d ebtor and
creditor, w e rejoice at their passage, as evidence o f a m ore progressive and bene
ficent legislation.
T h e H om estead E x em p tion L aw o f N ew Hampshire was ap
proved by the G overnor, July 4th, 1 8 5 1 ; and, as w ill b e seen, takes effect from ,
and after, the 1st day o f January, 1852 :—
AN ACT TO EXEMPT THE HOMESTEAD OF FAMILIES FROM ATTACHMENT AND LEVY,
OR SALE ON EXEMPTION.
S e c . 1. B e it enacted hy the Senate and H ou se o f R epresentatives in the G eneral
C ourt convened, T h a t from and after the 1st day o f January, A . D ., 1852, the
fam ily hom estead o f the head o f each fam ily, shall b e exem pt from attachment
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Journal o f Mercantile Law.
and levy, or sale on execution, on any ju d gm en t rendered on any cause o f action,
accruing after the taking elfect o f this a c t : provided such hom estead shall riot
ex ceed in value five hundred dollars. S uch hom estead shall not b e assets in the
hands o f an administrator fo r the paym ent o f debts, nor subject to the law s o f
distribution or devise, so lo n g as the w id ow or m inor children, or any, or either
o f them, shall occu p y the s a m e ; and no release or waiver o f such exem ption
shall be valid, unless made by deed, executed by the husband and wife, with all the
form alities required b y law fo r the conveyance o f real e sta te; or if the w ife be
dead, and there be m inor children, by such deed executed by the husband, with
the consent o f the Judge o f P robate fo r the cou n ty in w hich the land is, indorsed
on said deed.
S ec. 2. Such exemption shall extend to any interest which the debtor may owe
in such homestead, and to to any interest in any building occupied by him as a
homestead, standing on land not owned by him, to an amount not exceeding five
hundred dollars.
S f.c. 3. That the Sheriff executing any writ o f execution, founded on any
judgment such as is mentioned in the first section o f this act, on application of
the debtor, or his wife, if such debtor shall have a family, and if the lands and tene
ments about, to be levied on, or any part thereof shall be the homestead or estate
thereof, shall cause a homestead, such as the debtor may select, not exceeding
five hundred dollars in value, to be set off to the debtor in the manner following,
to wit:— he shall cause three appraisers to be appointed, one by the creditor, one
by the debtor, and one by himself, who shall be discreet and disinterested men,
resident in the county, and shall be sworn by a Justice o f the Peace, impartially
to appraise, and set off by metes and bounds, a homestead of the estate of the
debtor, such as he may select, not exceeding five hundred dollars in value : and
the set-off and assignment so made, as aforesaid, by the appraisers, shall be re
turned by the sheriff, along with the writ, for record in court; and if no com
plaint shall be made by either party, no further proceedings shall had against the
homestead : but the remainder of the debtor’s land and tenements, if any more
he shall have, shall be liable to levy, or sale on execution, in the same manner as
heretofore provided by la w ; provided that upon good cause shown, the court
out o f which the writ issued may order a reappraisement, and reassign
ment o f the homestead, either by the same appraisers, or others appointed by
the court, and under such instructions as the court may g ive; and such appraise
ment shall be made, and returned to said court, as aforesaid.
S ec. 4. When the homestead o f any head o f a family, being a debtor in exe
cution, shall consist o f a house, or a house and lot o f land, which, in the opinion
o f the appraisers, cannot be divided without injury and inconvenience, they shall
make and sign an appraisal o f the whole value thereof, and deliver the same to
the officer having the execution, who shall deliver a copy thereof to the execu
tion debtor, or some member o f his family o f sufficient age to understand the
nature thereof, with a notice thereof attached, that unless the execution debtor
shall pay to said officer the surplus over and above the five hundred dollars,
within sixty days thereafter, said premises will be sold : and in case such surplus
shall not be paid within the said sixty days it shall be lawful for the officer to
advertise and sell the same at auction, by posting up notices o f the time and
place o f sale, with a description o f the premises, in two or more o f the most
public places in the town where the same is situate, and a like notice in the next
adjoining town, thirty days prior to the sale; and out o f the proceeds o f such
sale to pay the said execution debtor, with the written consent o f his wife, the
sum o f five hundred dollars: provided, however, if the wife o f such debtor shall
not consent to such payment, the Sheriff or officer having such proceeds shall
deposit said sum o f five hundred dollars in some savings institution in this State,
to the credit o f said debtor and w ife; and the same may be withdrawn there
from only by the joint order o f the husband and wife, or by the survivor in case
one should decease; and the same shall be exempt from attachment, and levy o f
execution, for the term o f one year, from the time it shall be paid or deposited
aforesaid. And said sheriff or officer shall apply the balance o f said proceeds
Journal o f Mercantile Law.
199
on the execution, or so much thereof as shall be necessary to satisfy the same ;
provided that no such sale shall be made unless a greater sum than five hundred
dollars shall be bid therefor, in which case the officer shall return the execution
for want of property, with a certificate thereon o f his proceedings.
S ec. 5. The provisions o f this act shall not extend to any judgment rendered
on any contract made before the taking effect o f this act, or judgment rendered
on any note or mortgage executed by the debtor and his wife, nor-any claim for
labor less than one hundred dollars, nor to impair the lien by mortgage of the
vender, for the purchase money o f the homestead in question, nor o f any me
chanic, or other person, under any statute o f this State, for any debt contracted
for or in aid o f the erection o f the buildings, nor from the payment o f taxes
due thereon.
S ec. 6. No conveyance or alienation by the husband o f any property exempt,
and set off, as aforesaid, shall be valid unless the wife join in the deed o f con
veyance : provided, however, that such husband may, without the consent o f his
wife, mortgage such homestead, at the time o f the purchase thereof, for the pay
ment o f the purchase money.
S ec. 7. The provisions o f this act shall not be so construed as to affect any
property fraudently purchased by the debtor, when in insolvent circumstances.
FRAUDULENT ASSIGNMENTS.
Decision by the Court o f Appeals. Hiram Barney vs. Francis Griffin and others.
The following important opinion records the. decision o f the Court o f Appeals
against the validity of an insolvent’s assignment, preferring creditors without an
unconditional surrender o f all property for the payment o f his debts.
B ron son , J.— This was an assignment, by an insolvent debtor, o f all his prop
erty in trust to pay certain specified creditors; and then, without making any
provision for other creditors, trust to re-convey the residue o f the property to
the debtor. W e need go no farther to see that this was a fraud upon the plain
tiff, and the other creditors who were not provided for by the deed. The prop
erty was placed beyond the reach o f their judgments and executions, in the hands
o f men who were not accountable to them, and upon a trust which was, in part,
for the benefit o f the debtor.
The court have very reluctantly upheld general assignments by an insolvent
debtor, which give a preference among creditors, (Boardman vs. Halliday, 10
Paige, 229, 230,) and they can only be supported when they make a full and un
conditional surrender o f the property to the payment o f debts. The debtor can
neither make terms, nor reserve anything to himself, until after all the creditors
have been satisfied. This question was considered upon authority in Goodrich
vs. Downes, (6 Hill, 238,) and we think the case was properly decided.
The deed was void upon its face, and it cannot be made good by showing that
there will be no surplus for the debtor, after paying the preferred creditors. The
parties contemplated a surplus, and provided for it; and they are not now at
liberty to say, that this was a mere form, which meant nothing. And although
it should ultimately turn out that there is no surplus, still the illegal purpose,
which destroys the deed, is plainly written on the face o f the instrument, and
there is no way o f getting rid o f it. The cases already cited, o f Goodrich vs.'
Downes, and Boardman vs. Halliday, are in point upon this question.
It is also an unanswerable objection to the deed, that the assignees are au
thorized to sell the property on credit. An insolvent debtor cannot, under color
o f providing for creditors, place his property beyond their reach, in the hands o f
trustees of his own selection, and take away the right o f the creditors to have
the property converted into money for their benefit, without delay. They have
the right to determine for themselves whether the property shall be sold on
credit; and a conveyance which takes away that right, and places it in the hands
o f the debtor, or in trustees o f his own selection, comes within the very words
o f the statute; it is a conveyance to hinder and delay creditors, and cannot
stand. This question was considered by the Chancellor in Meacham vs. Steines,
(9 Paige, 405, 406,) and his views accord with my own.
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Journal o f Mercantile Law.
T here is a third objection to the deed. T h e p roperty is n ot on ly charged w ith
the paym ent o f “ all costs, charges, bisbursem ents, and expen ses,” in execu tin g
the trust, bu t the trustees are also to have “ a com m ission o f 6 per cent on the
gross am ount o f the m oneys received and paid b y them.”
I f the d ebtor can
provide fo r anything m ore than the necessary expen ses o f ex ecu tin g the trust, I
think he cannot g o beyon d the com m ission allow ed by law to executors, admin
istrators, and guardians fo r similar services, (see Meaeham vs. Steines, 9 P aige,
398,) which, considering the m agnitude o f the estate, is m uch less than the
trustees are to receive. (2 R . 8 ., 93, $ 58, p. 153, § 2 2 .) It may b e very true,
as the answer alleges, that the com m ission s allow ed b y the deed are “ n o m ore
than a ju st, fair, and proper com pensation to three m en, all actively en g a ged in
professional pursuits.”
B ut unless' som ething w as to b e d on e besid es w inding up the estate, w ith ou t
delay, fo r the benefit o f creditors, it w as n o t necessary to have three tru stees;
and a com petent agent m ight have been fou n d w h o w ou ld n o t have required a
very large com m ission on accou n t o f the value o f his time fo r professional pur
suits. I f an insolven t d ebtor should b e allow ed to give a large reward to the
friends whom he selects and p u ts in the place o f the p rocess and officers o f ju s
tice, it w o u ld n ot on ly divert a portion o f the property from th ose w h o ou g h t to
have it, bu t it m ight induce the assignees to co n su lt the interest o f the d ebtor
at the expense o f the creditors.
This objection, standing alone, may not go beyond the excess o f commissions.
But we think the deed wholly void on the other grounds which have been men
tioned.
INSURANCE POLICY ON FREIGHT.
In the Supreme Court o f Louisiana, Paradise, Lawrason & Co. vs. Sun Mutual
Insurance Company el. al. Case o f the ship Russia.
A master of a ship lost is a competent witness for the owners against the un
derwriters, though the defense is the barratry of the witness.
The statement of the master, in the form o f a protest, is the preliminary proof,
and there seems to be an inconsistency in refusing to hear him afterwards on the
stand as a witness. Where a witness is first asked as to the general reputation
o f a person, he may be aftetwards asked whether he would believe such person on
oath. Before evidence can be introduced o f the declarations o f a witness differing
from those made on the stand, he must be first interrogated in relation to them,
and an opportunity given him of explaining the contradictions. When a Com
mercial house makes advances, and come under acceptances, on account o f a ship’s
outfit, and takes an assignment of the freight list and policy, and their interest con
tinues down to the loss ef the ship, they must be considered as having an insura
ble interest in the freight, the subject matter o f insurance. “ W e incline to the
opinion that a policy on freight, eo nomine, may be considered as covering such
an interest, although the question is not entirely free from difficulty. But in this
case, the evidence shows that the insurance was effected for the benefit o f Knapp,
and the assignment o f the policy only held for their own security. As assingees
they cannot be permitted to escape from the liability o f barratry, upon the ground
that they had insured their own interest, and were not the owners o f the vessel.
The policies, even if in part, for their benefit, are indivisible, and the plaintiffs
cannot recover even to the extent o f their interest. The defense o f barratry if
good against Knapp, is good against them.
The Judge should have charged that if the jury believe the. policy was effected,
as alleged by petitioners, to cover the interest o f Paradise, Lawrason & Co., and
o f Knapp, the exception concerning barratry applied alike to both ; and if the loss
was by barratry o f the captain, neither could recover.
The insurable interest in the owner’s freight is not to depend on the value o f the
article in its destined market at its arrival; but it is to be fixed at that, which was
at the time of effecting the insurance, the fair market rate at the port of departure.
It is proper to add, that the standard o f freight, accordiug to the usual and rea
Journal o f Mercantile Law.
201
sonable rate at the port o f departure, is recommended by the consideration, that
it is something appreciable by both p irties at the time of the contract, The theory
which tixes the value according to the foreign market, at the arrival o f the ship
le tves m itters afloat, to be afterwards controlled by distant and unforsoen con
tingencies.
Hut the Court by no means recognize the propriety o f estimating the freight
on bricks at $1 37 per thousand.
The cause is remanded in consequence o f the inability to agree with the District
Judge upon two important points. But upon the substantial merits of the case
they are not satisfied to affirm the judgment.
“ The plaintiffs impression that the conflagration o f the Russia was not acciden
tal, which rested upon the mind of every member o f this Court at the close o f the
argument, has not been removed by the examination o f the record.
Several points of difficulty are suggested— Was the vessel at tlie point where
she was burned, by force o f currents and winds, or by design? Could assistance
have been rendered? Was it asked? What progress had the conflagration made
at the time of her abandonment by the crew? Was Payson told by the Captain
that there were ten or twelve barrels of powder on board? and did this prevent
exertions on the part o f the towboat? Was cargo on account of the owner on
board to the extent described? Is the freight list in the ordinary course o f bu
siness? Was there over insurance actual or supposed? Did the asserted conver
sations o f the Captain with his paramour, before the loss, take place? Judgment
for the plaintiffs reversed, and the case remanded.
COLLISION AT SEA— CAUSE OE DAMAGE.
In the Admiralitv Court (British) the American ship Charles Chalonor vs. K al'
amazoo. This was a cause of damage, promoted by the owners o f the Ameri”
can ship Charles Chaloner, of 871 tons burden, against the Kalamazoo, also an
American vessel, of 789 tons. It wa9 stated on the part of the Charles Chaloner
that, having left Liverpool on her voyage to New Orleans, she was beating down
channel, close-hauled on the starboard tack, on the night o f the 4th January last,
when the Kalamazoo, outward bound to Philadelphia, was seen approaching, dis
tant about a quater o f a mile. When within hailing distance she was shouted to,
and the binnacle light was shown over the quater of the Charles Chaloner, upon
which it appeared the stranger first ported her helm, and then starboarded; and it
was contended by such measures a collision was rendered inevitable, to break the
force o f which the vessel, proceeding, then ported her helm. On the part o f the
Kalamazoo the collision was imputed to the darkness o f the night, and to the misconuuct and neglect o f those on board the Charles Chaloner, in not carrying a
light. The present action had been entered in the sum o f £3,500. There was a
cross action in the sum o f £2,500. Drs. Addams and Twiss were heard on the
behalf of the Charles Chaloner, and Drs. Harding and Bayford on the part o f
the Kalamazoo. The Trinity Masters were of opinion the vessel proceeded against
was soley to blame. The Court concurred in that opinion, and pronounced for the
damage.
FREIGHT AND CHARGES ON MERCHANDISE.
Fourth District Court, (New' Orleans,) Judge Strawbridge.
Fennell vs. Marsh, Ranlett & Co.
Babcock &
This is an action brought to recover the sum o f $176 on the following
grounds :— That in February last the defendants, who represented themselves as
the agents of the steamboat Saranac, engaged from the plaintiffs, who are com
mission and forwarding merchants, a certain amount of freight to be shipped on
said boat at forty cents per hundred pounds, and ag-eed with the plaintiffs to
pay the charges previously incurred on said freight, amounting to the sum
claimed. The freight was accordingly shipped, hut the officers o f the boat de
clined paying the charges, saying that they had no money, and that the defend
ants were not authorized to have thus contracted with the plaintiffs. The boat
202
Commercial Chronicle and Review.
left without paying the charges, and the plaintiffs now seek to make the defend
ants liable.
The court held that it had been established that there was an understanding
on the part o f the defendants to pay the charges on the merchandise. Their
clerk, when asked if the boat advanced charges, replied, “ Yes.” It was evi
dent that the plaintiffs were under that impression, as they filled up their bills of
lading in that manner. The objection o f the captain and clerk was, that their
money had run out, and that they had notified the defendants to take no more
freight on those terms. It is shown that the boat on previous occasions, pursu
ed this course. It is immaterial whether their money had run out or ihey had
changed their views; they should have notified the plaintiffs, and not have re
ceived the freight, leaving them under the impression that the charges would be
paid.
The defendants are personally liable, though they only acted as agents, on
the principle that he who acts in commercial matters for a house abroad is per
sonally responsible. It could never be tolerated that an agent who has shipped
to his correspondent in England 1,000 bbls. o f flour, should plead his agency,
and send the vendor to Liverpool for his pay. In all such cases the agent is al
ways held as the principal.
Judgment for the plaintiffs with costs.
THE 'USURY LAWS O f WISCONSIN.
The Legislature o f Wisconsin has re-enacted a stringent usury law, which es
tablishes 7 per cent as the legal rate o f interest, and allows 12 per cent by con
tract. The penalty for usury is forfeiture of principal and interest. Two years
ago the usury law was abolished, and the immediate effect o f which was, it is
alleged, to raise the rate o f interest to 25 a 75 per cent per annum, at which rate
it is stated to have been ruling during the past two years. When there was no
agreement between the parties, the usual rate was 25 per cent per annum.
COMM ERCIAL CHRONICLE AND R E V IE W .
O P E N IN G O F T H E
C O IN A G E
AT
FALL
T R A D E — CHANGES
P H IL A D E L P H IA
AND
NEW
IN
B A N K S — C O N D IT IO N OF B A N K OF T E N N E S S E E
PO RT
OF N E W Y O R K
OF TH E
FO R T H E
VESSELS, TH E
PO RTS
F IR S T
FROM
C U STO M S
ORLEAN S
AND
M ODES
OF
M IN T S — C O N D IT IO N
B U S IN E S S — D E P O S IT S
OF
TH E
NEW
YORK
AND
C IT Y
AND B RAN CH ES— A R R IV A L S AND C L E A RA N C E S A T T H E
QUARTER
OF
1851,
S H O W IN G T H E
C H A R A C T E R AND TO N N A G E
W H E N C E T H E Y C A M E , A N D T H E I R D E S T IN A T IO N — IM P O R T S A N D
E X P O R T S A T N E W Y O R K F O R J U N E , A N D F O R T I I E T W O Q U A R T E R S J U S T E N D E D , IN C L U D IN G A D E S C R IP
T I O N OF T H E
OF T H E
R E C E I P T S OF D R Y
GO O D S— S T A T E M E N T
P R IN C IP A L P O R T S IN T H E
F IS C A L Y E A R
1850-51—
TH E
NEW
U N IT E D
V IR G I N I A
STATES
OF T H E
FO R
R E C E IP T S
TW ELVE
FO R
M O N TH S,
C U STO M S
E N D IN G
AT
W IT H
ALL
T IIE
LOAN .
Ir is but midsummer, and yet the f ill trade has commenced in earnest, and the
large package houses, in all o f our principal cities, have already entered upon
their record o f sales a large amount o f merchandise, some o f which has been
sent thus early into the interior. What a change, not only in this respect, but
in almost every other, do the manners and customs o f trade in our day present,
as compared with those prevalent in the days o f our fathers. The “ elder
heads ” among us can remember when the terms spring and fall trade represented
almost literally the duration of the two seasons o f business; when the limits
between the several classes o f merchants, called importers, jobbers, and retailers,
were clearly defined, and seldom over-stepped; and when none were willing to
transact a large business without at least a hope o f a corresponding profit. The
spirit o f innovation has been busy the past few years, and the outward form and
semblance o f our great commercial markets have hardly changed more than the
203
Commercial Chronicle and Review.
customs o f trade. To many, these changes are ominous o f ruin. Accustomed
to a particular routine— remembering the time when business men worked with
their coats off, and “ kept house” over the store or shop— when only retired
wealth warranted a carriage— and when even a “ Merchant Prince ” won his
proud cognomen more by his nobleness o f conduct than any show o f plate or
equipage— they tell us we have fallen upon evil times, and shake their heads
dolefully at the rapid transitions passing before their eyes. It is true, that in
some things we have depreciated, but it is not true that everything ancient was
best, and everything modern a second gleaning from a worn out field; or that
even the principal changes o f the last few years are a retrogression to
be deplored. On the contrary, we are the true ancients— and are gaining each
year o f our growth, wisdom from experience, and strength from exercise. The
youth, as he emerges from curly-headed boyhood, may seem less attractive to
his nurses, but, if he has started on the right course, his progress is toward the
perfection o f his nature. The traveler who has made his fastest trips upon the
post-coach, stands aghast at the dashing locomotive, and holds up his hands in pre
dictive warning. So the rapid whirl, aad high-pressure o f business affairs in
these days, may astonish the veterans who reached their goal in a more cautious
way, but they are none the less needful to accommodate all who are crowding
the thoroughfare. To keep up with this rush o f trade, we bring our goods by
puffing steamers instead o f the white-winged packets, and land our fall stock
before the buds o f spring have ripened into fruit. Our merchants have been hurrying home from their rural retreats, ere the summer heat has reached its cli
macteric, and are once more seen in the haunts o f business, with the quick step
and brow o f care.
Money, in all o f our principal cities, has been in better demand, and generally
at rates above those current at the corresponding period o f last year. Still,
there has been no distress in mercantile circles for the want o f funds, and the
character and credit o f business men, everywhere, have been unusually well sus
tained. W e continue to receive a large amount o f gold from California, the
total for June exceeding that o f May, as will be seen by the following state
ment o f the deposits and coinage at the Philadelphia and New Orleans Mints:—
D E P O S IT S F O E JU N E .
Gold from California.........
Gold from other sources.. .
T o ta l.............................
New Orleans.
8 480,408 60
29,597 06
Philadelphia.
83,570,600
60,000
11,700
8 510,005 66
83,642,300
G O L D C O IN A G E F O R JU N E.
Double eagles......................
E agles...................................
H a lf eagles........................
Quarter eagle......................
D o lla r s...............................
New Orleans.
No. pieces.
Value.
31,000
8 620,000
37,000
370,000
24,000
40,000
S IL V E R
Dollars....................................
H a lf dollars..........................
Quarter dollars.....................
D im e s ...................................
H a lf dimes............................
Three cent p ieces................
60,000
40,000
Philadelphia.
Value.
No. pieces.
130,615
$2,6 10 ,3 0 0 00
12,127
121,270 00
71,236
356,180 00
114,244
285,610 00
279,888
279,888 00
C O IN A G E .
1,300
12,500
80,000
80,000
150,000
8,000
16,000
65,000
4,000
4,500
946,500
1,300
6,250
4,000
6,500
00
00
00
00
28,395 ° r
201
Commercial Chronicle and Review.
C O P P E R C O IN A G E .
Cents
Total coinage...............
442,000
____
1,016,517
10,165 17
$1,106,500
2,665,827
$3,709,858 17
The banks in the State o f New York have been ealled upon to make up their
quarterly returns, to the 21st o f June; the following is a comparative summary
o f the statement o f the city banks; the list o f the country banks is not yet
completed:—
C O N D IT IO N O F N E W
YORK
C IT Y B A N K S A T T H E
D A T E S P E C IF IE D .
Loans & DiscV
Specie.
17 Incorporated Banks__ _
20 Associated Banks............
$39,735,855
30,978,404
$5,793,229
2,141,422
$4,277,779
2,801,807
$23,849,499
16,887,150
37
31
29
28
27
$70,714,259
67,515,510
65,454,349
62,466 800
59,878,038
$7,934,651
7.922,480
11,011,104
9,061,763
10,753,682
$7,079,586
7,404,163
6,955.829
6,571,153
5,919,863
$40,736,649
38,388,697
40,562,762
37,203,202
35,861,139
banks.
banks,
banks,
banks,
banks,
July 21, 1 8 5 1 ...
March 29, 1851...
Dec. 21, 1850.. . .
Sept. 28, 1850....
June 29, 1 8 5 0 ...
Circulation.
Deposits.
From this statement it will be seen that during the last year the loans and dis
counts have not kept pace with the increase o f capital and deposits, which is
doubtless owing to the fact that the specie has fallen off nearly three millions.
The following is a condensed statement o f the condition o f the Bank o f Ten
nessee and Branches, on 1st o f July :—
Capital Stock.......................................................................................................
Less amount owned by the bank...................................................................
$2,248,300
707,500
Deposits................................................................................................................
S p e c ie ..................................................................................................................
Circulation...........................................................................................................
Discounts.............................................................................................................
Bills o f exchange................................................................................................
$1,540,S00
493,518
652,322
1,782,472
1,513,322
723,048
The following tables will show the arrivals and clearances at the port o f New
York for the first three months o f the current year, specifying the flag under
which the vessels sailed, and the ports from which, and to which, they arrived
and cleared:—
A R R IV A L S F O R JAN U ARY, F E B R U A R Y , AND M ARCH .
United States.
Vessels. Tons.
Where from.
R u ss ia ......... ..................
Sweden...............................
Danish W est Indies . . . .
Hamburg and Bremen . .
Holland..............................
Dutch West Indies.........
Dutch Guiana....................
B elg iu m .............................
England.............................
Scotland ..........................
Ireland...............................
British N. A. Provinces .
British West Indies........
British Honduras.............
British Guiana..................
British East Indies..........
France ...............................
S p a in .................................
Cuba....................................
Porto R ico ........................
Phillippiue Islands.........
.
.
3
2
5
7
.
.
82
8
.
..
.
.
..
..
7
1
3
24
422
775
473
2.062
2,662
1,440
178
2,439
92,853
4,123
29S
....
2,204
598
249
1,287
25,208
1,659
24,514
3,548
3,423
British.
Vessels. Tons.
2
863
....
1
192
20
5
5
26
17
2
15,481
2,789
2,772
3,743
2,974
350
.,
3
11
4
.•
French.
Vessels. Tons.
....
9
665
2,186
696
....
..
1,740
....
All other.
Vessels. Tons.
i
4
280
1,509
14
4
1
6.354
1,715
117
3
3
856
1,849
4
....
945
io
3
2
..
....
2,817
784
640
....
. .
..
205
Commercial Chronicle and Review.
TJniled States.
Vessels. Tons.
Where from.
Portugal..........................
M ad eira........... .
A z o r e s ............................
Canary Islands...............
Sicily................................
Sardinia..........................
T uscan y..........................
T rieste............................
T urkey............................
G re e ce ............................
M e x i c o ............................
Central A m erica...........
...
2
.........
...
...
...
H a y ti.................................. . . .
N ew Granada.................
V enezuela......................
Brazil................................
Argentiue Republic . . .
Chili..................................
Peru..................................
C hin a...............................
A frica...............................
Prussia............................
Total........................
...
British.
Vessels. Tons.
French.
Vessels. Tons.
432
361
•••
....
4,349
2
476
S
1,737
2
266
2
1
11
2
29
30
800
207
2,162
398
3,833
30,234
2,151
3,907
1,186
715
1,559
1
245
1
14
1
1
3
1
157
4,653
213
307
1,486
712
1
106
1
171
12
1.591
2
3
2
4
8
7
686
2,451
1,695
1
168
626
573
241
2
821
1,148
2
602
418 238,802
124
37,100
...
18
4
.. .
4
i
176
13,392
...
...
All other.
Vessels. Tons.
5 1,134
6
CLEARANCES
FOR
THE
United States. 1
io
1,916
2
703
99 32,954
S A M E T IM E .
British.
French.
All others.
Where to
Vessels. Tons. Vessels. Tons. Vessels. Tons. Vessels Tons.
R u s s ia ..................................
i
805
i
378
Danish West Indies...........
8
1,181
Swedish West Indies........
i
117
..
Hamburg and Bremen....... . . .
3,405
2
12 6,081
Holland.................................
2
1,000
Dutch W est Indies............ . . .
1,430
7
i
10 2,749
157
Dutch Guiana......... ............
174
Dutcji East Indies.............
3y8
1
1,954
Belgium................................
E n glan d ...................... ..
59,459
7 8 594
1
376
Scotland...............................
1,227
4 1,185
1
460
British N. A . Provinces__
103
1
37 6,765
British W est Indies........... . . .
4,390
24
15 3,401
British Honduras................
3
510
2
British Guiana....................
1,155
362
2
628
British East Indies.............
2
Prance ................................. . . .
24 14,709
781
3 657
2
314
French West Indies...........
1
326
S p a in ...................................
88p
i
209
1
207
C u b a ....................................
36,SOS
8 1,768
1 183
11 3,814
Porto R ic o ..........................
2,601
2
1
410
1 175
239
3
852
Portugal...............................
3
606
M a d e ira ...............................
221
1
136
1
270
....
,.
Sardinia................................
1
236
824
222
Trieste................................... . . .
3 1,031
3
1
M e x ic o .................................
958
1
281
1,430
Central America.................
Hayti.....................................
2,700
3
316
1 '■816
N ew Granada......................
36,007
1
141
V e n z u e la ............................
043
1
122
2
383
Brazil.....................................
2,739
1
141
3
677
Argentine R epublic...........
413
1
2
522
Chili.......................................
567
Peru.......................................
189
1
5
2,823
China ................................
1.500
A frica .............................
212
1
185,322
Total.............................
89 25,039
66 18,952
5 915
....
Commercial Chronicle and Review.
206
ARRIVALS AND CLEARANCES AT THE
*
O
JO
H
O
We also annex a summary of the arrivals and clearances under every flag
seen in the port of New York, during the period specified:—
NEW YORK.
Clearances.
Tonnage.
No. vessels.
185,322
410
25,039
89
915
5
1,116
2
1,674
5
4,682
13
531
2
6,521
16
635
3
1,005
3
361
1
806
4
305
1
2
617
605
2
Arrivals.
No. vessels.
Tonnage.
481
238,802
124
37,100
1,916
3
1,254
8
2,800
25
7,844
5
1,183
34
14,017
294
3
856
Flags.
U n ited S ta te s .............................
B ritish............................................
F re n ch ...........................................
R ussian..........................................
Prussian.........................................
S w ed ish and N orw eg ian .........
D a n ish ...........................................
H a m b u rg and B rem en ............
D u tch ..............................................
B e lg i a n .........................................
S panish..........................................
P ortu g u ese...................................
A u stria n .......................................
Sardinian......................................
S icilian...........................................
O ld en b u rg....................................
V e n e z u e la n ..................................
Brazilian........................................
4
718
961
803
1,356
249
453
166
5
T o t a l ....................................
'714
....
i
310,772
1
129
156
560
230,228
A t N e w Y o rk the C om m erce fo r June has b e e n very large.
T h e im ports, ex
clusive o f specie, sh o w an increase o v er June, 1850, o f $ 2 ,7 3 9 ,9 2 4 , o f w hich
$ 1 ,3 5 1 ,2 6 9 w ere general m erchandise, and $ 1 ,3 8 8 ,6 5 5 w ere dry g o o d s .
The
fo llo w in g is a com parison o f the im ports fo r June, in each o f the years n a m e d :—
I M P O S T S F O E JU N E A T
1851 .
TH E PO E T
OF N E W
1850 .
YOKE.
1849 .
1848 .
Dutiable ..................
Free............................
$8,815,264
668,716
$6,229,205
514,851
$5,057,273
344,430
$4,718,404
525,088
Total..................
$9,483,980
$6,744,056
$5,401,703
$5,243,492
T h e specie entered upon the m anifests at the C ustom -hou se was $ 1 2 1 ,2 3 4 ,
from foreig n c o u n tr ie s ; and $ 1 ,5 6 1 ,1 1 4 from C aliforn ia ; h u t a m uch larger
am ount has been brou g h t in private hands than usual, as w ill b e seen b y the de
p osits at the Philadelphia M int, n oticed e lsew h ere.
W e also annex a statem ent
sh ow in g the total im ports (e x clu siv e o f sp ecie) at the p ort o f N ew Y o rk , fo r
six m onths, from the 1st o f January, fo r several years.
IM FO E TS
AT N E W
YORK FOE
1851 .
S IX M O N TH S , E N D IN G JUN E
1850 .
30.
1849 .
1848 .
D u itab le............................
Free................. ...................
$64,099,534
5,137,644
$51,097,016
5,461,842
$40,665,025
4,826,908
$41,087,963
6,106,273
Total...........................
$69,237,178
$56,558,858
$45,491,933
$46,194,236
T h is sh ow s an increase fo r the past six m onths, over the corresp on d in g period
o f the previou s year, o f $ 1 2 ,6 7 8 ,2 2 0 , o f w hich $ 4 ,7 6 3 ,8 4 5 w ere in dry g o o d s .
T h e fo llo w in g statem ents w ill sh o w the com parative im ports o f dry g o o d s for
June, and also fo r the first six m onths o f the current y e a r :— ■
207
Commercial Chronicle and Review.
D R Y G O O D S E N T E R E D F O R CON SU M PTION A T N E W Y O R K D U R IN G T H E M O N TH O F JU N E.
1851 .
Manufactures o f w o o l ................... ..............
Manufactures o f cotton.................
Manufactures o f silk......................
Manufactures o f flux.................... .
Miscellaneous dry goods...............
S I,068,762
428,923
1,512,986
244,949
176,670
T o t a l .....................................
W IT H D R A W N FRO M W AREH O U SE
1850 .
1849 .
$596,170
389,551
835,351
21,6398
72,100
$ 474,237
376,450
454,577
158,000
151,737
$ 2,108,570
$1,615,001
D U R IN G T H E S A M E P E R IO D .
1850 .
1851 .
1849 .
Manufactures o f w o o l..................
Manufactures o f c o tto n ...............
Manufactures o f silk .......................
Manufactures o f flax.......................
Miscellaneous dry g o o d s ..............
$ 103,444
29,446
72,562
27,245
19,045
$62,594
40,555
50,284
31,440
1,924
$33,775
16,417
33,818
21,750
8,076
T o t a l.......................................
A dd, entered for consumption....
$251,742
3,432,280
$186,797
2,108,570
$113,836
1,615,001
$2,295,367
$ 1,728,837
Total thrown upon the m a rk e t. . ...............
ENTERED
F O R W A R E H O U S IN G
$3,684,022
D U R IN G T H E
SA M E P E R IO D .
1851 .
Manufactures o f w o o l ...................
Manufactures o f cotton................
Manufactures o f silk....................
Manufactures o f flax....................
Miscellaneous dry g o o d s .............
T ota l.....................................
D E S C R IP T IO N
OF
DRY
1850 .
1849 .
$234,916
144,811
109,0S5
23,100
12,345
$239,268
137,356
76,091
80,590
4,521
$152,176
219,532
41,257
46,968
38,258
$ 524,257
$53 7 ,8 2 6
$498,191
GOODS T H R O W N U P O N T H E M A R K E T A T N E W Y O R K , FO R S IX M O N TH S ,
E N D IN G JUN E
1851 .
30.
1850 .
Increase.
Manufactures o f w ool.................
Manufactures o f cotton..............
Manufactures o f s i l k ..................
Manufactures o f fla x ..................
Miscellaneous dry g o o d s ...........
$7,169,708
6,635,864
12,402,709
3,895,684
2,159,283
$6,750,077
6,570,849
8,425,426
4,660,202
1,082,849
$409,631
65,015
3,977,283
T o ta l......................................
$ 3 2 ,2 5 3 ,& 8
$27,48 9 ,4 0 3
$5,528,363
764,518
Total increase in six months....................
Decrease.
$764,518
1,076,434
$764,518
$4,763,845
The increase, it will be seen, continues, as we noticed in our previous issue,
to be chiefly in silk goods; which shows, that while our people are indulging
more, in luxuries, th^y are importing little more than last year of any articles
which compete with our own manufactures. The increase in June, as recorded
above, is chiefly owing to the earlier period at which goods are arriving, a fact
to which our ocean steamers are largely contributing.
The exports from New York, for June, figure largely in the item of specie,
but in domestic produce show a trifling falling off, in comparisonwith last year,
as will be seen by the annexed statement:—
Commercial Chronicle and Review.
208
EXPORTS FROM
NEW
TORE
FO R THE
M O N T H O F JUN E,
1851 .
1850 .
1819 .
1848 .
Dom estic produce.....................
Foreign produce.........................
S p ecie..........................................
$3,778,289
321,725
6,462,367
$3,971,207
494,380
880,434
$3,317,740
445,892
596,411
$2,235,844
159.230
1,971,915
T otal...................................
$10,562,381
$5,346,021
$4,360,043
$4,366,989
F o r six m onths, h ow ever, the increase, n o t on ly in the aggregate, b u t also in the
item o f d om estic prod uce, has been very considerable.
EXPORTS FROM N E W T O R E
FOR
S IX
M O N TH S, E N D IN G JU N E
1851 .
30.
1850 .
1849 .
Domestic produce............................
Foreign produce...............................
S p e c ie ..............................................
$22,456,839
2,353,087
19,093,515
$18,916,873
2,424,877
2,453,732
$15,981,967
2,179,577
1,371,957
Total..........................................
$43,903,441
$23,795,482
$19,533,501
T h is sh o w s an increase fo r the first h a lf o f the current year, o f $ 2 0 ,1 0 7 ,9 5 9 ,
o f w hich $ 3 ,5 3 9 ,9 6 6 was in dom estic p rod u ce, and $ 1 7 ,6 3 9 ,7 8 3 in specie.
T h e fo llo w in g is a statem ent o f the am ount o f duties c o lle cte d at the princi
pal ports in the U nited States, fo r the year ending June 30, 1851 :—
N ew Y ork...,
B o sto n .........
Philadelphia,
B altim ore....
N ew Orleans
Charleston...,
Portland........
Savannah.. .
$31,757,199
6,577,540
8,667,838
1,047,278
2,296,636
600,712
209,030
208,994
St. Louis... .
Cincinnati. .
Ne.v Haven
Mobile.........
Louisville. .
Oswego.......
Richmond...
$213,832
105,191
102,139
76,184
66,572
91,557
70,235
T h e im ports at m ost o f the p orts s h o w no im portant variation from the corres
p o n d in g period o f last year, as the increased receipts o f foreig n g o o d s have been
entered alm ost ex clu siv ely at the p o rt o f N ew Y o rk .
T h e im portations fo r
Ju ne sh ow a fa llin g o ff in alm ost ev ery description o f m erchandise, and there
is every reason to su pp ose that the o u tg o in g s o f specie from the cou n try w ill
s o o n b e b rou g h t d o w n to a lim it w hich w ill n ot alarm the m ost timid.
In the
m idst o f all the increased dem and fo r m on ey , there has b een no difficulty iu
n eg otiatin g large am ounts in bon ds.
