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HUN T’S MERCHANTS1 MAGAZINE. E s t a b li s h e d J u ly ? 1 8 3 9 , b y F r e e m a n H u n t . VOLUM E X L ! AUGUST, CONTENTS OF NO. 1859. II., NU M BER II. VOL. XLI. ARTI CLES. A rt . PAG* I. C H E V A LIE R ON GOLD. B y Hon. A masa W alker , late Secretary o f State o f Massa chusetts .......................................................... .............................................................................. 147 II. OUR CANALS AND OUR RAILROADS. B y Hon. B. B rockway , o f Pulaski, New Y o rk ................................................................................................................................................ 134 III. COFFEE AND THE COFFEE TR AD E. Their Connection with and Bearing upon the Colonization and Civilization o f Africa. B y J. G a r d n e r , Esq., formerly o f Rio de Janeiro............................................................................................................................................ 165 IV . FRANCE. No. iii . I. Modifications Introduced into the Constitution of the Bank of France in 1852.—II. Measures Taken to Favor the Masses.— III. The Imperial Loans of 1854-55. B y J oseph S. C r a w l e y , Esq., o f Philadelphia, Pa........................................ 172 V. COMMERCIAL AND INDUSTRIAL CITIES OF THE UNITED STATES. No. l x v i l NEW A LBA N Y, IN D IA N A . Thrift at the West — New Albany Planned—Indian Treaty—Growth—Incorporation—Population—Valuation—Debt—Railroad — Situation o f the City—Advantages—Plank Roads —Wharves—Progress o f Business—Branches— Jobbing Interest—Number of Jobbers—Groceries—Ferry—Louisville — Natural A d vantages—Want of Capital—Steamboat Building—Number o f Boats—Tonnage—Cost— Elements o f Wealth—Water Power—Coal Supply—Cost—Iron Foundries—Hands— Capital—Straw Cutters—Furniture—Flour Mills—Agricultural Implements—Health o f City—Religion—Education—Banking....................................................................................... 180 V I. “ TIMES ARE. A W FU L DULL.” By J. S. Batterbby, Esq., o f New Y o r k .................... 186 J O U R N A L OF M E R C A N T I L E LAW. Purchase or Shipment of Cotton............................................................................................................. 189 Warehouse Receipts............................................................................................................. 192 C O M M E R C I A L C H R O N I C L E A ND R E V I E W . Fiscal Year—Balance of Trade—Large Imports—Average for T w o Years—Migration o f Capital —Correction of Exchanges—Excess of Specie Movement—Rate of Exchange at the close of the year—Business of New York City—Rates o f Exchange—Specie Movement—Price o f Bars—Assay-office—Mint—Specie Exports of Boston and New York—Specie in Banks o f Four Cities—Flow of Currency to the City—Capital Abundant—Crops Good—Loans—Divi dends—Boston and New York—Effect of Payments—Large Amounts o f Fall Paper—Rates for Money—The Large Sales of Goods in the Spring—Money Abroad—State o f Crops—Effect on Exchanges—Elements of Great Commercial Prosperity—Effect o f Possible Peace—Cheap Food in the United States—An Element of General Prosperity—Effect on Railroads—The West Pays in Cheap Food............................................................................................. .......... ... 192-202 V OL. XLI.---- N O . I I . 10 146 CONTENTS OF N O . I I ., V O L . X L I. PA G E J O U R N A L OF B A N K I N G , CURRENCY, A ND FINANCE. New French Loan........................................................................ ...............................................••••• 202 City Weekly Bank Returns— Banks o f New York, Boston, Philadelphia, New Orleans, Pittsburg, St. Louis, Providence............................................................................................................ 208 New York Bank Dividends for July.—Valuation of Alton, Illinois................................................ ^0 t> Free Banking in Michigan.—Clearing Houses. - Gold Product of California................................. -07 Assessed Value of New York City.—Savings Banks of New York............................................... 208 Personal Property in Cincinnati City and County............................................................................. -09 Resources of South Carolina.—French Sugar and Tobacco Tax...................................................... 210 Silver in San Francisco.—Silver : Us Price and Export from Great Britain................................. 211 Zollverein Revenues.—Export o f Gold................................................................................................. 212 STATISTICS OF TRADE AND COMMERCE. Brem en: Its C om m erce......................................................................................................................... Commerce o f Minatitlan, Mexico.......................................................................................................... China Trade.—Cotton Imported into the Zollverein....................................................................... Statistics of W haling............................................................................................................................... W ool Imports into Great Britain.-Trade o f Liberia......................................................................... Trade with Japan.—British Trade, and Price o f Wheat.......................................... .................... Vessels arrived at Port o f Odessa. —Consumption of Raw Sugar in Great Britain and F rance.. Vessels and Cargoes sailed from Ibraila in ls58.................................................................................. Flour received at Philadelphia.—Austria and Sardinia.—The Grain Market o f France.............. W ool from Australia, in Great Britain.—Exports of New Orleans................................................. JOURNAL OF 213 214 215 216 217 218 219 219 220 2^0 INSURANCE. Charleston Insuiance Companies.—N. York Insurance Companies.—Increased Marine Insurance 221 Stock Capital Fire Insurance Companies of N ew Y ork........................ ........................................ 222 Fires and Losses in New York City.—Disasters on Western Rivers............................................... 225 NAUTICAL INTELLIGENCE. Light on Cape Northumberland, Australia—Light and Beacon in St. Ives Bay, England........... 226 Lights and Buoys on East Coast of England........................................................................................227 Revolving Light on Bacalliao Island, Newfoundland.—Light at Port Nicholson, New Zealand.. 227 Lights on the Coasts of Spain and Majorca.—Light on Offer Wadham Island, Newfoundland... 22S Shambles Shoals, bill of Portland. England.—Lighthouse on the Smalls...................................... 228 Lights in the Gulf o f Mexico, United States.—Lights on the Coast o f Sicily............................... 229 Light on the Needles Rocks, England—South and East Coasts....................................................... 229 COMMERCIAL REGULATIONS. American Steamers and French Tonnage Dues.—Colored Engravings............................................ 230 Coasting Trade Returns.—Manufactures of Marble—Tombstone..................................................... 231 Manufactures of Marble, etc.—Marble Tablets.—Manufactures of Glass—Fluted Plate Glass... 232 Gamboge.—Buttons.—Chilian Port Charges, Weights, Measures, etc..................................... 232-283 The New Brazilian Tariff.—Brass Clippings................................................................................. 234-235 POSTAL DEPARTMENT. The British Post-office.—Electric Telegraphy in T u rk ey......................................................... 235-236 Postage Stamps.—Reduction o f Postage to Portugal.—Havana Mails.................................... 237-238 RAILROAD, CANAL, AND S T E A M B O A T S T A T I S T I C S . British Railroads...................................................................................................................................... Railroads of New York.—United States Railroad Bonds.................................................................. Railroads of the United States.—Philadelphia City Passenger Railroad Travel on 4th of July. . Railways in Great Britain and the United States........... ................................................................ JUURNAL OF M I N I N G , MANUFACTURES, AND 239 240 241 242 ART. 243-244 Mining a Thousand Years Ago.— Ohio Coal Iron in the Zollverein.—Sugar-Making in Cuba.. 245 Manufacturing statistics of Wilmington, Delaware........................................................................... 246 Watches and Plate -E lectro-G ilding.—Furnaces for Melting Iron and Steel............................... 247 Coal Trade o f Pittsburg.—A Remarkable Property of Iron.—Vibration o f Heated Metals........248 Manufacture o f Laces in France.—Consumption o f Coal in France................................................ 249 Coals and other Minerals carried upon the British Railroads.—Paper............................................. 249 STATISTICS OF AGRICULTURE, Sc. Cotton in India......................................................................................................................................... 250 Agriculture at the Patent-office.—United States Wheat Crops....................................................... 252 California Wines....................................................................................................................................... 253 Grazing in Florida.—Cotton Product................................................................................................... 254 Agricultural Exhibitions for 1859.—Sheep Raising in California..................................................... 255 Plants Upon One Acre.—Curing Green Corn.—New Zealand Flax................................................. 256 STATISTICS OF POPULATION, Sc, Population of Detroit City.................................................................................................................... 257 Population of Prussia.—Population of Wilmington, Delaware....................................................... 258 Comparative Longevity.—statistics of Mormon Population.—Egyptian Progress........................ 259 MERCANTILE MISCELLANIES. Contraband o f War.—The Gold Fields o f Australia....................................................................260-261 Business.—Milk Measure.—London Newspapers.—Our Seaboard...............................................263-264 Cost of War.—The Maelstrom not a Myth.— United States Patent-office.................................205-266 About Silver............................................................................................................................................. 267 Morality of Bargain-Making.—Early Trading in Minnesota............................................................. 268 Cobbett.—Starting in the World...................................................................................... *....................269 THE ROOK T R A D E . Notices o f new Books or new Editions......... .. ....................................... ....................... ............270-272 MERCHANTS’ MAGAZINE AND COMMERCIAL REVIEW, A U G U S T , 1 859. Art. I.— CHEVALIER ON GOLD. F ob the first time in the history o f the human race, perhaps, the pros pect of a large accession to the bullion o f the world is regarded as a matter of anxiety and alarm 1 The world is to be inundated with gold, commerce deranged, prices are to fall indefinitely, and government stocks and other securities, having a long time to run, are to go down almost to zero! Such is the melancholy programme of the future, in consequence o f the increased production o f g o ld ! Amongst those who have given their views in relation to the new state of things growing out o f the late discoveries of gold, is M. Chevalier, than whom few French writers are more known or esteemed in this country. He has written a work on the “ probable fall of gold, and the commercial and social consequences which may ensue, and the measures it invites.” Richard Cobden, now again M. P., has made a translation and prefixed an introduction, and Messrs. Appleton, of New York, have given us an American edition. The book will attract considerable attention, from the eminence of the names connected with it, and its intrinsic merit. The work is a valuable one, in many respects, especially for its array o f facts touching the mat ter of which it treats, and the views it gives us of the currency of France. Of the speculations o f M. Chevalier in regard to the “ present and prospective fall of gold,” there may be much difference o f opinion, but the existing facts, which he has happily grouped together, will be interest ing to all. W e are compelled, however, to express our surprise that he takes no account of one of the most essential elements o f the question. He ignores, except by one or two incidental allusions, the very ex istence of paper money, and its vast increase throughout the civilized world, within the last ten years; that is, within the period in which the great increase in gold has occurred. 148 Chevalier on Cold. Gold is used principally as money; it has fallen in value, but not in price. In value, because it takes more pennyweights to purchase a barrel o f flour, or any other commodity in 1859, than in 1849. It has not fallen in price, because an ounce of gold would bring as many “ dollars ” in 1859 as in 1849. But, in the meantime, silver has declined too, for it takes as many more silver dollars to buy a barrel of flour as of gold dollars. And paper money has, within the same time, fallen also. A ten dollar bank note has lost as much o f its power as a gold eagle. If this be so, and no one will dispute it, then all money has fallen. And has all money thus fallen in consequence alone of the increased production of gold ? Has not paper money increased in quantity further, for the last ten years, than gold ? And does not the increase of paper dollars affect prices just as much as the increase o f gold dollars ? Then the fall in gold, in silver, and in paper money, is owing to the great increase of both gold and paper dollars. And if we were to assume that they had increased in equal amount, then to one as much as the other. M. Chevalier will, doubtless, admit, for no sane man can deny, that pa per money, so far as it is in excess of the gold and silver in the banks that issue it, has just as much influence on prices as specie. How can he then properly ignore the increase of paper money ? W hy should he at tribute the great fall that has taken place in the value of money, for that is the principal fact, to the enlarged production of gold alone ? Has he not, by omitting all reference to the increase of paper money, given us a very partial and imperfect view of the matter, one from which we can draw no safe or just conclusions ? / The general fact is, that money of every kind has fallen in value ; that is, in power of exchange for all commodities. The exceptional case is, that silver has not declined quite so much as gold in the markets of the world. M. Chevalier tells us (page 64) that silver bears a premium in France of 2 to 4 per cent, say an average o f 3 per cent, and is rapidly disap pearing. Now this premium may, and we think does, express the actual decline of the value of gold as compared with silver, in consequence o f its in creased production ; but it does not express its absolute decline in refe rence to all other commodities. If it were a correct standard by which to estimate its absolute “ fall,” then it would show conclusively that it had declined at the rate of onethird o f one per cent per annum, equal to 3 per cent in ten years ; and we should have data, from which to ascertain, at least, approximately, its probable decline in future. But it, obviously, for reasons before given, shows only its depreciation in value, in relation to silver. And, as silver has fallen as well as gold, though not equally, the actual fall of gold, in value, or loss of power in exchange, is, to an extent, not merely equal to the difference between that and silver, but by the difference between gold, silver, and paper money taken together, and merchandise and other property. Gold has fallen from two jointly co-operative causes:— first, its in creased production, and secondly, by the introduction o f credit substitutes for it. The first cause is a natural one, and so limited in its operation— being, as shown by the difference between gold and silver in France, equal Chevalier on Cold. 149 to only about one-third o f one per cent per annum— as to create no essen tial disturbance of trade, or cause any appreciable injustice in regard to existing contracts. But the other is an artificial one, almost illimitable, which, joined with the other, does materially affect the business world, the prices of labor, and commodities. How potential this disturbing force is, we can only judge by looking at its nature and extent. By recurring to France, for example, we find (see Merchants' Magazine, June, 1858, p. 29) that the circulation o f the Bank of France in Dec., 1856, was, in round numbers, 62V,000,000 of francs, and its “ cash,” 198,000,000. This indicates a very great change in the currency of France within the last few years, as compared with the past. The element of value at this time, it would seem, was only about 32 per cent, against 80 or 85 per cent, formerly; for up to a very recent period, the Bank of France kept on hand, upon an average, 80 to 85 per cent o f specie to its circulation, and furnished the best example of judicious mixed-currency banking in the world ; a currency that was subject to no violent revulsions, and conferred immense benefit on the people. Within the last ten years the policy of the bank has been changed, and it now issues its notes to as great an extent as possible, in the same manner as is done in the United States. W e think M. Chevalier should have noticed these very important facts, bearing, as they certainly do, so directly on his subject; and, also, the additional fact, that simultaneously with the increased production of gold, and pari passu, there has been a general extension of the credit money system all over the world. W e have not complete tables before us of the amount of mixed currency issued in all the different countries of Christen dom since 1849. Such tables would be highly instructive, but facts well known to all suffice to show the general result. Everywhere the system has been en larged. In many countries, it has been introduced within the last ten years for the first time. Up to the beginning of the present century, mixed-currency, that is, convertible paper money, issued on a partial spe cie basis, was almost exclusively confined to England— now it is nearly universal throughout the civilized world. A correspondent of this Magazine, writing in the June number of 1857, says:— “ Germany has organized some fifteen or twenty companies, all flush with paper based on nothing tangible. She has to-day some $300,000,000 of paper notes in circulation.” Austria is flooded with paper m oney; so is Russia. Mixed-currency banks have been introduced, if we are correctly informed, into Sweden and Denmark. Indeed, we suppose there is scarcely a great city in Europe, from London to Vienna, from Constantinople to St. Petersburg, which has not, in some form, a credit or mixed currency. The increase in the mixed currency of the United States is shown by the fact, that in 1847 the circulation and deposits amounted to $197,000,000, from which, if we deduct the specie held as the basis of this currency by the banks, viz., $35,000,000, it will appear that there was then only $162,000,000 of credit money, while on the 10th of January, 1857, the circulation and deposits were $445,000,000 ; from which, deducting the specie in bank, $58,000,000, we have $387,000,000 of credit money, or an increase of $225,000,000 in ten years, equal to nearly 140 per cent, or 14 per cent annually; and also showing that while this mere credit ele 150 Chevalier on Cold. ment of the currency had increased so rapidly, the gold in bank had in creased but $23,000,000, less than 33 per cent, or about 3 per cent annually, against 14 per cent annual increase of credit money. Whether an equal relative increase has taken place throughout the civilized world, we cannot say ; but if such be the fact, the decline of specie (gold and silver) must be far greater, from the expansion of the paper money system, than from the increased production of gold. How great the actual fall in the value of money is, (whether of gold, silver, or paper, for that is the true question,) it must be difficult satis factorily to determine. The only resource we have is to take a certain number of leading articles of merchandise in 1849 ; and again in 1857, (a period anterior to the late revulsion,) when all was quiet, and the legiti mate effects of expansion were being naturally developed— and compare the prices of the two years. In this manner we shall discover the varia tion in the value, or exchangeable power of gold, as well as every other kind of currency, in the United States. As the most convenient reference, we make an extract from a table which we find in an article in the Commercial Bulletin, of Boston, May 7, 1 8 5 9, in an article b y “ Bullionist ” an able and w ell-know n w riter on c u r r e n c y :— 1819, Mess B e e f............ P o r k ................... Codfish................ Flour................... 2 12 a 9.k Coffee.................. Tea...................... 61 65 1819. 1857. $15 20 3 7 4 25 60 25 37 50 10J H i d e s ................. $4 00 9 Cotton............... W ool................. 13 Sugar................ n 1857. $9 75 81 14f 21 $40 51| $61 74* 35 “ The quotations are the wholesale prices on the 1st day of January, of each year, free o f duty, as dutiable articles.’’ From this table, it appears that money had fallen so much that it re quired $61 74 to purchase as much of the above commodities in 1857, eight years after the opening of the California mines, as $40 56 would have bought in 1849, when they first began to be worked. In other words, that it required near 53 per cent more “ g o ld ” to purchase these articles in 1857 than 1849. Such was the prodigious fall in the value of money in this country. That this table of prices does not fully settle the question, how much gold had fallen throughout the world from 1849 to 1857, we admit, but it is a pretty good criterion by which to determine the fa ll o f the currency o f the United States during the period in question. To ascer tain the fall of gold throughout the world, very extensive tables would be needed, of a much great number of articles, in all the principal markets. But the previous table is sufficient to show very striking results, and proves, as we think, that the fall of gold, as well as every other kind o f money, has been considerable. An interesting circumstance that may be noticed in this connection is, that the specie, in all the banks in the United States, on the 1st day of January, 1849, was $43,619,368, and in 1857, $58,349,838; an increase o f only about $15,000,000, while the production of the California mines in that time had been equal to some $350,000,000 ; so that it would appear that only about 4 per cent of the production had been added to the bank currency of the country. Chevalier on Gold. 151 W hat amount of gold was added to the circulation of the United States in the meantime is a matter o f conjecture. Some think it very large; but of this vve have seen no sufficient evidence. Estimates have been made, but they are estimates only. W e believe the total amount of gold coin in the United States has been greatly exagerated. That is a point, however, upon which we cannot enter at this time. It is sufficient to say, that as a basis of bank circulation, but little was added in the eight years referred to; and furthermore, that by far the greatest part o f all the gold produced was exported. Another curious circumstance is, that while we export gold largely to Great Britain, and while Australia furnished her with many millions o f gold annually, the whole amount of bullion in the Bank of England, in October, 1867, was but £10,000,000 sterling. The gold had been driven off from both countries by paper money. In view o f all this, can any one readily believe that the plentifulness o f gold, alone, made all the difference in the price of merchandise which we know did actually take place in England and the United States? Could the introduction of so small a quantity of gold have produced such results ? With all becoming deference, we must say that the effects which M. Chevalier attributes to the increase of gold, and the fearful anticipations in which he indulges in reference to its future redundance, are quite un founded in every existing fact and in prospective probabilities. No one need have any apprehension that serious derangements are to arise from such a cause. But there is just occasion of anxiety and alarm, in the fact, that instead of converting the newly acquired gold into coin, and returning it as currency, so far as the results of trade demand, it is almost entirely ex ported to half-civilized countries; and its legitimate place occupied by a substitute, which, from its very nature, must expose the commerce of the world to constant fluctuations and panics. It is not gold that will do mischief, but the promise to pay it by banking institutions, which, when called upon, cannot possibly furnish it ; and only save themselves from bankruptcy by withdrawing their so-called money from circulation as rapidly as practicable ; and thus deprive the mercantile and business com munity of their only means o f making payments, and throw everything into confusion and chaos. That gold has fallen as compared with silver, all will admit, but from what cause? To this inquiry the natural answer is, that it has become more, plentiful, in proportion, than silver ; there is a greater supply there, and this is a valid reason so far as it goes. There is another considera tion which should not be overlooked in the relations of gold and silver, viz.:— that while both, to a great extent, form a part of the currency of all countries, the use of silver is, by far, the most universal. It is the principal money of the greater part of the world. China, India, and al most all semi-civilized regions use silver mainly; not because, as is as sumed, that they value it relatively higher on account of its intrinsic qualities, but because it is better adapted to their use as money. In countries, where a sixpence is equal in value, or power of exchange for labor, to a dollar in the United States, it is obvious that sixpence worth of silver is a better representative of a day’s labor than a sixpence worth o f gold. Gold coins are too large in value, for the use of persons who work for a few pence per day, and all of whose pecuniary transactions must be on the same diminutive scale. Therefore, since remittances must be made to such 152 Chevalier on Gold. countries, silver will have the preference. The result of this is, that there is less demand for gold, as currency, than there is for silver ; so that gold is affected both by the increased supply and the limited demand. This fact must be regarded in our estimate o f the probable fall of gold in the future, as compared with silver ; but it is fair, we think, to suppose, that in the progress of events, if gold continues to be produced in so much greater quantity than silver, new coinages will be introduced into China, India, and other eastern countries, adapting gold more perfectly to their use as currency. For example, a gold dollar, or its equivalent, by what ever name called, with sufficient alloy to make it o f the size of our American dime, would be a coin as well adapted to the use of those coun tries as a silver dollar now is. In this manner it is probable that gold is to be extensively introduced into the E ast; and thus its fall, in relation to silver, may be lessened. But for a few years past, the demand for silver for shipment to the East, has been immense. Our author tells us, that from all Europe it amounted, in 1857, to over twenty millions sterling, or $100,000,000. Of this, Great Britain alone sent off sixteen millions ster ling. This mainly grew out of the disturbances in India, and the neces sity of large remittances to support the war. And since such remittances must be made, silver, being the almost universal currency of the East, was preferred. This accounts for the wonderful drain of silver of which M. Chevalier speaks. But it appears that the drain of silver has been particularly great from France. It is no marvel, however, that this should happen. First. The enormous increase of commerce and manufactures, in France, within the last ten years, would naturally cause a large addition to the gold currency of the country. Second. The proportion between gold and silver established by law, (see page 76,) viz.:— One to fifteen-and-a-half, is not the true one. The difference is greater ; and as gold circulates jointly with silver, the latter being rated at less than its relative value, bears a premium for exporta tion, and passes off to other countries as the silver of the United States did, for the same reason, prior to our last recoinage. Third. The great depreciation in the quality or value o f the French currency, within a few years past, to which we have before referred. All these conspired to cause the exportation of silver to an unwonted extent. It went off by millions to countries whose currency had a higher actual value. But France has fared no worse, in loss o f its bullion, than other coun tries that have adulterated their currency to an equal extent. The United States have had a greater proportion of credit money than France, and have lost a greater proportion of specie, mostly, of course, in gold. When the fact of the discovery o f vast quantities of gold in California was well established, a new policy, in regard to its monetary system, should have been at once inaugurated in the United States. It should have commenced at once— the extinguishment o f its mixed currency, by the expulsion of the credit element, as fast as gold could be furnished to supply its place. This might have been readily done by requiring the banks to keep a larger and larger proportion o f specie in circulation, from year to year, until at length the whole paper currency should have a full specie basis. England should have initiated a similar policy on the discovery of gold Chevalier on Gold. 153 in her colonies. The influence of these two great commercial nations would have decided the course o f all others, and fictitious currencies would have ultimately disappeared. For as soon as either had obtained a value money currency, with all the convenience of a paper circulation, the immense advantages to that nation, in securing the uniformity and stability of its monetary system, and protecting its own industry, would have been so fully demonstrated, as to compel other nations, having inter course with it, to adopt, in self-defence, a similar policy; and thus all mixed and necessarily fluctuating currency would have been banished from the world, and the precious metals alone remained the only standard of value ; while paper would have become the medium o f exchange. Then the true ideal of a mercantile currency would have been realized. If this policy be not soon adopted, it is difficult to say to what extent money, and gold and silver as a part of it, will be debased ; for the great question at present is, not what the production o f gold may be in the future, but to what extent the currencies of the world are to be diluted. That the process of reduction is to go, to a greater extent than heretofore, there is no reasonable doubt. In the United States this is certain. Hitherto it has been mainly con fined to the Eastern States, but there is no good reason why the great W est should not enter into the same business. W hy may not Ohio have as large a paper currency, in proportion to her population, as Massachu setts ? In 1856, the mixed currency of Massachusetts (circulation and deposits) was $50,000,000, while that of Ohio was only $15,000,000. Yet the population of the latter is nearly double that of Massachusetts. The only explanation, we believe, is, that Ohio has not yet engaged as systematically in that branch of manufacture as Massachusetts. But she is in a fair way for it, and in due time will furnish herself as plentifully as any Eastern State. And this, we believe, will be the case generally throughout the Union ; and consequently we expect that the currency will be expanded hereafter beyond all precedent. How it will be in Europe we cannot say ; but there appears no reason to doubt that it will be much the same as with us. The profitableness to the banks of loaning five or ter, dollars in bills for one-half in specie in the vaults, is as tempting to a Frenchman, an Austrian, or a Prussian, as to an American. The same cause, we think, will produce the same effect; and the paper money of the whole civilized world will doubtless be im mensely extended within the next decade. That this will be disastrous to the interests o f the people, there can be no doubt. That it is as unnecessary as it is injurious, is equally certain. But until more correct ideas in relation to currency prevail, such a result seems inevitable. If it be desirable to limit the decline of gold as much as we can, and all will agree that it is, we must exclude all paper substitutes for it. The only “ parachute ” to borrow M. Chevalier’s simile, which will re tard the unnatural descent of gold, is a policy which shall everywhere preserve a value money currency, by excluding all credit substitutes for it. Nothing else will save it from a very low point of degradation. But for the adulteration of the currency of the world by credit money, the fall of gold would be very gradual. The influx of the precious metals which the discovery o f the American continent, and the introduction of all the accumulated treasures o f Mexico and South America into the then 154 Our Canals and our Hailroads. comparatively limited commerce of the world, occasioned the decline in the value of gold and silver from 1492 to 1050, a period of 150 years, to an extent of only 75 per cent, or h a lf o f one per cent each year : such a decline must have been entirely imperceptible to those who were cotem porary with it, and could not have sensibly disturbed commercial affairs. So now, we fully believe that but for the very rapid increase of ficti tious money, which is placed on the same level, and has. the same mercan tile value, as gold, the increase of the latter, great as it is, would have but little perceptible effect. It would be only on annuities, government stocks and like securities, that its influence would be felt at all; and on those only after the lapse of many years. For all must bear in mind, that.commerce is expanding, in every direction, with a rapidity unknown at any former period ; and, therefore, actually requires a larger annual addition to the circulating medium of the world. No one, we are sure, need feel any alarm at the increased production of gold. But every reflecting mind may well feel solicitude at the rapid extension of credit money. An influx of gold never produced a panic, or a monetary revulsion, and never w ill; but an expansion o f the mixed-currency system, followed as it must ever be by a corresponding contraction, always has thrown the commercial world into periodical convulsions, and ever must. How much gold has absolutely declined thus far, we do not say, for no man can do so, owing to the disturbances before referred t o ; nor can any one foretell what its fall may be in the future. But we think there is no better criterion, by which to make our estimates, thau that offered by the discovery of America, and the rich mines of Mexico and Peru. It seems reasonable to suppose that the production of the last half of the nineteenth century cannot affect the quantity of gold thrown upon the market, to a greater extent, compared with the present commerce o f the world, and its vast and rapid extension, than did the accumulated treasures o f the new world that of the sixteenth. And if not, wre need not anticipate any disastrous effects from the discovery of our own times. On the other hand, may we not indulge the hope, that this increased production of gold, although it may, at first, cause a vast extension o f the mixed-cur rency system, with its attendant evils, w7ill, in the end, compel the expul sion of the credit element from the currency of every country in the world, and place all upon a firm, unfluctuating metallic basis ? Art. II.— OUR CASALS AND OUR RAILROADS. T he intimation of a doubt as to its being the true policy of the State to complete the enlargement of our canals, according to the plan of those who favor the measure, is regarded by many as rank political and com mercial heresy. The deeds of B e W itt Clinton are about as highly ap plauded in the Empire State as are those of George Washington in the United States. The two names stand upon nearly the same level, so far as our population are concerned. And we are willing that they should. W e cheerfully admit that both Clinton and Washington performed good service. W e indorse their wisdom, their sagacity, and superior judg Our Canals and our R ailroads. 155 ment. But praying to be excused from rendering homage to all the suc cessors of the latter, though apparently animated by the same noble im pulses and patriotic zeal; so, also, do we crave pardon if we hesitate to extol the prudence and sound judgment o f every individual who sets him self up as a canal man. Washington was a good man for the place he was selected to fill; so was Clinton. W e venerate both, for both fulfilled their respective missions with immense credit. It should be the am bition of those who have charge of the public affairs to-day to perform the responsible duties that have been assigned to them in the same creditable manner. The Erie Canal was a noble work as originally constructed. The idea of uniting by water communication the Hudson River with the great lakes— the latter encircled by a wide extent o f territory of unsurpassed fertility— was a splendid one. The State of New York is entitled to great credit for engaging in the enterprise, and for prosecuting it to the com pletion of a channel. The project was entirely practicable, as time and experience have fully demonstrated. Its execution was very' properly undertaken by the State, because individuals had not the requisite capital to engage in so costly an enterprise. The investments made were ju dicious investments; real estate rapidly advanced on the line o f the canal, and produce raised in portions of the West commanded prices ap proximating those realized in the eastern markets. And not only so, but the State obtained a great portion of the carrying trade between the Atlantic cities and the western country, while numerous persons found employment upon the canal. Nor do we complain of the opening o f the several lateral canals. Though they have not all been paying enterprises, apparently, they have benefited the people residing in their neighborhood by increasing the price of their farms and farm products. Beside, they have served as tributaries to the main artery, and in some cases contributed largely to the revenues derived therefrom. Po-sibly some of them should not have been constructed ; if so, so be i t ; we express no opinion upon the point. Nor do we pretend to judge of the propriety of the enlargement of the Erie and other canals. To a certain extent their enlargement may have been demanded by the wants of commerce, and therefore by the true interests of the State. The inquiry we desire to raise is, Whether the State has not done as much, in the way o f building and enlarging canals, as ought to be done, in view of their business and the financial condition of the State ? The State is deeply involved, and during the last year has been greatly embarrassed, at least it has been short o f funds applicable to the enlargement, and drafts have been given to contractors and others which have not only not been honored and paid, but the question is to be submitted to the people at the ensuing election, whether or not they will authorize a loan of $2,5U0,000 for the payment o f these drafts and the further prosecution of the enlargement. Assuming that they will decide it in the affirmative— and we consider it far from being certain that they will so decide it; but for the issue presented, to w it: repudiation or a loan, we should be in clined to think the loan would be voted down,— we say, assuming that the people will vote the loan, how is the enlargement to be completed ? The State will have little or no money applicable to that object, and the work must be continued, if continued it shall be, by a system o f direct 156 Our Canals and our R ailroads. taxation. Three-quarters o f a million are to be raised this year for the prosecution of the public works ; next year a like amount will be required, and so on ad infinitum, until the sum of about $5,000,000 shall have been realized ; for that amount, or something like it, will be needed, accoiding to the most recent estimates. The present indebtedness of the State (including the floating debt) is between $35,000,000 and $40,000,000, and $5,000,000 are required to complete the enlargement, the last to be raised by taxation or borrowing. Now, is it necessary that the enlargement should be completed ? The works which it is proposed to enlarge, we believe, have six feet of water the present season : is it important that another foot and greater width be added ? W ill it be sound policy to expend more money upon the enlargement? Do the wants of commerce require it? W e make these inquiries not as party men, for we have nothing to do with politics, but as men interested in the commercial and pecuniary welfare o f the State. W e will first look at the business of the canals during the last ten years, as stated in the Eeport o f the Auditor of the Canal Department, trans mitted to the Legislature in January, 1859. The total tonnage of all the property on the canals, ascending and descen din g, and th e am ou nt o f tolls collected , is as fo llo w s :— Years. 1 8 4 9 ........... 1850 ........... 1851 ........... 1852 ........... 1853 ........... Tons. ___ ___ ___ ___ ___ Tolls. 2,894,732 $3,268,226 3,076,617 8,373.899 3,582,733 3,329,727 3,863,441 3,118,244 4,247,852 3,204,718 Y ears. 1854 1855 1856 1857 1858 Tons. ........... ........... ........ ........... ......... ........... ........... Tolls. $2,773,566 4,022,617 2,805,077 4,116,082 2,748,208 2,045,641 2,110,754 The largest tonnage appears to have been in 1853, when it amounted to 4,247,852, or 582,660 more than in 1858. Since the former date, tolls have been materially reduced; still the tonnage does not return. There was, indeed, an increase of 321,131 in 1858 over the tonnage of 1857, the result perhaps o f a new adjustment of tolls made in the former year. But, upon the whole, the business of the canals is tending downwards. W e propose in this article to glance at some o f the causes, and indicate the policy which ought to be pursued in view of the circumstances of the case and the facts before us. W e consider it a matter o f extreme doubt whether the business of the canals will ever again reach the point touched in 1853, except the tolls should be greatly reduced or wholly removed ; and in that case it may never do it. In the first place, it must be borne in mind that several channels of communication between the Western and the Eastern cities have been opened during the last six years, owned and controlled by par ties who are quite as willing to do the business done upon our canals as are the canals themselves, or those engaged in forwarding goods by them. A line of railroad communication has been completed between Philadel phia and Chicago, by which the distance between New York and Chicago has been reduced to 911 miles, or 46 miles below that of any other rail road route, and Philadelphia is 134 miles nearer Chicago than New York. Baltimore is 15 miles nearer Chicago than New York. The St. Lawrence River, by the help of several canals along its margin, furnishes an outlet to Western commerce. Then we have the Ogdensburg Railroad, finished something more than six years ago, distributing the products of the West thiough a considerable portion o f the New England States by means of Our Canals and our R ailroads. 157 their railroads connecting with the Ogdensburg. The Rome and Watertown Railroad, connecting with the River St. Lawrence at Cape Vincent, is a competitor for the Canadian and Western trade, and doing a large and remunerative business. The same may be said of the Oswego and Syracuse Railroad, which connects not only with the New York Central at the latter point, but with the Syracuse and Binghamton Road, which last intersects the Erie Road at Binghamton, and. thence communicates with Northern Pennsylvania by means of the Pennsylvania railroads and canals. Nor have we referred to the New York Central and Erie roads, the two great competitors for the trade of the West, which, though men tioned last in order, are far from being least in their influence and potency. These roads have been built several years, are thoroughly equipped, pre pared for, and are doing a heavy business, which, were they out of the way, would be done upon the canal. Now all these avenues have come into existence since the construction of the Erie Canal, and they are competitors for the business it was built to do. Without doubt, they are formidable rivals o f the canal. With out doubt, they are diverting trade from it, and destined to divert still more of it hereafter. It is natural and proper that they should do it. It is a result that might reasonably have been anticipated. Individuals who have obtained from Legislatures acts incorporating railroad companies, have done it in the expectation of making money out of them, and those who have subscribed for the stock have been governed by similar con siderations. They have expected they would in some way prove remu nerative. The primary object in most cases has been to furnish an easy and rapid mode of travel to those who might desire conveyance from one point to another, but a secoud and equally important one has been the accommodation of the public in the matter of conveying products to, and merchandise from, market. Commerce consists in the exchange of pro ductions of various kinds, and conveyances are required to move those productions to points where they will be in demand and saleable. Such conveyances are our railroads, such our canals. They are both useful in their way, both needed for the purposes to which they are applied, and both promotive of the prosperity of the country. That there would be competition between them, was to have been expected. It ought to sur prise no one that a railroad and canal, running parallel to each other, should be competitors for the same business. W e are not at all surprised that the railroad lines in operation should compete with the canals and affect their tonnage and revenues. When the main channel between Albany and Buffalo was opened, it had no rival. Property and even persons traveling East or West, took that route as a matter of course. It was the cheapest and most comfortable, if not the most expeditious, one among us. The packet-boats made the trip in about four days, and went loaded. It was a respectable way of traveling. But, after a while, the railroad was completed through to Utica from Albany, and then the packets between those points were withdrawn, but continued to ply between Utica and Buffalo. A t length, railroad com munication was opened upon this route, when the packets were laid up, or converted into line boats. The railroads took most o f the passengers as soon as they went into operation, and in a short time the whole. In a little while they were allowed to carry freight, paying canal tolls between the first of May and first o f December, and afterwards the year round— 158 Our Canals and our R ailroads. without the payment of tolls. The Erie Road was never required to pay tolls; neither was the Ogdensburg Road. The Central and Oswego roads were the only ones ever taxed for the support of the canals. But, at last, all the railroads in the State are placed upon an equality in respect to tolls, and enter into a vigorous contest for the carrying trade between the Atlantic cities and the fruitful West. Several of them were built in the expectation that a considerable portion of their business would con sist in the carrying o f freight, and were prepared to take all that was offered. The Central, hitherto mainly a passenger road, now embarked extensively in the freighting business. The following is a statement of its tonnage during the last six years Years. 1853 ................................... 1854 ......................................... 1855 ................................... 1856 ......................................... 1851............................................ 1858............................................ Tons. 860,000 549,804 670,013 116,112 838,191 165,401 Gain. Loss. ........... 189,804 120,269 106,039 62,619 ...............13,384 Showing an aggregate gain of over 400,000 tons. The Erie Road, in the same time, has gained 185,915 tons ; while the canals have lost 582,661 tons, or about what the Central and Erie roads have gained. In the meantime, a spirit of enterprise has been awakened in neigh boring States. Discovering that the State of New York was growingopulent by means of her canals and railroads, and the facilities they afforded to commercial operations, Pennsylvania began to build canals and railroads. Her example was followed by Maryland, Ohio, and Indiana. Much has been done by States, but more by individuals. The progress has been slow ; but, finally, a line of railroad has been completed between Philadelphia and Chicago, and another between Baltimore and Chicago. The Canadas, also, are competitors for the Western trade, and during the last year or two, several vessels have shipped from Chicago direct for Liverpool, and returned with cargoes of European merchandise, passing through the Canadian canals. En passant, we remark that this route may at some future period be a very troublesome rival to both our canals and railroads. It is certain, at any rate, that very great and important changes have occurred since the construction of the “ Grand Canal” through our State. It no longer enjoys the monopoly it did twenty-five years ago, or even ten. It has powerful competitors. They are not such as to deprive it of employment at once; but they ale lessening its business, and will, we believe, continue to lessen it, no matter what means may be adopted to prevent it. The country is all the while changing; new routes are beingestablished ; the course of trade is wholly uncertain ; it is independent of States, and indifferent to the wishes of sections or localities ; the same kinds of merchandise which last year came over the Western Railroad from Boston to Albany, and were thence conveyed to St. Louis by way of Buffalo, may this year be shipped to Savannah, cross the country to the Mississippi by railroad, and thence be taken to St. Louis by steamboat; there is and can be no longer any monopoly in the carrying trade; every line has its agents, energetic and sleepless, in search of business. As a general rule, merchandise will take the cheapest route ; but many articles will travel by the most expeditious one. Our Canals and our R ailroads. 