W ith in a fe w days, John T h om p son , E sq,,
o f N ew Y ork , for lu m se lf and friends, has taken the w h ole tw o and a h a lf m il
lio n s o f the n ew V irgin ia 6 per cen t L oa n , thirty-six years to run, at 103 per
c e n t ; this is co n sid ered very favorable fo r the State.
209
Commercial Statistics.
COMM ERCIAL STATISTICS.
TRADE AND NAVIGATION OF THE UNITED KINGDOM.
B y the kind attention o f the Hon.
A bbot
L aw rence,
our Minister to England, we
are in the regular receipt o f the monthly “ accounts relating to the Trade and Naviga
tion ” o f the United Kingdom.
These accounts are “ presented to both Houses o f P ar
liament by command o f Her Majesty,” and embrace tabular statements o f the imports
and exports o f the principal articles o f Foreign and Colonial m erchandise; exports o f
British and Irish produce and manufactures; the number and tonnage o f vessels em
ployed in the foreign and coasting trade o f the United Kingdom, together with an ac
count o f the quantities o f the several articles charged with duties o f Excise, the quan
tities exported in Drawback, and the quantities retained for Hom e Consumption.
The following table shows the number and tonnage o f vessels, distinguishing the
countries to which they belonged, which entered inwards and cleared outwards, in the
years ending 5th January, 1850 and 1851, exclusively o f vessels in ballast, and o f those
em ployed in the coasting trade, or the trade between Great Britain and Irelan d :—
E N TERED IN W A R D S .
United Kingdom & its Dependencies
R u s s ia ................................................ ..
S w e d e n ................................................
N orw ay.................................................
D en m ark..............................................
Prussia...................................................
Other German States........................
Holland..................................................
B elgium ................................................
France....................................................
S p a in ....................................................
P ortu ga l...............................................
Italian States.......................................
Other European S ta te s ....................
United States o f A m erica................
Other States in A m eiica, Africa, die.
T ota l.............................................
Ships.
20,292
295
396
1,013
1,885
622
1,236
1,119
252
2,199
117
113
319
106
896
10
1850 .
30,870
CLEARED
1851 .
Tonnage.
4,390,375
80,219
55,847
157,739
143,480
126,051
114,223
91,384
38,427
136,143
17,812
10,369
88,840
29,738
587,986
2,636
Ships.
18,728
354
402
1,272
1,787
1,088
2,059
1,320
220
2,568
150
106
359
81
748
7
6,071,269
31,249
6,113,696
Tonnage.
4,078,544
88,289
64,732
218,329
136,594
224,514
240,256
116,410
35,274
156,952
23,717
11,682
97,515
23,667
595,191
2,030
O U T W A R D S.
United Kingdom & its Dependencies
R u s s ia ...................................................
S w e d e n ................................................
N orw ay.................................................
D en m ark..............................................
Prussia..................................................
Other German States.........................
Holland..................................................
B elgium ................................................
France....................................................
Spain......................................................
P ortugal...............................................
Italian S ta te s .....................................
Other European States......................
United States o f America .............
Other States in America, Africa, Ac.
17,169
215
327
587
1,708
631
1,331
858
244
2,548
131
59
311
69
919
8
3,762,182
57,422
42,478
82,277
135,454
120,226
134,356
86,615
42,215
226,361
18,897
6,480
84,371
20,033
608,324
2,217
17,648
295
394
732
1,830
929
1,985
1,029
208
2,542
144
62
360
67
776
10
3,960,764
74,965
60,917
113,335
148,669
179,887
225,331
124,034
36.501
212,672
22,611
7,414
97,693
19,493
620,034
2,658
Total........................ .....................
27,115
5,429,908
29,011
5,906,978
VOL. XXV.---- NO. II.
14
Commercial Statistics.
210
The following table shows the number and tonnage o f vessels which entered inwards
and cleared outwards with cargoes, at the several ports o f the United Kingdom, during
the year ended 5th o f January, 1851, compared with the entries and clearances in the
Corresponding period o f the year 18 50; distinguishing the vessels em ployed in the
intercourse between Great Britain and Ireland from other coasters :—
V ESSELS E M PLO YE D IN
T H E C O A S T IN G T R A D E
ENTERED
Ships.
Em ployed in the intercourse between
Great Britain and Ire la n d ....................
Other coasting vessels.................................
T otal..................................................
CLEARED
OF TH E
U N IT E D K IN G D O M .
IN W A R D S .
1850 .
1851 .
Tonnage.
Ships.
Tonnage.
8,607
124,668
1,478,059
10,489,414
8,569
127,588
1,585,057
10,979,574
133,275
11,967,473
136,157
12,564,631
O U TW ARDS.
E m ployed in the intercourse between
Great Britain and Ire la n d ....................
Other coasting vessels.................................
18,000
131,166
2,159,954
10,755,630
18,268
134,072
2,355,166
11,285,360
T o ta l..................................................
149,166
12,915,584
152,340
13,640,526
THE LUMBER TRADE OF MICHIGAN.
The State o f Michigan is becoming as famous as Maine for the amount o f lumber
made from her pineries, and exported to the cities and villages on the chain o f lakes.
A correspondent o f the D e tr o it T rib u n e furnishes the following estimates o f the
quantity o f lumber that will be made the present year in that part o f Michigan below
Saginaw B a y :—
K ills in Detroit w ill make . . .
Mills in St. Clair county........
Conger’s, Milw’kee, lake Hur’n
Birch’s, Birchville,
“
Sanborn’s Lexington, “
Leicester’s,
“
“
Hubbard’s,
“
Cole’s,
“
“
Overfield’s,
“
G illow ’s,
“
Hurds, Huron,
“
W hitcom bs, Huron,
“
Jlrigham’s Pt. A u x Barque.. .
Grhimis’,
“
Bird’s,
“
1 m ill on Rifle Riv., Sag. Bay
Feet.
15,000,000
42,000,000
2,000,000
1,000,000
1,500.000
3,000,000
3,000,000
1,000,000
1,000,000
1,000,000
750,000
1,500,000
800,000
500,000
750,000
750,000
Feet.
1 m ill on Pine Riv., Sag. Bay.
A . & W . McEwen, Sag. river
W hitney & Go.,
“
Raym ond & Watson,
“
Frazier and Dunlap,
“
J. Frazier,
“
Frazier and Callin,
“
Russell, Miller & Co., “
D. & S. Johnson,
“
Chapin & C o,
“
H oyt & C o,
“
Emerson & C o,
“
G. D. Williams,
“
Millard & Sweet,
“
Total feet........................
75 0,000
1,000,000
2,500,000
1,200,000
1,000,000
2,000,000
1,000,000
3,000,000
6,000,000
1,200,000
2,000,000
3,500,000
1,200,000
2,000,000
104,950,000
This, it wiU be perceived, does not include the amount made on Lake Huron, above
Saginaw Bay, nor that to be shipped from ports on Lake Michigan, and which will
probably amount to 150,000,000 feet additional.
CONSUMPTION OF SPIRITS IN IRELAND.
T he Irish people have drank, in the ten years from 1841 tol850,in clu siv e,66,822,720
gallons o f spirits.
18 41... gaUons
1842
........
1843
........
1844
........
The following are the quantities annually consumed :—
6,485,443
5,290,650
5,546,483
6,451,137
1 8 4 5 .. .gallons
1846 .................
1847
.......
7,605,196
7,952,076
6,037,383
1 8 4 8 . . . gallons
1849 .................
1850
.........
7,072,933
6,973,333
7,408,086
Commercial Statistics.
211
EXPORT OF SUGAR FROM HAVANA.AKD MATANZAS,
The following table shows the number o f boxes o f sugar exported from Havana and
Matanzas, from the 1st o f January to the 20th o f June, in each year from 1841 to
1851, inclusive:—
United
States.
1 8 4 7 ............
1 8 4 8 ............
1 8 4 9 ............
1 8 5 0 ............
1 8 5 1 ............
134,347
Belgium.
1 8 4 7 ............
1 8 4 8 ............
1 8 4 9 ............
1 8 5 0 ............
1 8 5 1 ............
25,902
50,872
12,184
Great
Britain.
103,193
21,620
35,801
12,432
27,906
Cowes and a
Market.
94,860
159,226
206.467
205,287
222,186
Baltic.
39,933
11,015
48,658
59,938
94,318
Hamburg &
Bremen.
41,329
65,255
27,470
24,677
20,572
Holland.
15,669
7,749
7,867
19,569
6,974
Spain.
59,571
116,509
82,924
64,107
68,701
France.
15,570
23,340
25,389
51.727
25,882
Trieste &
Venice.
19,948
17,772
11,536
39,852
12,605
Leghorn
& Genoa.
8,640
4,659
2,838
12,919
5,243
Total.
624,956
661,818
560,767
687,601
716,102
STATISTICS OF THE LIVERPOOL DOCKS,
The Liverpool dock returns, from the 24th o f June, 1850, to the 24th June, 1851,
have just been published, and are highly satisfactory, both as relates to the position o f
the Dock Estate, and to the state o f the Commerce and Navigation o f the port of
L iv e rp o o l:—
It appears from these accounts that the ordinary revenue o f the Dock Trust, for the
financial year just ended, amounted to £269,020 14s. The income o f the previous
year was £242,989 14s. 9d. This gives an increase, in comparison with 1850, of
£26,030 19s. 3d. On comparing the items which form these totals we find the follow
ing results:— In 1850, the duties on tonnage produced £116,541 Is. lid ., and in 1851,
£128,026 0s. I d .; increase, £11,484 12s. 8d. In 1850, the duties on goods imported
produced £95,201 19s. 8 d .; in 1851, £107,501 5s. 7d.; increase, £12,299 5s. l i d . In
1850, the light-house dues produced £10,066 5s. 6 d .; in 1851, £10,909 11s. 9d .; in
crease, £843 6s. 3d. In 1850, the floating-light dues produced £4,332; in 1851, £4,759
17s. 6d. In 1850, the Graving-dock dues produced £13,206 7s.; in 1851, £13,989 19s.;
increase, £783 12s. In 1850, the Graving-dock dues produced £13,206 7s.; in 1851,
£13,989 19s.; increase, £783 12s. In 1850, the G raving-block dues produced £2,400
14s. 6d .; in 1851, £2,475 5s. 6d.; increase, £ 7 4 11s. In 1850, extra dock rent pro
duced £1,241 0s. 2d.; in 1851, £1,358 14s. Id .; increase, £117 13s. lid . Thus, there
is an increase in every department, amounting, in the whole, to £26,080 19s. 3d.
The total number o f ships which paid dock dues in Liverpool in 1850 was 20,457 ;
in 1851, 21,071 ; showing an increase o f 614 in 1851. The increase in tonnage is much
greater. In 1850, the amount o f tonnage was 3,530,337 tons; in 1851, 3,737,666;
showing an increase o f 201,329 tons o f shipping in 1851.
The increase o f the value o f goods imported is not so easily ascertained ; but the
amount o f the dock rates on the increase is £12,299 5s. l i d . This, we should think,
represents an increase o f goods o f the value o f a million.
In the year 1810, when the Dock Trustees applied for powers to enlarge the Queen’s
Dock, and to form the Prince’s and Brunswick Docks, they so arranged the amount o f
the dues on tonnage and goods as to make each o f them yield £30,000 a year. Now,
after a period o f forty years, the duties on tonnage produce £128,026, and those on
goods, £107,501, giving a total o f £269,020, instead o f £60,000. This large sum is
collected from a much smaller per centage on shipping and goods. In 1S48, the sum
of £40,000 a year o f dock income was surrendered by a single stroke o f the p e n ; and
other reductions, to a much greater amount in the whole, have been made at different
times, during the last twenty years. Had the rates which were expected to produce
£60,000 a year in 1810 been retained without alteration, they would have produced
from £350,000 to £400,000 at the present time.
In addition to the dock revenue, derived from the numerous sources mentioned above,
the Albert Dock Warehouses will this year produce an income of about £20,000,
making the total income o f the Dock Estate for the year 1851 upwards o f £288,000.
212
Commercial Statistics.
THE COEN TRADE OF D E M I ARK.
The subjoined statement o f exports o f breadstuff's from Denmark, etc., to Great
Britain, is taken from a late English p a p e r:—
Amongst the countries from which England derives the most abundant o f those for
eign supplies o f provisions with which the experience o f late years has shown that
she cannot dispense, the Danish dominions occupy a far higher rank than would be ima
gined possible by one who merely looks to their relative size and importance in the
catalogue o f European States. The Kingdom o f Denmark and its dependencies stand,
in this respect, third in order, there being but two countries from which we import a
larger quantity o f breadstuffs. Whilst America last year sent us, as appears by the
Parliamentary return, 1,834,000 quarters o f grain and meal o f all sorts, and Prussia
1,361,694 quarters— from Denmark proper, a country whose area is not one-fiftieth o f
the United States, and hardly one-fifth o f Prussia, we received the proportionally enor
mous amount o f 1,320,571 quarters. The returns o f the Danish Government state the
entire export o f corn, o f all sorts, for the year 1820, at 546,307 quarters, reducing
Danish measure to English; and for the year 1826, at 787,946 quarters. In the year
1846, on the other hand, the net exports o f grain and meal from the entire Danish
monarchy amounted to 1,383,014 quarters; and in 1847 (the last year for which the
returns are complete) to 1,310,000 quarters— showing an increase o f not much less
than double since 1826, and considerably more than double since 1820. The confusion
occasioned by the Schleswig-Holstein war, which deprived the Danish government o f
a large portion o f its revenue, and also o f its customs accounts and export and import
lists, has prevented the publication o f any official statement as to the export o f the
Duchies subsequently to the year 1847 ; but if we exclude those provinces, and confine
our attention to the territory o f Denmark proper, the increase in the exports o f corn
will appear not less remarkable. In the year 1820, the exports o f grain from Denmark
proper, to all parts o f the world, were only 270,477 quarters ; and in 1826, 406,020
quarters. In 1846 the exports o f Denmark proper were 1,076,756 quarters; in 1847,
859,622 quarters; and in 1848 they reached the total o f 1,365,970 quarters— being
five times the amount o f the exports o f 1820, and more than three times that o f 1826.
TRADE AND COMMERCE OF OUR W ESTERN W ATERS.
The following statement, from the annual discourse before the Historical Society o f
Ohio, by the President,
W il l ia m
D.
G allagher,
showing the rapid progress o f trade
and Commerce on the western waters o f the United States, w ill be read with interest
by all who are noting the growth, and are solicitous for the social, commercial, and in
dustrial prosperity o f our great and happy country.
The statements o f the President
o f the Historical Society reach back into the last fifty years, and show the astonishing
progress o f Commerce in that section o f the country, to the present time. But this is
not a ll; it is suggestive o f the future.
ginning to be developed.
The resources o f the W est are only just be
What, then, m ay be expected fifty years hence, if our Com
merce goes on increasing in the ratio indicated in this article, for fifty years to come ?—
« A few facts will exhibit, as w ell as a volume, the wonderful growth o f western
trade and Commerce. Previous to the year 1800, some eight or ten keel-boats, o f
twenty to twenty-five tons each, performed all the carrying trade between Cincinnati
and Pittsburg. In 1802, the first government vessel appeared on Lake Erie. In 1811,
the first steamboat, the Orleans, was launched at Pittsburg. Previous to 1817, about
twenty barges, averaging one hundred tons burden, comprised all the facilities for com
mercial transportation between N ew Orleans and the country on the Ohio River, as
high up as Louisville and Cincinnati. Each o f these boats made one trip down and
back between two places and New Orleans, each year. On the Upper Ohio, from the
falls to Pittsburg, some one hundred and fifty keel-boats were em ployed about 1815—
>1 7 . The average size o f these was thirty tons, and they occupied from six to seven
weeks in making the voyage both ways. In the year 1818, the first steamboat (the
W a lk in-the-Water) was built on Lake Erie. In 1819, this boat appeared in trips
on Lake Huron. In 1826, the waters o f Michigan 'were first plowed by the keel o f
a steamboat, a pleasure trip to Green Bay being planned and executed in the summer
Commercial Statistics.
213
o f this year. In 1832, a steamboat first appeared at Chicago. In 1833, near y the
entire trade o f the Upper Lakes— Erie, Huron, and Michigan— was carried on by
eleven small steamers. So much for the beginning.
“ In the year 1845, there were upon the upper lakes sixty vessels, including pro
pellers, moved by steam, and three hundred and twenty sailing vessels— the former
measuring twenty-three thousand tons in the aggregate, and some o f the latter carrying
one thousand to twelve hundred tons each. In 1846, according to official statements,
exhibiting ‘ the consolidated returns o f both exports and imports,’ the moneyed value
o f the Commerce o f the harbors o f Erie was .$94,353,350; on Michigan, that o f Chi
cago was $3,927,150 ; total, $98,285,500. One-half o f this, it is supposed, would be
a fair average o f the net moneyed value o f the Commerce o f these lakes for 1846,
which gives $49,142,750. The average annual increase for the five years previous is
shown b y the same official documents to have been nearly 18 per cent. Supposing it to
have been but 10 per cent per annum for the four years since, will give $68,799,850
as the present net money value o f the Commerce o f Erie and Michigan. In the year
1834, the number o f steamboats on the Mississippi and Ohio Rivers, and their tributa
ries, was ascertained to be two hundred and thirty, with an aggregate carrying
capacity equal to thirty-nine thousand tons. In 1842, the number o f boats had increased
to about four hundred and fifty, and their tonnage to upward o f one hundred thousand
tons. A t the present time, the entire number o f steamboats running on the Mississippi
and Ohio, and their tributaries, is more probably over than under six hundred, the ag
gregate tonnage o f which is not short o f one hundred and forty thousand ton s; a
larger number o f steamboats than England can claim, and a greater steam commercial
marine than that em ployed by Great Britain and her dependencies. (See Congressional
Reports, Hall's Statistics, McCullough’s Gazetteer, Ac.) In 1846, Colonel Abert, from
reliable data, estimated the net value o f the trade o f the Western rivers at $183,609,725
per y e a r; in 1848, Judge Hall stated it at $220,000,000, in his statistics; and, the
United States Senate have ordered a document to be printed, which estimates it at
$256,233,820, for the year 1849 ! The same document puts the aggregate value of
the vessels em ployed in this Commerce at $18,661,500.”
THE COTTON TRADE IN FRANCE.
The J ou rn a l des D ebats contains a long letter from M. Jean Dollfus, o f Mullhausen,
in favor o f modifying the stringent measures o f protection which are at present enforced
in the cotton trade. The D ebats accompanies the letter with some observations, from
which we make the following extract:—
“ W e have at present to allude to a formal proposition o f M. Jean Dollfus to the
Societie Industrielle, o f Mullhausen o f which he is one o f the most enlightened and im
portant members. His demands are pressing, and his assertions remarkable for their
precision. H e proposes some alleviation o f the protective duties, on the ground that
the cotton manufacture in France remains stationary. In England that branch o f busi
ness absorbed, in 1830, 269,000,000 lbs o f raw cotton; at present it requires 600,000,000
lbs. W e, on the contrary, during the last ten years have remained stationary. Whose
fault is this 1 M. Jean Dollfus affirms that our custom regulations are the cause, by
the embarrassments which they create. W ith more liberty, France might double the
mass o f cotton tissues which she exports, and even go beyond that. It is very strange
that a system which produces such results should be called a protection o f la b o r; for
it does not favor public prosperity, and does not increase our manufactures. A duty
on cotton twist o f 15 per cent would leave, says M. Dollfus, a margin of 10 per cent to
our steam-spinning manufactories, and a still larger amount to those m oved by water,
even in not taking into account the circumstances that the French manufacturer pays
less for labor than the English one. On unbleachsd tissues a duty o f from 20 to 25 per
cent would be sufficient. A s for cotton prints, M. Jean Dollfus declares that, with a
duty o f from 20 to 25 per cent, manufacturers might feel perfect confidence, and he
gives the proof. Now, at present, cotton twist, unbleached tissues, and cotton prints, are
absolutely prohibited, except the very fine twists (above No. 142,) and they pay an
enormous duty. H e shows also how our maritime legislation is onerous to national
labor, and how, after the reform which the English have made in their Navigation A ct,
it is ill-judged to maintain old regulations in France.”
214
Commercial Regulations.
IMPORT OF WINES AND SPIRITS INTO GREAT BRITAIN.
From the annual account presented to the British Parliament o f the importations,
<5tc., from abroad, o f wines, spirits, &a., it appears that in the year ended 5th January,
1851, 9,304,312 gallons o f wine were imported. Upon 6,684,668 gallons duty had
been p aid ; 1,145,718 gallons had been exported as merchandise, and 6,437,222 gal
lons had been retained for home consumption, after deducting the amount exported
subsequently to the payment o f duty. The wine retained for home consumption was
principally Portuguese and Spanish, 2,814,979 gallons being retained from the imports
o f the former, and 2,469,038 gallons from those o f the latter. The quantity o f French
wine retained was 425,056 gallons; o f Cape wine, 346,132 gallons; o f Madeira,
70,360 gallons ; o f Rhenish, 54,668 gallons; o f Canary, 15,996; o f Fayal, 245 gallons ;
and o f Silieian and other sorts, 425,056 gallons. On the 5th o f January, 9,890,694
gallons o f wine were in warehouse under bond, in the United Kingdom, o f which
5,949,862 gallons were under bond at London. Spirits were imported last year to the
amount o f 8,152,772 proof gallons ; 4,809,880 gallons were retained for home consump
tion, o f which 2,902,064 gallons w ere o f rum, and 1,860,809 gallons were o f brandy.
COMMERCIAL REGULATIONS.
TARIFF OF BRITISH GUIANA.
W e are indebted to the United States Consul, residing at Georgetown, British Gui
ana, for an official copy o f the tariff o f that colony, on articles imported between 1st
o f July, 1851, and 1st o f July, 1852, which w e here subjoin for the information o f such
readers o f the M erchants' M a ga zine as are interested in the trade o f British G uiana:
1.
Be it enacted by His Excellency, the Governor o f the colony o f British Guiana,
with the advice and consent o f the Court o f Policy thereof, and o f the Financial R e p
resentatives o f the inhabitants o f the said colony, in combined court assembled, that there
shall be raised, levied, collected, and paid, the several duties as the same are respec
tively set forth in figures in table A , herein contained, upon all goods, wares, and mer
chandise enumerated in said table A , which shall be imported into British Guiana, or
taken out o f bond for consumption in the colony, on and after the first day o f July, one
thousand eight hundred and fifty-one, and until the first day o f July, one thousand eight
hundred and fifty-two, and an ad valorem duty o f 10 per centum, or ten dollars upon
every one hundred dollars o f the value o f all goods, wares, and merchandise enumera
ted in the schedule B, herein contained, which shall be so imported or taken out o f
bond as aforesaid, during the period aforesaid, nam ely:—
A.----- T A B L E
O F D UTIES P A Y A B L E O N A R T IC L E S IM P O R T E D B E T W E E N 1 S T JU L Y , 1 8 5 1 ,
JU L Y ,
B a c o n , p e r p o u n d .................................................................................................................................
B e e f, p ic k le d , p e r b a r re l, o f 2 0 0 l b s ....................................................................................
B e e f, d r ie d o r s m o k e d , p e r p o u n d ..............................................................................................
B r e a d , N a v y B is cu it, a n d c r a c k e rs, a n d a ll o t h e r k in d s , p e r 1 0 0 l b s ......................
B r ic k s , p e r 1 ,0 0 0 ...................................................................................................................................
B u c k e t s a n d p a ils , p e r d o z e n .................................................................................
B u t te r , p e r p o u n d ................................................................................................................................
C a n d le s , t a llo w , p e r p o u n d ...........................................................................................................
C a n d les , s p e r m a c e t i, w a x , a d a m a n tin e , h y d r a u lic p re s s , o r a n y k in d o f c o m
p o s it io n o t h e r th a n s im p le T a llo w , p e r p o u n d ...............................................................
C h e e s e , p e r p o u n d .............................................................................................................................
C h o c o la te , p e r p o u n d ........................................................................................................................
C ig a r s , p e r 1 ,0 0 0 .................................................................................
C la p b o a r d s , p e r 1 ,0 0 0 ......................................................................................................................
C o a ls , p e r h o g s h e a d ............................................................................................................................
C o a ls , lo o s e , p e r t o n ...........................................................................................................................
C o c o a , p e r p o u n d ..................................................................................................................................
C offe e , p e r 1 1 2 lb s ...............................................................................................................................
C o r d a g e , p e r 1 1 2 l b s ..........................................................................................................................
AND
1ST
1852.
$0
1 50
0
0
0
£2
02
50
30
0
0
0
0
0
0
2 00
1
1
0
0
2
0
01 £
01£
05
01£
04
50
10
05
01
50
25
25
215
Commercial Regulations.
Corn, grain o f every description and every kind, beans, peas, and pulse o f
every kind and description, whether whole or split, per bushel.................
Corn brooms, per dozen............................................................................................
Corn meal and oat meal, per 100 lb s....................................................................
Fish, dried, per 112 pounds.....................................................................................
Fish, pickled say—
Salmon, per barrel, o f 200 lb s .............................................................................
Mackerel, ditto...................................................................................... .
A nd all other sorts, ditto.....................................................................................
Fish, smoked, per pound...........................................................................................
Flour, wheat, per barrel, 196 lb s ............................................................................
Flour, rye, d i t t o ........................................................................................................
Ground feed, middlings, shorts, and bran, per bushel........................................
Hams, and all other dried or smoked meats, per p o u n d .................................
H ay, per 100 l b s .............................................................................. ........................
Horses, per head.........................................................................................................
Lard, per pound.........................................................................................................
Lime, building, per hogshead..................................................................................
Lime, temper, per puncheon....................................................................................
Lime, ditto, per hogshead.........................................................................................
Lime, ditto, per barrel..............................................................................................
Lime, ditto, per ja r ....................................................................................................
Lum ber o f all kinds, per 1,000 feet, board measure*........................................
Malt liquor, in wood, per hogshead........................................................................
Malt liquor, in bottles, per dozen, quarts...............................................................
Malt liquor, ditto, pints.............................................................................................
Matches, at the rate o f $1 50 per 14,000.............................................................
Molasses, per gallon......... , ......................................................................................
Mules, per h e a d .........................................................................................................
Oats, per bushel..........................................................................................................
Oils o f all descriptions, Castor Oil excepted, per gallon...................................
Onions, per 100 lb s...........................................
Faints o f all kinds, per 112 pounds.......................................................................
Pepper, per p o u n d ......................................................
Pitch, per barrel..........................................................................................................
Plantains, per b u n c h ................................................................................................
Pork, pickled, per barrel, 200 lb s..........................................................................
Potatoes, per bushel..................................................................................................
Rice, per 100 lb s........................................................................................................
Rosin, per b a r r e l.......................................................................................................
Sago, per pound............................................................'............................................
Shingles, o f all kinds, per 1,000........................................................................
Slates, per 1,000.........................................................................................................
Snuff, per pound.........................................................................................................
Soap, per pound..................................
Staves and heading, white oak, per 1.000............................................................
Staves, o f every other description, d it t o .............................................................
Sugar, per 112 l b s .....................................................................
Tapioca, per pound....................................................................................................
Tar, per b a rr e l...........................................................................................................
Tea, per pound........ ...................................................
Tobacco o f every description, cigars excepted, per l b f ....................................
Tongues, pickled, dried or smoked, per pound....................................................
Turpentine, crude, per b a r r e l.................................................................................
Turpentine, Spirits, per gallon.................................................................................
Wine, bottled, o f all descriptions, per dozen, quarts..........................................
Wine, ditto, pints........................................................................................................
Wine, in wood, o f all kinds, per g a llo n ...............................................................
Liquors, spirituous, Liqueurs, Bitters, and Cordials, proof 24, or weaker,
per g a llo n ................................
For every degree o f proof stronger than 24, per g a llo n .................................
* Spruce and White Pine Lumber subject to a deduction o f 5 per cent for splits,
t Duty on Tobacco to be paid on certificate by Weigh-Master.
0
0
0
0
05
20
25
25
2 00
1 00
0 75
0 02
1 00
0 50
0 05
0 02
0 10
7 00
0 01
0 25
0 25
0 12£
0 06
0 03
2 00
2 00
0 10
0 05
1 50
0 09
5 00
0 05
0 15
0 10
0 25
0 05
0 50
0 10
1 50
0 08
0 25
0 50
0 05
0 50
1 00
0 05
0 00£
2 00
1 50
4 00
0 05
0 50
0 10
0 05
0 02
0 50
0 18
1 00
0 50
0 54
1 20
0 06
216
Commercial Regulations.
A nd at these rates upon any greater or less quantity o f such goods, wares, and m er
chandise respectively.
B.— Clocks and watches, drugs and chemicals, glassware, jew elry, musical instruments,
perfumery, pickles and sauces, preserved meats and fish, saddlery, silver and plated
ware, and upon all other goods, wares, and merchandise, (not enumerated in either o f
said tables A and B,) and which shall be so imported or taken out o f bond as aforesaid,
during the period aforesaid, an ad valorem duty at the rate o f 4 per cent, or four dol
lars upon every one hundred dollars o f the value o f such other goods, wares, and mer
chandise : Provided, that coin, bullion, diamonds, bulls, oxen, cows, calves, heifers,
sheep, hogs, fruit, vegetables, (except as before enumerated,) ice, fresh fish, fresh meat,
turtle, poultry, manures, bitumen or mineral pitch, the produce o f the Island o f Trini
dad, printed books, machinery, provisions, and stores o f every description, imported or
supplied for the use o f Her Majesty’s Land and Sea Forces, and all wines and spirit
uous liquors imported by and for the use o f the Governor, shall be exempt from duties.
2. A nd be it enacted, that the ad valorem duties leviable and payable on all goods
under and by virtue o f Ordinance Ho. 8, o f the year 1850, and under and by virtue o f
Ordinance No. 6, o f the year 1851, shall, during the continuance in force o f this ordi
nance, and no longer, cease to be leviable and payable.
3. A nd be it enacted, that for the purpose o f encouraging the trade o f the colony
with other countries, parties exporting goods on which duties shall have been paid un
der and by virtue o f this ordinance, or any other ordinance, shall be entitled to a draw
back on such goods, at and after the rates o f duties leviable and payable by this ordi
nance on the importation o f goods o f the same description, and that the mode, manner,
and time o f claiming said drawback shall be subject to the provisions of Ordinance No.
18, o f the year 1849, and o f every other ordinance that may be hereafter passed by
the Governor o f British Guiana, with the advice and consent o f the Court o f Policy
thereof, regulating draw backs: Provided always, that no drawback o f duty shall be
allowed on any wine or spirituous liquors which shall or may be exported from the
Colony at any time during the continuance o f this ordinance.
4. And be it enacted, that there shall be raised, levied, and collected upon every ves
sel above seventy tons, entering at the custom-house o f either o f the ports o f British
Guiana, a tonnage duty o f thirty cents per to n ; and upon every vessel o f seventy tons
and under, entering at the custom-house o f either o f the said ports, a tonnage duty o f
ten cents per to n : Provided always, that no tonnage duty shall be received, levied, or
collected upon or from any vessel with immigrants arriving and departing without any
cargo.
TARIFF IN THE PROVINCE OF NEW BRUNSWICK.
The following is the table o f Colonial Duties and Exemptions from duties in the
Province o f N ew Brunswick, from A pril 1st, 1851, to December 31st, 18 54:—
S P E C IF IC .
A p p l e s p e r b u s h e l .......................................................................................................................
A x e s , e a c h ........................................................................................................................................
B u t te r , p e r c w t ..............................................................................................................................
B e a n s a n d P e a n s , p e r b u s h e l .................................................................................................
B a r l e y ................................................................................................................................................
B a r le y M e a l, p e r c w t .................................................................................................................
B u c k w h e a t, p e r b u s h e l ..............................................................................................................
B u c k w h e a t M e a l, p e r cw’ t........................................................................................................
C a n d le s o f a ll k in d s , e x c e p t S p e r m a n d wra x , p e r l b ...............................................
C a n d le s , S p e r m a n d W a x .........................................................................................................
C a t t le o f a ll k in d s o v e r o n e y e a r o l d ...............................................................................
C h e e s e , p e r c w t ..............................................................................................................................
C id e r , p e r g a l l o n ............................................................................................................................
C lo c k s o r c l o c k c a s e s o f a ll k in d s , e a c h ..........................................................................
C o ffe e , p e r l b ...................................................................................................................................
C o a ls , p e r t o n ..................................................
C h a irs, p e r d o z e n ( a d v a lo r e m in a d d it io n ) ..................................................................
C orn M e a l, p e r b b l ......................................................................................................................
F ru its , d r ie d , p e r c w t ...................................................................................................................
H o r s e s , M a re s , G e ld in g s , e a c h ....................
£0 0 6
0 1 6
0 9 4
0
16
0
0 6
0
2 6
0
0 6
0
2 6
0
0 1
0
0 4
2
0 0
0 14 0
0
0 3
0 15 0
0
0 140
10
0 10 0
0
10
0
9 4
2
0 0
217
Commercial Regulations.
L a r d , p e r l b ......................................................................................................
L e a t h e r — S o le , U p p e r , H a r n e s s a n d B e l t .......................................................................
C a l f S k in s, ta n n e d , p e r d o z e n .................................................................................................
S h e e p S k in s, ta n n e d a n d 'd r e s s e d ......................................................................................
M a lt L iq u o r s o f e v e r y d e s c r ip tio n , (n o t b e in g a q u a vitae, o t h e r w is e c h a r g e d
w it h d u ty .) w h e th e r in b o t t le s o r o t h e r w is e , p e r g a l l o n .................................
M e a t, fre s h , p e r c w t ...............................................................
M e a t s , s a lt e d a n d c u r e d , 7s. p e r c w t. this y e a r ; I s . 2d . a d d itio n a l p e r c w t .
n e x t y e a r ; a n d I s . 2d. a d d itio n a l p e r c w t . th e th ird y e a r ; m a k in g th en,
in a ll, p e r c w t ...........................................................................................................................
M o la s s e s a n d T r e a c le , p e r g a llo n ......................................................................................
O a ts, p e r b u s h e l.............................................................................................................................
O a t M e a l, p e r c w t ........................................................................................................................
R y e , p e r b u s h e l..............................................................................................................................
R y e F lo u r , p e r b b l ........................................................................................................................
S o a p , p e r l b .....................................................................................................................................
S p ir it s a n d C o rd ia ls , v i z :—
B r a n d y , p e r g a llo n ..................................................................................................................
R u m a n d C o rd ia ls — fo r e v e r y g a llo n o f s u ch R u m o r C o rd ia ls, o f a n y
s tr e n g th u n d e r a n d n o t e x c e e d in g t h e s tr e n g th o f p r o o f 26 b y b u b b le
A n d fo r e v e r y b u b b le b e l o w 2 6 in n u m b e r, b y t h e b u b b le , an a d d it io n a l
G in a n d o t h e r S p i r it s ............................................................................................................
L e m o n S y r u p .............................................................................................................................
S u g a r , re fin e d , in lo a v e s , p e r l b ............................................................................................
R e fin e d , cr u sh e d , a n d w h it e b a s ta rd , p e r c w t ...........................................................
O f a ll k in d s , e x c e p t re fin e d , cr u sh e d , a n d w h it e b a s t a r d .................................
T e a , p e r l b ........................................................................................................................................
T o b a c c o , m a n u fa c t u r e d , e x c e p t S n u ff a n d C ig a rs ............ ...........................................
W in e s , p e r g a l l o n ........................................................................................................................
A n d o n e v e r y 1 0 0 p o u n d s o f t h e tr u e a n d r e a l v a lu e th e r e o f, 1 0 p e r ct.
W h e a t , p e r b u s h e l ......................................................................................................................
W h e a t F lo u r , p e r b b l ..............................................................................................................
£0
0
0
0
0
0
3
3
1
2£
0
0
0
0
0 6
9 4
0
0
0
0
0
0
0
9
o
0
2
0
1
0
0
3 4
0
0
0
0
0
0
0
0
0
0
1 0
0 1
16
10
0 1|
9 4
6 0
0 2
0 1|
2 6
0
0
0 2
30
4
1
3
4
2
0
0|
AD VALOREM .
On the following articles, for every one hundred pounds o f the true and real value
thereof, n a m ely :—
Anchors, ashes, barilla, burr stones, canvas, cordage, (except Manilla rope,) chain ca
bles, and other chains for ships’ use, cotton w ool and cotton warp, copper in sheets,
bars and bolts, for ship-building, patent metal, dyewood, felt, hemp, flax an d tow, hides,
green and salted ; iron in bolts, bars, plates, sheet and pig iron ; oakum, oars o f all
kinds, pitch, sails and rigging for new ships, sheathing paper, silk plush for hatters’
purposes, tallow, tar, tobacco, unmanufactured, and w ool— 1 per cent.
On the following articles, for every one hundred pounds o f the true and real value
thereof, nam ely:—
Bread and biscuit, bricks, Manilla rope, and ready-made clothing— 10 per cent.
Castings, nam ely:— Steam-engines and boilers, and parts th ereof; mill machinery,
ships’ castings, composition rudder braces, <fcc.; machinery o f every description, square
stoves, called Canada stoves— 7£ per cent.
On the following articles, for every one hundred pounds o f the true and real value
thereof, n am ely:—
Boots, shoes, and other leather manufactures ; chairs and prepared parts o f or for
chai.'s; clock wheels, machinery and materials for clock s; household furniture, (except
baggage, apparel, household effects, working tools and implements, used and in use, of
persons or families arriving in this Province, if used abroad by them, and not intended
for any other person or persons, or for sale,) looking-glasses, oranges and lemons, whale
oil, (except the return cargoes o f vessels fitted out for fishing voyages from ports in
this Province,) brushes, hats and hat bodies, piano-fortes, snuff and cigars— 20 per cent.
V eneer and other moldings for looking-glasses, picture and other frames made o f
wood, carriages, wagons, sleighs and other vehicles, wooden ware o f all kinds, watches,
corn brooms, agricultural implements, (except plows)— 30 per cent.
Iron castings, na m ely:— Cooking, close, box, round, and square stoves, and parts
th e re o f; apparatus for cooking-stoves, Franklin stoves, register grates, fire-frames, and
parts thereof, kitchen ranges, boilers, cast-iron furnaces, and parts thereof, cast-iron
plow s— 15 per cent.
218
Commercial Regulations.
A n d a ll o t h e r g o o d s , w a r e s , a n d m e r c h a n d is e , n o t o t h e r w is e c h a r g e d w i t h d u t y , a n d
n o t h e r e in a ft e r d e c la r e d t o b e fr e e o f d u t y , fo r e v e r y o n e h u n d r e d p o u n d s o f th e r e a l
a n d tr u e v a lu e t h e r e o f —
p e r c e n t.
A l l a r tic le s , th e c o m p o n e n t p a r t s o f w h ic h a re s u b je c t t o d u t y , t o b e li a b l e t o t h e
h ig h e s t r a t e o f d u t y i m p o s e d b y th is a ct, o r a n y c o m p o n e n t p a r t th e r e o f.
A R T IC L E S E X E M P T E D
FROM
D U TY .
B a g g a g e , a p p a r e l, h o u s e h o ld e ffe c ts , w o r k in g t o o ls a n d im p le m e n t s , u s e d a n d in u s e ,
o f p e r s o n s o f fa m ilie s a r r iv in g in th is P r o v in c e , i f u s e d a b r o a d b y t h e m , a n d n o t in
t e n d e d f o r a n y o t h e r p e r s o n o r p e r s o n s , o r fo r s a le ; b o o k s , p r in t e d ; c « T r ia g e s o f t r a v
e le r s , n o t in t e n d e d f o r s a le ; c o in s a n d b u l l i o n ; c o r n b r o o m b r u s h ; I n d ia n c o r n ; r ic e ,
g r o u n d a n d u n g r o u n d ; e g g s ; lin e s a n d t w in e s fo r t h e f is h e r ie s ; m a n u r e s o f a ll k i n d s ;
o il, b lu b b e r , fins a n d sk in s, th e p r o d u c e o f c r e a t u r e s liv in g in t h e se a, t h e r e tu r n o f v e s
s e ls fit t e d o u t in th is P r o v in c e fo r fis h in g v o y a g e s ; o i l — s e a l, c o d , h a k e , p o r p o is e , p a lm ,
r a p e ; p la n ts , s h r u b s a n d t r e e s ; p r in t in g p a p e r , t y p e s , p r in t in g -p r e s s e s , a n d p r in t e r s ’
in k ; r a g s , o l d r o p e a n d ju n k ; r o c k s a l t ; s a ils a n d r ig g in g s a v e d fr o m v e s s e ls w r e c k e d ;
s a l t ; s o a p - g r e a s e ; w o o d a n d lu m b e r o f a l l k in d s ( e x c e p t c e d a r , s p r u c e , p in e a n d h e m
l o c k s h i n g l e s ) ; b a r a n d s h e e t -ir o n o f e v e r y d e s c r ip tio n ; p i g iro n , b l o c k tin , z iu c , c o p
p e r , le a d , tin p la t e .
OF VESSELS FROM THE BRITISH NORTH AMERICAN PROVINCES.
C IR C U L A R IN S T R U C T IO N S TO C O L L E C T O R S A N D O T H E R O F F IC E R S O F T H E
T reasury D epartm en t,
CUSTOMS.
June 12, 1851.
In pursuance o f authority vested in this department, with the approbation o f the
President o f the United States, by the act o f Congress approved the ‘26th September,
1850, a copy o f which is hereto annexed, entitled, “ A n act to authorize the Secretary
o f the Treasury to permit vessels from the British North American provinces to lade
and unlade at such places, in any collection district, o f the United States as he m ay
designate;” the following regulations and instructions are issued for the information
and government o f the proper officers o f the customs, and others interested :—
In consideration o f satisfactory assurances, communicated by the British Minister in
this city, that privileges o f the kind contemplated, b y the before mentioned act o f Con
gress, are extended to vessels o f the United States in ports or places within the British
North American provinces o f “ Canada, N ew Brunswick, and Nova Scotia,” it becomes
proper to state, that British vessels laden in the ports, and with the products o f Cana
da, N ew Brunswick, or Nova Scotia, [with the qualification in regard to the latter
hereinafter stilted,] or either o f them, will hereafter, or so long as similar privileges
m ay be extended to vessels o f the United States in said British provinces, be per
mitted to lade or unlade their cargoes at any port or place at which vessels o f the
United States can lawfully lade or unlade, upon the same tenns and conditions as to
duties and customs charges.
The following regulations predicated upon the provisions o f existing laws, and
equally applicable to vessels o f the United States, are prescribed, and a strict compli
ance therewith enjoined:—
1st. A ny British vessel laden with the products o f the provinces aforesaid, or either
o f them, beipg provided with a duly authenticated manifest o f the articles composing
her cargo, arriving in the United States from sea , on due entry and payment o f the
impost duties at a port o f entry, will be permitted to unlade the whole or any part o f
the cargo at such port o f entry, or may proceed, on proper permit granted by the Col
lector, to one or more ports o f delivery within any collection district on the seaboard,
and unlade thereat. A n y such vessel w ill also be permitted to unlade or take in cargo
at any port o f entry or port o f delivery on the seaboard, to be carried out o f the
United States.
Before clearance can be granted to any such vessel, the owners, ship
pers, or consignees o f the cargo, must deliver to the Collector o f the district properly
authenticated manifests o f the cargo or the parts thereof shipped by them respectively,
in conformity with the terms o f the 11th section o f the act o f 10th February, 1820.
2d. A ny such vessel, being provided with proper manifests, entering either o f the
collection districts o f the United States, situated on the lake frontiers, will be per
mitted to enter their cargoes at any port or place where a Collector or Deputy Col
lector o f the Customs may reside; and, on due payment of the duties, may unlade
cargo at any port or place where United States vessels can lawfully lade or unlade.
Such vessel can likewise lade or take in cargo at similar ports or places, to be con-
Commercial Regulations.
219
▼eyed to the provinces aforesaid. In making up cargo, the vessels m ay proceed from
one or more ports or places to another, but a proper manifest o f the cargo must be
prepared and delivered to the officers o f the customs at the last port or place in the
United States, from whence clearance m ay be taken for a port in the adjoining British
provinces.
It is to be distinctly understood, that no foreign vessel can engage in the coasting
trade o f the United States, that is to say, no foreign vessel can be permitted to take in
goods, wares, or merchandise, at one port or place o f the United States, and convey
and land the same at another port or place within the same.
3d. No goods, wares, or merchandise, can be allowed the privileges accorded by the
Warehousing A ct o f the 6th o f August, 1846, except at ports o f entry.
4th. The Brtish Minister, in announcing the action o f the authorities o f Nova Scotia
on the subject, says, that the only difference between American and British vessels in
that province will be “ that its own vessels may discharge parts o f their cargoes at
any port, whilst the vessels o f the United States are required to discharge at one port,
ill order to prevent any interference with the coming trade.
The department, in a spirit o f liberality and confidence, would willingly have omitted
taking any action as regards the above restriction upon American vessels in Nova
Scotia, and would have admitted British vessels from that province to the same privi
lege as American, o f discharging their inward and loading their outward cargoes at
more than one port, trusting to the existence o f a similar spirit on the part o f the
authorities o f that province, which would induce them prom ptly to rescind that restric
tion upon the vessels o f the U nion; but, upon a further examination o f the law, the de
partment does not consider that it authorizes any privileges to British vessels which is
not reciprocated to American vessels ; and, consequently, in the privileges which you
are authorized and instructed by this circular to grant to British vessels, an exception
must be made in those laden with the productions, or coming from the ports o f Nova
Scotia, by confining them to loading or unloading their cargoes in the same voyage to
one p o r t ; and you will, so far as you can do so, ascertain that this restriction is not
evaded by vessels laden in N ova Scotia, touching at a port in another province, and
obtaining a clearance from the latter. The department w ill cheerfully do away with
this restriction on British vessels from Nova Scotia so soon as it ascertains it has been
removed from American vessels visiting the ports o f that province.
Nothing, however, is to be construed in this circular which w ill prevent a British
vessel from Nova Scotia, after having landed her entire inward cargo at one port, from
proceeding in ballast to one other port for the purpose o f loading an outward cargo.
5th. Duties on merchandise that may be collected b y the deputies o f any o f the
Collectors o f districts on the lake frontiers must be punctually accounted for to the
Collector o f the district, so as to enable said Collector to deposit from time to time, in
compliance with the regulations o f the department, all the public funds for which he is
responsible, whether collected by any o f his deputies or himself, and embrace the same
in the periodical returns and accounts he is required to render the department.
The privileges contemplated by the act o f 26th September, 1850, will be extended
under the foregoing regulations to British vessels laden with products of Newfoundland
and Prince Edward’s Island, whenever satisfactory assurances shall have been received
that similar prvileges are extended in those Islands to vessels o f the United States.
A N A C T T O A U T H O R IZ E T H E S E C R E T A R Y O F T H E T R E A S U R Y T O P E R M IT V E S S E L S F R O M T H E
B R IT IS H
N ORTH
A M E R IC A N P R O V IN C E S
TO
LADE
C O L L E C T IO N D IS T R IC T O F T H E U N ITE D S T A T E S AS
O R U N L A D E A T SU CH
HE MAY
PLACES
IN
ANY
D E S IG N A T E .
B e it enacted by th e S enate and H ouse o f R epresen ta tives o f the U nited States o f
A m er ica in C ongress assembled, That the Secretary o f the Treasury, with the appro
bation o f the President o f the United States, provided the latter shall be satisfied that
similar privileges are extended to vessels o f the United States in the colonies hereinafter
mentioned, is hereby authorized, under such regulations as he may prescribe to protect
the revenue from fraud, to permit vessels laden with the products o f Canada, N ew
Brunswick, Nova Scotia, Newfoundland, and Prince Edward’s Island, or either of them,
to lade or unlade at any port or place within any collection district o f the United
States which he may designate ; and if any such vessel entering a port or place so
designated, to lade or unlade, shall neglect or refuse to com ply with the regulations so
prescribed by the Secretary o f the Treasury, such vessel, and the owner or owners
and master thereof, shall be subject to the same penalties as if no authority under this
act had been granted to lade or unlade in such port or place. A p p rov ed September
the 26th, 1850.
220
Commercial Regulations.
OF ALLOWANCES MADE FOR DEFICIENCY IN IMPORTS.
C IR C U L A R IN S T R U C T IO N S T O
COLLECTORS AND OTH ER
O F F IC E R S
OF TH E
T reasury D epartm en t,
CUSTOMS.
June 14, 1851.
A difference o f practice prevailing at some o f the ports o f the United States in the
m ode o f levying duties on certain descriptions o f imports, in cases where allowances
are to be made for deficiency, shown to exist on due ascertainment, between the quan
tity o f the article shipped as described in the invoice or entry, and the quantity actu
ally imported and landed, it becomes necessary, in order to insure uniformity o f prac
tice in such cases, to prescribe the following regulations for the government o f the re
spective Collectors o f the customs, v iz :—
W here the quantity o f any imported article is ascertained by weighing, guaging or
measuring, as the case may be, and the result o f either process, after making the al
lowances for tare, draft, leakage, and breakage, prescribed in the 58th and 59th sec
tions o f the Collection A ct o f 2d March, 1799, may exhibit a deficiency in the net
quantity as compared with the like quantity described in the invoice or entry, such
deficiency is to be allowed by a proper abatement o f the duties on the entire invoice
value as appraised, including the dutiable charges.
The foregoing principle is to govern in determining the excess o f duties on importa
tions o f sugar and molasses, directed to be refunded by the circular instructions of the
Department, dated the 5th July and 10th August, 1850.
THOMAS CORWIN, Secretary o f the Treasury.
SELLING GOODS BY SAMPLE IN PHILADELPHIA.
W e noticed in a former number o f the M erch a n ts’ M a g a zin e , the passage of an act by
the Legislature o f Pennsylvania, in regard to the selling o f merchandise in the city and
county o f Philadelphia by sample by persons from neighboring cities.
a correct copy o f the sections o f the act which embrace the law.
W e now give
The Legislature o f
Pennsylvania has a system o f enacting in one bill a number o f laws, having no relation
whatever to each other.
S e c t i o n 9. That from and after the first day o f M ay next, it shall not be lawful for
any person or persons to sell within the city or county o f Philadelphia, by sample
card or other specimen, any goods or merchandise o f any kind or description whatso
ever, for or on account o f any merchant, manufacturer or other person, not having his
principal place o f business within this State, and to whom a license has not been
granted under the laws o f this Com m onw ealth; and if any person shall sell or exhibit
for sale either by sample card or otherwise in the city or county o f Philadelphia, any goods
or merchandise, in violation o f the provisions o f this Act, such person or persons so
offending shall be liable to a fine o f three hundred dollars for every such offense,
which may be recovered by' a suit in the name o f the Commonwealth before any A l
derman or Justice o f the Peace in the city or county o f Philadelphia, one-half to the
use o f the informer who shall be a competent witness in such case, and the other half
to be paid to the Treasury o f the city o f Philadelphia, for the use o f the Common
wealth.
S ec. 10. That a license to sell goods and merchandise within the county o f Philadel
phia, by sample card or otherwise, shall be granted by the Treasurer o f the city of
Philadelphia to any person who may not have his principal place o f business within
this State on payment to the said Treasurer, for the use o f the State, § 3 0 0 but no license
so granted shall authorize such person to vend goods or merchandise in the manner afore
said, for a longer period than one year from the day on -which it may be issued.
COMMERCIAL T R E A TY BETW EEN GREAT BRITAIN AND SARDINIA.
The treaty o f Commerce and Navigation between England and Sardinia, the ratifica
tions o f which were exchanged on the 8th o f A pril, 1851, has just been printed. It
states the reciprocal desire o f the tw o nations to give full effect to the benefits to be
derived from the repeal o f the Navigation Laws in England, and to the act o f the 6th
o f July last, for the abolition o f defferential duties in Sardinia. Perfect equality in all
matters connected with shipping, merchandise, and general rights, is stipulated for on
the usual terms on behalf o f the subjects o f each country, participation in the coasting
Nautical Intelligence.
221
trade being, o f course, excluded on both sides. The vessels o f either power, however,
may discharge part o f their cargo at one port, and proceed with the remainder to other
ports at pleasure. A s regards the freedom to be enjoyed by British subjects o f enter
ing into trading occupations in Sardinia, exceptions are made in connection witli the
existing Crown monopolies o f tobacco, salt, gunpowder, ball, and shot and playing
cards, while on the other hand, it is agreed that in compensation for the advan
tages granted to Sardinia by the treaty, the reduction in the customs’ duties conceded
by Sardinia to Belgium in January last, shall also be conceded to Great Britain from
and after the 1st o f June next. These reductions will apply to metals, glass, China pa
per, books, refined sugar, leather, and cod-fish, as well as to yarns aud manufactures of
wool, flax, hemp, and cotton. In almost every case the reduction is equal to about 50
per cent from the previous duties. In that o f cod-fish it is 25 per cent. A t tho
same, time the export duties are lowered upon raw silk to f 1 50, upon raw lambskins to
f 15, and upon kid skins to f 30. A special declaration is also made that the advan
tages o f the treaty shall be applicable to the Ionian Islands in their trade with Sardi
nia, so soon as the local government o f the Island shall extend similar privileges to that
country.
NAUTICAL IN TE LLIG E N C E .
SURVEY OF GRAHAM’ S SKOAL,
T h e fo llo w in g r e p o r t , s h o w in g a g r e a t d e c r e a s e o f th e w a t e r o n G r a h a m ’s S h o a l, a n d
c o n s e q u e n t d a n g e r t o v e s s e ls p a s s in g in th a t d ir e c t io n , h as b e e n c o m m u n ic a t e d t o th e
D e p a r t m e n t o f S ta te b y A
lexander
H. C
lem en ts,
E s q ., U n it e d S ta t e s C o n s u l a t M e s
sina, a s w i l l b e s een b y th e s u b jo in e d c o m m u n ic a tio n s , a n d is p u b lis h e d in 'th e Merchants'
Magazine fo r th e in fo rm a tio n o f n a v ig a to r s .
D epartm en t
F reeman
H unt,
of
St a t e , W
a s h in g t o n ,
May 26, 1851.
E s q ., N e w Y o r k :—
S i r :— I in clo s e , h e r e w ith , a c o p y o f a le t t e r a d d r e s s e d t o th e D e p a r t m e n t , b y A . H .
C le m e n ts , E s q ., U . S . C o n s u l a t M e ssin a , r e la tin g t o a d a n g e r o u s s h o a l o n th e s o u th e r n
c o a s t o f th a t isla n d . I t m a y , p e r h a p s , b e o f in t e r e s t t o th e r e a d e r s o f th e M a g a z in e .
I am, sir, respectfully, your obedient servant,
GEORGE J. ABBOT, C l e r k C o n s u l a r B u r e a u .
Consulate
of t h e
U n i t e d S t a t e s , M e s s in a , S i c i l y ,
April 23, 1851.
:— I have the honor to inclose to you the report o f a survey o f “ Graham’s
Shoal,” which has again risen on the southern coast o f this island, made by Commander
Lord Frederick Kerr, o f the British Steamer Scourge. The discovery was made on
the 10th instant. From the specimens o f lava obtained, a proof is adduced o f a very
recent eruption. I am induced, by the importance attached to this report, to forward
it to you, to make such communication o f it as you may deem proper for the benefit
I have the honor to be, sir,
o f our navigators.
S ir
W i t h g r e a t r e s p e c t , y o u r m o s t o b ’t s e r v a n t,
ALEX. H. CLEMENTS, U. S.
To
th e
H on . D a n ie l W
ebster,
Se c r e t a r y
of
Sta te , W
C onsul.
a s h in g t o n .
H e r M a j e s t y ’ s S l o o p S h ip S c o u r g e , M a l t a ,
12th April, 1851.
S ir:— On Sunday morning the 6th inst, I took a departure at 6 40, A. M., from cross
bearings o f Cape Bianco, Rosello Tower, and Girgenti, and ran down in the latitude of
Ramsay’s Bank. A t 9 50 A . M., struck souudings in 36 fathoms, where a buoy was
dropped, a id another in the next cast in 29 fathoms being by our reckoning in the lat
itude and longitude o f the bank. Although but a light air blew from E. S. E. when we
started, and we had a most promising morning, yet, before we reached our position, the
breeze had so much increased, and the sea ran so high, as to prevent angles being taken
from the boats.
T h e w e a t h e r h a d a ls o b e c o m e s o h a z y t h a t th e su n w a s n o t v is ib le , a n d th e l a n d
222
Nautical Intelligence.
scarcely perceptible. A fter cruizing for some time near the buoys soundings, I let go
the largest kedge in 28 fathoms, and veered a whole hawser, which, after dragging
some distance, at length brought the ship up. I then sent both cutters, to endeavor
to discover the patch, marked 19 and 20 fathoms in Captain Ramsay’s plan, but after
four or five hours’ search without success, and the breeze and sea increasing, I was
forced to desist. The result o f m y examination showed, that in about 100 casts,
the soundings varied above 30 fathoms. In endeavoring to weigh the kedge, the haw
sers parted, owing, I presume, to the anchor having hooked to a piece o f rock. The
weather looking thick and dirty, with a falling glass, I proceeded in shore, and anchored
m idway between Sciacca and Cape Bianco. On the 7th the wind increasing from
the S. E. I weighed, and steamed up to Cape Bianco, under which I anchored in 6-Jfathoms, considering it a more eligible anchorage, and remained there all day. On the
8th the wind having moderated, I weighed at 7 30 A . M. and stood out till I could
take a good bearing o f Sciacca, and then shaped a course for Ramsay’s Bank, on which
we struck soundings at 1 P. M. The weather being too boisterous to risk the boats, I
dropped a buoy in 32 fathotns, and cruized around it in the ship, to endeavor to discov
er the 20 fathoms patch, but after four hours’ trial, and not succeeding, I ran for the
Nerita Bank, steering for its position on the ch a rt; I could not however obtain sound
ings. The wind now being fair, I disconnected, and ran for Pantelleria, for the purpose
o f examining the 8 fathoms patch, lying to the N. o f that Island. On the 9th, the
weather being calm, when the haze cleared o f sufficiently to take bearings, I proceeded,
but did not succeed in finding the shoal, till to late in the evening, to take a satisfac
tory examination that night, I therefore anchored the ship on it in 10 fathoms. On the
10th, at day light, I sent all the boats to sound, and after doing so carefully for seven
hours, having ascertained the latitude at noon, I left for Graham’s shoal, hoping as
the day was calm, to be able to make a complete examination o f it, which the weath
er had never previously permitted. The shoalest water found on the A d v e n t u r e P a t c h ,
was 8£ fathoms, but the ground was very uneven in most parts. On nearing Graham’s
shoal, I commenced sounding, and at 4 10 P. M. first got bottom in 107 fathoms, and
after other casts vaiying from 100 to 75, and finding lava and sand on the arming, I
concluded w e were in the vicinity o f it. I therefore let go a boat’s anchor with a buoy
in the last named depth o f water, and worked around it till suddenly from 90 fathoms
w e came into 12 fathoms. I immediately stopped, and lowered the boats to sound ;
in a few minutes 7 fathoms were obtained, and shortly after 3 fathoms, with cinders,
lava and sand. It being now nearly sunset, I placed a buoy by the shoalest part, and
let go the stream anchor in 13 fathoms, veering half a cable ; we had 27 fathoms un
der the bows, and 42 fathoms at the gangway. On the 11th, at daylight, I com
menced the survey, the results o f which I enclose on a sketch. I have placed a buoy
a few fathoms distant from the shoalest part, with a staff, on which is a fla g ; and
under it a board with “ 16 feet” painted on it in large characters, which can be read at
a distance o f two miles. The flag was seen at a distance o f five miles. From the
nature o f the bottom I am convinced that, although on a former occasion I was sound
ing on a bank very near the shoal, and which 1 mistook for it, still I have never pre
viously touched on it. Having waited till noon to ascertain our position correctly, I
left for Malta, thinking it o f the greatest importance that the fact o f this dangerous
shoal, in mid channel, being still in existence, should be immediately made public. I
again steered over the position o f Nerita Bank, as laid down on the charts, but did not
obtain soundings.
The soundings on Graham’s shoal appear to correspond very nearly with those on
Mr. Elson’s plan, with an increased depth o f one fathom, but do not bear the slightest
resemblance to those on the more recent surveys, the plans o f which I have been fur
nished with ; neither is the nature o f the bottom similar; for in the vicinity o f Gra
ham’s shoal, even to a depth o f 100 fathoms, lava, sand, and cinders p revail; whilst in
the neighborhood o f the shoals examined by Locust and Terrible, there appears to be
common sand only, with a mixture o f coral and shell occasionally. The latitude and
longitude in which I place it, correspond almost exactly with those taken by Captain
Smyth, when the island was in existence above water, but differs a mile or tw o from
the other surveys. The bearings o f land agree with Mr. Elson’s as nearly as can be
expected, when the distance o f the objects is taken into consideration.
I enclose plans o f the shoals, with the latitude and longitude marked in each respec
tively.
I have &c.}
FREDERICK KERR, Commander.
Vice Admiral Sir W . Parker, Bart. GCB., Commander in Chief.
223
Nautical Intelligence.
TWO JSEWr LIGHT-HOUSES ON THE COAST OF SWEDEN.
D epartm en t
F reem an
H unt,
St a t e , W
of
a s h in g t o n ,
July 1G, 1851.
Esq., C onductor o f the M erch a n ts’ M agazine.
S ib :— The Charge d’affaires o f the United States, at Stockholm, has been notified
b y the Government o f Sweden, o f the erection o f tw o new light houses on the coast o f
Sweden.
I transmit to you, enclosed, a translation o f the official notice, communicating
that fact.
I am, sir, respectfuUy, your obedient servant,
W , S. DERRICK, Acting Secretary.
T R A N S L A T IO N — N O TICE.
The R oyal Board, for maritime affairs, makes known, for the information and gui
dance o f seamen, that, in obedience to His Majesty’s gracious order, a light-house, fur
nished with a star light and reflections to give light all round the horizon, is to be
erected during the present year upon the rock “ Maloern,” situated outside the entrance
to Haparanda, and Torneo, at the northern extremity o f the Gulf. This beacon will
be visible at the full distance o f two and a half geographical miles.
Also, a larger
light-house, provided with a revolving reflecting light, o f equal power to that o f the
one at Soderarm, will be ready at the same time, upon the rock “ Stora Fjederaggett,”
situated half a mile north-east from Holmcen, (the Northern Cape,) in Norra Quarken,
outside o f Umea.
This beacon will be visible at the distance of three to three and a
half geographical miles.
Further information, concerning the time o f lighting the beacons, Ac., &c., will be
given hereafter, in the “ P o st, and G azette o f the In te r io r ,” for the information o f
seamen.
Sto ck holm ,
April 16,1851.
»
NAVIGATION OF THE GULFS OF FINLAND AND RIGA,
St . P e t e r s b u r g ,
April 22, 1851.
In order to facilitate the entry o f vessels into the G ulf o f Riga, in the Baltic, a
round stone tower, with a conical roof, was built in the year 1850, on the hill called
Blaubergen, situated on the coast o f Courland. This tower, from its base, is eighty-nine
English feet in height, and twenty-seven and a half feet above the level of the sea. It
is covered with white plaster, and the roof is painted red. It is situated twelve and a
half Italian miles, by 52° 30' south-west o f the Domesnas Light-house; it is 51° 3 7 '
4 5 " north latitude, and longitude 22 ° 17' 29" east o f Greenwich.
On the south coast, upon the approach to Cronstadt, a wooden octangular tower was
built, in the year 1850, on a hill called Bronna, near Oranieubaum, the height o f which,
including the baU which is above the roof, is forty-nine English feet from the ground, and
294 feet from the level o f the sea. This tower is situated 59° 55' 7 " north latitude,
and 29° 39' 16 " longitude, Greenwich Meridian. The roof and the ball are painted
black, the walls white, with a black belt in the middle.
On account o f some hydrographic works which are to be com pleted during the sum
mer o f 1851, temporary buoys will be placed at the places where the work is in pro
gress ; namely, ( a ) in the Skerries o f Finland, near the Island o f D igseher; ( b ) in the
middle o f the G u lf o f Finland, between the Islands o f Nargue and Cape D agerot; (o)
in Mon-Sund, and round the Island o f D a g o ; and which, in order to be distinguished
from the ordinary buoys, w ill have yeUow and other colored brooms above their blue
flags.
NEW LIGHT HOUSE AT CAPE ST. M ARY’ S, ALGARVE.
The works o f this light-house, on Gape Santa Maria, ordered b y the Government o f
her Majesty to be constructed on the said cape, in latitude 36° 56 " N., and longitude
7° 5 1 " W. o f Greenwich, at an elevation o f 152 Portuguese palms (109.6 feet English)
above the level o f the sea, at high water, having been completed, the said light-house
will be lighted for the first time on the 24th o f June next, provided no unexpected cir
cumstance should occur, with a lenticular light o f the second class, a fixed light, con
tinuing from that date forward to be lighted from sunset to sunrise.
224
Journal o f Banking, Currency, and Finance.
JOURNAL OF BAN KIN G, CURRENCY, AND FINANCE.
“ BARTLETT'S COMMERCIAL AND BANKING TABLES.”
P h il a d e l p h ia ,
July 8, 1851.
E ditor o f the Merchants’ Magazine : —
S ir :— A t page 101 o f your July number in a review o f “ Bartlett’s Commercial and
Banking T ables” you say, “ we would notice a series o f novel and extraordinary
tables,” and, in illustration, you give the following, “ suppose a bond due in seventeen
years, interest 44 per cent, is to be sold at such a rate as to produce 6 per cent, com
pound interest, to the purchaser.” A llow me to correct an error you have fallen into,
in supposing there is any novelty in a table o f this description. Mr. Griffeth Davies,
in his tables for Life Contingencies, published in 1825, gave a table showing “ the value
o f an annuity, on a single life, which was to pay the purchaser 5, 6, or 7 per cent on
his outlay, and to replace the original capital at 3 per c e n t; that is to say, according
to the 3 per cent Northampton rates.” Mr. Benwell, in 1831, wrote a few pages on
the same subject— and Mr. Peter Hardy, and Mr. Edgar Sharpe, o f the London Assur
ance Corporation, have prepared a small set o f tables “ on the values o f annuities which
are to pay certain given rates o f interest on the purchase money, during the whole
time o f their continuance, and to replace their original values, on their expiration, at
certain other given rates.”
The celebrated D e M oiorey published in London, in 1727, a century and a quarter
back, “ Annuities on L ives; with several Tables, exhibiting at one view the value o f
lives for ditferent rates o f interest.” In 1727 Sir Isaac Newton also published a
treatise on the subject, and from that period, to the present, there has been fifty other
writers on the subject. W ith respect to the other tables named, the most^elaborate
tables o f compound interest, <fcc., &c., are to be found in “ A Treatise on the Value o f
Annuities and Reversionary Payments, published under the superintendence o f the
Society for the Diffusion o f Useful Knowledge. 2 vols. L on d on : 1840-41,” they con
tain nine hundred pages o f tables.
It is much to be regretted, that Mr. Bartlett should have thrown away his time
(nine years) and money ($20,000) in doing that which has been done again and again
— when he need only to have transcribed, and found tables ready to his hand. Two
and two made fo u r in the days o f Moses, and it is well established that two and two
will make neither more nor less than f o u r at the M illenium , so there is no novelty in
again calculating them.
Y our obed’t serv’t,
F reem an
H u n t , E s q .,
HARVEY G. TUCKETT, Consulting Actuary.
Our [correspondent above, has, perhaps, given to an expression, in our notice of
“ Bartlett’s Tables,” a stronger and more intense emphasis than the thought bore in
our own minds.
The tables to which we had reference were, “ Life Annuity, Com
pound Interest, Compound Discount, and Income.” Strictly, w e could not say that
Life Annuity tables were a “ novelty ”— for a great variety o f them were before us at
the time.
But an A m erican Annuity table, was, and is, a novelty.
For this is the
first o f any importance that lias ever been prepared in this country ; in addition, it is
prepared upon a different plan,— it is more convenient, and a problem can be more
readily solved by this than by the English tables with which w e are acquainted. These
circumstances were all present to our mind when we wrote the little words that have
touched ous correspondents sensibilities. I f they do not appear to him a sufficient
justification, w e shall heartily defer to his better judgment. The same circumstance^
apply to the other tables to which w e referred, and led us to regard them as “ novel ”
in construction, and “ extraordinary ” in convenience.
In allusion to the nine years of
Mr. Bartlett’s labor, and twenty thousand dollars o f expense, it strikes us, that our cor
respondent should have borne in mind, that this work contains a great variety o f ta
bles, entirely distinct from the four to which he refers, all o f which are original in their
construction, and, w e think, will be found exceedingly valuable to commercial men of
all countries.
Journal o f Banking, Currency, and Finance.
225
UNITED STATES TREASURER’ S STATEMENT FOR JUNE, 1851.
t r e a s u r e r ’s s t a t e m e n t , s h o w in g
th e
am ount
at
h is
c r e d it
in
th e
treasu ry
, w it h
A SSIST A N T T R E A S U R E R S AND D E S IG N A TE D D E P O S IT A R IE S , A N D IN T H E M IN T A N D B R A N C H E S ,
BY
RETURN S
R E C E IV E D
TO M O N D A Y , JU N E
30, 1851,
H A V E B E E N ISS U E D BUT W E R E TH EN U N P A ID , A N D T H E
TO D R A F T .
THE
AM O U N T FO R
W H IC H D RAFTS
AM OU N T T H E N R E M A IN IN G SUBJECT
S H O W IN G , A L S O , T H E AM O U N T O F FU TU R E T R A N S F E R S TO A N D F R O M D E P O S IT A
R IE S . AS O R D E R E D B Y T H E S E C R E TA R Y OF T H E TR E A SU R Y.
Treasury o f United States, ‘W ashington.. .
Assistant Treasurer, Boston, M ass................
Assistant Treasurer, N ew York, If. Y . . . . .
Assistant Treasurer, Philadelphia, P a .........
Assistant Treasurer, Charleston, S. C...........
Assistant Treasurer, N ew Orleans, La. . . .
Assistant Treasurer, St. Louis, Mo................
Depositary at Buffalo, N ew Y ork.................
Depositary at Baltimore, Maryland..............
Depositary at Richmond, Virginia................
Depositary at Norfolk, V irginia....................
Depositary at Wilmington, North Carolina.
Depositary at Savannah, Georgia.................
Depositary at Mobile, A labam a....................
Depositary at Nashville, Tennessee ...........
Depositary at Cincinnati, O hio......................
Depositary at Pittsburg, Pennsylvania.. . .
Depositary at Cincinnati, (late)......................
Depositary at Little Rock, Arkansas...........
Depositary at Jeffersonville, Indiana...........
Depositary at Chicago, Illinois......................
Depositary at Detroit, M ich igan..................
Depositary at Tallahassee, Florida...............
Suspense account............................ $2,636 74
Mint o f the U. S., Philadelphia, P en n ........
Branch Mint o f U. S., Charlotte, N. C .........
Branch Mint o f U. S., Dahlonega, Ga...........
Branch Mint o f U. S., N ew Orleans, L a . . . .
•
Amount on
deposit.
$164,252 22
1,955,285 80
845,329 75
1,110,846 07
342,755 82
863,364 34
250,670 13
17,467 34
35,733 77
26,454 85
10,889 78
4 ,374 34
50,999 95
38,245 52
34,061 53
81,846 07
854 33
3,301 37
42,725 96
122,018 53
12,096 83
31,105 91
4,636 33
5,711,150
32,000
26,850
1,100,000
00
00
00
00
Drafts
heretofore drawn
but not yet paid,
Amount
though payable. subj. to draft.
02
$163,742
$ 510
20
840,976 00
1,114,309 80
210,191 67
635,138 08
59,549 61 1,051,296 46
38,650 27
304,105 55
720,941 92
142,422 42
146,141 05
104,529 08
11,852 99
6,614 35
7,738 7 4
27,995 03
809 33
25,615 52
9,089 78
1,800 00
610 39
3,763 95
6,301 39
44,698 66
36,686 74
1,558 78
326 40
33,735 13
3,815 43
78,030 64
828 43
25 90
3,301 37
12,252 27
30,473 69
9,305 80
112,712 73
250 00
11,845 82
13,019 65
18,086 26
2,446 89
2,189 4 4
2,636 74
5,711,150 00
32,000 00
26,850 00
1,100,000 00
T otal........................................................... 12,919,315 5 4 1,774,605 42 11,147,346 86
2,636 7 4
Deduct suspense account........................ .......................................................
$11,144,710 12
808,930 00
A d d d iffe r e n c e in tra n s fe rs
N e t a m o u n t s u b je c t t o d r a ft ...................................................................................$ 1 1 ,9 5 3 ,6 4 0 12
T r a n s fe r s
T r a n s fe r s
T r a n s fe r s
T r a n s fe r s
T r a n s fe r s
T r a n s fe r s
T r a n s fe r s
T r a n s fe r s
T r a n s fe r s
ordered
ordered
ord ered
ord ered
ord ered
ordered
ord ered
ord ered
ord ered
to
to
to
to
to
to
to
to
to
A s s is t a n t T r e a s u r e r , B o s t o n , M a s s a c h u s e t t s ..
A s s is t a n t T r e a s u r e r , C h a rle sto n , S . C ................
A s s is t a n t T re a s u re r, N e w O rle a n s, L o u is ia n a .
A s s is t a n t T r e a s u r e r , S t. L o u is , M is s o u r i..........
D e p o s it o r y a t B u ffa lo , N e w Y o r k .....................
D e p o s it o r y a t N o r fo lk , V ir g i n i a .............................
D e p o s it o r y a t S a v a n n a h , G e o r g i a ........................
D e p o s i t o r y a t C in cin n a ti O h i o .............................
D e p o s i t o r y a t P it ts b u r g , P e n n s y lv a n ia ..............
T o t a l ................................................................................................................ . . .
$ 5 ,3 1 0
1 ,6 2 0
7 0 0 ,0 0 0
7 5 ,0 0 0
2 ,6 1 0
1 2 0 ,0 0 0
1 ,6 2 0
2 ,6 2 0
1 ,6 2 0
00
00
00
00
00
00
00
00
00
$ 9 1 0 ,3 9 0 0 0
T r a n s fe r s o r d e r e d fr o m D e p o s it o r y a t J e ffe r s o n v ille , I n d ia n a ...........
T r a n s fe r s o r d e r e d fr o m M in t o f U n it e d S ta te s , P h ila d e lp h ia , P e n n .
7 5 ,0 0 0 0 0
2 6 ,4 6 0 0 0
T o t a l .........................................................................................................................
$ 1 0 1 ,4 6 0 00.
VOL. XXV.— NO. XI.
15
/
226
Journal o f Banking, Currency, and Finance,
REAL AND PERSONAL ESTATE IN NEW YORK CITY.
The following table, prepared by Joseph R. Taylor, Controller, exhibits the relative
value o f the Real and Personal Property in each ward o f the city and county of NewY ork, as assessed in 1850 and 1851.
W e also subjoin the valuations o f the same for
each year since 1830, inclusive:—
R E L A T IV E V A L U E OF T H E R E A L A N D P E R S O N A L E S T A T E IN T H E C IT Y A N D
Y O R K , A S A S SE S S E D I N
A SSE SSM E N T O F
Wards.
i ..........
2 ..........
3 ..........
4 ..........
5 ..........
6 ..........
1 ..........
8 ..........
9 ..........
10. . . .
1 1 ..........
1 2 ..........
1 3 ..........
1 4 ..........
1 5 ..........
1 6 ..........
1 1 ..........
1 8 ..........
1 9 ..........
Real Estate.
$28,814,383
15,123,200
13,240,900
8,108,610
9,140,650
1,561,500
10,993,923
11,583,225
10,936,850
6,509,500
5,155,100
8,359,865
4,415,500
1,395,501
11,913,500
10,832,619
12,232,400
11,442,230
00
00
00
00
00
00
00
00
00
00
00
00
00
26
00
00
00
00
$ 20 1,146,116 26
1850.