159 The fact should by no means be lost sight of that we live in a fa st age. W e employ the term not in the flash sense, but as expressive o f a sober truth, of stubborn reality. Let any man make himself familiar with the business of our Express Offices, and he will be entirely satisfied that dis patch is a consideration with those engaged in commercial operations, as well as cheapness. Everything is “ expressed,” from a bale of goods down to a lady's bonnet. The railroad is too “ slow a coach;” it does not come up to the ideas of people in modern times. A dozen years ago, men were satisfied ro forward an article as railroad freight. Twenty-five years since, they went quickly enough if they went by the canal. A very marked change has taken place in the minds of business men,— in the way of doing business,— and to be ignorant of the fact is to be unenlightened upon a point of the highest importance. W hy do people use the Telegraph ? The Post-office is a great deal cheaper. But this fact does not deter us from using the telegraph exten sively. Indeed, its business is rapidly increasing, and must continue to increase from year to year. Lengthy communications will be sent through the post-office, (where they cannot be sent by express,) as heavy goods will be shipped upon the canal, while short dispatches will be forwarded by telegraph, and light merchandise will be sent by the railroads and by express. The express and telegraph business will rapidly increase, while that of the canal and post-office will have a slow growth. Merchants are not doing business as they formerly did. Once they could borrow money for six months or a year. Banks discounted their notes for ninety days, with an agreement to renew them in case they should not be paid at maturity. They made semi-annual pilgrimages to New-York, and supplied themselves with stocks sufficient for a trade of six months. Now they go to the city half a dozen times at least; buy on short credit or for cash ; and, if they can obtain accommodations at the. bank, they are fortunate in being able to get paper discounted which has twenty days to run. Of course, they are in haste to get in their goods, and order them forwarded by railroad. With changes like these, no wonder that the canals are found too slow, and that business upon them should decline. A man in the country buy ing produce for the New York market, sends it by railroad. He cannot wait for the canal. The same is true, as before observed, with regard to purchases made in the city. The heavy goods, sugar, molasses, iron, &c., will be shipped by canal, while the light and more valuable ones will be ordered by railroad. Going east, the cauals will take the products of the forest and other articles, which do not require a rapid conveyance. The canals nominally carry cheap ; but if the merchant who ships by them has his goods detained by a breach, or other cause, twenty days beyond the day on which he should have received them, as often happens, especially in the forepart of the season, they may prove a very expensive mode of conveyance. If in addition to this delay, the country dealer should find many of his packages short, depredators having been busy with his property while stowed away in the canal boat, he might come to the conclusion, which scores have arrived at who have tried the canals because they were cheap, to wit: that they were so expensive he could not afford longer to use them. There is another reason why the canals must suffer in their competition with the railroads. The latter run every month in the year. They do 160 Our Canals and ou r R ailroads. not freeze up, and have no breaches which are not speedily repaired. Forward by railroad, and there is seldom any detention, and never a loss. If an article shipped is missed, the company pay for it. The canals, on the other hand, are closed bv ice about five-twelfths o f the year, and the losses which occur upon them are rarely made up to the owners of the property. W e know that there is now an expectation that steam will he employed upon the canals. The experiment is being tried, we believe, the present season. W e hope it may be successful. It can be tested in six feet of water. Many of the Mississippi steamers draw only two feet. Should it be the means o f restoring to the canals the tonnage o f 1853, the plan of introducing steam may be deemed a success, though the tolls should be a million of dollars less than they were in that year. A mistaken idea, in our judgment, prevails with regard to the effect of a reduction of the prices of canal freight. It seems to be supposed that if tolls can be dispensed with, and prices greatly reduced, the canals would monopolize the carrying trade. A more erroneous impression never existed. Prices are now and always have been much lower upon the canals than upon the railroads: why have not the former done all the business? We cannot answer this question more satisfactorily than by asking another— the price of carrying packages by express is about double the railroad freight: why have not the latter carried all such pack ages? Again, the price of transmitting a telegraphic dispatch is ten-fold greater than the cost o f sending by m ail: why is the former ever used ? The truth is, the telegraph, express, and railroad are going to be used, whatever old fogydom may say about it. Legislatures may harras them, toll them, and even reduce to beggary thousands who are so unfortunate as to have their whole means of subsistence invested in them : still, they are going to be used, for they accommodate the people. They cannot be dispensed with. It is conceded upon all hands that the canals have added vastly to the wealth of the State. Did it never occur to any one that the railroads have also contributed something to the value of the State ? Have they not enriched us as a people as much as the canals ? Have they not added as much to the valuation of the State ? Ask the farmers in the Southern tier of counties to what extent the Erie Road has benefited them ? They will tell you, if they speak the truth, that they have realized enough in the enhanced price of produce they have raised to have paid the entire cost of the road, and their real estate, it is safe to assume, is worth three times as much as it was when the track was laid. The same may' not be true of the farmers residing on the line o f the Ogdensburg Road, for it passes, or did pass, through a new and unsettled region, but wherever there was a settler, his property lias advanced four-fold. There has not been a railroad constructed in the State that has not immensely benefited the section through which it passed. With all the eulogiums passed upon our canals, and all the glorification there has been had over them— much as they have done for the State, to develop the public resources, and pro mote the general weal,— we have never been able to discover what parti cular benefit they were to people living twenty five miles from them. Butter sold at six cents a pound, and eggs at six cents per dozen, and other articles in proportion, in Chautauque County, within six miles of Lake Erie, as late as 1840, and after the Erie Canal had been in opera Our Canals and our R ailroads. 161 tion twenty years and upwards. W hat benefit was the canal to the pro ducers of these articles? W hat benefit has it been to the farmers of Otsego County ? W e do not recollect that any one has ever thought it worth while to institute a comparison between our canals and our railroads, with the view of showing which have done and are doing most to advance the great interests of the State. Nor is it proposed to make one at this time, however great the provocation may be. It is known that a feeling of intense hostility toward the railroads has grown up on the line of the canals, and especially on the western portion o f the Erie, and the last Legislature was called upon to toll them, require them to carry way freight at the same rates as though it went through, advertise their tariff of prices, <fcc. The parties engaged in this onslaught insist that way freight is charged too high ; that it does not bear a fair proportion to through freight. Now, it is quite possible that through freight is carried too low. But are the prices o f way freight too high? Bv what standard shall the point be decided ? Do our railroads charge more for short dis tances than the roads of other States? Do they charge as much as was paid before the roads were opened ? Are their prices exorbitant? If not, there is nothing further to be said on the subject. The idea is advanced that the canals are a peculiar kind o f property, and some people are accustomed to refer to them as being entitled to special regard. They are characterized as “ our canals,” that is, as works belonging to the people. It is true that they do belong to the people. The Legislature authorized their construction; the agents of the State loaned the money to commence their prosecution, to continue it, and to complete the work. The enlargement has been provided for in the same manner. Up to the present time, there has not been a great amount of direct taxation ; the revenues of the canals, which have come out o f some body's pockets, having been sufficient to pay the debts as they fell due, keep the canals in repair, and aid in the enlargement. In continuing the latter an overwhelming debt has been created. This is also “ the people’s,” and the people are now taxed to pay the interest upon it, and sooner or later, we believe, will be taxed to pay the principal. Hence, we think, it should not be increased. So much for our canals. W e will now see how our— beg pardon— the railroads have come into existence. The Legislature has authorized cer tain parties, not, indeed, State officers, but other men equally worthy— citizens of the State, (and what is an officer but a citizen ?)— to receive subscriptions and build railroads. In pursuance of such authority, about §>150,000,000 have been invested in this sort o f property. What portion is still owned by our own population, we have no means of determining; nor can we say what part o f it is productive— suffice it to say that rail road property owned by our own citizens, appears to us to be as sacred as any description of property, and entitled to the same protection from Government. W e do not perceive in what regard it differs essentially from State property. A railroad is built in pursuance of law, the same as a canal. In the one case the means are furnished by the whole people, who own the work, and are responsible for any debt that may be con tracted on its account; while in the other, the means are contributed by a portion of the people who reap the benefit of the enterprise, if it turns out to be a paying one, or stand the loss, if it happens to be non-paying. 11 V OL. XLI.---- NO. I I . 162 Our Canals and ou r R ailroads.' Now, is not private property as sacred as that o f the public ? Is the property of two men entitled to more consideration than that o f a single individual ? Is that of twenty men, two thousand, or three millions deserving greater respect than if it belonged to six men who are doing business as members of a firm, or individually? The State is nothing more than a corporation : a railroad company is a corporation : by what rule is it determined that one kind of corporate property is better than another? My funds are invested in the canals; the Legislature has made me a stockholder, perhaps against my w ill; yours are in a railroad and the canals: why should your property not bo as dear to you as mine is to me? You have toiled for your monej7 as well as the individual who has been taxed to build the canals: why should not community award to it equal respect ? For ourselves, we are unable to discover the wonderful difference be tween the property of one man and that o f another; between the pro perty owned by the community and the individuals composing that com munity. It is quite true that we may call the property of the State our property, but it belongs to no single individual, and no one man can use it except he conforms to the regulations which its owners or their agents have adopted. It is no more the property of any one man than the pro perty of a railroad company. W e can use a railroad if we will comply with the company’s rules, and they can have no rules which we have not authorized them to adopt. Nor can we understand why the railroads of the State should not be considered our railroads. They convey us from one point to another when we desire to use them ; they take our produce to market and bring back something which is better to us than the pro duce ; they increase the value of our real estate and personal effects; they help to develop the public resources; they give character and rank to our noble Commonwealth; they aid in sustaining our schools and charities, help to complete our canals;— in fine, they do their full share toward the payment of our taxes. W hy should they not, then, be esteemed our railroads? WTe are proud to consider them such. And so far from wishing them injury, we are free to say we should be sorry to see a policy adopted calculated to do them harm. W hy should they be taxed to compensate the canals for the losses they have sustained ? Is it advisable to destroy the tonnage o f the railroads that the canals may do the business they did in 1853 ? Do the former pay larger dividends than their owners ought to receive ? W hat road divides more than 8 per cent ? and how few of them divide even that? One-half o f the capital invested in our railroads pays no.dividend whatever, the men who built the roads having lost every dollar they put into them. Having bled thus freely, common humanity would seem to require that they should not be further annoyed. But “ the people” have had the benefit o f the roads. W e are speaking in their behalf, therefore, when we say w7e should be unwilling to see the roads injured. W e do not wish to see their business less, or less remunerative ; we do not wish to see them crippled more than they already are. W e are confident the canals will not require greater capacity than they now have, provided the railroads are let alone. W hy should they not be let alone ? W hy should any one desire to crush them by imposing tolls upon them, or by reducing tolls upon the canals ? During the season of naviga tion the latter carry freight cheaper than the railroads. The Auditor in his Our Canals and our R ailroads. 163 Teport states the difference in their favor at “ from two to five hundred per cent.” One would deem this difference sufficient, in all reason ; but we have those in our State who appear to think it should be still greater. They seem to think that if the tolls were reduced still lower upon the canals, or taken from the canals altogether and put upon the railroads, justice would be done, and the canals, if not made to pay, would at least be. en abled to do the carrying trade between the lakes and tide-water. Now it is barely possible for the State to pursue a policy, the effect of which will be to lessen the amount o f business done upon the railroads, and to increase the tonnage of the canals, but would it be a sound one ? W ho would be benefited by it ? N ot the people, certainly ; for what difference is it to them whether they pay railroad or canal tolls? The object of tolls in either case must be to avoid the necessity of direct taxation, or to lessen the amount required. Suppose we collect a million of dollars in addition to the amount now derived from canal tolls, by advancing the rates of toll, or collect the like amount by levying tolls upon the rail roads : what is the difference, so far as the people at large are concerned ? Nothing whatever. The consumers of the goods piay the sum, which would be deducted from the general tax levy. If increased tolls are to be imposed, is there any good reason why they should not be imposed upon property conveyed on the canals ? These improvements have cost the State large sums of m oney; the people are heavily in debt on account o f their construction : why should they not pay that debt? W hy tax the railroads to pay the canal debt? Is it just if they could afford it? but, as they cannot, it appears to us little short of downright oppression to do it. The rates o f tolls may be mate rially increased on the canals, and still they would be able to carry freight two hundred and fifty per cent below the railroad charges. W e solemnly believe our canals have seen their palmiest days. W e do not see how they are to recover the business they have lost. Henceforth, in our opinion, they are to be a tax upon the property o f the 'State. In no way can they be made to pay their way— still less will they ever be able to discharge the indebtedness created on account of their construc tion. W e knowr some persons have the impression that if they can be completed to the capacity o f seven feet seventy, they will be able to “ compete successfully” with the railroads. W e use, very nearly, the language the advocates of a seven-feet canal employ. Now, it appears to us they already “ compete successfully” with the railroads. They carry merchandise “ from two to five hundred per cent” cheaper than the rail roads, and get about one-half o f the business done. Are they not, then, “ successful competitors” for the carrying trade between the East and the W est? But suppose they were able to carry goods cheaper, and by taking them at a lower figure, enabled to carry a few more, would their supremacy be more complete? Would they be able to do all the business now done by the railroads? If not, what part o f it would they obtain? Let them be able to take freight at from four hundred to one thousand per cent below the railroads, would their business double, and that o f the railroads fall off one-half? No sane man can be made to believe anything of the kind. If, with the advantages they now possess, they cannot prevent the railroads from carrying freight, they could not lessen their business to any considerable extent were the advantages still greater. 164 O ur Canals and our R ailroads. The harbor at Buffalo is represented to be full o f steam and other ves sels, tied up for the want of employment. This is alleged to be the effect of the railroads running upon the south and north shores of Lake Erie. Now if the Lake Erie steamers, propellers, and sailing vessels cannot “ successfully compete” with the railroads between Buffalo and the W est ern ports ; if they cannot coerce trade from them and drive them out of the field,— what chance is there for Senator Prosser’s line of steam canal boats which he proposes to put upon the canal as soon as it is enlarged? There is generally water enough in the Lakes between Buffalo and Chica go ; the ice is out of the way while the canals are open ; no tolls are imposed; there are no locks to impede the vessel’s progress; breaches never occur; the distance between the points named is said by the Canal Auditor to be “ only equal to about 112 miles of railroad distance in cost of tr a n s p o r ta tio n th e Buffalo boats are excellent and very commo dious ;— and yet they are to a great extent unemployed, while the rail roads are doing their usual business. It is in the face of facts like these that some very wise people, at least wise in their own estimation, talk o f monopolizing for the canals all the freighting business between Albany and Buffalo when the canal shall be enlarged and steam placed there on ! If steamboats cannot control freights between Buffalo and Chicago and intermediate ports, what folly to suppose they can do it between Al bany and Buffalo ! For ourselves, we have no idea that the business of the railroads is going to be cut off or essentially reduced. Legislatures may embarrass them, but cannot prevent their doing business— we think an increasing business. Let the telegraph companies be compelled to raise their tariff of prices, and the effect would be detrimental to the people; it would be felt to be an onerous tax upon those who use the telegraph. So with the railroads: you may tax them and thereby op press the people, but the roads would still find employment. This is a matter vitally important to the people of the State, and de mands their serious attention. Those who drew wheat from Utica to Albany by wagons and sleighs fifty years ago were compelled to haul off when the canal was dug. The four-horse post-coach has been very gen erally superseded by the rail-car. Steam has taken the place of horse power in the conveyance of passengers. Everything has undergone a change since the Erie Canal was completed. As a prudent, sensible people we should adapt ourselves to the change. The New York dailies were once printed upon hand-presses. Their publishers found that faster presses were needed, obtained them, and laid aside the old one, to be used when they had a job on hand which could be performed at their leisure. They stopped expending money upon it when they found an improved machine was required in their offices, notwithstanding it had been a good press, and a great deal of good work had been done upon it. W e have no disposition to underrate our canals. They have answered a most val uable purpose, and will be useful to commerce for many years yet. But for the introduction of railroads, they might for a long period have monopo lized the transportation business between the Hudson River and Lake Erie, continued a source of revenue to the State, and even justified con tinued expenditure upon the enlargement. But that period, in our judg ment, has passed ; the wants of trade do not require us to go on with the enlargement. W e are confident the canals did more business in 1853 than they will ever do again in a single season. If this opinion is correct, Coffee and the Coffee Trade. 165 why increase their capacity? W hy expend more money upon the en largement ? It certainly appears to us high time that the State paused in its career of borrowing and expenditure. Let us take soundings— see what can be done upon six feet of water. Should the tonnage and reve nues of the State canals not be greater in 1859 than they were in 1858 it may be regarded as quite certain that they will never be larger than at present; and, if there is to be no increase, can there be any good reason offered for expending more money upon them ? Art. III.— COFFEE AND THE COFFEE TRADE. THEIR CONNECTION WITH AND BEARING UPON THE COLONIZATION AND CIVILIZATION OF A FRICA. No article entirely of foreign production enters more largely into gene ral consumption than coffee, and none has increased in such a ratio. It is, therefore, of national importance to know if the production is likely to be increased, so as to keep pace with the consumption. Its moderate price, the past twenty years, has done much for the temperance cause. It is, therefore, all important that the supply should be ample, that its good work may continue. • In previous articles, it was attempted to be shown that the production o f coffee was not keeping pace with the consumption, unless new sources o f supply should be found. This is now more apparent than ever, the prices o f coffee having gradually advanced, the past eighteen months, en tirely from the increased demand, and in the absence of all speculation. To avoid reference to the previous articles, they will be briefly reviewed, and the connection with African colonization and civilization considered. Until 1830, the consumption o f coffee in the United States was limited ; its high price making it more an article of luxury than necessity. It is now considered a necessary of life by the masses, especially in the West, and not undeservedly so, as the qualities and virtues o f it, as a beverage, become known, which were ascribed to it by the first discoverer.* The hardy pioneers o f the West will all admit its superiority over any other beverage, and one that cannot be dispensed with. Modern chemis try has also discovered that coffee contains a highly nutritious element known as caff'ein, which contains a larger proportion of nitrogen than any other vegetable principle; thus confirming the accidental discovery o f the Dervis. In the early part of the century, the East and W est Indies produced nearly all the coffee then used, St. Domingo alone, prior to the insurrec tion, exported 76,000,000 of pounds. Brazil at that time was not known as an exporter of coffee ; it now exports nearly half o f th§ whole product of the world. * It is related, that the first discoverer of coffee was a Dervis named Hadji Omer, about 1285, who was driven out of Mocha. Hunger induced him to roast the “ Kahva” berries which grew near his hiding place. He ate them as the only means of sustaining life ; and steeping the roasted berries in water to quench his thirst, he discovered very agreeable qualities, and also that the infu sion was nearly equal to solid food. His persecutors, who had intended him to die o f starvation, re garded his preservation as a miracle. He was transmuted into a saint. 166 Coffee and the Coffee Trade. Coffee was introduced into Brazil in 1774. The cultivation made slow progress, sugar and indigo having the preference among the planters. In 1808, Dom Joao VI. fled from Portugal to Rio de Janeiro, and imme diately opened the ports of Brazil to foreign trade. In 1809, upon the raising of the long embargo, the first direct clearance for Rio was from Salem, and the ship on her return brought 1,522 bags o f coffee, which was the first importation into this country. The crop at that time was but 30,-000 bags, or 4,800,000 pounds per annum. In 1820, the export had increased to 100,000 bags, or 16,000,000 pounds. The high prices then ruling in Europe, (148s. per cwt., in London, in bond, or 37-*- cents per pound,) stimulated its production. This was also favored by an enormous importation of slaves from Africa in anticipation of the stoppage of the slave trade in 1830, by convention with Great Britain, which were sold at only $150 to $200 each, on long credits, to the planters, payable in produce. In 1830, the export was about 400,000 bags, or 64,000,000 pounds. The full effect of this great influx of slave labor was not ap parent till towards 1840, when the export was 1,000,000 of bags, or 160.000. 000 pounds. The clandestine importation o f slaves continued till 1850, at w'hich time the export was 1,600,000 bags, or 256,000,000 pounds. The result of the large importation of slaves, 1840 to 1850, was an average export from 1854 to 1858, of 2,150,467 bags, or 344,000,000 pounds, which is considered to be the maximum production. The ex port in 1858 was 1,823,397 bags. Henceforward, 2,000,000 o f bags, or 320.000. 000 pounds, is considered to be the extreme average for Rio de Janeiro. From the great mortality of the slaves on the estates, estimated to be fully 5 per cent per annum, and the importation to supply this loss being effectually stopped since 1850, the production of coffee is likely to de crease; although every encouragement has been given for the introduction of tree labor, the supply is far short of the demand. The best proof is the increased value of labor, being now treble what it was in 1850. Slaves which, in 1850, sold at $250 to $275, are now worth $750 and advanc ing. At this rate, there is no inducement whatever to form new planta tions ; and the utmost that can be expected, is to maintain the present amount of production, as it is very certain that neither slave or coolie labor will be introduced, and the labor from Europe can only be had to a very limited extent, the reports o f the first emigrants not being suffi ciently favorable to induce many others. Besides, free and slave labor never agree together, especially where there is a dissimilarity of language, habits, customs, and climate. The following table of exports from Rio de Janeiro will show the ave rage increase in periods o f four years and the destination :— A V E R A G E E X P O R T S F R O M R I O D E JA N E IR O O F B A G S O F C O F F E E T A K E N EACH 4 Y E A R S FROM 1 8 3 3 , W I T H T H E P E R C E N T A G E TO E U R O P E A N D T H E U N IT E D S T A T E S . 1 83 4 to 1 8 3 8 .. 1 838 to 1 8 4 2 .. 1842 to 1 8 4 6 .. 1846 to 1 8 5 0 .. 1850 to 1 8 5 4 .. 1 854 to 1 8 5 8 .. 1 8 5 8 ................... 1 859, 5 months. Europe. 423 ,67 3 5 96,217 663,240 835,259 863,695 1,124.530 673,054 2 54 ,89 5 United States. 233 ,90 2 340,841 547,717 722 ,73 3 863,589 1,025,037 1,1 5 0,34 3 432 ,80 9 Total. 657,575 937 ,05 8 1,210,957 1 ,557,992 1 ,727,284 2,150,467 1,823,897 6 87,704 P ’r c’t to P’r c’ t to Europe. U. States. 35J 64f 364 634 45 55 464 634 50 50 47J 62i 624 374 63 37 167 Coffee and the Coffee Trade. Average import of coffee into the United States from Brazil, 1820 to 1829, ten years........................................ Average import o f coffee into the United States from Brazil, 1850 to 1859, ten years........................................ 921,981 147,516,960 Increase in thirty years......................................................... Or per annum ........................................................................ 893,771 29,792 143,003,440 4,766,781 Bags. 28,210 Pounds. or 4,513,520 From the foregoing, it appears that the export o f coffee from Rio de Janeiro had increased, in twenty years, 200 per cent, and that in the same period the destination had been completely changed from about f to Eu rope, and f- to the United States, in 1834 to 1838, to f to Europe, and | to the United States, in 1858, with every prospect o f a still greater proportion being directed to the United Sates. The increased import of Brazil coffee into the United States the past thirty years, is very remark able. In 1825, it was but about 12| per cent of the whole consumption, and at the present time it is 80 per cent. The average consumption of coffee in the United States, 1821-27, six years, was 34,032,045 pounds, and the population at that time was 10.732.000, or 3£ pounds to each individual. The average consumption, 1856, 1857, and 1858, was 214,016,508 pounds, with an average popula tion of 28,800,000, being 7T4F3F pounds to each individual, or an increase of 132 per cent in thirty-three years. The consumption of tea in the United States has increased but very little more than the increase o f population, and is estimated to have been 35,563,500 pounds, in 1858, with a population of 29,600,000, or pounds to each individual. The consumption of coffee in England is only l i pounds to each indi vidual ; but of tea, 24 pounds. In France the consumption o f tea is very trifling. Coffee has rapidly increased, having nearly doubled in ten years. This is partly attributed to the failure of the wine crop, and to the gene ral prosperity of the country. In Holland, Belgium, and Germany, the consumption has greatly increased, but chiefly for the East India and fine flavored coffees, in preference to the Brazil, which is in better estimation in the United States. Java is the next most important place of production. The stimulus o f high prices induced many private individuals to engage in its cultivation, and the product reached 1,100,000 piculs, or 146,000,000 pounds, of which 400,000 were private and 700,000 government. The low prices of 1845 to 1850, proved so ruinous, that most of the private estates were abandoned, and their product is only now estimated at 100,000 pieuls. The government have, of late, encouraged the production as much as possible, and the average export has risen to about 1,000,000 piculs, or 135.000. 000 pounds, per aunum, which appears to be the maximum, and that no material increase can be expected. In Ceylon there has been some increase, and it is probable that there may be a moderate one hereafter, but not to any great extent, judging from the slow progress heretofore. In Sumatra there has been a little increase, but no large quantity can ever be expected from thence. The production of the West Indies is steadily decreasing. Early in the century it was about 150,000,000 pounds, now it is but about half this quantity. In Venezuela it has fallen off since the abolition of slavery, from the scarcity of labor and internal disseutions. In Costa Rica there 168 Coffee and the Coffee Trade. has been a trifling increase ; but for want of labor and other causes, the production will be limited. The present production and consumption of coffee throughout the world, from the average of European and American authorities, are as follows. The production estimated for full crops :— P R O D U C T IO N . Brazil, (2,000,000 bags from Rio, 160,000 Santos and Bahia,).. . .lbs. Java, (1,000,000 piculs,)............................................................................ Sumatra, Ac., (150,000 piculs,)................................................ C ey lo n ..................................................................................... St. Domingo................................................................................................... Cuba and Porto Rico................................. Venezuela................................................................................................... Costa R ic a ................................................................ Singapore, Malacca, A c ......... ................................................................. Mocha, Ac., for export ................................................................................ British West Indies...................................................................................... Dutch and French West Indies................................................................. Manilla........................................................................................................... 346,000,000 135,000,000 20,000,000 70,000,000 50,000,000 20,000,000 20,000,000 10,000,000 10,000,000 5,000,000 5,000,000 2,000,000 3,000,000 Total....................................................................................................... 696,000,000 C O N S U M P T IO N . United States and British Provinces, (last year 250,000,000,)... .lbs. German Zolverien.......................................................................................... Austria and other German States ........................................................... Holland and B elgium ....................................................................................... France, Switzerland, south of Europe and Turkey................................ Great Britain.................................................................... Denmark, Sweden, Russia, Finland and Poland ................................. Cape of Good Hope, California and Australia............................................. Total....................................................................................................... 225,000,000 120,000,000 75,000,000 95,000,000 135,000,000 40,000,000 50,000,000 20,000,000 760,000,000 From the foregoing it would appear that the consumption of coffee is now considerably ahead of th^ production, even with full crops. That the deficiency has, to the present time, been supplied from the stocks held in the consuming markets, is shown from the following statement of their decrease:— Stocks of coffee in the principal ports of Europe, Jan. 1, 1858.......lbs. Stocks of coffee in the principal ports of the U. States, Jan. 1, 1858.. 236,656,000 51,596,000 Total....................................................................................................... Or 4£ months’ consumption. 288,252,000 Stocks o f coffee in Europe, January 1, 1859......................................lbs. Stocks of coffee in the United States, January 1, 1859 ....................... 134,064,000 19,486,500 TotaL....................................................................................................... Or about 2 } months’ consumption. 153,550,500 Stocks of coffee in Europe, May 1, 1859............................................ lbs. Stocks of coffee in the United States, May 1, 1859, (estimated,)......... 96,460,000 20,000,000 Total....................................................................................................... Or less than 2 months’ consumption. 116,460,000 The large decrease in the stock, January 1st, 1859, was partly attri buted to the moderate sales in 185 V, caused by the panic. But from the preceding statement, the diminution is going on still, in nearly the same Coffee and the Coffee Trade. 169 ratio, in tie absence of speculation, proving that the consumption is un diminished. Heretofore, a state o f war has increased the consumption of coffee, armies being great consumers, and the large sums of money put into circulation among the masses, enable them to buy more freely. Therefore, no falling off in the demand can be expected on account of the war in Europe. The conclusions arrived at are— that the United States is the greatest consuming country o f the world for coffee; that it has become a necessary and national beverage; that its consumption is in creasing at the rate of 5. per cent per annum, while that o f Europe is also increasing; that the production in the largest producing countries is nearly at a stand still, from various causes, and that the increase in some few, is trifling, while in others it is actually decreasing. Therefore, un less some new places o f production can be found, where labor is cheap, prices must rise to check the consumption and equalize it with the pro duction. In the August number (1850) o f the Merchants' Magazine, an article upon “ Coffee and the Coffee Trade,” in anticipation of the present state of the trade, was closed as follows :— “ Query— As civilization alone can ever put a stop to the slave trade on the coast of Africa, and as coffee produces most abundantly on that coast, is it not worth the while o f all philanthropists to turn their atten tion to colonization, and thereby secure two great objects-—the stoppage of the slave trade and an abundant supply o f an article now become a necessary of life, besides many others, and a refuge for the emancipated slaves of the United States ?” This has been repeatedly urged in subsequent articles, but apparently without eliciting much notice from those most interested in promoting African colonization and civilization, who in recommending the cultiva tion of sugar and cotton as staples for exportation, overlook the great ad vantages of coffee cultivation. It has proved a mine of wealth for Brazil, far better than all their mines of gold and diamonds. W ith proper en couragement it will do the same for Liberia. An inducement is only required to encourage emigration there. Reported discoveries o f gold would do this; but the successful establishment of coffee cultivation there would, eventually, prove far more remunerative than gold mining. From all accounts coffee flourishes in every part of Liberia, but it is probable that the high and healthy interior districts will prove the most suitable. In Brazil the-best plantations are at elevations o f 500 to 1,000 feet in the latitude o f 22° to 24° S .; still it grows well on the plains and in every part up to the equator. The prevalent idea that it is necessary to plant shade trees to protect the coffee tree in Cuba is not correct. It was the taste, of the first planters to lay out their grounds in squares, in tersected with roads for convenience in bringing in the product, along which trees were planted, and these served for a shelter during the hurri canes so prevalent there. The practice has been continued. The coffee tree, originally a native of Arabia, and nearly in the same latitude as Liberia, requires no shade for its successful culture; but on the contrary, the sunny slopes in Brazil are always the most productive. There is no tropical cultivation more simple, or that requires less outlay of capital; and where labor is cheap, as in Liberia, none is more remunerative. The first clearing of the land is the greatest labor, but this must be done for either sugar or cotton. The manufacture o f sugar requires expensive ma 170 Coffee and the Coffee Trade. chinery and heavy labor ; coffee requires but little machinery and light labor after the land is cleared. The sugar-producing countries are nu merous, and the production annually increasing, so that prices are kept comparatively low, leaving but a small margin for profitable export. It is somewhat so with cotton, but not to so great a degree. W ith coffee it is different, as the production is less than the consumption; and on ac count of the scarcity and high prices o f labor, in nearly all the producing countries, it will be impossible to keep up the supply with the present increase of consumption— say 25,000,000 pounds per annum in Europe and the United States, (estimates in Europe are made considerably higher;) therefore, coffee will have less competition than either sugar or cotton, and it will be the best staple production for export, especially to the United States, in return for manufactures, &c., received from thence, with a sure market at remunerative prices. A coffee plantation, not beginning to be productive until four or five years after the trees are planted, is the greatest objection that can be raised against it. But when it is considered, that it continues to be pro ductive for fifteen years or more, if properly treated, it must have a de cided preference over sugar or cotton, which requires almost annual planting. The cultivation of coffee in the province of Rio de Janeiro has quite driven out cotton, and sugar is only produced to a small extent. The fact that the coffee planters have grown very wealthy, while the su gar planters have become empoverished, is most significant. That the colonization of the coast o f Africa will alone put an effectual stop to the slave trade is now generally admitted. Already it is at an end upon nearly five hundred miles o f the coast, through the means of the colonies now established. And if half the money that is annually expended for the naval forces now employed for the suppression of the trade could be devoted to colonizing and civilizing Africa by induc ing the natives to engage in the cultivation of coffee, the slave trade would soon be entirely broken up. Commerce is the great civilizer o f the world. To promote this, a stimulus must be given to the natives to produce articles for sale to sup ply their wants. England has already commenced by furnishing them with cotton seed, and the production already is o f some moment. The United States requires coffee, and with proper encouragement, Liberia alone would soon be able to supply the required annual increase o f con sumption, and in time it would prove a greater mine of wealth than it has to Brazil. The difference in labor alone would be very greatly in favor of Liberia, certainly more than 50 per cent, which surely should be an inducement to embark capital in the business and to employ native laborers. The slave trade never flourishes where there is profitable employment, and it is soon stopped if it is furnished to the natives. In proof of this, an old and experienced trader upon the African coast, states that many years since he discovered deposits o f gum copal on a part of the coast, where the inhabitants, not having any articles for exchange for such foreign articles as they required, were in the habit of selling their own children to supply their wants. To obtain cargoes of copal from the mines, as they are called, large numbers of the natives were employed in digging and trans porting i t ; and from that time the slave trade ceased, conclusively prov ing that the desire for foreign imports was the incentive to the trade, and that they could be induced to labor to supply their wants. Coffee and the Coffee Trade. 171 The progress that the island of Zanzibar, in latitude 6° south, upon the east coast of Africa, has made since the trade was opened by Salem mer chants about 1828, is another strong proof what commerce will do even with the most ignorant and indolent. Among the first cargoes sent to Zanzibar, a small quantity of cloves were usually sent for sale. Soon after, the cultivation was introduced there, and the same parties have since imported into Salem, from this small island, large quantities, and have had 1,500 barrels in bulk in one vessel. A few bales of do mestics sent by the first vessel were returned as unsaleable; they were sent back again with orders to leave them there if they could not be sold. The export now from the United States is very large, and this same firm have shipped 1,200 bales in one vessel. One to two hundred frails of dates formed a part of the first return cargoes from Zanzibar; this year the import by one firm only will be nearly 10,000 frails. Gov. Benson, ofLiberia, gives strong testimony in favor o f the native Africans, of their docility and aptitude to learn, so as to be, in some re spects, superior to a portion of the immigrants arriving from the United States. This being the case, great progress may be expected in a few years with proper exertions on the part o f the friends of colonizing and civilizing Africa; and it is a great encouragement for them to know that the seed will be sown in good ground. The question of what is to become of the free-colored population, has, at no time, been more generally discussed, in both the free and slave States, than n ow ; and it is one of the greatest importance to every part of the country. The general opinion is decidedly in favor o f emigration as the only practical remedy for the solution o f this difficulty. Hayti has offered en couragement for colonists, and a commencement has been made from New Orleans, the chief inducement being a free passage. As many of the Louisiana blacks speak French, they are likely to be successful. But for those from the more northern States, Hayti does not hold out much inducement, being badly governed and highly taxed. The English West India Islands, being in want of laborers, would afford an asylum to many. But at last dates there was an insurrectionary spirit prevailing in Jamaica and some other islands, which threatens to become o f serious import. Central America has been suggested as a large field for emigrants; but the revolutionary state of nearly all of those republics, speaking a different language, and other obstacles, make them at present unavailable; then it is very questionable if they would be admitted. Liberia now firmly established, with a good republican form of govern ment, recognized by England and France, offers greater inducements to emigrants than any other country. It is the land of their fathers, and they will, eventually, be the means destined by Providence to redeem and civilize that benighted country. This can never be done by whites; all attempts heretofore having failed. Only the descendents of Africans who have been raised in the United States, aided and assisted by commerce, will ever effect it. The time is opportune, and the object is more worthy o f support than all the missionary plans that have ever been projected. Transportation is one o f the greatest obstacles in the way of emigration to A frica; the passages being long, tedious, and expensive by sailing ves sels. The establishment of a line of large and fast steamers, subsidized by government, as was once proposed, would do more towards putting a 172 F rance. stop to the slave trade, than the expenditure o f double the amount of the subsidy required for the support of naval forces on that coast, which, at the present time, is not much short of a million of dollars annually, with out producing any result. In addition would be many other advantages that would naturally follow, beneficial to Christianity, humanity, civiliza tion, and to the whole country. Instead of a few hundred emigrants an nually, thousands would go. Emigration would then become popular, emancipation would increase, the States relieved of their free colored population, and the problem be solved— of “ What is to become of the free descendants o f Africans in the United States ?” j . a. Art. IV.— F R A N C E . NUM BER I II . I. MODIFICATIONS INTRODUCED INTO THE CONSTITUTION OF THE BANK OF FRANCE IN 1852. T he Bank of France was authorized by the ordonnance of June 15th, 1834, to make advances on public effects upon the following conditions:— The advance cannot exceed four-fifths o f the value o f the effects, ac cording to their cash quotations, (d'apres leur cours au comptant,) the day before the day when the advance is made. The engagements on the part of the borrower are:— 1st. To reimburse, after a delay not exceeding three months, the sums which are furnished to him. 2d. To cover or compensate the bank for the amount of the fall, which might occur in the quotations of the effects by him transferred in pledge, whenever that fall attains 10 per cent. In default of the borrower satisfying these conditions, the bank has the right to sell on the Bourse, by the Minister d’un Agent de Change, the whole or part o f the effects which have been so transferred, upon the following conditions :— 1st. In default of couverture, three days after a notification, in due form o f law. 2d. In default of reimbursement, the day after maturity, without any previous formality. On the 3d of March, 1852, there appeared in the Moniteur a report to the Prince President, by M. Bineau, on a treaty which had just been concluded with the Bank of France— the text of the treaty itself— and a presidential decree, giving to the whole transaction the force o f a law. “ According,” says M. Bineau, “ to a decision o f the date o f this da}’ , the Council General of the Bank of France have reduced to 3 per cent per annum the rate of interest and discount. This measure will be favor able at once to commerce, to the bank, and to the State. It will stimulate the spirit o f enterprise, and, thanks to the prudence o f the bank, it will not give rise to any danger. “ I have also called upon the bank to consider two other questions, namely, the facilities o f credit to be afforded by the bank to the shares of v F rance. 173 railway companies, and the repayment of the loan o f 75,000,000 francs due to the bank by the Treasury. “ Up to the present time, the bank has not lent its assistance to the shares and bonds (obligations) issued by railway companies. The statutes o f the hank have not permitted advances on such securities, and the hank has been little disposed to enter upon so novel a course. “ It is necessary, however, and for a long time it has been your inten tion, Monseigneur, to apply powerful facilities of credit to a class of securities of which the amount reaches already a considerable sum. It is necessary, also, to furnish to these securities the assistance o f our great establishment o f credit, the solidity of which reposes on half a century of prudence and o f service rendered to the State.” The provisions, therefore, with regard to advances on public funds, or government securities, became extended by this decree, to railway securi ties, the bank taking from the borrower the same sort of guaranty. The bank, however, discriminates between the companies, and does not loan on the obligations of those companies which pay no dividends. As in the loans on government securities, the bank sets aside every week the sum it will thus loan. The difference between advances upon the floating funds o f society, as represented by bills receivable, bills of exchange, and treasury bonds, which are reimbursable after a certain known short interval, and the description o f securities to which we may apply the term fixed, such as government loans, (represented in France by the rentes,) and railway shares and obligations, is so well stated by M. Forcade, in the work of which mention has already been made, that we give his explanation in his own words, without attempting by a translation to destroy the beauty and the exactitude o f the reasoning of the original:— “ Les escomptes des bons du tresor et des valeurs analogues rentrent dans l’escompte ordinaire, puisque ces valeurs sont, comme les effets de commerce, payable a echeanee fixe. II n’en est pas de meme des prhts sur rentes et sur actions et obligations industrielles; ces valeurs different tout a fait par leur nature de celles que les banques sont appelees a escompter et a remplacer dans la circulation par leur billets. Cette dis semblance est trop importante, elle etablit entre la portee de Pescompte proprement dit et cells du pr&t sur nantissement de titres une trop grande difference pour que nous negligions d’en signaler ici le caractere et les consequences. “ L’effet de commerce est l’expression d’une operation commercials c’est-a-dire de la circulation d’un produit qui change de mains pour arriver a la consommation oil il devra se realiser en numeraire. Au contraire le titre de rente, Taction ou l’obligation represented une propriety fixe, un capital immobilise une valeur fournissant un revenu, mais qui, de sapropre vertu, n’arrive point rapidement et integralement a sa realiza tion en numeraire. Escompter des effets de commerce, c’est en activer la circulation, et c’est seconder du meme coup la multiplication des produit® et des eehanges, c’est augmenter la puissance reproductive du capital de roulementde l’industrie et du commerce, c’est encourager le developpement du travail. S’il est de l’essence de l’effet de commerce de circular, comme le capital que la production et la consommation se renvoient de Tune a l’autre, il est au contraire de la nature du titre de rente ou des valeurs industrielle, dans une situation normals, de rester dans les memes t 174 F rance. mains. Chaque circulation de produit qui donne naissance a un effet de commerce ajouteau produit une service nouveau, et en augmente lavaleur reelle. Qu’en titre de rente ou une action change dix fois, cent fois de proprietaire, cette circulation n’ajoute rien a la valeur reelle du capital que represente le titre ; aussi dit on de ces valeurs, avec une satisfaction legitim^, qu’elles sont classees lorsqu’elles sont arrivees aux mains des capitalistes qui doivent les garder comme un placement fixe et se contenter d’en toucher les revenues. Faciliter par le pret sur depot la cir culation des titre, ce n’est done plus, comme par l’escompte commercial, imprimer une activite plus grande au capital de roulement de l’industrie, feconder le travail, concourir a l’accroissement continu de la richesse gen eral : e’est tout simplement venir au secours du detenteur besoigneux de ces valuers, ou ce qui serait plusfacheux, encourager le speculateur qui les prend un moment sans avoir l’intention de les garder uniquement dans l’espoir de les revendre avec benefice.” W ith regard to the extension o f the loan o f 75,000,000 francs, the following are the facts :— On the 7th of March, 1848, the provisional government borrowed of the bank 50,000,000 francs on the deposit o f treasury bonds. By a treaty with the bank, sanctioned by law of 5th o f July, 1848, the bank engaged to loan besides, 150,000,000 o f francs. This advance was re duced to the moiety by law of 6th of August, 1850. In 1852, the State was indebted to the bank, therefore, in the two sums o f fifty and seventyfive millions of francs. The fifty millions was canceled in two payments, on the 26th of July and 6th of September, 1852; and the seventy-five millions, by the treaty we have just reviewed, was extended over a space of fifteen years, and made payable in equal annual instalments of five millions of francs each. By this treaty also the privileges of the bank were prolonged until 1867, when otherwise they would have expired in 1855. The characteristic policy of the new government could not perhaps be shown in a stronger light than in the application o f such powerful levers o f credit, as in the first place to cause the reduction of the rate of dis count at the bank to 3 per cent, and in the second place to apply the measure which has been described with regard to advances on railway shares; nor could the deliberate intentions o f the government be more forcibly depicted than in the language of M. Bineau, already quoted :— “ It is necessary, however, and for a long period it has been your inten tion, Monseigneur, to apply powerful facilities of credit to a class o f securities of which the amount reaches already a considerable sum these words, which, although they apply in this instance exclusively to the measure with regard to advances on railway obligations, may never theless be held to apply in a most powerful degree to the whole course o f policy evinced since the coup d'etat. W e shall treat in a future section, of the course o f operations o f the Bank of France under the new constitution, involving a consideration of the difficulties through which she has passed during the years 1855, 1856, and 1857. II. MEASURES TAKEN TO FA VO R THE MASSES. It is not necessary, to point out here the effect o f these measures in creating an extraordinary tension o f credit, and in developing a most F rance. 175 vigorous feeling of speculation. But while these measures showed a total disregard of well-settled principles of political economy, and a reck lessness with regard to the means, provided the end became accomplished, the following schemes may exhibit in even a more powerful light the socialistic policy of the government. The scheme entered into for the purpose of establishing an artificial price of bread, was one which would seem to be worthy only of an age in which political truths were unknown. In the Emperor’s war speech, of the 2d of March, 1854, occur the following remarkable paragraphs with regard to this measure :— “ Above all, I recommend to your attention the system now adopted by the city of Paris; for if it extends, as I trust it will, to the whole o f France, it will fo r the future prevent, in the price o f corn, those extreme variations which in times o f abundance cause agriculture to languish, in consequence of the low price of wheat; and, in years o f scarcity, the poorer classes to suffer so greatly from its excessive dearness. “ That system consists in establishing in all great centers o f population an institution of credit under the name of Caisse de Boulangerie, which can give during the months o f a year o f dearth, bread at a price infinitely inferior to the official quotation, on condition of paying a little dearer in years of fertility. These latter being, in general, more numerous, it is easy to conceive that the compensation between the two can be effected with facility. “ In addition, the immense advantage is gained o f forming societies of credit, which, in place of gaining so much the more when bread is dear, are interested, like every one else, in its becoming cheap, for, contrary to what has existed up to the present time, such institutions will make their profits in seasons of fertility, and lose money in seasons o f scarcity.” This institution, to which the Emperor alluded in tones of such lauda tion, was one which it was presumed would be sufficient to subvert the natural price to which bread might rise or fall, according to the abundance or scarcity of the harvests; but it would seem to us that how willing soever the people might be to buy bread of the Caisse de Boulangerie, or baker’s bank, at less than its natural price during a dear time, it would be very hard to convince them of the propriety of paying more than its natural price during a season o f cheapness, according to the special scheme set forth in the constitution of the Caisse. But upon this prin ciple— that what the Caisse lost by selling bread below cost in dear years, it would make up by selling it so much above cost in cheap years, and thus cause an equilibrium of the profit and loss account to be restored— the practical working o f the institution depended. It was considered that the people of Paris ought not to pay more than forty centimes per kilogramme for bread of the first quality, equal, as near as may be, to four cents for a pound loaf. The price was there fore fixed at this figure, and all flour that was brought to Paris was sup plied to the bakers through the Caisse; and all bread consumed by the public was supplied by the Caisse at the fixed price of forty centimes per kilogramme. The floating obligations created by this course of operations, and which were guarantied by the Municipality of Paris, amounted in June, 1856, when the society had been two years and a half in operation, to more than ten million dollars. The government became alarmed and ordered 176 F rance. that the maximum price should be raised to forty-five centimes, and shortly afterwards to fifty centimes; and also contributed, as a gift, a sum o f four million dollars. O f a piece with this singular display o f an irresponsible authority, was the scheme in relation to the price o f butcher’s meat, o f which the fol lowing is a history :— In the month of January, 1851, the National Assembly directed an inquiry into the production and consumption of butcher’s meat. The commission charged with this inquiry seriously engaged in it, but the events of the 2d of December, 1851, prevented it from finishing the task. From the portion o f the report, however, that has been printed, we know that it was the opinion of the committee that there should be liberty of commerce in meat, and that the local authorities should, under no pretext whatsoever, be allowed to interfere with this cardinal principle. The committee considered meat like spice, silk, or cloth, a mercantile com modity, and were o f opinion that the police should only interfere as to frauds, in reference to quantity or quality, or as to wholesomeness. On the question of the droits d’octroi et de Caisse de Poissy, they were o f opinion that it interfered with the price and consumption of food, and that it should be abolished from the 1st of January, 1860. Since this report was published the price of butcher’s meat has increased, and the supply has diminished at Poissy, the great market which, supplies Paris. In consequence o f this, recourse was had to an expedient which sound political science has proved to be utterly ineffectual. An ordonnance appeared in the Moniteur of the 11th and 12th of October, 1855, of which the following is the substance :— On and after the 16th of the present month, butcher’s meat shall be sold at prices taxed by the authorities. The price shall be fixed every fortnight for every kind o f meat, ac cording to the returns made at the Caisse de Poissy, and to the weight of meat ascertained to have been sent from the public slaughter-houses of Paris during the preceding fortnight.* This measure was such an interference with private rights as might become the government of an Eastern despotism. It was certainly un worthy of the administration of a country which has reached such a point of civilization and refinement as France, and is destitute o f a re deeming feature. III. THE IMPERIAL LOANS OF 1854-55. A t the occurrence of the Crimean war, the policy evinced by the ad ministration was to raise the whole o f the necessary funds by additions to the national d eb t; and o f the special schemes introduced into the financial arrangements of France, in accordance with the avowed intention o f the new policy, none have been more bold, and none have, in point of fact, been more successful, than the projects relating to the negotiation of these loans. The loans were opened for subscription as follows :— 250,000,000 francs in March, 1854; 500,000,000 in January, 1855; and 750,000,000 in July, 1855 ; the terms offered were 100 francs of 3 per cent stock, for 65.25 francs money and 100 francs of 4 } percent stock, for 92.50 francs ; * Statistical account o f France, in Encyclopedia Britannica, 8th edition. 177 France. money. Now, although from these proportions the 41 per cent stock offered a better interest for mere investment, by a quarter per cent, we find that the subscriptions for the 3 percents were in the first loan double, in the second quintuple, and in the third seven-fold greater than those for the 4-i per cents ; a fact which can be fairly accounted for on no other hypothesis than that the 3 per cents were the more favorite objects of speculation. The whole amount of the applications for the three loans— amounting, as before stated, to 1,500,000,000 francs— was about 6,250,000,000 ; and it is said that the subscription offices in the depart ments “ were besieged by crowds of peasant subscribers, who brought their money in bags and stockings, and were ignorant of the mode of subscription.” The anxiety which was thus evinced to secure allotments of this loan may not appear so strange when we review the measures taken by the Imperial government in maturing its details. These measures were directed principally to drawing, from the pockets of the nation, its boarded savings; and in order to accomplish this result, arrangements were en tered into for the purpose of exciting an intense speculative feeling, by offering such terms as would secure the immediate rise of the Rentes in the market. These two objects were clearly matured in the Imperial mind, apart from the mere necessity of raising the money, and the de tails are certainly entitled to the praise o f great ingenuity. The subscriptions were payable 10 per cent upon allotment, and the remainder in fifteen equal monthly instalments as to the first loan, and in eighteen as to the other two ; and they were entitled to a reduction upon the amount of subscription for the benefit o f the arrear dividends which thus occurred, thus affording a considerable direct advantage. In the first loan o f March, 1854, the benefit of these arrear dividends was calculated by M. Bineau, the Minister of Finance, to be 2 francs 50 centimes on the 3 per cents, and 2 francs 70 centimes on the 4\ per cents. The official statement of immediate profit to the subscribers, which the minister reckoned by comparison with the market price of the funds, on the day preceding the announcement of the loan, was as follows :— Fr. Ct. 3 per cents................................................................................ Deduct for arrear dividends.................................................. 65 2 25 60 Price, 11th o f March, 1854.................................................... 62 66 75 40 G a in ............................................................................. 3 65 4^ per cents............................................................................. Deduct for arrear dividends.................................................. 92 2 50 70 Price, 11th of March, 1854............................. 89 93 80 45 3 65 G a i n ......................................................................................... The subscriptions for this loan were payable 10 per cent on allotment, and the remaining 90 per cent in fifteen equal monthly instalments, com mencing May 7th, 1854. Besides the differential advantage afforded by the arrear dividends, discount at 4 per cent was allowed for prompt pay ment of the instalments. V O L. XLI.---- NO. II. 12 178 F rance. T h e secon d loan in January, 1855, was n egotiated on very n early the sam e te r m s ; 10 per cen t was p a ya b le on allotm ent, and the rem ainder in eighteen equal m on th ly instalm ents o f 5 per cen t each, the last p a y m en t fallin g du e in A u g u st, 1856. The subscriptions carried dividend on the whole amount, as if paid up in full from September 22d, 1854, as regards the 4 i per cents, and from December 22d, 1854, as regards the 3 per cents, or as explained by M. Baroche’s project of December 31st, 1854— “ C'est-a-dire qu’a comp ter de ces deux epoques les souscripteurs toucherent la totalite des interets de leur capital quoiqu’ils n’en aient encore paye qu’une partie.” Discount at 4 per cent was allowed for payment in advance. T h e fo llo w in g details were ca lcu la ted b y the m in is te r:— Fr. Ct 3 per cents........................................................................... Deduct for arrear dividends.................................................. 65 2 25 8 Price, 30th of December, 1854 ............................................ 63 66 17 60 G ain .............................................................................. 3 48 4£ per cents............................................................................. Deduct for arrear dividends................................................... 92 2 .. 93 Price, 80th of December, 1854 ............................................ 89 92 7 50 G ain .............................................................................. 3 43 In the third loan of July, 1855, negotiated by M. Magne, Minister o f Finance, the nominal terms were fixed at 65.25 for the 3 per cents, and 92.25 for the 4 i per cents, subject to reductions for the arrear dividends from 22d of June, 1855, for the 3’s, and from 22d of March, 1855, for the 4 i per cents: Taking the actual market price on the day of the announcement, (14th of July, 1855,) the official statement o f the benefits offered were as fol lows :— Fr. Ct. 3 per cents................................................................. Deduct for arrear dividends................................................... 65 1 25 98 Price, 14th of July, 1855 ....................................................... 68 65 27 90 G a in ............................................................................. 2 63 4J per cents............................................................................. Deduct for arrear dividends.................................................. 92 2 25 79 Price, 14th of July, 1855 ....................................................... 89 92 46 75 3 29 G a in ............................................................................. As in the other loans, discount at 4 per cent was allowed for prompt payment. Beyond the advantages offered by these favorable terms, measures were taken to draw applications in small sums; for instance— the minimum sum which might be subscribed for, was ten francs o f Rente, which, for France. 179 the 3 per cents, involved a payment for the first instalment o f only 21 francs 6 centimes, or say about $4. It was also provided that applica tions not exceeding 50 francs Rente should not be reduced in the allot ment, but should carry off the full sum applied f o r ; and as 50 francs Rente of the 3 per cents, in the proportions in which they were allotted, represented a capital of only 1,0:-3 francs, or say $217, and as the first payment was only 10 per cent of the allotment, a sum of money of only 21 tY o dollars, would enable a subscriber to carry off one o f the 50 franc Rentes, and, if sold in the market at the 5 per cent advance, proclaimed by the minister, the immediate gain would be over one dollar. It was also provided in the second loan that applications not exceeding 500 francs Rente should not be reduced in the allotment; and there is not the slightest doubt that a large number of subscribers were those who had no existing means o f paying up the succeeding instalments, but who trusted to selling their allotment on the market before the next payment became due, and pocketing the amount of the premium; and this is borne out by the number of executions which followed the maturity o f the payments.* W e m ust eease to b e surprised, therefore, at the m agnitude o f the sub scrip tion s fo r this loan, w hen th e favorable term s are taken in to a c c o u n t ; on the con trary, it is surprising th at th ey did n ot reach a figure even grea ter than th ey did . W e kn ow p erfectly w ell that a loan, n egotiated on such favorable term s as these, b y th e Federal governm ent, w ould draw a perfectly unm an ageable m ass o f su b s crip tio n s ; and we shou ld n ot th erefore la y to o m u ch stress u pon th e extraordin ary cred it o f the French governm ent, w h ich has been so often held up to ou r view in relation to the Im p eria l lo a n .f A t the sam e tim e it rem ains a question w hether the con version o f dead stock in to active capital, w h ich follow ed the ann oun cem ent o f these loans, was n ot o f grea t benefit to F ran ce as a nation ; and further^ w hether the loans co u ld have been realized w ith ou t con siderable difficulty b y any oth er than such advantageous t e r m s ; w hether, in p oin t o f fact, the o rd in a ry m e th o d o f con tra ct w ith h eavy capitalists w ou ld h ave been as successful in fillin g th e coffers o f the nation. As to this last question, even supposing the loans could have been as readily realized, it is clear that the ulterior objects of the government, which have been already explained, must inevitably have been abandoned. Whether the evils o f the speculative mania, which we know did arise, are sufficiently counterbalanced by the good effects, which we may as sume to have taken place, to warrant the employment of such measures, we leave to other economical inquirers to decide. * For a more elaborate account of these loans see Tooke's History o f Prices, app. xix., from which these details are taken. t It appears that the new loan of 500,000,000 francs, upon the entrance of France into the war with A'.istria, is negotiated, (under the auspices o f M. Magne, the Minister o f Finance,) upon the same general principles. The M u n it e u r of Wednesday, May 4th last, contains the following: — “ The loan of 500,0011.000 francs is to be contracted by national subscription. It will be a 8 per cent loan, at (50.50 francs, with interest from December last, or a 4A per cent, issued at ninety francs, with interest payable from March last. Instalments payable as follows—one-tenth at the time of subscription, and the remainder in eighteen monthly payments. The minimum subscription is ten francs, which subscription alone will be allotted in full.” The offerings for this loan exceed, if anything, those for the loans already spoken of, and if the war should continue, it will no doubt be followed by others o f equal magnitude. The advantages which the terms of the former loans offered to small subscribers, are still continued in the present. Whatever may be said of this method of inflicting upon posterity the payment o f extraordinary expenses, accrued in the present generation, it evidently forms no part o f the Imperial policy to raise a war revenue by an increase of taxation. 180 Com m ercial and In d ustrial Cities o f the United S tates: Art. V.— COMMERCIAL AND INDUSTRIAL CITIES OF THE UNITED STATES. N U M BER L X Y II. N E W A L B A N Y , I N D I A N A . T H R I F T A T T H E W E S T — N E W A L B A N Y P L A N N E D — IN D IA N T R E A T Y — G R O W T H — I N C O R P O R A T IO N — P O P U L A T I O N — V A L U A T IO N — D E B T — R A I L R O A D — S IT U A T IO N OF TH E W H A R V E S — P R O G R E S S O F B U S I N E S S — B R A N C H E S — ^lO B B IN G C IT Y — A D V A N T A G E S — P L A N K R O A D S— IN T E R E S T — N U M BER OF JO B B E R S— G R O C E R I E S — F E R R Y — L O U IS V IL L E — N A T U R A L A D V A N T A G E S — W A N T OF C A P I T A L — S T E A M B O A T B U I L D IN G — N U M B E R OP B O A T S — T O N N A G E — C O S T — E L E M E N T S O F W E A L T H — W A T E R PO W E R — COAL SU P P L Y — C O S T — IR O N F O U N D R IE S — H A N D S — C A P IT A L — S T R A W C U T T E R S — F U R N IT U R E — F L O U R M IL L S — A G R I C U L T U R A L I M P L E M E N T S — H E A L T H O F C I T Y — R E L I G I O N — E D U C A T IO N — B A N K IN G . T he city of New Albany, in Indiana, is one of the most thriving of the commercial cities of the West, as must necessarily be a city planted on a soil of such immense fertility as that o f the State of Indiana, and commanded by so many avenues to large markets. The city was laid out as early as 1816, on a plot whence a dense forest had but recently made way for a favorite Indian camping ground. General Clark there and then made a treaty with the Indians, and the settlement took root, growing steadily in strength and importance until July 14th, 1837, it was incorporated as a city. Its then population and valuation was, as compared with ten years later, as follows :— Population. 1840............................................................... 1850............................................................... 1855 ............................................................. 1858........................... ................................... 4,226 8,181 16,000 18,000 Yalnation. 11,326,770 1,818,401 4,776,925 ............... The city debt is now about §144,000. The great impulse given to the city since 1850, has been a part of that general prosperity which the whole West has experienced under the railroad expenditure, aided by the good sales of produce which have been made since the breaking out of the Crimean war down to the present time. The New Albany and Salem Railroad gave a direct outlet to the city’s business, and brought a larger region of country tributary to its trade. The city is situated on the Ohio River, at the foot of the Falls, and a few miles below Louisville city ; hence it has peculiar advantages in respect to the trade of the river below. As a shipping point the advantages of New Albany have long been acknowledged, and since the completion o f the New Albany and Salem Railroad to Lake Michigan, that branch of business has greatly in creased. This road gives her rare advantages, possessed by no other Western city. It passes directly through the whole State, and, by its connections, Northern Indiana, Michigan, and Northern Ohio can be supplied with the products of the South, cheaper and sooner than by means of any other route. It also forms a main artery for carrying the products of the North to the best shipping point on the river. By means of the Ohio and Mississippi Road, New Albany is placed in easy communication with Southern Indiana and Illinois. There are numerous plank-roads by which New Albany is placed in excellent communication with the back country. There are also numer ous and good wharves for the accommodation o f shipping. N ew A lban y, Indiana. 181 A s usual w ith new and g ro w in g cities, the m erchants o f N ew A lb a n y , at first dealin g in every variety o f wares necessary to the settlers, gradually began to classify and d ev ote attention to particular branches. T he dry g o o d s departm ent b eca m e a separate business, and g rew in to a jo b b in g tr a d e ; and groceries, hardw are, earthenw are, boots and shoes, hats and caps, carpets, etc., all underw ent the sam e changes, stocks and assortm ents in creasing w ith the visible prosperity o f the dealers, and the latest returns show ed the fo llo w in g resu lts:— Wholesale dry goods, five dealers—four of them exclusively wholesale, sold goods last year to the amount o f .................................................... Wholesale grocers, seven dealers in this department sold to the amount of Queensware and cutlery, two dealers— amount of sales........................... Hardware, four dealers—amount of sales.................................................. Saddlery hardware, two dealers— amount of sales.................................. Wholesale druggists, three dealers— sales......................... ....................... Wholesale clothing, two dealers— sales...................................................... Boots and shoes, one dealer— sa les............................................................. Notions, one dealer— s a le s........................................................................... Carpets and house furnishing, one house—sales........................................ Hats and caps, two houses— sales............................................................... Wholesale leather, three houses— sales........................................................ Wholesale jewelry, two houses— sales............................................ ............ Wholesale produce and commission, two houses— sales......................... Wholesale liquor, two houses— sales.......................................................... Salt, one house— sales.................................................................................... Total.................................................................................................. $670,000 960,000 160,000 225,000 55,000 160,000 60,000 100,000 75,000 50,000 35,000 90,000 60,000 250,000 115,000 35,000 $3,100,000 In groceries— especially the heavy articles of coffee, sugar, and molasses— New Albany ought to be able, and is able, to defy competition, in supplying all of northern and central Indiana, to say nothing of south ern Indiana; and simply because the New Albany merchant has the ad vantage, in respect of Louisville, on his side, of not having to pay two drayages of four miles each, and a ferriage across the river, a good deal of sugar is shipped across the river from Louisville for the interior of Indiana by the New Albany and Salem Road. New Albany possesses great natural advantages for steamboat building, but that is a business which requires a large capital to develop, and that requires time to accumulate, even in localities of such great natural re sources, and of such great industry as that region. Steamboat men, as a general thing, dislike very much to build large boats above the Falls, as there is danger o f their being unable to get be low this obstruction to navigation when completed. During the year 1856, for a period of about seven months, the Ohio River was too low to render the Falls navigable. The canal between Louisville and Portland will only admit boats o f less than 190 feet in length, and thus an em bargo was laid upon all large boats constructed above the falls during that period. A number of boats laid at Louisville for several months after completion. New Albany, being at the head of low-water naviga tion, is free from this obstruction, and boats are enabled to depart for their respective destinations as soon as completed. Another considera tion of considerable importance is the fact that the river in front of New Albany does not freeze over as at other points, (having done so only once in the last fifty years,) and thus boats can be launched at any time, completed, loaded, and placed in a secure harbor to await the breaking up of the ice in the river, above and below. For these reasons, among 182 Com m ercial and In d u stria l Cities o f the United States : others, steamboat men prefer to have their boats built at that point, if possible. There are at present in New Albany five ship-yards. There are three large foundries which not only furnish the engines of boats built there, but they also furnish engines for many of the boats built at Louisville, Jeffersonville, and other points. Of cabin builders there are several firms, all of whom are doing a flourishing business. There are also brass founders, steamboat-blacksmiths, riggers, wheel and block makers, yawl makers, and all the several branches of trade which are necessary to fit out a boat complete. The following table will show the extent o f the steamboat business of New Albany, and its growth from 1S20 up to the beginning of the present year, 1857 :— Periods o f time. Previous to 1 8 2 0 ........................... Five years to 1 825........................ “ to i 880 ........................ “ to 1835........................ “ to 1 840....................... “ to 1 845........................ “ to 1 8 5 0 ..................... Four years to 1 8 5 4 .................... Two years to 1856....................... One year to 1 8 5 7 .......................... T o t a l................................. .......... ____ ____ .......... ____ ____ Number Tonnage of boats each o f boats each period. period. 880 130 12 2,124 4,381 S3 8,294 15,968 69 23,087 26,652 37 12,727 7,034 20 306 101,077 Value when afloat. $75 ,85 6 11,206 183,089 377,642 714,942 1,359,202 1,990,099 2,297,403 1,184,094 663,000 $8,8 56 ,4 3 9 The following table will show the amount of steamboat building done by the several “ cities of the Falls” during the year 1 8 5 6 Where built. N ew A lb a n y . . . L ou isville.............. .............................................................. Jefferson ville . . . ............................................................... T o ta l. . . . No. ii 4 Tonnage. 7,034 2,657 1,734 11,425 Cost. $ 66 3 ,0 0 0 239,000 150,000 $ 1,0 5 2 ,0 0 0 This statement does not include a number of ferry boats, barges, etc., which were built during the year. Pittsburg alone, of all Western cities, excels New Albany in amount of boat building; but a fair comparison between the two will show New Albany but a trifle behind her up-river rival in this line. The crops of the surrounding country are doubtless the main element in the trade and wealth of a city like New Albany, but as such a city in creases in prosperity, the mechanic and manufacturing arts necessarily follow, and become an additional element of wealth, as they are an index of general prosperity. Thousands of skilled arlizans leave the older States to seek new homes in the West, and these push vigorously the openings that new settlements offer for the exercise and reward o f their skill, and New Albany attracted numbers of these. Situated, as she is, midway between the Atlantic seaboard and the Gulf — and just below that great natural obstruction to navigation on one of the finest rivers in America— wuth forests of timber surrounding her on every side, where all kinds o f wood, useful in manufacturing, can be readily and cheaply obtained— with inexhaustible fields of coal and iron ore in her hills, and of convenient access— at the terminus o f one o f the N ew A lbany, Indiana. 183 longest continuous railroads now completed in the State— with her direct river communication with Memphis, which is just now rejoicing over the completion of her great iron thoroughfare to Charleston, S. C.,— and finally with her easy access to all that vast region in the Northwest, now opening up to the march of civilization, and trembling under the tread of fearless enterprise— New Albany must necessarily possess advantages for collecting the raw material for manufacturing, and the facilities for shipping off her manufactured wares, enjoyed by few cities in the W est. Her command of water power is immense. It is confidently asserted by practical and scientific men, who have in vestigated the subject, that the Falls of the Ohio could be improved on the Indiana side, so as to afford an almost incalculable amount of water power, at comparatively small expense. From the head of the Falls to the mouth of Silver Creek, a distance of some two miles, the whole body o f the river pitches over a succession of reefs, equal in their aggregate descent to some 22 to 24 feet. It has been practically demonstrated that the waters of the Falls can be successfully applied to the running of mills and machinery, at a com paratively trifling outlay for the motive power. W ith a race of suitable width and depth, running from the head of the Falls to Silver Creek, a volume of water might be drawn off from the bed of the river, sufficient to drive a vast quantity of mills and machinery. And they would not be obstructed by high water more than four weeks throughout the entire year. Water power is an immense element in manufacturing strength, but coal is quite as important, and New Albany, within a distance of three hours by railroad, commands one of the finest coal fields of the West, furnishing a supply o f coal for making steam, for smithing and other purposes, at, not exceeding ten cents per bushel, laid down here. These are elements which permit the almost unlimited growth of manu facturing industry, as accumulated capital should supply the means of development. In the city are three large iron foundries, with machine shops attached. These foundries employed during the last year 275 hands, on the average, and the aggregate amount of work turned out by them was $275,000. In connection with these foundries is a large tilt-hammer and forge for manufacturing wrought iron shafting, etc., for steamboats, and some of the largest and finest o f the kind are there manufactured. These foundries and machine shops, taken in connection with the boat-building, so exten sively carried on, have done much to add to the permanent prosperity and growth of the city. In addition to these foundries, we ought not to forget the mention of a large foundry and machine shop connected with the New Albany and Salem Railroad. This establishment employs, on the average, about 170 hands in the shops, besides some 30 more who are employed on the road as engineers and firemen. The amount annually disbursed in this department, for labor, iron, coal, timber, etc., is about $160,000. The hands in the shops are employed mainly in building passenger and freight cars, and repairing locomotives and other machinery connected with the road. Some of the best passenger cars to be found anywhere are turned out from these shops. Indeed, for excellence of material, for neatness of finish, and for strength and durability, they cannot be surpassed East or 184 Com m ercial and In d ustrial Cities o f the United States. W e s t. A s yet, n o lo co m o tiv e s h ave been b u ilt there, out and out, but there is n o part o f the m ach in e that th ey have n ot built. Among the manufacturing establishments now in successful operation in New Albany, may be mentioned the factory for making Sandforil’s patent straw-cutters. The number made during the year 1855 was 3,200, which were sold in Indiana, Kentucky, Tennessee, Missouri, Illinois, Iowa, and Arkansas, at an average price of $10— producing in the aggregate $32,000. This establishm ent em p loys about forty hands. T h e am ount o f furniture m anufactured in this city is about $60,000. T h ere are th ree very g o o d flou rin g m ills in operation in this city, one o f them said to b e the best m ill o f the kin d in the State. T he three are ca pa b le o f tu rn ing ou t from 150,000 to 200,000 barrels o f flour annually. A factory has ju s t been put in operation for the m anufacture o f half bushel and oth er sm all measures. There is an extensive factory in the citv where plows, harrows, cultiva tors, hay rakes, corn-shellers, wheelbarrows, carts, and wagons, are manu factured. A portion of the work, it is true, is done by convict labor at Jeffersonville, but most of it is finished, and all branded, at New Albany. The proprietors employ about fifty hands, and turn out some $50,000 in work annually. W h e ts to n e F a ctory— am ou nt em p loyed in m a ch in ery, $4,000 ; cost o f m aterials, $15,000. E m p loy s eleven hands, and turns ou t $30,000 w orth o f w hetstones. A cement factory of tlievcity turns out 25,000 barrels a year, at $1 75 per barrel, and in good demand. Employs 17 hands. A tobacco factory has lately been started, which employs 15 to 20 hands, and turns out some $18,000 worth of the manufactured article— tobacco and cigars ; also a factory for making tobacco-presses, packingboxes, &o., which employs fifteen hands and turns out some $15,000 to $18,000 worth of work. An extensive factory for the manufacture o f star candles, soap, and lard oil employs from ten to fifteen hands, and uses up $200,000 worth of material; will manufacture 3,000 pounds of candles, 12,000 pounds of German olive and palm soap, and ten barrels o f lard oil per clay. A soap factory has also been in operation for some time. There is about $5,000 worth of stone ware manufactured in the city annually. The amount of marble manufactured is about $15,000. In addition to the foregoing, might be mentioned sundry establishments for manufacturing clothing, hats and caps, boots and shoes, saddles and harness, tin ware, copper ware, blank books, brushes, laths, doors, sash and blinds, working in the aggregate a large number of hands, and em ploying a large amount of capital. The site o f the city is necessarily healthy and very beautiful, and the means of mental and moral culture not few. T he n um ber o f ch urch es in this city are as fo llo w s :— M eth od ist, 8 ; P resbyterian, 4 ; Baptist, 2 ; E piscopalian, 1 ; Lutheran, 1 ; D isciples, 1 ; U n ited B rethren , 1 ; Christian, 1 ; K om anist, 2 ;— w h ole n um ber 21. T h e m em bership o f the P rotesta n t churches, 2,500 ; usual attendance, 3,500. T h e n um ber o f scholars con n ected w ith the different S abbath sch ools, 2,400. T h e p u b lic s ch o o l plan o f the city em b od ies a w ell m atured, gra d ed “ Times are A w fu l D u ll'' 185 .system. Uppermost in the grade stands the “ Scribner High School." The plan of operations designate “ two regular courses of study. 1st. The English course, which comprehends all the English and mathematical branches. 2d. The classical course, which, in addition to the above, in cludes the study of the ancient languages.” T h e subordinate sch ools consist o f four gram m ar departm ents, (tw o principal and tw o assistant,) nine departm ents for secondary pupils, and an equal n um ber fo r prim ary. The school buildings, five in number, are all large and well ventilated. The schools are under the control of a Board o f Trustees, elected by the people. The number of pupils in attendance during the past year was 1,231. Amount paid to teachers, $8,413; incidental expenses, $1,196. An equal number of pupils of the same grades of advancement, taught in private schools, at the ordinary city rates of tuition, would cost the sum of $17,392. The total expenditures on account o f the pub lic schools, during the past year, was but $9,609. B a n k in g I n s t it u t io n s .— N ew A lb a n y B ran ch o f the State B a n k ; J. S. M cD o n a ld , P r e s id e n t; V . A . P ep in , C a s h ie r; paid capital, $ 2 0 0 ,0 0 0 ; m a y d iscou n t to tw ice-a n d-a-h alf h er capital. O h io Insurance C o m p a n y ; J oh n S. D avis, P r e s id e n t; Charles B . A p plegate, Secretary ; pa id capital, $200,000 ; does an exclu sive banking business. New Albany Insurance Company; Samuel H. Owen, President; Thomas Danforth, Secretary; paid capital, $100,000; does an exclusive banking business. B a n k o f Salem , at N ew A lb a n y ; L . B ra dley, P r e s id e n t; E. N ew land, Cashier ; pa id capital, $ 2 0 0 ,0 0 0 . Art. VI.— “ TIMES ARE AWFUL DULL.” T his is the general remark of almost every person we meet, and the cause is universally inquired into, and various answers returned, to the general dissatisfaction of hundreds of thousands of idle men, who are ready and willing to undertake anything, from sweeping the streets to that o f the treasury— the former o f which is neglected, while the latter is strictly at tended to. N o sooner is there a p rop osition m ade at W a sh in g ton to com m en ce and ca rry o u t any great enterprise, than th e ie are dozens o f selfish and u nprin cip led m em bers set in m otion to use all their influence in k illin g th e bill. N o t because th e cou n try does n ot requ ire the im p rovem en t p roposed, o r because funds are w a n tin g to a ccom plish it, b ut because there is gen erally more to be made on the spot by killing it then and there. H e n ce it is that the U n ited States can boast o f h a v in g m ore idle men and vessels o f all classes, than any oth er cou n try in the w orld o f the same pop ulation. It is fo lly to issue to th e w orld statistics o f ou r com m erce and p op u la tion, ( tonnage and m u scle,) w hile th ose tw o in gredien ts o f a nation’ s w ealth and p o w e r are idle, w orse than idle, g o in g to decay, or after a 186 “ Tim es are A w fu l D u ll. ” knowledge is obtained relative thereto, no provision is made for the great surplus. If we glut a market with perishable articles, those articles must be sold eventually at a great sacrifice. Ships are perishable articles, that most certainly do not improve on time, and as the markets at present are glutted with this species o f property the sacrifice must be enormous. W hile there is bribery and corruption we must not wonder at this melancholy state of things, and were it not for the poverty o f members o f the government many a measure could be carried. Where a man is taken out o f the streets and sent to Congress, without a dollar of legitimate earnings, he feels it incumbent upon himself, for the sake of his family and constituents who emburse him, to make all he can to meet his immediate wants and constituent creditors. This is the great evil of the present system. It creates, it makes a dishonest man. The moment a man is placed in power with a position and title, that moment his government should provide for him, and place him in a condition to be out of the reach of corruption. His whole energy is then thrown on one continuous course in favor of his country ; his mind is at ease, and he has time and opportunities to serve his constituents and his country. Were it not for the corruption at Washington many a noble ship would be afloat and upon the seas, instead of in the docks. Many enterprising men are crampped and cannot afford to commence operations, in consequence of the non-payment of certain claims many years before Congress, and it is disgraceful to the country, both at home and abroad, to know that these claims are not disputed, but they are not paid— no, not even the interest. W hat system of government is this ? Do we take this from the honorable and ever memorable Greeks or Romans, or even hide-bound Britain ? This is the improved republican system. W hy should not the government (that makes laws to govern citizens in their transactions with each other) be obliged to pay interest on an honest debt, as well as the “ meanest citizen,” and thus set an example of common honesty 2 Or, on the other hand, repeal the law that places the debtor under an obligation to the creditor, and thus save expense of so much litigation ? Solon, one o f the wise men o f Greece, gave it as his opinion that “ the most popular government is that where an injury done to the meanest citizen is an insult upon the whole constitution.” All the other wise men agreed that Solon’s form o f government was the strongest. A las! were he here. The French spoliation claim has been during the last sixty years be fore Congress. The claim is not disputed, but it is not paid, and the cause assigned is, “ that some of the claims have passed out of the hands of the original owners into the hands of speculators.” Here is another dodge or sample of justice. The original owners, from the pressure o f failures caused by the war, and the misfortunes of the times and of business, were obliged to raise money on their spoliation claims, and in good faith sold to parties, who in good faith purchased the claims on the government, feeling satisfied that they would he paid, just as a citizen gives a fellowcitizen his note, for the payment of which the government holds the in dorser responsible. Now “ it is a bad rule that won’t work both ways.” “ Times are A w fu l D u ll." 187 This was S o lo n ’ s opin ion . But liberty and equality we have in the abstract, not in practice. read about it, but we don’t see it. We M any claim s are con sidered ju st, but w hat w ith vetoes and pilfered treasuries, they are n ot paid, and the interest th row n ou t o f the question, and a com prom ise m ad e at that. ' This is, indeed, disgraceful to a government, as well as to a citizen, and if a government' cannot set a better example, it is unjust and incon sistent to employ sheriffs and constables to hunt down the poor, honest man, and deprive him and his children of the trifles they may possess, to pay a debt which nothing but his want o f power (according to the government system) keeps him from repudiating and keeping in defiance. Is there not one honest and intelligent man to raise his voice in Con gress against this unjust state of things ? T h e govern m en t will n ot aid any private enterprise, n or w ill it allow private citizens to com m en ce operations them selves, i. e., th ey are in d irectly hindered. S om e secret m ach in ery is set to w ork to invalidate a measure. The vast regions that the events o f the last ten years have added to the Confederacy, have produced hundreds of millions o f pure gold, and consequently a vast trade with these regions, which, unfortunately, are so far away by sea, that it becomes necessary to shorten the distance by sailing through the continent. To a narrow mind this may seem a won derful task, if indeed at all possible, but although certain narrow minds have had the faculty o f magnifying in the eyes o f others their own importance, and thus shoulder themselves into Congress, it does not fol low that we shall be led by them or their dupes. The proposition to open a great inter-oceanic canal, from Darien to the Pacific, cutting through the coast chain, a tunnel 3£ miles long, 100 feet wide, and 120 feet deep, has animated the dyspeptic pen of some mer cenary or penny-liner, whose relish for useful enterprises is lost at the sight of alligators, lizards, and other reptiles that infest the lower regions of the great Atrato. If in any great undertaking we anticipate evil and weigh the conse quences, there would be little progress; such men as I allude to were eunuchs, appointed bv the ancient Eastern kings to herd the women; but if the ancients had such men as we have, there would have been no necessity for eunuchs. Those ancient kings had a strong appreciation of services, for which various classes of men were adapted, and all con sequently became powerful and fearless. The soldier was not afraid of the enemy in battle, and the eunuch was not afraid of the women. L et us con trast this w onderful canal w ith the cu t m ade b y the naked Indians, under the direction o f the Spaniards, to drain the V a lle y o f M exico. T h a t cu t is th rou gh a range o f m ountains, e n circlin g th e great V a lle y o f M exico, w hich contains L ake C u zco, and w hich in the wet season subm erged the city knee-deep, and h ence the n ecessity o f the drainage. To accomplish this the cut was made twelve miles long, 300 feet wide, and 150 feet deep, and all through a solid rock, which figures up 10,500,000 cubic yards. This great work was performed by the natives, who were unaccustomed to labor or the use of iron instruments. On the oth er hand, the A tra to Canal is sixty m iles lon g , (e x ce p t the 188 “ Times are A w fu l D u ll." tunnel, 120 feet high,) only 30 feet deep, and 100 feet wide, and the amount of mud and rock to be removed is estimated at 52,500,000 cubic yards. Modern inventions would make short work o f such an undertaking, and modern demands would meet with modern supplies, and modern diffi culties with modern masters. Hundreds of thousands o f men would be employed both directly apd indirectly. Trade would spring up on all the oceans. The Gulf of Darien, the vital spot o f the two countries, would be alive with ocean and river steamers, carrying supplies of men, provisions, and machinery. Every branch of trade would be benefited, and a communication and intercourse with a friendly republic would be cultivated. B u t where are w e to find all the vessels to ca rry these supplies to this grea t w o rk ? Extreme prosperity was the result of hundreds of millions o f dollars having been brought to light, which the Almighty God, during thousands of years, caused to remain in the bowels of the earth, hid from the sight and imagination of ambitious man. This enormous wealth got into the hands of the few, who, with all due deference, we shall call God's cashiers, (for he does cause, or allow, certain men, not always the most upright or virtuous, to accumulate property and prosper upon the earth.) These men employ millions o f all classes. The building of ships, roads, houses, and besides the manufac turing of every useful article known to man, bring these men, in their various avocations, to concentrate themselves in large towns and cities. Seven years’ time now-a-days produces a new class of mechanics and scientific men. Boys of fourteen are bound, and in five or seven years, when they are out o f their time, they are thrown upon the ivorld to do fo r themselves. T h e y n aturally seek em p loym en t in cities or towns. During the last ten years a new generation of such men has sprung up, and obtained employment when great works were going on. Sud denly these works cease, and vast hordes o f able-bodied men are thrown out o f employment. This is fearful. The United States cannot stop short and allow these men to sit down, while the government thinks o f what is to be done next. The government must have enterprises always ready to keep the great mass of the people employed. There are now in the port of New York about eight hundred vessels of all classes, including ocean steamers, (worth $7,650,000.) For these steamers there is no general or legitimate use, consequently there is no building going on ; and there is of necessity a vast multitude of men of every trade, pretension, and profession thrown suddenly out of employ ment, and cannot turn their hands to anything else, as common labor is at a discount; and when these men meet each other it is natural for them to remark that the ‘‘ times are awful dull.” Now let us take a general average of the value of men, and we shall be better able to ascertain what amount of money is lying idle. W e will suppose New York contains 100,000 idle men, that one man is worth $5 per diem, and another one, a general average, would be about $2 per day, allowing that there are more laborers than business or tradesmen. Journ al o f M ercantile L aw . 189 T w o dollars per day w ould be a b ou t $600 per annum , w hile $'600 per annum , w ou ld be, at 7 per cent, the interest o f $8,575. Thus w e com e at the real value o f each m an, i. e., i f I w ill b e perm itted to value a m an a cco rd in g to the am ou nt h e gets per annum for his la b o r ; and it m ust be adm itted on the same prin cip le o f pu rch asin g a house for $8,575, and ren tin g it for $600. I f a man is worth $8,575, what is 100,000 ? Answer, $875,500,000. Thus w e have this en orm ou s am ou nt o f a n ation ’s w ealth and pow er ly in g dorm ant, in a m easure, and n ot even the interest o f it in circulation. But add to this eighteen ocean steamers, worth $7,650,000, and we have $865,150,000. Then add eig h t h undred id le vessels in the p ort o f N e w Y o r k , w h ich , at an average value o f $25,000, swells ou r d w in dlin g wealth to the en orm ou s sum o f $885,150,000. I f a steamer, or any given vessel, is worth a given amount o f money, then is that amount (her value) in circulation by sailing her. W h a t, then, is to be d on e for this grea t am ount o f b on e and sinew and prop erty o f N e w Y o r k ? D o e s the govern m en t take n o a ccou n t o f the con sequ ences o f a llow in g so m an y m en and so m u ch p roperty to rem ain id le ? This state o f things can be traced to the very doors o f the capitol. T h e m ov in g m u ltitu de is n o in dication o f gen eral em p loym en t or prosperity. M any a m an gives his last sixpen ce to a stage-driver, a g r o g vender, o r an eating-house keeper, all three o f w h om say, “ business is brisk.” T h e cou nting-h ouses are f u l l ; the custom -houses are f u l l ; th e w o rk shops are supplied ; the g overn m en t offices are f u l l ; the alm s-houses are f u l l ; the streets are f u l l ; and the prisons are full, w ith a large b o d y o f raw recruits in the d ep ot outside. There, then, is grea t con solation and even relief in the “ H om estea d B ill,” but w ill this benefit m echanics, or relieve these large cities. A man can not take up a quarter section w ith ou t m o n e y ; h e must have m eans to live fo r at least three m onths. T h e class o f m en I allude to is n ot that o f farm ers, it is prin cip ally com p osed o f artizans, w h o are benefited by such m en as V anderbilt, and m ake their liv in g o f them . T h ey are th e cashiers, and th rou gh their instrum entality tens o f thousands can be profitably em p loyed , and cease tellin g each oth er that “ times are awful dull.” .t. a. n. JOURNAL OF MERCANTILE LAW. PURCHASE OR SHIPMENT OF COTTON. In the Supreme Court— General Term. Before Hon. Judges Davies, Hodgeboom, and Sutherland. Robert Lewiu, respondent, vs. Thomas J. Stewart, impleaded with William P. Wright, appellant. This was an appeal from a judgment given by Mr. Justice Roosevelt, at special term, in 1854, holding Ur. Stewart liable upou a purchase of cotton or shipment of cotton. Lewin is the surviving partner of Jonathan Ogden & Co., by whom the suit was originally brought. The suit was commenced in the late Court of Chancery in 1844, (fourteen years ago,) and the object was to establish 190 J ourn al o f M ercantile L aw . a liability on the part of the firm of Stewart & Wright, for half the loss on a shipment of cotton of about 285 bales, made by Jonathan Ogden & Co., who allege that they made the shipment as a joint adventure of the two firms, and Stewart alone defended, on the ground that he had not consented to take any interest in the shipment. S u t h e r l a n d , J.—The principal questions discussed on the argument of this case were :— 1. Whether any agreement between Ogden & Co. and Stewart & Wright is admitted by the answer of Stewart, or is established by the proofs, or can be judicially deduced from both. 2. If any agreement between those firms is so established, or can be deduced, what was the agreement ? Was it an absolute agreement on the part of Stewart & Wright to purchase or take an interest, absolute, in the 285 bales of cotton which had been bought by Ogden & Co. without reference to its quality, or to its being of a grade known in the market as “ fair?” or was it a condi tional agreement; that is, an agreement to purchase or to take an interest if the cotton was of the grade called “ fair,” as represented by Lewin. 