$ 32 ,104,211
1,911,401
6,495,466
1,090,100
2 ,290,810
1,113,582
2,830,463
1,431,122
2,024,923
962,100
410,501
8 45,950
455,005
2,192,119
14,513,404
8 83,800
2,680,966
4 ,041,381
09
68
58
00
00
00
31
00
38
00
00
00
13
33
88
00
00
50
$18 ,93 9 ,2 4 0 48
$69,143,941
11,540,963
23,230,895
9,590,665
13,026,614
8,985,100
14,112,166
14,022,139
13,353,843
1,891,650
1,186,111
3,186,000
5,301,505
10,391,694
33,622,864
15,890,950
15,449,845
30,145,181
6,928,951
AND
Real Estate.
$39,182,583
15,411,300
14,409,650
8,238,620
10,242,950
1,851,250
11,121,126
11,985,200
11,435,250
6,622,200
6,560,450
3,214,400
4,5 6 1,80 0
1,811,801
18,341,594
14,810,000
12,419,325
25,255,600
6,614,151
00
00
00
00
00
00
00
00
00
00
00
00
00
26
00
00
00
00
00
$221,0 1 3 ,8 56 26
Increase.
Real Estate. Personal Estate.
22
19
54
00
00
00
00
00
38
00
52
00
13
45
00
00
00
00
00
COUNTY O F N E W
1851.
A SSE SSM E N T O F
Personal Estate.
1851.
1850.
Total Real and Personal.
$61,518,594 09
i..
11,094,601 68
2 ..
19,136,366 58
3 ..
9,198,110 00
4 ..
12,031,520 00
5 ..
8,681,082 00
6 ..
13,824,386 31
1 ..
13,014.941
00
8 ..
12,961,113 38
9 ..
1,412,200 00
1 0 ..
6,166,201 00
1 1 ..
9,205,815 00
1 2 ..
4,930,505 13
1 3 ..
9,588,280 59
1 4 ..
32,486,904 88
1 5 ..
11,116,419 00
1 6 ..
14,913,366 00
1 1 ..
1 8 ..
21,483,611 50
1 9 ....................................
1850
1851.
Personal Estate.
$39,36 1 ,3 6 4
2,063,663
8,821,245
1,352,045
2 ,183,664
1,121,850
2,990,440
2,036,939
1,918,593
1,269,450
626,321
5 11,600
639,105
2,519,893
15,215,210
1,020,950
3,910,520
5,490,181
314 ,80 0
42
19
54
00
00
00
00
00
38
00
52
00
13
19
00
00
00
00
00
$93,094,501 91
Total.
Increase.
$908,200 $6,651,153 33 $1,565,353 33
354,100
92,261 51
446,361 51
1,168,150
2,325,118 96
3,494,528 96
129,950
261,945 00
391,895 00
502,300
492,194 00
995,094 00
289,150
14,268 00
304,018 00
121,803
159,916 69
281,119 69
401,915
605,211 00
1,001,192 00
498,400
392,070 00
112,100
306,150 00
419,450 00
804,150
215,814 52
1,020,564 52
1,328,692
1,609,142 00
86,300
184,100 00
271,000 00
321,113 86
482,300
809,413 86
314,094
161,865 12
1,135,959 12
4,031,321
131,150 00
4,174,471 00
246,925
289,554 00
536,419 00
1,813,310
1,448,199 50
9,262,169 50
.............................................................................
$286,085,416 14 $320,108,358 23 $19,861,680 $14,281,141 49 $34,022,941 49
Am ount o f increase b y Assessors in 1851.......................................
Amount o f increase b y Tax Commissioners in 1851....................
Total valuation in county......................................................................
Total valuation in lamp d istrict.........................................................
Total valuation south o f center o f Thirty-fourth-street................
Controller’ s Office, city of New York, July 11,1851.
$1,121,996
26,336,184
320,108,358
309,146,506
305,201,651
95
54
23
23
23
227
Journal o f Banking, Currency, and. Finance,
The table below, from official records, shows the valuation o f R eal and Personal Es
tate in the city and county o f N ew York, for each year since 1830, inclusive:—
Year.
Real Estate.
Dollars.
Personal.
Dollars.
1830
1831
1832
1833
1834
1835
1836
1837
1838
1839
1840
87,603,580
97,221,870
104,042,405
114,129,561
123,249,280
143,732,452
233,743,303
196,450,109
194,543,359
196,940,134
187,221,714
37,684,938
42,058,344
42,260,213
52,365,626
63,299,231
74,981,278
75,758,617
67,297,241
69,609,582
69,942,296
65,013,801
Total.
Dollars.
125,288,518
139,280,214
146,302,618
166,495,187
186,548,511
218,723,703
309,501,920
263,747,350
264,152,941
266,882,430
252,235,515
Year.
Real Estate.
Dollars.
Personal.
Dollars.
1841
1842
1843
1844
1845
1846
1847
1848
1849'
1850
1851
186,350,948
176,512,342
164,955,314
171,936,591
177,160,790
183,480,934
187,314,386
193,027,576
197,761,919
207,146,176
227,013,856
64,843,972
61,294,559
64,273,764
64,023,456
62,777,528
61,471,571
59,837,917
61,164,451
58,455,174
78,939,240
93,094,501
Total.
Dollars.
251,194,920
237,806,901
229,229,078
235,960,047
239,938,318
244,952,405
247,152,306
254,192,027
256,217,093
286,085,416
320,108,358
BRITISH CUSTOMS RETURNS.
A Parliamentary return, just issued, puts us in possession o f the following data re
lative to the strength, cost, and collections o f the several custom-houses in the United
Kingdom in 1849 :—■
No. person3
employed.
Place.
L o n d o n .................................
L i v e r p o o l .............................
B r i s t o l ..................................
H u l l ....................................
N ew ca s tle .........................
M a n c h e s t e r ........................
L e i t h .....................................
G l a s g o w ...............................
D u b lin ................................
B e l f a s t ..................................
C o r k ........................................
2,228
1,141
232
339
241
28
284
133
2 44
133
266
Aggregate amount o f
salaries.
£ 2 7 1 ,2 1 3
100,311
17,133
20.104
13,519
2,503
14,216
12,814
15,436
8,242
9,279
10
3
2
9
19
6
13
5
11
15
7
3
5
5
0
9
2
6
3
3
2
£ 54 0 ,2 8 6
62,115
57,903
£ 6 7 0 ,2 5 4
Gross revenue,
collected.
8
£11,13 4 ,3 1 7
8,474,202
1,043,088
399,542
347,498
319,335
545,884
640,568
933,575
346,426
256,590
9
3
2
5
10
19
17
7
18
16
6
4
9
10
2
0
2
7
9
11
2
10
13
0
2
1
1
6
£ 1 8 ,34 5 ,3 7 4
1,955,906
2,180,058
13
15
1
10
4
6
15
8
£ 22 ,491,339
13
5
SU M M ARY.
E n g la n d a n d W a le s ____
S c o t l a n d .............................
I r e l a n d ................................
T o t a l , U n it e d K i n g d o m ................
From this it w ill be seen that o f the gross amount o f customs revenue, nearly onethird is expended in the costs o f coHection. The same return gives the total value o f
British and Irish produce, <fcc., exported from London in 1850, as £14,137,527, o f which
cotton goods and yarn formed more than one-seventh part.
NEW BANKS IN THE STATE OF N EW YORK,
E S T A B L IS H E D S IN C E D E C E M B E R ,
Name.
Bank o f Chemung........................
Commercial Bank, C lyde...........
Chatham Bank, N ew Y ork___ _
Excelsior Bank, Meridian............
Merchants’ Bank, G ranville. . . .
Merchants’ Bank, Syracuse . . . .
Bank o f N ew bu rg........................
N ew Y ork State Bank, A lbany.
N ew Y ork Bank, H a dley ...........
Union Bank, MonticeUo...............
1850.
Circulation. Ron's & Mort’ges. U. S. Stock. N. Y. Stocks.
$49,995
37,800
28,000
50,652
49,635
45,000
40,100
73,850
$21,500 "
5,000
11.600
655
$23,000
50,000
20,000
20,000
47,500
20,000
$30,000
23,200
53,000
31,568
30,542
47,500
21.000
10,100
26,000
64,040
26,180
228
Journal o f Banking, Currency, and Finance.
DEBT AND FINANCES OF CINCINNATI.
The annual report o f the City Clerk o f Cincinnati, for the year ending March 20th
1851, presents many facts relative to the finances o f the city o f general interest. The
receipts from all sources during the year, exclusive o f receipts for Common School
purposes, was $712,963 81. This includes $41,130 realized for Little Miami Railroad
stock, sold by order o f the Council— $21,340 61 in certificates o f Little Miami Railroad
stock remaining in the Treasury March 20th, 1850, and a balance o f $69,885 96 cash
in the Treasury, March 20th, 1850. The total expenditures, during the year, was
$586,598 86, which includes $121,200 for the redemption o f city bonds, and $30,000
for payment o f note in Franklin Bank.
AM O UN T O F T A X E S C O L L E C T E D F O R C IT Y P U R P O S E S I N
1850.
F or general p urposes..................................................................................
Payment o f interest.....................................................................................
House o f R efuge...........................................................................................
Poor-House.......................................................
Support o f W atch.........................................................................................
Support o f Common Schools.......................................................................
Support o f Colored Schools........................................................................
T o ta l...................................................................................................
$130,172
66,888
60,079
51,268
40,053
87,220
2,664
21
49
48
82
00
44
10
$438,345 84
D E B TS D U E T H E CITY .
Bonds loaned to Little Miami Railroad Company.................................
Bonds loaned to the W hite W ater Canal Company...............................
Claims on different accounts, nearly all contested .................................
On account o f Paving Assessments assumed by the city.....................
Bonds loaned to Cincinnati and Hillsborough Railroad Com pany. . . .
Bonds loaned to Hamilton and Eaton Railroad Company....................
Making a total o f..............................................................................
$100,000
35,000
61,352
14,950
26,000
25,000
00
00
75
41
00
00
$251,273 17
D E B T S O F T H E C IT Y .
Loan from Bank o f the United States, redeemable in 1871................
Loan from Henry Toland, o f Philadelphia..............................................
Bonds issued to the Little Miami Railroad Company, in payment of
city subscription to capital stock...........................................................
Loan of 100 city bonds o f $1,000 each, to Little Miami Railroad Com
pany, for the purpose o f extending said road.....................................
Bonds issued to the Cincinnati and W hite W ater Canal Company, in
payment o f capital stock subscribed....................................................
Bonds issued to the Cincinnati W ater Company, for the water-works,
lands, buildings, <Stc....................................................................................
Bonds issued for the purpose o f paying the debts and extending the
water w ork s...............................................................................................
Bonds issued for the purpose o f funding the floating debt o f the city
Bonds issued to the Cincinnati and W hite W ater Canal Company,
for the purpose o f repairing said canal.........................................................
Loan from Mrs. Stotts for school p u rposes......................................................
Loan from Henry T olan d ............................................................................
Bonds issued to the Lafayette Bank o f Cin., in payment o f a debt.. .
Bonds issued, being a loan for school purposes.......................................
Bonds issued to Jacob Burnet, in payment for a lot for buildings.......
Bonds loaned to the Hillsborough and Cincinnati Railroad Company,
for the completion o f said road..............................................................
Bonds loaned to the Hamilton and Eaton Railroad Company, for
completion o f said road............................................................................
Total debt o f the city.......................................................................
$100,000 00
80,000 00
80,000 00
100,000 00
400,000 00
300,000 00
400,000 00
150,000 00
60,00000
20,000 00
40,000 00
5,000 00
25,000 00
60,000 00
25,000 00
25,000 00
$1,840,000 00
The value o f city property, including $400,000 stock in W hite W ater Canal Com"
pany, and $247,955 22 stock in Little Miami Railroad Company, is $2,230,542 98,
which is am ply sufficient to p ay the debts o f the city.
229
Journal o f Banking, Currency, and Finance.
REDEMPTION OF BILLS OF NEW YORK BANKS,
B y official notices from the Controller’s office o f N ew York, we learn that the time
fixed by law for the redemption o f the circulating notes o f the following banks has
expired, and that a final dividend has been declared upon the unpaid balances o f the
outstanding certificates, issued on account o f said banks, which w ill be paid on presen
tation at the office o f the Superintendent o f the Banking Department, Albany, on, or
before the 12th day o f August, 1851, and n ot otherwise.
W e annex hereto the rates o f redemption payable within six months from the 1st o f
May, 1850 ; and the rates now payable as a fin a l d iv id en d :—
Redemption, 1850.
St’ ks, Jio’ds,
Redemption, 1851,
St’bs, Ro’ds,
Names o f Suspended Banks.
& Mort’ges. Stocks alone. & Mort’ges. Stocks.
A l l e g a n y C o u n t y B a n k ............................... p e r c e n t
50
36
3
1}
B a n k o f A m e r ic a , B u f f a l o ..........................................
76
78
2f
n
B a n k o f C o m m e r c e .........................................................
76
64
B a n k o f L o d i ......................................................................
83
50
97
B a n k o f O le a n ...................................................................
42
74
87
4*
B a n k o f T o n a w a n d a .......................................................
68
7
B a n k o f W e s t e r n N e w Y o r k . ...................................
75
2|
B in g h a m p t o n B a n k ..........................................................
74
79
'k
C a tta rru g u s C o u n t y B a n k ..........................................
85
45
77
i
C h e ls e a B a n k , N e w Y o r k ............................................
25
C it y T r u s t a n d B a n k in g C o m p a n y ........................
Par.
E r ie C o u n t y B a n k ..........................................................
60
72
51
‘ 24
F a r m e r s ’ B a n k , O r le a n s ...............................................
Par.
Par.
F a r m e r s ’ B a n k o f S e n e c a C o u n t y ...........................
51
74
F a rm e rs ’ a n d D r o v e r s ’ B a n k , E r ie C o u n t y . . .
Par.
M e c h a n ic s ’ B a n k , B u ffa lo .......................... , ...............
63
'h
81
M e r c h a n ts ’ E x c h a n g e B a n k , B u ffa lo ......................
65
13
6
M ille r s ’ B a n k , C l y d e ....................................................
Par.
94
50
N e w Y o r k B a n k in g C o m p a n y ................................
42
1
P h e n ix B a n k , B u ffa lo......................................................
73
H
S ta t e B a n k o f N e w Y o r k , B u f f a l o ........................
30
6
S ta t e n I s la n d B a n k .......................................................
66
3
S t. L a w r e n c e B a n k ..........................................................
32
60
2
3
T e n th W a r d B a n k ...........................................................
94
334
N n io n B a n k , B u f f a l o .....................................................
81
U n it e d S ta t e s B a n k , B u f f a lo .....................................
5*
77
••
,.
..
..
,.
,.
,,
,,
..
..
.#
..
.,
,,
..
1850, o f such notes as were secured b y stocks, bonds, and mortgages. The second column, the rates o f redemption
on such as were secured by stocks o n ly ; while the third and fourth columns show the
present rate per cent payable on the balances or sums left unpaid in 1850.
In December, 1850, the whole number o f banking associations and individual ban
kers, doing business under the “ General Banking Law,” was 186 ; namely, banking
associations, 7 1 ; individual bankers, sixty-five. The whole amount o f circulating
notes issued to these, at that time, was $14,203,115 ; for the redemption o f which the
Controller o f the State held in trust $14,823,066.
BRIEF MENTION OF LIFE INSURANCE.
The love that every well-disposed husband and parent feels for his wife and children s
says the W a ll Street Journal, naturally stimulates him in his daily labors to be industri
ous, prudent and economical enough to furnish them the comforts o f life and provide
against a “ rainy day.” Y e t how few o f the best disposed husbands and parents make that
sure p rem ium , for the support o f their families after their death, which is held out by well
regulated L ife Insu ra nce Com panies ; when even a small annual expenditure for a policy
of Life Insurance would place their families beyond the reach o f want or dependance.
And why do they hesitate ? Many are superstitious; many feel as if it were speculating,
instead o f providing, &c., Ac., but the grand reason is, the great majority will not take
time to study its benefits. They seem willing rather that every thought for the future
welfare o f their families, especially in days o f adversity, should throw them into a state
of anxiety and agitation, which weakens the mind, and in many cases, undermines the
230
Journal o f Banking, Currency, and Finance.
h e a lt h , a n d e v e n d e s t r o y s life . N o w , t h e s y s t e m o f L ife In s u ra n c e is a d m ir a b ly c a l c u
l a t e d t o r e lie v e a la r g e p o r t io n o f this k in d o f a n x ie t y , b y r e m o v in g th e d a n g e r b y w h ic h
i t is c a u s e d
I t m a y w e ll b e r e g a r d e d as o n e o f th e g r e a t m e a n s w h ic h P r o v id e n c e h as
b r o u g h t in to u se in o u r d a y , t o a lle v ia t e t h e p r iv a tio n s a n d s u ffe rin g s e s p e c ia lly o f th e
w e a k e r p o r t io n o f o u r f e l l o w c r e a tu r e s .
CONDITION OF THE BANKS OF MAINE.
C O M P A R A T IV E V I E W
O F T H E B A N E S O F M A IN F ,
1846----1851.
L IA B IL IT IE S .
C a p it a l......................................
.
C ir c u la tio n .......................................
I n d iv id u a l d e p o s it s ...................
P r o fit s u n d iv id e d .........................
D u e t o b a n k s ................................
May, 1846.
$3,009,000
2,240,820
1,257,646
117,222
93,710
May, 1848.
$2,920,000
2,315,520
1,129,774
122,877
112,955
May, 1850.
$3,148,000
2,301,150
884,455
158,290
85,260
May, 185 1 .
$3,586,100
2,994,905
1,389,137
169,390
111,728
T o t a l lia b ilitie s .................. .
$6,718,398
$6,601,126
$6,577,155
$8,251,260
RESO U R C E S.
L o a n s ................................................. .
B a n k b a la n c e s ...............................
S p e c i e o n h a n d .............................
R e a l e s ta t e .....................................
B ills o f M a in e b a n k s ................
B ills o f o t h e r b a n k s ..................
May, 1846.
£5,391,113
769,095
219,068
191,714
76,320
71,088
May, 1848.
$5,189,090
579,140
521,536
129,006
99,570
82,784
May, 1850.
$5,350,860
487,850
424,196
113,464
131,043
69,742
May, 1851.
$6,450,460
813,232
630,296
102,570
150,016
104,686
T o t a l r e s o u r c e s ................. ..
$6,718,398
% 6 ,601,126
$6,577,155
$8,251,260
BANK OF BRITISH NORTH AMERICA.
The annual meeting o f the proprietors o f the Bank o f British North America, was
held in London, in June last, Mr. J. T. Cumming in the chair.
The following report,
from the directors, was read to the meeting, approved and adopted unanimously:—
“ Although it is not in the power o f the directors to present to this meeting accounts
showing any large increase in the amount o f undivided profits, yet it is very satisfactory
to them to be able to state that the business o f the bank has considerably increased
since their annual report in June last, being the latter part o f the year. They have
every reason to believe that this increase has arisen out o f an improved state o f trade
in the colonies, especially in Canada West. The indications o f this improvement were
noticed in the last report, and it has continued steadily up to the date o f the last ad
vices. The portions o f the bank’s capital which was stated in previous reports to have
accumulated in London and N ew York, is now, consequently, returning into more ac
tive and profitable employment at the branches. The trade between the United
States and British North America has largely increased, with every prospect o f con
tinued extension. The Canadian Legislature has adopted the wise policy o f encourag
ing, and assisting with pecuniary aid, the formation o f great trunk lines o f railroad to
open up internal communications. There can be no doubt that every branch o f com
mercial intercourse will be thereby facilitated and increased, and the general prosperity
o f the country essentially promoted. After a careful revision o f the estimates o f the
value o f securities held for outstanding debts o f previous years, the directors have
thought it necessary to make a larger addition out o f the profits o f the year, to the re
serve hitherto set apart to cover these debts. They are, therefore, only able to declare
the same rate o f dividend as last year, and to make a small addition to the rest.”
From the statement o f accounts which were laid before the proprietors, it appeared
that £50,000 was payable as dividend for 1850, and £59,542 remained as a balance,
being undivided net profit to 31st December, 1850. Total, £109,542. The balance o f
undivided net profit to 3lst December, 1849, was £58,359; and the net profit for the
year 1850, after deduction o f all current charges, and providing for bad and doubtful
debts, was £51,182.
The chairman expressed his satisfaction at being able to move
the adoption o f so favorable a report. The change in the navigation laws was now
Journal o f Banking, Currency, and Finance.
231
beginning to tell favorably upon the business o f the bank, as a good trade had sprung
up between Canada and the United States, which compensated them for the loss they
had at first sustained. They enjoyed a more sound and healthy state o f trade than
before. The directors had had to revise their estimates o f the value o f the property
deposited as security for the bad debts o f the bank. They consisted principally o f
ships, mills, <fcc., property which had suffered considerably during the last three y ea rs;
and in order to meet the depreciation, the directors had considered it best to deduct
its estimated amount from the profits o f the year, rather than to reduce the reserve
fund, now amounting to £59,542. On account o f supplying this deficiency, and writing
off bad debts, the actual profits were more, by £13,000 than appeared from the state
ment in the balance-sheet— the amount o f the depreciation o f the estimates, and o f the
bad debts written off, having amounted to that sum. The chairman then m oved the
adoption o f the report.
OF THE PUBLIC DEBTS AND PUBLIC WORKS OF OHIO.
The Convention for amending the Constitution o f Ohio, adopted, on the 29th o f Jan
uary, 1250, the subjoined provisions touching public debts and public works.
It will
be seen that there are several strictures in these sections o f the Constitution in reference
to the contracting o f debts, that will doubtless have a tendency to place Ohio in a more
healthful condition as regards embarrassments in its financial affairs.
Economy and
reform seem to be the order o f the day, not only in the States o f the American Union
but throughout the most enlightened portions o f the civilized world.
Sec. 1. T h e S ta t e m a y , t o m e e t c a s u a l d e fic its o r fa ilu r e s in re v e n u e s , o r fo r e x p e n s e s
n o t o t h e r w is e p r o v id e d fo r, c o n tr a c t d e b t s ; b u t th e d ir e c t a g g r e g a t e a m o u n t o f s u ch
d e b ts , d ir e c t a n d co n tin g e n t, w h e th e r c o n t r a c t e d b y v ir tu e o f o n e o r m o r e a cts o f th e
G e n e r a l A s s e m b ly , o r a t d iffe re n t p e r io d s o f tim e , s h a ll n e v e r e x c e e d s e v e n h u n d r e d
a n d f i f t y t h o u s a n d d o l l a r s ; a n d th e m o n e y s a r is in g fr o m th e c r e a tio n o f s u c h d e b ts ,
s h a ll b e a p p lie d t o t h e p u r p o s e fo r w h ic h t h e y w e r e o b ta in e d , o r t o r e p a y t h e d e b ts so
c o n tr a c te d , a n d to n o o t h e r p u r p o s e w h a t e v e r .
S ec. 2. In addition to the above limited power, the State m ay contract debts to repel
invasion, suppress insurrection, defend the State in war, or to redeem the present out
standing indebtness o f the State, but the moneys arising from the contracting o f such
debts shall be applied to the purpose for which it was raised, or to repay such debts,
and to no other purpose w hatever; and all debts contracted to redeem the present out
standing indebtedness o f the State, shall be so contracted as to be payable by the sink
ing fund hereinafter provided for, as the same shall accumulate.
S ec. 3. Except the debts above specified in Sections 1 and 2 o f this article, no debt
whatever shall hereafter be contracted by, or on behalf o f the State.
S rc. 4. The credit o f the State shaU not, in any manner, be given, or loaned to, or
in aid o f any individual, association, or corporation whatever; nor shall the State ever
hereafter becom e a joint owner or stockholder in any company or association in this
State or elsewhere, formed for any purpose whatever.
S ec. 5. The General Assembly shall never, on behalf o f the State, assume the debts
o f any county, city, town, or township within this State, or o f any corporation what
ever, unless such debt shall have been created for the purpose o f repelling invasion, or
to suppress insurrection, or to defend the State in war.
S ec. 6 . T h e G e n e r a l A s s e m b l y s h a ll n e v e r a u th o r iz e a n y c o u n t y , c it y , to w n , o r t o w n
s h ip in th is S ta te , b y v o t e o f its citize n s, o r o t h e r w is e , t o b e c o m e a s to c k h o ld e r in a n y
jo in t -s t o c k c o m p a n y , c o r p o r a tio n , o r a ss o c ia tio n w h a t e v e r , t o ra ise m o n e y fo r, o r lo a n
its c r e d it to , o r in a id o f a n y s u ch c o m p a n y , c o r p o r a t io n , o r a ssocia tion .
S ec. 7 . The faith o f the State being pledged to the payment o f all its existing in
debtedness, in order to provide therefor, there shall be created an annual sinking fund,
which shall be constituted o f the net annual income o f the public works, and stocks
owned bv the State, and whatever other funds or resources are or may be provided
therefor by law, and such sum to be raised by taxation as shall be sufficient to pay the
accruing interest on the public o f the State, and annually to reduce the principal by a
sum not less than one hundred thousand dollars, increased yearly, and each and every
year, by compound interest at the rate o f six per cent per annum.
Sec. 8. T h e A u d it o r o f S ta t e , S e c r e t a r y o f S ta te , a n d A t t o r n e y G e n e r a l a re h e r e b y
c r e a t e d a b o a r d o f co m m is s io n e r s , t o b e s t y le d “ th e C o m m is s io n e r s o f th e S in k in g
F u n d .”
232
Journal o f Banking, Currency, and Finance.
S ec. 9. The Commissioners o f the Sinking Fund shall, immediately preceding each
regular session o f the General Assembly, make an estimate o f the probable amount of
the fund provided for in Section 7, from all sources except from taxation, and report
the same, together with all their proceedings relative to said fund and the public debt,
to the Governor ; who shall transmit the same, with his regular message, to the Gene
ral Assembly, and the General Assem bly shall make all necessary provisions for rais
ing and disbursing said sinking fund in pursuance o f the provisions o f this article.
S ec . 10. It shall be the duty o f the Commissioners o f the Sinking Fund faithfully
to apply said fund, together with all moneys that m ay be by the General A ssem bly
appropriated to that object, to the payment o f the interest as it becomes due, and the
redemption o f the principal o f the public debt o f the State excepting only the school
and trust funds held by the State.
S ec. 11. The Commissioners o f the Sinking Fund shall, semi-annually, make a full
and detailed report o f their proceedings to the Governor, who shall immediately cause
the same to be published, and also communicate to the General A ssem bly forthwith,
i f it be in session, and i f not, then at its first session after such report shall be made.
S ec. 12. So long as this State shall possess public works which m ay require super
intendence, there shall be a board o f public works to consist o f three members who
shall be elected b y the people at the first general election after the adoption o f this
constitution, one for the term o f one year, one for the term o f tw o years, and one for
the term o f three years; and there shall be elected annually thereafter one member
o f said board, who shall hold his office for three years.
S ec. 13. The powers and duties o f said Board o f Public Works, and its several
members, together with their compensation, shall be such as now are or hereafter m ay
b e prescribed by law.
THE BANKING DEPARTMENT OF NEW YORK STATE,
The following act was.passed b y “ The People o f the State o f N ew Y ork, repre
sented in the Senate and Assem bly,” A pril 12th, 1851
AN ACT TO ORGANIZE A BANK DEPARTMENT.
BANK
DEPARTM ENT.
S ection 1. There is hereby established a separate and distinct department which
shall be charged with the execution o f the laws heretofore passed, or that m ay be here
after passed in relation to the banks which are subjected to the act to create a fund for
the benefit o f the creditors o f certain moneyed corporations, and for other purposes,
passed A pril 2, 1829, or in relation to banking associations and individual bankers,
formed or transacting business under the act to authorize the business o f banking,
passed A p ril 18, 1838, and the several acts in addition to or amendatory thereof.
S U P E R IN T E N D E N T — S A L A R Y ----- H IS D E P U T Y — O ATH O F O FFIC E — BO N D .
S eo. 2. The chief officer o f the said department shall be denominated the Superin
tendent o f the Banking Department. H e shall be appointed by the Governor, b y and
with the advice and consent o f the Senate, and shall hold his office for the term of
three years. H e shall receive an annual salary o f tw o thousand five hundred dollars,
to be paid quarterly, in the first instance, out o f the treasury on the warrant o f the
Controller. H e shall employ, from time to time, the necessary clerks to discharge
such duties as he shall assign them, whose compensation shall be paid to them monthly
on his certificate, and upon the warrant o f the Controller, in the first instance, out o f
the treasury; he shall appoint one o f the said clerks to be his deputy, who shall pussess
the powers and perform the duties attached b y law to the office o f the principal during
a vacancy in such office, and during the absence or inability o f his principal. W ithin
fifteen days from the time o f notice o f then- appointments respectively, the Superin
tendent and his deputy shall take and subscribe the oath o f office prescribed by the Con
stitution, and file the same in the office o f the Secretary o f State, and the said officers
shall be in all respects subject to the provisions o f the sixth title o f chapter five o f the
first part o f the Revised Statutes, so far as the same m ay be applicable. A nd the said
Superintendent o f the Banking Department shall give to the people o f this State a bond
in the penalty o f fifty thousand dollars, with two sureties, to be approved by the Con
troller and Treasurer o f the State, conditioned for the faithful discharge o f the duties
o f his office, and the said Superintendent shall not, either directly or indirectly, be in
terested in any bank or banking association, or as an individual banker.
Journal o f Banking , Currency, and Finance.
233
P O W E R S O F S U P E R IN T E N D E N T .
S ec. 3. The Seperintendent o f the Banking Department shall possess all the powers,
perform all the duties, and be subject to all the obligations and penalties now conferred
by law upon the Controller o f this State, or to which the Controller is subject, in rela
tion to banks, incorporated and banking associations formed, and bankers transacting
business under the laws specified in the first section o f this act, and the said laws and
all acts amendatory thereof, or in addition thereto, are hereby modified and amended,
so that every power and duty thereby conferred on the Controller, shall, from and
after the appointment o f such Superintendent, be transferred to, and conferred upon,
the said Superintendent, subject to the modifications contained in this act.
'S E A L .
S ec. 4. The said Superintendent, with the approval o f the Governor, shall devise a
seal, with suitable inscriptions, for his office, a description o f which, with a certificate
o f approval by the Governor, shall be filed in the office o f the Secretary o f the State
with an impression thereof, which shall thereupon be and become the seal o f the office
o f the Superintendent o f the Banking Department, and the same may be renewed
whenever necessary. E very certificate, assignment, and conveyance executed by the
said Superiutendent, in pursuance o f any authority conferred on him by law, and sealed
with his said seal o f office, shall be received in evidence, and m ay be recorded in the
proper recording offices in the same manner, and with the like effect, as a deed regu
larly acknowledged or proved before an officer authorized by law to take the proof or
acknowledgement o f deeds, and all copies o f papers in the office o f the said Superin
tendent certified b y him, and authenticated by the said seal, shall in all cases be evi
dence equally, and in like manner as the original. A n impression o f such seal directly
on paper shall be as valid as if made on a wafer or wax.
P A P E R S , B IL L S , E T C ., T O BE T R A N S F E R R E D TO S U PE R IN TE N D E N T.
S ec . 5. A ll plates for bank-bills deposited with the Controller, all papers for bills,
all securities, stocks, bonds and mortgages, and all other papers whatever in the Con
troller’s office relating to the business o f the Banking Department, shall, on demand,
be delivered and transferred to the Superintendent thereof, and be and remain in his
charge and custody. —
R O O M S A N D F U R N IT U R E .
S ec. 6 . There shall be assigned to the said Superintendent, b y the Trustees o f the
State Hall, suitable rooms therein for conducting the business o f the said department,
and the said Superintendent shall, from time to time, furnish the necessary furniture,
stationery, fuel, lights, and other proper conveniences for the transaction o f the said
business ; the expense o f which shall be paid on the certificate of the Superintendent,
and the warrant o f the Controller, in the first instance, out o f the Treasury.
EXPEN SES, H O W D EFRAYED .
S ec . 7. A ll the expenses incurred in and about the conducting the business o f the
said department, including the salary o f said Superintendent and his clerks, shall be
defrayed and paid b y the incorporated banks, banking associations, and bankers, in
whose behalf they are incurred
The expenses incurred, and services performed,
specially for any incorporated bank, banking association, or banker, including the de
livery o f new bank-bills for such as m ay be returned, and the destruction o f the latter
shall be charged to such incorporated bank, banking association, or banker, and all
other expenses o f the said department, shall be charged to the said incorporated banks,
banking associations, and bankers, in such proportions as the said Superintendent shall
deem just and reasonable. I f such charges are not paid after due notice, the Super
intendent m ay apply the dividends on any stock, or the interest on any bonds and
mortgages in his hands deposited b y the bank, banking association, or banker, so neg
lecting to make the payment o f such charges, with interest at the rate o f 7 per cent,
and the moneys so received by the said Superintendent on account o f such charges,
shall be deposited and paid b y him into the Treasury o f this State, to reimburse all
sums advanced from the Treasury for such expenses; and in case o f there being no
stocks, bonds or mortgages in the Bank Department deposited b y such bank, associa
tion, or banker, then the said Superintendent m ay maintain an action in his name o f
office against the delinquent bank, association, or banker, for the recovery o f such
charges, and the sums collected therein shall be paid into the Treasury, and neither the
said Superintendent nor any clerk or person em ployed in his office shall take or receive
234
Journal o f Banking, Currency, and Finance.
directly or indirectly, any compensation or pay for any services or extra services ren
dered in the Banking Department, other than the compensation allowed by la w ; and
any person violating this provision, shall be deemed guilty o f a misdemeanor.
S ec. 8 . The provisions o f the fourteenth section o f the “ A ct to authorize the busi
ness o f banking,” passed A pril 18, 1838, are hereby extended to the said Superintend
ent and the officers and clerks em ployed in the Bank Department.
R E P O R T S O F B A N K S , W H E N TO BE M A D E .
S ec . 9. Instead o f the Controller, Secretary o f State, and Treasurer, it shall be the
duty o f the Superintendent o f the Bank Department to fix upon and determine a day,
in.respect to which the reports o f incorporated banks, banking associations, and indi
vidual bankers, shall be made as provided in chapter four hundred and nineteen, o f
the Session Laws o f one thousand eight hundred and forty-seven ; and the said Super
intendent shall, at least once in each quarter o f a year, fix and designate some Satur
day in each preceding quarter, in respect to which the said reports shall be made, and
shall give notice thereof in the manner prescribed in the said chapter four hundred and
nineteen; and the said reports shall be made to the said Superintendent as directed in
the said chapter, and all wilful false swearing in respect to such reports shall be deemed
perjury, and subject to the punishments prescribed by law for that offense. In case of
neglect to make such report within one month from the time required, it shall be the
duty o f the Superintendent to cause the books, papers, and affairs o f the bank, associ
ation, or banker, so neglecting to be examined as directed by the third section o f the
said chapter four hundred and nineteen, and the reasonable expenses o f such examina
tion to be certified by the said Superintendent shall be charged to the bank, association,
or banker so neglecting, and shall be collected in the manner herein prescribed in re
spect to other charges against them.
M O R T G A G E S , H O W TO BE H E L D .
S ec. 10. The provisions o f the second section o f the act, chapter three hundred and
forty o f the laws o f eighteen hundred and forty-eight, amending the “ A ct authorizing
the business o f banking,” shall extend and be applicable to banking associations and
individual bankers organized before the passage o f the said chapter three hundred and
forty, as well as to those organized subsequently ; but no one mortgage o f lands shall
hereafter be received as security for circulating bills to an amount greater than five
thousand dollars; and any mortgage heretofore received or hereafter received for cir
culating bills, may be held by the Superintendent o f the Banking Department for the
full nominal amount thereof, notwithstanding a less amount o f bills may have been or
shall be delivered upon the deposit o f such mortgage, and the whole nominal amount
o f such mortgage may be collected by any purchaser thereof, in case it shall be neces
sary to sell such mortgage at its nominal amount, to meet the liabilities o f the banking
association or banker by whom it was deposited; but the same m ay be sold as for the
amount o f bills delivered upon its deposit when there is no deficiency o f other means
to meet the said liabilities.
ANNUAL REPORT.
S ec. 11. It shall be the duty o f the Superintendent o f the Banking Department to
report annually to the Legislature, at the commencement o f its first session:—
1. A summary o f the state and condition o f every incorporated bank, banking asso
ciation, and individual banker, from whom reports have been received the preceding
year, at the several dates to which such reports refer, with an abstract o f the whole
amount o f banking capital returned by them, o f the whole amount o f their debts and
liabilities, specifying particularly the amount o f circulating notes outstanding, and the
total amount o f means and resources, specifying the amout o f specie held by them at
the time o f their several returns, and such other information in relation to said banks,
associations, and bankers, as in his judgm ent may be usefuL
2. A statement o f the banking associations and bankers whose business has been
closed during the year, with the amount o f their circulation redeemed, and the rate of
such redemption per cent, and the amount outstanding.
3. To suggest any amendment to the laws relative to banking b y which the system
m ay be improved, and the security o f bill-holders and depositors may be increased.
4. To report the names and compensation o f the clerks em ployed by him, and the
whole amount o f the expenses o f the department during the year, and the amount, if
any, for which the treasury shall be in advance; such report shall be made by
Journal o f Banking, Currency, and Finance.
235
o r b e f o r e t h e la s t d a y o f th e y e a r , a n d th e u s u a l n u m b e r o f c o p ie s f o r th e u s e o f th e
L e g is la t u r e , a n d t w o h u n d r e d a n d f i f t y c o p ie s fo r t h e u s e o f th e d e p a r t m e n t s h a ll b e
p r in t e d in re a d in e s s fo r d is tr ib u tio n o n t h e m e e tin g o f th e L e g is la t u r e b y th e p r in te r
e m p lo y e d t o p r in t le g is la t iv e d o c u m e n ts , t h e e x p e n s e o f w h ic h s h a ll b e c h a r g e d a m o n g
th e g e n e r a l e x p e n s e s o f th e d e p a r tm e n t, a n d c o l l e c t e d a s h e r e in p r o v id e d .
Sec. 12. T h is a c t s h a ll t a k e e ffe c t im m e d ia te ly .
B M K COMMISSIONERS IN MASSACHUSETTS.
A N A C T E S T A B L IS H IN G A B O A R D O F B A N K CO M M ISS IO N E R S .
Section 1. There shall be appointed by the Governor, with advice o f council, on or
before the first day o f June next, three persons, to be styled Bank Commissioners, who
shall exercise the powers and perform the duties hereinafter specified, for the term o f
three years, and until their successors are appointed and qualified : P ro v id ed , how ever ,
that the first named o f said Commissioners shall go out o f office at the end o f one
year, and the next named go out at the end o f two years, and a third person nam ed,
at the end o f three years, and so on in rotation afterward, each commissioner at the
end o f three years; but any person going out o f office may be reappointed ; and p r o
vided f u r th u r , that the Governor, with advice o f council, may at any time remove
from office any or all o f said commissioners, and fill all vacancies.
S ec. 2. The said commissioners, or any two o f them, at least once in every two years,
and as much oftener as they may deem expedient, shall visit every bank and institution
for savings which has been or may be incorporated by authority of this Commonwealth,
and shall have free access to their vaults, books, and papers, and shall thoroughly in
spect and examine all the affairs o f said corporations, and make any and all such in
quiries as may be necessary to ascertain the condition o f said corporations, and their
ability to fulfil all the engagements made by them, and whether they have complied
with the provisions o f law applicable to their transactions ; and p rovid ed always, that
the said commissioners shall examine all banks within the first year after they shall go
into operation; and also, all banks which shall receive acts to increase their capital
stock, within the first year after the additional stock shall be paid in.
S a id co m m is s io n e r s s h a ll e x a m in e , e v e r y y e a r , a s n e a r ly o n e -h a lf o f a ll th e in s titu
tio n s u n d e r th e ir c h a r g e a s t h e y m a y b e a b le t o d o , a n d s h a ll p r e s e r v e in a p e r m a n e n t
fo r m a f u ll r e c o r d o f t h e ir p r o c e e d in g s , in c lu d in g a s ta t e m e n t o f th e c o n d it io n o f e a c h
b an k .
S ec. 3. The said commissioners, or either o f them, m ay summon, and examine under
oath, all directors, officers, or agents o f said corporations, and such other witneses as
they m ay think proper, in relation to the affairs, transactions, and condition o f such
corporations ; and any such director, officer, agent, or other person, who shall refuse,
without justifiable cause, to appear and testify, when thereto required as aforesaid, or
who shall obstruct, in any way, any commissioner in discharge o f his duty, as prescribed
in this act, shall, on conviction thereof, be subject to a fine not exceeding one thou
sand dollars, or imprisonment for a term not exceeding one year.
S ec. 4. I n a d d itio n t o t h e e x a m in a tio n h e r e in p r o v id e d fo r, if a n y fiv e o r m o r e p e r
son s, w h o s h a ll b e office rs , s to c k h o ld e r s , o r c r e d it o r s o f a n y b a n k o r in s titu tio n fo r sa
v in g s , s h a ll m a k e a n d s ig n a c e r tific a te , u n d e r o a th , s e ttin g fo rth th e ir in te r e s t a n d r e a
s on s fo r m a k in g s u c h e x a m in a tio n , d ir e c t e d t o .th e c o m m is s io n e rs , r e q u e s t in g t h e m t o
e x a m in e a n y b a n k o r in s titu tio n fo r s a v in g s w h ic h m a y b e d e s ig n a te d b y th e m , it s h a ll
b e th e d u t y o f s a id co m m is s io n e r s to p r o c e e d fo r th w ith , an d m a k e a fu ll in v e s t ig a tio n o f
th e a ffairs o f s u ch c o r p o r a tio n , in th e m a n n e r h e r e in b e fo r e p r o v id e d .
S ec. 5. If, upon examination o f any bank, or institution for savings, a majority o f
the said commissioners shall be o f opinion that the same is insolvent, or that its con
dition is such as to render its further progress hazardous to the public, or to those
having funds in its custody, in any such case it shall be their duty to apply, or if upon
such examination they shall be o f opinion that the said bank or institution for savings
has exceeded its powers, or has failed to com ply with any o f the rules, restrictions, and
conditions provided by law, they may apply to some one o f the justices o f the Supreme
Judicial Court to issue an injunction to restrain such corporation, in whole or in part,
from further proceeding with its business, until a hearing o f the said corporation can
be had ; and such justice shall forthwith issue such process, and, after a full hearing o f
said corporation upon the matters aforesaid, may dissolve or modify said injunction, or
make the same perpetual, and make such orders and decrees, to suspend, restrain, or
236
Journal o f Banking, Currency, and Finance.
prohibit the further prosecuting o f the business o f such corporation, as m ay be needful
in the premises, according to the course o f chancery proceedings, and, at his discretion,
m ay oppoint agents or receivers to take possession o f the property and effects o f the
corporation, subject to such rules and orders as m ay from time to time, be prescribed
b y the Supreme Judicial Court, or any justice thereof, in vacation ; and said commis
sioners shall have power to appoint a clerk o f their board, prescribe his duties, and fix
his compensation, whenever the public good may, in their opinion, demand such ap
pointment.
S ec. 6. Said commissioners, in the month o f December, annually, shall make a report
to the Secretary o f the Commonwealth, o f the general conduct and condition o f the
corporations visited by them, making such suggestions as shall b y them be deemed ex
pedient ; and if any o f said corporations shall, in the opinion o f the commissioners, be
found at any time to have violated any law o f this Commonwealth, they shall forth
with make a special report on the subject o f such violation, containing such statements
and remarks as they m ay deem expedient, to the Secretary o f the Commonwealth, and
the Secretary shall give notice o f the same to the Attorney-General, who shall at once
prosecute the same in behalf o f the S ta te ; and the report o f the commissioners shall
be printed, and laid before the Legislature at the next session thereof.
S eo. '7. Before entering on the duties o f their office, said commissioners shall sever
ally make oath before some justice o f a court o f record, or before any two justices o f
o f the peace within the Commonwealth, a certified cop y o f which shall be returned,
within thirty days, to the office o f the Secretary o f the Commonwealth, that they
w ill faithfully and impartially discharge and perform all the duties incumbent upon
them in their said office, agreeably to the constitution and laws o f this Commonwealth,
and according to their best abilities and understanding.
S ec. 8. N o bank shall discount any note or bill o f exchange to which a Bank Com
missioner is a party, either as principal, surety, indorser, or otherwise.
Sec. 9. Each of said commissioners shall receive, as compensation for his services,
five dollars for each and every day employed by him, and at the rate of one dollar
for every twenty miles’ travel, in the performance of the duties prescribed by this a ct;
and the Governor is hereby authorized to draw his warrants on the treasury therefor,
including compensation for any clerk who may be employed by said commissioners.
S ec. 10. I f the commissioners shall find, at the examination o f any bank, that the
directors or cashier have violated any o f the existing laws in realtion to banks and
banking, they shall report the same to the Secretary o f the Commonwealth, who
shall, on receiving such information, cause the law relative thereto to be forthwith
executed.
Sec. 11. This act shall take effect from and after its passage.
Approved, M ay 8th, 1851.
CALIFORNIA COIN.
The absence o f a Mint is a serious inconvenience to our friends on the golden shores
o f the Pacific, as w ill be seen by the subjoined statements o f our cotem porary o f the
A l t a C a liforn ia , in San Francisco.
The next Congress, which meets in December,
will, we trust, at an early day, pass an act not only providing for the establishment o f
a Mint in San Francisco, but one in N ew Y ork city, the only two points in the United
States where Mints are absolutely required; the former as the commercial center o f
the Pacific, and the latter, o f the Atlantic, and the largest gold receiving market in the
United S ta tes:—
The present difficulties in the w ay o f trade, consequent upon the issue o f irrespon
sible coin, results naturally from the failure o f Congress to provide us with a M int; in
the absence o f which these spurious imitations have flooded the channels o f trade, un
til they have becom e water-logged, have sunk, and are now like snags, knocking out
the bottom o f Commerce, and business generally. The bankers, who especially aided
in getting this coin in circulation, b y which they, o f course, made pretty fair per centage, have determined to decry it, and thus make another good per centage, by pur
chasing it when the panic shall have depressed it below its real value. The merchants
also have repudiated it. This movement o f theirs would have been much better had
they taken it long ago. A s it is, it w ill probably recoil in a great measure upon them
selves— for miners and country merchants coming for supplies, when they find all but
237
Statistics o f Population, etc.
t h e U n it e d S ta t e s A s s a y iss u e s r e fu s e d , w i l l n a t u r a lly e n o u g h r a n k t h a t w it h th e re s t,
r e fu s e t o h a v e th e ir g o l d d u s t c o in e d , a n d in s is t u p o n m a k in g th e ir p a y m e n t s in it. O u r
m e r c h a n ts w ill, th e r e fo r e , h a v e t o g o b a c k t o th e ir lit t le s ca le s a g a in , a n d o u r m o n e t a r y
s y s te m r e c e d e t o w h a t it w a s a y e a r a g o ; fo r t h e U n it e d S ta t e s A s s a y O ffice , co in in g
n o th in g le ss , th a n f i f t y d o lla r p ie c e s , ca n n o t s u p p ly a c u r r e n c y s u ite d t o g e n e r a l t ra d e .
T h e w h o le s y s te m is w r o n g , a n d is an o p p r e s s io n u p o n th is S ta t e .
W e s h o u ld h a v e
h a d a m in t h e r e , a n d in t h e a b s e n c e o f th a t, t h e A s s a y O ffic e s h o u ld h a v e b e e n s o c o n
s tr u c t e d a s t o s u p p ly t h e d e fic ie n c y , w it h a c o in s u it e d t o t h e w a n t s o f t h e c o u n t r y a n d
its tr a d e , a c o in d e c id e d t o th e s a tisfa ctio n o f e v e r y o n e t o b e a l e g a l te n d e r , a s v a lu a b le
a s U n it e d S ta t e s M in t c o in , a n d fo r w h ic h t h e U n it e d S ta t e s T r e a s u r y s h o u ld h a v e
b e e n r e s p o n s ib le .
STATISTICS OF POPULATION.
P0PULATI0IV OF MAIJVE.
Counties.
A r o o s t o o k ..
C u m b e r la n d .
F ra n k lin ____
H a n c o c k ___
K e n n e b e c ...
L in c o ln ............
O x f o r d ............
P en ob scot. .
P is c a t a q u is .
S om erset. . .
W a l d o ...........
W a s h in g t o n
Y o r k ................
1810 .
1850 .
7,538
68,660
20,800
8,646
55,804
63,512
38,339
45,705
13,138
33,912
41,535
28,309
54,023
12,515
79,547
20,027
34,372
62,624
74,803
39,766
63,094
14,735
35,591
47,229
38,711
60,094
T o ta l.
499,921
D e d u c t d e c r e a s e o f F r a n k lin C o u n t y ................
in
c
r
e
a
s
e
.
.
.
.
A b s o lu t e
583,018
Increase. Decrease.
4,987
10,887
773
5,726
6,720
11,291
1,427
17,389
. ,
1,597
. .
1,679
5,694
10,402
6,071
••
83,870
773
83,097
773
P R O G R E S S IV E M O V E M E N T O F M A IN E .
Date of
Census.
1790 ____
1800 . . .
1 8 1 0 ____
1 8 2 0 ____
Total
population.
96,540
151,719
228,705
298,335
Decennial increase.
N umerical. per ct.
....
55,179
74,986
69,630
57.2
50.7
30.4
Date of
Census.
1830 . . .
1840 . . .
1850 . . .
Total
population
399,955
499,921
583,018
Decennial increase.
Numerical, per ct.
101,620
3 4 .0 ,
99,966
24.9
16.6
83,097
POPULATION OF NEW HAMPSHIRE,
1840 .
1850 .
17,988
19,973
26,429
9,849
42,311
42,4 94
36,253
45,771
23,166
20,340
17,722
20,164
30,142
11,853
42,343
57,480
40,346
49,215
29,359
19,376
191
3,712
2,004
32
14,986
4,093
3,444
6,193
T o t a l ..........................................
2 84,574
317,999
D e d u c t d e c r e a s e o f B e lk n a p a n d S u lliv a n c o u n t ie s ...........
A b s o l u t e in c r e a s e ................ .............................................
34,655
1,230
33,425
Counties.
B e lk n a p ..........
C a r roll............
C h e s h ir e .. . .
C o o s ................
G r a ft o n ...........
H ills b o r o u g h
M e r r i m a c .. .
R ock in g h a m ..
S tr a ffo r d . . . .
S u lliv a n . . . .
Increase.
....
....
Decrease.
266
964
1,230
Statistics o f Population , etc.
238
P R O G R E S S IV E M O V E M E N T O F N E W H A M P S H IR E .
Total
population.
141,899
183,762
214,360
244,161
Date o f
Census.
1 7 9 0 ..
1800 . . .
1 8 1 0 ____
1 8 2 0 ____
Decennial increase.
Numerical, per ct.
41,863
30,598
29,801
29.5
16.6
13.8
Date of
Census.
1 8 3 0 ____
1 8 4 0 ...
1 8 5 0 ...
Total
population.
269,328
284,574
317,999
Decenaial increase.
Numerical, per ct.
25,167
10.2
15,246
5.6
11.9
33,425
POPULATION OF VERMONT.
1840 .
1850 .
24,986
16,911
21,689
22,9 71
4,226
24,531
3,883
10,475
27,973
13,844
29,195
23,506
27,471
40,193
26,549
18,587
23,599
29,034
4,650
28,708
4,141
10,955
27,285
15,705
33,068
24,649
29,072
38,321
1,563
1,676
1,910
6,063
424
4,177
257
480
....
1,861
3,873
1,143
1,601
T otal...
291.894
314,322
D ed u ct decrease o f O range and W in d sor counties...........
24,988
2,560
Counties.
A d d ison . .
B ennington
C a le d o n ia ..
Chittenden.
E s s e x ..........
F ra n k lin . . . .
G rand Id le.
L a m o e lle ...
O ra n g e..........
O r le a n s .. . .
R u tla n d ____
W ash in g ton .
W in d h a m ..
W i n d s o r .. .
Increase.
Decrease.
...
...
...
...
...
...
668
...
1,872
A b s o lu te in cr e a s e ...............
2,560
22,428
P R O G R E S S IV E M O V E M E N T O F V E R M O N T .
Total
population.
85,416
154,465
217,713
235,764
Date of
Census.
1 790.........
1 800.........
1810.........
1 820.........
Decennial increase.
N umerical. per ct.
69,049
63,248
18,051
80.8
40.8
8.3
Date of
Census.
1 8 3 0 ...
1 8 4 0 ...
1850.. .
Total
population.
280,652
291,894
314,322
Decennial increase.
Numerical, perct.
19.0
44,888
4.0
11,242
7.6
22,428
POPULATION OF MASSACHUSETTS.
1840 .
1850 .
32,548
41,745
60,165
3,958
94,987
28,812
37,366
30,897
106,611
9,012
53,1 40
47,373
95,773
95,313
35,279
49,596
76,202
4,541
131,307
30,869
51,285
35,714
161,385
8,452
79,000
65,699
144,520
130,817
2,731
7,851
16,037
582
36,320
2,057
13,919
4,817
54,774
T otal.....................................
737,699
Deduct decrease o f Nantucket co u n ty ... .
994,665
257,526
560
Counties.
B arnstable..
B e r k s h ir e ...
B ristol..........
Duke’s.........
Essex . . . .
Franklin. . .
H a m p d e n ..
Hampshire.
M iddlesex..
Nantucket...
N o r fo lk .. . .
Plym outh. .
Suffolk
W orcester .
Absolute increase .
Increase.
Decrease.
560
25,860
8,826
48,7 47
35,504
256,966
560
239
Statistics o f Population, etc,
P R O G R E S S IV E M O V E M E N T O F M ASSACH U SETTS.
Date of
Census.
1 790.........
1800.........
1810.........
1820.........
Total
population.
378,717
423,245
472 ,04 0
523,287
Decennial increase.
Numerical. per ct.
....
44,528
48,795
51,247
11.8
11.4
10.8
Date of
Census.
1830.........
1840.........
1 850.........
Total
population.
610,408
737,699
994,665
Decennial increase*
Numerical. per ct.
87,121
16.6
127,291
20.8
256,966
34.9
POPULATION OF RHODE ISLAND.
Counties.
-Bristol............
K e n t .............
N e w p o rt.. .
Providence. .
Washington
T o t a l..
1840 .
1850 .
6,476
13,084
16,874
58,073
14,324
7,914
15,068
20,609
87,522
.16,4 3 0
Inc-ease.
1,438
1,985
3,735
29,449
2,106
108,830
147,543
38,713
Decrease.
..
P R O G R E S S IV E M O V E M E N T O F R H O D E IS L A N D .
Date of
Census.
1 790.........
1 800.........
1 810.........
1 820.........
Total
population.
68,825
69,122
77,031
83,059
Decennial increase.
Numerical. per ct.
10,297
7,909
6,028
17.5
11.4
7.8
Date of
Census.
1 8 3 0 .. ..
1 8 4 0 .. ..
1 8 5 0 ....
Total
population.
97,199
108,830
147,543
Decennial increase.
Numerical. per ct.
14,140
17.0
11,631
11.9
38,713
35.6
POPULATION OF CONNECTICUT.
Counties.
F airfield . . .
H artford__
L itchfield.. .
M idd lesex. .
N ew Haven.
N ew London
Tolland.........
W indham . .
T o ta l..
1840 .
1850 .
49,917
55,629
40,488
24,879
48,619
44,463
17,918
28,080
59,814
70,015
45,288
27,677
65,841
51,826
20,079
31,408
Increase.
9,897
14,386
4,799
2,798
17.222
7,863
2,161
3,328
309,993
371,947
61,954
Decrease.
. •
P R O G R E S S IV E M O V E M E N T O F CONNECTICUT.
Date of
Census.
1790.........
1800.........
1810.........
1820.........
Total
population.
238,141
251,002
262,042
275,202
Decennial increase.
Numerical. per ct.
12,861
11,040
13,160
5.4
4.4
4.9
Date of
Census.
1 8 3 0 ....
1 8 4 0 ....
1 8 5 0 ....
Total
population.
297,665
309,993
371,947
Decennial increase.
Numerical. per ct.
8.1
22,463
12,328
4.1
61,954
19.9
CENSUS OF IRELAND IN 1841 AND 1851.
The census o f Ireland, just completed, shows a decrease, within the last ten years;
o f no less than 1,659,330 ; the population, which, in 1841, amounted to 8 ,1 7 5,12 4 , be
ing reduced to 6,515,794, or about 20 per cent.
The following resum e is taken from
a late London jou rn al:—
“ In this reduction Connaught and Munster have borne the largest share— the de
crease in the former province being 28 per cent, and the latter 2 3 — while in Leinster
and Ulster the decrease is pretty equal, being about 16 per cent each. It m ay not be
uninteresting to state briefly the fluctuations in the number o f the population for the
last forty years. In the first decade it increased from 5,637,856 to 6 ,8 0 1,62 7 — a rapid
ratio o f 35 per c e n t ; in the second the increase was 14 per c e n t ; in the third 5 per
c e n t; and now, at the close o f the fourth decade, b y a reduction o f 20 per cen t W e
240
Statistics o f Population , etc.
are less in number than w e were thirty years ago ; whereas, if, instead o f decreasing,
the population, according to its natural tendencies, had increased only in the low ratio
o f 5 per cent, it would now b e upward o f 2,000,000 more than it is. Dublin is the
only county which shows an increase o f about 10 per cent. W ith this solitary excep
tion, the decrease extends to all the counties in Ireland, and varies from 9 per cent in
Antrim, to 31 per cent in Roscommon. It w ill be observed that the percentage
is lowest in Antrim, Wexford, Down and Londonderry, and highest in Galway, Mayo,
and Roscommon. A comparison o f the numbers indicating the decrease per cent in
the different counties, viewed in connection with the state o f society in each, suggests
m any topics for reflection which we have not leisure at present to discuss, but from
which important inferences m ay be deduced. The towns all exhibit an increase varying
from 3 to 43 per cent on the ten years. In Dublin we find the population is now
254,850, showing an increase o f 9 per cent. In Cork the increase is 7 per cen t; in
Belfast 32 per ce n t; and Galway has nearly doubled its inhabitants, being now 43 per
cent m ore than in 1841.”
1841 .
Places.
A ntrim ........................
W e x fo rd .....................
D o w n ........................
L o n d o n d e rry ...........
D o n e g a l....................
K ildare......................
A rnaugh....................
L o u t h ........................
T y r o n e ......................
K e r r y ........................
Carlow.......................
W ick lo w ....................
W aterford .................
Kilkenny....................
King’s C o u n ty .........
W estm eath................
M eath........................
Tipperary..................
Fermanagh................
Clare..........................
Monaghan..................
Cavan........................
C ork..........................
L im e r ic k ..................
L o n g fo r d ..................
Queen’s C o u n ty .. . .
L eitrim ......................
S lig o...........................
Galway......................
M a y o .........................
R o s c o m m o n ..................
1851 .
Number o f
276,188
202,033
361,446
222,174
296,448
114,488
232,393
111,979
312,956
293,880
86,228
126,143
172,971
183,349
146,857
141,300
183,828
435,553
156,481
286,394
200,402
243,158
773,398
281,638
115,491
153,930
155,279
180,886
422,923
388,887
253,591
persons.
250,353
180,170
317,778
191,744
244.288
96,627
196,520
91,645
251,865
238,241
•68,157
99,287
135,836
139,934
112,875
106,510
139,706
323,829
115,978
212,720
143,410
174,303
551,152
201,619
83,198
109,747
111,808
128,769
219,129
274,716
173,798
_ _ ----------Decrease.
Numbers.
25,833
21,863
43,668
30,430
42,160
17,861
35,973
20,934
61,061
55,639
18,071
26,856
37,135
43,415
33,982
33,790
44,122
111,724
40,503
73,674
57,032
68,825
222,246
80,019
32,293
44,183
43,489
52,117
124,794
114,171
79,793
Rate
per cent
in 1841.
9
10
12
13
14
15
15
18
19
19
20
21
21
23
23
23
24
25
25
25
28
28
28
28
28
28
28
28
29
29
31
Rate
per cent
in 1841
& 1851.
7.6
11.6
10 .5
13
13 .5
14 .5
14 .7
1 6 .9
18 8
28
20
18
2 0 .5
1 9 .4
23
22
22
2 6 .8
2 4 .5
2 9 .8
2 6 .4
2 6 .4
3 0 .6
28 .5
2 7 .8
2 4 .2
2 6 .9
2 9 .3
3 0 .7
3 1 .3
3 0 .6
The towns all exhibit an increase, as shown b e lo w :—
1841.
Places.
D u blin .........................................
Belfast............................
Cork ...............................
Lim erick...................... .
W aterford......................
G a lw a y ..........................
Drogheda.......................
Carrickfergus................
1851.
Number of Persons.
232,726
254,850
75,308
99,660
80,720
85,485
48,391
55,268
23,216
26,667
17,275
24,697
16,261
16,876
8,488
9,379
Increase.
Numbers.
22,124
24,352
5,765
6,877
3,451
7,422
615
891
Rate
per ct.
9
32
7
14
14
43
3
9
Railroad, Canal, and Steamboat Statistics.
241
R A ILR O A D , CANAL, AND STEAMBOAT STATISTICS.
PROGRESS OF RAILROADS IN SOUTH CAROLINA,
1st. T h e S outh C a rolin a R a ilroa d . The main trunk line o f this road extends from
Charleston to Augusta, a distance o f 137 miles, with branches to Columbia and Cam
den ; the first 67, and the latter 37 miles— making, in the whole, 241 miles.
2d. T h e G reenville and Colum bia R a ilroa d , extending from Columbia to Greenville,
a distance o f 142 miles, with branches to Anderson and A bbeville ; the former 11, and
the latter 12 miles— making the whole length o f road 165 miles. Fifty-three miles o f
this road, commencing at the Columbia end, are completed. After leaving Columbia,
the road runs up the west bank o f Broad River to Alston, 25J miles, where it crosses.
I t then runs pretty nearly a west course, by w ay o f Newberry, (which is 47 miles
from Columbia,) to the Saluda, which it crosses twice before reaching Greenville. The
whole line will probably be completed in one year from the present month. Greenville
is in the north-west corner o f the State, and will be 271 miles from Charleston by rail
road. The President o f the company is the Hon. John B. O’Neale, o f Newberry.
3d. 2'he C harlotte a n d South C arolina R a ilroa d , extending from Charlotte, North
Carolina, to Columbia, about 110 miles, some 20 or 30 miles being in North Carolina.
The principal points on this road, in South Carolina, are Winnsboro and Chester. The
road is now completed to a point about 10 miles north o f Winnsboro, and is pushing
forward rapidly towards Charlotte. A t that place it will connect with the North
Carolina Central Road, through which it will have a northern outlet. The President
o f this road is E. G. Palmer, Esq., o f Chester.
4th. T h e K in g 's M ou n ta in R a ilroa d. This road branches off from the Charlotte
and south Carolina Road at Chester, and runs to York, a distance o f about 25 miles.
W e presume it w ill be completed during the coming fall or winter. President o f this
road, Win. Wright, Esq., o f Yorkville.
5th. W ilm in g ton and M a nchester R a ilroa d , extending from Wilmington to the
South Carolina Railroad, near Manchester, a distance o f 162 miles. A bout 67 miles
o f the line o f this road are in North Carolina. The whole line is nearly graded, and,
it is believed, will be completed within one year from the present time. Gen. W . W .
Harllee, o f Marion, South Carolina, is President.
6th. T h e L a u r en s R oad. The line o f this road branches off from the Greenville and
Columbia Road, a short distance above N ewberry, and runs to Laurens, 31 miles.
Eight miles o f this road will be completed in October next, and the whole line in two
years. President, J. H. Irby, Laurens.
7th. 'The S p a rta n bu rg a n d U n ion R a ilroa d , extending from Newberry to Spartan
burg, a distance o f about 66 miles. The work on this line has not been commenced.
A survey has been made, and a large amount o f stock has been subscribed, but no
steps have yet been taken towards the commencement o f operations in the field.
The following is the aggregate o f line o f railroad in South Carolina, in progress and
operation, nam ely:—
Miles.
South Carolina R a ilro a d ............................................................................................
Greenville and Columbia R ailroad...........................................................................
Charlotte and South Carolina R ailroad ..................................................................
King’s Mountain Railroad...........................................................................................
"Wilmington and Manchester R ailroad....................................................................
Laurens Railroad..........................................................................................................
A d d Spartanburg and Union Railroad, projected................................................
241
165
110
25
162
31
66
Total........................................................................................................................
800
Deducting the Spartanburg and Union Road, we have 735 miles o f line that either
are, or will soon be in operation. It will also be recollected that South Carolina con
tains 28,000 square miles. W hen her area, and the extent o f her railroads are taken
into consideration, she occupies a very respectable position as a railroad State. W hen
all her works are completed w e may expect that a decided impulse will be given to
all her great interests.
VOL. XX V .---- NO. II.
16
242
Railroad, Canal, and Steamboat Statistics.
PROGRESS OF RAILROADS IN MAINE,
According to Mr. Morton’s late report, there are 252 miles o f railway in operation in
the State, which cost $'7,129,092.
O f this sum, about $1,250,000 were expended upon
the Portland, Saco, and Portsmouth R o a d ; but even with this deduction the amount
expended averages about a milliou a year since the railway awakening in 1845.
But
only a few o f the railways are yet completed, and very many o f those chartered are
not yet begun.
W e subjoin a table o f the railroads whose charters-are now believed
to be in existence, indicating such information concerning each as we happen to have
at hand, the proposed length, the probable cost, and the progress which they have
m ad e:—
Portland, Saco, and Portsmouth, 51 miles, from Portland to Portsmouth, $1,250,000 ;
completed.
Boston and Maine, 3 miles, from South Berwick to N ew Hampshire Line, $90,000 ;
completed.
Atlantic and St. Lawrence, 150 miles, from Portland to Montreal, $4,000,000 ; about
1 0 miles finished.
Androscoggin and Kennebec, 55 miles, from Danville to W aterville, $1,250,000 ; com
pleted.
Kennebec and Portland, 68 miles, (including the Bath Branch,) from Augusta to Port
land, $2,600,000; 54 miles finished.
Y ork and Cumberland, 52 miles, from Portland to South Berwick, $360,000; 1 0 .8
miles finished.
Bangor and Oldtown, 11 miles, $350,000; completed.
Androscoggin Railroad, 36| miles, Greene to Farmington, $400,000; 20 miles graded.
Buckfield Branch, Mechanic Falls to Canton; 13 miles finished.
Calais and Baring, 5 f miles, $100,000; finished.
Penobscot and Kennebec, 54 miles, Bangor to Waterville.
Belfast and Waterville, 33 miles.
Kennebec and Franklin, 37 miles, Farmington to Augusta or Gardiner.
Somerset and Kennebec, 40 miles, Carritunk Falls to Waterville.
Penobscot, Lincoln, and Kennebec, from East Thomastou through Lincoln County to
Bath.
European and North American Railroad, 96 miles, from Bangor to east line o f State.
Penobscot Railroad, 8 miles, Bangor and Orono.
Great Falls and South Berwick, 18 miles.
Lewiston and Topsham, 20 miles.
Machias Port Railroad, 8 miles. This, w e believe, is in operation.
Damariscotta Railroad, local.
South Thomaston, local.
The twelve last mentioned roads. remain almost w holly to be built.
The twenty-
tw o roads enumerated w ill have cost, when completed, about $18,000,000.
In order
to complete them, they require about $11,000,000 in addition to what they have al
ready had.
This is no trifle to be raised for expenditure within the State o f Maine.
STEAM ON THE WATERS OF THE BOSPHORUS,
A short time ago the Turkish Government organized a company for the purpose of
plying steamers on the Bosphorus. The C on sta n tin op le G azette , in a recent number,
gives the full details o f that company. The capital is fixed at 4,500,000 piastres,
(1,000,000 francs,) divided into 1,500 shares, o f 3,000 piastres each. A lready seven
steamers have been ordered, five o f sixty horse power, to be used for the transport of
passengers ; the tw o others, o f 100 to 120 horse-power each, will be em ployed to tow
the vessels which contrary winds m ay prevent from entering the Black Sea and the
Sea o f Asof. The seven steamers will cost nearly 4,000,000 piastres: the remaining
600 000 being intended for the construction o f quays for the convenience o f passengers.
T he Sultan has taken 100 shares ; the Sultaness, his mother, 50 ; the Grand Vizier and
ministers figure on the list for 281 shares; 500 others have been taken by various
high dignitaries, bankers, &c.— G a lig n a n i’s M essenger.
Railroad , Canal, and Steamboat Statistics.
243
HUDSON RIVER STEAMBOATS IN 1813 AND 1850.
The following advertisment is taken from a N ew Y ork paper, published in 1813.
The fare in that year was seven dollars.
The average fare at the present time is one
dollar, and freequently it is as low as fifty, and even twenty-five cents. But for the
advertisment, which, if o f no practical importance, it may be well to place on record
in the pages o f the M erchan ts' M a ga zine, as an illustration o f the progress o f economy
in tra vel:—
HU D SO N R I V E R
S TEAM BO ATS.
For the information o f the public, the Paragon, Captain Wiswall, w ill leave New
Y ork every Saturday afternoon at five o’clock.
Thte Car o f Nuptune, Captain Roorbach, w ill leave N ew Y ork every Tuesday after
noon at five o’clock.
The North River, Captain Bartholomew, w ill leave N ew Y ork every Thursday
afternoon at five o’clock— and—
The Paragon will leave A lbany every Thursday morning at nine o’clock.
The Car o f Neptune w ill leave A lbany every Saturday morning at nine o’clock.
The North River w ill leave A lbany every Tuesday morning at nine o’clock.
P R ID E S O F P A S S A G E .
FROM N E W
YORK
To Yer Planks P oint.............
W est Point.........................
Newburg.............................
W appinger’s Creek...........
Poughkeepsie.....................
H yde Park.........................
Esopus.................................
Redhook..............................
Catskill................................
H u d s o n ..............................
C oxsaekie..........................
Kinderkook........................
A l b a n y ...............................
FROM ALBANY.
$2 00 T o
2 50
3 00
3 25
3 50
4 00
4 25
5 50
5 00
5 00
5 50
5 75
7 00
Kinderhook........................ . . .
Coxsaekie............................
Hudson................... ............
Catskill................................
Redhook ............................
Esopus.................................
H yde Park.........................
Poughkeepsie....................
W appinger’s Creek...........
Newburg.............................
W est Point..........................
V er Planck’s Point...........
N ew Y ork...........................
$1
2
2
2
3
3
4
4
4
5
50
00
00
‘25
75
00
25
50
00
25
75
25
00
A ll the other w ay passengers to pay at the rate o f one dollar for every twenty
miles. N o one can be taken on board and put on shore, however short the distance
for less than one dollar. Young persons, from two to ten years o f age, to pay one-half
price. Children under two years, one-fourth price.
Servants, who use a berth, two-thirds price, but half price, if none.
Every person entering a name on the book for passage, shall pay at the time o f so
doing, otherwise the berth will not be considered as engaged; any person who having
paid, and afterwards declines to go, shall be entitled to a passage, in the same boat, at
any future period, but not to have the money refunded.
One dollar to be paid for each dog or animal, not exceeding the size o f a sheep—
they are to be tied on deck forward o f the foremast.
E very person payiug full price is allowed 60 lbs. o f baggage— if less than whole
price, 40 lbs.— all surplus baggage to be paid for.
WROUGHT IRON BEAMS FOR STEAM ENGINES.
The beams o f steam engines, as most people are aware, have hitherto been made o f
cast iron, which is liable to break. The attem pt to make them o f malleable iron was
never dreamt o f ; and when we state that rolled beams are now to be seen at the
depot o f the Y ork, Newcastle, and Berwick Railway, the announcement w ill be re
ceived in many quarters with surprise, i f not incredulity. W e saw the monster plates,
however, with our own eyes (the largest plates every yet rolled) measuring seventeen
feet in length, four feet eight inches in breadth at the widest part, and one and oneeighth inch hi thickness. Each plate weighs upwards o f one ton four cwts. These
plates were manufactured at the Derwent Iron Works, Consett, and are on their way
to Messrs. Todd and Macgregor’s works in Glasgow, to form part o f a large marine
engine; they are much lighter, and, consequently, less cumbrous, than the ordinary cast
iron beams, and infinitely safer.— L on d on M in in g Journal.
,
Railroad, Canal and Steamboat Statistics.
244
CONDENSED HISTORY OF STEAM.
A bout 280 years B. C., Hero o f Alexandria, formed a toy which exhibited some o f
the powers o f steam, and was m oved by its power.
A . D., 540, Anthemius, an architect, arranged several chauldrons o f water, each
covered with the wide bottom o f a leathern tube, which rose to a narrow top
with pipes extended to the rafters o f the adjoining building, a fire was kindled
beneath the chauldrons, and the house was shaken by the efforts o f the steam ascend
ing the tubes. This is the first notice o f the power o f steam recorded.
In 1543, June 17, Blasco De Garoy tried a steamboat o f 209 tons, with tolerable
success, at Barcelona, Spain. It consisted o f a chauldron o f boiling water and a
moveable wheel on each side o f the ship. It was laid aside as impracticable. A
present, however, was made to Garoy.
In 1650, the first railroad was constructed at Newcastle on Tyne.
The first idea o f a steam-engine in England was in the Marquis o f W orcester’s
“ History o f Inventions,” A . D., 1663.
In 1710, Newcomer made the first steam-engine in England.
In 1718, patents were granted to Savary for the first application o f the steamengine.
In 1764 James W att made the first perfect steam-engine in England.
In 1736, Jonathan Hulls first set forth the idea o f steam navigation.
In 1778, Thomas Paine first proposed this application in America.
In 1781, Marquis Jouffroy constructed one on the Saone.
In 1785, two Americans published a work on it.
In 1789, William Tymington made a voyage in one on the Forth and Clyde Canal.
In 1802, this experiment was repeated.
In 1782, Ramsey propelled a boat by steam at New York.
In 1787, John Fitch, o f Philadelphia, navigated a boat by a steam-engine on the
Delaware.
In 1793 R obert Fulton first begun to apply his attention to steam.
In 1793, Oliver Evans, a native o f Philadelphia, constructed a locomotive steamengine to travel on a turnpike road.
The first steam vessel that ever crossed the Atlantic was the Savannah, in the month
o f June, 1819, from Charleston to Liverpool.
ORIGIN OF THE USE OF STEAM IN PROPELLING BOATS,
The last Patent Office Report furnishes some very interesting information in regard
to the origin o f the use o f steam in propelling boats, that is not generally kfiown. It
is presented in documents found in the archieves, and addressed to the Legislatures o f
Virginia, Maryland, N ew York, and Pennsylvania, and to private individuals, whose
dates range from 1784 to 1788.
From these documents it appears that within the period stated, two persons, James
Rumsey and John Fitch, got it into their heads that they could propel boats by steam,
and a contest arose between the tw o as to whom the right thus to run boats belonged
as the first discoverer. In September, 1788, Rumsey presented a petition to the
“ Honorable Representatives o f the Commonwealth o f Pennsylvania,” praying that
“ he be granted the exclusive right to the use o f steamboats,” which petition was op
posed b y John Fitch, who represented that the right was already vested in him by
special act o f the Assembly, passed on the 28th March, 1787. Mr. Fitch in March,
1787, also obtained from the Legislature o f New York, the exclusive right to run
steamboats on the waters o f that State. These grants were made after committees had
seen his boat and machinery, not then completed, but which he completed the next
year, so as to run his boat on the Delaware River, at the rate o f four miles an hour.
On another trial run between Philadelphia and Burlington, she made twenty miles in three
hours and ten minutes. But though Fitch got the start o f Rumsey in N ew Y ork and
Pennsylvania, the latter headed him in Virginia and Maryland. The Legislature o f
the State vested in James Rumsey the exclusive right to run steamboats, by an act
dated January 22d, 1785, though the application was brought before the body as early
as November 11th, 1783.
These documents are all interesting, and show that both Rum sey and Fitch were
filled with the idea o f running boats by steam about the same time, but which caught
it first, or perfected it first, is hard to decide. ¥ e have room only for one o f the doc
Railroad, Canal, and Steamboat Statistics.
245
uments, -which bears with it great weight, and will probably give the palm to Rumsey.
It is from no less a person than General Washington, and is perfectly authenticated,
and reads as follow s:—
G E N E R A L W A S H IN G T O N ’ S O P IN IO N O F M R . R U M S E y ’ s IN V E N T IO N .