3. Is the case within the statute of frauds, so that if an agreement to pur chase on the part of Stewart & Wright a share or interest, or a sale to them of a share or interest in the cotton, is admitted by the answer or established by the proofs, yet there being no written evidence of such agreement to purchase, or ot such sale, the plaintiff cannot recover. In the view I have taken of the case it will be necessary to examine only the first and the last of these questions, and perhaps only the first. It is con ceded that the ordinary partnership business of Stewart & Wright did not extend to that transaction, so that Wright could bind Stewart or the firm without Stewart’s authority and consent. What is the evidence, then, of an agreement by Stewart & Wright to take au interest in the adventure, or to purchase an interest or share in the cotton, or ot a sale to Stewart & Wright of a share or interest by Ogden & Co.? There is no written evidence. The evidence of witnesses as to wbat passed in one conversation between plaintiff and defendant is all the evidence. There was no entry of the transaction in Stewart & Wright’s books. No invoice, bill, or memorandum of the transaction were furnished byOgden & Co. to Stewart & Wright. Ogden & Co. paid for the cotton the 23d of March, 1844, but never called upon Stewart & Wright for their share of the cost price. The witnesses are three—Wright and Dunham for plaintiffs, Joyce for defendant. Notwithstanding Stew-art’s objections, Wright was ad mitted as a witness. The code has no application to the question of Wright’s admissibility, for the proofs were taken and closed in 1846. Wright had per mitted the bid to be taken against him as confessed in November, 1844. In December, 1844, Ogden & Co. executed to Wright a w-ritfen instrument or re lease, as upon a separate compromise, pursuant to the “ A ct for the Belief of Partners and Joint Debtors,” (laws of 1838, p. 243.) exonerating him from all individual liability incurred by reason of his connection with the firm of Stewart & Wright, or by reason of any liability with the said Stewart, of and concerning the transaction as to the cotton. It is claimed that this made W right a competent witness. I think it did not. The very question in the. case was, whether Wright had entered into the transaction as to the cotton with or with out the consent of Stewart. If Stewart did not consent to the adventure, Wright stood confessed as individually liable, as having gone into the transac tion without any authority from his partner. If the plaintiffs did not succeed in this suit, the statutory exoneration would have no effect.. The plaintiffs could, notwithstanding the instrument of exoneration, and on Wright’s own confession, recover the whole amount from Wright, on the ground that it was not a partner ship transaction of Stewart & Wright, but an individual transaction of Wright’s. The statute of 1838 is confined to joint, actually existing debts. The object of this suit, and of introducing Wright as a witness, was to establish the debt to be just. I think Wright was inadmissible as a witness, and that his testimony must be considered as out of the case, and it would hardly be considered that J ourn al o f M ercantile L aw . 191 the testimony of the other two witnesses proves any consent or agreement of Stewart. Dunham says the conversation was between plaintiff and Wright; that Stewart was in the room a portion of the time, but he does not swear posi tively that Stewart heard anything that was said. (Stewart is partially deaf.) Joyce says:—Plantiff came to Stewart & Wright's place of business with a sample of cotton, and proposed to Stewart to take an interest in a lot, of which that was a sample, and that all three—the plaintiff, Stewart, and Wright—went into the office or counting room together, and he (Joyce) remained outside, and heard no more. I do not think that these witnesses prove the consent or agree ment on the part of Stewart. Now, let us look at the bill and answer. The bill alleges that Ogden & Co. had purchased the cotton, and that Stewart & Wright, hearing of the purchase, and that Ogden & Co. intended to ship it, re quested of one of the plaintiffs (either of Ogden or Lewin) a half share or in terest in the cotton, to which Ogden & Co. agreed, and that thereupon Ogden & Co. became jointly interested with Stewart & Wright, being entitled to one-half of the profits, if any, and liable to one-half the losses. This is the way in which the agreement is alleged in the bill. The answer of Stewart alleges that Stewart & Wright were cotton brokers, and not cotton buyers; denies the authority of Wright to bind Stewart in the transaction ; and as to the request of Stewart & Wright for a half share or interest in the cotton, and the consent of Ogden & Co., upon which it is alleged in the bill a partnership in the shipment of cotton was created between Stewart & Wright and Ogden & Co. ; the answer alleges—that about the time men tioned in the bill, he (Stewart) was solicited to take an interest in a shipment of cotton which Ogden & Co. were about to make to Liverpool, consisting of a large number of bales—say about 285—of which over nine-tenths were what is termed “ round bales,” but that he never consented to take any interest therein, otherwise than conditionally, and upon the inducements of false representations; that is to say, Lewin at the time represented the cotton to be all of one uniform quality, known in the trade as the grade “ fair,” a quality then worth in the market, if in square bales, from 9 cen!s to 91 cents per pound ; that he exhibited a sample which was of that quality, and stated that each bale was, on an average, equal to such sample in style, quality, and value ; that such statement was in tentionally false; that Lewin thereupon urged Stewart to join Wright in taking a share or interest, to which he replied, “ That if the cotton was equal to that sample he would be interested, otherwise not;” and that he (Stewart) “ did not, in any other way, consent to take such an interest.” Now, is this an admission of the agreement set up in the bill? I think not. It is only an admission that he (Stewart) was willing, and said he was willing, to enter into an agreement and join Wright in taking a share or interest in the cotton, if the cotton was equal to the sample. It does not appear from this statement in the answer that there was a meeting of minds, and the bargain concluded. And such a meeting of minds and definite agreement scarcely follows from the allegations in the bill. The request to have an interest according to the bill was made either to Ogden or Lewin, to only one of the sellers, by both of the buyers. Is it probable that thereupon—immediately—the proposition was accepted by both the sellers, as alleged ? But if an agreement or sale is alleged in the bill with sufficient certainty, I think that such agreement is not admitted by the answer, or established by the proofs, so as to authorize the judg ment at special term. In this view of the case it is unnecessary to examine the question of the ap plication of the statute of frauds. But I will say, that I do not see why the case is not within the statute. Admit the plaintiff’s case, and Ogden & Co. had bought the cotton when Stewart & Wright agreed to take the interest in it. Ogden & Oo. did not buy it as the agents of Stewart & Wright, or with the joint funds of the two firms, or as partners of Stewart & Wright in that par ticular adventure. As between the two firms, Ogden & Co. were the owners of the cotton when the alleged agreement was made, that Stewart & Wright should have a share or interest whether Ogden & Co. had actually paid for the cotton 192 Com m ercial C hronicle and R eview . or n ot; or whether it had been then actually delivered on board the ship or not. As between the parties from whom Ogden & Co. had bought, and Ogden & Co., the delivery on board the ship was a delivery to Ogden & Co., and not to Stewart & Wright. To hold that it was a delivery to Stewart & Wright by Ogden & Co., so as to take the case out of the statute, would, in my opinion, be a palpable evasion of the statute. The judgment at Special Term should be reversed, and there should be a new trial, with costs, to abide the event. WAKEHOUSE RECEIPTS. In the Supreme Court of San Francisco. G. ITanna vs. Flint, Peabody & Co. Before Judge Norton. Bobert This is a suit growing out of a flour contract, and the decision of the Supreme Court in the case of Horr and Dick. It seems that somebody employed a Mr. Little to purchase some wheat; Hanna and somebody were to furnish the money; and Little was to have one-third of the profits. Little bought the wheat, and stored it, took the warehouse receipt, and used some of the wheat to pay an old debt. The plaintiff brings suit to recover his wheat, taken without his consent by Little. On the part of the defence it is averred that Little’s interest in the profits made him a partner. Participation in the profits made partnership under the old rule, but that has changed ; and as it now stands the transaction does not make a partnership, and Little could not sell it as a partner ; but he was authorized to sell it by virtue of holding the warehouse receipt with the consent of the owner ; for, under the Horr and Dick decision, a warehouse re ceipt shows not only a right of possession, but also is a prima facie proof of title. New trial is denied. COMMERCIAL CHRONICLE AND REVIEW. F IS C A L Y E A R — BALANCE OF T R A D E — L A R G E IM P O R T S — A V E R A G E C A P IT A L — C O R R E C T I O N O F E X C H A N G E S — E X C E S S TH E CLOSE OF T H E M E N T -P R I C E SP E C IE OF Y E A R — B U S I N E S S OF NEW OF S P E C IE YORK C IT Y — R A T E S B A R S — A S S A Y -O F F I C E — M IN T — S P E C IE IN B A N K S O F FO U R C IT IE S — FLOW OF FO R T W O Y E A R S — M IG R A T I O N OF M OVEM ENT— R A TE EXPO RTS CURRENCY TO TH E OF E X C H A N G E OF E X C H A N G E — S P E C IE OF B O ST O N A N D C IT Y — C A P IT A L NEW AT M OVE YORK— ABUNDANT — C R O P S G O O D — L O A N S — D I V ID E N D S — B O S T O N A N D N E W Y O R K — E F F E C T O F P A Y M E N T S — L A R G E A M O U N T S OF FA LL PAPER — R A T E S ABROAD— STATE P E R IT Y — E F F E C T FO R M ONEY — T H E OF C R O P S — E F F E C T OF P O S S IB L E ON LARGE SALES OF GO O D S E XCH AN G ES— E LE M E N T S PEACE — C H E A P FO O D IN TH E OF U N IT E D IN TH E GREAT S P R IN G — M ON EY C O M M E R C IA L P R O S S T A T E S — AN E L E M E N T OF G E N E R A L P R O S P E R I T Y — E F F E C T ON R A I L R O A D S — T H E W E S T P A Y S IN C H E A P FO OD. T he fiscal year o f the Federal government closed June 30th, under extraordinary circumstances ; and the year 1860 has commenced with the foreign trade in an unusual position ; but such as probably will be highly advantageous should peace take place within a few months. W hat is called the “ balance o f trade,” or the relative imports and exports, have been for several years as follows :— 1856 1 85 7 ..................... ..................... 1 85 8 ................................. 1 85 9 , nine m on th s. . . ,------------------- Got ids.------------------- , Imports. Exports. $ 8 1 0 ,4 8 2 ,3 10 $281,219,4 23 348,428,342 2 93 ,823,760 -----------------Specie.---------------- * Imports. Exports. $ 4,2 01 ,6 3 2 $ 46 ,746,485 1 2,461,799 69,136,922 $ 6 5 8 ,8 6 0 ,6 5 2 2 63 ,838,654 229 ,64 0 ,4 1 6 $57 5 ,0 4 3 ,1 83 272 ,01 1 .2 7 4 217,542,919 $ 16 ,669,431 19,274,496 3,531,862 $ 1 1 4 ,8 6 2 ,4 07 52,633,147 29,137,275 $ 49 2 ,9 7 9 ,0 7 0 $48 9 ,5 5 4 ,1 93 $22,81 6 ,3 5 8 $ 81 ,77 0 ,4 2 2 193 Com m ercial Chronicle and R eview . The figures for 1859 are official down to April 1st, being nine months of the fiscal year, and showing the state of affairs down to the breaking out of hostili ties in Europe. It is to be observed from these figures that the import of goods for the two years ending June 30th, 1857, when signs of revulsion showed them selves, had been $83,817,469 in excess of the exports of produce, but there had been also exported $98,212,976 of specie, leaving an apparent balance in favor of the country. Nevertheless the panic set in, and the drain of specie continued very large, resulting in suspension. In the two years there included, and for many previous ones, there had been large migration of capital to the United States from Europe for railroad investments and other purposes, and these had served, with profits on exports and United States freight earnings abroad, to correct the exchanges influenced by the expenses of travelers abroad, and the interest annually due abroad on government and State loans held there. With the panic, remittances of capital to the United States not only ceased, but there manifested itself a desire to recall funds from investment. The year 1858 closed with an excess of $8,672,620 exports of produce over goods imported, and thereto was added an excess of $33,358,651 specie exported, and the rate of sterling bills was, July 1st, 1858, 9 a 9f. In the succeeding six months, it ap pears by the table, the excess of imports over produce exports was $12,097,497, and $25,595,413 specie had been exported, making an apparent balance of $13,497,916 in favor of the United States, and exchanges then stood at par, or 9# a 9# nominal premium. At that time the war began to disturb the course of commerce. The exports of breadstuff's had been very small, but cotton had gone freely forward at full rates. A great deal remained unsold, and the war caused a fall in prices and a distrust of commercial bills, while it promoted the sending to Europe of capital. The business of the port of New York for the three months, April 1st to June 30th, was as follows :— --------------- Imports.---------------* Goods. Specie. -----------------Exports.-------------- N Goods. Specie. 1858 ...................................... 1859 ...................................... $31,789,641 69,167,313 $951,529 880,769 $17,599,202 17,883,621 Increase......................... $87,377,672 .............. $284,419 $3,031,234 25,177,180 $22,145,950 The great apparent increase in the import of goods has been a consequence of the small imports of last year, which left very small stocks of goods in the whole country. A good demand has consequently existed for the goods. These imports have in the last quarter greatly changed the course of exchanges, and with an export of $25,500,000 of specie from Boston and New York, for the last quarter, exchange closed firmly at 10# a 11 for bankers’ signatures to begin the new year. The rates have been as follows :— London................ Paris.................... Antwerp. ___ Amsterdam . . . . Frankfort............. Bremen............... Berlin, Ac............ Hamburg............ May 2. June 1. 10# a 10# 5.1 I f a 5.10 5.13# a 5.12# 42 a 42# 4 1 f a 42 79# a 79# 73 a 73# 37# a 37# 10 a 10# 5 .1 2 # a 5 0 8 f 5.10 a 5.06# 42# a 42# 43# a 48J 79# a 80# 74# a 75# 37 a 38 July 1. J u ly 18. 10# a 11 10# a 11 6 .1 1 # a 5 .0 8 # 5 .1 0 a 6 .0 8 # 6.07# a 5.05 5.07# a 5.05# 42 a 4 2 f 42# a 42# 4 2 f a 431 42# a 43# 80 a 80# 80# a 81 75 a 76 75# a 75# 37 a 38 37# a 37# The comparative weekly receipts and exports of specie, this year and last, have been as follows :— V O L . X L I.-----N O . I I . 13 194 Com m ercial C hronicle and R eview . G O L D R E C E IV E D F R O M C A L IF O R N IA A N D E X P O R T E D F R O M N E W Y O R K W E E K L Y , W I T H T H E A M O U N T O F S P E C IE IN S U B -T R E A S U R Y , A N D T H E T O T A L IN T H E C IT Y . ,------------- 185 S.--------------V Received. Exported. 8 -----82,3 98 ,6 8 4 . . . $1,607,440 1 5 .... 1,045,490 2 3 .... 1,244,368 8 0 .... . . 1,567,779 57,075 F eb . 5 . . . . ........................... 2,928,271 1,348,507 1 3 .... . . 48,850 2 0 .... 641,688 2 7 .... . . 1,640,430 128,114 ............ Mar. 5 . . . . . . 297,898 1 2 .... . . 1,279,134 225 ,27 4 11,000 1 9 . .. . 116,114 2 6 .. . . . . 1,403,949 8S.120 Apr. 2____ 116.790 9 . . . . ........................... 250,246 1 6 .... . . 1,325,198 203,163 15,850 2 3 .... . . 41,208 3 0 .... . . 1,550,000 136,873 106,110 M a y 7 ____ 1,626,171 720 ,71 0 1 4 .... . . . ............... 5 32,862 2 1 .... . . 1,575,995 4 00 ,30 0 2 8 .... . . 51,425 June 5 . . . . 1 2 .... . . 1,446,175 16,616 68,318 1 9 .... 276,487 2 5 .... .................. 317 ,11 0 July 2 ____ . . Ci . . . 1,500,000 564 ,03 0 637 ,24 0 1 6 .. . . ........................... Jan. --------------------^ ISSs9. Specie in Total Received. Exported. sub-treasury, in the city. $ 1,052,558 §4,202,151 § 3 2 ,6 01 ,9 6 9 $1 376,300 218,049 4,312,987 33,693,699 567,398 4 ,851,666 34,323,766 1,210,713 4 67,694 7,230,004 84,9 85 ,2 9 4 8,103,546 606,969 34,095,987 1,319,923 361,550 8,040,900 33,460,000 33,1 15 ,5 1 0 1,013,780 6,770,555 3 3,664,000 358,354 7,193,829 1,287,967 1,427,556 7 ,215,928 33,915,893 34,207,411 307,106 933 ,13 0 8,677,357 870 ,57 8 9,046,759 34,089,942 3 4,227,800 208,955 8,041,268 32,918,800 1,032,314 1,343,059 7 ,686,700 32,981,118 7,232,451 576,107 32,557,778 1,404,210 1 ,637,104 7,079,111 1,496,889 6 ,894,810 32,972,965 6,568,681 32,897,686 1,723,352 1,680,743 82,568,545 2,169,197 6,481,913 1,480,115 1,926,491 6,020,400 31,191,731 2,223,578 5,488,205 31,578,209 29,171,906 5,126,643 4 ,752,084 1,938,669 2,325,972 4 ,327,155 2 8,055,464 1,877,294 3,684,754 25,8 16 ,9 5 4 1,513,975 3,604.800 26,790,017 1,669,263 4,493,200 26,253,081 1,620,731 27,028,416 1,861,163 4,086,751 2,041,237 1,398,885 4 ,278,400 26,773,049 1,736,861 2,495,127 4,282,600 27,506,279 T ota l... . . . 20,027,419 13,840,830 18,99S,666 38,978,482 The last arrivals of gold from California were mostly in bars, and were taken for export at a premium of eighty cents. The operations of the New York Assay-office were as follows :— N E W Y O R K A S S A Y O F F IC E . D E P O S IT S . January.. February. March. . . April — M a y ___ J u n e. . . . ------------- Foreign.---------------------- * Gold. Silver. Bullion. Bullion. Coin. Coin. §4 ,0 0 0 § 1 3 ,0 0 0 §2 3 ,3 8 0 10,000 57,700 $ 9 ,0 0 0 6,000 82,000 3,000 3 ,000 8,000 31,000 28,000 10,000 8,000 2,000 10,000 29,000 5,000 20,000 25,5 00 3,500 20,000 ____ $ 2 ,0 6 0 ,0 0 0 January ................... _____ February ................. ......... March...................... ........... A pril....................... .......... May........................... June..........................._____ Coin. § 2 5 2 ,0 0 0 10,000 290,000 74,000 59,600 120,000 Bars. $ 38 7 ,0 0 0 750,000 2 55,000 336,000 140,000 Total................ § 8 0 6 ,6 0 0 I O o 250 ,58 0 § 4 5 ,5 0 0 P A Y M E N T S B Y A S S A Y O F F IC E . 9 § 6 6 ,0 0 0 •i* Total . §5 1 .0 0 0 ,----------------- United States.--------Gold. Silver. Coin. Bullion. Coin. Bullion. ____ $36 5 ,0 0 0 § 2 ,5 0 0 § 4 ,1 2 0 2,300 6,000 ____ 669,000 4 ,500 3,500 ____ 351,000 4,000 ____ 328 ,00 0 1,000 7,000 ____ 162,000 600 4,000 ____ 185,000 2,000 §2 9 ,6 2 0 195 Com m ercial C hronicle and R eview . In the same period the transactions of the United States Mint at Philadelphia have been as follows U N IT E D ST A T E S M IN T , P H I L A D E L P H IA . ,--------- Deposits.-------- , Gold. Silver. January................................ Febru ary.............................. March............................., . . . A pril...................................... May........................................ J u n e ...................................... $148,040 80,155 67,000 74,200 215,760 104,710 ,------------- ------Coinage.------------------- , Gold. Silver. Cents. $51,635 77,650 107,640 100,015 86,710 64,230 $59,825 147,983 119,519 42,520 76,640 180,060 $56,000 127,000 108,000 128,500 104,000 90,000 $35,000 27,000 27,000 29,000 25,000 36,000 Total........................... $679,860 487,880 626,547 613,500 179,000 The aggregate export from New York and Boston in June was as follows :— Boston. . . . New York. T otal......................... May. •January 1 to July 12, 1859. 1858. 1857. $2,041,034 7,629,371 $3,768,675 37,483,295 $2,196,797 13,840,830 $4,668,739 22,398,062 $9,650,305 $41,251,970 $16,037,627 $27,066,801 The drain of specie has been very large and steady, and begins now to mani fest its influence upon the distant banks, as will be seen by reference to the weekly bank tables appended to this article. The comparative results are as follows :— S P E C IE t BANKS. New York. Philadelphia. New Orleans. Total. $26,086,632 22,494,649 $6,680,813 4,696,111 $15,537,235 13,597,084 $55,216,867 46,019,444 Total dec. $1,679,587 $3,591,983 $1,984,702 $1,942,151 Arrived from California, May 1 to July 12................................................. $9,197,223 8,710,861 Total............................................................................. ............................... $17,908,084 Boston. May 1 .. .. July 2 . . . . $6,910,187 5,231,600 The amount of specie in the New York banks has been sustained from these sources, and from others throughout the West and South, whence money has flowed in to supply the outward current, which has, however, not sufficed to keep down the rates of exchange. The supply of bills has doubtless been diminished by the want of confidence in the markets abroad for the time being. This cur rent of specie has not much affected the supply of capital, which, as we have heretofore explained, is quite abundant; becoming more so since crops are good all over the country, and there are no large enterprises afloat to absorb it. The demand for loans is quite small. The Federal government have issued several millions of treasury notes. During the month the city of New York issued the $300,000 Central Park stock at par to 1-j- premium. The Brooklyn Savings Bank took §100,000, the Merchants’ Clerks, §50,000, and W. E. Wilmerdiug, §40,000, etc. The State issued a §350,000 5 per cent loan for the general fund debt, at £ a 1J premium. The payment of loans and dividends has also been considerable. At Boston, as reported by Mr. J. G. Martin, they were as follows :—Miscellaneous........................................................................... Interest on bonds................................................................... Manufacturing dividends..................................... Railroad dividends ............................................................... Total, July, Jan, July, Jan, 1859............................................................ 1859........................................................... 1858........................................................... 1858........................................................... $68,755 92,858 575,600 1,033,523 $2,270,736 2,435,342 1,834,236 1,908,732 196 Com m ercial C hronicle and R eview . There are other companies that will probably make dividends about this time, but not yet officially declared. Among which are the Boston Exchange Com pany, (quarterly,) Firemen’s Insurance Company, Hamilton Woolen, Salisbury and Massachusetts Mills Manufacturing Companies; also, Boston and Boxbury Mill Corporation, and New Bedford and Taunton Bailroad. The following dividends have either been paid recently, or are now payable :—■ Companies. Appleton Manufacturing C o ............... Hamilton Manufacturing Co............... Merrimack Manufacturing Co............ . Passumpsic Bailroad bonds................ Portland and Saco Railroad dividend Capital. Dividend. Amount $800,000 5 4 5 3 3 $30,000 48.000 125,000 21,750 45.000 1, 200,000 2.500.000 725,000 1.500.000 $269,750 The total of dividends for July is larger than one year ago, but about the average previous to that time. The increase is principally by manufacturing companies, and a few ol the railroads. The Michigan Central also pays off $256,000 of bonds :— The Federal Statedividends, papable in New York, were.................... Banks.............................................................................................................. Insurance...................................................................................................... Bailroad bonds and dividends..................................................................... Savings banks.............................................................................................. $3,820,000 1,540,000 1,200,000 500,000 1,800,000 Total...................................................................................................... $8,860,000 These payments affected the supplies of money, also the deposits in the banks, which varied weekly, as will be seen in our usual tables. The demand for money for all purposes was quite small, and the rates showed a tendency to decline. The cloud which had rested over cotton, sugar, and paper, in consequence of the decline in those articles, seemed to have cleared, partially under the means taken to strengthen it, the latter, particularly. The disposition to cover the paper to mature in the fall has produced some long-dated paper, not quite available in the banks. The rates of money have been as follows :— R A TE S OF M ON EY AT N E W T O R E . April 15th. Loans on call, stock securities__ . Loans on call, other securities...,. Prime indorsed bills, 60 d a y s .. . , , Prime indorsed bills, 4 to 6 m os.«, First-class single signatures........ . Other good commercial paper . . . Names not well known................. 4 5 5 6 61 8 9 a a a a a a a 5 6 »1 61 7 9 10 May 15th. June 1st. 5 a6 6 a7 6 a 61 61a 8 7 a 9 9 a 10 1Ci a 12 6 a 7 7 a 8 H a 7 7 a 8 8 a 9 9 a 10 10 a 12 July 1st. 5 6 6| 7 8 10 12 a a a a a a a 6 7 7 71 9 12 15 July 18th. 51•a 6 a 6 a 61r a 7 a 10 a 12 a 6 7 61 7 8 12 15 The movement “ on call” was towards an amelioration in rates. The large quan tities of goods that have been sold this spring by manufacturers and importers to the interior of the country, through the jobbers, at six months paper, is like an advance of so much capital to the country ; payment must be first made in the fall on that paper, and this year a quantity exceeding that of last year by $70,000,000 is to be met, at the same time that the large crops will require means to move them. These are the elements of an active demand for money, which, however, being anticipated, may to some extent be neutralized. The accounts from abroad show a similar state of things, and the tendency is to a renewed rise in the rates of interest. Should peace be declared, the desire to 197 Com m ercial Chronicle and R eview . embark in new enterprises, where abundance of crops and materials and low prices present such abundant elements of prosperity, will no doubt produce an active demand for money. The crops of England and France, as well as the rest of Europe, are represented as very abundant. We may take the official figures of the value of the imports and exports of grain into and from France, as an index of the effect of the crops upon the exchanges, as follows :— 1856. 1857. 1858. Imports into France.................. francs Exports.................................................. 189,300,000 7,600,000 116,200,000 10,200,000 46,200,000 128,700,000 Excess of imports................................ Excess o f exports................................ 172,700,000 106,000,000 ................................................. .................... 82,600,000 Thus for three years France paid $51,000,000 more than she received for grain. In 1858, owing to the good harvests, she sold $16,000,000 more than she bought. Good harvests in Great Britain had the effect of reducing the amount to be paid. In the United States the effect was to stop the export, and cause very low prices at home. Now after a year of very small importation, crops, reported unusually good, are coming in on low prices. This cheap food is an element of great manufacturing and commercial prosperity, since it cheapens production and ex pands the value of money wages. The large crops of the West, without an outlet for the surplus, are not elements of very active trade for the railroads, which is the interest now that is most suffering in the country. The investments in those works have been nearly $1,000,000,000, of which a very considerable proportion remains unproductive, and in which many capitals are locked up. The West is still largely indebted to the East, and must pay in crops at very low prices for debts contracted at comparatively high prices. The tables for the commerce of June close the returns for the fiscal year, and the results have been very extraordinary. The imports for the month of June have been larger probably than ever before in that month. They have been as follows :— F O R E IG N IM P O R T S AT N E W 1856. Entered for consumption................. $12,518,271 Entered for warehousing............... 3,936,633 Free goods....................................... 1,249,579 Specie and bullion......................... 257,174 TORK IN JU N E . 1857. $2,471,723 11,540,136 957,366 369,901 1858. 1859. $6,652,563 $14,909,315 2,408,733 5,494,253 953,014 3,180,361 102,132 485.S91 Total entered at the port.............. $17,961,657 $15,339,126 $10,116,442 $24,069,821 1,656,871 781,099 2,360,140 2,369,231 Withdrawn from warehouse......... The quantity of goods entered for consumption has been very large—larger even than in 1856. The quantity entered for warehouse is also considerable ; the arrival of fall goods being early this year, and they then await the opening of business. The great contrast is with the year 1857, when almost all the June arrivals went into warehouse, to await the action of the new tariff, July 1st. The withdrawals from warehouse are quite a3 large this year as last, trade being very active. The six months’ business of the port has been very large :— 193 Com m ercial Chronicle and R eview . F O R E IG N IM P O R T S AT N E W YORK FOR S IX 1856. M O N T H S , FR O M 1857. JA N U A R Y 1S T . 1858. 1859. Entered for consumption............. 180,300,885 $65,237,874 $36,320,520 $91,829,562 Entered for warehousing............. 16,185,649 41,114,796 12,236,253 19,266,384 11,090,793 9,224,745 11,449,498 16,942,984 Free goods. .................................... Specie and bullion......................... 724,582 5,352,012 1,778,363 1,125,943 Total entered at the port.............. 108,301,909 120,929,427 $61,784,634 129,164,874 Withdrawn from warehouse........ 10,917,867 13,145,261 21,911,964 11,515,721 The imports of the past year show nearly a recovery to the high prices of 1857, but the average of the two years now closed is less than that of the two previous years, as follows F O R E IG N IM P O S T S A T N E W T O E K F O E F IS C A L T E A R E N D IN G JU N E 1856. 1S57. 30. 1859. 1858. Entered for consumption ............. 150,088,112 141,430,109 $94,019,659 158,451,780 Entered for warehousing............. 29,568,397 62,275,672 44,463,806 32,665,650 Free goods....................................... 17.432,112 16,036,530 23,665,487 27,518,177 1,621,700 Specie and bullion......................... 1,126,097 6,441,855 9,324,384 Total entered at the port.............. 198,214,718 226,184,167 171,473,336 220,247,307 Withdrawn from warehouse . . . . 21,934,130 27,950,212 49,376,593 27,103,299 If we separate the aggregate dry goods imports from the general merchandise, the result is as follows :— D E S C R IP T IO N OF IM P O R T S F O R T H E T E A R E N D IN G JU N E 3 0 . 1856. 1857. 1858. 1859. D r y g o o d s ...................................... $85,898,690 $92,699,088 $67,317,736 $93,549,083 General merchandise.................... 112,316,028 133,485,079 104,155,600 125,086,524 Total imports......................... 198,214,718 226,184,167 171,473,336 218,635,607 In separating the imports of dry goods from the general merchandise, we ob serve the following results for the past month, when the receipts were enormously large IM P O R T S OF F O R E IG N DRV GOODS AT N E W ENTERED FOR TORE FOR TH E M ONTH OF JUN E. C O N SU M PTIO N . 185S. 1859. M anu factures o f w o o l .................. . M an u factu res o f c o t t o n . ............... M anu factures o f s ilk ...................... M anu factures o f f la x ...................... M iscella n eou s d ry g o o d s ............... $1,570,382 515,095 1,639,150 282,979 302,477 1856. $96,729 115,141 74,356 26,212 36,985 $997,331 319,076 903,870 138,650 144,842 $2,826,272 1,498,559 2,192,924 645,421 116,884 T o t a l............................................ . $4,310,083 $349,623 $2,503,769 $7,280,060 W IT H D R A W N FROM 1857. W AREH O U SE. 1856. 1857. 1858. 1S59. M anu factures o f w o o l..................... M anufactures o f c o t t o n ................. M anu factures o f silk ....................... M anu factures o f f l a x . .................... M iscella n eou s d ry g o o d s ............... $56,424 29,847 96,184 12,094 14,108 $61,669 39,504 29,972 23,060 4,447 $164,018 90,404 136,210 97,513 44,021 $68,052 34,040 42,336 44,573 13,967 T o t a l ............................................ A d d en tered for c o n s u m p t io n . . . $208,657 4,310,083 $158,652 349,623 $532,166 2,503,769 $203,568 7,280,060 $4,518,740 $508,275 $3,035,935 $7,483,628 T o ta l th row n on m a r k e t .. . . 199 Com m ercial Chronicle and R eview . ENTERED FOR W A R E H O D S IN G . 1859. 1856. 1857. 1858. Manufactures of w ool................. Manufactures of cotton................ Manufactures of silk.................... . Manufactures of flax.................... Miscellaneous dry goods............. $482,603 139,019 154,863 31,412 57,278 $1,345,199 471,360 1,046,969 159,012 331,963 $172,274 41,082 31,711 35,098 16.744 $504,022 141,817 115,020 66,863 57,255 T o ta l..................................... Add entered for consumption.. . $865,175 4,310,083 $3,354,503 349,623 $296,909 2,503,769 $884,977 7,280,060 $5,175,258 $3,704,126 $2,800,678 $8,165,037 Total entered at the port___ . It will be seen that a very large portion of the receipts for June have been entered for consumption, as was the case last year, nearly all having been thrown upon the market to meet current wants. The total receipts of foreign dry goods at the port of New York, for the six months just ended, are §55,964,893. a sum larger than ever before. We annex a comparative statement for the first six months of each of the last four years :— IM PO R TS O F F O R E IG N DRV GOODS AT FR O M TH E PO R T OF JA N U A R Y ENTERED FOR NEW YO R K , FOR S IX M O N T H S , 1858. 1859. 1ST. C O N S U M P T IO N . 1856. 1857. Manufactures of w o o l................ . $11,111,464 Manufactures of cotton............... 8,290,974 Manufactures of silk .................... . 14,657,298 Manufactures of flax................... . 4,318,058 Miscellaneous dry goods............. . 3,541,705 $7,408,256 8,948,436 11,321,320 3,070,348 3,232,375 $4,975,813 $16,207,554 3,830,264 12,888,117 6,610,179 15,517,899 1,539,516 5,320,997 1,365,178 2,741,693 T otal..................................... .. $41,919,499 $33,980,735 $18,310,950 $52,676,260 W IT H D R A W N FROM W AREH OU SE. 1856. 1858. 1859. Manufactures of w ool................. Manufactures of cotton.............. Manufactures of silk................... Manufactures o f fla x.................. . Miscellaneous dry goods............ $801,861 1,453,496 1,247,624 706,026 227,675 $1,043,840 1,762,481 1,201,966 735,999 343,984 1857. $2,197,129 2,815,359 2,389,354 1,465,823 853,326 $830,197 1,063,211 440,139 619,255 231,026 Total........................................ .. Add entered for consumption.. . . $4,436,682 41,919,499 $5,088,270 33,980,735 $9,710,991 18,310,950 $3,183,828 52,676,260 Total thrown upon market.. . $46,356,181 $39,069,005 $28,021,941 $55,860,088 ENTERED FOR W A R E H O U S IN G . 1856. 1857. 1S58. 1S59. Manufactures of w ool................. . Manufactures of cotton............... Manufactures o f silk................... Manufactures of flax................... Miscellaneous dry goods............. $1,326,025 1,084,091 1,334,373 444,584 371,945 $4,114,827 2,094,350 3,421,398 1,294,094 881,308 $1,121,271 1,378,428 843,899 540,508 375,263 $1,548,461 747,430 392,149 358,141 242,452 Total...................................... .. Add entered for consumption.... . $4,561,018 $11,805,977 41,919,499 83,980,785 $4,259,369 18,310,950 $3,288,633 52,676,260 Total entered at port.......... . $46,480,417 $45,786,712 $22,570,319 $55,964,893 The total for the fiscal year was §26,231,347 more than for the year ending June 30th, 1858, and also in excess of the supplies of 1857 :— Com m ercial Chronicle and R eview, 200 I M P O R T S O F F O R E IG N D R Y GOODS AT N E W Y O R K F O R T H E F IS C A L Y E A R E N D IN G JU N E 30. E N T E R E D F O R CO N SU M PTIO N . 1856. 1857. 1858. 1859. Manufactures o f w ool................... 822,671,010 820,261,326 SIT,035,032 838,275,434 Manufactures of cotton................. 13,225,234 15,813,299 9,012,911 19,003,825 Manufactures o f silk...................... 27,738,080 25,192,465 17,581,099 28,740,909 Manufactures o f fla x .................. 7,760,145 6,857,433 3,701,555 8,583,246 Miscellaneous dry g ood s.. . . . . . . 6,575,816 6,709,004 8,761,788 4,890,755 Total........................................877,970,285 $74,833,527 $51,092,385 $87,494,169 W IT H D R A W N FRO M W AREH O U SE. 1856. 1857. Manufactures o f w ool................... Manufactures o f cotton................. Manufactures o f silk...................... Manufactures of fla x .................... Miscellaneous dry goods............... $2,025,697 1,988,578 2,241,785 1,131,408 507,675 Total........................................ Add entered for consumption . . . $7,890,143 77,970.285 1858. $2,929,179 2,492,516 2,004,190 1,100,183 601,025 1859. $6,369,118 $3,245,046 4,018,693 1,750,716 5,394,970 1,308,739 2,215,427 1,292,772 1,385,173 789,773 $9,127,103 $19,383,381 74,S33,527 51,092,385 $8,387,046 87,494,169 Total thrown on market___ $85,860,428 $83,960,630 $70,475,766 $95,881,215 E N T E R E D F O R W A R E H O U S IN G . 1856. 1857. 1858. Manufactures of w ool................... Manufactures of cotton................. Manufactures of silk...................... Manufactures o f fla x .................... Miscellaneous dry goods............... $2,184,627 2,006,493 2,225,515 861,657 650,113 Total........................................ Add entered for consumption . . . $7,928,405 $17,835,561 $16,225,851 77,970,285 74,833,527 51,092,385 1859. $6,081,506 $5,028,533 $2,647,814 3,780,715 4,048,530 1,416,143 4,447,447 3,667,521 776,862 2,228,768 1,964,891 719,606 1,247,126 1,515,876 494,489 $6,054,914 87,494,169 Total entered at the p o r t .... $85,898,690 $92,669,088 $67,317,736 $93,549,083 The course o f the monthly receipts o f dry goods for the last year has not been as uniform as usual— the increase progressing in the latter months towards the close o f the year. The following table will show the comparative increase or decrease in each month o f the last, as compared with the previous, fiscal year :— R E C E IP T S O F D R Y G O O D S F O R T W E L V E M O N T H S E N D IN G JU N K 30, 1859, CO M PARED W IT H T H E P R E V IO U S Y E A R . 1857-8.- - - - - - - - s Increase. J u ly .......................................... August..................................... Septem ber.............................. October.................................... November................................ Decem ber............................... January .................................. Febru ary................................ March....................................... A pril........................................ M a y.......................................... $7,113,152 ............... ............... ............... ............... ............... ............... ............... ............... ............... 43,436 ,- - - - - - - - 1858-9. Decrease. Increase. $ 2,227,368 703,698 746,533 1,999,018 3,571,4 99 7 ,520,332 6 ,948,409 3,6 0 0,17 0 4,2 8 7,47 0 $2,108,815 640,261 June........................................................ 903,448 565,722 1,554,057 2,578,988 7 ,710,463 4 ,658,003 5,043,172 5 ,385,983 4 ,9 3 2,59 4 5,364,359 $7,156,588 $ 32 ,50 7 ,9 4 0 7,156,588 $40,202,036 13,970,709 $ 2 5 ,35 1 ,3 5 2 $26 ,23 1 ,3 2 7 Total increase or decrease.. . . Decrease. $13,33 0 ,5 4 8 $13,970,709 201 Com m ercial Chronicle and R eview . In order to distinguish the dry goods from the general imports, we have com piled a little table which gives at a single glance the whole imports of dry goods for the year, as compared with the preceding three years :—• I M P O R T S O F D R Y GO O D S A T N E W Y O R K F O R T H E Y E A R E N D IN G JU N E 1856. Manufactures of w o o l........... Manufactures of cotton......... Manufactures of s ilk ............. Manufactures of f la x ............. Miscellaneous dry g o od s.. . . Total imports 1857. 1858. 30. 1859. $24,855,637 15,231,727 29,963,595 8,621,802 7,225,929 $26,342,831 19,594,014 29,689,912 9,086,201 7,956,130 $22,063,565 13,061,441 21,248,620 5,666,446 5,277,664 $30,923,248 20,419,968 27.517,771 9,302,852 5,385,244 $85,898,690 $92,669,088 $67,317,736 $73,649,083 The supplies of goods are apparently large, but it is to be borne in mind that they are to meet two years’ wants, and the aggregate is not more than sufficient for that object. The following will show the total receipts for cash duties, at the port of New York, for the different periods named in our import statement:— C A S H D U T IE S R E C E I V E D A T N E W Y O R K . In June.................... Previous 5 months. 1856. 1857. 1858. $3,527,425 26 19,018,720 49 $677,811 29 18,615,701 02 $1,625,663 00 9,403,449 00 1859. $3,314,429 55 16,197,752 44 Total 6 months.. $22,541,145 75 $19,293,521 31 $11,029,112 00 $19,512,181 99 Total fiscal year. 42,628,608 03 42,271,645 74 27,434,667 00 34,899,800 48 The exports from New York to foreign ports for the month of June are small in produce as compared with the shipments for the same period of last year, or any previous year, except 1856. The exports of specie have been nearly as large as in 1857 EXPORTS FROM NEW Y O R K TO Domestic produce.......................... Foreign merchandise (free).......... Foreign merchandise (dutiable).. Specie and b u llion ........................ F O R E IG N PORTS FOR TH E M ONTH O F JUN E. 1856. 1857. 185S. 1859. $8,273,454 148,206 450,482 1,806,573 $5,395,312 732,128 512,349 7,939,854 $6,382,939 158,769 350,990 594,174 $4,880,895 126,265 187,522 7,496,981 Total exports..............$10,678,715 $14,579,143 $7,486,872 $12,691,153 Total, exclusive of specie . . 8,872,142 6,639,789 6,892.689 5,194,172 The total exports from New York to foreign ports, exclusive of specie, since January 1st, are less than for the first six months of 1858, or for any similar period of four previous years. On the other hands, the exports of specie are larger than for any similar period :— E X P O R T S F R O M N E W Y O R K T O F O R E IG N P O R T S F O R S I X M O N T H S , F R O M J A N U A R Y 1 . 1856. 1857. 1858. 1859. Domestic produce.............. $37,776,893 $34,451,640 $28,580,392 $28,435,682 Foreign merchandise (free)......... 570,085 1,908,177 782,561 1,384,318 F oreig n m erchand ise (d u t ia b le ). .. 1,724,051 2,301,897 2,280,425 1,789,363 S p e cie and b u llio n ............ 15,268,360 22,398,062 12,359,959 83,197,972 Total exports........................... $55,339,389 $61,059,776 $44,003,337 $64,807,235 . Total, exclusive of sp ecie.. . 40,071,029 38,661,714 31,643,378 31,609,263 The exports for the last fiscal year, 1857, were larger, both in specie and produce, than for any former year upon our record. A decline in both items 202 Journ al o f B anking, C urrency, and F inance. took place last year, and in the present there is no recovery in produce, although the specie export have reached a higher figure than ever :— E X P O R T S F R O M N E W Y O R K TO F O R E IG N P O R T S F O R T H E F IS C A L Y E A R E N D IN G JU N E 1856. 1857. 1858. 30. 1859. Domestic produce............................$75,026,244 $75,928,942 $55,931,987 $53,894,893 Foreign merchandise (free).......... 1,268,914 2,396,903 3,104,160 2,202,868 Foreign merchandise (dutiable).. 3,691,600 3,932,370 7,309,672 3,596,336 Specie and b ullion ............................ 25,819,305 44,348,468 34,322,071 46,839,444 Total exports......................... 105,806,063 126,606,683 100,667,890 106,443,541 Total, exclusive of specie.. . 79,986,758 82,258,215 66,345,819 59,604,097 The imports of 1857 at this port were about $100,000,000 in excess of the exports, a figure which was made up by a corresponding excess of exports from other ports of the Union. In 1858, the excess of imports over exports is but $70,805,446, yet the exports of produce from the South, including the great staple, have been well maintained, and the result was seen in the low rate of exchanges and feeble movement of specie. This year the imports are again $114,000,000 in excess of the exports, and exchanges continue very high, with a strong outward current. JOURNAL OF BANKING, CURRENCY, AND FINANCE. NEW FRENCH LOAN. The new French loan has been a marked success. The amount asked for was $100,000,000, and $500,000,000 was bid. The terms, as compared with the three former loans for the Russian war, are as follows :—• FR E N C H LOANS. Amount asked. francs. March, 1 8 5 4 .... January, 1855... July, 1855.......... April, 1859......... 250,000,000 500,000,000 750,000,000 500.000,000 <-------- Terms.-------- , 4£ stock. 3 per cent. 92.50 92.25 92.25 90.00 65.25 65.25 65.25 60.20 Amount bid. francs. 467,000,000 2,175,000,000 3,653,000,000 2,307,000,000 No. o f sub scribers. 98,000 177,000 317,000 525,000 The Minister of Finance in his report to the Emperor remarks :— The number of subscribers will exceed 525,000, divided as follows :—Paris, 244,129; departments, 281,000; for 10 francs of rente, 375,000; for larger sums, 150,000. The capital subscribed for amounts to 2,307,000,000 francs, namely, for Paris 1.547.000. 000 francs, for the departments about 760,000,000 francs ; for 10 francs of rente, 80.000,000 francs ; for larger sums, 2,227,000,000 francs. These sums deposited iu the coffers of the treasury by way of guaranty amount, without reckoning the sums paid by anticipation, to 230,000,000 francs. These subscrip tions of 10 francs rente, which are exempt from reduction, go little beyond 80.000. 000 francs, so that more than eight-tenths of the loan, 420,000,000 francs, will have to be divided proportionally among those who have subscribed for larger sums. The new loan, like the former ones, is spread over 18 months, of 5 per cent each, 10 per cent being paid down. This points to new loans to be put afloat before the present one is paid up. This amount of 10 francs of rente is equal to about $80 of stock. The movements of the English Government indicate also a new loan for war purposes, since there are considerable expenses incurred. J ournal o f B anking, C urrency, and F inance. CITY WEEKLY NEW Loans. Jan. 8 15 22 29 Feb. 5 12 19 26 Mar. 5 12 19 26 Apr. 2 9 16 23 30 May 7 14 21 28 June 4 11 18 25 July 2 9 16 128,538,642 129,349,245 129,540,050 129,663,249 130,442,176 129,106,318 127,476,495 125,866,083 125,221,627 126,205,261 127,587,943 127,751,225 128,702,192 129,865,752 129,968,924 129,192,807 128,706,705 129,519,905 129,680,408 128,701,553 127,137,660 125,006,766 122,958,928 121,800,195 121,744,449 122,401,773 121,614,633 120,405,658 YORK Specie. 28,399,818 29,380,712 29,472,056 27,725,290 25,991,441 25,419,088 26,344,955 26,470,171 26,769,965 25,530,054 25,043,183 25,182,627 25,732,161 25,748,667 25,478,108 26,068,155 26,329,805 26,086,632 .25.171,335 26,090,008 24,319,822 23,728,311 22,132,275 23,192,217 21,759,881 22,491,665 22,494,649 23,323,679 BASK W EEKLY Jan. 3 . . 60,069,424 10 . . 60,310,965 17 . . 60,106,798 24 . . 59,400,354 31 . . 58,992,556 Feb. 7 . . 59,120,142 14 . . 59,087,249 21 . . 59,099,993 28 . . 58,636,328 Mar. 7 . . 58,892,981 14 . . 58,436,379 21 . . 58,152,742 28 . . 57,672,804 Apr. 4 . . 58,031,003 11 . . 58,320,346 18 . . 58,496,225 25 . . 58,160,215 May o . . 58,178,264 9 . . 58,211,765 16 . . 58,445,596 23 . . 57,996,456 30 . . 57,318,243 June 6 . . 57,430,695 13 . . 57,972,199 20 . . 58,203,731 27 . . 58,474,300 July 4 . . 59,037,935 12 . . 58,802,700 RETURNS, BANK RETURN S. Circulation. 7,930,292 7,586,163 7,457,245 7,483,642 7,950,855 7,872,441 7,766,858 7,736,982 8,071,693 8, 100,021 7,996,713 7,998,098 8,221,753 8,449,401 8,293,459 8,289,112 8,300,672 8,804,032 8,490,933 8,352,723 8,232,653 8,427,642 8,391,116 8,281,111 8,216,043 8,365,790 8,553,061 8,201,675 BO STO N Loans. 203 Deposits. 113,800,885 116,054,328 116,016,828 113.012.564 114,678,173 109,907,424 108.937.564 109,000,892 108,646,823 107,458,392 108,353,336 106,581,128 110,176,088 111,692,509 111,695.711 112,627,270 113,217,504 115,586,810 113,141,178 112,731,646 107,064,005 103,207,002 99,042,966 99,170,335 97,353,393 98,920,313 98,090,655 97,257,070 Average clearings. 20,974,263 20,598,005 20,950,428 19,174,629 22,712,917 20,560,606 19,911,207 19,785,055 22,626,795 21,270,283 21,911,543 20,237,879 22,438,950 23,549,945 23.607,914 23,671,453 23,655,166 26,714,767 24.445,039 24.177,516 21,501,650 20,628,166 20,159,422 20,042,356 19,160,278 20,787,701 21,077,643 19,121,159 Actual deposits. 92,826,622 95,456,323 95,066,400 93,837,935 91,965,256 89,346,818 89,026,357 88,215,837 86,800,028 86,188,109 86,441,793 86,343,249 87,737,13S 88,142,544 88,087.797 88,955,814 89,562,338 88,872,043 88,696,639 88,554,130 85,562,355 82,578,836 78,883,536 79,127,979 77,193,115 78,132,612 77,013,012 78,136,911 BANKS. Specie. Circulation. Deposits. 8,548,934 8,295,392 7,931,712 7,383,391 7,088,736 6,814,589 6,671,619 6,679,740 6,410,563 6,386,580 6,265,661 6,238,518 6,370,283 6,401,822 6,488,147 6,496,137 6,726,647 6,910,187 6,907,557 6,851,787 6,700,975 6,874,399 6,738,384 6,672,767 6,453,596 6,180,858 5,493.396 5,234,600 6,543,134 7,016,104 6,793,723 6,609,374 6,224,137 6,514,576 6,332,342 6,275,458 6,283,959 6,578,472 6,372,298 6,227,150 6,108,505 6,386,853 7,358,859 6,985,273 6,812,855 6,658,260 7,241,597 7,064,757 7,013,197 6,664.483 7,009,878 6,863,659 7,082,781 6,552,901 6,985,803 7,371,600 22,357,838 21,615,468 21,127,712 20,727,905 20,598,451 20,845,520 19,983,531 20,082,960 19,469,489 19,935,649 19,202,029 19,809,807 19,908,785 20,899,191 21,422,531 21,666,840 21.663,615 21,990,246 21,852,338 21,466,499 20,84 5,917 20,769,103 20,718,977 20,1 18,426 20,229,249 19,878,006 20,017,147 18,846,900 Due to banks. Due from banks. 10,789,135 11,263,766 11,139,700 10,430,454 9,657,823 9,506,146 9,391,733 7,083,737 7,137,234 7,111,264 7,037,715 6,547,510 7,057,113 6,763,270 9,184,941 8,477,968 8,456,312 7,945,389 7,767,582 7,665,274 8,410,087 8,663,857 8,237.561 7,850,530 7,998,226 7,704,870 7,542,472 7,289,128 7,090,735 6,865,611 7,134,285 7,099,339 7,076,162 7,307,000 6,815,160 6,673,623 6,330,719 6,817,368 6,864,684 7,524,274 8,509,638 8,343,446 7,834,888 7,346.135 8,077.777 7,805,577 7,565,826 7,549,033 7,852,924 7,778,657 7,460,245 6,663,773 7,283,020 7,300,400 204 J ourn al o f B an kin g, C urrency, and Finance. W EEKLY AVERAGE OF TH E P H I L A D E L P H IA B A N K S . Date. Loans. Specie. Circulation. 3 __ 10___ 1 7 .... 24 . . 31___ Feb. 7 . . . . 14___ 21___ 28___ Mar. 7 ___ 14___ 21___ 28___ Apr. 4 . . . . 11___ 18 ___ 2 5 ___ May 2 . . . 9 ___ 16 ___ 23 ___ 30___ June 6 . . . . 13___ ‘2 0___ 27___ July 4 ___ 11___ 26,451,057 26,395,860 26,365,385 26,283,11S 26,320,089 26,472,569 26,527,304 26,574,418 26,509,977 26,719,383 26,685,878 26,856,891 26,967,429 27,737,429 27,884,568 28,808,106 27,817,918 27,747.339 27,693,408 27,435,268 26,837,976 26,406,458 26.177,875 25,920,993 25,715,316 25,406,842 25,416,440 25,248,246 6,063,356 6,067,222 6,050,743 6,099,317 6,138,245 5,970,439 5,991,541 6,017,663 5,982,260 5,926,714 6,046,248 6,136,539 6,296,429 6,363,043 6,144,905 6,404,375 6,689,591 6,680,813 6,349,390 6,286,620 5,922,147 5,521.759 5,415,587 5,521,188 5,301,167 5,066,847 4,897,863 4,696,111 2,741,754 2,854,398 2,830,384 2,769,145 2,709,311 2,786,453 2,804,082 2,782,792 2,778,252 2,901,337 2,900,832 2,923,551 3,029,255 3,425,196 3,580,447 3,364,531 3,179,236 3,081,102 3,152,725 8.090,007 3,014,659 2,975,736 2,992,198 2,918,426 2,835,648 2,729,953 2,808,208 2,940,108 Jan. NEW Short loans. Jan. 3 .. Specie. 20,537,567 20,453,417 1 7 .. 20,904,840 2 4 .. 21,442,167 8 1 .. 21,837,791 Feb. 5 .. 21,809,628 22,594,245 1 2 .. 1 9 .. 22,677,390 2 7 .. 23,126,625 Mar. 1 2 .. 22,944,605 1 9 .. 22,633,181 2 6 .. 22,420,444 Apr. 2 .. 22,465,730 9 . . 21.655,921 1 6 .. 21,132,186 2 3 .. 20,287,903 3 0 .. 19,926,487 May 7 .. 19,443,947 1 4 .. 18,948,824 2 1 .. 18,925,857 2 8 .. 18,594,556 18,350,758 June 4 . . 11. . 17,889,718 1 8 .. 17,525,037 2 5 .. 17,262,214 July 2 .. 17,198,658 1 0 .. 3. ............. 1 0 . ............. 17. ............. 24. ............. Due banks. 3,424,569 3,297,816 3,258,315 3,093,921 3,159,539 3,307,371 3,695,963 3,964,000 4,086,651 3,854,990 3,841,605 3,929,010 4,109,455 4,329,343 4,668,135 4,519,146 4,439,457 4,217,834 4,160,780 3,930,536 3,462,753 3,4Q3,572 3,867,146 3,177,859 3,198,968 2,855,312 2,912,575 ORLEANS BANKS. Deposits. Exchange. Distant balances. 22,643,428 21,756,592 22,194,957 22,549,305 22,554,889 22,743,175 23,830,045 23,620,711 23,203,848 23,501,784 22,304,430 22,589,661 22,465,730 22,066,164 22,356,833 21,792,705 21,315,664 21,396,115 20,569,681 19,890,960 19,445,178 18,683.911 18,159,432 17,804,674 17,139,130 16,891,446 9,882,602 9,866,131 9,666,070 9,492,871 9,508,703 9,747,755 9,686,145 9,474,473 9,217,655 9,046,372 8,563,771 8,770,788 9,059,382 9,493,761 9,949,531 10,055,454 9,537,886 9,271,213 8,439,088 7,428,213 7,190,460 6,614.289 6,481,915 6,076,239 5,853,472 5,650,384 2,331,233 2,540,573 2,380,707 2,057,217 1.861,866 2,000,056 1,879,644 2,174,619 2,320,031 1,959,638 2,432,776 2,420,725 2,545,873 2,582,084 2,243,528 2,449,421 2,100,219 2,029,992 2,127,956 2,062,447 2,089,701 2,040,656 1,928,315 1,770,409 1,774,067 1,705,349 Due bants. Circulation. 16,013,189 9,551,324 16,294,474 10,383,734 16,343,810 10,819,419 16,279,655 11,224,464 16,101,158 11,616,119 16,365,053 11,913,009 16,700,188 12,148,174 16,949,263 12,241,954 16,806,998 12,522,244 16,828,140 12,581,934 17,013,593 12,777,999 16,837,405 12,681,931 16,179,137 13,054,416 16,250,790 12,985,616 15,975,547 12,777,079 15,705,599 12,666,116 15,650,736 12,578,111 15,539,235 12,711,640 15.534,148 12,513,001 15,203,875 12,326,726 14,784,944 12,032,821 14,587,357 11,994,591 14,240,114 11,825,081 14,151,040 11,708,131 13,597,084 11,501,679 13,524,959 11,284,564 P IT T S B U R G Jau. Deposits. 