I have seen the model o f Mr. Rumsey’s boats, constructed to work against stream,
examined the powers upon which it acts, being eye-witness to an actual experiment,
in running water o f some rapidity; and give it as m y opinion (although I had little faith
before) that he has discovered the art o f working boats by mechanism and small manual
assistance, against rapid current; that the discovery is o f vast importance, may be of
the greatest usefulness in our inland navigation; and i f it succeeds, o f which I have no
doubt, that the value o f it is greatly enhanced by the simplicity o f the works, which,
when seen and explained to, m ay be executed by the most common mechanic.
Given under m y hand, at the town o f Bath, county o f Berkeley, in the State o f
Virginia, this 7th o f September, 1784.
______________________ GEORGE WASHINGTON.
PLAiVK ROAD LAW OF NEW YORK.
AN ACT
IN
R E L A T IO N TO P L A N K R O A D S A N D T U R N P IK E
R OADS, PASSED A P R IL
9, 1851.
1. The following persons, and no others shall be exempt from the payment
o f tolls at the gates o f the several plank-road companies formed under the act entitled
“ A n act to provide for the incorporation o f companies to construct plank-roads,” pass
ed May 7th, 1847.
S ec. 1. Persons going to or from religious meetings, held at the place where such
persons usually attend for religious worship, in the town where they reside, or an
adjoining town, or within eight miles o f their residence.
S ec. 2. Persons going to or from any funeral, and all funeral processions.
S ec . 3. Troops in the actual service o f this State or o f the United States, and per
sons going to or from militia training, which by law they are required to attend.
S e c t io n .
4. Persons going to any town meeting, or general election at which they are entitled
to vote, for the purpose of voting, or returning therefrom.
S ec. 5. Persons living within one mile of any gate by the most usually traveled road,
shall be permitted to pass the same at one-half the usual rates of toll, when not engaged
in the transportation of other persons or the property of other persons.
S ec. 6. Farmers living on their farms within one mile of any gate by the most usual
ly traveled road, shall be permitted to pass the same free of toll, when going to or
from their work on said farms.
BOSTON RAILROAD DIVIDENDS.
Dividends and interest to the amount o f $1,600,000 were paid in Boston during the
month o f July, 1851.
A m ong some o f the most prominent are the following:—
W estern R a ilro a d ...............................
Boston and W orcester........................
Boston and M ain e...............................
Fitchburg...............................................
Taunton Branch...................................
Boston and Providence......................
Boston and L o w e l l .............................
Connecticut and P assu m psic...........
Fall R iv e r .............................................
Pittsfield and North A d a m s..............
W orcester and Nashua.......................
South Reading B ranch ......................
Old Colony Railroad..........................
Mass. 5 per cent issued on Western Railroad.
Capital.
$5,150,000
4,500,000
4,155,700
3,320,000
250,000
3,160,000
1,830,000
1,090,000
1,000,000
450,000
1,267,800
200,000
1,854,200
Per cent.
4
3£
3*
4
4
3
4
3
3
3
2
5
2
Amount.
$206,000
157,500
145,449
132,800
10,000
94,800
73,200
32,700
30,000
13,500
25,350
10,000
37,084
24,875
AN ILLUSTRATION OF THE INFLUENCE OF RAILROADS.
The influence o f railroads upon the general prosperity o f the immediate neighbor
hoods through which they pass has been strikingly exemplified in Franklin county,
Tennessee, through which the Nashville and Chattanooga road is in progress. In this
county lands have advanced in price from eight to twenty dollars per acre.
246
R a ilr o a d , C a n a l, a n d S tea m b o a t S ta tis tic s .
CONNECTICUT AND PASSUMPSIC RIVER RAILROAD.
The receipts on this road for the year ending June 1, 1851, w e r e .. .
Expenses same time......................................................................................
$149,583 11
65,458 19
Nctearnings....................................................................................................
Interest and two dividends o f 3 per cent each.......................................
$84,124 92
79,311 00
Surplus for the y e a r .....................................................................................
Surplus previously on hand..........................................................................
4,813 92
3,556 31
Total surplus June 1 ,1 8 5 1 ..................................................................
$8,370 23
From this the directors have appropriated sufficient to meet the entire loss b y the
freshet, which occurred in the spring o f 1850, and which could not be ascertained until
some time after its occurrence. The amount o f extraordinary expense charged off for
this purpose is about $6,000.
BRITISH RAILWAY CAPITAL AND LOANS.
A return has been obtained by Mr. Labouchere, and printed by order o f the House o f
Commons from which it appears that the amount o f capitals and loans by railway com
panies authorized previous to the thirty-first o f December, 1849, was £359,065,115.
The amount o f share capital actually paid up on 31st o f December, 1849, not receiv
ing or entitled to receive any preferential dividend or interest, was £158,560,118,
whilst preferential dividend or interest was paid upon £19,852,506. A t the same
date the railway companies had debts to the amount o f £51,335,154. The total amount
which had been raised by shares and loans at the end o f 1849 was £229,747,779, and
power was retained to raise £128,637,703 additional. The length o f railway open for
traffic on the 31st o f December, 1849, was 6,031 miles ; 1,160 m iles were in course o f
construction, and in 1,947 miles were authorized, but had not been commenced at that
date. The total length o f railway for the construction o f which powers had been ob
tained was 12,009 miles. Seven amalgamations o f railway companies were effected in
1849.
STEAM COMMUNICATION WITH THE NORTH OF EUROPE,
Lowestoft has been selected as a royal mail packet station, under special contract
with the Danish government. Steamers are to leave that harbor every Saturday for
Hjerting and Ballum, as this is the shortest route to Copenhagen, Stockholm, and the
northern ports o f Denmark and Sweden. A party o f gentlemen recently set off on an
experimental trip to Hjerting, in the steamer Prince, which is admirably arranged for
the carriage o f both cattle and passengers— a large traffic in both being expected to
be developed by means o f the new steamboats and the Norfolk and Eastern counties
railways between the northern ports o f Europe, London, Norwich, Manchester, Bir
mingham, and other parts o f Great Britain. The passage between Lowestoft and
Hjerting and Ballum, the nearest shipping-places to the cattle districts of Denmark and
Zetland, will, it is anticipated, be perform ed in from twenty-four to twenty-six hours.
INCRUSTATION IN STEAM BOILERS.
Dr. Babbington, o f London, has taken out a patent for preventing incrustation by
voltaic agency. For iron boilers he recommends a plate o f zinc, sixteen ounces the
square foot, to be attached to one o f its edges by solder to the interior o f the boiler;
and both sides o f the plates being left exposed to the action o f the iron and water,
voltaic agency, thus excited is said to have the desired effect. For large boilers, tw o,
three, or more plates m ay be used, as necessary.
A MODEL EMIGRANT SHIP.
The packet ship Washington recently arrived at the port o f N ew York, with one
thousand and ten persons, nine hundred and sixty-one o f whom were emigrant passen
gers. She had a boisterous passage o f thirty-six days, during winch she lost several
spars, but not one o f her human cargo, either b y sickness or accident. This is, so far
Journal o f Mining and Manufactures.
24 1
as we remember, the highest number o f passengers ever landed in this or any other
American city, b y one vessel. Captain Page has delivered in four consecutive voyages
no less than three thousand five hundred immigrants. H e has been unusually success
ful in preserving the health o f his passengers in these several voyages. The editors
o f the E v en in g P o s t have seen a certificate signed b y four hundred o f these passen
gers, in behalf o f all the rest, in which they “ testify to the superior arrangements o f
the ship as an emigrant vessel,” and return their “ sincere thanks to the captain and
officers for their kind and considerate attention, as w ell as for the able seamanship dis
played during a voyage o f no ordinary difficulties.” Tue passengers also joined in
presenting a handsome gold watch to Charles Reynolds, Esq., the able and experienced
physician o f the Washington, “ in testimony o f the zeal and ability displayed b y him
as medical officer.” It affords us great pleasure to record in the pages o f the M erch a n t s’
M a g a zin e such evidences o f wisdom and humanity, and w e trust our ship owners and
ship masters generally, w ill profit by the example.
JOURNAL OF M IN IN G AND MANUFACTURES.
THE GEMS OF THE CRYSTAL PALACE,
W e cheerfully give p lace to the subjoined letter from our friend and correspondent,
Dr. L e w is F eu ciitw a n ger , who is one o f the most practical chemists, mineralogists. <fcc.}
in the United States.
stones.
H e is, moreover, an enthusiastic admirer o f gems and precious
His interesting work on gems, published some tw elve years since, formed the
basis o f an article on the “ Commercial Value o f Gems,” in the M ercha n ts' M a g a zin e
for December, 1840 (vol iii., pages 504— 516.)
does not instruct, the read er:—
The following letter w ill interest, if it
L ondon, June 16,1851.
F re em an H unt, Esq., E d ito r M ercha n ts' M a g a zin e :—
D ea r S ir :— A s I have just returned from the Crystal Palace, and being highly d e
lighted with the sights o f the articles o f fancy, na m ely: gems and minerals, I take
this opportunity o f giving you a short sketch o f the most interesting and most valuable
precious stones, <fcc., to be seen at the Crystal Palace. Such a galaxy o f splendor and
magnificence congregated here, o f the most valuable treasures o f the whole world, has
never before been displayed at one place, and w ill probably never occur again. This
year I consider an era in the department o f the fine and mechanical arts, which m ay
produce an astonishing effect on the pursuits o f life. The result o f the present exhibi
tion, in presenting for competition the natural and artificial products from the whole
world, the skill and mechanical ingenuity o f every branch o f science applied to the
arts, both useful and ornamental, is, and w ill continue to be, o f such vast importance
and influence, that it is hardly yet time to realize them. N o other locality, nor one
with higher or more suitable auspices, could have been selected than the city o f Lon
don for the carrying out such a grand and lofty scheme. In the United States, cities
m ay rival each other in the best productions o f mechanical ingenuity; in Prussia,
Austria, or France, their biennial or triennial exhibitions m ay excite a stimulating in
fluence over their manufacturing districts; but, on the present occasion, whole nations,
containing millions o f inhabitants, are brought forward in array against each other, to
test their respective moral strength. A lready the commissioners and members o f ju
ries are seriously meditating about their protecting angels— whether Minerva, or V ulcan, or Ceres, have spread their wings over France, or whether Jupiter has dispatched
the three graces to the Zollverein or to Austria, to protect the interest o f those smaller
States. N o one doubts but what France has made powerful efforts to display to Eng
land and to the whole world her moral strength ; it is whispered, moreover, that she
w ill carry off the palm in her cannon, her tapestry, her manufacture o f jew elry, silks,
embroideries, <fcc., while England will claim for herself the laurel for numerous branches
o f industry; Prussia for the skill produced b y V u lca n ; the Indies for their vegetable,
and Russia for her mineral wealth. It is my intention to write out with more detail
the thoughts which occurred to me after examining the vast collection o f the beautiful
and the useful for the third time, but find that I am unable to do so in the present
hurry. I detect, with every visit, more beautiful and magnificent snecimens o f almost
Journal o f M ining and Manufactures.
•248
every branch. Within the last w eek the splendid Russian ornaments o f malleable
doors, fire-places, <fce., the most magnificent French sculpture and casts, have been ex
posed, for the first time, to the gaze o f the spectators, and the distant countries con
tinue to send additional specimens, which, though late for competition, y et welcom e
subjects for the gaze o f the curious. It is on this account I shall await a little time
for the description o f those goods which interest me most, and which, when finished,
w ill give a better idea o f the tout ensemble. I will receive a catalogue which has been
corrected, but y et does not contain the Russian collection complete.
Before proceeding with the description o f those diamonds on exhibition, I will enu
merate the twenty great diamonds, or brilliants, in the possession of the several crowns
o f the w o rld :—
1 . .The diamond belonging to the Crown o f Portugal is larger than a hen’s egg, and
2.
3.
4.
6.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
17.
18.
19.
20.
it
.The
.The
•The
.The
.The
.The
.The
.The
.The
.The
.The
.The
.The
.The
.T he
.The
.The
.The
.The
w e ig h s.............................
Russia..............................
Russia, pigeon-egg size.
P o r t u g a l........................
Great M ogul....................
Persia...............................
T u rk ish ...........................
Persian Rose D ..............
Austrian..........................
Persian. . . , ....................
France (sky b lu e ).........
Persian (r o s e )................
England...........................
France (the Pitt)............
Pigot.................................
Persian.............................
Persian.............................
Holland (a cone)............
R u s s ia .............................
Darianian........................
1,680 carats.
779
1,193
215
279
135
140
46
13 9 i
66
671
30
47
1361
47
45
48
36
68
171
It is valued at.guineas
5,649,800
854.728
297,992
369.800
622.728
145.800
156.800
16,928
155,682
34,848
150,000
7,200
3C.000
149,050
30,000
16,200
18,432
18,365
36,999
6,000
The Ivoh-i-Noor, which has belonged to the Crown o f England for the last four years,
and which was brought as a trophy from the East India conquests, and is on exhibition
in the Crystal Palace, is valued, by competent judges, at £2,000,000 sterling. Its
weight is 186 carats. It has a surface o f about two inches.
The Dariana, or the Brilliant Sea, likewise on exhibition by the East India Company,
is without any facets, and is o f the flat cut, about one and a half inches in diameter.
It is surrounded by ten more small, and likewise unfinished flat diamonds.
The third o f the larger size diamonds, and said to belong to Portugal, but it was
then in the case o f Haas & Raskell, is one o f half-cut diamonds, like the latter, and set
in a casket with three smaller ones o f the same cut.
The B lu e D iam ond , weighing 177 grains, and set b y beautiful white diamonds, and
belonging to Mr. H ope, is exquisitely fine, and is certainly unique. It was valued at
£30,000 sterling, he, however, p id but 11,000 guineas.
A m ong the diamonds I have examined about ten more very fine, averaging from ten
to fifteen carats, in the various cases o f the French, Brazilian, and English.
One very fine brilliant, which I had to examine pretty closely, is that belonging to
the Duke o f Wellington, set in the sword presented to him by the Portugal Arm y,
after the close o f the Peuinsular War. I should ju dge that it weighs twelve carats.
Rough diamonds, in great abundance, and o f great size and variegated colors, in the
collection o f the Duke o f Devonshire and Messrs. Haas & Raskell.
The Blue Sapphire, in the case o f Haas & Raskell, is unquestionably a most precious
gem. It is about three inches broad, and has a splendid blue color.— another o f two
inches, and one o f one inch diameter. They are really beautiful.
The Ruby, in the collection o f the East India Company, is three inches long, and
supposed to be the largest in the world.
O f Emeralds o f various sizes o f four inches diameter to one-half inch, I have seen
at least 400 to 500 specimen sets.
The greatest emeralds may be seen in a saddle and bridle from the East Indies,
also in the girdle o f an apron o f an Indian in the East India Company’s Collection;
these two compartments contain probably the most valuable gems ; the emeralds are
o f the size o f pigeons eggs, about fifty o f them. The diamond caskets, necklaces and
Journal o f Mining and Manufactures.
249
other ornaments, spread over the various divisions, such as France, Austria, Italy,
Portueal, <fcc., are immensely valuable, and very gorgeous in appearance ; the most
beautiful and costly are those from Georgia ; one set, consisting o f Brilliant Casket and
Pins with pearls, and another with em eralds; the casket is valued at £ 2 0 ,0 0 0 ,the
pins at £5,000. The Crown Pearls o f the Queen o f Spain are o f immense value and
beautiful. Emperor Faustus I , o f Hayti, likewise displays his crown jew els and
sword most splendidly mounted. The Brazilian Crown Jewels are valued at various
prices. The quantity o f Oriental Pearls, and their value, is impossible to imagine.
There are here the largest and most perfect pearls, such as have never been seen be
fore at one p la c e ; the largest one belongs to Mr. Hope, which is three inches long and
valued at £20,00.0. The East India Company has some magnificent pearls, forming
the epaulets o f an Indian Chief. The jew els o f the Duke o f Devonshire, the various
jewelers, and the English jewels, Portugal and Brazilian, their value must exceed a
million o f pounds sterling. I may safely say that I could fill a bushel basket with the
brilliants, one with emeralds, one with pearls, another containing the other description
o f gems, such as rubies, etc., (fee., their aggregate value cannot be less than 50 millions
pounds sterling. The sdver plate here displayed from the various nations, is in the
same ratio as the gems. The quantity o f precious metals, and in their rough state, is
also stupendous ; from Russia, tw o specimen o f native gold, eight pounds ea ch ; three
specimen o f platina o f twenty-one, twenty-two, and twenty-five pounds e a ch ; a piece
o f native silver from Chili weighing 154 pounds ; also from Sweden and Norway o f
much value ; kegs o f silver and gold obtained with process o f refining, from two to
three hundred each. I have, Dear Sir, given you here but a taste o f what I have
seen ; in my next letter I will continue the gems and the metals more in detail.
Truly Yours,
LOUIS FEUCHTWANGER, M. D.
ON THE COST OF MANUFACTURING COTTON CLOTH.
To the E d ito r o f the M e r c h a n ts M a ga zine :—
Some time during the last winter the truth-seeking editor o f the “ E con om ist ” had
the good fortune to obtain a cop y o f one of the w eekly reports made by the manager
o f the Graniteville Cotton Mill to its stockholders. In this was set down the items of
actual expenditure in changing raw cotton into brown sheetings. This statement, as
is probable, was the first o f its kind that the editor had ever seen, and he rightly
thought that its publication would interest such o f his patrons as were endeavoring to
establish a cotton mill in his neighborhood. Having eastern authority that Granite
ville was in a very rough and benighted district o f the South, and that its m ill was
operated chiefly by boys and girls who, but a short time since, were running, or rather
sleeping, on the pine barrens o f South Carolina, he innocently supposed that the Cannelton Cotton Mill, with operatives, two-thirds emigrants from eastern mills, and onethird industrious German “ Hoosiers,” and under the management o f an experienced
N ew England manufacturer, could turn out as large and cheap produce. Taking this
as a basis, and referring to the Louisville and St. Louis markets for the value o f cotton
and o f cloth, he made out a p rosp ective profit o f 2 .8 4 4 cents a pound on the manufac
ture o f brown sheetings— not at Lowell, or Graniteville, or Matteawan, but at Cannelton. The cotton was not to be purchased at Liverpool, nor were the goods to be sent
to N ew Y ork for sale. The savings on the transportation o f both material and pro
duct were clearly in view.
I presumed that you copied the article from the “ E c o n o m is t" because it contained
facts that were new, and would be interesting to your readers. I have now the twentyfour volumes o f your Magazine, whose statistics render it invaluable. Am ong the
vast mass o f facts, I do not find any table, prior to that in your June number, giving
the items o f cost in the ordinary processes o f cotton manufacture. The managers o f
the eastern cotton mills preferred giving you results and not details. You, doubtless,
wished to throw all possible light on a subject o f new interest to very many o f your
southern and western subscribers.
For these publications, S. T. H., o f Matteawan, N ew York, has, as it seems, felt him
self called on to express, in your July number, his “ surprise ” and “ disgust,” and to
correct the “ errors” and “ gross misrepresentations” therein made. The method o f
calculation adopted by him is truly remarkable. H e takes an expected profitable re
sult, predicated on the movement o f machinery and cost o f labor in South Carolina
and Indiana, and on the cost o f cotton and price o f goods in the central W est, and com
250
Journal o f Mining and Manufactures.
pares this with a stated and former loss in the operations o f the Atlantic Cotton Mill
in Massachusetts. Wonderful arithmatician, statistician, and logician! “ I f a pound o f
turnips cost two pence, what is the value o f a load o f hay ?” It is folly to discuss a
question with such a reasoner.
It is, however, o f much importance to us to have all the information w e can get on
this subject. I f those who have thirty years’ experience on the Merrimac in this branch
o f industry will not instruct us, we must be thankful for what we can learn from our
friends, who have three years’ experience on the Savannah.
I t is said that 4-4 sheetings, 2 .9 0 yards to the pound, have been recently made in a
N ew England cotton mill, at or about 3£ cents per pound. The cost at Graniteville
was stated to he 4 .6 3 3 cents. This includes labor, superintendence, repairs, oil, starch,
and fuel for heating the mill. The other items o f expenditure appear to be insurance
o f 1 to 2 per ce n t; fund for renewals o f old and obsolete m achinery; repairs on build
ings, and commissions, say 5 per cent for selling the goods with guaranty. W e esti
mate these items from one to tw o cents a pound, and should be obliged if “ S. T. H.”
would put us exactly right on this point. The waste is about .117. Now, if these es
timates are correct, it is certainly no difficult task to reckon the cost o f making and
putting brown sheetings into our market.
For instance, the price o f middling cotton is now and here (not
at Matteawan) s a y ....................................................................cents
A d d 11 per cent for waste, supposing this is not profitably
worked u p ............................................................................................
A d d Graniteville cost o f labor, A c . ...................................................
A d d maximum cost o f insurance and commissions.........................
8 .0 6 0
0 .8 8 0
4 .6 3 3
2.0 00
15.513
The price o f 2 .9 0 brown sheetings is now and here (not in N ew Y ork) 7
cents a yard, or for a p o u n d ...............................................................................
Deduct c o s t.................................................................................................................
Profit here, and not at L ow ell or Glasgow
20.300
15.513
4 .7 87
A ll this is on the presumption that labor and machinery w ill be as cheap and effect
ive here as at Graniteville. I f their efficiency can be increased so as to reduce the
cost o f fabrication to 3 f cents, and if insurance, commissions, Ac., can be reduced to
one cent per pound, and if the goods do not fall in price and cotton does— so much the
better for us.
That there are many, and very many, obstacles to surmount, and extra expenses to
incur, in establishing a cotton manufactory in a new place, however numerous its natu
ral advantages m ay be, is undoubted. They existed, however, and in a higher degree,
at the commencement o f the cotton manufacture at Pawtucket and Lowell. The esti
mates are made here, as they were made there, not for this or the next year o f appren
ticeship, but for a series o f years, in which the vigor and skill o f manhood m ay be
expected.
That the Atlantic Mill lost $50,000 from the 1st o f January to the 1st o f July, is,
doubtless, true. But it does not appear that the loss occurred from a cost o f fabrica
tion above 4.6 33 o f a pound. It is not stated how much o f its stock o f cotton had to
bear the fall o f six cents a pound. Looking at general results, and for a series o f years,
the wealth o f Massachusetts proves, pretty clearly, that her manufacturers have little
cause o f complaint. I f particular results are quoted, all the particular facts must be
scrutinized before w e can well decide on the causes. But a few years ago we obtained
a large part o f our cherry and black-walnut tables and bedsteads from N ew England,
(perhaps some from Matteawan,) that were made out o f trees cut on the banks o f the
Ohio. Now, we make these articles at home, and the manufacturers get respectable
profits. I f an estimate o f the cost and price o f these articles was offered, and the re
sulting profits shown, would “ S. T. H.” prove that “ gross misrepresentations” were
made, because these results were different from those attending the operations o f a
Matteawan furniture factory ?
Y our July number has reached us only to day, and I have no time to elaborate a
paper for your next number. In conclusion o f this hasty letter, I remark, that our es
timates o f the cost and profit o f working up our great staple have been made from the
most reliable data w e could obtain, a n d /o r hom e use. W e find an agricultural popu
lation pouring in upon us, and producing an excess o f cotton, hemp, corn, wheat and
tobacco. W e see the necessity o f “ creating a market on the land for the product of
Journal o f Mining and Manufactures.
251
the land.” W e incline to think that, with cheap fuel and subsistence ; with a compar
ative exemption from taxes ; by lessening the number o f middle-men ; by savings ill
carriage, and by the use o f the most approved machinery, w e can work up a large por
tion o f our staples at home, and into coarse forms, for domestic, and perhaps foreign
markets, and maintain our present high rates o f wages and interest. W e hope to make
great progress in the industrial arts in five, or ten, or twenty years.
I f we make erroneous calculations, we will receive corrections with thankfulness
from those who can avoid expressions o f “ disgust,” and charges o f “ gross misrepre
sentations.”
Yours, respectfully,
C a n n e l t o n , I n d ia n a ,
July 18,1851.
S. H.
SKETCH OF THE MANUFACTURE OF VITRIOL IN GLASGOW,
A correspondent sends us the following interesting statement o f the manufacture o f
the article known in Commerce as V itr io l:—
There is one perpetual motion in Glasgow. On all days o f the year, and at all hours
o f the day or o f the night, from almost the highest ground in the city— and certainly
from the highest point that brick and mortar have reached— a column of dark black
smoke issues, sometimes to be rapidly thrown away b y the rough wind, sometimes,
in calm nights and mornings, rising almost perpendicularly far up into the skies, which it
seems to pierce and link to the earth; but in all its vicissitudes o f form and shape,
acting like a sym bol or type o f the town, telegraphing its character to the farthest spot
where any part o f it is visible. This wreath o f smoke is the first and the last symp
toms o f Glasgow that the traveler sees. The St. R ollox chimney, from which it is
projected, is the highest building in the city, and the highest o f its kind in the world.
Its hight is 445 feet from the foundation, 435 feet from the surface o f the earth, and,
from the position, it must be nearly 600 feet above the level o f the sea. Its diameter,
at the surface o f the earth is 40 feet, but it tapers upwards until, at the top, the breadth
is reduced to 13£ feet. This is the measurement within the w a lls; and for nearly 200
feet upwards the building is double. One chimney is built round another, until the fabric
reaches nearly the hight which we have mentioned. Three large flues, we believe 12
feet in diameter, are run through the works, and carry into the chimney all the tainted
air and smoke, which it was built for the purpose o f discharging at a hight that would
neutralize the complaints made against the chemical works as a nuisance hi the atmos
phere.
The erection occupied the greater part o f tw o summers, and was completed at a cost
o f £12,000. A t a distance tins noble stalk appears too taper and thin for its immense
size. One is apt to expect it to be blown down in a heavy storm ; but in reality it pos
sesses great strength and the elements o f stability. It covers a considerable area, and
has been so girt together that, exposed as it is to all the blasts, it m ay continue to form
for many years, what it now is, one o f the most picturesque objects in the city or
neighborhood. This chimney firm s the drain o f all the contaminated air from the
largest chemical works in this country ; and, w e understand, the most extensive in the
world. They w ere commenced, w e believe, in 1791 or 1792, on a comparatively smaU
scale. They now comprehend eleven acres within the walls, and nine acres are occu
pied by sudsidiary works in the immediate vicinity. The St. R ollox W orks form, there
fore. a vast laboratory, covering twenty acres o f land.
Seven hundred men are em ployed in the works, on an average. T w o thousand four
hundred tons o f coals are consumed weekly, partly purchased, and partly from the
pits o f the company. The consumption o f Irish lime is nearly tw o hundred and fifty
tons w e e k ly ; and o f Liverpool salt nearly tw o hundred tons are used in the same
time. The chief foreign products em ployed in the works are sulphur, tallow, rosin,
cocoa-nut oil and palm oil. The quantity used o f each o f the three first is extrem ely
la rg e ; but o f the African oils a comparatively small amount is required. The princi
pal commercial products o f the works are “ vitriol,” crystalized soda, soda ash, bleaching
powder, and soap.
The production o f vitriol is one o f the first o f the processes. Sulphur forms neces
sarily the first and chief ingredient. The sulphur is placed in small furnaces, along
with nitrate o f soda, in the proportion o f 100 o f the former to l £ o f theiatter. There
are nearly one hpndred o f these furnaces in the works, which communicate with six
sets o f chambers, consisting o f six separate chambers communicating with each other
in each set. Each chamber is formed o f sheet lead, on wooden pillars, and measures
252
Journal o f Mining and Manufactures.
70 feet long, 20 feet wide, and 13 feet high. A communication is formed between the
several furnaces attached to each set o f chambers. B y this communication, or flue,
the sulphuric acid gas is conveyed into the chambers. Another set o f furnaces keep
three steam boilers in constant employment, and their pipes also communicate with the
vitriol chambers. The boilers continually form steam for no other purpose than to bring
it into contact with the sulphurous acid gas. The chambers, formed at a great expense,
are erected to be the scene o f a perpetual contest between gas and steam. The meet
ing o f the waters may give a greater shock, without producing more singular results,
than the coalition o f the contending parties in these leaden castles. The steam suc
ceeds in condensing the sulphurous acid gas, and by whatever other atmospheric aid
it obtains, converting what would certainly be a very troublesome nuisance into one of
the most powerful liquids that w e possess. The condensation or result is sulphuric
acid, which is deposited in the chambers in strength o f 120 or thereby. The sulphur
ic acid is run off the chambers daily by pipes into lead receivers, placed in iron cases
above a furnace, and it evaporates in them to from 140 to 150. Care is taken never to
allow it to rise above the strength last denoted, because then it might melt the lead, or
destroy the receivers, from which it is run into two platina stills. The weight o f the
stills, with the heads, was stated by one o f the parties in charge, to be seventy-seven
pounds each. These stills are necessarily very expensive instruments, because platina
is more valuable than silver, standing indeed, half way between it and gold. A t the
price per ounce at which these stills were valued by our informant, the cost o f each
would be £1,900— strictly £1.971 4s.
The passage through the platina stills is the last o f the processes, and the result is
marketable vitriol o f 168 to 169. The liquid is then filled into bottles, containing gen
erally from tw elve to thirteen gallons, and weighing 160 to 190 pounds. In some in
stances smaller bottles are used ; but they generally weigh from 11 lbs. to 14 lbs. each.
The bottles are previously packed with straw in a hamper for each, and great care is
necessary in their management. They are often conveyed a great distance, pass through
rough usage, and seldom foil in their trust. W hen that does happen, the consequences
are not favorable to any substance that may come into contact with their contents,
than which we have few more potent destructives. Each bottle is furnished with a
stopper, which is closely covered over, and the only leakage that can occur must result
from a catastrophe to the entire vessel.
The manufacture of sulphuric acid does not appear to materially effect the health and
strength of the men employed in the process. The atmosphere must be slightly charged
with sulphuric gas, and the taint is quite perceptible to a stranger; but the workmen
seemed to suffer, in that department, no inconvenience. Other processes are very dif
ferent and require considerable precautions.
“ THE MOUNTAIN OF LIGHT ” DIAMOND.
The Liverpool Chronicle sensibly asks, and as sensibly answers, the question— “ W hat
the richer are we ?” for the “ Mountain o f Light,” that occupies a prominent place in
the “ Crystal Palace ” o f the great Exhibition.
“ W H A T T H E R IC H E R
ARE
W E ?”
E very one who goes to the Exhibition tries to get a good look at the great diamond.
There it is, in its gilt iron cage, under a glass case, on its lock-up pillar, blazing back
the light. People have heard so much about the diamond that they must see it, and
bearing in mind its eastern name, Mountain o f Light, and seeing, from a long w ay off,
its golden dome, and a crowd around it as if they were basking in its beams, up they
come, elbowing and pushing to the prison bars.
Some think that the Mountain o f Light can, at all events, be no less than the whole
glass shade that covers it; and it is quite amusing to hear their “ That’s it !” “ Oh, is
it? ” “ That’s the Mountain !” “ The Koh i-Noor P and to see their looks, as if they
considered the whole thing a downright imposture, and felt themselves completely hum
bugged when they find that the big cage and the glass shade are all to cover a bit o f a
thing not bigger than half a fair-sized walnut.
True enough; but then it is, or is supposed to be, the largest diamond in the world ;
and the lapidaries, having weighed it, and tested its purity, set down its price at more
millions than all the other things in the Exhibition are worth, taker* together. That
bit o f crystalized carbon, that any one could with the greatest ease hide in his mouth,
is said to be o f sufficient value to buy every item the world has sent to its Show of
Industry, Queen o f Spain’s jew els, Crystal Palace, and alL
Journal o f Mining and Manufactures.
253
There it is in its cage, playing with the daylight, brilliantly enough, and doubtless, if
w ell disposed, it might be seen the whole length o f the building otf, flashing forth its
rays as if it were some condensation o f light. But, withal, what are we the richer ? It
tells the story o f the fall o f the Indian Caesars; the Sikh Lion Kings, brave as lions
ever w e r e ; o f wars waged ten thousand miles o ff; o f lands laid waste and cities ruined,
and men maimed, and slain, and flung in mangled heaps. But what are we the richer ?
W hat wealth is there for the nation in that diamond * What the poorer w ere the world
if it lay yet incrusted over among the quartz in some mountain-cave ? W hat the worse
off were the people o f England if it were brought between the wires o f a galvanic bat
tery, and burnt like a piece o f coal ?
There is no actual wealth in that diamond, millions though it be worth ; it is a mere
wealth o f figures ; it adds nothing to the land, or clothes, or food, or inventive powers
o f the people. It finds no fruit, no emulance, no wages ; fells no forests, brings up no
crop in any wilderness. It has an imaginary worth, but we are none the richer for it.
W e might have the whole transept o f the Crystal Palace set with such cages and dia
monds, and be a poor starving poeple. However bright they shine, we do not live on
diamonds. rl hey are brilliant, rare, and dear, but the wealth o f a people is in commoner
things. Our riches in the Palace o f Industry are shown in our coal, and iron, and ma
chinery ; in the inventive genius and workmanship that, toiling through a long course
o f years, has set up those hard materials as the arms, and hands, and bones, and mus
cles, and untiring thews o f steam, to hew, and mold, and weave, and spin, and gather
up for man a thousand-fold the abundance that his own mere strength could gain.
Y our diamond-finders add nothing to the world’s wealth ; the growers of com and
cotton, the feeders o f cattle and weavers o f wool, the carriers of Commerce, awakening
industry throughout the world, are the wealth-producers. W e are none the richer for
the diamond, but we are o f all the world the richest people in the genius that has
made that iron-work, and gathered from every corner o f the world harvests for an ever
growing m ultitude; and richer we might be a hundred-fold the value o f that worldwonder o f a diamond, if, instead o f the sword, we had carried to India honor, justice,
and industry.
IMPROVEMENT IN THE MANUFACTURE OF STARCH.
B y the L on d on P a te n t Jou rnal, w e learn that Mr. James Colman, o f Stoke, Norfolk
Co., England, has recently taken out a patent for a new improvement in the manufac
ture o f fine starch, which appears to be o f no inconsiderable importance.
The follow
ing is an extract from the published specification:—
Take one ton o f rice, either whole or broken, with or without the husk, and submit
it to the action o f caustic alkaline ley, in the manner at present performed, using soda
in preference to potash, as affording a less deliquescent product. Wash the rice so
prepared, and then pass it through the grinding or levigating mills in the usual man
ner, so as to reduce the starchy matter to a pulp, in a flue state o f division. The
washed pulp, so obtained, is next to be placed in a churn, together with forty gallons
o f a solution prepared in the following m anner:— Take twenty pounds o f borax, and
dissolve it in such a quantity o f hot or cold water as will suffice to form a ‘ cold satu
rated solution ; for which purpose about twenty parts o f water are requisite for one
part o f borax ; pour forty gallons o f clear solution o f borax, thus made, on a bushel
o f uuslacked lime, placed in any suitable v essel; stir the mixture, and arid to it enough
water to make up the quantity used to fifty gallons. A llow the undissolved portions
in the mixture to precipitate, draw off the clear supernatural solution, and place it in
the churn with the starch pulp, prepared in the manner before mentioned. The con
tents o f the churn are next to be subjected to agitation for two or three hours, so as to
bring each particle o f the starchy matter in communication with the alkaline solution.
W hen the desired effect has been produced, the mixture is to be run from the churn into
the separating vessel, and about as much water as the churn will hold added to it, (d i
mensions or capacity o f churn not given ;) the whole is to be now w ell stirred, anil the
starch washed, boxed, and dried in the usual way. Instead o f borax and lime, as
above mentioned, the same quantity o f solution o f borax alone may be used, or a solution
o f bitartrate o f potash and lime, or a solution o f bitartrate o f potash alone may be
em ployed. In either case, the process is to be conducted as above described. In
the case o f any other farinaceous or ligutninous substance than rice being employed, the
material used must be reduced to a fine pulpy state, as in the case o f rice, proceed
ing as above directed.
Journal o f Mining and Manufactures.
254
COPPER MINES OF LAKE SUPERIOR.
The following “ facts and figures ” o f the Lake Superior Copper Mines, are derived
from an article written by J. T. H odge , Esq., mineralogist, o f N ew York, for the
A m e r ic a n R a ilro a d Journal.
Although the mining operations o f the Lake Superior region were greatly increased
the last year, the amount o f copper shipped fell short o f the estimates that had been
made for the production o f the season. This was owing to several causes— the prin
cipal one o f which was the want o f stamp-mills to prepare the fine copper. This, at
the different mines not provided with the machinery for dressing, necessarily remained
behind. This was the case especially at the M in esota , the mill not being quite ready
up to the close o f navigation. The only mills in operation were those o f the Cliff
Mine, North American, and N orth-west; and that their shipments were not so large as
anticipated is to be explained by the unusually late period that the navigation re
mained opened in the fall o f 1849, thus enabling them to ship off in that year what
was calculated upon for the n e x t; and also to the mines themselves not being so well
opened in advance for stopping, as was supposed; hence, this work could not be so
extensively carried on through the summer. The Minesota Mine especially was greatly
put back by the necessity o f taking up the floor o f the lower level, in consequence o f
an error in the laying out o f the work. In no instance, that w e are aware of, have
the mines that were counted upon to produce the amount estimated, failed in conse
quence o f want o f sufficient copper. On the contrary, this has been found more and
m ore abundant; and several new mines are now in operation, which, during the present
year, promise to make no small addition to the production o f the copper region. The
only new one which made a shipment the last year was the Forest, on the west side
o f the Ontanagon, opposite the Minesota. The amount o f this was 9,867 lbs., in masses
and barrel work, which yielded 54 per cent. This is the largest quantity that has been
shipped by any mine the first year o f its operations, with the exception o f the Minesota.
The stamp work is on hand ready for the mill, which w ill be built this summer.
The following table exhibits the receipts from the different mines at the Sault during
the y e a r :—
R E C E IP T S O F C O P P E R A T SA U L T S T E . M A R I E F R O M
YEAR
Cliff..................................................
North Am erican............................
M in esota .......................................
N orth-west.....................................
Siskowct (Isle R o y a le )................
F o r e s t ............................................
Copper Falls.................................
Pittsburg and Isle R o y a le .........
T o t a l:...................................
THE LAKE
S U P E R IO R
M IX E S D U R IN G T H E
1850.
Darrels of Barrels o f
barrel work. stamps.
779
220
115
30
16
4
96
No. of
masses.
401
28
110
114
33
5
. . .
6
11
Total.
Tons.
Lbs.
709
48
128
1 ,2 2 2
651
103
129
1,164
19
394
5
1.693
2
1,676
5
57
1,103
905
W e are not furnished with the per centage that the shipments yielded. The North
American, however, did not equal in richness what had been before sent from this
mine, and, judging from what we saw o f the Cliff copper, we should not suppose this
to be equal to the copper o f the previous year. The published yearly report o f this
mine w e have not y et been able to obtain. The following data w e extract from the
C in cin n a ti G a z ette :—
“ The dividend o f the year is announced at 10 per cent. The product o f the year
was $176,129; expenses, $116,855, including the cost o f a new steam-engine, trans
portation o f it, etc. The No. 1 shaft has been sunk to a depth o f 310 feet, and No. 2
to 851 fe e t This mine has been worked since 1847, and with an average number of
miners o f about 60. The total product o f the mine up to 1st December, 1850, has
been $658,310. The capital stock paid in is $110,905, upon which in three years
$204,000 dividends have been paid.”
The population o f the mining district has increased till it now numbers about 2,000,
most o f whom are laborers. These are insufficient for the demand, and labor com
mands as high a price as in any part o f the country. Facilities for reaching the mines
have been greatly increased, and transportation o f freight is now at less rates than
Journal o f Mining and Manufactures.
255
have before obtained. A t each o f the mines more or less land has been cleared, and
the crops o f potatoes, hay, oats, etc., have been very abundant— still, however, far
from supplying the demands o f the population. The reputation o f the climate for
salubrity and the restoration o f invalids, especially o f consumptives, is now well-es
tablished, and the region is becoming a place o f resort for other objects than those
connected with the mines.
In this communication, we w ill not undertake to notice all the mines which are now
in operation. On Keeweena Point, as well as on the Ontanagon, many new enterprises
were undertaken the last year, some o f which w e shall, as opportunity offers, describe
with some minuteness o f detail. O f these, the most prominent on Keeweena Point
are the following '.— C opper F a lls, which after languishing for several years, has now
made a great start by the discovery, last fall, o f a new vein with extensive ancient
works upon it. The discovery was made b y Mr. S. W . Hill, wTho is now directing the
operations there. The E u rek a , Zeolite, P h oen ix, N o r th W estern , I r o n City, and Cape
are all actively prosecuted, and have all taken out more or less copp er; hut none of
them are provided with stamp-mills. Near Portage Lake some new operations have
been carried on during the winter, o f the success o f winch we know nothing. In the
Ontanagon region w e understand that the F orest, F a rm , A d ven tu re, A z te c, R idge,
P en in su la , N orw ich, and T ra p R o c k have all copper ready for shipment. Neither o f
these is furnished with a stamp-mill. The country is covered with squatters, w ho have
secured pre-emption rights to all the promising tracts on the mineral range, not other
wise taken up.
SUCK’S FLAX COTTON.
Some time ago we had occasion to call the attention o f our readers to the wonderful
invention o f Elijah Slack, o f Renfrew, by which the coarse hemp, old bagging, jute,
(fee., is converted into the finest flax and flax cotton. A s we then explained, Mr. Slack
obtained a patent for his processes so far back as the month o f June, 1849; and, with
out disparagement to the inventions o f the Chevalier P. Claussen and Mr. Dotan, of
which so much has been said by the M o r n in g C hronicle and others o f the London and
provincial press, we then took the liberty o f expressing our opinion that the results
produced by Mr. Slack’s processes gave them a title to rank as equal to those o f the
gentleman referred to in point o f value, and superior to them in the matter o f priority.
Since the appearance o f our notice w e are gratified to know that the subject has ex
cited much public attention, and no little speculation on the part o f many individuals
largely engaged in manufactures. In the meantime, however, Mr. Slack has gone on
quietly but persevereingly, completing his experiments in dyeing, animalizing, and im
proving the materials upon which he operates, and specimens of the proceeUs o f these
have been sent to our office, and to experienced parties all over the country.
W e have now before us, we may mention, the product o f a piece o f coarse hemp
bagging, in the various forms o f fine flax, and w e are sure that a glance at the articles
referred to w ill be quite sufficient to satisfy any unprejudiced observer that the inven
tion, when fully developed, is calculated to effect a surprising revolution in the spinning
and weaving manufactures o f this country. In addition, we have also had handed to
us a piece o f fine lawn muslin, figured w ith flax cotton, and it is no exaggeration to
say that the flowers have all the luster and glossy appearance o f silk. This, we be
lieve, is the first time in which flax cotton has been used for the purpose o f figuring
fine muslins, and the result, w e understand from practical parties, is most satisfactory
and conclusive. W e may just add, while noticing this subject, that independent alto
gether o f the opinions which may be entertained as to the effect which the substitution
o f home-made flax for foreign grown cotton is calculated to produce, we consider that
the invention by which the material is animalized gives it a superiority over cotton,
which cannot fail to secure its general adoption by parties engaged in the silk, woolen,
and linen trade.— G lasgow S a turda y P o st.
FIRST USE OF COAL IN ENGLAND AS FUEL,
W hen this article was first introduced into use as fuel in Great Britain, the prejudice
against it was so strong that the Commons petitioned the Crown to prohibit the “ nox
iou s” fuel. A royal proclamation having failed to abate the growing nuisance, a com
mission was issued to ascertain who burned coal within the city and its neighborhood,
and to punish them by fine for the first offense, and by demolition of their furnaces if
they persisted in transgression. A law was at length passed, making it a capital offense
256
Journal o f Mining and Manufactures.
to burn coal within the city o f London, and ODly permitting it to he used in the forges
in the vicinity. Am ong the records in the Tower, Mr. A stle found a document importing
that in the time o f Edward I. a man had been tried, convicted, and executed for the
crime o f burning coal in London. Ittookth ree centuries entirely to efface this prejudice.
PRODUCT OF THE COAL MIKES OF PENNSYLVANIA,
The Pennsylvania coal and non mines are more valuable than the gold mines o f Cal.
ifornia, inasmuch as they enter into the production o f almost every article o f Commerce
and consumption.
Pennsylvania, under a liberal and judicious administration, and an
economical and energetic development o f her immense industrial resources, can never
be poor.
A State like Pennsylvania m ay becom e embarrassed from the very excess
o f enterprise ; but the idea o f repudiation, in connection with a State o f such resources,
is a contradiction in terms.
not o f means.
Repudiate it might, but it would be from lack o f honesty,
Pennsylvania has never wanted either; it was only a temporary em
barrassment, when that means were not at command, that caused the unfortunate de
lays in the payment o f her debts, which have been made the butt o f so much ill-tem
pered criticism on both sides o f the Atlantic.
The subjoined table (derived from the last annual report o f the Philadelphia Board
o f Trade,) showing the increase o f the coal trade, from its commencement, 1820, annu
ally, to the present period, w ill best illustrate, in part at least, our position on this head.
During the past year, says the report o f the Board o f Trade, the total value o f the
coal sent to market at tide-water would amount to
s ix t e e n
m il l io n s o f d o l l a r s
.
W ho
w ill pretend to fix the quantity o f coal sent from the Pennsylvania mines thirty years
hence, when steam, to a great extent, shall have taken the place o f sails, in vessels
navigating the ocean and our extended coast ?
T A B L E , S H O W IN G T H E Q U A N T IT Y O F CO AL SE N T TO M A R K E T A N N U A L L Y , F R O M
Total
Total
Lehigh. Schuylkill.
Tons.
Years. Tons.
365
1,073
1821.
2,441
1822.
5,823
1823.
9,541
1824.
6,500
28,396
1825.
31,280
16,767
1826.
32,074
31,300
1827.
30,232
47,284
1828.
25.110
79,973
1829.
41,750
1830.
89,984
40,966
81,854
1831.
75,000
209,271
1832.
123,000
252,971
1833.
106,244
226,692
1834.
131.250
339,508
1835.
146,522
432,045
1836.
225,937
523,152
1837.
433,875
214,211
1838.
222,042
4*42,608
1839.
225,591
452.291
1840.
112,807
585,542
1841.
541,504
1842.
271,913
677,313
1843.
267,125
1844.
376,363
840,379
1845.
430,993
1,086,068
1846.
522,518
1,230,581
1847.
643,568
1,572,794
1848.
680,193
1,052,834
1849.
800,987
1,605,626
722,688
1850.
1,711.847
Total 7,029,002
M EN T IN
1820,
Lackawanna.
Tons.
Pine Lykens* ShamoGrove. Valley.
kin.
Tons.
Tons.
Tons.
7,000
42,700
54,000
84,500
111,777
43,700
98,845
104,500
115.387
76,321
122,300
148,470
192,270
205.253
227,605
251,005
266,072
318,400
388,200
434,267
454,240
543,886
TO
1850,
5,500
9,978 5,439
16,726 6,430
16,665
6,005
19,227 5,372
19,463 5,302
6,176
15,306
31.437
181
22,879
....
27,719
31,208
55,346
61,233
56,938 2,000
78.299 25,000
62,809 35,000
15,176,623 4,390,698 525,733 96,905
IT S C O M M E N C E
IN C L U S IV E .
4,104
11,930
15,928
22,154
10,098
9,870
13,087
10,135
12,646
14.904
19,357
19,658
19,921
Wyoming.
Tons.
47,346
57,740
114,906
178,401
188,003
289,898
237,271
2 5 8 ,0 8 0
243,350
164,430 1,614,571
Total
Supply.
Tons.
1,073
2,441
5,823
9,541
34,896
48,047
63,434
77,516
113,083
174,734
176,820
368,771
487,748
376,636
575,103
698,484
887,632
746,181
823,479
867,045
964,255
1,107,732
1,262,532
1,623,459
2,002,877
2,333,494
2,970,597
3,082,860
3,241,890
3,371,255
28,998,286
Increase &
Decrease
Tons.
708
1,167
3,583
3.718
25,355
13,151
15,387
14.082
35,567
62,351
2,386
191,951
118,977
72,112
198,467
123,381
189,148
141,451
77,298
43,566
97,210
143,477
154.800
360,927
379,418
330,617
637,103
112,263
159,030
97,506
I.
I.
1.
I.
I.
i.
1.
I.
1.
1.
J.
I.
D.
1.
I.
1.
1).
1.
1.
I.
1.
1.
1.
1.
1.
1.
1.
I.
I.
Journal o f Mining and Manufactures.
257
SILVER MINES IN CALIFORNIA,
Tw elve miles from Monterey, on the Pacific coast, is found a beautiful extent o f
country, known as the Salina V alley. The correspondent o f the A l t a C a lifo rn ia
gives some interesting facts relative to the- discovery o f silver mines.
“ The Salina V alley is like most o f the other California plains— bounded on the east
and west by thigh ranges o f hills, and running nearly north and south.
The Salina
mountains, from every appearance, and the judgm ent o f numerous people, long resi
dents o f Mexico, as well as Mexican miners themselves, are said to show every indica
tion o f extensive deposits o f lead and silver ores, as, indeed, these ores have been dis
covered there many years ago. A company from San Francisco (says the correspon
dent) is now engaged in working the Alisal mines, and have sunk a shaft forty feet
deep ; and are beginning to turn up. from a vein nearly a yard wide, an ore o f lead
and silver which contains, so far as assayed here by a Sonora miner, about one dollar
in silver, and five ounces o f lead to the pound o f mineral. The mine is accessible to
the port o f Montery— about twenty miles— and on a rise o f only one to two hundred
from the plain, with abundance o f wood and water for all purposes.”
The A l t a furnishes the following additional intelligence relative to these mines :—
“ W e learn that the minerals on the Alison and Patrocinio ranches, in the Salinas
V alley, (under title from the viceroy o f Spain, before the Mexican revolution,) have
been purchased from the owners. Governor Alvarado, and W . E. P. Hartnell, Esq., o f
Monterey, by Jacob P. Lesse, of Monterey, and Messrs. Howard & Green, Major Snyder,
and Mr. Yale, o f this city. N o company has been formed, but the mine is worked by
these gentlemen, and under the immediate superintendence o f Baron Charles Nurah,
who has had an extensive experience in scientific and practical mining operations in
Europe, South America, and the States o f Virginia and Georgia.
“ In addition to the presence o f lead and silver in the ore, its chief value is derived
from the quantity o f gold, which, from repeated experiments had in this city, amounts
to from ten to fifty cents per pound, or an average o f $600 in gold to the ton o f ore.
The metals are easily extracted, and a furnace is now erecting on the ground to reduce
the ores to the combined metals, with the intention o f bringing the bars to this city,
and separating the metals here. The mine was worked some twenty years ago, and
some families in the south have plate manufactured from silver taken from this loca
tion. During the California revolutions, lead was obtained and made into balls. It is
estimated that the lead will pay for working the mine.”
AMERICAN INVENTIONS IN FRANCE.
W e learn, from a late Paris letter, that, some time ago, Mr. E. Burke, late Commis
sioner o f the Patent Office at Washington, sent to the Minister of Agriculture and Com
merce there, drawings and descriptions o f some twenty o f the most remarkable inven
tions for which patents had been taken out in the United States during the year 1848.
The Minister to whom they were sent examined the inventions, and then submitted
them to the appreciation o f the “ Society for the Encouragement o f National Industry.”
This is an important institution, in which are held annual meetings in Paris, presided
over by M. Dumas, the distinguished chemist, late Minister o f Agriculture and Com
merce, and having, as secretary, Charles Dupin. The Society referred the American
inventions to a committee, with instructions to make a report, and signalize such as
might appear to be worthy o f special action o f the Society in relation to them. A t a
recent meeting the report was made, and it seems that the committee have been so
favorably impressed with the efforts o f American ingenuity submitted to it, that cer
tainly two, and perhaps three or four, have been pronounced worthy o f medals.
CEMENT FOR MENDING BROKEN VESSELS.
T o half a pint o f milk, put a sufficient quantity o f vinegar in order to curdle i t :
separate the curd from the whey, and mix the whey with the whites o f four eggs,
beating the whole well togeth er; when mixed, add a little quick-lime through a sieve,
until it acquires the consistency o f a paste. W ith this cement broken vessels or cracka
cau be repaired ; it dries quickly, and resists the action o f fire and water.
V OL. XX V .---- NO. II.
17
258
Mercantile Miscellanies.
M E R C A N TILE M ISCELLANIES.
CREDIT, OR THE RECIPE THAT CURES.
Ouv cotemporary o f the “ C arpet B a g !’ once and a while treats his readers to some
humorous, if not sage, thoughts on topics falling within the sphere o f our particular prov
ince. Read for instance the subjoined essay on credit, which will amuse, if it does not
instruct, our mercantile readers:—
Credit to a man is what cream is to a nice cup o f coffee— what loa f sugar is to Old
Hyson tea— it mollifies and enriches him, makes a smooth face, a pair o f beaming eyes,
a pleasant smile, a cheerful tone o f conversation, a sally o f wit, and a steady, quick
gait. A man with good credit never runs after patent m edicines; he keeps a tonic in
his stomach every day. H e cannot pass his butcher’s cart but the very horse seems
sensible o f his presence, and stops short to receive orders. His grocer runs with the
“ pass book,” and from a cent’s worth o f yeast, to a box o f Havana or a basket o f champague, he cheerfully " items ” till quater day. His creditors had as lief take his note
as the money, for there is no trouble in getting a discount; and his tailor slaps him on
the shoulder, and says he “ has a piece o f broadcloth about the finest,” and begs him to
give him a call.
The man o f credit walks up State-street, not with a strut, but a sense o f self-respect,
which the feeling “ I owe no man ” gives to every one ; for he knows his money is on
deposit and waiting orders. Y ou would tell in an instant that he is no herb-tea drin
ker— no sarsaparilla and dock-root man— his pulse is regular, and he sits down in arm
chairs in insurance offices as self-satisfied as President Fillmore in the chair o f State.
H e never was asked “ if it would be convenient to pay that little bill to-day ?” in his
life, for the plain reason, the man o f good credit most generally anticipates his bills;
consequently he is not so sympathetic to those who inquire “ A ny thing over to day V
A nd then what a rush the brokers make after him ! The “ bears and bulls ” are
all ready to seize him, and just before th e “ B oard” meets, are sharpened to victimize
him. “ Canton is rising ”— “ Edgeworth tending upward ” — “ buoyancy in dividend-pay
ing stocks ” — “ any orders to day, Mr. Grodey ?” Once in a while he makes a purchase,
hut with great cautiun, and always when such a degree o f certainty seems to hang
over his operation as to leave him no chance for a bad dream at night.
The man o f credit never has long standing accounts. H e always squares up when
he receives his dividends; pays for his wife’s bonnet when the milliner sends it home,
for he knows it must be a convenience to work-women to receive cash on the spot.
H e acts up to the rule that “ honesty is the best policy,” and his religion seems to in
fluence his every-day affairs— for he always contends, a man troubled about meeting
worldly payments is very apt to rob his Maker o f his dues. H e therefore never sub
scribes more than he is willing to pay on the spot— for he is worldly-wise, and can
narrate to you how he attained his present Experience. H e informs you that a heavy
debt sorely disturbs the peace o f a religious society ; consequently he never worships
in a church burdened with a debt. He knows statistics, and can compute interest; pities
men who are obliged to mortgage their homes, but condemns those who owe for churches.
Moreover, he has a large acquaintance, and freely gives his advice to lone women and
orphan children.
Whether the man o f credit has many trials is quite uncertain. His family are cheer
ful, and his home is hospitable, but he does not always live on turtle-soup nor waterfowls. Beef is digestible and nutricious, and beef he enjoys. H e eats only the food
that keeps the mi ld clear and the purse in a well condition. H e does not choose to go
to Europe, because it is “ fashionable nor to “ Cuba,” because his daughter has a
slight cough ; he keeps a thermometer, and makes a southern climate at home.
Easterly winds and the trying month o f March strangely effect those whose credit
is impaired. Imports have been to g reat; exports to sm a ll; trade does not show a
healthful activity, and a certain “ blue ” look settles on his countenance. This man
drinks his coffee strong, and occasionally indulges in late hours and high wines. His
wife wears a velvet cloak and gay bonnet, but she has the “ blues ” prodigiously. No
woman can be happy where the husband has an em pty pocket, and she depends on him
to fill her own. His credit is not good, and this entails misery on all his family affairs.*
*
259
Mercantile Miscellanies.
The woman o f good credit likewise carries with her an immense advantage. She
can wear what she pleases, and everybody knows she can have better if she desires—
she can stay at home because every one knows she can afford to go abroad— in fine, it
is not half as hard work to live and be a.Christian, as to be straining after unattainable
goods, fretted how to pay for them, lying down to bad dreams, and rising with a bunch
in one’s throat. The best recipe in such cases is to wrap a flannel tightly over our
superfluous wants, never let them go abroad, and w e shall soon be able to swallow
with ease.
MORAL RESPONSIBILITY OF COMMERCIAL FIRMS.
W e extract the following passage from the report o f a discourse, (originally pub
lished in the Sun,) delivered in the Plymouth Church, Brooklyn, by
B eecher,
H enry
W ard
and publish it for the “ benefit o f all whom it may concern.”
M E N A C T IN G AS P A R T N E R S IN
F IR M S .
There is not a single provision for the moral conduct o f men, which does not bind
commercial firms. Evasion, falsehood, fraud, robbery, dishonesty and dishonor of
every kind, are just the same before God in a commercial firm, as they would be in a
single member o f it. Nor can any man be allowed to charge it upon an abstraction,
and say, I did not do it— the firm did it. I f the firm did it, that is only euphemism—
a soft way o f saying that three men agreed together that each and all o f them would
defraud, or in any w ay do wrong, and divide the profits between them. Y es, the pro
fits will be divided; but the whole villany, unparcelled and undivided, will be charged
up to each m a n ! Nor w ill God be m ock ed ; the miserable subterfuges which men
em ploy to bribe their consciences, will not bribe God. A ll the sideway paths, by
which men come at last to a wickedness, are just as bad as the broadway itself. I f
you procure an agent to deal fraudulently, or to lie; i f your clerk performs your w ill;
or if, with a seeming ignorance, but a real knowledge o f the whole, a partner does the
wrong, God will hold each one o f the whole to be a principal.
L et one case o f subtil connivance suffice:— Tw o men engaged, in a neighboring village
in traffic. The one had been a sterling temperance man— the other, not. The second
partner insisted upon trading in liquors, and drove a large and lucrative business at it.
The temperance partner w ould not sell it, nor handle it, but continued the partner
ship, and received a n eq u a l d ivision o f p r o f i t s ! He scorned the imputation o f partner
ship guilt ! But when God confronts him in judgment, he will require o f him not
only as much as o f his partner, but the added guilt o f duplicity and hypocrisy.— And
he w ill be held responsible for all the mischiefs which he set on foot by distributing
that inevitable destroyer o f man. God w ill burn him with every dollar got by making
good men, ba d ; and bad men, w o rse ; and rich men, p o o r ; and poor men, poorer.
God w ill draw from his eye a tear for every tear whieh his avarice has wrung
o u t ; a groan for every sigh he has m a d e ; a pang for every heart-string which he has
broken ; and for all the heart-brokenness and despair, and wild freuzy, or sullen and im
m ovable insanity wdiich his liquor has sent upon man — G od shall g iv e him double.
“ R ew a rd h er ! even as she rewarded you , and double u n to h er double according to
h er w orks ; in the cup w hich she hath filled , f i l l to h er double.— R ev. 18 : 6
WHAT IS DEBT?
Debt is a perfect bore. H ow it haunts a man from pillar to post— lurking in his
breakfast cup— poisoning his dinner— embitters his lea !— now it stalks from him like a
living, moving skeleton, seeming to announce his presence by recounting the amount
o f liabilities. How it poisions his domestic joys, by introducing its infernal “ balance ”
into the calculation o f madam respecting the piece o f a new carpet, or a new drops !
H ow it hinders dreamy plans for speculations and accumulations. Botheration ! How
it hampers useless energies, cripples resolutions too good to be fulfilled.
A t bed and board, by night or by day, in jo y or grief, in health or sickness, at home
or abroad— debt, grim, gaunt and shadowy, falls as an incumbrance. A s no presence
is too sacred, no ground is too holy to deter the memory o f “ bills and notes payable H
from taking immediate possession, so no record is so enlivening, no reminiscence more
delicious than the consciousness that debt has fallen like a January morning, twentynine degrees below zero.
Mercantile Miscellanies.
260
RIVALRY FOR THE INDIAN TRADE :
OE,
THE
D IV E R S IO N
OF
GOODS
FROM
L IV E R P O O L .
A memorial has been received, says the L iv e rp o l Tim es , by the Chamber o f Com
merce from Mr. Edward Iliggin, directing the attention o f the Chamber to the mode
in which the manufactured goods o f Manchester are being diverted from Liverpool, as
the natural poiv o f shipment for those goods to the East, and carried to London. The
memorial sets out by stating that an active opposition is going on in Manchester
for freight, which has caused the Liverpool ship-owners and brokers to reduce their rate
o f freight; and that Messrs. W . S. Lindsay A Co. are building a line o f packets to sail
monthly for Calcutta, for the carriage o f Manchester g o o d s; and they have appointed
special agents in that town. Mr. Higgin then shows w hy London ship-owners are able
to compete with those o f Liverpool, namely, the great influx o f produce laden vessels
to London, the departure o f the E. I. Company's officers, passengers, and her Majesty’s
troops from London and Portsmouth, and the diminished cost o f railway carriage to
London. U p to June, 1848, the exports from London were insignificant, but now they
have become so considerable that four-fifths, which he estimates are extracted from
Liverpool, amount 7,046 tons weight, and about 11,858 tons cubic contents. The loss
on this to Liverpool, during the two years, was £36,392. Tne memorial then proceeds
to show that goods are carried from Manchester to London at the rate o f l f d . per
mile, whilst the mileage o f goods to Liverpool was at the rate o f 4Jd. per mile, and that
the shipment o f 100 bales o f yarn at London for Calcutta was at the rate of 20s. per
ton, may be done for £ 5 9s. 7d. less than that o f L iverp ool; consequently com pel
ling the Liverpool ship-owner to reduce the freight to 15s. per ton to enable hiiji to
compete with the London ship-owner. The memorial thus concludes:— “ Assuming
that I have proved that we are rapidly losing a most important trade, or rendering it a
losing one to ship-owners, as also that the remedy lies in compelling the railway
companies to carry for us at a cheaper rate, or to charge a higher one to London, I
beg to submit to you the propriety o f calling the attention o f your Chamber to the
matter, and o f appointing a deputation, co-operating with the Ship-owners’ A sso
ciation and the East India and China Association, before whom I also lay these parti
culars to call on the agents o f the Earl o f Ellesmere, and on the chairman o f the v a
rious railways.”
SKETCH OF A BOSTON MERCHANT,
A writer in the Post, alluding to several merchants who have recently deceased, thus
mentions the living:—
« W e believe that R obert G. Shaw, Esq., is now the oldest active merchant in this
city, as he is the most opulent one. W e remember him from our boyhood, as a stir
ring, enterprising and successful m a n ; and he has probably done as much for the
city— has contributed as largely, by his wealth, and liberal feeling towards its growth,
prosperity and business facilities, as any other citizen. W e think we should be safe
in saying that he has done more. N ext in age to Mr. Shaw, we should name the vener
able Thomas B. Wales, a gentleman w ho is universally respected by the commercial
classes o f Boston, where he has been engaged in business for hlaf a century. And theu
there is his brother-in-law, Josiah Bradlee, Esq., whose sign on long wharf— No. 8, we
think— we remember to have read, when a boy, some fifty-six years ago. H e has ever
been an industrious, active merchant, and, like the others that we have named, has accu
mulated, by a close devotion to trade, and strict integrity, a large fortune. W e might
mention a few others, who are some years their juniors in mercan'ile business, but
who have amassed large fortunes, and are as much respected for their generous
qualities as those w e have named. It is painful to think, as v'e have said before, that
they are all going, going, the same w ay that thousands have gone before them.
W e have an anecdote to tell about Mr. Shaw, which was never before in print, and
which w e think, will amuse our mercantile readers, and not give offense to our vener
able friend. W e happened to be present when the occurrence took place. A gentleman
met him in the street, and, upon a brief conversation, asked him to lend him ten dol
lars as he was short— not an uncommon thing for him at the time. It was many
months ago. Mr. S., raising his spectacles, replied
“ Yes, sir, with pleasure, on one
condition.” “ W hat is that, sir * ” “ W hy, that when we next meet, you will turn your
face towards me, look pleasant, and not turn it away ! I lent Mr.'---------- a small sum
o f money about a month ago, and ever since that time he has cut me most decidedly.
Mercantile Miscellanies.
261
Meet him where I will, on State-street, Commercial-street, or in the Exchange, and he
always turns his head away. When I lend a man money, and he is owing me, I want
him to look me full in the face, as though nothing had happened. A nd then I shall
be willing to lend him again.” There is a veritable story.
THE CHIFFONIERS, OR RAG MERCHANTS OF PARIS.
The fraternal association o f rag gatherers ( ch iffon iers) gave a grand banquet in Paris,
in June, 1851. It took place at a public-house called the Pot Trincolore, near the Barriere de Fontainebleau, which is frequented by the rag-gathering fraternity. In this
house there are three rooms, each o f which is specially devoted to the use of different
classes o f rag-gatherers: one, the least dirty, is called the “ Chamber o f Peers,” and is
occupied by the first class ; that is, those who possess a basket in a good state and a
crook ornamented with co p p e r; the second, called the “ Chamber o f Deputies,” belong
ing to the second class, is much less comfortable, and those who attend it have baskets
and crooks— not o f first rate quality; the third room is in a dilapidated condition, and
is frequented by the lowest order o f rag-gatherers, who have no basket or crook, and
who place what they find in the streets in a piece o f sackcloth; they call themselves
the “ Reunion des Vrais Proletaires.” The name o f each room is w ritten in chalk above
the door, and generally such strict etiquette is observed among the rag-gatherers that
no one goes into the apartment not occnpied by his own class. A t the banquet, how
ever, all distinctions o f rank were set aside, and delegates o f each class united fraternaUy. The president was the oldest rag-gatherer o f Paris ; his age is eighty-eight, and
he is called the Emperor. The banquet consisted o f a sort of olta p ro d rid a , which the
master o f the establishment pompously called a gib elolte , though o f what animal it
is mainly composed it was impossible to say. It was served up in huge earthen dishes,
and before it was allowed to be touched payment was demanded and obtained. The
other articles were also paid for as soon as they were brought in, and a deposit was
exacted as security for the plates, knives, and forks. The wine, or what did duty as
such, was contained in an earthen pot, called the Petit Pere Noir, and was filled from
a gigantic vessel named L e Moricaud. The dinner was concluded by each guest taking
a small glass o f brandy. Business was then proceeded to. It consisted in the reading
and adoption o f the statutes o f the association, followed by the drinking o f numerous
toasts to the president, to the prosperity o f rag-gathering, to the union o f rag gatherers,
&c. A collection, amounting to f6 c 7 5 was raised for sick members o f the fraternity.
The guests then dispersed, but several o f them remained at the counter until they had
consumed, in brandy, the amount deposited as security for the crockery, knives, and
spoons.
THE FIRST ARTIFICIAL DOCK IN LIVERPOOL.
Another great improvement, says Baine in his recently published H isto r y o f L iv e r
pool, the honor o f which belongs to the corporation and inhabitants of Liverpool, after
having been talked o f since the accession o f Charles II., was commenced in the reign
o f Queen A n n e ; I mean that o f constructing an artificial dock for the reception of
shipping. It appears, from the account o f the various harbors o f the kingdom given by
Captain Grenville Collins, in the year 1690, that docks, in the modern sense o f the
term, were unknown in England at that time. N o docks seem to have existed even in
the great naval stations o f Portsmoth, Plymouth, Falmouth, or Milford, except graving
docks for the purpose o f careening ships, nor at Harwich, which was already a packet
station for the continent. The only commercial ports which possessed good accommo
dations for shipping were those in which nature had done nearly everything, viz.,
London, Bristol, Hull, and Newcastle. The harbor o f London was the stream o f the
Thames, unimproved, but almost unimprovable by art. The harbor o f Bristol was
the rivers A von and Frome, probably deepened in ancient times, but not otherwise al
tered. The harbor o f H ull was also the natural bed o f the Hull and the Humber ; and
that o f Newcastle was the bed o f the Tyne. Quays along the banks o f these rivers
were all the artifical improvement which had been effected in them. Still they af
forded shelter and good anchorage. The River Mersey at Liverpool, on the other hand,
afforded little shelter to vessels, and the anchorage wras very dangerous, owing to the
violence o f the tides. Still, with all its defects, it was the best harbor between Milford
and W hitehaven; and the corporation now determined to render it as safe by art as
the other great commercial ports o f the kingdom were by nature.
I
262
Mercantile Miscellanies.
A WORD FOR MEN-MILLINERS,
In copying the following remarks from an exchange, we do not wish to be understood
as endorsing all the writer says on the subject o f “ Men-Milliners,” for the simple reason
that -we love freedom in everything that is right.
I f a man has a taste for the pursuit
o f a milliner, or a woman for that o f a carpenter, let them adopt it.
Occupation is
everything; and they only give dignity to it, who excel in perfecting whatever is un
dertaken.
W hen we see stout, able-bodied men, monopolizing the business and calling for which
women are peculiarly adapted, and o f the two so much better qualified, to the serious
disadvantage, and, perhaps, eventual starvation o f the latter, we feel like applying the
thumb and fore-finger o f our right hand to their nasal organs, and inflicting a “ twinge ”
severe enough to make them sneeze for a fortnight thereafter. A man has no business
whatever in a milliner shop, and when he attempts to assume the duties o f such an
establishment, he should be waited upon by a martialed corps of rea l milliners, and
compelled, with a loud and clamorous salutation o f groans and hisses, to vacate instanter. O f late, females have been almost entirely driven out o f this kind o f business,
save, only, in the capacity o f half-paid employees. Manufacturers have also got to
getting up different styles o f bonnets for every change o f season, so that hundreds o f
industrious females who formerly earned a living by “ doing up ” that article o f dress,
are now, for the most part, thrown out o f employment, unless they accept o f it in the
“ down to w n ” work-shops, aud perform men’s labor for a few shillings a w eek. Menmilliners are a nuisance, and should be ashamed o f themselves for permitting their
“ avarice ” to starve poor women.
NATIVE POLITENESS OF SAILORS.
Soon after m y arrival, the sailors went to dinner. R ow s o f tables in symmetrical
order were spread over the flo o r ; and seated at these, I saw m y old unmistakeable
friends, “ the blue jackets,” discussing their b eef; generally, what a naval man would
call a good set o f men— strong, quiet, self-reliant looking men. One feels as if one was
an intruder, and comforts oneself with thinking o f one’s good intentions— but don’t be
alarmed, visitor! That is all your conceit. Jack is nowise disturbed by y o u r pre
sence. He cuts his beef, looks at you casually as you pass in your inspection, and puts
you quite at your ease ! I really think that a sailor has as good manners as you ever
see anybody with. There is such a calm good-natured independence about him ; a
Neptunian politeness, which carries you along like a fine rolling wave. “ Manners be
ing, however, the characteristic o f a man “ who feels the dignity o f a man, and is con
scious o f his own”— as Carlyle has described it, and as Brummell never knew it to be !
The fact is, that a sailor is generally in a true, real position— has certain work to do—
certain people to obey. There are no false struggles, no sham pretensions, afloat.
Every thing is determined by book and order. Jack will love a ruffian if he is an
honest ruffian, and a barbarian if he is a well-meaning barbarian. It is the continual
value set on reality at sea, that gives him independence and self possession. The ocean
knocks him about till he is rounded like a pebble. Salt water keeps character w hole
some, as it preserves beef.— D ick en s's “ H ousehold W ords."
THE RELIGION OF PAYING DEBTS.
One o f our religious exchanges has the following strong remark on this subject. They
drive the nail in to the head, and clinch i t :—
“ Men may sophisticate as they please; they can never make it right, and all the
bankrupt laws in the universe cannot make it right, for them Hot to pay their debts.
There is a sin in this neglect, as clear, and as deserving church discipline, as in stealing
or false swearing. H e who violates his promise to pay, or withholds the payment o f a debt
when it is in his pow er to m eet his engagement, ought to be made to feel that in the
eight o f all honest men he is a swindler. Religion may be a very comfortable cloak
under which to hide ; but if religion does not make a man ‘ deal justly,’ it is not worth
having.”
Mercantile Miscellanies.
263
ADULTERATION OF COFFEE AND PE PPER .
In the M erchants' M a g a zin e for March, 1851, (vol. xxiv., page 395,) we published
several instances o f adulterations in coffee and pepper, derived from statements in
the London L a n cet and other equally authentic sources. A late number o f the L a n cet
completes its exposure o f adulterations o f chicory by a detail of the extent to which
this article o f adulteration is itself adulterated. Out o f thirty-four samples o f chicory
obtained from retail and wholesale dealers nearly half were mixed with other mate
rials, such as roasted beans, burnt corn, and acorns. Considerable quantities o f sand
or carrot, parsnip, mangold-wurzel, dog-buiscuits, a kind o f burnt sugar, known as
“ black jack,” and a worthless, if not pernicious, article from Egypt, supposed to be
lupine-seed, are also largely introduced, eighty tons o f the latter having been offered
within the last few days by a Scotch house at less than l|-d. per lb.— a price, however,
which w ill hardly enable it to compete with acorns, o f which 500 tons were recently
tendered to one firm at something below fd . a pound.
It appears from a late English journal that isinglass, as w ell as coffee and chicory
is very grossly adulterated, Dr. Letheby having detected 25 per cent o f gelatine in
a sample o f suspected isinglass submitted to analysis. Here, however, the consumer
m ay detect the fraud by the disagreeable gluey flavor o f the adulterated article when
dissolved and tasted, without the usually applied condiments.
EUROPEAN DEMAND FOR AMERICAN LARD OIL,
A respected correspondent, says the Scotsm an , sends us a curious illustration o f the
benefits o f free trade, in the shape o f a bottle o f oil, manufactured from lard. The
importation o f this article, which was until lately virtually prohibited by the high duty
to which it was subject, is now considerable. From the Board o f Trade Tables, it
appears that last year w e imported no less than ten thousand tons from the United
States alone ; and the demand for it having lately much increased, the supply has, in
the meantime, so far fallen short as to raise its price more than 50 per cent. Our cor
respondent says— “ The oil is pressed from fine, sweet, fresh lard ; and the lard, when
presssed, is made into candles and soap. It is now much in use in oiling various kinds
o f m achinery; and in burning in lamps it surpasses the best fish oils, which are double
its price. I burn it in the camphene lamp, and it gives more light in m y dininig room
than eight tallow candles. It gives out a beautiful light, and lasts quite as long as
sperm o i l ; but what makes it so preferable to any other oil is its entire freedom from
offensive smell. It comes home in such fine condition that a very great part o f it is
used for culinary purposes, being preferred to butter, as being m ore wholesome and
not half the expense.”
THE MAYOR AND THE MERCHANT,
E very body in the city o f Hew Y ork knows how active Mayor Kingsland has been
since the first o f January, 1851, in causing various nuisances to be abated. A m ong
his other reforms he caused the boxes, bales, and barrels which have so long encumbered
side-walks, in the business portion o f the city to be removed, and any merchant caught
using the side-walk as a storehouse was forthwith made to pay a penalty for his viola
tion o f the city ordinances. Many were victims o f the Mayor’s unrelenting adherence
to the la w s ; and a vast improvement was manifest in the regions o f the old “ burnt
district.” But the T rib u n e states that even the Mayor him self has been victimized to
a large extent in this way. Hot long since, while the persons em ployed by him at his
oil store, were engaged in receiving a large consignment o f oil, his neighbors were tak
ing notes and entering complaints at the M ayors Office for violations of the city laws.
The complaints were w ell founded, the proofs abundant— and before the wrath o f
Kingsland, the Mayor, could be appeased, Kingsland, the merchant, enriched the city
Treasury some three hundred dollars.
CHANGES IN THE MARTS OF COMMERCE.