17,049,005 17,138,607 17,323,908 17,498,219 17,557,809 17,007,167 16,384,087 16,129,610 16,012,765 16,372,368 16,703,049 16,899,846 17,476,060 17,154,770 17,002,878 17,829,494 17,804,212 17,781,229 17,441,125 17,603,264 17,182,349 16,454,661 16,386.995 16,207,149 15,705,980 16,114,269 15,533,496 14,295,683 BANKS. Loans. Specie. Circulation. Deposits. 6.S37.261 6.929.874 6,743,540 6,970,837 1,292,047 1,287,552 1,294,567 1,308,825 2,038,113 2,042,348 2,023,948 1,961,493 1,811,780 1,767,594 1,804,149 1,781,474 162,902 216,097 179,451 241,121 J ourn al o f B anking, C urrency, and F inance. Feb. Mar. Apr. May June Loans. 6 ,964,674 3 1 ............ 7 ......... 1 4 ............ 2 1 ............ 2 8 ............ 7 ......... 1 4 ............ 2 1 ............ 2 8 ............ 4 ............ 1 1 ............ 1 8 ............ 2 5 ............ 2 ............ 9 ............ 1 6 ............ 2 3 ............ 3 0 ............ 6 ............. 1 3 ............ Specie. 1,307,145 1,2 6 0,53 2 1,219,551 1,223,396 1 ,213,552 1 ,133,754 1,100,171 1,156,682 1,1 1 2,77 0 1,113,769 1,128,686 1,191,797 1,155,780 1,182,278 1,141,556 1,089,513 1,058,799 1,036,945 1,063,567 990 ,30 7 997 ,48 6 1,014,657 1,018,685 7 ,027,680 6,953,599 7,0 0 1,80 4 6 ,982,847 7,069,162 6 ,991,949 7 ,213,664 7,2 1 2,51 3 7 ,197,068 7,245,963 7,327,114 7,276,965 7 ,082,987 7.090,569 18........... 6,890,266 2 5 ............. July 4 ........... 7,006,116 Circulation. 1,965,723 1,904,978 1,958,098 1,919,658 1,937,498 1,867,848 2,029,468 1,961,843 1,954,903 2,080,363 2,085,188 2,089,498 2,084,153 2,000,344 2,010,948 2,101,348 2,024,673 1,952,238 1,930,468 1,878,298 1,888,478 1,863,653 1,874,093 205 Deposits. Due banks. 1,739,046 215,608 202,505 1,748,144 1,724,773 164,859 1,699,020 134,859 1,683,030 175,640 1,637,796 160,996 1,638,243 220,822 1,625,949 215,029 1,602,283 180,567 1,704,191 237 ,29 0 1,747,237 196,288 1,751,230 262,922 1,782,131 274,549 1,856,843 291,061 1,899,805 212 ,68 2 1,865,657 228,187 1,774,093 1,699,893 1,666,775 1,577,358 266,305 220,862 1,578,895 1,636,933 1,694,895 8 T . L O U IS B A N K S . Jan. 8 ____ 1 5 ____ ------ Exchange. 3 ,297,559 2 2 _____ Feb. 2 9 ____ 5 ____ 1 2 ______ Mar. 1 9 ____ 2 6 ____ 5 ____ 1 2 _____ Apr. May 1 9 ____ 2 6 ____ 2 ____ 9 ____ 16.... 23.... 3 0 ____ 7 .... 1 4 ____ .......... .......... .......... 3,410,135 3.435,940 3,475,945 .......... 3,615,197 2 1 . . . . June 28.... 4 ____ 1 1 _____ 18.... 25..., July 2 _____ P R O V ID E N C E Jan. 17......... Feb. 7........ 21........ Mar. 6........ 21........ Apr. 4........ May 2........ J une 6........ July 4........ Loans. 18,037,795 18,298,481 18,5 33 ,9 4 4 1 8,327,546 18,333,574 18,483,550 18,260,520 18,597,814 19,124,155 Specie. 537 ,88 4 451 ,77 1 4 12 ,57 1 375 ,75 7 377.945 387,317 3 9 9 ,29 4 378 ,19 6 336,398 Circulation. 2 ,030,608 1 ,992,670 2,1 1 6,87 0 2,185,385 2 ,032,235 1,865,125 1 ,932,210 1,819,745 1,808,100 1,733,620 1,673,475 1,596,806 1,566,380 1,516,840 1,492,055 1,439,085 1,332,355 1,360,835 1,359,241 1,333,816 1,274,605 1,267,675 1,218,755 1,163,440 1,134,650 1,028,760 Specie. 1,705,262 1,5 7 8,80 0 1,584,541 1,640,541 1,599,203 1 ,682,084 1 ,678,054 1 ,636,054 1 ,575,362 1,569,742 1,605,802 1,642,589 1,542,211 1,531,199 1,525,315 1,434,491 1,435,568 1,549,133 1,574,657 1,542,616 1,373,194 1,367,181 1,358,047 1,441,301 1,419,965 1,353,069 BANKS. Circulation. 2,003,313 1,789,673 1,927,359 1,967,389 1,943,450 1,938,448 1,920,391 1,009,163 2,407,141 Deposits. 2,513,422 2,446,451 2,411,858 2,324,691 2,288,175 2,374,941 2,394,688 2,421,901 2,399,843 D u eoth .b ’ks. 1 ,307,647 1,135,309 968,154 978 ,41 0 255,892 972,491 803,729 946,691 1,076,323 206 Journal o f Banking, Currency, and Finance. NE W YORK BANK DIVIDENDS FOR JU LY. Some few of the banks in this city passed their dividends in November and J a n u a ry , 1 8 5 8 . A l l h a v e resum ed , s h o w in g a m p le su rp lu s p ro fits. T h e fo llo w in g a re the J u l y d iv id e n d s , 1 8 5 8 a n d 1 8 5 9 :— Names o f banks. S even th W ard B a n k ...................... B roa d w a y B a n k ............................... . A tla n tic Bank, B r o o k ly n ............... B utchers’ and D rov ers’ B a n k ... . M ercantile B a n k ................................ C hem ical B a n k ................................. M etropolitan B a n k ................... .. .... M ech an ics’ B a n k ............................... Phoenix B an k..................... ................ P a rk B a n k ......................................... M arket B a n k ..................................... Im p orters’ and T ra ders’ B an k . . T ra desm en’s Bank............................ N e w l Tork E x ch a n ge B a n k .......... N assau B a n k .................................... D r y D o ck B an k................................. B an k o f C o m m e r c e ......................... B an k o f A m e r ic a ............................. . B ank o f N e w Y o r k ........................ Continental B a n k ............................. B an k o f N orth A m e r i c a ............... H a n o v e r B ank.................................... M erchants’ E xch an ge B a n k .......... B an k o f C om m on w ea lth ................ . P e o p le ’s B a n k .................................. A tla n tic B a n k .................................. N e w Y o r k C ou n ty B a n k ............... Capital. $ 5 0 0 ,0 0 0 1,000,000 500 ,00 0 600,000 1,000,000 300,000 4 ,000,000 2,000,000 1,800,000 2 ,000,GOO 1,000,000 1,500,000 8 00 ,00 0 130,000 1,000,000 20 0,00 0 8,602,000 3,000,000 8,000,000 2,000,000 1,000,000 1,000,000 1,235,000 750,000 500 ,00 0 4 12,500 4 0 0 ,0 0 0 200,000 T ota l, J u ly , 1 8 5 8 - 9 ............... . $ 40 ,429,500 Bate. 5 5 5 6 5 6 4 4 4 4 4 4 4 4 34 4 H Si S i Si Si Si Si Si 3} Si 3i .. Amount of dividend. $25 ,00 0 50,000 25,000 30,000 50,000 18,000 160,000 80,000 72,0 00 80,000 40,0 00 60,000 32,000 5,200 35,000 8,000 301,070 105,000 105,000 70,000 35,000 35,000 43,225 26,250 17,500 14,437 14,000 7,000 $ 1,543,682 Bate. 5 5 Si Amount o f dividend. $ 2 5 ,0 0 0 50,0 00 14,000 ., 6 4 4 Si 4 Si 4 4 4 34 18,000 160.000 80,000 63,000 80,0 00 35,000 60,000 32,0 00 5,200 35,000 34 34 316,528 105,000 88,150 70,0 00 35,000 35,000 43,225 26,250 34 34 34 14,437 14,000 7 ,000 34 34 34 34 34 $1,4 24 ,0 0 0 The Bank of Commerce pays 34 per cent on a present capital of $9,043,680, and the Bank of New York upon an increased capital of §2,938,375. The divi dends thus far declared are $1,424,040, on a capital of $38,758,000, equivalent to about 3.78 per cent. VALUATION OF ALTON, ILLINOIS. The following is an official statement of the value of property in the county, from which State and county revenue is derived ; and rate of taxation for State, county, and school purposes, upon the same for the year 1858, viz.:— Lands and lots in the city of Alton......................................................... Personal property in the city of Alton.......................................... .. Lands in the county................................................................................... Town lots in the county............................................................................. Personal property in the county.............................................................. $1,277,823 904,387 4,070,570 728,495 1,731,008 Total value of property, city and cou n ty...................................... Amount of State tax cn same at 47 cents............................................. Amount of county tax on $6,530,073, (excluding city of Alton pro perty,) at 50 cents................................................................................. Amount of State school tax on total valuation, at 20 cents............... Amount of tax levied by directors of school districts in the county.. $8,712,283 00 $40,947 74 Total tax levied in the county...................................................... $117,856 52 00 00 00 00 00 32,650 37 17,424 66 25,833 85 J ou rn a l o f Banicing, Currency, and F inance. 207 F R E E BANKING IN MICHIGAN. The General Banking Law passed by the Legislature of Michigan in February, 1857, was submitted to the vote o f the people of the State in November, 1858, aDd adopted by a large majority. The leading provisions of the law are 1. Any number of persons may establish a bank of circulation, deposit, and loans ; the capital to be not less than $50,000. 2. Circulating bills may be issued to such bank or banker, by the Treasurer of the State, on the deposit of United State stock, Michigan State stock, or of the State of New York, either of the New England States, Pennsylvania, Indiana, Illinois, Ohio, or Kentucky, producing (or equivalent to) six per cent interest. 3. In case of refusal to pay specie on demand for such bills, the Treasurer is authorized to sell the collateral securities within twenty days, by public sale at New York, or by private sale. 4. All dividends, by banks established under the act, to be declared in January and July. 5. Each bank is liable to pay interest at the rate of 14 per cent on all notes and deposits not paid on demand. 6. Fraudulently withholding deposits or not paying on demand, will be pun ished as a misdemeanor, and the banker liable to three years imprisonment. 7. Stockholders shall not in the aggregate be indebted to an amount exceed ing two-fifths of the capital. 8. Each bank shall pay one per cent upon its capital into the State Treasury annually. 9. Annual reports to be published showing the condition of the banks. CLEARING HOUSES. The New York Clearing House commenced business in October, 1853, and its operations have been as follows :— One year to October 1, 1854 ................. “ 1855 ................... “ 1856 ................... “ 1857 ................... “ 1858 ................... Six months to April, 1859 ................... Total exchanges. 15,750,455,987 5,407,912,098 6,906,213,828 8,333,226,718 4,756,694‘885 3,179.880,871 Balances. §297,411,493 289,694,733 331,714,489 365,313,901 314,238,908 185,100,081 Commenced business. Tear ending. Clearings. Balances. Banks. 1,1 8 5 8 ... $4,756,694,385 $314,238,908 49 New Y o r k ___ Oct. 1, 1853.. .Oct. Boston...............April 1, 1 8 5 8 ...Mar. 31,1 8 5 9 ... 1,262,795,000 119,823,000 45 Philadelphia.. .Mar. 22, 1 868.. .Alar. 22,1 8 5 9 ... 876,379,552 58,716,319 19 GOLD PRODUCT OF CALIFORNIA. The Bulletin remarks :— Usually, the great yield of gold commences with the month of February and continues to July and August, when it gradually diminishes, till the January following. It is predicted that the busy season now opening will not merely prove that our gold product is not decreasing, but will conclusively establish the inexhaustible character of the mines of California, and their augmenting richness. There can be little doubt, from the data we are able to gather, that our yield of gold exceeds sixty millions of dollars per annum ; and we entertain the opinion that, if it could be ascertained, the fact would be found that during the present year California will have contributed to the world at least eighty millions of dollars in gold. 208 J ou rn a l o f B an kin g, C urrency, and F inance. ASSESSED VALUE OF NEW YORK CITY, The valuation of the city of New York for two years has been as follows :— Real estate. Personal. Non-resident Total. 1 8 5 8 ........................ 1859........................... 1368,883,946 378,954,930 $150,813,462 158,336,730 $12,034,582 14,631,462 $681,131,948 551,923,122 Increase............. 10,580,984 7,523,268 2,598,930 20,701,112 The increase is in every item for the year. SAVINGS BANKS OF NEW YORK, The amount of money due depositors by the several savings banks of New York State, is given by the Superintendent of the Banking Department, Mr. Cooke, and we find in the New York Courier and Enquirer the following com parative statement :— C O M P A R A T IV E V I E W OF T H E S A V IN G S B A N K S TH E YEARS New York city. Bank for Savings............................... Seamen’s Bank.................................. Bowery Savings................................ Greenwich Savings......................... . Manhattan Savings.......................... Emigrant Industrial......................... Merchants’ C lerks........................... . Dry Dock Savings............................. East River Savings.......................... Broadway Savings............................ Irving Savings................................... Mariner’s Savings............................. Sixpenny Savings........................... . Rose Hill Savings.............................. Bloomingdale Savings..................... Mechanics and Traders................... . New York city, 1 6 ................... Brooklyn Savings Bank................... Williamsburg Savings..................... .. South Brooklyn Savings.................... New York city and Brooklyn.......... Other parts of S ta te ....................... Total, State o f New York . . . , OF THE C IT Y A N D S T A T E OF 1856, 1857, A N D 1859. January, 1S56. January, 1857. $8,317,820 $7,548,001 6,825,408 7,179,354 5,358,578 6,645,566 3,127,898 2,710,253 1,394,739 1,126,836 1,302,790 1,001,233 1,145,923 949,768 896,360 699,012 569,140 351,008 722,830 587,340 500,000 451,691 244,906 133,881 82,441 81,158 20,836 23,118 1,222 2,744 310,645 288,757 N EW YORK, FOR January, 1859. $8,701,923 7,349,474 7,818,143 3,528,851 1,782,067 1,628,754 1,509,889 1,118,876 785,782 841,846 719,498 419,689 112,361 71,854 56,300 361,612 $28,183,578 1,833,067 445,054 189,422 30,651,121 5,461,643 $32,452,242 2,160,865 662,281 322,589 35,597,977 6,412,178 $36,806,420 2,660,981 1,086,832 522,350 41,076,633 7,118,214 $36,112,764 $41,699,502 $48,194,847 The other places in the State in which their industry is indicated by their savings deposits, are the followin ? ' No. of Sav ings Popula Places. banks. Deposits. tion. Albany ........... . . 6 $1,399,930 59,335 Rochester . . . . . 2 1,628,594 43,877 Buffalo............. . 4 1,497,865 74,214 843,754 33,269 Troy................. . 6 367,184 25,107 . 2 362,693 22,169 U tica............... . . 2 Poughkeepsie . . . 1 247,505 12,763 Schenectady. . . . 8,389 1 211,886 Tarry t own. . . . . 1 10.3,734 New burg......... . . 1 91,188 12,773 Auburn........... . 1 71,235 9,476 H udson........... . 1 6,720 44,610 Places. Yonkers. . . . Sing Sing. . . . . . Kingston . . . . . . Rome............ . . . ... Fishkill___ . . . Southold . . . . . . Elm ira......... . . . Lockport........ . . . Brockport . . . . . Total . . . No. of Sav ings banks. i i i 1 i i i i i Popula Deposits. tion. $47,405 7,564 35,410 62,435 13,974 33,621 10,720 34,734 8,764 21,497 6,970 5,676 1,973 8,486 1,569 13,386 2,440 \ 209 J ou rn a l o f B anking, Currency, and F inance. The following summary shows the aggregate of the resources and liabilities of the savings institutions of the State of New York, as exhibited by their reports to the Superintendent of the Banking Department of the State of New York, of their condition on the morning of the 1st day of January, 1859 :— RESOURCES. Bonds and m ortgages..................................... Stock investments, amount invested........................................................ Amount loaned thereon............................................................................. “ upon personal securities................................................ “ invested in real estate................................................................ Cash on deposit in b a n k s......................................................................... “ hand, not deposited in banks.................................................... Amount loaned or deposited, not included in above heads................. Miscellaneous resources........................................................................... Add for cents.............................................................................................. $21,014,211 22,365,172 735,394 50,946 1,072,845 4,353,280 1,010,752 57,892 25,789 80 Total................................................................................................ $50,686,331 L IA B IL I T I E S . Amount due depositors.............................................................................. Miscellaneous liabilities.............................................................................. Excess of assets over liabilities............................................................... Add for cents.............................................................................................. $48,194,847 20,046 2,472,658 52 T o t a l.............................................................................................. No. of institutions, 57 ; No. of open accounts, 230,074. Average nearly........................................................................................... Total amount deposited, during calendar year 1858............................ “ withdrawn, during calendar year 1858........................... “ received for interest, during calendar year 1858 .......... “ placed to credit of depositors, during calendar year 1858 $50,687,603 $209 47^ 26,514,144 21,789,493 2,595,489 2,197,787 Mr. Cooke, the Superintendent of the Banking Department, remarks :— The increase of the total amount of deposits during the past year, exhibits not only the frugality of our people, but their abiding confidence in the security afforded by these institutions. That $6,772,175, including interest on undrawn deposits, should seek investment in this class of institutions during the past year, and that the payments to depositors should have reached the amount of $21,789,493, while their deposits during the same period were $26,514,144, is a result well calculated to attract the attention of the philanthropist as well as the legislator, as he contemplates the apparent increase from year to year of this immense trust fund. It is also a matter of surprise, as well as congratulation, that the panic of 1857 should have made so little difference in the progress of the earnings of the class of depositors. It is probable that a greater degree of economy was prac ticed, however, in that year. PERSONAL PRO PER TY IN CINCINNATI CITY AND COUNTY. The following are the proved aggregates of personal property in the city and county, as returned by the Assessors, and revised by the County Auditor. The valuation la3t year is also given, a comparison of which will show the increase : City. County. Total. Personal property in 1859....................... “ 1858........................ $22,023,672 20,895,870 $5,034,231 4,772,243 $27,057,993 26,668,113 Increase over last year................. $1,127,802 $261,988 $1,389,790 The total value of new improvements in the city last year was $936,076. V O L . X L I.-----N O . I I . 14 / 210 Journ al o j B anking, C urrency, and F inance. RESOURCES OF SOUTH CAROEIIVA. The returns of the Controller of the State of South Carolina give the aggregate valuation of that State for the year 1858, as compared with the pre vious year, as follows :— 1851, total valuation............................................................................... 1858, total valuation................................................................................ $521,828,963 639,055,114 $11,226,151 Increase. This aggregate valuation is made up of— 33,180,806 acres land, val.at $138,859,910 Shipping and tonnage......... 432,124 slaves..................... 221,468,121 Manufactories....................... Money and solvent debts... 89,162,191 Household & kitchen furni ture .................................... City and town property... . 30,110,244 Foreign bank capital........... 113,413 Other property not enumer ated.................................... Merchandise......................... 10,462,511 163,235 3,868,136 2,034,505 34,928,856 Average value of land per acre in 1851, $4 10 ; in 1858, $4 11. Average value of slaves per head in 1851, $524 91; in 1858, $526 39. The Controller estimates that between six and seven millions of acres of land have not been returned, and believes that, if the population has increased since 1850, in the same proportion that it increased between 1840 and 1850, there must be fifty thousand more slaves in the State than are returned. Hence, he infers that the aggregate value of the taxable property more nearly approxi mates $650,000,000, than the sum above stated. The finances of the State appear to be in a very promising condition. The entire debt of the State is set down at only................................ To which there will have to be added very shortly......................... $2,630,000 900,000 For stock in Atlantic & Gulf Railroad, which will increase the debt to $3,530,000 \ W hich is about two-thirds the estimated value o f the W estern and A tlantic Kailroad, or the sum it would probably readily sell for. The total receipts for the fiscal year 1868, including amount on hand October 20, 1868, have been............................................................... While the expenditures have been........................................................ Leaving balance on hand October 20, 1858............................. $815,835 29 145,480 64 $130,354 65 But as there are balances unpaid, on appropriations made by the Legislature of 1851 and 1858, amounting to $110,130 43, to be paid out of the above, the true balance will be found to be only, $20,224 22. FRENCH SUGAR AND TOBACCO TAX. The taxes on sugar and tobacco are as follows :— 18a6. 1857. 1858. Beet-root sugar............francs Colonial sugar.......................... Foreign sugar.......................... 45,620,000 40,951,000 19,405,000 41,511,000 36,953,000 29,810,000 63,811,000 51,981,000 22,811,000 Total sugar..................... Tobacco.................................... 105,866,000 163,433,000 108,340,000 113,268,000 138,123,000 111,213,000 There is now no protection on sugar, the duties on home made and imported being the same. J ourn al o j B an kin g, Currency, and F inance. 211 SILV E R I S SA S FRANCISCO. The trade between China and the United States being largely in favor of the former, and silver being the metal most used by them, the demand for silvetfcoin and bullion has been steady for export from Pacific ports. Every vessel leaving San Francisco for Chinese ports takes a large amount of Mexican dollars. The Superintendent of the branch mint at San Francisco applied in November last for permission to coin silver at that branch. His letter is as follows :— We are now attracting to our shores large quantities of silver, in bars, from Mexico, for which we pay in silver coins. By reference to your letter of the 4th August last, I find that you say that “ silver deposits may be received, but tney are only payable in silver dollars or in fine silver bars." We have never received any dies for silver dollars, nor am I aware of the reason why this branch has never made that denomination of coin. I would, therefore, suggest that the coinage of silver dollars, (if it be not contrary to the policy of the government,) would relieve us of just one-half the labor now necessary in the coinage of large quantities of Mexican silver. CHARLES H. HEMSTEAD, Superintendent. N ov e m be r 18, 1858. RE PLY. As the facts stated by you indicate the propriety of the coinage of silver dol lars at your branch of the mint, I have caused four pair of dies of that denomi nation to be prepared and forwarded to you per express. A weight for the ad justment of the coin, (from which others can be made,) will be found in the box containing the dies. JAMES BOSS SNOWDEN, Director. F e b r u a r y 19, 1859. The San Francisco Bulletin remarks :— The authority to coin silver dollars, received by the mail yesterday, is quite an object to the commerce of the Pacific coast. Crude silver has been to-day deposited for coinage, to the amount of upward of SI,000, by one house in the Mexican trade. S IL V E R : IT S PRICE AND EX PO R T FROM GREAT BRITAIN. The exports of silver alone from England since the discovery of gold in California, (ten years,) have been upwards of eighty millions sterling—over four hundred millions of dollars—the price in the meantime having undergone a slight change only, the bar price being now 5s. 2Jd., against 4s. 114d. in 1847. Years. 1847............................... 1848............................... 1849......................... . . 1850............................... 1851............................... 1852............................... 1853............................... 1854............................... 1855............................... 1856............................... 1857............................... 1858........ ...................... 1859............................... Price. ................. ................. ................. ................. ................. ................. ................. 4 4 5 5 5 5 5 ................. 5 ................. ................. 5 5 Hi lit 0 l 04 14 14 n IS li H 24 . -------------- ^xpo ts.------------- » £3,828.400 or 119,092,000 7,041,600 «< 85,207,500 7,721,500 « 38,607,500 4,365,700 « 21,828,500 5,084,100 <( 25,420,500 5,969,600 u 29,848,000 6,154,900 (C 30,774,500 6,033,700 u 30,168,500 6,980,900 >1 34,904,500 12,813,500 « 64,067,500 18,505,500 M 92,527,500 it 7,061,836 85,309,280 « 1 0 ,0 0 0 ,0 0 0 The demand for money for India has been greatly revived ay the loan o f £7,000 000 remitted. 212 J ourn al o f B an kin g, C urrency, and F inance. ZOLLVEREIN REVENUES. The customs revenue of the States comprising the Zollverein are as follows in Russian thalers, which may be reckoned in round numbers at 75 cents ; 100 thalers, $75 The Zollverein revenues were— 1855 1856 1857 1858 .............. .............. .............. .............. Imports. Exports. 25,493,510 25,549,599 26,014,819 28,002,849 ,212,811 226,866 198.013 224,546 Transit tolls. 617,050 319,985 882,950 379,197 Beet sugar. Total. 3,934,931 4,684,235 5,869,916 7,416,637 30,268,302 30,840,685 82,465,704 36,023,279 That is, during the year 1858 the increase was ten-and-nine-tenths per cent; while during 1855 and 1857 it was but seven-and-three-tenths per cent. In vol. xxviii., page 739, will be found the revenue returns from 1840 to 1852, inclusive. The population which was 29,728,385 in 1852, rose to 32,559,161 in 1855. EXPORT OF GOLD. The activity of the gold shipment at the present moment makes the cost of the transaction a matter of some interest, and it may be illustrated by a trans mission of eagles to London for coinage as follows :— A M E R IC A N G O LD F R O M N E W Y O R K TO LO N D O N . Cost of 10,000 eagles at $10............................................................. Insurance on $100,000 at per cent..................... $505 00 Policy.'............................................................................ 1 25 Kegs, packing, and other charges.............................. 4 25 $ 1 0 0 ,0 0 0 00 510 50 Cost in New York.................................................................. Proceeds of two kegs containing 10,000 eagles, melted into 80 bars, weighing 447 lbs. 7 oz. 16 dwt. 0 gr., report’d worse I f grs., being equal to 439 lbs. 4 oz. 12 dwt. 3 grs. standard, or ounces 5,272, dwt. 12, grs. 3, at 77s. 9 d .................................... Allowed by melters for gold adhered to crucibles........................ $100,610 50 £20,497 5 218 1 3 £20,500 3 4 130 10 0 Add interest until maturity of bills, say 50 days, at 37s.............. £20,369 13 84 17 6 Less commission on bills, ^ per cent on £20,352 15s. 7 d ............. £20,454 10 10 101 15 3 CH ARG ES A T L IV E R P O O L . Freight § per cent, $375 at 4.80............................ Landing charges........................................................ £78 2 6 1 10 0 C H A R G E S A T LONDON . Carriage and insurance to London at 3s. per £100 on £20,600............................................................. Postage and car hire................................................ Cartage to and from melters.................................. Melting....................................................................... Assaying.................................................................... 30 15 0 1 11 7 0 8 0 0 0 4 0 10 6 Cash in London....................................................................... £20,352 15 4 7 Which amount drawn at 60 days’ sight, to produce the above cost of $100,510 50, makes the exchange 111 11-100 per cent, or nearly l l l f per cent. This was the 213 Statistics o f Trade and Commerce. result to the general shipper ; but the large houses enjoy advantages which enable them to supply the market with gold bills at rates which leave a loss to outsiders. There are also modifications to the above return. Where bars are remitted at £ a § discount the result is better, and where the eagles are sold at a price of 76s. 2d., which we think was the late quotation, a slightly different result is arrived at. The English Bank at times, when the shipments became too active, has been known to reject the eagles, which involved the melting, and a loss to the shipper who predicated his movement on a sale of the eagles. AVhere com missions and insurance are not paid, the shipper has a great advantage over other houses who pay those items. STATISTICS OF TRADE AND COMMERCE. B R E M EN : IT S COMMERCE. The city of Bremen, as our commercial readers are doubtless aware, is not accessible to vessels drawing over seven feet water. Some twelve miles below the city, at the port of Vegesack, vessels drawing thirteen to fourteen feet water can ascend ; but all vessels of larger draught must stop at Bremei haven, some thirty miles from the city, their cargoes being discharged and received by means of lighters, at an expense of fifty cents per ton of 2,000 pounds, on board ship. Bremerhaven. it is true, is under the exclusive jurisdiction of Bremen, the limited territory which it occupies having been ceded to the republic by Hanover in 1827, and the outer harbor, the sluiced dock, and inner harbor, with which it is now provided, having been immediately commenced and completed in 1830. Under the most favorable circumstances, however, general commerce must experience much inconvenience from the delays and incidental expenses attend ing a river transitage of over thirty miles between the port of entry and the port of discharge ; and the extent of this inconvenience to American commerce may be measured by the large percentage, (between one-half and three-fourths of the whole,) on the entire sea commerce of Bremen assigned to the United States. W e have before us an official statement which exhibits the navigation of Bre men with all foreign nations, and also with the United States for a period of seven years ending with 1855, which may be taken as a fair average of the share borne by the United States in the general trade of that important commercial emporium. It is as follows :— Years. 1849 ................................. 1850 ................................. 1S51............................................ 1852 ................................. ................................. 1853 1854 .................................. 1855 ................................. . ------------------- Navigation between Bremen.--------------------. All foreign countries. United States. Entered. Cleared. Entered. Cleared. 225 301 345 443 386 459 398 295 295 416 508 432 493 431 103 128 131 179 132 200 139 205 175 235 327 281 362 182 Another table, also compiled from the official publications of the State Depart ment, shows (although the figures must be much below the average annual amount) the ports of the United States with which the direct intercourse with 214 Statistics o f Trade and Commerce. Bremen is chiefly conducted. The ports of departure, and the amount received from each in the direct trade between the United States and Bremen in 1852, were as follows :—$1,202,962 S avan nah . . 20,226 N e w Orleans 1,618,646 G alveston . . . 324,800 11,330 T o t a l... 262,730 N ew Y o r k ... B a ltim ore...... R ic h m o n d .. , P hilad elp h ia W ilm in g to n . C h a rleston .. . $79,830 2,462,032 71,775 $6,043,829 By a treaty, concluded in 1856, between Bremen and the States of the Zollverien, and a convention subsequently entered into between Prussia, Hanover, Hesse-Oassel, and Bremen, aud assented to by Oldenburg and Lippe, all river tolls are now suspended ; never, it is understood, to be revived, upon the Weser, along the course of its tributaries, commencing at the city of Bremen, and as far up as the river is navigable. Formerly there existed a sort of river toll at Elsfleth, eighteen miles below Bremen, similar to that which now harasses the commerce of Hamburg, at Stade, or Brunshausen ; but it has long since been extinguished. The artificial obstructions, therefore, no longer exist. COMMERCE OF MINATITEAIV, MEXICO. We are indebted to a correspondent for the following statement of the trade and commerce of Minatitlan, Isthmus of Tehuantepec, from January 1st to April 30th, 1859 :— R E P O R T OF I M P O R T S A N D E X P O R T S A T A N D F R O M M IN A T IT L A N , M E X IO O , BETW EEN JA N U A R Y 1 S T , 1 8 5 9 , A N D 3 0 T H A P R I L SA M E Y E A R , IN C L U S IV E . Imported since 1st January, 1859, to 30th April, in merchandise from the United States, Great Britain, and coastwise................... And in specie from Vera Cruz and the United States...................... Making in all.................................................................................. Exported during the above period iu mahogany and other staples, (see destination)...................... Besides which were shipped in bullion to New Orleans..................... Amounting to ........................................................................... $182,056 00 46,400 00 $228,456 00 39,953 50 27,0u0 00 $66,953 50 Tonnage in movement during said period 19,490, consisting of 15 steamers, 7 brigs, 16 schooners, and 7 canoe schooners. S H IP M E N T S O F M A H O G A N Y , H ID E S , E T C ., F O R Tons of niahogany. 1858 Tons of fustic. Destination. T o G rea t B rita in .................................... T o U n ited S t a t e s .................................. 1,462 1,038 20 T o ta l............................................. 2,500 20 AND 1859, Tons of logwood. .. COM PARED. No. o f hides. Value o f all. •• 3.111 $17,644 0 0 22,309 50 .. 3,111 $39,953 50 T o c o r r e s p o n d in g p e r io d in 1 8 5 8 , as fo llo w s T o G rea t B rita in .................................... T o N orth E u rop e.................................... T o U n ited S ta tes.................................... 2,653 182 1,167 25i T o ta l............................................. E x cess in 1858 ..................... E xcess in 1859 ..................... 4,002 1,502 251 .... 49 . . .... 1,0 2 2 51 49 49 1 ,0 2 2 . . 2,089 .... $37,662 2,184 16,715 00 00 00 $56,561 0 0 16,608 50 5,222 50 215 Statistics o f Trade and Commerce. CHI NA TRADE. The following Parliamentary tables show the progress made in the foreign trade with China durit: g the last ten years:— IM P O R T S. Canton. 1849. 1850. 1851. 1852. 1853. 1854. 1855. 1856. 1857. 1858. ... ... ... $7,902,244 6,898,900 10,094,261 9,974,022 4,058,233 3,348,444 3,605,590 9,142,061 6,799,752 Amoy. Foochow. $1,136,427 1,049,181 1,598,513 1,800,069 533,226 564,107 993,930 901,019 1,252,138 4,040,484 37,805 139,584 393,330 389,040 1,519,384 Ninsrpo. Shanghai. Total. $23,940 52,945 31,272 37,914 86,574 225,817 231,618 376,364 339,718 722,557 $4,411,933 3,715,176 4,299,192 4,652,310 5,670,207 1,179,756 3,497,895 6,162,869 18,108,169 19,017,049 $13,474,544 11,754,007 16,023,238 16,464,315 10,348,240 5,457,708 8,329,033 16,974,943 20,089,065 32,099,226 3,845 6,613,871 8,020,606 10,402,760 9,018,294 16,518,212 11,702,147 19,963,763 25,803,632 33,650,263 30,623,759 18,212,716 18,171,966 23,877,297 15,877,614 23,503,670 20,094,280 24,121,451 40,161,789 41,894,395 49,564,182 15,535,572 15,643,146 31,809,032 42,960,933 35,907,546 28,229,200 51,152,646 42,871,433 45.757,711 45,465,702 81,587,413 47,159,676 81,682,201 95,860,047 92,836,090 88,360,414 108,936,149 98,932,176 66,990,663 128,490,557 EXPORTS. 18.49. 1850. 1851. 1852. 1853. 1854. 1855. 1S56. 1857. 1858. .•• ..• ... ... •.. 11,485,935 9,918,811 13,210,312 6,596',272 6,631,989 6,098,477 2,956,920 8,217,259 10,656,589 209,065 220,169 261,040 250,050 250,213 295,155 802,440 859,494 1,379,071 3,051,741 .... 12,3S0 ... 119,330 1,838,592 3,256,132 5,529,768 4,736,446 3,185 12,998 3,926 159,909 398,328 2,025,272 1,435,293 495,647 PO U N D S OF T E A . 1849. 1850 1851. 1852. 1853. 1854. 1855. 1856. 1857. 1858. ... 66,041,990 31,169,446 49,652,650 52,784,448 56,124,704 49,193,081 20,243,370 33,894,820 ........... 28,627,656 9,851 245,333 65,334 114,666 118,666 305,200 1.040,133 630,000 2,798,000 32,000,666 .... 101,733 165,185 685,174 10,632,933 36,500,000 21,385,400 18,382,800 22,363,300 .... 150,523 52,152 33,333 B A L E S O F S IL K . 1849 1850 1851 1852 1853 1854 1855 1856 1857 1858 Canton. Amoy. 11,913 1 0 -154 7,165 71 4,566 35,916 30 3,767 52 31 3 cases 1,000 Ningpo Shanghai. 17,222 ., 201 15,297 2 16,915 41,869 3 32 38,630 54,817 91,657 pieces 73,997 94 pieces 271 pkgs. & 4 cases 72,731 COTTON IMPORTED INTO THE ZOLLVEREIN, Cotton is imported into the Zollverein States in two forms—raw and yarns. The imports for 1858 were 1,109,190 ewt. raw and 577,527 cwt. yarns, which, making allowance for the amounts afterward exported, shows an increase of the amouut used in the Zollverein from 1855 to 1858 of 247,655 cwt. of raw cotton, and more than 57,000 cwt. of yarns, notwithstanding the duties on the latter have been somewhat increased. Statistics o f Trade and Commerce. 216 STATISTICS OF WHALING, The “ Annual Report of the Secretary of State on Foreign Commerce for 1858,” furnishes the following table, which supplies more recent statistics re specting the New Bedford whalers, and also completes the official statistics for all the ports in any manner connected with this important branch of our national industry :— N U M B E R OF V E S S E L S , N U M B E R O F S E A M E N , A N D A V E R A G E CA TC H B O N E IN W H A L I N G V E S S E L S S A IL IN G F R O M T H E U N IT E D ST A T E S, AND TH E VALUE OF AVERAGE O IL TERM AND OF V O Y A G E B E IN G F O U R Y E A R S . Sperm oil. Whale oil. Seamen. Barrels. Barrels. 8 ,0 0 0 86,800 18,400 14,000 13,500 87,500 16,150 Sperm New Bedford............. New L on don ............. Fairhaven.................. Nantucket................. Provincetown............. West Port................ .. Sag Harbor................. Matapoisett............... Edgartown ............... W arren....................... Portsmouth................ Sundry small ports . . Tons. Vessels, vessels. 109,845 320 217 65 47 16,630 47 35 36 34 31 15 Total............... 'Whale. bone. Pounds. New B edford............ New London............. .___ Fairhaven.................. Nantucket................. Provincetown............. West Port.................. Sag Harbor............ Matapoisett............... ___ Edgartown............... W arren ..................... ___ Portsmouth............... Sundry 6 mall ports . ___ Total............... 161,500 8,500 34,000 1 0 2 ,0 0 0 20 20 20 19 18 16 15 18 10 11 12 10 59 46 661 480 1,625 1,175 900 620 500 500 475 450 4U0 250 1,475 16,370 1 0 ,2 0 0 1,750 13,600 .... 4,250 850 5,950 3,400 .... 6 ,0 0 0 8 ,0 0 0 6 ,0 0 0 7,600 4,400 4,800 4,000 19,800 1 0 ,2 0 0 163,850 193,300 -V alue.--------________% Whale Whalebone. oil. Total oil. value. $3,417,750 $1,930,477 $612,500 $5,960,727 113,050 1,193,657 724,500 356,107 847,560 551,250 224,910 71,400 531,562 11,900 580,947 37,485 631,330 236,250 95,200 299,880 315,000 315,000 359,712 93,712 29,750 236,250 299,250 IS,74 2 4,940 323,942 173,250 41,640 346,097 131,197 189,000 287,770 74,970 23,800 .... .... 157,500 157,500 71,400 1,036,560 740,250 224,910 Sperm $7,671,812 $3,392,392 $1,076,600 12,040,805 V A L U E O F T H E W H A L I N G V E S S E L S , IN T E R E S T ON S A M E , AN N U A L E X P E N S E S , ETC. Estimated value o f the 661 whaling vessels sailing from the United States, including their outfit, provisions, and the advances made to seamen on the day of sailing, at the rate of $25,000 each.............. Six per cent per annum on the same....................................................... Ten per cent per annum allowed for wear and tear............................ Two-and-a-half per cent insurance........................................ Fresh supplies purchased by the masters, equal to about $1,200 per annum each............................................................................................. Amount of money paid to masters, officers, and crew, being their shares of the oil taken, equal to one-third of the gross value of the products........ ........................................................................ $16,525,000 991,500 1,600,000 413,125 793,000 4,013,601 Total amount of money invested, including interest, <bc................. Value of the annual amount of oil taken, showing a clear yearly profit of forty-six per cent................................................................... $24,336,226 Difference between the whole capital invested, and the yearly profit $12,295,421 12,040,805 Statistics o f Trade and Commerce. 217 WOOL IM PORTS INTO GREAT BRITAIN. An English contemporary remarks:—In 1830 we imported 33,305,314 lbs. of sheep’s w ool; in 1845, 76,813,855 lbs., or an increase of 43,508,541 lbs.; and in 1858, 124,528,840 lbs , being an increase over 1845, of 47,714,985 lbs. We give the import, export, and the quantity of wool left for consumption in each year:— Import. 1858........................................... pounds 1854 ............................................. 1855 ............................................. 1856 .............................................. 1857 ............................................. 1858 ............................................. 1 1 9 ,3 9 6 ,4 4 9 106,121,995 99,800,446 116,211,392 129,749,898 127,216,973 Export and re-export. Left for consumption. 18,459,498 37,410,557 45,645,233 41,058,567 61,631,561 40,147,411 100,936,951 68,711,438 53,655,213 75,152,825 78,118,337 87,069,562 Here it will be found, that in 1858, we retained for consumption about 14,000,000 lbs. less wool than we did in 1853. But the imports of wool from Europe in 1858, show a decrease, as compared with 1853, of 10,497,043 lbs., while our ex ports of wool to Europe in 1858, show an increase, as compared with 1853, of 21,687,913 lbs. Again, in 1858 we imported from our own colonies, an increase of 18,337,244 lbs. over the imports in 1853, fully proving that if it had not been for our own colonies, our position would have been infinitely more to be deplored. E X P O R T S A N D R E -E X P O R T S O P R A W M A T E R IA L S . Raw cotton.................................................... pounds Raw silk..................................................................... Thrown silk................................................................ Raw wool of all sorts................................................ 1845. 1858. 42,916,384 295,969 28,096 11,721,801 149,608,480 2,314,519 915,961 40,147,511 54,962,240 192,986,471 54,962,240 Increase export, 1858........................................... 138,024,231 TRADE OF LIBERIA. The Liberia Herald of April 6 remarks:—In our advices from the county of Simon, the pleasing intelligence is received that the Messrs. Tunings, of that county, are now manufacturing the sugar-cane planted by them ; and on the 28th ultimo they had offered for sale several barrels of sugar of the finest quality, and some hundreds of gallons of syrup, which is represented to be equal, if not superior in quality, to any ever seen in the country. The following is a list of exportations from the port of Grand Bassa for the quarter ending March 31st :— R E C A P IT U L A T IO N . 18,658 gallons palm oil................................................................................ 70 tons, 3 cwt., 1 qr.,21 lbs. camwood..................................................... Ivor., 61 lb s................................................. S p ecie........................................................................................................... $6,716 8 8 4,912 81 54 35 600 00 T o t a l................................................................................................ $12,283 49 Up to April 20 there have been manufactured on the St. Paul River during, the present season 73,000 pounds of sugar, and 8,300 gallons of molasses and syrup, and the grinding of cane is still goiug on. There is a perfect mania for cane planting. It has been demonstrated to be a safe investment, and to a certainty everybody will like to have a hand in the business. Statistics o f Trade and Commerce. 218 TRADE W ITH JAPAN. The London Times says “ Despite the proclamation of our government, and in breach of all dictates of sound policy, the impatience of the European mer chants has not allowed them to wait upon the tardy steps of diplomacy. Anticipating the ratification of the treaty, and even the dates at which commerce to the new ports of China and the seaboard cities of Japan shall become lawful, they are pouring in their merchandise, and shipping their return exports. W e have now before us a list of exports and imports which have passed between the ports of Shanghai and Nagasaki within the short space of two months, and the catalogue is much greater in quantity and more extensive in items than we should have expected from this Japanese trade, even in a more developed state. It is yet, of course, contraband, but it shows what can and will be done. “ One of the large Hong Kong houses has placed a ship of 600 tons in perma nent station between China and a place on the east coast of Niphon. The ex ample has not been disregarded, and we are informed that large sums of money have been already realized by speculators in wax, vegetable oil, and in articles of food which have a common relish to the natives of Japan, and to those of the Celestial Empire. Moreover, ships are going direct from Singapore with cargoes of straits produce. It is quite clear that a race has begun for this newly promised commerce. The merchants will not wait.” BR ITISH TRADE, AND PRICE OF WHEAT. The following are averages for successive periods of 10 years, showing the imports, and exports, and prices of wheat in Great Britain :— D E C E N N IA L A V E B A G E V A L U E Imports. 1801 1811 to to 1 8 1 0 * ............... 1 8 2 0 * ............... IM P O R T S A N D E X P O R T S . OF Exports. Excess o f exports. £4U ,737,970 £ 1 2 ,92 8 ,1 9 2 41,484,461 10,619,791 Excess o f imports. 36,600,536 3,060,587 8,343,058 45,1 44 ,4 0 7 21,811,510 5 7,3 81 ,2 9 0 45,5 07 ,8 4 4 99,863,062 Price o f wheat. 81s. 5 d. 84 11 58 2 to 1 830................... 56 11 to 1 840................... ____ 5 3,489,465 52 8 to 1850+................. 56 4 to 1858J................ The consumption per head of the leading articles of import were as follows :— 1821 1831 1841 1851 D E C E N N IA L A V E R A G E C O N S U M P T IO N P E R H E A D O F T H E P O P U L A T IO N . 1801 1811 1821 1831 1841 to to to to to 1 8 1 0 .. 1 8 2 0 .. 1830.. 1 8 4 0 .. 1 8 5 1 .. . . . . . Sugar, lb. 16 14| 16i 16f 20f Tea, lb. 1 .3 5 1 .2 3 1 .2 6 1 .3 5 1 62 Coffee, Tobacco, Malt, W ine, Spirits, Price o f W. I. sugar. d. lb. lb. bush. gal. gal. s. d. 45 6 p er c w t.= 4 1 .1 2 1 .0 4 1 .6 8 .3 5 .8 8 .2 6 .3 8 .9 2 1 .8 8 .6 8 50 6 “ 5+ .7 9 1 .3 9 .9 2 31 10 “ .5 8 .2 7 n .9 8 .8 5 1 .6 0 .2 5 1 .1 0 34 11 “ H 1 .2 1 .9 3 .7 2 .2 3 .9 4 31 7 “ 3i Lord John Russell’s act for equalizing the duty on slave-grown sugar was passed in 1846. The duty on tea was altered from 96 to 100 per cent, ad valorem, from 1819 to 1834, and to 2s. the lb. from 1840 to 1850. The duty on coffee was reduced from Is. 6d. to Is 3d. the lb. in 1803, and to 4d. the lb. on British, and 6d. the lb. on foreign, in 1844. The duty on tobacco was altered from Is. 7d. on American, and 4s. 6d. the lb. on Spanish, in 1801, to an equal duty of 3s. the lb., in 1851. The Americans were stated to consume 7 lbs. per head of the population in 1842. * Peninsula War. t 1847, Irish famine. % 1848, Sliding scale abolished. 219 Statistics o f Trade and Commerce. V ESSEL S ARRIVED AT THE PORT OF ODESSA. 1858, Austrian..................... “ steam ers.... English....................... “ steamers . . . . Sardinian.................... Greek........................... “ steamer............ Turkish........................ Norwegian................. Neapolitan................ 289 44 219 26 159 96 7 27 67 23 20 12 9 9 French steamers.......... Russian........................ “ steamers........ Tuscan........................... Prussian........................ Mecklenburg................. 1 Swedish........................ 65 Ionian........................... 58 Sam iote........................ 50 Dutch............................. 27 Roman........................... Fren ch .............................. 6 5 4 4 3 2 2 2 1 1 Oldenburg................. Bremen...................... Wallachian............... Moldavian. ............. Hanoverian............... Belgian....................... Danish....................... Am erican................. Serbian....................... 5 Total................... 1,234 6 CONSUMPTION OF RAW SUGAR IN GREAT BRITAIN AND FRANCE. The use of sugar in France and Great Britain has been as follows :—■ ,----------Great Britain.---------- , Taken for conImport. sumption. 1856 ...........................................cwt. 1857....................................................... 1858....................................................... 7,668,714 8,288,821 8,834,902 France, consumed. 7,218,817 7,275,815 8,644,163 3,303,140 3,580,000 4,440,000 Average consumption of F rance............................................................... Average consumption of England............................................................. 3,774,380 7,712,932 V ESSEL S AND CARGOES SAILED FROM IBRAILA IN 1858. No of vessels. Greeks................. English.............. Turks................... Sardinians........... Austrians............. French................. Ionians................. Dutch.................. Wallachians........ Norwegians... . . Hanoverians....... Sw edes___ ____ Moldavian........... Samian................ Prussian............. Oldenburg ......... Neapolitan.......... Tuscan............... Russian............... Serbian............... Mecklenburg....... Hamburg............ Jerusalem........... Belgians.............. Danes.................. . T o t a l......... 144 80 59 35 30 20 15 14 9 9 8 8 6 6 4 2 2 2 1 "Wheat. 77,622 8,207 2,800 13,942 6,628 2,412 3,66fi 675 2,915 1,898 1,511 855 1,818 1,758 1,016 471 1,830 343 682 306 1,291 .... 546 175 .... 802 1,440 765 390 301 1,178 241 1,063 1,432 131,610 228,747 174,689 1 . ----------Kile s * loaded of —-------Indian corn. Barley. Bye. Millet. 76,878 57,214 2,555 549 583 48,233 33,477 760 7,306 25,578 52 215 18,370 17,157 .... 724 10,498 26,547 771 7,129 1,226 15,533 2,87 2 7,725 1.714 2,148 5,385 362 1,880 4,020 .... 4,085 2,087 823 2,496 1,296 483 2,054 ... 4,363 194 936 1,557 3,082 ... 1,857 762 462 957 7 09 1,135 Rape seed okes. 854,333 199,387 100,300 252,342 .... 213,000 ... .... .... .... .... .... .... . •. 409 .... .... 310 8,590 1,066 4,499 1,6 1 9,36 2 E X P O R T E D E Y S T E A M B O A T S A N D S A IL I N G V E S S E L S . Beans. Tallow. Cheese . .Okes ............ ............ 2,828,567 I W ool.............................Okes 3 8 2 ,6 1 4 Linoud.................................. 241,542 | 100 kilos. Ibraila=282 imperial quarters. 322,575 61,468 Statistics o f Trade and Commerce. 220 FLOUR RECEIVED AT PHILADELPHIA, Taking the business of 1857 and 1858 from the best sources accessible, as made up by Mr. Blodgett for the report of the Board of Trade, we have the following results, showing the quantity of flour received and made at Philadelphia :— 1857. 1858. Brought by Pennsylvania Railroad, through...........barrels Brought by Pennsylvania Railroad, way............................. Brought by Chesapeake and Delaware Canal.................... Brought by Philadelphia, Wilmington & Baltimore Rail road, local............................................................................. Brought by Philadelphia, Wilmington & Baltimore Rail road, through........................................................................ Brought by Reading Railroad................................................ Brought by Schuylkill Navigation........................................ Estimate of receipts by small coasting vessels from the S ou th .................................................................................... Coastwise from Richmond, Virginia, (on manifest books). Made in the city and vicinity, (estimate)............................. 825,815 114,214 200,860 403,400 146,876 147,436 8,000 2,056 100,000 6,036 750,000 100,000 23,477 750,000 Aggregate.................................................................... 1,665,643 1,815,247 100,000 40,516 25,212 162,609/ 38,193 41,300 AUSTRIA AND SARDINIA. The extent of the Austro-Sardinian trade which will be directly affected by the war, is greater than might perhaps be imagined. Setting aside the com paratively trifling statistics of the island trade, it appears that the value of the exports from the kingdom of Sardinia to Austria was as follows in the five years ending 1856 :— Total exports. 1852 ..lire 1853 ................. 1854 ................. Total exports. Sardinian merchandise. 41,530,106 47,328,630 19,789,365 24,946,272 Sardinian merchandise. 33,388,495 35,033,356 37,212,303 11,962,183 1855.............lire 15,401,415 1856 ................. 