“ A little more than eighty years ago,” says the R ich m o n d R ep u b lica n , “ the im
ports o f Virginia amounted to $4,085,472, and those o f Hew YTork to $907,200. In
1849 the imports o f Virginia amounted to $241,935, and the exports in domestic pro
duce $3,363,422 ; the imports o f H ew Y ork to $92,567,369, and her exports to
$36,738,215.”
264
Mercantile Miscellanies.
COMMERCIAL VALUE OF STRAWBERRIES.
The strawberry is becoming a very important fruit for market. Several years ago
when all the strawberries raised for this market, were less in quantity than the single
crop o f some individuals now, it was apprehended that the increase o f this fruit would
injure the sale and reduce the p rice ; but the demand has increased faster than the pro
duction, and strawberries sell more readily, and at a higher price, than they did when
there was not one-twentieth part as much brought to market.
Under good management, says the A m er ica n S p ecta tor , this is a p roitable crop. The
produce o f an acre varying from $200 to $800 to the acre. General average, under
good culture, about $400. Some crops have exceeded $1,000 to the acre. Again, from
winter-killing o f plants, drought and other causes, the crop may be small. Notwith
standing this is a small fruit, and grows on a little plant, yielding a good crop the first
year after it is set, it has produced 4,000 quarts, or 125 bushels, to the acre. More than
any o f our grains yield, and equal to the average crop o f potatoes, and selling at 20 to
80 cents a quart. Cincinnati is the greatest strawberry market in the world. In one
year the amount sold there was 6,000 bushels. One cultivator carried to the market
128 bushels daily during the hight o f the season.
THE FATE OF A LIV EP00L MERCHANT.
I t appears from the L iv e rp o o l (E n g .) C h ron icle , that Mr. Melly, o f the house Melly,
Rom illy & Co., o f Liverpool, who, in October last, proceeded up the Nile with his
family, died on the 19th o f January, at the town ot Gegee, one day’s journey from
A bou Hamed, on the Nile. They had got as far as the province o f Khartonm, which is
at the confluence o f the Blue and W hite Nile, and were on their return, when Mr.
Melly, overpowered by anxiety about the journey, caught a fever on leaving Berber,
and died after an illness o f seven days. A fter their sad bereavement, in such a wild
country, Mrs. Melly, her tw o sons and daughter, crossed the Desert o f Korosko, by
short stages, in ten days, and arrived at Asouan, on the frontier o f E gypt, on the 1st
o f February, 1851, whence they are hastening to Alexandria to embark for England.
Mr. Melly took a high standing on ’Change ; and besides his position as one o f our
leading merchants, he was noted for being ope o f the first entomologists o f the d a y ;
and strong expressions o f regret follow ed the melancholy announcement of his de
cease.”
OF THE CULTIVATION OF COTTON IN LIBERIA.
Letters from Monrovia to the 13th o f February, 1851, are o f an interesting charac
ter. Am ong other marks o f improvement is the assurance that Liberia will soon b e
come a large exporter o f cotton. The success which attends its cultivation is beyond
the expectation o f its warmest friends. A letter from the Hon. H. Teage, dated at
Monrovia, February 13th, 1851, says:—
“ A large number o f vessels are now here, which causes more than usual competi
tion in i..'ade. The cotton business will succeed. Capt. Shaw, the cotton agent here,
told me, a few days since, that he expects to load his vessel with cotton ; so we m ay
have another start.”
The Capt. Shaw mentioned in the above extract is the person sent out from England
to try the experiment whether cotton can be raised for exportation. Mr. Shaw, we
believe, says the N ew Y ork Commercial, had not been in Liberia one year when Mr.
Teage wrote : y et he appears already to have arrived at the opinion that he will be
enabled to send a cargo o f cotton to Liverpool. This is certainly another triumph for
the new Republic.
A THOUGHT FOR THOSE WHO LIVE BEYOND TH EIR MEANS.
Mr. Micawber’s advice to David Copperfield might be adopted with profit by those
who are prone to live beyond their means.
and very eloquent withal, in his difficulty.
Mr. Micawber him self was slightly involved
H e says :—
“ Annual income twenty pounds, annual expenditure nineteen nineteen six, result,
happiness. Annual income twenty pounds, aunual expenditure twenty pounds nought
and six, result misery. The blossom is blighted, the leaf is withered, the god of day
goes down upon the dreary scene, and— and in short you are forever floored, as I am !”
The BooJc Trade.
265
THE BOOK TRADE.
1.
3 vols., 8vo., pp. 931,
N ew Y ork : C. C. Childs.
— T h e T rea su ry o f K now ledge, a n d L ib r a r y o f R eferen ce.
765, and 750.
N ew and revised edition.
A genuine treasury o f knowledge is a most valuable possession.
Some persons
carry one within the compass o f their memory. They, however, are few in number, and
can accumulate stores o f information with unwearied industry. But the great portion
o f mankind are, by nature and circumstances, excluded from this choice number. The
labor and the toils imposed upon nearly all o f us are so unremitting, that scarcely a
moment can be found for laying up stores o f knowledge. Our only resource is to be
found in those books which shall contain the outlines o f all that is practically important
to know, with such an arrangement that any one can refer to any subject o f inquiry at
a moment. Such is the aim o f these volumes, and their value depends upon the com
prehensiveness o f their contents, and the ease with which they can be examined. In
these respects they seem to be worthy o f high consideration. A view o f their con
tents, which are so vast, and so various, can be expressed only in the most general
terms. They comprise, a Universal Gazetteer, with an extensive list o f Statistical Ta
bles ; an Epitom e o f Chronology and History, giving the period or date o f the most
important Events, Battles, Naval and Military, <fcc., o f the Revolution, the W ar o f
1812, and the late War, with Tables o f Europoan Sovereigns; A Compendious Classi
cal Dictionary ; A n English Gram mar; An English Dictionary ; A Dictionary o f Quo
tations ; A Law Dictionary; Dictionary o f Animal, Vegetable, and Mineral produc
tions ; A Million o f Facts in Science, Learning, <fce,, or Universal Common Place B ook ;
American Biography, &c., <Src. These various parts have been prepared by persons o f
well-known ability, and we should judge that they will be found full and satisfactory
to inquirers. This is a work that is worthy o f the patronage o f the public, as an ex
cellent compendium, in a cheap and convenient form, o f a great variety o f information
in the most important departments o f knowledge. It w ill be found highly useful in
the closet o f the statesman, the counting-house o f the merchant, mechanic and manu
facturer, and in the office o f the professional man, and the library o f the fanner or
man o f retirement.
2. — T h e L i f e and Tim es o f C alvin, the G rea t R efo rm er. Translated from the Ger
man o f Paul Henry. D. D. B y H enry S tebbing, D. D. V ol. I
8vo., pp. 519.
N ew Y o rk : R obert Carter.
Calvin was, perhaps, the m ost intellectual o f all the early reformers. The influ
ence which his writings have had, and still continue to have, over many sects of
Christians, has been o f the most rigid character. A s a scientific Christian m erely, he
was justly entitled to this degree o f influence over his friends. A t the present day,
when the great principle o f Humanity is rising up before the wrorld like the vast and
and growing shadow o f coming events, it is scarcely to be expected that those views
o f man and man’s relation to the Deity, which have been formed with hardly a con
sciousness o f the existence o f this element in creation, should much longer retain their
controlling influence. No religious system is destined m ore severely to feel the con ing
shock than that o f this reformer. In the preparation o f this work the author has, to
a considerable extent, aimed at a compilation. His pages contain all that can be
gathered o f importance in the life o f this distinguished man. His admirers, and all
w ho are anxious to be familiar with his views, his manner o f life, and the general
tenor o f his conduct and labors, wili find it here better than elsewhere. But it is ne
cessary to say that the author does not write with an independent mind. The name,
the authority, the influence o f Calvin cast a spell over him, which is, to him, irresist
ible. In this respect, the life by Duer is much more commendable, a though in all
other particulars this is the best work before the public. Perhaps, with the exceptions
we have remarked, no man was better fitted than Paul Henry to prepare this work.
Eminently learned, ardent in spirit, a sanguine admirer o f Calvin, he has presented the
best views o f his subject which could be taken, in a style o f thought and language,
which will give to it unprecedented rank and value. The work w ill consist o f two
volumes.
3.
— T h e N ew D i d o : a n H on est L a u g h a t H on est P e o p le .
New Y o r k : Henry Kernot.
No. 3. 12mo., pp. 25 •
The Book Trade .
266
4 .— L ectu res on the P r in c ip a l D o c trin e s a n d P r a c tic e s o f the C atholic C hurch , D e
livered a t St. M a ry's , M o o r fields, d a rin g the L en t o f 1836. B y C ardinal W iseman .
T w o volumes in one. 12mo., pp. 285 and 199. Baltimore : J. Murphy & Co.
The title o f this work sufficiently explains the general nature o f its contents. It
should, however, be stated that the subjects o f which it treats are not only the <kPrin
cipal Doctrines o f the Catholic Church,” but precisely those respecting which the Pro
testant o f a liberal mind and generous heart would desire to be informed. They are
those points upon which Catholicism and Protestantism clash ; and they present the
views o f the former with great eloquence, moderation, skill, and, often, subtilty, while
they constantly preserve that benignity o f temper and freedom from asperi y which
should ever be the first qualification in all intellectual discussions, and the want o f
which so frequently mars the arguments and lectures o f m any Protestant divines.
These lectures are written with great eloquence and purity o f style, and with a calm
ness o f reason that w ill secure the admiration o f all opponents, and be received with
unbounded favor by friends. Their merit is such as to entitle them to the candid pe
rusal o f all.
5.
— A n c ie n t H i s t o r y : F ro m the D is p e rsio n o f the S on s o f M ae, to the battle o f A c tium , a n d ch an ge o f the R o m a n R ep u b lic in to a n B m p ire. By P eter F redet, D.
D. , Prof, o f History in St. Mary’s College, Baltimore.
J. Murphy & Co.
12mo., pp. 488.
Baltimore:
6. — M od ern
H isto r y : F ro m the C om ing o f C h rist , and the C hange o f th e R o m a n
R ep u b lic in to a n E m p ire , to the Y ea r 1850. B y P eter F redet, D. D. 12mo., pp.
552.
Baltimore : J. Murphy <fc Co.
W e have looked through these volumes with considerable care. They are worthy o f
the high favor which they have met with in numerous editions. The outline o f events
is necessarily brief, in order to bring the volumes within a reasonable compass. Enough,
however, is told to present each circumstance clearly to the mind o f the reader. The
connection o f events, their influence upon each other, the condition o f mankind, their
progressive refinement and intelligence, are duly weighed and observed b y the author.
The work is written in a smooth and agreeable style. A s a chronicle o f events, it will
compare well with the best that have appeared, and as an interesting and instructive
outline o f history, it is surpassed by none.
— Tah-gah-jute ; or, L o g a n a n d C a pta in M ich a el Cresop. A Discourse b y B rantz
M eyer . Delivered in Baltimore before the Maryland Historical Society, on its Sixth
Anniversary, M ay 9th, 1851. 8vo., pp. 84. Baltimore : J. Murphy & Co.
7.
Extensively rich in facts respecting the Indian Chief Logan, and his connection with
the early history o f Maryland.
8. — T h e M old ed s a n d F ou n d er's P o c k e t Guide. B y F red. O verman, Mining Engi
neer. W ith forty-two wood cuts. 12mo., pp. 252. Philadelphia: A . Hart.
The business o f molding and foundering has become so great in this country, that an
explanation o f it can never be without interest. The present work is a practical trea
tise upon the whole subject, yet so small and comprehensive as to be contained within
a narrow compass. It is likewise so entirely free from all technical terms and expres
sions, as to render it a clear and intelligible exposition o f the whole art to the uniniti
ated. In this particular, we are disposed to place its highest value. It appears to be
an excellent popular treatise on the whole subject, containing all that is interesting and
important in its pursuit, to the latest moment.
9. — F ir s t Im pression s o f E n g la n d a n d its P eo p le. B y H ugh M iller , author o f “ The
Old Red Sandstone,” <fec. 12mo., pp. 430. Boston: Gould & Lincoln. N ew Y ork :
E. H. Fletcher.
A work o f travels by an intelligent, shrewd, sensible and observing Scotchman, is a
somewhat rare thing. Such an one is almost sure to be entertaining, especially when
the Scotchman is both a Presbyterian and a genuine Scot, and his stroll is made through
the sister country o f England. In this volume there will be found much, and often
rare, entertainment. The author seems to have traveled with eyes and ears wide open.
The agreeable part, however, consists in his own reflections and observations; his orig
inal thoughts, the depth o f his penetration, and the accuracy o f his judgment. His faforite pursuit— that o f geological investigation— is occasionally introduced, with ob
servations upon the surface o f the country. These observations are always instructive
and valuable.
The Boole Trade .
10. — S hakspeare's Com plete W ork s.
ton : Philips, Sampson & Co.
267
Parts, 39, 40, 41, 42, 43.
Boston Edition.
Bos
These numbers commence the sonnets o f Shakspeare. A class o f poems, which,
whilst they are worthy o f the immortal poet, are yet little understood, and less known.
Commentators have appeared to lack the key to them, and they have hence been
looked upon as fulsome effusions o f love. Schlegel complains that so little attention
has been bestowed upon them, and asserts that they furnish material with which to
fill up the biography o f Shakspeare. To this Campbell replies, that they indicate only
a history o f his passions. But in this Campbell is probably wrong. For Gerrinus has
written a beautiful commentary upon them, which attempts to portray the progress o f
the poet’s mind. W e have not space to speak o f this charming production, its truth
fulness, its clear and powerful analysis, and its searching discrimination. It presents
the sonnets in an entirely new light. It elevates them at once to an equal importance
with the “ plays.” N o edition o f these sonnets should appear without this critical
essay.
11. — T h e R elig io n o f G eology a n d its con nected Sciences. B y E dward H itchcock,
D. D., L. S. D. 12mo., pp. 511. Boston : Phillips, Sampson & Co.
A s a geologist and Christian preacher, the name o f Dr. Hitchcock has long been be
fore the public. His intimate knowledge o f geology has been repeatedly shown and
tested ; nor has his sincere devotion to the truth o f Christianity been less conspicuous.
Such a man possesses the intelligence required to describe the connection o f this science
with religion. This has been his aim in the volume before us. In the execution o f it,
he does not seek to advance particular views as truths, so much as to throw upon all
those parts o f both subjects, which have a general relation, the light which many years
o f thought and study have imparted to his mind. The reader, whatever m ay be his
views, will be pleased at the moderation with which all disputed points are treated,
with the richness o f information in the volume, and with the intelligent and agreeable
manner o f the author. A s a popular treatise on geology and religion the public can
derive much instruction and satisfaction from it.
12. — T h e In ven tor's M a n u a l o f S ig n a l P r in c ip le s , and G u ide to the P a te n t Office. B y
G eorge T icknor Curtiss. 12mo., pp. 328. B oston: Philips, Sampson & Co.
A ll the various questions which arise in the mind o f an inventor are answered in
these pages. W hat constitutes a patentable invention ; what is the law o f patents ;
what is the method o f obtaining a patent; are the points which it explains. The work
is abridged from the larger treatise o f the author on the patent law. Its imformation
is clear and explicit, and for those who are, or intend to become, patentees, it is the
cheapest and most complete work within their reach.
13.
— The S tu d en t: A F a m ily M isc ella n y a n d M o n th ly S ch ool R eader. D evoted to
the P h y s ic a l, M o r a l, and In tellectu a l Im provem en t o f Y o u th ; E m b ra cin g the
N a tu r a l Sciences , B io g ra p h y , H is to r y , P h o n o g ra p h y , D ra w in g , a n d M u sic. N. A.
C alkins, Editor. Vols. 1 and 2, pp. 192 and 190. N ew Y ork : Fowlers & W ells.
A n excellent family magazine, in which room is found for much that w ill interest
the children, as w ell as the youth. Its sentiments are o f the best character.
14. — H om eop a th ic E n cyclop ed ia .
Fowlers & Wells.
B y R. T. T rall .
18mo., pp. 120.
N ew Y o r k :
This work, which is to be issued in eight parts, is designed to contain a complete
system o f H ydropathy and Hygiene, to serve as a guide to families aud students, and
a text-book for physicians. This part contains the outlines o f anatomy, with numerous
illustrations.
15.
— B u lw er a n d F orbes on the W a ter T re a tm en t: A C om p ila tion o f P a p e r s on the
Subject o f H y g ie n e a n d N a tu r a l H yd rop a th y. Edited, with additional matter, by
R oland S. H oughton, M. D.
12mo., pp. 258.
N ew Y o rk : Fowlers <fc W ells.
This work consists o f six distinct papers, on the general subject o f H ydropathy. The
first is “ The Confessions o f a W ater Patient,” by Sir Edward Bulwer L y tto n ; the
others are by Drs. John Forbes, o f the R oyal College, L on d on ; Erasmus W ilson ;
Herbert M a y o ; Sir Charles Scudamore, and the editor. These articles are all able
and well written. T hey present the best statement o f the nature and merits o f the
water cure, within a short compass, which has been published.
208
The Book Trade.
16.
— J ou rn a l a n d L etters o f the Rev. H en ry M a rty n , B . J). Edited by Rev. S. W il M. A . First American Edition. 12mo., pp. 466. N ew Y o r k : M. W .
Dodd.
berforce,
A m ong all the bright names on the roll o f Christian Missionaries, there is none brighter
o r more noble than that o f Henry Martyn. Accomplished as a scholar, able and tal
ented as a man, he forsook all the pursuits o f his native land, and turned from all the
honors that a dawning future promised him, in order to devote himself to the spread
o f the principles o f Christianity among the people o f India. His labors, his sufferings,
and his speedy death, possess the hue o f a martyr’s fate. The contents o f this volume
have never been published before in this country. They are just as they were written
by the author, with the exception o f some portions o f less interest. The volume is
full o f particulars in relation to the author’s internal struggles against his moods and
humors and feelings, and his aspirations after a state o f mind that should be full o f
calmness, and peace, and love. There appears, however, to have been a weakness
about his character, inasmuch as he seems often to mistake natural conditions of the
physical system for remains o f imperfection and sin— a trait peculiar to persons o f a
lively imagination and sensibilities, who are animated with warm aspirations for high
attainments in religious experience. Nevertheless, the volume has many admirable
features about it, apart from the deep insight which it presents o f the life and feelings
o f one o f the most devoted missionaries o f the Protestant Church.
17.
— T h e C h ristia n R etrosp ect a n d R eg ister. A S u m m a ry o f the S cien tific , M ora l ,
a n d R elig io u s P ro g res s o f the F ir s t H a l f o f the N in eteen th C entury. B y R obert
B aird .
12mo., pp. 420.
N ew Y ork : M. W. Dodd.
A running and hasty compendium o f many o f the principal facts relating to the ma
terial interests and the moral progress o f mankind, during the last fifty years, forms
the subject o f this work. It enters no higher claim than that o f a volume designed
for the benefit o f those who have not time to read numerous and rare books, or to make
researches. In this respect, it will prove a valuable offering to the public. Its leading
subjects are— the progress o f liberty— education— freedom o f the press— science, nav
igation, &c.— the enlargement o f Christendom, and the formation o f religious societies.
18. — T h e L o r g n e tte ; o r , Studies o f the Town. B y an O pera G oer. Y ols. 1 and 2.
Fourth Edition. 12mo., pp. 294 and 298. N ew Y o rk : Burgess <fc Stringer.
The contents o f these tw o volumes appeared as a w eekly, or semi monthly publica
tion. Its aim was to hit off many o f the fashionable follies and pretensions o f the
day. A t the end o f two years it quietly went out o f existence as a periodical. In
its present form it has high claims to public favor. It is true that in all things its
taste is not pure and free from some affectedness, but apart from this, its merits are
o f an uncommon order. The hits partake o f such a nice and delicate perception, are
often so keen, so sharp, so inseusibly penetrating, that it has no rival o f late years.
It is written in a style remarkably easy and flowing, and with a geniality o f spirit
that adapts itself to every reader o f taste or discrimination. A s specimens o f Eng
lish composition, in the happiest style o f the day, these essays are admirable. They
are pleasant to read at all times, and are so full o f points, derived from close observa
tion, that they impart instruction likewise. The work appears to be received with
far greater favor under the form o f volumes than in the original numbers.
19.
— In te rn a tio n a l M on th ly M a g a zin e o f L ite ra tu re , S cien ce , a n d A r t .
A p r i l to J u ly , 1851. 8vo., pp. 568. N ew Y o r k : Stringer <fc Townsend.
Volum e I I I .
The third tri-annual volume o f this popular miscellany fully sustains the character
it acquired from the start. The selections from the wide field o f foreign and domes
tic literature are m ade with singular good taste and discrimination, and the original
papers would do credit to any periodical at home or abroad. W e regard the work as
being, beyond all doubt, among the m ost interesting and valuable periodicals o f the
times. The volumes should form a part o f every fam ily library.
20. — T h o u g h ts on S elf-C u ltu re, A d d ressed to W om en. B y M aria G. G rey , and her
sister, E mily S hirreff . 12mo., pp. 414. B oston: Crosby & Nichols.
This work may be called a good book, a useful book, and one full o f sound and sen
sible thoughts and reflections. N o one can read it without advantage, and especially
females, to whom it is chiefly addressed. It is, nevertheless, often didactic, tedious,
and prosy— and, w e fear, too calm, too much given to matter o f fact for the lively,
gushing sensibilities o f youthful spirits, for whose improvement in all those sober and
sterner qualities which make up sound character it is devoted.
The Book Trade.
269
21.
— A H isto r y o f G reece, f r o m the E a rliest T im es to the D e stru ctio n o f C o r in th :
B . C. 1 4 6 ; M a in ly based u p on that o f C. T h irlw a ll , D . D . B y Dr. L eonard
S chmitz. 12mo., pp. 541. N ew Y ork : Harper & Brothers.
The design o f the author, in the preparation o f this work, was to present the results
arrived at in the voluminous histories, in such a form that they could he avaiiible for
education. His work is, therefore, strictly a manual, containing within a reasonable
compass, an accurate and complete outline, which is worthy to serve as an introduction
to the master-piece o f classical historical literature. It is written with ease and spirit;
and, whilst it is brief and condensed, sufficient o f the dramatic interest o f history is
preserved to render it an attractive and agreeable work for youth, and all others who
desire to possess the important facts o f Greeciau history within a small compass.
22. — Cosmos : A S ketch o f a P h y s ic a l D escrip tio n o f the U niverse . By A lexander
V on H umbolt. Translated by E. C. O ite. V oL 3, pp. 219. New Y o r k : Harper
& Brothers.
This is the well-known great work o f Humbolt. It is an endeavor to combine all
cosmical phenomena in one picture o f nature ; to show in what manner the great laws
which govern each o f these individual groups o f phenomna have been recognized, and
what course has been pursued in ascending from these laws, to the discovery o f their
casual connection. Such a comprehensive plan could be carried only by a mind stored,
like that o f the observing Humbolt, with all the facts o f physical science. In this
edition, this great work is offered to the public in its cheapest and most-convenient
form.
23. — Travels m the U nited States, M exico, and S outh A m e r ic a ; du ring 1849 and
1850. B y the L ady E mmeline S tuart W ortley. 12mo., pp. 463. N ew Y o r k :
Harper & Brother.
It was the purpose o f this author, during her travels, neither to write an account o f
her tour, or to take notes. On her return, however, she was solicited to publish the
letters which her friends had received from her, and they now appear in this form.
The writer makes no higher claim for them than that they contain “ the gossip o f
travel,” as written to familiar friends. Although rather loose and fragmentary, they
w ill be found quite entertaining. The author preserves a pleasant spirit, writes in an
easy style, and makes many just remarks and observations.
24. — T h e H isto r y o f C leopatra. B y J acob A bbott. 16mo., pp. 318. N ew York :
Harper ifc Brothers.
The merits o f this beautiful series of works appears to increase with each volume.
For instruction, entertainment, and pure impressions, it is one o f the most desirable
that can be presented to youth.
25. — S tu art o f D u n lea th : A S to r y o f the P re sen t Tim e.
8 vo., pp. 129. New Y o rk : Harper & Brothers.
B y Hon. Caroline N orton.
T o illustrate the workings o f particular faults in our destinies and the destinies o f
others, is a field o f romance little occupied. Such is the aim o f this tale. It is carried
out with much success— whilst it also inculcates toleration for the faults o f others. A s
a reading book for the warm weather it is excellent.
26. — T h e H isto r y o f the E m p ress Josephine.
N ew Y ork :— Harper & Brothers.
By J ohn S. C. A bott.
16mo., pp. 328.
The life o f the Empress Josephine will always possess a thrilling interest. The re
tirement and dangers o f her youth, her granduer as Empress, and her intimate relation
to Napoleon, invest her with a perpetual attraction; but her nobleness as a woman,
and her se lf possession in her most disastrous moments are the features which enkindle
our sympathies in her behalf. Her life is related in a pleasing and popular manner in
this volume.
27.
vo.
— T h e D a u g h ter o f N i g h t : A S to r y o f the P r e s e n t Tim e.
New York : Harper & Brothers.
B y S. W .
F u lsom .
8
Quite an entertaining and w ell written tale.
28.
— M y A d o p ted C o u n tr y : A P o em , in three P a rts . P a r t 1st, F reelo ve B o w e r :
P a r t 'Id, T h e E m ig ra n t-. P a r t '6d, L i f e in the West. By G eorge R ogers. 12mo.,
pp. 77.
New York : J. C. Riker.
Smooth, easy versification, with agreeable and elevated thoughts, are the chief merits
o f these pages.
The Book Trade.
270
29.
— T h e C om plete F a rm er and R u r a l E c o n o m is t: C on ta in in g a C om pendious E p i
tom e o f the m ost im p orta n t B ra n ch es o f A g r ic u ltu r e and R u r a l E con om y. T en th
E d itio n . T h e N ew A m er ica n G a r d en e r; C ontainin g P r a c tic a l D ir ectio n s o n the
C ulture o f F r u it and Vegetables ; In clu d in g L a n d sca p e and O rnam ental Garden
in g , G rapevines, Straw berries, d'c. B y T h o m a s G. F e s s e n d e n . Thirtieth Edition.
Tw o vols. in one.
12mo., pp. 345 and 306.
.New Y o rk : C. M. Saxton.
There is no subject upon which it is so easy for authors and publishers to err, as in
books on Agriculture. Nothing is valuable here, unless it is both praciical and profit
able. Neither scientific or ornamental farming will be undertaken until the mass of
common farmers can afford it. For these reasons, only, those works which are strictly
practical and needful to the common husbandman can expect to be received with much
favor. The author o f the above-named work appears to have entertained this opinion,
and although many pages o f his volume consist o f information that had previously
been put forth in the New England Farmer, yet in its present form it will be found no
less valuable and useful. It is very full and copious upon the subject o f agriculture,
and there is no one into whose hands this book may come, w ho can fail to derive ad
vantage and instruction from i t
30.
— L i It ell's L iv in g A g e .
Boston : E. Lit tell & Co.
Mr. Littell is the pioneer in the republication, in this country, o f articles from Eng
lish periodical literature. His “ Museum ” was, we believe, the first attempt made to
reproduce the best articles o f the best magazines abroad; and his “ Living A ge,” which
has com pleted its three hundred and seventy-seventh number, was commenced some
six years since, and has been issued, ever since its commencement, with great regular
ity. The selections, whether grave or gay, literary, political, or religious, have been
uniformly made with good taste and a nice discrimination. Indeed, w e regard Mr.
Littell as not only the pioneer in this description o f periodicals, but as one o f the most
successful editors. He takes a broad, cosmopolitan view in his selections, and gives us
the cream o f all the foreign periodicals, so that every article, no matter what the sub
ject, is either entertaining or instructive and valuable. Indeed, w e think it contains
more matter worthy o f preservation than can be found in any similar publication.
31.
— T h e N o r th A m er ica n H om eop a thic J o u r n a l: A M a g a zin e o f M ed icin e a n d the
A u x ilia r y Sciences. Conducted by S. H erring , E. E. M aroy, and J. W. M etcalf,
M. D.’s.
No. 2.
N ew Y o r k : W m . Iiadde.
This is a very able publication. It is a worthy representative o f the Homeopathic
school o f Medicine. It is issued quarterly. Each number contains one hundred and
forty-four pages. The British Journal o f Homeopathy is reprinted by the same pub
lishers. It is a quarterly, and furnished at the same price— or both can be had for five
dollars.
32. — B rya n t's Pochq/t M a n u a l; or, R e p e r to r y o f H om eop a th ic M edicine.
B ryant. 18mo., pp. 352. N ew Y o rk : W m . Radde.
B y Dr. J.
This little work is prepared to furnish beginners in the practice o f Medicine with a
convenient and ready reference at the bedside o f the p atien t; also to supply travelers
and families with a guide to the use o f Homeopathic remedies. It is very complete.
The arrangement is clear and intelligible. It would be difficult to prepare anything
more perfect in its w ay than this work.
33.
— A n g e lic W isdom , con cern in g the D iv in e L ove.
F r o m the L a tin o f E m a n u a l
Swedenborg. 8vo., pp. 180. N ew Y ork : American Swedeuborg Publishing Society.
This is one o f the best work* o f Swedenborg for the general reader. It contains his
views o f Divine Love, which are fundamental in his system, and which are easy “ to
him that understandeth.” The translation has been made with skill and taste. The
appearance o f the w ork is quite pleasing, and its price must place it within the reach
o f alL
34. — T h e Two W i v e s ; or, L o s t a n d W on . B y T. S. A rthur. Philadelphia: Lipincott, Gram bo Co.
This book is the third in the series o f “ Arthur’s Library for the Household.” The
story shows the power o f tender, earnest, self-forgotten love, in winning back from the
path o f danger a husband whose steps have strayed, while it exhibits in contrast the
sad consequences flowing from a want o f these virtues under like circumstances. It is
w ell calculated to do good.
I
The Book Trade.
35.
— T h e L o n d o n A r t-J o u r n a l f o r June.
271
N ew Y o rk : George Virtue.
In addition to the rich and finely executed embellishments which usually accompany
the contents o f this publication, the present number contains the second part o f the
“ Illustrated Catalogue o f the Exhibition o f the Industry o f all Nations.” The first
part was issued in the May number. The present one contains, likewise, the second
part o f the essay on “ The Science o f the Exhibition.” These and the ensuing parts
will represent every meritorious article o f the Exhibition, and form a key to the most
valuable manufactures in ail portions o f the world. The execution <f these cut3 and
plates is in the highest degree beautiful. They present such a picture o f the articles
o f taste in the W orld’s Fair, as will gratify every lover o f the fine arts.
36.
— T h e F lo w e r G a r d e n ; or, B reck 's B o o k o f F lo w e r s ; in which are D escrib ed a ll
the V a riou s H a rd y H erbaceous P eren n ia ls, A n n u a ls , S hrubby P la n ts , a n d E v er
g reen Trees, desirable f o r O rnam ental P u rp oses.
W ith D ir ectio n s f o r th eir C u lti
vation . By J oseph B reck. 12mo., pp. 336. Boston: John P. Jewett.
This volume is prepared for the purpose o f diffusing among young persons general
knowledge and practical information in relation to the Floral Kingdom. It is also de
signed to serve as a book o f reference with those who have little time for research, and
who desire some simple instructions in the inode o f culture, or a description o f the
habits o f plants. The author has long been a practical florist.
37.
— T h e Gardener's T ext-B ook ; con ta in in g P r a c tic a l D ir ectio n s u p o n the F o rm a tio n
and M anagem ent o f the K itc h e n G arden, and J o r the C ulture and D o m estic Use
o f Vegetables, B ru its, and M edicina l H erbs. B y P ete r A dam S chenck. 18mo.,
pp. 306.
Boston : John P. Jewett.
This book w ill strike every one favorably from its substantial and pleasing appear
ance. It is written with great purity o f language and tasteful sentiment. The author
is a practical gardener. In addition to the thorough directions for the management of
the garden, there will be found numerous receipts for the preparation o f fruits and
vegetables scattered through its pages. It is entitled to the foremost place among this
class o f works.
38.
— P ly m o u th and the P i l g r i m s ; or, In cid en ts o f A d v en tu re in the H isto r y o f the
F ir s t Settlers. B y J oseph B anvard. 18mo., pp. 288. Boston ; Gould tfc Lincoln.
This is the first o f a series o f volumes on American History, adapted to the popular
mind, and especially to the youth o f the country. Commencing with the prominent
events in the history o f Plymouth, it will embrace the more interesting and important
incidents that have since occurred. The author holds a pleasing and agreeable pen,
and narrates his facts with impressiveness and attraction.
39.
— T h e G u iding S ta r ; or, God's M essage. D esig n ed to illu stra te the S econd and
T h ir d Q uestions o f the W estm inster Catechism . B y L ouisa P ayson H opkins. 18 mo.,
pp. 260.
Boston : Gould and Lincoln.
This tale is designed for children. It is prepared with much simplicity and attract
iveness, and with a highly devotional spirit.
40. — C aius G racchu s ; A T ra gedy in F iv e A c ts .
127. N ew Y o rk : H. Keruot.
B y L ouisa S. M cC ord.
18mo., pp.
It is a bold effort to write a play hi which the scene shall be laid in ancient Rome,
and the actors be Roman citizens. In this instance the author has accomplished her
task creditably. Her little volume possesses much o f that high, manly thought, strong
spirit and elegant taste that marked Roman genius. The incidents o f the plot are well
devised.
41.
— A P r a c tic a l System o f B o o k -K eep in g , b y S in g le a n d D o u b le E n t r y ; co n ta in in g
F o rm s o f B ook s and P r a c tic a l E xercises, adapted to th e use o f the P a rm er, M e
chanic, M erchan t, A c. B y L. S. F ulton and G. W. Eastman. Fifth Edition. 12mo.,
pp. 296.
N ew York : A . S. Barnes.
This little work commends itself particularly by its practical adaptation even to the
most simple classes o f accounts, and will be found equally useful with or without a
teacher.
42. — T h e A d ven tu res o f P a u l P eriw in k le. B y the author o f “ Cavendish.” . Illustra
ted from the English Edition. 8vo., pp. 221. N ew York : H. Long & Brother.
A sea story that abounds in incident, and that is written with a graphic and pow
erful pen.
The Book Trade .
272
43. — Scenes in ou r P a rish . B y a C ountry P arson’s D aughter. T o which is prefixed
a Memoir o f the Author, b y her Sister. 12mo., pp. 374. N ew Y o r k : Stanford &
Swords.
Those who can appreciate delineations o f the simple and pure affections o f the heart
when highly cultviated, will find this a charming volume. The author has a complete
command o f the pathetic, and with an unusual sweetness and tenderness o f sentiment,
she w ill often cause a dash o f tears to flow from the youthful reader. The scenes de
scribed are those o f quiet and simple rural life, under its most delightful and happy
aspect. The style o f the writer is in admirable keeping with the pure and elevated
train o f her thoughts. The pages long since secured for her the respect and favor o f
those who were eminent in the walks o f literature.
44. — B ea u ties o f J. T. H eadley, w ith S ketch o f his L ife . 18mo., pp. 188. N ew Y ork :
John S. Taylor.
The works o f Mr. Headley have been quite successful, and justly so. V ery few
writers can command a style that is so nearly adapted to the popular sentiment. E xuberent in imagination, high wrought in diction, with much vigor, and almost fire, and
remarkably fine in language, liis writings can produce a strong and equally evanescent
impression. Classical as a writer, in the true sense o f the term, he is but seldom equaled
in his peculiar manner. This little volume contains some of the best passages he has
written.
45.
— T h e G irlh h ood o f S hakspeare's H eroin es. T a le 5. M eg and A lic e, M e r r y M a id s
o f W ind sor. T ale 6. Isabella. By M ary C. C larke . 18mo., pp. 104 and 89. N ew
Y ork : G. P. Putnam.
The girlgood o f the lively Meg and Alice, and o f the gentle and heroic Isabella, are
beautifully and skillfully portrayed in these pages. Mrs. Clarke deserves the highest
praise for the excellent manner in which she carries out so novel a project. A s an in
troduction to the higher developm ent o f Shakspeare's choicest characters, these little
manuals should accompany every volume o f his works.
46.
— BoydelCs Illu stra tion s o f Shakspeare.
Part 33.
N ew Y o rk : S. Spooner.
The tw o engravings o f this number represent the third and fourth o f the Seven
A ges o f Man. “ The Lover, sighing like a Furnace,” and “ The Soldier, full o f Strange
Oaths.” The appearance o f the plates is distinct and impressive, and the success o f
the efforts to restore them to all their former beauty is quite manifest.
47. — T h e W a rw ick W o o d la n d s; or, T h in g s as T h ey W ere T w enty Y ea rs A g o . B y
F rank F orrester. 12mo., pp. 200. N ew Edition, revised and corrected, with il
lustrations, by the author. N ew Y ork : Stringer & Townsend.
A charming book for sportsmen, and one that they w ill not readily part with. It
abounds in sporting scenes in the wild woods and marshes o f this State, which are re
lated with much vivacity and geniality o f feeling.
48. — J en n y L in d in A m erica . B y C. G. R o s e n b e r g . 12mo., pp. 226. N ew Y ork :
Stringer & Townsend.
The author o f the volume accompanied Miss Lind in her tour through the United
States. H e has been indefatigable in gathering all the interesting details of her trip.
This volume possesses considerable interest, but is marked with repeated blemishes o f
taste.
49. — T h e C om plete W o rk s o f Shakspeare. Illustrated from original designs, b y H.
W arren and E. C orbould. Parts 10, 11, 12. N ew Y o r k : Tallis, W illoughby & Co.
These parts contain “ Midsummer Night’s Dream,” “ L ove’s Labor Lost,” and the
beginning o f the “ Merchant o f Venice.” Each part is embellished with two finely
executed engravings o f a striking scene in the play. They are printed on fine white
paper, with very clear and legible type. The edition w ill be one o f the most tasteful
that has recently appeared.
50. — T h e Illu stra ted D om estic B ible. B y R e v . I n g h a m C o r b i n . Parts 18 and 19.
New Y o r k : S. Hueston.
These numbers contain the text down to the middle o f the book o f St. Matthew.
They are published with much taste and elegance o f appearance, and embellishments :
the letter press is quite clear and distinct, and the edition, as a whole, is entitled to a
high place among the illustrated ones
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