17,863,417 The average rate of exchange being 19£ cents to tbe lire, the total exports of Sardinia to Austria may be roughly estimated at §9,680,000 per annum, and it will be seen that the trade rapidly and steadily expanded in the five years ending 1856. THE GRAIN MARKET OF FRANCE, The imports and exports of grain by France are as follows :— Imports. 1856 .........................................quarters 1857........................................................... 1858........................................................... 3,37 3,820 1,983,728 1,115,948 Exports. 90,488 166,768 2,416,995 WOOL FROM AUSTRALIA, IN GREAT BRITAIN, The first return given of any export of wool from the Australias was in 1807, and then only of 245 pounds ; and tbe following table will show their progress since that period :— 1808 ............................pounds 1 8 1 8 ........................................ 1828......................................... 562 16,525 834,343 1838 ....................... pounds 1848......................... ......... 1858..................................... 7,406,000 22,509,000 48,788,400 EX PO R TS OF NEW ORLEANS. Years. 1 8 5 6 .. 1 8 5 7 .. 1 8 5 8 .. March 31. 8 2 7 ,8 8 1 ,1 2 8 3 9 ,7 41 ,3 5 4 2 9,868,179 -Quarters endingJune 3U. September 81). 8 2 7 ,88 1 ,1 2 8 8 6,8 1 2 ,2 1 4 2 3,5 8 7 ,0 3 6 7,223,157 29,6 42 ,1 3 6 11,826,596 December 31. 821 ,37 3 ,5 8 2 21,536,066 28,822,800 Total. 882 ,06 4 ,0 1 4 92,087,613 100,159,711 J ourn al o f Insurance. 221 JOURNAL OF INSURANCE. CHARLESTON INSURANCE COMPANIES. The stated annual and semi-annual meetings o f the two insurance companies, the “ Charleston Insurance and Trust,” and the “ South Carolina Insurance,” presents a highly prosperous condition and prudent management:— The semi-annual exhibit of the former shows a credit of investments in stocks and bonds, with interest and dividends still due, o f ........... Bills and bonds receivable.............................., ........................................... Real estate...................................................................................................... Cash on hand.................................................................................................. $532,304 57 13.091 34 18,000 0 0 6,277 73 $509,673 64 The debit is as follows :— Capital, deposits, and interest and dividends due......... Dividends jnst declared and now p a ya b le................... $510,558 86 30,000 00 540,558 Leaving a balance o f reserved profits......................................................... The annual statement o f the latter shows a credit of investments in stocks and bonds, with interest and dividends due............................... Bills receivable.............................................................................................. Real estate..................................................................... .............................. Cash on hand.................................................................................................. 86 $29,114 78 308,865 52 5,716 00 10,000 00 22,517 69 $347,098 11 The debit is as follows :— Capital and reserves........................................................... Dividends just declared, and now pa ya b le................... 253,000 00 40,000 0 0 293,000 00 Leaving a balance of reserved profits $54,098 11 NEW YORK INSURANCE COMPANIES. The assets, including capital, o f all the insurance companies, we learn, may be represented as follows :— Fire insurance companies, ca p ita l........................................................... Life insurance companies, capital and surplus...................................... Marine insurance companies, assets......................................................... $19,056,000 1 0 ,0 0 0 ,0 0 0 17,089,000 Total working capital.................................................................... $46,145,000 The capital o f marine offices cannot be distinguished except for the Sun Mutual, Atlantic, and Great Western Marine companies. INCREASED MARINE INSURANCE. The London Times recently stated that large war insurances have been taken out at L loyd’s by foreign ship owners, and on nearly all kinds o f policies in creased premiums are demanded. Sardinian and Austrian vessels can scarcely be insured on any terms, and even for English, for protracted periods, especially in the St. Petersburg trade, a considerable addition is made. Hamburg is cer tain to remain neutral as long as possible, yet for her ships going for coffee to Brazil as much as 3 per cent has been required for extra risk. 4 to - to . STOCK CAPITAL F IR E INSURANCE COMPANIES OF NEW YORK. to The following is a synopsis of the returns to the Controller, for 1859, of all the Insurance Companies of New York :— Excelsior.......................... 2 0 0 ,0 0 0 Surplus, Amount o f premiums received. $56,560 $57,754 41.764 30,457 47,038 41,486 108,707 98,390 62,121 68,386 1,642 1,701 37,803 43,406 45,764 83,000 22,646 2 0 ,0 0 2 68,649 80,754 45,000 64,825 64,636 80,752 134,266 32,718 45,221 61,000 72,447 61,013 335,227 218,446 29,000 38,951 167,405 76,431 23,600 34,561 53,718 84,981 33,070 61,095 118,451 64,411 64,483 87,764 $71,308 44,794 56,921 112,727 89,290 1,642 60,645 63,630 31,734 88,769 92,378 86,436 149,841 63,674 88,615 69,958 271,502 54,327 95,900 46,103 67,472 72,381 94,526 98,707 $1,028 $14,146 90 678 .... 31 9,686 28,573 5,584 12,547 .... 9,323 16,680 4,895 12,903 .... 600 5,950 23,526 6,375 5,167 22 11,083 20,447 45,588 11,768 27,303 6,304 1,144 18,566 4,922 38,097 4,488 15,676 4,800 16 179 3,445 5,079 8,488 6,989 20,131 .... 16,774 17,091 58,157 $22,500 $2,422 24,000 3,211 1 2 ,0 0 0 3,223 30,000 2,215 25,000 3,932 .... 26,029 3,450 3,491 23,700 10,500 2,445 20,459 3,134 60,000 4,851 59,801 3,228 40,245 8,260 25,000 3,927 17,063 3,268 45,000 4,078 55,270 1 0 ,2 1 2 3,222 2 0 ,0 0 0 16,342 3,677 18,000 2,444 28,000 3,222 16,500 2,008 60,288 5,357 13,650 3,260 $55,080 39,059 31,328 97,305 70,795 783 68,896 59,203 29,003 77,772 93,367 88,986 133,239 59,540 63,590 74,784 142,387 65,095 61,339 42,597 56,060 66,286 93,262 108,584 $20,075 11,560 11,626 53,713 2 0 ,2 2 0 656 17,617 19,726 6 ,2 2 2 33,881 48,372 27,958 21,158 17,545 28,590 2 1 ,8 6 8 104,124 15,240 28,264 13,024 12,955 42.553 26,657 42,102 16 12 12 20 13 .. Payable semiannually. Jan. & J u ly . Jan. & Ju ly. Juneife D ec. M ar. & S ep . Jan. & J u ly. Jan. & July. Jan. & Ju ly. 6 Jan. & Ju ly. 20 Ju ne <Ss D ec. 20 M ay & N ov. 23 F eb. & A u g . 20 Mar. & Sep. 11 Jan. & J u ly. 16 June & D ec. 17 Jan. & J u ly . 12 Jan. & J u ly. 12 Jan. & J u ly. 2 2 4 Jan. & July. 12 J u n e & D ec. 14 Jan. & Ju ly. Feb. & Aug.12 20 A p r il & O ct. 12 13 13 Jan. <Se July. Journal o f Insurance. When org’niz'd. Capital. Name. 1851 § 160,000 A s to r ...................................... ___ 1824 2 0 0 ,0 0 0 ADtna...................................... ___ 1857 2 0 0 ,0 0 0 A m e r ic a n ............................ ___ 1851 150,000 A tla n tic, B r o o k ly n .......... ___ 1853 250,000 A r c t ic ..................................... ___ 1858 150,000 A d r ia t ic ................................ ___ 1853 2 0 0 ,0 0 0 B eekina n.............................. ___ 1849 2 0 0 ,0 0 0 B r o a d w a y ............................ ___ 1857 160,000 B r e v o o r t .................... ........ ___ 1 0 2 ,0 0 0 B rook ly n ............................... ___ 1833 800,000 B o w e r y ........................... 2 1 0 ,0 0 0 C ity ................................... 1853 2 0 0 ,0 0 0 Corn E x ch a n g e ...............____ 250,000 C o m m o n w e a lt h ............... 1850 2 0 0 ,0 0 0 C o m m e r cia l......................... ___ 1850 250,000 C lin to n .................................. ___ 1853 500,000 C o n tin e n ta l......................... ___ 1853 2 0 0 ,0 0 0 C o lu m b ia ............................. ___ 150,000 C itizens’ ................................ 1835 160,000 E a s t R iv e r ........................... ___ 2 0 0 ,0 0 0 E m p ire C ity ........................ 1857 150,000 E xch an ge.. ..................... ____ 1806 300,000 E a g l e .................................. ..____ All outstandGross ing liaexpenditure , bilities Annual including including diviLosses Losses p’d which p’d which losses, 40 p’r c’ t dends, accrued accrued Gross taxes, divi for re- 1858. income. in 1857. in 1S58. Divid’nds. Taxes. dends, etc. insurance. p’r c’t 1853 1834 1856 1852 1853 1857 1853 1852 1856 150,000 204,000 150,000 2 0 0 ,0 0 0 2 0 0 ,0 0 0 2 0 0 ,0 0 0 1,0 0 0 ,0 0 0 2 0 0 ,0 0 0 150,000 150,000 2 0 0 ,0 0 0 250,000 600,000 2 0 0 ,0 0 0 150,000 150,000 150,000 2 0 0 ,0 0 0 2 0 0 ,0 0 0 1858 1787 1856 1853 150,000 280,000 150,000 150,000 1853 2 0 0 ,0 0 0 2 0 0 ,0 0 0 2 0 0 ,0 0 0 2 0 0 ,0 0 0 2 0 0 ,0 0 0 1867 300,000 150,000 1852 2 0 0 ,0 0 0 2 0 0 ,0 0 0 250,000 150,000 15,000 65,600 78,237 41,377 26,010 33,500 ].,840,683 23,500 11,333 23,640 38,266 133,950 442,431 30,061 28,200 12,061 20,250 45,000 115,148 8,590 54,686 38,042 18,000 59,469 64,381 126,077 84,533 76,043 65,441 46,400 125 956 35,000 24 12,496 18,392 .... 6,789 22,701 79,729 89,5S0 96,923 12,824 17,699 40,800 3,325 39,131 63,073 89,580 102,439 1,500 10,558 25,500 2,429 39,583 33,399 48,630 53,792 14,782 2 ,0 0 0 13,447 28,000 3,120 2,646 1 2 ,0 0 0 3,213 32,595 33,347 800 45,887 13,617 29,412 44,689 721 24,000 3,220 40,178 10,230 217,964 2,479,800 260,000 839,027 70,000 16,303 1,563,091 2,840,683 30,818 28,872 43,990 8,995 ... 3,847 1 0 ,0 0 0 3,260 7,600 2,445 22,163 3.S94 14,521 27,410 .... .... 5,574 12,113 15,000 2,445 51,633 42,905 13,687 53,579 13,391 43,674 58,839 5,173 4,555 25,000 3,213 54,663 151,415 65,124 174,422 15,728 44,698 74,145 4,085 166,383 593,342 24,857 193,717 111,460 13,921 459,387 222,746 528,619 6 6 ,1 0 2 17,726 52,022 11,237 14,000 3,260 48,090 45,122 57,091 16,300 2 1 ,0 1 1 5,250 2,430 57,142 23,348 56,250 1,910 27,462 45,692 27,295 39,571 25,159 86,270 ■ 2,775 4,456 15,000 2,422 34,320 8,627 7,313 26,148 28,000 3,260 64,689 80,508 84,030 32,001 66,566 34,502 88,781 1,054 14,105 46,285 3,750 88,171 2,921 4,694 4,699 .... 2,911 23,064 3,286 13,786 42,854 4,495 50,874 72,620 73,266 21,942 1,950 7,266 10,500 2,185 40,970 54,702 35,770 40,658 1,333 6,814 15,000 2,445 14,651 27,797 37,619 22,070 92,549 4,625 70,868 9,620 24,000 3,231 57,970 22,214 75,212 10,875 32,000 3,225 59,268 57,948 28,805 75,612 8,720 16,882 48,875 3,409 80,853 54,164 46,428 109,675 1,310 26,038 34,000 3,213 88,433 91,832 78,670 4,082 22,257 39,804 2,989 81,194 26,007 59,923 42,659 140,582 11,954 60,727 36,500 4,891 151,187 113,708 19,075 3,200 11,826 10,500 2,253 42.045 46,415 58,863 37,974 117,476 .... 13,064 60,000 3,502 89,962 100,058 2,061 32,000 3,260 55,880 57,754 20,241 39.811 60,200 162,316 14,814 21,307 75,000 4,223 139,468 1 0 2 ,0 0 0 139,491 20,344 41,130 53,316 66,416 3,550 17,456 10,500 2,253 47,103 ,, N ew . A p r il & Oct. 17 A p ril A Oct. 14 F e b . A A u g. Jan. tfc Ju ly. 12 12 Mar. A Sep. 17 Jan. A Ju ly. Jan. Ju ly. 10 5 Mar, A S ep . Jan. Ju ly. 10 Jan. & Ju ly. 12 30 June A D ec. 32 Jan. A Ju ly. Jan. A J u ly. 12 Jan. Ju ly. Feb.-ds A u g . F eb. & A u g . 10 14 F e b . A A u g . 23* M ar. & S ep . N ew . 16 Ju n e A D ec. 14 Jan. A Ju ly. 10 F eb. A A u g . 17 Jan. A Ju ly. 16 F eb . A A u g . 20 Jan. A Ju ly. 20 Ju n e D ec. 20 Jan. <fc Ju ly. M ay & N ov. 12 14 Jan. A Ju ly. 30 Jan. A Ju ly. 16 Jan. Ju ly. 30 June &. D ec. 14 Jan. A Ju ly. 20 223 1858 Journal o f Insurance. F irem an’s F u n d ....................... . . Firem en’s ................................. F u l t o n ...................................... . . . G re e n w ic h ............................... . . . G ood h u e................................... G rocers’................................... . G rea t W estern M a r in e .. . G e b h a rd .................................. G allatin................................... . H o p e ....................................... . . . H a n ov er.................................... . . . H o w a r d .................................... H o m e ......................................... . . H u m b o ld t.............................. .. . . H a r m o n y .................................. . . H a m ilton ................................... . . In d em n ity ................................. . . Irv in g ............................. ......... J e f fe r s o n ................................. K in g s C ou n ty.......................... . . K n ick e rb o ck e r...................... . . . L a fa y e t t e ............................... . . . L e n o x .................................... .. . . . L a m a r .................................... L o r i l l a r d .......... f . ................. . . . L o n g Isla n d ........................... M a rk e t.................................... M echanics’ and T ra d ers’ .,. . . M e tr o p o lita n ........................ M echanics’, B r o o k ly n ____ . . . M erchants’ ............................. M e rca n tile ............................. . M an h atta n ............................. . M o n t a u k ............................... 224 Name. N e w Y o rk F ire and M a r in e .. N e w Y o r k E q u ita b le .............. , N e w Y o r k I n d e m n it y ............ , N assau .......................................... N orth R i v e r ............................... . N iagara.......................................... . N a tion a l.......................................... N orth A m e r ic a n ........................ , N e w W o r ld .......... ......................., N e w A m s t e r d a m ....................... P h c e u ix ........................................., P e o p le ’s........... ............................... P a cific.............................................. P eter C oop er................................, P a r k ................................................ , R u tg ers.......................................... . R esolu te......................................... , R e l i e f .............................................., R e p u b lic a n .................................. S tu yvesan t .................................. St. N ich o la s.................................. S t. M ark’s...................................... S e c u r ity ......................................... U n ited S ta te s ............................. , Williamsburg City................., W ashington............................. When org’niz’d. Capital. 1823 1856 1852 1822 1850 1838 1823 1850 1853 1853 1851 1851 1853 1853 1853 1857 1855 1852 1851 1852 1853 1856 1824 1852 1850 2 0 0 ,0 0 0 2 0 0 ,0 0 0 150,000 150,000 350,000 2 0 0 ,0 0 0 2 0 0 ,0 0 0 250,000 2 0 0 ,0 0 0 2 0 0 ,0 0 0 2 0 0 ,0 0 0 150,000 2 0 0 ,0 0 0 150,000 2 0 0 ,0 0 0 2 0 0 ,0 0 0 2 0 0 ,0 0 0 150,000 150,000 2 0 0 ,0 0 0 150,000 150,000 2 0 0 ,0 0 0 250,000 150,000 2 0 0 ,0 0 0 Amount of premiums Surplus, received. 98,284 121,205 5,000 58,069 104,052 108,000 61,684 29,000 56,000 90,000 38,000 67,703 22,248 75,393 64,317 44,389 30,000 1 2 0 ,0 0 0 44,500 31,675 40,000 67,164 45,731 76,500 86,858 65,985 88,165 14,813 42,047 61,254 75,745 70,316 75,192 32,632 67,761 126,815 56,896 88,867 28,932 91,029 64,861 58,090 65,300 47,498 50,100 63,980 54,921 61,347 54,874 83,632 95,111 Gross income. 87,664 107,445 14,813 56,033 89,681 95,733 94,978 96,916 46,519 86,060 143,977 66,941 106,156 39,019 106,779 82,284 72,755 78,060 64,335 65,076 63,612 67,019 77,820 75,082 98,242 113,132 Losses p'd which accrued in 1857. 2,217 3,756 . . . . 641 23 4,894 8,385 .... . •. • 6,636 11,945 17,211 3,774 . . . . 630 4 ,6 5 4 . . . . 2,298 6,546 1,030 11,974 ,,,, 6,659 2,100 5 ,374 4,405 Losses p’ d which accrued in 1858. Divid’nds. 27,420 50,000 20,380 56,700 1,473 11,931 30,000 13,241 62,578 10,932 89,900 17,121 48,000 8,772 39,149 5,267 20,000 26,738 28,000 49,277 40,000 16,605 18,000 31,689 38,000 10,164 18,000 22,007 28,000 19,353 32,000 8,230 20,000 17,149 24,000 18,977 16,815 6,733 28,000 5,896 14,958 27,218 26,609 28,000 6,563 16,634 34,809 33,921 30,000 59,700 84,243 Taxes. 3,260 3,581 2,253 5,645 3,552 3,097 4,039 3,260 3,293 2,914 2,445 3,235 2,407 3,260 2,940 3,226 2,445 2,678 3,211 4,417 2,410 3,220 4,018 2,895 3,398 A ll outstandGross ing liaexpenditure, bilities Animal including including divi40 p’r c’t dends, losses, Payable 1858. semi taxes, divi for re annually. dends, etc. insurance. p’r ct. 100,882 30 Jan. <fc July. 35,957 103,430 44,129 27 Jan. & July. N ew . 7,221 9,704 66,506 16,564 20 Jan. A July. 18 April & Oct. 95,385 25,760 33,088 83,580 20 Feb. & Aug. 29,775 24 Jan. & July. 95,044 33,041 16 June A; Dec. 73,556 10,000 10 Feb. & Aug. 42,789 29,199 16 Jan. & July. 82,477 20 Mar. c£s Sep. 131,422 50,349 12 Jan. & July. 30,621 71,738 42,8 44 18 Jan. & July. 96,210 12 Feb. & Aug. 10,423 39,859 18 Jan. & July. 36,041 75,5 20 16 Feb. & Aug. 73.878 24,562 16 Jan. & July. 19,513 47,812 16 Jan. & July. 28,583 66,1 20 9| Jan. & July. 66,991 59,063 14 Feb. & Aug. 12,262 54,056 9 Feb. & Aug. 30,646 65,092 20 Feb. & Aug. 24,159 65,343 14 Jan. & July. 17,312 62,521 14 Jan. & July. 30,533 73,525 20 Jan. & July. 90,068 35,045 25 Jan. & July. 68,295 124,980 s 3 S 5^l C~ £■* Co *■$ Si £ O 225 Journ al o f Insurance. FIRES AND LOSSES IN NEW YORK CITY, The following is a report of fires in New York for sis months to June 1 R E C A P IT U L A T IO N . Numb’rof Alleged fires. loss. $5,310 2 20,250 660 Cause of fires. Kiln drying room................................... ......... Children with match or lig h t ........... Camphene lamp................................... Intoxication........................................... Gas meter............................................. ........... Gas light................................................ ........... Gas-light in window............................. ........... Dripping f a t ........................................ Fire-place............................................ ........... Grate...................................................... _____ Cigar...................................................... Winter-greens...................................... .......... U nknown............................................ . Hot-air flues and register.................... Stoves and stope-pipes ............................... Sparks on r o o f ............................................. Accidental........................................................ Supposed accidental........................... ............ Furnace............................................................. Steam-boiler......................................... Carelessness........................................ ............ Supposed rats...................................... ........... Set on fire............................................ ........... Supposed set on fire........................... ........... Incendiary............................................ ........... Supposed incendiary............................ .......... i 5 6 o 2 3 1 4 4 25 13 3 100 100 100 512 1,297 3,548 374 7.800 128 25,402 4,239 9,765 833 471 49,346 44,538 3,765 1,700 459 ... .... .... 44,000 23,000 63,000 4,100 58,000 ... 512 497 4,548 374 3,500 128 15,952 3,754 3,006 349 8 ,0 0 0 32,005 74,360 22,825 245,325 5,985 19,371 4,691 30,862 $260,508 $1,326,565 $188,555 5 4 9,733 20,171 7,093 32,517 T o ta l............................................ 2 0 ,0 0 0 34,417 24,013 765 700 9,106 1 0 ,6 8 6 120 9 Amount paid. $4,845 47,400 66,750 37,000 3,650 6,400 205,900 149,200 25,500 3,000 77,800 8 1 10 Insurance. $53,350 66,500 9,600 221 M O N T H L Y S T A T E M E N T O F F I R E S , LO S SE S , AN D IN S U R A N C E S . Month. Number of Alleged loss. fires. Insurance. Amoun t paid. $80,940 51,130 34,784 35,566 51,893 6,195 $242,275 258,260 . 178,980 131,500 429,250 91,300 $64,290 31,245 25,361 26,335 47,889 3,935 $260,508 $1,326,565 $188,555 1858- -December.... 1859- -January.. . . . February.. . . M arch ..................................................... A p ril............... ...................................... May.............. ........................................ 25 18 Total . . , ....................................... 135 22 DISASTERS ON WESTERN RIVERS. The list of disasters that have occurred on the Mississippi Eiver and its tributaries, during the six months ending June 30th, sums up a heavier loss of boats, property, and lives than at any equal period in former years. The Louisville Courier gives a full list, which figures up as follows :— Boats snagged......................... Boats e xp lod ed ........................ Boats burned............................. Lost by collision..................... Lost by Bock Island Bridge.. Lost by running against bank Boats foundered........................ VOL. XLI.----NO. II. 22 Sunk by ice............................... 4 Lost in storm........................... 1 26 13 Total number of boats lost. 74 1 Flatboats lost............................ 36 2 Lives lost.................................. 827 3 Yalue of boats and cargoes. . $1,770,520 15 # 226 N autical Intelligence. NAUTICAL INTELLIGENCE. LIGHT ON CAPE NORTHUMBERLAND, AUSTRALIA, The Master and Wardens of the Trinity House of Port Adelaide have given notice that on and after the 1st of January, 1859, a light would be exhibited from the lighthouse recently erected on Cape Northumberland, on the south coast of Australia. The light is a revolving light, showing alternately every minute white, red, and green, and visible from seaward when bearing between E. S. E. and W. by S. $ S. It is placed at an elevation of about 123 feet above high water, and in clear weather the white light may be seen from the deck of a ves sel at a distance of 18 miles ; the red light will not be seen beyond 15 miles, and the green light beyond 8 miles. During hot weather and N. E. winds the white light may be observed at a greater distance. The illuminating apparatus is ca toptric, or by reflectors. The light-tower is 28 feet in height, and stands in lat. 38° 3' S .; long. 140° 37' 45" east of Greenwich. D ir e c t io n s .—Vessels from the eastward approaching Cape Northumberland should not bring the white or red light to bear to the westward of W . N . W ., and when the green light comes in sight on that bearing should steer more south erly, in order to give a wide berth to the reef projecting to the eastward from the cape. Vessels from the northward should never sight the white or red light bearing to the southward of E. S., and on distinguishing the green light should immediately alter course so as to give an offing to the outlying reefs westward of the cape, and running parallel to the coast at a mile off. In bad weather, with the wind hanging to the southward, it will be advisable to give the cape such an offing as not to sight the green light, and should the weather be thick, or it be blowing hard, it will be prudent not to sight the red light, which, under such circumstances, would not be seen at the distance above given. The coast north westward of the cape soon becomes low ; and owing to the heavy ocean swell, which sets directly on shore, should be very carefully avoided. To the eastward of the cape is a deep bight, which offers no shelter nor any inducement to enter. The lightkeepers are provided with a nine-pounder carronade, and a code of Marryatt’s signals, which will be used to warn vessels observed to be standing into danger. The bearings are magnetic ; variation 6° east in 1858. By com mand of their Lordships, JOHN WASHINGTON, Hydrograpber. L ondon, February 21, 1859. LIGHT AND BEACON IN ST , IV ES BAY, ENGLAND. The Corporation of the Trinity House of London has given notice that on and after the 1st of March, 1859, a light will be exhibited from the lighthouse now nearly completed on Godrevy Island, off Godrevy Head, the eastern point o f’St. Ives Bay, on the western coast of Cornwall. The light will be a whith flashing light, visible every ten seconds, placed at an elevatiou of 120 feet above the sea at high water, and in clear weather should be seen from a distance of about 16 miles. The illuminating apparatus will be dioptric, or by lenses, and of the first order. On the exhibition of the light from Godrevy lighthouse, the light-vessel now moored in the channel between Godrevy Island and the Stones will be taken away. Also, that the buoy placed in March, 1858, near the rocks called the Stones, in St. Ives Bay, has been taken away, and a floating beacon is now moored there instead. The beacon is 25 feet high above the water, and lies in 12 fathoms, at three cables’ lengths to the northward of the outer Stones, with Godrevy Light house S. by E. 3 E., and Knills monument S. W . by W . The bearings are magnetic ; variation 24° west in 1858. By command of their Lordships, L ondon, January 28th, 1859. JOHN WASHINGTON, Hydrographer. N autical Intelligence. l 227 LIGHTS AND BUOYS ON EAST COAST OF ENGLAND, The Lords Commissioners of the Admiralty hereby give notice that on and after the 1st of March, 1859, a light will be exhibited all night from a lantern on the Coast Guard flagstaff, Garrison Point, Sheerness. The light will be a fixed red gas light, placed at an elevation of about 26 feet above the sea at high water, and in clear weather should be vis ible from a distance of four to five miles. S h eerness M id d l e B u oy .— Notice is also given that the buoy on the ex tremity of the Middle Ground, at the entrance to the river Medway, has been replaced by a black spiral beacon buoy of large size. E x t r a B uoys off M a p l in S a n d .— Also, that in connection with the Meas ured Mile Beacons, notice of which has already been given, two buoys have been placed near the edge of the Maplin Sand, in the West Svvin, for the purpose of assisting H. M. steamers when testing their speed. The buoys are spiral and painted red, with the word Admiralty in white letters, and each is surmounted by a staff and triangle. They lie parallel to the direction of the beacons, or E. £ N. and W. £ S. from each other, in line with Blacktail Spit Buoy, and twothirds of a mile apart. The western buoy is moored a little to the westward of the line of the western beacons when in transit, and with East Shoebury Buoy W. by S. £ S., about a mile distant; the eastern buoy lies midway between the western and Blacktail Spit Buoys. A l t e r a tio n of W h it b y P ie r L ig h t s .— The Trustees of the Piers and Har bor of Whitby have given notice that on and after the 5th of January, 1859, the Whitby pier white tide lights would be colored green. The bearings are magnetic. Variation 21£° in 1858. By command of their Lordships, L ig h t on G a r r iso n P o in t , S h e e r n e ss .— L ondon, February 24, 1859. JOHN WASHINGTON, Hydrographer. REVOLVING LIGHT ON BACALHAO ISLAND, NEWFOUNDLAND. The Board of Works, Newfoundland, has given notice that on and after the 20th of December, 1858, a light will be exhibited from the lighthouse recently erected on Bacalhao Island, between Trinity and Conception bays, eastern coast of Newfoundland. The light will be a white revolving light, showing a bright face every 20 seconds, placed at an elevation of 380 feet above the sea at high water, and in clear weather should be seen from a distance of 30 miles; but when the southern end of the island bears N. N. E., distant less than 8 miles, the light will not be visible. The illuminating apparatus is dioptric, or by lenses, of the first order. The light-tower is of brick, and stands on the northern end of the island, in about lat. 48° 9' N .; long. 52° 51' west of Greenwich. The keeper’s dwelling is a detached square-building, painted white, with the roof red. By command of their Lordships, L ondon, December 18,1858. JOHN WASHINGTON, Hydrographer. LIGHT AT PORT JYICHOLSOiY, COOK ST R A IT, NEW ZEALAND, The Colonial Government of New South Wales has given notice that on and after the 1st of January, 1859, a light would be exhibited from a lighthouse recently erected on Pencarrow Head, at the entrance of Port Nicholson, (Wel lington) Cook Strait, New Zealand. The light is a revolving light, eclipsed every two minutes, placed at an elevation of 420 feet above high water, and in ordinary weather should be visible from a distance of 30 miles. The illuminat ing apparatus is dioptric, or by lenses, of the second order. The form, height, and color of the light-tower are not stated, but it stands in lat. 41° 22' S .; long. 174° 51' 15" east of Greenwich. Prom the lighthouse, Baring Head bears S. E. by S., distant 3£ miles; Sinclair Head, W. by S. £ S., 6£ miles; and Cape Campbell, S. W. by S., 33 miles. The bearings are magnetic; variation 15£° east in 1858. By command of their Lordships, L ondon, JOHN WASHINGTON, Hydrographer. Febru ary 21,1859. 2.8 N autical In tellig en ce.. LIGHTS ON THE COASTS OF SPAIN' AMD MAJORCA. The Minister of Marine at Madrid has given notice that on and after the 20th of February, 1859, a harbor light will be exhibited from the new lighthouse at Yillajoyosa, in the province of Alicante, when the light at present shown will be discontinued. The new7light will be a fixed white light, placed at an elevation of 52 feet above the level of the sea, and in ordi nary weather should be visible all round the horizon from a distance of 5 miles. The illuminating apparatus is dioptric, or by lenses, of the sixth order. The light-tower is of rectangular form, about 50 feet high, and colored white. It stands to the eastward of the old tower, and in lat. 38° 30' N . ; long. 0° 11' 38" west of Greenwich. L ight a t P ort S oll e r , M a jo r c a .— Also, that on and after the same date a light will be exhibited from a lighthouse recently erected on Grosa Point, the western point of entrance to Port Soller, on the northern coast of Majorca. The light will be a fixed white light, placed at an elevation of 468 feet above the level of the sea, and should be seen in ordinary weather from a distance of 15 miles. The illuminating apparatus is dioptric of the fourth order. The light tower is circular, and painted white, with the bands and cornice red, and rises 53 feet above an adjoining small square building. Its position is in lat. 39° 48' 5" N .; long. 2° 43' 37" east of Greenwich. By command of their Lordships, L ig h t at Y il l a jo y o s a .— L ondon, February 16,1859. JOHN WASHINGTON, Ilydrograpber. LIGHT OM OFFER WADHAM ISLAJVD, NEWFOUNDLAND. The Board of Works, Newfoundland, has given notice that on and after the 4tli of October, 1858, a light would be exhibited from a lighthouse erected on Offer Wadham, the easternmost of the Wadham Islands, at the entrance of Sir Charles Hamilton Sound, east coast of Newfoundland. The light is a fixed light, placed at an elevation of 96 feet above the level of the sea, and in clear weather should be visible from a distance of 12 miles. The light-tow7er is circular, and built of brick. It stands in about lat. 49° 36P N .; long. 53° 46' west of Greenwich. By command of their Lordships, L ondon, February 7,1859. JOHN WASHINGTON, Hydrographer. SHAMBLES SHOALS, BILL OF PORTLAND, ENGLAND. The Harbor of Refuge at Portland being now so far advanced as to afford safe anchorage for vessels seeking shelter therein, the Corporation of the Trinity House of London has given notice that, ivith a view of facilitating the entrance to that harbor, it has determined upon placing a light-vessel at the east end of the shoal called the Shambles, to the southeast of the Bill of Portland. The light-vessel will be placed on or about the 1st of September, 1859, and exhibit a fixed white light. Further particulars will be published hereafter. By command of their Lordships, L ondon, January 28,1859. JOHN WASHINGTON, Hydrographer. LIGHTHOUSE ON THE SMALLS. Considerable progress having been made in the erection of the new lighthouse tower on the Smalls Bock, notice is hereby given that it is expected that the works will be of sufficient elevation at about the end of the month of July, to intercept the present, light between the following magnetic bearings, viz., N. E. £ N. and N. E. J E. Masters of vessels navigating in the St. George’s Chan nel are therefore cautioned that from the time above named, and until the com pletion of the new tower, the light will not be visible when approaching it in the direction above stated. By order, P. II. BEETHON, Secretary. L ondon , M ay 10,1859. N autical Intelligence. 229 LIGHTS IN THE GULF OF MEXICO, UNITED STATES. R evolv in g L ig h t on C a p e S an B l a s .—The United States Lighthouse Board has given notice that on and after the 1st of May, 1859, a light would be ex hibited from the new lighthouse on Cape San Bias, Florida. The new light is a revolving white light, showing every one-and a-half minutes/ placed at an eleva tion of 96 feet above the level of the sea, and in ordinary weather should be visible from a distance of 16 miles. The illuminating apparatus is dioptric, by a Fresnel lens, of the third order. The light-tower is of brick, and colored white, with a small building of two stories attached to the eastern side. It stands in lat. 29° 41' 41" N . ; long. 85° 24' 34" west of Greenwich, according to the United States Coast Survey. B eacon L ig h t a t C orpus C h r is t i .— Also, that on and after the 10th of Feb ruary, 1859, a light would be exhibited from the beacon at Corpus Christi, on the coast of Texas. The light is a fixed white light, placed at an elevation of 77 feet above the sea, and in clear weather should be seen from the distance of 14 miles. The illuminating apparatus is by a Fresnel lens of the fifth order. The lantern is on the keeper’s dwelling, which is built of brick, and colored white. The building stands at the north end of Corpus Christi bluff. By com mand of their Lordships, JOHN WASHINGTON, Hydrographer. L ondon, May 2 , 1S59. LIGHTS ON THE COAST OF SICILY. L ig h t on C a p e S a n t a C roce .—The Sicilian Government has given notice that on and after the 1st of May, 1859, a light will be exhibited from the light house recently erected on Cape Santa Croce, in the province of Noto, on the east coast of Sicily. The light will be a fixed white light, placed at an eleva tion of 91 English feet above the sea, and in clear weather should be visible from a distance of 14 miles. The illuminating apparatus will be dioptric, or by lenses, and of the fourth order. The light-tower stands in lat. 37° 15' 18" N .; long, about 15° 15' east of Greenwich. L ig h t on M a g n is i P en in su l a .— Also, that on and after the same date a light will be exhibited from the lighthouse recently erected on the peninsula of Mag nisi, on the south side of the entrance to Port Augusta, province of Noto, east coast of Sicily. The light will be a fixed green light, placed at an elevation of 49 English feet above the sea, and in clear weather should be seen at a'distance of ten miles. The illuminating apparatus will be dioptric, or by lenses, and of the fifth order. The position of the light-tower is in lat. 37° 9' 45" N . ; long, about 15° 15' east of Greenwich. By command of their Lordships, JOHN WASHINGTON, Hydrographer. L ondon, March 31, 1859. LIGHT ON THE NEEDLES ROCKS, ENGLAND—SOUTH AND EAST COASTS. The Corporation of the Trinity House of London has given notice that on the night of January 1,1859, the light was exhibited from the new lighthouse on the outermost of the Needles Rocks, at the western extremity of the Isle of Wight, and the light from the tower on the cliff was discontinued. The light is a fixed red light, except between W . and W. N. W ., and N. E. by E., and N. E. by E. i E., in which directions it shows white. It is placed at an elevation of 80 feet above high water, and in clear weather the white light is visible from a distance of 14, find the red light 9, miles. The mariner is to observe that the southern limit of the white light westward clears Durlstone Head, and the north ern limit in the same direction clears the Dolphin Bank and S. W . tail of the Shingles. The white light showing between N. E. by E. and N. E. by E. | E., is to clear the Warden Ledge. The bearings are magnetic; variation 22° west in 1858. By command of their Lordships, L ondon , JOHN WASHINGTON, Hydrographer. January 27,1859. 230 Com m ercial Regulations. COMMERCIAL REGULATIONS. AMERICAN STEAMERS AND FRENCH TONNAGE DUES. The London News remarks .-— Nearly four years ago, in consequence of defi cient harvests, the French Government passed a decree admitting American ships to the port of Havre free from tonnage dues, provided they imported into France a quantity of breadstuffs in each ship bearing a certain proportion to its tonnage. This decree expired in the autumn of 1858, but was renewed for an other year. Since the decree passed, the United States packets, which conveyed the English and French maiis across the Atlantic, always imported the requisite quantity of breadstuffs into Havre, and were exempted from tonnage dues. They dropped the English mails in Cowes roads. It was convenient for such packets to rendezvous at Havre, because they took the chief portions of their passengers and cargoes to and from that port. The French Government, instead of allow ing the decree to run until the latter part of this year, has suddenly ordered it to terminate on the 1st of June, and it is expected that in consequence the Uni ted States contract packets must rendezvous at Southampton instead of at Havre, and the French goods and passengers be conveyed to and from Havre and Southampton in the small Southampton steamers. The probability of this will be obvious, when it is mentioned that the tonnage dues on American vessels entering Havre are between five and six francs per ton, and that the owners of such a steamer as the Vanderbilt would have to pay about £700 sterling for tonnage every time she touched at Havre. The suddenly altered views of the French Government respecting the decree reached Messrs. Dunlop & Schoales, Mr. Vanderbilt’s Southampton agents, just in time to be transmitted to Cowes Roads before the departure of the Vanderbilt steamer from thence The United States mail packets, which the cessation of the decree will materially affect, are the Vanderbilt, Ocean Queen, Ariel, Arago, and Fulton. COLORED ENGRAVINGS. T reasury D epartment, May 16, 1859. S ib :— I have examined your report on the appeal of Messrs. Goupil & Co. from your assessment of duty at the rate of 15 per cent imposed on articles unenumerated in the tariff of 1857, on certain colored engravings, the importers contending that they should be subjected to a duty of 8 per cent under the classification in schedule G o f “ engravings or plates, bound or unbound.” These engravings, it is understood, are painted or colored, in whole or in part, alter they are printed. It was decided by the Department, on the 25th ultimo, on the appeal of Messrs. Williams, Stevens, Williams, & Co., that engravings printed in colors, having been subjected to no additional process and labor after they are taken from the press, would fall within the classification of schedule G of engravings or plates, bound or unbound.” But, in the case now in question, the colors are added, in whole or in part, after the prints have left the press, and, in accordance with the decision of the Department under the tariff act of 1846, in regard to colored prints, they are to be treated as unenumerated, and subjected to a duty of 15 per cent under the 1st section of the tariff of 1857. Your decision in this case is affirmed. I am, very respectfully, HOWELL COBB, Seeretary of the Treasury. A ugustus Schell, Esq., Collector, &c., New York. Com m ercial R egulations. 231 COASTING TRADE RETURNS. Various attempts have been made hitherto to secure accurate returns of the coasting trade of the country, but thus far the acts of Congress are not sufficient to obtain these statistics. In reply to a memorial from merchants of San Fran cisco on this subject, the Secretary of the Treasury says in a letter to Senator B r o d e r ic k :— T reasury D epartment, January 28,1859. Sir :—I acknowledge the receipt of a memorial and accompanying paper left by you at this Department, in regard to the statistics of the coasting trade, and especially that passing coastwise between the Atlantic and Pacific coasts of the United States. The special grievance, to which the papers are understood to refer, is, that packages of merchandise not unfrequently go forward from the Atladtic and Pacific ports of the United States without any specific description of the character of the merchandise contained therein. The only papers which masters of vessels are bound by law to deliver to Collectors of Customs, when departing from an Atlantic to a Pacific port, in the coasting trade, descriptive of the cargo, is the manifest prescribed in the ICth section of the Coasting Law of the 18th February, 1793; and you will perceive, on referring to that section, that it requires only the casks, boxes, chests, bags, and packages containing the merchandise, to be specified in manifests by marks and numbers, without any specification of contents, either in character, quality, or value. Such is the law ; and whatever instruction might be issued by the Department, requiring specifi cations not prescribed by law, would be received as a mere request, which the shipper would have a right to disregard, and over which this Department would have no legal control. To obviate this difficulty, so far as the trade between the Atlantic and Pacific ports is concerned, a provision was inserted in the bill sub mitted by the Department, consolidating the revenue laws, but it has not yet re ceived the sanction of Congress. It is found impossible, without additional legal provision, to carry into effect the joint resolution of Congress of May 14, 1856, requiring the statistics of the coastwise trade to be included in the annual re ports of this Department on Commerce and Navigation, to which the memorial ists refer. It will be seen, by examining the Coasting Law of 1793, that not only, as above stated, is the coasting manifest of cargo not required to set forth the quantities, values, or character of merchandise, but that in certain cases only are masters of vessels required to have manifests, and further, that in other cases those manifests are not required to be exhibited to the Collector before the de parture of the vessel, but only on the demand of a customs officer ; so that the Department has no adequate means afforded by law for obtaining the information contemplated by the joint resolution. To enable the Department to make up its statistics, in the foreign trade, owners and shippers are required by the act of 10th February, 1820, to deliver to the Collector, before clearance can be granted, a sworn manifest of all goods shipped by them, with a specification of their kinds, quantities, and values, but no such provision, even if practicable, has been made by law for the coastwise commerce. I am, very respectfully, HOWELL COBB, Secretary of the Treasury. MANUFACTURES OF MARBLE—TOMBSTONE. T reasury D epartment, June 28, 1859. Sir :— I acknowledge the receipt of your several reports of the 23d and 27th ultimo, on the appeal of Messrs. Chamberlain, Phelps & Co. from your decision levying a duty of 24 per cent upon a “ marble tablet,” under the classification in schedule C of the tariff of 1857, of “ manufactures and articles of marble, marble paving tiles, and all other marble more advanced in manufacture than in slabs or blocks in the rough.” The appellants claim entry, free of duty, under the provision made for “ paintings and statuary ” in schedule I of the tariff of 1857. The appraisers report that the tablet is a square piece of marble very handsomely carved, and may properly be termed a “ basso relievo.” The carv 282 Com m ercial R egulations. ing is on one of the sides only, aud consists of flowers and vine leaves, such as,are frequently seen on tombstones, for which purpose the tablet is intended. The Department is of the opinion that the article in question is not “ statuary ” within the meaning of the law, but a tombstone, aud as such, was properly sub jected by you to duty at the rate of 24 per cent as a “ manufacture of marble.” I am, very respectfully, HOWELL COBB, Secretary of the Treasury. A ugustus Schell , Esq., Collector, &c., New York. MANUFACTURES OF MARBLE, ETC.— MARBLE TABLETS. T reasury D epartment, June 29, 1859. acknowledge the receipt of your report on the appeal of Messrs. Bernstein & Dinglestedt from your decision assessing duty at the rate of 24 per cent, under the classification in schedule C of the tariff of 1857, of 11manu factures, and articles of marble, marble paving tiles, and all other marble more advanced in manufacture than in slabs or blocks in the rough,” on certain articles described as marble tablets ornamented with groups of figures wrought in bas relief. The importers claim entry of them, free of duty, under the classification in schedule I of “ paintings and statuary.” In the opinion of the Department, the articles in question arc sculptured or ornamented marble tablets, and not l' statuary ” within the meaning of the law, and were properly subjected to a duty of 24 per cent as “ manufactures of marble,” under schedule 0 of the tariff of 1857. I am, very respectfully, S i r :— I HOWELL COBB, Secretary of the Treasury. A ugustus S chell, Esq., Collector, &c., New York. MANUFACTURES OF GLASS—FLUTED PLATE GLASS. T bea §ury D epartment, June 23, 1859. Sir :— I have examined your report and the papers, submitted by Messrs. Heroy, Struthers & Co., on their appeal from your assessment of duty on an article described as fluted plate glass,” at the rate of 24 per cent, under the classification in schedule 0 of the tariff of 1357, of “ manufactures, articles, vessels, and wares of glass, or of which glass shall be a component material, not otherwise provided for,” the importers contending that as it is to be used for the windows of conservatories, and other like purposes, it should be subjected to a duty of 15 per cent, under the classification in schedule E of “ window glass, broad, crown, or cylinder.” That the merchandise, in question may be made dutiable under schedule E, as claimed by the importers, it must not only be “ window glass,” but must belong to one’of the kinds of window glass specified, viz.:—“ Broad, crown, or cylinder,” of which fact no satisfactory evidence is presented to the Department. It is called by the importers “ fluted plate glass,” and it does not appear that it is or has been commercially known under any one of those designations mentioned in schedule E. The Department is of opinion that it falls within the classification in schedule. 0 to which you have referred it, not being provided for elsewhere in the tariff. The duty of 24 per cent was properly exacted. I am, very respectfully, HOWELL COBB, Secretary of tlie Treasury. A ugustus S chell , Esq., Collector, &c., New York. GAMBOGE. T reasury D epartment, June 25, 1859. :— Your report of the 4th instant, on the appeal of Messrs. Oliver & Morgan from your assessment of duty at the rate of 15 per cent, on gamboge,” has been duly received and examined. Gamboge is understood to be a “ medicinal ” gum, though also used as a pigment. It was specified by name in schedule E of the tariff of 1857 ; but it is contended by the importers that it was transferred by the second section of the tariff act of 1857, which transfers “ gums, Arabic, Barbary, copal, East India, Jeddo, Senegal, substitute, tragacanth, and all other gums aud resins in a crude state,” to schedule G, and that they are entitled to enter it, under that schedule, at a duty of 8 per cent. But S ir Com m ercial R egulations. 238 the same section transfers to schedule E “ medicinal drugs, roots, and leaves, in in a crude state, not otherwise provided for.” Gamboge was already provided for by name in schedule E ; and, if it had not been, it would, as a “ medicinal ” gum. have been transferred to it by that provision. The duty of 15 per cent on “ gamboge,” under schedule E, was, in the opinion of the Department, properly exacted in this case. I am, very respectfully, HOWELL COBB, Secretary of the Treasury. A ugustus Schell , Esq., Collector, &c., New York. BUTTONS, T reasury D epartment, June 25, 1859. :— I acknowledge the receipt of your report, under date of the ‘26th ultimo, on the appeal of Messrs. Fleitmann, Weddiogen & Roesberg from your assessment of duty on certain merchandise described by the importers as “ but tons,” being molds of wood or other material covered with bleached cotton, but without shanks. Regarding them rather as ornaments of the dress than as “ buttons,” you appear to have assessed duty, at the rate of 24 per cent, under that provision of the 20th section of the tariff act of 1842 which imposes duty on unenumerated articles, composed of two or more materials, at the highest rate at which any of its parts may be chargeable. The appellants claim entry, at a duty of 19 per cent, under the classification in schedule D, of “ buttons, and button molds, of all kinds.” The articles in question are used as “ buttons,” and are known under that name in the trade ; and the Department is of the opinion that they come within that classification in schedule D, and are liable to a duty of 19 per cent. I am, very respectfully, S ir IIOWELL COBB, Secretary of the Treasury. A ugustus Schell, Esq., Collector, &c., New York. CHILIAN PORT CHARGES, WEIGHTS, MEASURES, ETC. EXPORT DUTIES. Chili guano, 12£ cents per 1,000 lbs. Five per cent on the following articles : Bar silver, on valuation of nine dollars per marc; unsmelted silver, (pina,) d o .; old plate, (chafalonia,) d o.; copper in bars, on valuation of fourteen dollars per 100 lbs.; do. retalla, do. nine dollars d o.; do. regulus, ores, calcined ores, silver ores, mixed ores, and tailings, not capable of amalgamation, and tailings, (re laves,) pay all 5 per cent on proceeds of account sales when received from place of destination. Nothing else pays any export duty. The provincial contribu tion on export of copper ores is now abolished. PO RT CHARGES. Tonnage dues, 25 cents per ton ; light dues, 3£ cents per ton ; role and cap tain of the port’s fees, §4 ; harbor master’s fees, $8. Whale ships, vessels in distress, or in ballast, or discharging under twenty packages, are exempt from tonnage and light dues. Tonnage dues paid at one port are not levied in an other. The lading charges, which are on account of the owner of the goods, may be calculated at from SI 25 to SI 50 per ton, according to the description of the merchandise. Consignee’s charge, generally, 5 per cent commission for sales and 2i guaranty. FOREIGN FLAGS. The only ports of entry for foreign flags are Ancud, Valdivia, Talcahuano, Constitucion, Valparaiso, Ooquimbo, and Caldera, and Lota and Coronel in bal last ; vessels from abroad entering any other port are liable to seizure. Coast ing trade is prohibited to foreign flags, but they may discharge portions of their original cargoes in one or more ports, and load Chilian produce for a foreign port. All communication with the shore is prohibited until after the visit of the port and revenue officer, who will require a general manifest of the cargo, or the bill of lading, and a list of stores. Twenty-four hours are allowed for correction of errors or omissions. For any mistakes discovered afterwards, the captain is subjected to fines or seizure. Passenger’s luggage is free. 234 Com m ercial R egulations. LONGITUDINAL MEASURES. The Spanish vara is employed pits length is about 33 English inches, or 36 French milimetres. Yards and metres are reduced to the proportion of 100 yards for 108 varas; 100 metres for 119 varas. G RAIN MEASURES. The Chilian fanega is equivalent to about 97 French litres; and is regulated by weight in the following manner :—white wheat and barley, 155 lbs. ; flinty wheat and Indian corn, 160 lbs.; beans and chickpeas, 200 lbs. A t Concepcion the fanega of wheat is about 14 per cent heavier. LIQUID MEASURES. The Chilian arroba of wine is equivalent to two Spanish arrobas, to nine gal lons English, and 35.21 litres French. WEIGHTS. The Spanish quintal is used, divided into four arrobas of 25 lbs. each. The quintal is equivalent to 101 i English pounds, and 46 French kilogrammes. CURRENCY. Accounts are kept and prices of goods quoted in dollars and cents. The cur rency dollar is divided into 8 reals ; the hard dollar, (peso fuerte,) is valued at 8£ reals currency, but for exchange purposes will sell in the market for from 8 to 10 per cent premium upon the currency dollar. The Chilian doubloon is valued at $17 25, and foreign at $16 a $16 50. Five francs pass at on dollar, and sovereigns at five dollars currency. Gold and silver coins of the United States pass at their nominal value. Silver in bars is sold by the marco, which is equivalent to eight ounces; the marco of gold is divided in fifty Castellanos. THE NEW BRAZILIAN TA R IFF. The following is the official statement of the alterations of the Brazilian tariff of customs, effected by a royal decree of the 15th September, 1858 :— Codfish, salted and dried..........................................................milreas per quintal Baizes, glossed, any quality or color.......................................... milreas per vara “ Colchester...................................................................................................... “ hairy or shaggy.............................................................................................. “ any other quality.......................................................................................... Beaver cloth or borol, any q u a lity ......................................................................... Shoes, bootees or half-boots, heavy, suitable for soldiers or sailors, <£e.pr pair The rest as in the tariff. Flour of A le p p o ....................................................................... milreas per arroba Flour of Araruta........................................................................................................ Oat or barley meal...................................................................................................... Potato flo u r................................................................................................................. Flour of mandioca...................................................................................................... Flour of m ille t........................................................................................................... Flour o f sago............................................................................................................... Flour of tapioca ......................................................................................................... Wheaten flo u r............................................................................................................. Flour of any other quality........................................................................................ Iron, wrought, hammered, or cast, when it comes in pieces already prepared for building small houses....................................................................................... The rest as in the tariff. Hydrochlorate o f soda, or common coarse salt..................................................... Wool, unwashed... . ............. ......................................................... milreas per lb. The rest as in the tariff. Fish not classified, shellfish, oysters, and other lake modusks, in pickle, salted, or dried.....................................................................................milreas per arroba Dyes prepared with water for the manufacture of painted paper........ per lb. Tare the same as in the tariff. 600 160 180 200 120 200 480 120 100 60 100 50 80 120 100 150 120 Free Free. 50 16(1 20 P ostal D epartm ent. 285 The duties amount in round terms to about 5 per cent ad valorem ; but it will be seen they are specific in every case. The quintal is equivalent to 4 arrobas of 32 lbs. each, or 128 lbs. The vara is equivalent to forty-three-and one-fifth inches in length. BRASS CLIPPINGS. T r ea su ry D epa rtm e nt , June 25,1850. :—I acknowledge the receipt of your report of the 7th instant, on the appeal of Messrs. L. Brandeis & Co. from your assessment of duties on certain merchandise described by the importers as “ brass clippings,” and, by the appraisers at your port, as “ clippings from Dutch metal.” A duty of 15 per cent is levied on “ metals, Dutch and bronze, in leaf,” in schedule E of the tariff act of 1857. As the articles in question were not in leaf, but were ,l clippings,” and not specially enumerated in the tariff, you assessed duty at the same rate under the 1st section of that act. The appellants contend that the merchandise is entitled to entry, free of duty, as “ brass, old, and fit only to be remanufac tured,” under the classification in schedule I. This provision in schedule I, as well as a similar one in relation to “ copper,” has reference to old material— to articles so worn or impaired, or broken up as to be fit for no other purpose than remanufacture. These clippings of new or unused sheets of the metal do not come within that description ; and the Department is clearly of the opinion that it should be treated as unenumerated, and subject to a duty of 15 per cent; and that it cannot be assimilated to any enumerated article, under the 20th section of the tariff of 1842, which would impose a different rate of duty. Your de cision is hereby affirmed. I am, very respectfully, S ir H OW ELL COBB, Secretary o f the Treasury. A ugustus Schell , Esq., Collector, &c., New York. POSTAL DEPARTMENT. THE BRITISH POST-OFFICE. The fifth annual report of the Postmaster-General of Great Britain and Ire land, showing the operations of the British Post-office for the year 1858, is be fore us. We gather from it the following facts and statistics :— The number of letters delivered in the United Kingdom during the year was 523,000,000; of which 428.000,000 were delivered in England, 51,000,000 in Scotland, and 44,000.000 in Ireland; showing an increase of 19,000,000 over the previous year. (1857.) and as compared with the year previous to the in troduction of penny postage, (1839,) of 447,000,000 ; making a seoen-fold increase of letters in nineteen years. Of the whole number of letters, nearly one-quarter were delivered in the city of London and its suburbs, and, counting also those dispatched, nearly one-half passed through the London office. The number of registered letters during the year was nearly 1,300,000, or one to about 400 ordinary letters; and the number of newspapers delivered in the kingdom was about 71,000,000. The number of dead letters returned to the writers was about 1,700,000, equal to about 1 in 300 of the whole number ; and the number of undelivered newspapers 570,000, being 1 in 124 of the whole num ber. The number of book packets was about 7,250,000, being an increase of more than one-fifth on the previous year. The whole number of post-offices in the United Kingdom is 11,235 ; of which 806 are head post-offices, and 10,429 sub-post-offices. The number of moneyorder offices is 2,360, which issued during the year 6,689,396 money-orders, cover ing an amount, in the aggregate, of over 3*61,000,000. The commissions re 236 P ostal D epartm ent. ceived by the Post-office on these orders amounted to £111,591 sterling, and the net profit, after deducting expenses, was £25,936 sterling, or over $125,000 in American currency. Under the English money-order system, the amount of each remittance is limited to a sum not exceeding five pounds sterling, ($25.) The introduction of a similar system in this country has heretofore been recommended to the favorable consideration of Congress, and would no doubt be a very great convenience to those wishing to mail small remittances, and, if properly conducted, would not probably impose any additional burden on the department. Various improvements are mentioned as having been made in the domestic service as well as in the spa service to British colonies and foreign countries ; and although the postal facilities have been much increased, and reductions made in the rates of letter postage to several foreign countries, the revenues of the department hdve also increased. The net revenue of the British Post-office for 1858, deducting cost of management and all expenses, was about $6,439,000. The whole number of officers engaged in the postal service— including post masters, clerks, guards, letter-carriers, messengers, &c.—is stated at 24,372. New postal treaties have been concluded with Spain and Portugal, by which a large reduction of postage has been secured ; and, to this end. negotiations are pending for improved postal arrangements with Brazil, Chili, Peru, and other foreign countries, of the advantages of which the United States will partake, in accordance with a stipulation to this effect in the postal treaty existing between this country and Great Britain. Allusion is made to the slow progress of the negotiations with this country for a reduction of postage and the establishment of a book post between the Uni ted States and Great Britain : and, on inquiry at our Post-office Department, we learn that this delay is attributable, in a great degree, to the uncertainty which, for the past two years, has existed with reference to the continuance, on a per manent basis, of mail service by American steamships between this country and Europe. Compulsory prepayment of letters, as a general rule, is spoken of as a postal improvement most desirable to have accomplished. It was a part of the original plan of penny postage—the object being to simplify accounts and accelerate both the sorting and dispatch of letters, but, most of all, their delivery, from house to house in cities. The exhibit made in this report evinces a high degree of prosperity in the postal service of the United Kingdom, and reflects great credit on Rowland Hill, Esq., and his principal assistants, who have the chief management of the • Post-office Department. ELECTRIC TELEGRAPHY IN TU R K EY , Electric telegraphy in the Ottoman Empire has, within a few months, had re markable development. The direction of this important administration, ably encouraged, has given proof of an activity that may well serve as an example to many other branches of the public service. We cannot but congratulate the government on its persistent extension of this telegraphic network ; the public service, diplomacy, commerce, industry, all experience the vast advantage of rapidity in communication ; the government itself is the most interested of all. Several lines are already in course of construction :— 1. A direct line from Varna to Toultcba. passing by Baltchik. 2. A line from Toultcha to Odessa, passing by Reni and joining the Russian telegraph at Ismail. The sub-aqueous cable from Toultcha to Reni, on the Danube is the sixth in the Ottoman Empire. This line, which will place Constantinople in direct communication with Odessa, will not only have the advantage of increasing and accelerating the communications, but will very considerably reduce their cost. 3. A line from Rodosto to Enos and Salonica. P ostal D epartm ent. 237 4. A line from Salonica to Monastir, Yalona, and Scutari in Albania. The line from Salonica to Monastir and Valona will be joined by a sub-marine cable crossing the Adriatic to Otranto, and carried on to Naples. It will have the effect of placing southern Italy in communication with Constantinople, and also of reducing the cost of messages. A convention has been signed to this effect between a delegate of the Neapolitan Government and the Director-General of the telegraphic lines of the Ottoman Empire, touching this line to Naples. The ratification of the two governments will shortly be given to this convention. 5. A line from Scutari in Albania to Bar-Bournou, and thence to Castelastra, passing round the Montenegrau territory by a sub-marine cable. This line is already laid, and will begin working immediately on the completion of the Austrian lines to the point where it ends. 6. A line from Constantinople to Bagdad. Three sections of this are being simultaneously laid down; the first, from Constantinople to Isfiiidt, Angera, Tusgat, and Sivas. The works on this have been already carried to Sabandsa, between Ismidt and Angora. The second section, from Tivas to Moussoul; the works on this line are in a state of favorable preparation, and in spring the line will be actively gone on with. The third section, from Bagdad to Moussoul; for this also the preparations have been made, and the works will begin in spring, the materials being all ready along the line. From Bagdad this line will extend to Bassora, to join a sub-marine cable to be carried theuce to British India. 7. A projected line from Constantinople to Smyrna. For this, two routes are thought of; one, the shortest but most difficult, would run from Constantinople to the Dardanelles, Adramyti, and Smyrna; the other, the longest but offering fewest difficulties, would pass from Constantinople by Mouhalitch, Berlick-IIissar, and Magnesia, to Smyrna. 8. A line from Mostar to Bosna-Scrai; Mostar is already connected with the Austrian telegraphs at Metcovitch. Other lines have been in the mean time completed and extended, and will soon be opened to the public. Thus, in a few days a third and fourth will be laid on the line from Constantinople to Rodosto ; from the latter point three wires have been carried to Gallipoli and the Dardanelles, two of which are for messages from Gallipoli to the Dardanelles, and the third is to join the sub-marine cable laid down by Newall, for connecting Constantinople, Oandia, Syra, and the Pyrams. The communications between Constantinople and Candia would already have begun but for an accident to the English engineer, Mr. Puths. (?) Those with Syra and the Pyrseus will begin as soon as the exchange of the convention entered into between the Ottoman and Greek governments on this subject have taken place. The laying of the cable between Candia and Alexandria, which has not yet succeeded, will be resumed in spring. Thus, after the completion of these lines Constantinople will be in communica tion with nearly all the chief provinces and towns of the empire, with Africa and Europe, by five different channels, by the Principalities, by Odessa, by Servia, by Dalmatia, and the Kingdom of the Two Sicilies. With such a development of the system it will be imperatively necessary to increase the telegraphic workingstaff. Already at this moment a number of dispatches which arrive every day renders the service very difficult, and occasions much confusion and many grievous mistakes. Nothing is easier than to remedy all this by increasing the number of the employees. POSTAGE STAMPS, According to data in the possession of the Sixth Auditor of the Treasury, the public are already largely the creditor of the government in the matter of 238 P osta l D epartm ent. postage stamps. The returns for each succeeding quarter from the commence ment of their use in the United States, show that the public have been gradually purchasing them in larger quantities than they use them, until at this time the government had been paid nearly a million of dollars for postage stamps and stamped envelops, (bought by individuals or postmasters,) which have not so far been used by the purchasers. All postmasters selling them being allowed a commission on such sales, it is of course their interest to encourage the public to purchase the stamps as freely as possible, so that their returns of stamps sold may be as large as possible. W e obtain the following figures at the office of the Auditor of the Treasury for the Post-office Department:— Amount of postage stamps and stamped envelopes sold.................................................... Amount used in prepayment........................... 1857. $5,448,786 32 5,070,527 86 1858. $5,700,314 03 6,367,415 53 $378,227 46 $332,898 50 E x ce s s in hand o f purchasers ,------------------------------------- 1859.--------$1,436,694 93 1,346,257 34 $1,494,309 77 1,376,681 93 Total $2,931,004 70 2,722,939 27 $90,437 59 $117,627 84 $208,165 43 Quarter, September 30. Quarter, December 81. A m ou n t sold., A m o u n t used Excess sold............... It is obviously of great importance to postmasters to render correct returns of all stamps canceled by them. And it is believed that the amount of canceled stamps shown in the statement is correct. These figures prove that postage stamps and stamped envelops purchased of postmasters to the amount of nearly one million of dollars, have not yet been used in prepayment of postage; and it is a fact well known to every proprietor of a newspaper, and to other large classes of business men, that postage stamps are largely used as a circulating medium for small remittances by mail. REDUCTION OF POSTAGE TO PORTUGAL, On and after the 1st of July instant, the postage upon letters, transmitted in the British mail via England, between the United States and Portugal, Madeira, t)ie Azores, the Cape de Yerd Islands, and all the other Portuguese possessions on the coast of Africa, is reduced as follows, prepayment of the postage being obligatory :—For a single letter not exceeding £ oz. 29 cents; for a letter over £ oz., but not exceeding i oz. 37 cents; for a letter over | oz., but not exceeding £ oz. GG cents ; for a letter over £ oz., but not exceeding 1 oz. 74 cents. And so on, adding 8 cents for every additional quarter ounce or fraction thereof; and also 21 cents for every additional half ounce or fraction thereof; which rates are in full of the postage to destination. HAVANA MAILS, The Post-office Department has concluded arrangements by which the mails, hitherto conveyed by the steamship Isabel between Charleston, Savannah, Key West, and Havana, will hereafter be sent via Fernandina, Florida, over the Florida Railroad, and Key West to Havana and back, at a very considerable saving in expense. The contract with Messrs. M. C. Mordecai & Co., proprie tors of the Isabel, expired on the 30th ultimo. 239 R ailroad, Canal, and Steamboat Statistics. RAILROAD, CANAL, AND STEAMBOAT STATISTICS. BR ITISH RAILROADS. The leading railroad in England has a paid-up capital of twenty-three millions sterling, and a funded debt of eleven millions sterling, making together nearly one hundred and seventy millions of dollars. Three other companies have each expended over twenty millions sterling ; five have more than ten millions ; three, more than eight millions each ; and seventeen leading companies have expended an aggregate of £199,913,000 sterling, or in round numbers, one thousand mil lions of dollars. Recent annual returns to Parliament show the operations of these roads for the year 1858 ; their traffic receipts, working expenses, interest paid, dividends, etc., for the year. We annex a tabular statement of the cost of these roads, their total receipts for the year 1858, and the dividend of each for the same period :— Amount of capital expended. Total. receipts. London and North Western........................... Great W estern............................................ . South Eastern................................................ Great Northern.............................................. Eastern counties............................................ London and South W estern....................... London, Brighton, and South Coast......... London and Black Wall.............................. North London............................................... North Eastern.............................................. Midland.......................................................... Lancashire and Y ork ................................... Manchester, Sheffield, and Lincoln........... North Staffordshire...................................... Bristol and E xeter...................................... Caledonian, (January 31st, 1859,)............. Great Southern and Western (Ireland)... £34,486,609 23,237,554 11,677,074 11,406,053 11,030,383 10,125,561 8,131,559 1,825,806 1,311,467 22,462,695 20,653,382 13,799,128 4,090,258 3,710,111 8,481,964 4,657,226 £3,098,316 1,613,916 1,071,910 1,278,542 1,084,979 871,140 791,993 90,323 135,562 1,803,285 1,756,380 1,228,509 517,704 243,800 342,486 666,119 343,311 T o ta l................................................ . . £199,913,755 £16,938,275 Companies. Eate per cent. 4 u 4 4f 2 13-16 5 6 2£ 5 ii-H 4| n 4 5 3£ 6 The following presents further details in reference to these seventeen companies at the close of the year 1858 :— £110,066,515 O rdinary c a p i t a l ............................................ P referred c a p it a l............................................ 29,429,137 T o ta l cap ital b y shares....................... D eben tu res, d ebenture stock, and loans T raffic receip ts .............................................. W o rk in g e x p e n se s......................................... N e t receip ts...................................................... Interest on debentures, e tc ......................... A m o u n t a v a ila b le for d i v i d e n d ............... A m ou n t o f d ivid en d s d ecla red ................. R a tio o f w ork in g expen ses to r e c e ip t s ............................................ p er cent R a tio o f w ork in g and gen eral ex p en d itu res to total r e c e i p t s ............... R a tio o f interest to total re ce ip ts................................. ...................................... R atio o f preferred shares and loans to ordin ary c a p it a l.......................... R a tio o f receip ts to ca p ita l e x p e n d e d ............................................................... R a tio o f n et receip ts to ca p ita l e x p e n d e d ....................................................... £139,495,652 59,883,648 16,938,275 8,012,516 3,925,769 4,762,609 4,309,469 4,174,465 42 47.30 28.12 81. 14 8.16 4. 46 240 R ailroad, Canal, and Steamboat Statistics. RAILROADS OF NEW YORK. The capitalists of this State have invested upwards of $121,000,000 in rail roads, with a length of 2,545 miles, yielding, in the year 1858, $19,748,652 gross revenue. The following summary is from official data, showing the name and length of each, cost and revenue of each, and tons carried by each in the year :— Names o f roads. A lb a n y and W est S tock b rid g e . . . . A lb a n y , V erm on t, and C anada . . . B la ck R iv e r and U t ic a ......................... B lossb u rg and C orn in g ........................ B uffalo and S ta te L in e ......................... B uffalo, N e w Y o rk , and E r i e .......... C a y u g a and Susquehanna................... C h e m u n g ................................................... E lm ira, C anandaigua, and N . F a lls . F lu s h in g ..................................................... H u dson and B oston................................ H u d son R iv er........................................... L o n g Is la n d .............................................. N e w Y o r k C entral................................. N e w Y o r k an d E r ie ............................. N ew Y o r k and H a rlem ........................ N e w Y o r k and N e w H a v e n ............. N o r t h e r n ................................................... O sw eg o and S y ra cu s e ........................... P otsd am and W a te r t o w n .................... R ensselaer and S aratoga..................... R och ester and G en esee V a l l e y . . . . S a ck etts H a rb or and E llis b u rg . . . . S a ra tog a and S c h e n e cta d y ................. S a ra tog a and W h iteh a ll...................... S y ra cu se and B in g h a m ton ................. T r o y and Bennington............................. T r o y and B o s to n .................................... T r o y and G reenbush............................. T r o y and R u tla n d .................................. W a te rto w n and R o m e ......................... Total........................................... Length, miles. 38 32 34 14 68 142 34 17 46 7 17 144 95 555 446 130 62 118 35 75 25 18 18 17 96 2,545 $121,842,004 21 6 Tons. freight. 226,035 $84,119 34,918 60,524 13,136 23,554 73,904 840,116 290,532 143,709 395,027 97,152 85,556 Inc. in Canand. & El. 17,989 4,293 40,072 1,460 50,806 58,207 1,636,412 160,197 320,588 89,480 6,528,413 765,407 5,151,616 816,965 975,854 122,371 836,612 64,058 410,806 150,432 115,996 42,810 94,385 21,142 208,223 59,903 37,280 27,700 48,359 8,342 30,150 Inc. R. &. S. 139,389 62,868 177,628 73,410 3,165 56,049 125,043 2 0 0 ,0 0 0 308,891 175,000 11,328,989 2,566,270 30,782,518 34,058,633 7,948,116 5,325,527 4,788,791 761,380 1,587,628 900,550 663,539 389,171 480,684 903,890 2,837,608 253,931 1,422,189 294,731 338,689 2,159,295 40 81 5 27 Gross receipts. Cost. $2,289,934 2,010,635 1,234,515 496,661 2,772,987 1,038,839 1,183,013 400,000 ... 391,973 123,599 $10,748,652 3,567,082 UNITED STA TES RAILROAD BONDS. , F . H . S tow , Esq., in his recently published and admirable work upon all the railroads of the United States, recapitulates the bonds falling due annually as follows:— 1859.. I860.. 1861.. 1862.. 1863.. 1864.. 1865.. 1866.. $9,163,173 21,282,076 14,767,650 21,327,156 16,172,672 13,751.377 21,314,821 21,543,199 1867... 1868... 1869... 1870... 1871... 1872... 1873... 1874... 13,901,553 13,280,309 15,962,309 20,662,200 7,825,020 11,430,835 18,869,000 17,887,600 1875... 1876... 1877... 1878... 1879... 1880... 1881.. 1882... 46,326,500 5,854,050 14,971,600 2,592,000 1 ,2 0 0 ,0 0 0 13,267,511 3,200,000 3,995,500 Total amount payable Of these about $97,000,000 are in default on their interest. 1883.. 1884.. 1885.. 1886.. 1887.. 1888.. 1889.. 1890.. 20,246,000 6,259,500 9,462,200 8,726,500 1,847,000 1,600,000 2,600,000 7,913,500 $411,199,702 Railroad, Canal, and Steamboat Statistics. 241 RAILROADS OF THE UNITED STATES. The report of the Secretary of the Treasury on the finances contains the annexed table, exhibiting the capital paid in, amount o f debt, net income, annual interest on debt, and the available income to liquidate debt :—- Maine................ N. Hampshire... Vermont.......... Massachusetts. . Rhode Island . . Connecticut___ New York . . . New Jersey___ Pennsylvania . . D elaw are......... Maryland.......... V irginia........... North Carolina. South Carolina. Georgia............. Florida.............. Alabama........... Mississippi . . . . Louisiana......... Texas............... Arkansas........... Tennessee......... Kentucky.......... Missouri............. Ohio.................... Indiana............. Illinois............... Michigan........... Wisconsin......... Iow a................. T o t a l........... Capital paid in. Debt. $10,584,900 9,640,857 11,584,890 50,776,745 8 438,937 15,722,589 67,182,907 11,825,533 65,838,965 424,399 13,515,902 21,710,326 9,643,300 10,181,750 20,060,026 92,300 6,145,739 8,580,921 4,246,362 360,000 890,675 5,398,874 8,321,863 5,918,*285 56.843,234 24,623,000 28,012,950 8,163,876 5,335,109 2,375,947 $9,266,663 4,890,671 11,313,088 22,678,328 3,233,369 9,083,716 77,486,084 13,201,223 40,622,044 801,750 15,606,367 11,914,971 2,766,906 6,376,321 1,464.800 no returns. 4,887,194 1,266,435 1,165,962 385,000 14,663 6,015,886 3,764,156 12,222,045 67,605,236 33,661,300 39,555,884 11,884,856 2,476,000 1,644,066 Net income. Annual inAvailable terest on debt. income. $917,356 $445,507 $471,849 304,848 566,517 261,669 742,446 908,757 164,311 4,006,254 968,260 3,037,994 703,232 215,507 487,725 1,567,662 666,555 901,107 9,485,943 4,746,628 4,689,815 1,219,373 792.073 427,300 7,289,201 2,270,605 5,018,596 64,809 48,105 16,704 2,118,433 756,533 1,361,900 1,101,593 664,628 436,965 675,799 202,554 473,245 818,513 403,392 415,121 2,376,064 111,031 2,265,033 no returns. no returns. no returns. 422,514 323,066 99,448 193,419 120,718 72,701 100,569 292,870 192,301 50,000 21,350 28,650 no returns. no returns. no returns. 679,408 399,958 279,450 366,593 242,206 124,387 34,132 733,322 3,750,851 8,831,402 2,840,000 2,356,291 483,709 4,359,487 2,565,790 1,793,697 1,647,708 862,059 785,649 no returns. 197,800 no returns. no returns. no returns. no returns. $491,435,661 $417,243,664 $48,406,488 $25,093,203 $24,290,826 The returns are not entirely complete, owing to the failure o f some o f the companies to respond. PHILADELPHIA CITY PASSENGER RAILROAD TRAVEL ON FOURTH OF JULY. The following is a statement o f the number o f passengers carried, and amount o f revenue collected, on several o f the city passenger railroads on the 4th insta n t:— Cars. 57 50 38 37 26 16 10 19 35 16 9 Second and Third Fifth and Sixth.. Fourth and E igh th *................... Tenth and Eleventh................... Race and V in e ... Arch-street.......... Ridge Avenue.. . . Girard C ollege.... Market-street.. . . Spruce and Pine.. Darby R oad. . . . , 313 Total........ * Green and Coates. V O L . X L I.----- N O . I I . 16 Receipts. Fares at 5 cents. $1,564 1,340 1,050 1,015 780 370 290 594 1,000 459 325 31,280 26,800 21,000 20,300 15,600 7,400 5,800 11,880 20,000 9,180 6,500 $8,787 175,740 242 R ailroad, Canal, and Steamboat Statistics. RAILWAYS IN GREAT BRITAIN AND THE UNITED STATES, The following are the miles of railroad in operation in Great Britain and the United States, January 1, 1858. We take this date in the case of the United States, instead of a year later, because it conforms to the date contained in our latest English authority for the stated length of British roads. On the 1st of January, 1858, there were in operation in the United States 26>075 miles of iron road. A t the same date there were in operation in the three States named below, the number of miles of iron road following as compared with the United Kingdom :—Pennsylvania... . New Y o r k ......... Ohio..................... Miles of Area in finished square miles, railroad. 47,(H'0 2,7 SO 4 6 ,0 0 0 2,710 39,964 2,798 Miles of Area in finished square miles, railroad. England & Wales.. Scotland.................. Ireland.................... 57,955 6,706 30,842 80,387 1,243 1,070 Total............... 132 ,96 4 S,288 Total................... 119,184 9,019 The aggregate length of iron road authorized by Parliament to the 31st day of December, 1857, exclusive of lines and parts of lines abandoned by act or by warrant, was.....................................miles 13,827 The total amount of money authorized to be raised by shares and loans to December 31, 1857, w a s .................................................... £387,051,735 O f which to that date there had been raised...................................... 314,989,826 Remaining to be raised £ 7 2 ,0 6 1 ,9 0 9 Number of passengers and heads of live stock carried, and number of tons moved in 1857 and 1856 :— 1857. 1856. 4 6.294.000 25.028.000 40.9 39 .0 0 0 2 3.8 24 .0 0 0 71.3 22 .0 0 0 1,838,150,000 1 1.047.000 64,763,000 1,822,049,000 10,451,000 Coal and other minerals..................................... tons General merchandise................................................ Total tons moved.................................. Number of passengers...................................... Heads of live stock— cattle, sheep, and pigs, Revenue of British railways for two years :— Receipts from all sources in Eng land and Wales............................. Scotland............................................. Ireland.............................'................. Total...................................... 1857. 1856. £ 2 0 ,5 2 7 .7 4 8 2,501,478 1,145,384 Per mile. £ 3 ,1 0 5 2,040 1,076 £ 1 9 ,7 2 8 ,3 1 1 2,319,217 1,117,965 Per mile. £ 3 ,1 2 0 2,022 1,092 £ 2 4 ,1 7 4 ,6 1 0 £ 2 ,7 1 5 £ 2 1 ,1 6 5 ,4 9 3 £ 2 ,7 2 4 Dividends and interest paid in 1857 :— On ordinary shares...................................................... per cent On preferred shares................................................................... On loans....................................................................................... Average.......................................................................... 3.605 4.867 4.528 4.068 Operating expenses of British railways in 1857 :— Maintenance of way.......................................................... Locomotive expenses, including repairs of rolling stock Traffic charges................................................................... Miscellaneous charges, including police, watchmen, and compensations............................................... Rates and government duty............................................ Total....................................................................... Actual charges. Per cent. £1,752,332 4,335,824 2,924,204 £15.61 38.39 2 6 .3S 1,429,116 798,773 £11,240,239 12.67 7.10 £100. The operating expenses, therefore, were 40 per cent cf the gross revenue. J ourn al o f M ining, M anufactures, and A rt. 243 JOURNAL OF MINING, MANUFACTURES, AND ART. MINING A THOUSAND YEARS AGO. In the seventh, eighth, and ninth centuries, lead was, it appears, used in cover ing buildings, and found at home, but the Anglo-Saxons wholly neglected the tin mines, or employed “ Arabs or Saracens,” most probably Germans, in them. There were ironworks near Gloucester in the time of Edward the Confessor, and which, in all probability, had been kept up from Koman times. The city of Gloucester paid him, among other things, 36 dicres of iron, each of 10 bars, and 100 rods of iron drawn out for the nails of the king’s ships, or iron rods wrought to a fit size to make nails. In 1153 a silver mine was worked in Cumberland by King Edward. In 1296 the miners in Devonshire were either too few in number or not sufficiently skillful, for this year 337 miners were brought from the W a pentake or the Peak, in Derbyshire, to Martinstowe, who fined and cast into bars 704 pounds weight of silver. In the next year 341 miners, brought from the same place, 25 from Wales, and other natives of the country were employed, but the quantity of silver raised is not stated. In 1330, Milan steel was celebrated for cutlery and armor. Froissart mentions that of Bordeaux also as excellent for armor, and another says that it was equally famed for swords. In 1354 no iron was manufactured in England. Parliament, to prevent its rising in price, en acted that none, wrought or unwrought, should be exported, under heavy penal ties, and the dealers were subjected to the inspection of the justices. During this and the succeeding century, the market was supplied from Germany and Spain. In 1414, though tin and lead had been wrought in England from early times, the English miners were not considered so skillful as those of some other countries -were the art had not been so long practiced. Henry Y I. having failed in his attempts to obtain gold and silver by the art philosophical, brought over, in 1430, Michael Gosselyne, George Harbryke, and Mathew Laweston, three fa mous miners, and thirty other miners in their company, from Bohemia and Hun gary, to superintend and work the royal tin mines, and instruct the Cornwall men in their art. In 1478, the art of making gold by an occult process was still cherished at court, Edward 1Y. granting a license to John French, “ to practice a true and p’fitable conclusion in the cunnynge of transmutac’on of metals to our pr’fyte and pleaseire.” In 1848, forging gadds, to imitate steel, was prohibited. “ Iron gadds called Bilboa iron, like to the fashion and manner of gadds of steel, whereby the greatest part of edge tools that have been made of them have no value or goodness.” This was apparently in imitation of the Spanish gadds. In 1564, Queen Elizabeth granted to tw'o foreign miners, Houghsetter and Tkurland, whom she had brought over, a patent to search for mines and ewers of gold, silver, quicksilver, and copper, in eight counties, and to convert the proceeds to their own use, with the reservation of a certain portion to the queen. They were to make compensation in certain cases to the owners of the land, and were not to dig or undermine houses or castles. All persons were prohibited digging for any kind of ore without the license of Houghsetter. This German esta blished cop per-works at Keswick, in Northumberland. In 1565, the patentees 244 J ourn al o f M ining, M anufactures, and A rt. were incorporated into a company. They found an abundance of rich copper ore, which, for many years, afforded great profit to themselves and the nation, until by the death of the first German immigrant workman, and neglect of con tinuing the stock and want of fuel, the works greatly languished. The silver mines worked by this company were situated on the site of the old Roman works at Skibber Coed. These were erected by Houghsetter, and brought large sums to the company, and 150 years after the name and family were distinguished in the district. Iu 1656, a patent was granted to Cornelius de Vos, a Dutchman, for making “ allom and copperas,” and Humphreys and Shute received a patent to dig and work all mines and minerals. “ except allom and copperice,” and sub terranean treasures not mentioned in the patent to Houghsetter. In 1585, it was decreed that no new iron-work should be erected in Kent, Surrey, or Sussex, on account of the destruction of the wood, and increasing scarcity of fuel. In 1588, a license to dig for tin in Cornwall was granted to Sir W . Raleigh. From 1590 to the present time mining has been continuously progressing ; the last official returns published, stated the value of the minerals raised to be nearly £40,000,000 per annum. O HI O C OAL . W. W . Mather, in an article of the Mining Journal, gives the following table of the movement of coal and coke on the Ohio canals and Muskingum improve ment, from 1836-57, (except 1851,) prepared from the returns of the collectors in the reports of the Board of Public Works :— Penn. Muskingum TValhonding and Ohio river Hocking canal. Ohio Canal. canal. improvement, canal. Arrived. Arrived. Arrived. Arrived. Arrived. 102,407 672,876 189,719 294,721 401 .78 7 16,832 12,818 679,136 61,098 ( b,b33 641 ,19 3 • 64,856 ( 715 8 4 1 ,58 9 8,856 85,991 827,853 26,603 1,205,961 24,206 1,221,895 35,385 203,925 1,847,048 56,682 381,509 52,576 2,998,777 522,197 2,982,864 75,316 526,345 3,116,860 1,386,185 66,511 513,642 Miami Erie and ext. canal. Arrived. 2,847 16,940 19,716 27,657 33,027 47,3 78 18,2 83 7 31,680 ......... ...... 47,0 70 60,976 62,148 85,748 116,449 183,722 43,997 176,805 9 8 3 ,5 0 6 915,432 1,282,315 1,546,953 2,401,688 3,757,472 3,628,522 5 ,259,943 5,406,536 6,900,391 6,484,654 7,896,821 6 ,680,344 6,136,829 6,125 6,125 16,832 1,934,875 2,548,550 2,855,800 179,719 262,599 2 76,570 322,385 236,383 383,423 9,813,013 11,404,523 9,195,712 9,467,846 7,658,097 7,967,933 Bushels. 57,530,261 29,082 8 ,725,350 2,127,782 9 ,521,852 2,953,744 78,59S ,494 T’n9(leg’l) -2,291,209 1,163 1 8 3 6 .. .. 1 8 3 7 .... 1 8 3 8 .... 1 8 3 9 .... 1 8 4 0 .... 1 8 4 1 .... 1 8 4 2 .... 1 8 4 3 .... 1 8 4 4 .... 1 8 4 5 .... 1 8 4 6 .... 1 8 4 7 .... 1 8 4 8 .... 1 8 4 9 .. .. I 8 6 0 .... 1 8 5 1 .... 1 8 5 2 .... 1 8 5 3 .... 1 8 5 4 .... 1 6 5 5 .... 1 8 5 6 .... 1 8 5 7 .... ...... 2 49,014 807 ,74 3 353,575 153,240 2 06,034 157,628 83,361 85,111 8 64,340 1,026.033 2,264,416 1,042,606 583,742 1,364,320 380,874 ....... 118,149 Total, arrived. 105,254 689,816 209,435 322,278 451 ,64 6 800 ,43 0 3,143,740 245 J ou rn a l o f M ining, M anufactures, and A rt. IRON IN THE ZOLLVEREIN. The interest taken in developing mines in Germany is well known. The science of mining is a German science, and every encouragement is given to the production of this article at home; and yet official reports give us the following imports:— 1855 1856 1857 1858 ........................................ ........................................ .................................... . ........................................ Pig iron, cwt. W rought & rolled, cwt. 3,062,165 3,962,176 4,793,480 6,232,356 288,528 438,286 876,314 787,860 Cast, cwt. 44,432 99,824 149,957 64,236 This table gives, indeed, a magnificent view of the increase in the use of iron in the Zollverein States. The falling off of wrought and cast-iron in 1858, from the amount in 1857, was due to two causes—the sudden increase of importation in 1857 and the crisis. While all possible care has been taken to develop the Prussian iron mines, they have not been able to increase the products so as to keep pace with the increased demand. The iron mined rose from 2,193,839 tons in 1854, to 3,381,169 tons in 1857 ; an increase of 54 per cent in four years, while the increase of pig-iron imported was from 2,650,308 cwt. in 1854. to 4,793,486 cwt. in 1857, or 80 per eent. Prussia stands third in the list of the iron-producing countries of Europe; Great Britain about 80,000,000 cw t.; Prance 13,000,000 ; then Prussia and Belgium nearly equal. SUGAR-MAKING IN CUBA. In Dana’s trip to Cuba we find the following interesting account of the manu facture of sugar :— To begin at the beginning. The cane is cut from the fields by men and women working together, who use an instrument called a machete, which is something between a sword and a cleaver. Two blows with this slash off the long leaves, and a third blow cuts off the stalk near to the ground. A t this work the laborers move like reapers, in even line, at stated distances. Before them is a field of dense, high waving cane, and behind them, strewn wrecks of stalks and leaves. Ox-carts pass over the field, and are loaded with the cane, which they carry to the mill. The oxen are worked in the Spanish fashion, the yoke being strapped upon the head close to the horns, instead of being hung round the neck, as with us, and are guided by goads and by a rope attached to a ring through the nos trils. At the mill the cane is tipped from the carts into large piles by the side of the platform. Prom these piles it is placed carefully by hand, lengthwise, in a long trough. This trough is made of slats, and moved by the power of the end less chain connected with the engine. In this trough it is carried between heavy, horizontal, cylindrical rollers, where it is crushed, its juice falling into receivers below, and the crushed cane passing off and falling into a pile on the other side. The crushed cane, bagazo, falling from between the rollers, is gathered into baskets by men and women, who carry it on their heads into the fields and spread it for drying. There it is watched and tended as carefully as new-mown grass in hay-making, and raked into cocks or winrows on an alarm of rain. When dry, it is placed under sheds for protection against wet. From the sheds and from the fields it is loaded into carts and drawn to the furnace doors, into which it is thrown by negroes, who crowd it in by the armful, and rake it about with long poles. Here it feeds the perpetual fires by w'hich the steam is made, the 246 Journ al o f M ining, M anufactures, and A rt. machinery moved, and the cane-juice boiled. The care of the bagazo is an im portant part of the system ; for if that becomes wet and fails, the tires must stop or resort be had to wood, which is scarce and expensive. Thus, on the one side of the rollers is the ceaseless current of fresh, full, juicy cane stalks, just cut from the open fields; and on the other side is the crushed, mangled, juieeless mast, drifting out at the draught, and fit only to be cast into the oven and burned. This is the way of the world, as it is the course of art. The cane is made to destroy itself. The ruined and corrupted furnish the fuel and fan the flame that lures on and draws in and crushes the fresh and whole some ; and the operation seems about as mechanical and unceasing in the one case as in the other. Prom the rollers the juice falls below into a large receiver, from which it flows into great, open vats, called defecators. These defecators are heated by the ex haust steam of the engine, lead through them in pipes. All the steam condensed forms water, which is returned warm into the boiler of the engine. In the defe cators, as their name denotes, the scum of the juice is purged off, so far as heat alone can do it. From the last defecator the juice is passed through a trough into the first caldron. Of the caldrons there is a series, or, as they call it, a train, through all which the juice must go. Each caldron is a large, deep, cop per vat, heated very hot, in which the juice seethes and boils. At each stands a strong negro, with long heavy skimmer in hand, stirring the juice and skimming off the surface. This scum is collected and given to the hogs, or thrown upon the muck heap, and is said to be very fructifying. The juice is ladled from one caldron to the next as fast as the office of each is finished. Prom the last cal dron. where its complete crystalization is effected, it is transferred to coolers, which are large, shallow pans. When fully cooled it looks like brown sugar and molasses mixed. It is then shoveled from the coolers into hogsheads. These hogsheads have holes bored in their bottoms, and to facilitate the drainage, strips of cand are placed in the hogsheads, with their ends in the holes, and the hogshead is filled. The hogsheads are set on open frames, under which are cop per receivers, or an inclined plane, to catch and carry off the drippings from the hogshead. The drippings are molasses, which is collected and put into tight casks. I believe I have thus given the entire process. MANUFACTURING STATISTICS OF WILMINGTON, DEL. These, prepared by authority of the city of Wilmington, show the following state of facts :— Iron manufacturers, comprising iron vessels of all kinds, ste’ m engines, and all kinds of ma chinery, locomotives, and car springs, Ac.............................. Bar iron and boiler plate......... Railroad cars.............................. Iron and brass founders........... Carriages......................... Morocco...................................... Patent lea th er......................... Tanning and currying............. $826,000 1.30,000 100,000 429,000 382,000 653,000 190,000 68,000 550,000 C otton........................................ Flour and corn-meal................. 1,220,000 Brick m akin g........................... 59,000 Coopering................................. 131,000 35,000 Lumber....................................... Sh ipbu ildin g............................ 146,000 Agricultural implements......... 42,000 Soap and candles, rope-works, plaster, A bone dust, match’s, and copper smithing............. 89,000 Total................................... $4,950,000 The foregoing statistics represent the annual average products of the leading manufacturing interests of the city and its immediate suburbs, comprising almost exclusively and only such as are unconsumed at home ; thus establishing the im portant fact of a yearly production in Wilmington of about $5,000,000 in value for foreign consumption. Journal o f M ining, M anufactures, aud A rt. 247 WATCHES AID PLATE, Large quantities of gold are required in the manufacture of watches. The number of these annually made in Neufchatel may be calculated to be from one hundred thousand to one hundred and twenty thousand, of which.about thirty thousand are in gold. The United States consume the largest quantities of these watches. With the exception of the precious metal for the manufacture of the cases, the other materials for the construction of the works or mechanism of the watch are of little value, consisting merely of a little brass and steel. Golden salvers with enameled portraits are among the most beautiful articles produced by artisans in gold at the present day. These exquisite elaborations are either cast in molten metal or are hammered and stamped from sheets, and are afterwards brought to a highly finished state by chasing, engraving, and bur nishing. Such is the case when a vase, or salver, or ornament is made of solid gold, and such it is likewise when made of silver and coated afterwards with gold. The repousse work of French artisans, which is equivalent to English chasing, is a very remarkable mode of decorating gold plate. It is effected entirely by the hammer. The workman has a plain flat sheet of the metal to work upon, and before him is a carefully executed wax model of the article to be produced ; the plate rests upon a soft bed of pitch or other composition, and with a small ham mer the workman produces indentations over the surface corresponding with the device to be produced. A small steel punch is employed occasionally; and if any of the identations are carried too far the plate is reversed, and a little coun ter-hammering applied. Salvers, dishes, aud other articles of superb description are produced in this manner. ELECTRO-GILDING, Of late years an ingenious process has been discovered and introduced by which gilding is performed by means of electricity with the greatest facility, and which possesses many advantages over the process of amalgamation. Indeed, electro-gilding and plating is one of the most interesting discoveries of the pre sent time. When a current of electricity is made to pass through a solution of a metallic salt, the salt is decomposed, the metal passing to the negative, and the acid, or solvent, to the positive pole of the galvanic battery. By means of this principle it is found possible to coat a metal with another by plunging it into a solution of the latter, and employing a galvanic battery or apparatus. It is cer tainly a most wonderful and valuable process. FURNACES FOR MELTING IRON AND S T E E L . Mr. J. Maudslay, Lambeth, England, has patented an invention which consists in constructing furnaces in such a manner that motive power may be imparted to the bed of the furnace, and the same thereby caused to rotate by means of any suitable machinery, in order to improve the tenacity and fibrous quality of iron, steel, and other metal, and also to effect a more perfect admixture of alloys with metals, so as to change and improve their quality and character. 248 Journ al o f M ining, M anufactures, and A rt. COAL TRADE OF PITTSBURG, * The following statement of the coal trade of Pittsburg for 1857 and 1858, is obligingly communicated to the Philadelphia Board of Trade, by George H. Thurston, Esq., Secretary of the Board of Trade of Pittsburg. It will be seen to add largely to the quantities before taken for that trade :— C O A L M IN E D I N T H E V I C IN IT Y O F P IT T S B U R G F O R 1857 AND 1858. 1857.- - - - - - - - , ,- - - - - - - - 1858.Exported by river............................... Exported by railroad, north, east, and west.......................................... Home consumption, Pittsburg.......... Consumption at various, small towns of vicinity, say................................. Total............................................. Bushels of 80 lbs. 25,480,350 Tons of 2,000 lbs. 1,015,214 Bushels of 80 lbs. 24,696,669 Tons of 2,000 lbs. 9S7.867 6,360,168 35,250,000 254,407 1,450,000 12,774,560 3 6,000,000 510 ,98 2 1,480,400 8,000,000 320,000 8 ,000,000 320 ,00 0 75,090,518 3,049,621 81,471,229 3,308,849 A REMARKABLE PRO PERTY OF IRON. In the year 1856, says an English paper, Mr. March, an able chemist con nected with the Royal Arsenal, discovered that it is an invariable rule with iron which has remained a considerable time under water, when reduced to small grains or an impalpable powder, to become red hot, and ignite any substances with which it conies into contact. This he found by scraping some corroded metal from a gun, which ignited the paper containing it, and burnt a hole in his pocket. The knowledge of this fact is of immense importance, as it may account for many, spontaneous fires and explosions, the origin of which has not been traced. A piece of rusty iron brought in contact with a bale of cotton in a warehouse, or on shipboard, may occasion extensive conflagrations and the loss of many lives. In ought to be added, that the tendency of moistened particles of iron to ignite was discovered by the great Fench chemist, Lemary, as far back as the year 1670. VIBRATION OF HEATED METALS, It has been ascertained that a bar of iron, when heated and placed with one end on a solid block of lead, in cooling, vibrates considerably, and produces sounds similar to those of an aeolian harp. The same effect is produced by bars of cop per, zinc, brass, and bell-metal, when heated and placed on blocks of lead, tin, or pewter—the bars four inches long, one inch and-a half wide, and three-eighths of an inch thick The conditions essential to these experiments are, that two different metals must be employed—the one soft and possessed of moderate con ducting powers, viz. :—lead or tin, and the other hard ; and it matters not whether soft metal be employed for the bar or block, provided the soft metal be cold and the hard metal heated. That the surface of the block shall be uneven, for when rendered quite smooth the vibration does not take place, but the bar cannot be too smooth. No matter should be interposed, else it will prevent vi bration, with the exception of a burnish of gold leaf, not exceeding in thickness the two-hundred-thousandth part of an inch. J ourn al o f M ining, M anufactures, and A rt. 249 MANUFACTURE OF LACES IN FRANCE. Some 200,000 women in France gain employment by the manufacture of laces. They’ are all hand-made, that is, with bobbins, upon a small, portable cushion, except at Alencon, where the needle is employed and the work done on parch ment. The different appellations given to them are derived from the districts in which they are made, Bayeaux, Chantilly, Lille, Arras, Mirecourt, Du Pay, Boilleuil, Alencon ; and, although made in the same way, they are instantly re cognized by the peculiar style of the district. The scarfs and mantillas of Bayeaux, for which it is celebrated, are very rare and beautiful. Nowhere but in France could design and execution be so united. The berthes and coiffures of point d’Aleneon, collars of guipure and point l’aguille have the most delicate and graceful patterns, aud are of the finest possible web. The point d’Alencon is worked entirely with the needle, and is the only lace now made in France of pure linen thread, the thread being worth from one hundred to one hundred and twenty francs per pound. It is the richest, the finest of all, and the strongest; and, con sequently, its price is the highest. It is a lace of very ancient date, having been introduced into France by Venetian workmen, in 1660, and is different from other laces; for, while in other fabrics only one worker is required to make the richest piece, the Alencon requires from fourteen to sixteen different workers for the smallest size, even a quarter of a yard, and the most simple pattern. The gui pure, which is the French Honiton, is made at Mirecourt, from whence proceed all the French improvements and novelties in lace-making. CONSUMPTION OF COAL IN FRANCE. In 1857 the consumption of coal in France was 11,668,302 tons, of which France produced within herself, 6,328,571 tons, and imported from abroad 5,043,080 tons, viz.:— 2,966,518 from Belgium, 693,632 from Germany, which is produced in the mines of Saarbruck, and are worked by the Prussian govern ment, so that France is dependent upon a foreign supply for nearly one-half the coal she consumes. What position, then, must be her steam navy in time of war ? COALS AND OTHER MINERALS CARRIED UPON THE BRITISH RAILROADS. 1857. M ineral c o a l .... O ther m inerals tons ___ Total................................................................. 34,983,000 11,311,000 46,294,000 1856. 32,882,000 8,057,000 40,939,000 PAPER. Books and newspapers have multiplied to such an extent in our country, that it now takes 750 paper-mills, with 2,000 engines in constant operation, to supply the printers, who work night and day. These mills produced 270,000,000 pounds of paper the last year, which immense supply sold for about $27,000,000. A pound and a quarter of rags are required for a pound of paper, and 340,000,000 pounds were therefore consumed in this way last year. 250 Statistics o f A gricu ltu re, etc. STATISTICS OF AGRICULTURE, &c. COTTON IN INDIA. The East India Review remarks upon the cultivation of cotton, that the native cotton is admirable for strength of fiber, for its aptitude in taking dye, for its durability in woven fabrics, and for the admirable fineness of the hand-spun yarn of the Decan muslin it is unrivaled. In 1812, an experiment was made with Bourbon seed on the island of Carunja, in the harbor of Bombay. The cotton produced was superior to that of Guzerat, and it was then first ascertained that the foreign plant grew best upon what in India was considered to be barren land. Generally speaking, this fact has been confirmed by subsequent experiments. Some of the American planters sent out in 1840, deceived by the superficial re semblance of the black cotton soil of India to that which they were accustomed to cultivate in their own country, adopted it as the site of their experiments. The result was a failure. Most of the successful experiments have been on land designated as red soil, sandy loam, a dry soil, sterile, and the like. American cotton, from a variety of causes, has so gotten possession of our manufacturing districts, that nine-tenths of our machinery is adapted for it solely. Good Sea Island cotton has been grown upon the coast of Tenasserim, and on the delta of the Ganges, and good Bourbon has been found growing wild in Guzerat, on the site of the abandoned experimental farms. With respect to the intelligence of the Hindoo farmer, little seems to be re quired. When brought into competition with Europeans, he seems to have been uniformly superior in the economizing, or, in other words, the profitableness of his cultivation. His implements are rude, but, in his hands, appear as effective as possible ; and even defects imputed to them have been shown, upon close in vestigation, to be judicious adaptations to the necessities of his employment. The ryot of Broach, the most important district in Guzerat, is said to possess such consummate skill, that it would be presumptuous to suggest improvements on his beautiful cultivation ; and finally, in every quarter where the company es tablished a model farm, it was found, after a short trial, that the native beat his instructors in their own craft. Dhawar was no exception. With the intelligent encouragements of Mr. Shaw, the ryot soon surpassed the American planter. The model farms were given up accordingly, and admirable cotton, which, in the opinion of the chiefs of the commercial bodies in Manchester left little or noth ing to be desired, was obtained by contracting with the ryots for given quanti ties, or guarantying a minimum price. The wisdom of the agriculturist in all countries is the wisdom of experience, and from that, of course, he is loth to depart at the suggestion of the inexperi enced speculator. In India, too, the farmer is poor and timid, and the failure of the experiments made at Sharwar under Dr. Lush, some 17 or 18 years since, was necessarily a further discouragement. Besides, curiously enough, the same power which discouraged the promulgation of the true theory of the solar sys tem by Galileo, was brought to bear against the introduction of New Orleans cotton into India—the priesthood were unanimous in their opposition. To re Statistics o f A gricu ltu re, etc. 251 sist all innovation is a principle common both to the orthodox followers of Bra mah and St. Peter. It is, however, consolatory to learn from the evidence of Mr. Shaw, that the priestly antipathy to change is becoming less and less opera tive in preventing improvements among the Hindoo population. A great point has been gained by Mr. Shaw ; the cotton which arrived in 1847 from Dhawar, purchased by Mr. Mercer from the ryots, was submitted by the chairman of the Manchester Commercial Association to a careful comparison with ordinary New Orleans ; the loss on spinning both into 20’s yarn was for India 15, and for American 17^, per cent. The value of the yarn was very sim ilar, and the Indian was stated to be as strong and good for warps as the Amer ican. The variation of the prices obtained for different portions of the same parcel afford a curious illustration of the rapid shifting of our markets—the first 500 out of the 1,000 bales having realized 6d. per lb., the second only 4[d. Up to the present time the approbation of nearly every spinner who has reported upon it has been accompanied with an expression of regret that there was not more prospect of a steady supply. In India, on the other hand, it is said that the demands of our market are uncertain, that there is no encouragement to a “ general movement ” towards satisfying its wishes ; while the men of Lancashire affirm that their orders are prevented from assuming a steady and continuous character by the disappointment incurred in fresh purchases, which some satis factory parcels have in luced them to make. This seems to be arguing in a cir cle, from which there is no escape. A large, regular trade with England, if once created, and maintained (by restoring the differential duty on Yankee cotton grown by slaves) for a certain time, would no doubt assimilate the dealings of the Indian to those of the Australian and American produce merchants, and in such case all other improvements, of which the soil and climate admit, would be sure to follow at no distant period. The market once recognized by the native dealers, and looked to year after year as the ultimate destination of their purchases, we may be sure that not only would better native cotton be obtained from them, but that also the cultivation of the New Orleans variety would be more largely extended by them than by any means in the power of Europeans to apply. With respect to climate, so far as we can gather from the voluminous reports upon the subject, a certain amount of moisture in the atmosphere is indispensable for all cotton plants. Many dis tricts in India, at present not under cultivation, may, according to the opinion of one of the most competent judges of the matter, Dr. Boyle, be made equally available by a system of irrigation, which would obviate the main difficulty of bringing the plant to perfection, Damely, the abrupt transition from the rainy season to the dry, in consequence of which the plant, when gorged with juice and moisture, is compelled to adapt its vegetative process to a parching and continu ous drought. To regulate this supply of moisture is, then, the problem in cotton planting, which has been solved with equal success by the most opposite modes of cultivation in Egypt and America. In the former the land is irrigated ; in the latter it is drained, the effect of too large a supply of water being to exhaust the plant in the growth of luxuriant foliage, without a due proportion of flower and pod. 252 Statistics o f A gricu ltu re, etc. AGRICULTURE AT THE PATENT OFFICE, The tea plants recently imported from China by the Department of Agriculture, connected with the Patent-office, are in a very thriving condition. Some of them have grown to the height of fifteen inches. Others are just appearing from the seed. The climate seems to be congenial with them, and the experiment is proceeding satisfactorily. Probably it will be found that not climate after all, but labor, or rather the insufficiency of it, in the United States is the impedi ment to the successful culture of tea. Much can be done by the ingenuity of our people in substituting machinery for hands, but the patient and unskilled labor processes of the Chinese, as applied to tea making, are not likely to be imitated in any part of the United States. It may not be generally known that not only are the tea leaves picked by hand, but they are also curled up, leaf by leaf, by Celestial fingers. Necessity, however, is the mother of invention, and a relation of that family, an acute son of New England, has already set his mind upon a tea-curling machine which promises to do for the American crop, with a few thousand fingers of steel, the work which occupies the digits of a million inhabitants of the Flowery Laud. Many other interesting experiments are going forward in the tea garden, the results of which will, doubtless, be useful to the agriculture of the country. Mr. Brown, the Superintendent of the Department, has 123 varieties of wheat growing and ready for the sickle. The yield of some of these sorts has been ascertained to be very far beyond the average of any commonly produced in the United States. Mr. Brown is also naturalizing great numbers of foreign grape vines, as well as collecting the almost innumerable varieties of the American grape, and testing their qualities. The wine-producing interest of the United States is destined to become one of vast importance. The service which the Department of Agriculture is now endeavoring to render to that interest, is worth more than the cost of the entire maintenance since the first appropriation for its support was made. UNITED STA TES WHEAT CROPS, A cotemporary remarks :—The estimated crops and actual exports, with the average export price, and the price of wheat in England, have been as follows :— Crop. 1849 1850 1851 1852 1853 1854 1855 1856 1857 1858 1859 ................................................... .............. .................................................. .................................................. .................................................. ................................................... ................................................... ................................................... ................................................. ................................................... ................................................... ............... 104,799,230 114,000,000 114,000,000 125,000,000 111,346,167 136,855,000 144,522,000 144,670,000 140,000,000 ............... Bushels exported. Price. 12,303,972 8,658,982 18,948,499 18,680,686 18,958,993 27,000,000 6,821,584 25,708,013 33,130,596 26,4S7,041 12,451,000 §1 09 1 02 0 95 0 79 1 05 1 80 1 66 1 73 1 50 1 07 1 40 Price in England. 40s. 40 38 41 45 80 75 70 58 44 52 There are, of course, no means for forming an accurate estimate of the crops, and the comparative extent of them can only be approximated by taking the actual exports, and the former depend upon the state of the markets abroad to Statistics o f A gricu ltu re, etc. 253 some extent, and the course of prices indicates whether that export demand is more or less than can be well spared. The census of 1840 and that in 1850 gave returns of the quantity produced. The census gave the crop of 1850 at 104,799,230 bushels, and the population at 24,257,720. The result would have been as follows :— Crop, 1850.................................................................................... bushels Seed............................................................................................................ 104,799,230 10,479,923 Export......................................................................................................... 94,319,307 13,948,499 For consumption........................................................................... 89,370,808 This would give 3| bushels per head. The export of 1851, the year ending in June, was, of course, the product of 1850. Now, it appears above, that with a crop of 104,799,230 bushels, of which 14,948,499 was exported, the price fell, from which may be inferred that more could have been spared for export. The crop of 1854 was short, and although the prices abroad rose to 83s. in England — a famine rate—-the exports from the United States reached only 6,821,584 bushels, and it may be inferred that the high prices of that year induced farmers to sell their stocks, in the same manner that the low prices of the panic years 1857 and 1858 induced them to hold. There could then have been no old grain left in the country. Three good crops then succeeded— 1855, 1856, 1857. Of those crops, it appears, 85,325,650 bushels were exported, at $1 66, and §1 73, and 31 50 ; the price falling in England from 70s. to 44s. The prices here then became too low for the farmers to sell, and stock was supposed to accumulate. In August, last year, we estimated the crop of 1858 as follows :— Grain on hand, estimated...........................................................bushels Crop of 1858 coming in........................................................................... 16,000,000 140,000,000 Supply............................................................................................ Seed.......................................... ..................... bushels 15,000,000 Consumption................................................................. 105,000,000 156,000,000 ----------------------------- Excess for export......................................................................... 120, 000,000 36,000,000- The consumption is taken at 3J bushels for 30 million of people. Some writers objected to this estimate for consumption as too low, placing the demand for seed and consumption at 150,000,000 bushels, and leaving 6,000,000 bushels only for export, and inferring a rapid rise in prices for home use, but it will be seen over 12,000,000 bushels were exported, and the prices are still low. CALIFORNIA W IN ES. The San Francisco Herald states that the present stock of California vines now under cultivation will yield 350,000,000 of wines and brandies in twenty years from the present day. The wine product of the Golden State increases at the rate of 50 per cent annually, and the quality of these is equal to the best imported. In all wine-growing countries, where the people use wine at their tables, and where a bottle of it can be obtained for three or four cents, drunken ness and bar rooms are unknown. 254 Statistics o f A gricu ltu re, etc. GRAZING IN FLORIDA. A gentleman of New York, who spent the winter on the St. John’s River, in Florida, gives us an interesting account of grazing in that State. Although as warm there all winter as our May and June, the land is bare of grass, and of course affords no grazing for cattle. Nor is any provision made for winter feed ing by cattle owners. Nature, however, never forgets her own, and if the land does not, the water does, produce grass ; and at low water all along the lower part of the St. John’s River the horned cattle and horses wade into the water up to their bellies, and thrusting their heads under water, seize large mouthsfull of the grass which grows abundantly upon the bottom. Having disposed of one mouthful, they dive for another, and this they continue to do for hours, until sat isfied, or the tide rises so high as to make the operation impossible even for these amphibious animals. Here, at the North, cattle sometimes get in the way of trains on the railroads, but we do not know that locomotives are often delayed by them ; but in Florida, boats run through the ordinary cow-pastures, and of course have occasionally to back water to give the animals a chance to wade ashore, so that the boat can approach near enough to “ the landing ” to run out a wet plank upon a muddy bank, and allow the enterprising owner of the bipeds to land at his “ plantation.” As it costs but little to pasture stock in this way, it is not to be expected that the animals rank high in point of value. From the juicy nature of the food) coming fresh from an element that forms a large percentage of our city milk, our friend expected that the Florida cows would yield that fluid abundantly. The planter with whom he spent the winter milked daily seventeen cows, and as the pails used corresponded in size to that used at home to milk his “ old browney,” he was able to compare results pretty correctly. He did so, and found that the seventeen amphibious Florida cows gave each an average daily yield of milk ex actly corresponding in quantity with the yield of his one cow at home. COTTON PRODUCT. Not long since, a paragraph was published, giving some account of the cotton crop of Col. B o n d , of Georgia, which amounted last year to 2,100 bales, and was the largest sent to market by any planter of that State. A Yidalia corre spondent of the Free Trader, (Natchez.) contrasts the planters of Mississippi and Louisiana with the Georgia celebrity as follows:— There are half a dozen planters in Concordia Parish and Louisiana, as also many more in Mississippi, that make a higher mark than this. Not to make a thing invidious, the name of A. Y . D a v i s , Esq., of Concordia Parish, who makes all his cotton there, chalks up several hundred bales above the Georgia planter; so does L. R. M a k s h a l l , Esq., in the State of Louisiana, raising in that State alone more than three thousand five hundred bales; so is J ohn R outh , Esq., of Hard Times, full as much, if not more ; so did F r e d e r ic k S tan t on , Esq., but a few weeks deceased, raise twenty-eight hundred bales the present year— all in Concordia Parish—and even more than this figure in 1855—all in Louisiana ; and there are numerous others.that come up, or nearly so, to the Georgia highest notch. For instance, L. R. M a r s h a l l , residence at Natchez, a planter in three States—Louisiana, Mississippi, and Arkansas—is more than a four-thousand-bale producer; so is Dr. S te p h e n D uncan more than a three-thousand-bale grower Statistics o j A gricu ltu re, etc. 255 in the State of Mississippi, besides being an opulent planter of Louisiana—more than four thousand bales in all. The great estates of the two princely planters of this region—the late S am uel D a v is and F ran cis S u rg et , Esqs.—always produced from three to five thousand bales each, until their deaths divided the estates between the heirs. AGRICULTURAL EXHIBITIONS FOR 1859. States. Places. Time. Secretaries and their addresses. Alabama............Montgomery.. . .November 1 5 -1 8 ... .Dr. N. B. Oloud, Montgomery. Canada West . .Kingston.............September 27-30 . . . California...........Sacramento . . . .September 27-Oct. 6 .0 . C. Weeler, Sacramento. Connecticut........ H. A. Dyer, Brooklyn. G eorgia............ Atlanta................October 2 4 -2 8 ............ Jas. Camak, Athens. Illinois................Freeport...............September 5 .............. S. Francis, Springfield. Indiana.............New Albany . . .September 26-Oct. 1. I o w a .................Oskaloosa............. September 27-30 . . . J. H. Wallace, Muscatine. Kentucky......... Lexington............September 1 8 - 1 7 .... W. D. Gallagher, Louisville. Maine................ Augusta............... September 1 3 -1 6 ... .E. Holmes, Winthrop. Maryland.......... Frederick City. October 25-28........... Samuel Sands, Baltimore. Missouri.............St. Louis..............September 26-Oct. l.G . 0 . Kalb, St. Louis. Michigan............ D etroit................October 4 -7 ................. New Jersey___ Elizabeth............September 1 3 -1 6 ... .Wm. M. Force. New Hampshire. October 5 -7 ............... New Y ork.........A lb a n y................October 4 -7 .................B. P. Johnson, Albany. Ohio................... Zanesville............ September 2 0 -2 3 ... .D. E. Gardner. Pennsylvania... .Philadelphia.. . .September 2 7 -3 0 ... .A . Boyd, Hamilton. Tennessee........Nashville............October 5 -7 ................. Wisconsin........ Milwaukee........... September 2 6 -3 0 ... .D. J. Powers, Madison. V erm ont.......... Burlington...........September 1 3 -1 6 ... .C. Cummings, Brattleboro’. SH EEP RAISING IN CALIFORNIA. The San Francisco Price Current says:—Five years’ experience in raising sheep at San Juste, has furnished ample proof that the quality of wool does not deteriorate under the climate of California. On the contrary, the growth is much more profuse—the wool attaining a greater length, and therefore superior for combing, aDd many other purposes. This is accounted for by the fact that there is no inclement season. The sheep are always in good condition, and the wool grows continuously throughout the year. The same sheep that in Missouri yielded an average of but four pounds of wool per year, have as regularly yielded five pounds at San Juste. The object of the owners of the ranch referred to has been and is to improve the breed of their sheep, with the view first, of obtaining the best quality and greatest amount of wool; second, the best carcass of mutton. This they believe can be best accomplished by breeding to the French Merino. Heretofore mutton has been the most profitable branch of sheep raising, but these gentlemen are now looking to the wool as much the surest source of profit. Thus far there has never been any epidemic disease among the sheep on the San Juste ranch. They have always been healthy, and subsist throughout the year entirely by grazing. It- is believed that each acre of the hill lands of Monterey and Santa Cruz furnishes pasturage to sustain a sheep during all seasons. 256 Statistics o f A gricu ltu re, etc. PLANTS UPON ONE ACRE. Counting plants one foot apart each way, we shall have 43,560 upon an acre, because an acre contains that number of superficial feet. Take the figure in the first column of the following table as the distance apart, and an acre will contain the number of plants in the second column :— 1^ feet..................... 9 " 2£ “ ..................................... 3 ” “ ..................................... 3£ “ ..................................... 4^ “ 5 6 8 “ “ “ “ 10 ..................... ..................... ..................... ............. ........ ..................... ............. ............. ............. ............. ............. ............. ............. ............. ............... 19,360 12 feet......................... U 10,890 15 ........... « ........... 18 U 4,840 20 ........... u 3,535 22 ........... t< 2,722 ........... it ........... 1,742 30 <( l ’210 35 ........... ft ........... 680 40 (1 ........... 4 3 5 45 193 134 108 90 69 48 35 27 21 CURING GREEN CORN. The following is the Indian method by which they treat green corn for mak ing succotash, &c., during winter. When the green corn is fit for use, a pit is dug from two to three feet in diameter at the top, and gradually enlarging it at bottom, say five feet down, from six to eight feet in diameter. A large fire is then built near by, on which stones are heated, and when redhot the stones and live coals are shoveled into the bottom of the pit, and sprinkled over with fine loose dirt. The corn is then thrown in with the husks on, just as it is pulled from the stalk, until the pit is nearly full. Then comes a thin layer of loose dirt, then hot stones, (enough to close the pit,) and the whole covered with earth to retain the heat. When the whole cools off, (which takes several days,) the pit is opened and the corn is found to be most delightfully cooked. When cool, the husks are stripped off and the corn dried in the sun ; when thoroughly dried the corn is shelled off easily, and is then packed away in bags for use. NEW ZEALAND FLAX. The phormium tenax is a flag-like shrub, throwing out a bunch of splendid leaves four to five feet long, by three inches broad, and bearing a profusion of pink blossoms, much frequented by the bee. This is the plant which, before the introduction of the blanket and European clothing, supplied the natives with all the material for their mats and garments. In its green state, strips of it tied together are commonly used by the colonists as rough string, and a great and increasing portion of the rope and cordage required by the fleet of coasting ves sel- is now manufactured in the colony from the prepared fiber. The fiber is reputed to be the strongest vegetable substance known ; and from the luxuriant abundance of the plant, its quickness of growth, and improvabilty by cultiva tion, it is expected that the preparation and export of the fiber will eventually become an important branch of colonial industry. 257 Statistics o f P opulation, etc. STATISTICS OF POPULATION, &o. POPULATION OF DETROIT CITY. The following is the number of brick and wooden buildings in the city of De troit, May 1st, 1859, and the number in the city in 1847 and 1858 W ood. Totals, 1859 .................................................. Totals, 1858.................................................. Totals, 1847.................................................. F A M IL IE S AND 6,416 6,125 2,617 Total. 1,522 1,471 255 7,938 7,596 2,872 Increase in 5 years. 3,014 69 9 63 59 335 EM PLOYM EN TS. N u m ber o f fa m ilies........................................... S to r e s ...................................................................... Taverns................................................................... G rocery and p rovision s to re s ........................ Offices..................................................................... M echanic s h o p s . . . . ....................................... Iron m achine sh o p s ........................................... Iron foundries...................................................... B oiler m an u factories......................................... L o com otiv e w o r k s ............................................ Brass fou n d ries................................................... Steam -planing, door, sash, blind, and fur niture m anu factories.................................... S a w m an u factories........................................... F lo u r -m ills ............................................................ S a w -m ills. ............................................................ P la s te r-m ills ........................................................ Tanneries and m o rocco fa ctories................. S oa p and candle factories and asheries . . Stone and m arble w orks................................. P o t t e r ie s .............................................................. L im e-kilns and stone y a rd s............................. R ailroad d e p o t s ................................................ L ivery and om nibus s t a b l e s ........................ B r e w e r ie s ........................... M alt-hou ses........................ B a k e r ie s ............................. G as w o r k s ........................... H y d ra u lic w o r k s ............. D y e-h ou ses......................... S od a and sm all b eer . . . P rinting establishm ents. P u blic h a lls ........................ Churches.............................. B an k s.................................... T h e a t e r s ............................. J a i l ......................................... Orphans’ h o m e s ............... H ospitals............................. P ublic sch o o ls................... P rivate schools................... F ire engine h o u s e s ... . .•. P u blic m arkets................... P rivate m eat m arkets . . F orw a rd in g h ou ses.......... W h e a t e le v a to rs ............ . V O L . X L I .-----N O . I I . Brick & stone. 17 1859. 1854. 8,767 417 59 297 225 599 11 11 5 1 6 5,753 348 50 234 166 264 11 6 4 13 1 6 8 1 17 16 13 3 12 5 18 31 8 29 1 1 5 3 9 7 82 5 2 1 0 13 2 32 21 14 1 72 28 2 1 26 21 9 1 24 22 2 ,, 6 ,. 1 7 1 10 13 6 2 6 2 14 17 4 21 1 1 3 o 9 6 27 5 2 1 ,, 5 1 1 •• 1 5 1 .. 7 3 7 1 6 3 4 14 4 8 .. 2 1 .. 1 5 .. ,, 2 i 6 ,# 5 48 6 .. .258 Statistics o f P opulation, etc. 1859. Stationary steam-engines........................... Piano-forte and melodeon manufactories . Public bathing establishments ................. Rectifying distilleries.................................. Vinegar factories.......................................... Rope-walks................................................... Brush and broom factories................ Boarding-houses........................................... B'rs for ret’il of spirituo’s liq’rs, wine & be’r Coal-yards.................................................... Glue factories.............................................. Tub and pail factories................................. Rail-car manufactories................................ Steam match factories................................ Last manufactories...................................... Steam tobacco factories............................. File factories................................................ Ship-yards.................................................... Dry-docks...................................................... Railroad cattle yards.................................. Cutlery and edge tool manufactories.__ 1854. 71 49 2 2 3 1 4 4 2 1 6 1 1 96 232 4 457 10 3 689 5 22 2 4 6 2 100 Increase in 5 years. 2 1 3 2 i 2 i i 5 2 2 1 1 1 ,. 5 6 1 1 1 1 1 o .. 2 3 2 1 1 1 1 i •• POPULATION OF PRUSSIA. The population of Prussia has increased a3 follows, per official reports, since the wars of Napoleon :— P O P U L A T IO N . square miles. Area, 1816, 1825. 1S56. ......... 1,178 ___ ......... 734 576 ......... 460 ......... 508 1,467,551 841,121 1,266,765 689,681 1,966,060 1,197,363 1,066,141 1,889,450 1,924,725 1,045,947 1,479,482 742,306 2,2S9,299 1,358,888 1,190,349 2,112,616 2,636,766 1,392,636 2,254,305 1,288,964 3,182,496 1,861,531 1,527,252 3,046,621 T ota l........................... ......... Jahd....................................... Troops in Frankfort........... 5,103 10,394,042 12,243,603 17,190,575 227 12,029 Old Prussia......................... Posen................................... Brandenbourg..................... Pomerania........................... Silesia.................................. Saxony ................................ "Westphalia.......................... Rhineland............................ Grand to ta l................. 17,202,831 The place ol Jahd was acquired from Oldenburgh for the establishment of a northern post. The result gives a remarkable increase in numbers during the long peace. ___________________ POPULATION OF WILMINGTON, DELAWARE. W e compile from Boyd’s Delaware State Directory, just published, the follow ing account of the census for 1859, taken by authority of the city council:— First ward................................ Second ward............................ Third w a rd .............................. Fourth ward............................. Fifth ward................................ 3,768 3,373 4,671 5,940 2,037 City population . . . 19,789 Total population Brandywine village............... Washingtonville..................... Sparksville............................... McDowelville.......................... Population of suburbs. City population......... 910 I ll 66 168 1,255 19,789 21,044 Statistics o f P opulation , etc. 259 The number of buildings erected in Wilmington in 1857 was 149 ; in 1858, there were erected as follows:— Four-story bricks, 4 ; three-story bricks, 91 ; two story bricks, 68 ; one story brick, 9 ; two-story frame, 8 ; total, 180. Be sides these, there were erected the same year, one brick Catholic church, one brick public school, one stone gothic Svvedenborgian church, one stone Episcopalian church, and one brick Methodist church at Brandywine. COMPARATIVE LONGEVITY. In the French Revue Encyclopeclique are some interesting statements on lon gevity, and the proportion of deaths to the population, in the different countries of Europe. According to the data here presented, the duration and value of hu man life varies much between one European nation and another. The British islands, and especially Scotland, appear to be very favorable to the life of man ; in a million of inhabitants the annual deaths are somewhat more than eighteen thousand. Sweden and Norway are also salubious climates; there are only two deaths in that part of Europe for three in the southern countries. In Denmark and the greater part of Germany the proportion is about the same. Bussia and Poland, where the masses ol the inhabitants may be said to have scarcely the necessaries of life, are astonishingly favorable to the continuation of existence; the population lives, on an average, half as long again as the Italians, and exactly twice as long as the inhabitants of Vienna. The mean rate of mortality is in Switzerland, in the provinces of the Austrian empire, and in Spain, in which countries the annual deaths are about one in every 40. France, Holjand, Bel gium, and Prussia do not vary much from the same proportion. In other parts of Europe, the deaths are one in 30, and often more in the countries that border on the Mediterranean Sea. STATISTICS OF MORMON POPULATION. The Valley Tan copies the following statistics of Mormon population :—The population of Mormons in the United States and British dominions in 1856 was not less than 68.700—of which 38,000 were resident in Utah, 5,000 in New York State, 4,000 in California. 5,000 in Nova Scotia and the Canadas, and 9.000 in South America. In Europe there were 39,000—of which 32,000 were in Great Britain and Ireland, 5,000 in Scandinavia, 1,000 in Germany and Swit zerland, and in France and the rest of Europe 1,000; in Australia and Polyne sia, 2,400 ; in Africa, 100 ; and on travel, 2,800. To these, if we add the differ ent schismatic branches, including Strangeites, Eigdonites, and Whiteites, the whole sect was not less than 126,000. In 1857, there appears to have been a decrease in the population of Utah—the number being only 31,022 ; of which 9.000 were children, about 11,000 women, and 11,000 men capable of bearing arms. There are 388 men with eight or more wives ; of these, 13 have more than 19 wives ; 730 men with five wives; 1,100 with four, and 2,400 with more than one wife—recapitulation, 4,617 men with 16,500 wives! EGYPTIAN PROGRESS. The census of the population of Egypt, taken by order of the Viceroy, on the French method, has just been completed, and gives the following result:— The population, which in 1798 was 2,500,000, amounted in 1817 to 3,700,000, in 1847 to 4,250,000, and is now 5,125,000. The inhabitants of Alexandria, which in 1798 only amounted in number to 30,000, had increased in 1817 to 230,000, and are now near 400,000. 260 M ercantile M iscellanies. MERCANTILE MISCELLANIES. CONTRABAND OF WAR. The term contraband, remarks the Journal of Commerce, is from the Italian conirabamlo, contrary to proclamation, and is applied to all such goods as are not allowed to be exported or imported, on the ground of theories regarding na tional policy. Contraband of war is applied by belligerent powers to the furnish ing of arms, means for the furtherance of hostilities or other assistance to powers with which they are at war, whether by their own subjects, or the people of neutral States. The near prospect of a European war has given rise to much discussion as to the list of articles which this term may be supposed to include, but there is no rule on the subject which is of universal application. Vattel, in his Law of Nations, defines the term to include “ commodities particularly use ful in war, such as arms, ammunition, timber for ship-building, every kind of naval stores, horses, and even provisions in certain junctures, when we have hopes ( of reducing the enemy by famine.” In the past, powerful nations, able to enforce their own views in this respect, have taken the largest liberty in arranging the list of prohibited articles to suit their own convenience, so that there is scarcely an article of value now included in the schedules of commerce, which has not at some time or other been declared contraband. The most simple products of the soil, which were shipped in the regular course of trade, have been seized upon the coast of Europe by one or another of the belligerents, and either confiscated or taken at a nominal value, as likely to afford aid and comfort to the enemy Many of the civilized nations now have commercial treaties or conventions, limiting the application of this power, and nearly all of them exclude articles of food from the list of contra band, except in cases of an actual blockade of the enemy’s port. The United States having suffered during the former European struggles by the arbitrary exercise of this right of prohibition, made provision in all her earlier treaties with the principal maritime countries for the proper exercise of this power. Many persons have supposed that these treaties are still in force, and that with both France and England the understanding is so definite, that a list of the articles to be prohibited can readily be obtained. We have reason to believe that this is an entire mistake, and we know of no obligation which would bind either of these powers in case of a general war, as to the articles to be de clared contraband, except such as is contained in that somewhat uncertain code, known as the “ Law of Nations.” The treaty of 1778 with France provided, that under the name of contraband should be comprehended arms, great guns, bombs with the fusees, cannon balls, gunpowder, a great variety of other offensive and defensive weapons specially enumerated, horses with their furniture, “ and all other warlike instruments what ever.” All other classes and descriptions of produce and manufactured articles, including naval stores, “ and all other things proper either for building or re pairing ships, and all other goods whatever, which have not been worked into the form of any instrument or thing prepared for war by land or sea,” were especially exempted and could not be declared contraband. The treaty of 30th M ercantile M iscellanies. 261 of September, 1800, modiSed this in one or two particulars, but did not materially add to the list of contraband. These stipulations expired however by their own limitation, and as far as we can discover, have never been renewed ; so that in our intercourse with France we are entirely unguarded on this subject by any commercial agreement. The treaty of 1794 with Great Britain made a very different enumeration, for it enumerated as contraband, not only implements and munitions of war, but also timber for ship-building, tar or rosin, copper in sheets, sails, hemp, and cordage, “ and generally whatever may serve directly to the equipment of vessels, unwrought iron and fir planks only excepted.” These were also “ declared to be just objects of confiscation whenever they are attempted to ■be carried to an enemy.” This part of the treaty expired by limitation in 1807. Indeed the whole treaty was suspended by the war of 1812, but as the first ten articles were to be perpetuated, they were considered as revived by the peace. The other articles of the treaty, of 1794, including the 17th and 18th, the substance of which we have given above, had previously expired by the limitation under which they were adopted. In regard to the articles now to be prohibited, it is quite evident that in the absence of treaty stipulations, a change will be made from the list formerly ex cluded by general consent. The object being to prohibit the delivery to the enemy of such articles as were calculated to afford him direct assistance in carry ing on the war, any great change in the methods of warfare must involve a like variation in the materials required. An intimation has been given that in case England becomes involved, Her Majesty’s Government will not allow neutral vessels to carry coal to the ports of her enemies’ country, as steamers are now indispensable to naval success, and fuel for steam will therefore be a contraband article. This view will doubtless be, enforced in the Admiralty Courts of England, which would have jurisdiction of the cases in dispute, and it is hardly probable that the government of this country would interfere with the force of such decisions to that extent. It may be considered as settled, therefore, that to all kinds of arms, ammunition, warlike and naval stores, and materials for the construction and equipment of vessels, whether propelled by sails or steam, the term “ contraband of war ” would apply by general consent. Not so, however, with regard to provisions. As we leave the barbarous ages, each civilized nation has insisted with less and less rigor upon including food among the articles which may be prohibited by belligerents, and it is now generally understood that provisions which are in their natural state, or are prepared to meet the wants of consumers who are at peace, cannot lawfully be declared contraband of war, and can only be kept from an enemy’s port by an actual blockade. We are quite sure that the Government of the United States will be prepared to maintain this view of the case, and will not permit any na tion to exclude our vessels from carrying flour, pork, and other provisions to any open port which our flag may lawfully visit. TH E GOLD FIELD S OF AUSTRALIA. The total returns of gold per escort for 1857 is stated at 2,483,685 ounces, which, valued at 80s. per ounce, gives £9,934,740. The number of puddling machines on the gold fields are said to be 5,077, which, valued at £25 each, 262 M erca n tile M iscella nies. amounts to £126,925. Say that 10,000 horses are required for these machines at £20 each, this will give us . £200,000. Peed for said horses, say £100 each per anuum, £1,000,000. Then there are said to be 305 steam-engines, which we may value at £1,000 each, including cost of carriage and fitting up, or in all £305,000. Say these engines average 10 horse power, they will each consume 1,560 tons of fire-wood per annum, which, at 7s. 6d. per ton, gives £585, or £178,425 for 305 engines. Then, again, we have 146 quartz crushing machines, which we may value at £300 each, (exclusive of motive power,) or £43,800. We thus find, by the above moderate estimate, the fixed capital invested in gold-mining is as follows :— Puddling machines....................................................... Horses for d it to .............................................................................................. Steam-engines.......................... Quartz machines.............................................................................................. Pumping machines, whims, <fce., say............................................................. £126,925 200,000 305,000 43,800 50,000 T o ta l......................................................................................................... £725,725 W e next come to the working expenses, which may be put as follows :— Interest on fixed capital at 10 per cent...................................................... Horse feed, as above....................................................................................... Fire-wood for engines, as above..................................................................... Contingencies, tear and wear, <&c., say 20 per cent on permanent capital £72,572 1,000,000 178,425 145,144 T o ta l.......................................................................................................... Then again, the yield of gold, as above stated, is 2,483,685 ounces, valued as above, a t ...................................................................................... £1,396,141 9,934,740 From which deduct:—• Gold tax o f 2s.'6d. per ounce................................................ Fees for miners’ rights and business licenses, dice............... £310,460 60,000 --------- 370,460 Balance...................................................................................................... Deduct also interest and other contingencies, as above............................. £9,564,280 1,396,141 Remains for wages and profits............................................................... The latest returns, (6tli November.) states the number of men on the gold fields, exclusive of Chinese, at.......................................................... Chinese...................................................... ' ............................ 30,058 Say that they, if taken by the European standard, are equal in working power to .................................................................................. Horses and horse-power of machinery, which, taken at the usual esti mate of seven men to a horse power, gives .......................................... £8,168,189 Or altogether equal t o ........................................................................... 111,288 20,089 91,350 222,677 It has already been shown that the value of the gold after payment of the government charges, is £9,564,280 ; let us therefore divide it by this number, viz., 222,677, when we will find that the proportion to each man is £42 19s. per annum, as the value of his labor. There are also 24,154 women and 33,094 children to be provided for by the above number of men, and their equivalents in machinery, in addition to 10,019 Chinamen unaccounted for above, but who have also to be found with the necessaries of life. The full number of men on the gold fields have been taken into consideration in the above estimate for the very simple reason that they are all dependent on the produce of the mines. Horses and machinery have, at the same time, been looked on as so much realized labor, and the usual test applied thereto. M ercantile M iscellanies. 263 That the above is a close approximation to the fact may be safely assumed from one leading'circumstanee amongst many, viz.:—That no less than 186 de clared insolvencies, representing losses of nearly £200,000, have been gazetted during this year, all connected with the gold fields. We shall now endeavor to show the relative cost of gold produced by manual labor, as compared with horse labor and machinery. The value of gold produced by machinery and horse labor would give us for its equivalent of 91,350 men, £3,923,607, from which deduct £1,396,141, being cost of working expenses, (exclusive of the proportion of manual labor requisite for superintendence, &c.,) when we find a balance remaining as gain under this head of £2,527,466, or equal to £27 13s. Od. per man per annum, to pay for ex tra attendance and profit. Let us now assume that the remaining £5,640,673 is produced by 131,327 men. We shall calculate their rations at Is. 6. per day, or £27 7s. per annnm. This sum multiplied by the number of men gives us £3,591,793, which, deduct from £5,523,013, leaves a balance to credit of £2,048,880, or £15 11s. per man per annum, wherewith to find himself in traveling expenses, tools, clothing, and the support of his family. By the above estimate we have a balance in favor of machinery of 80 per cent on the cost of production. It therefore naturally follows that the more powerful the machinery used, the less expensive it will be to work, and consequently the more profit it will yield to its possessors when they can the better afford a liberal percentage for the requisite manual labor. The returns for 1857 have been taken as those for 1858, which are not yet complete, but they will evidently be less than for 1857, so that a corresponding reduction of wages will ensue. BUSINESS. “ Business,” says a celebrated writer, “ is the salt of life, which not only gives a grateful smack to it, but dries up those crudities that would offend, preserves from putrefaction, and drives off all those blowing flies that would corrupt it. Let a man be sure to drive his business, rather than let it drive him. When a man is but once brought to be driven, he becomes a vassal to his affairs. Rea son and right give the quickest dispatch. All the entanglements that we meet with will arise from the irrationality of ourselves or others. With a wise and honest man a business is soon ended, but with a fool and knave there is no con clusion, and seldom even a beginning.” MILK M EASURE, By a law of the last Legislature of Massachusetts, milk is hereafter to be sold by wine measure instead of the standard now used. The gallon of the Winches ter bushel, by which milk is sold now. contains 268.9275 inches ; that of wine 231 inches. It is therefore apparent that the future standard will be 41.10 per cent less than the present one—quite an important difference. Now if an act can be secured by which eggs shall be sold by the pound instead of by the dozen, another good idea will be put into operation. 264 M ercantile M iscellanies. LONDON N EW SPAPERS. The immense success which the London Times has attained, is evinced by a return of stamps issued during the year 1857, which we find in an English paper received by the last mail. It must be recollected that an act of Parliament, pas sed two or three years ago, prescribes the use of stamps only for those papers which are sent through the mails; so that the subjoined figures exclude the whole of the home circulation of the London papers, which is, of course, immense. The external circulation evidenced by the figures included in the return, is as fol lows :— D A IL Y P A P E R S . London Times........................... Evening mail, (the tri-weekly issue of the Times,) ......................... ............. MorniDg Post......................... : ............. Horning Herald....................... ........... Total. Stamps at Id. Stamps at l£d. 2,062,768 8,638,791 510,000 430*000 309,500 Daily N e w s............................. ............. ........... Morning A dvertiser............... Morning Chronicle................... ............. *229,406 166,000 83,000 W EEKLY Illustrated London News . . . . News o f the W o r ld ................. Bell’s Weekly Messenger . . . . ............ Record....................................... ............. Weekly Despatch................... ............. Punch........................................ . ........... ........... ........... ........... ........... ........... ........... ........... 610,000 430,000 309,500 240,000 229,466 166,000 90,000 83,000 Daily average. 11,738 3,290 1,387 998 774 740 539 290 268 PAPERS. Weekly Stamps at I d . Stamps at Ud. Total. 9 average. 32,912 290,U00 1,711,456 12,806 ........... 665,900 9,644 ........... 501,500 501,500 9,010 ........... 468,500 6,244 _____ 324,673 824,673 4,872 5,000 25^346 248,346 3,288 ........... 171,000 The above figures are chiefly valuable as indicating the lofty pre-eminence of the Times over its daily cotemporaries iu the matter of circulation ; but they can have little absolute value, while the number of the home circulation remains unknown. It is scarcely necessary to remark, moreover, that the mere numbers of circulation affords a very imperfect test of the intrinsic excellence of newspa pers, either as regards their utility to subscribers or their worth to advertisers. If numbers were the true test, “ Bell’s Life ” in England, and some of the most worthless sheets in this country, would occupy a very high rank. So many ele ments enter into the question of the relative value of different papers, both to readers and advertisers, that it is impossible to fix arbitrarily upon any one of them as a decisive test. The London Times seems to have had the good fortune to unite them all. OUR SEABOARD, The line of coast belonging to the United States is very extensive. Accordto the report of the Coast Survey, there are G,821 miles of Atlantic coast, 3,467 miles of the Gulf coast, and 2,281 miles on the Pacific, making a total of 12,569 miles. The main shore line of the Atlantic, including bays, &c., is twice the extent of the Gulf, three times that of the Pacific, and more than equal to that of the Pacific and Gulf combined. The Southern States have three times as much sea-coast as the Northern. 265 M ercantile M iscellanies. COST OF WAR. The London Monetary Times and Bankers’ Circular makes the following striking remarks:— If the cost of war be compared with the advantages which nations gain in ex change, we fear that the balance will be a very formidable one on the wrong side of the account. As far as our own country is concerned, the annual expenditure has become a very serious item. A t the close of the French war in 1816, the total cost of the army, ordnance, and navy amounted to £26,593,128. The number of men in that year lor the army, ordnance, and navy, and the expenditure, were as follows :— Army.......................................................... Ordnance.................................................... N a v y ......................................................... Men. 133,505 13,748 33,000 Expenditure. £13,047 683 2,661,711 10,883,834 Total.............................................. 180,253 £26,593,128 If we measure this expenditure by the total number of men, the ratio will be found to be £147 per head. A t the end of the subsequent five years, namely, in 1821, the total number of men voted for the army, ordnance, and navy was 122,960 ; and the total expend iture was £16,468,696 ; or in the ratio of £133 per head. From this period there was a decrease in the total expenditure, which remained almost stationary until the commencement of the Crimean war in 1854, which more than doubled the amount in the three following years. During a period of thirty-five years, ending 1851, the highest amount of ex penditure for the army, ordnance, and commissariat was £15.709,294 in 1816 ; and the lowest was £7,558,057 in 1835. For the navy the highest amount of expenditure was £10,883,834 in 1816, and the lowest amount was £4,148,146 in 1835, exclusive of the civil establishments. During the next quinquennial period, the amounts have so far surpassed those of former years, that we shall give them for each year :— Total number of men voted. Years. Total expenditure. Ratio per bead. 1852- 3 ............................... 165,017 £14,958,566 £y(J 185318541855185618571858- 4 ............................. 5 .............................. 6 ............................. 7 ............................. 8 ............................. 9 ............................. 165,381 226,751 285,941 307,716 181,996 189,515 15,914,517 27,908,811 48,186,482 33,871,148 21,497,290 20,429,126 96 125 168 110 113 107 We must caution our readers from drawing any inference from the above fig ures, other than the progressive increase of expenditure which war necessarily incurs ; but this increase exhibits itself in so enormous a proportion, that we may well pause before we venture again to incur such heavy responsibilities. During the three years that the Crimean war lasted, this country spent on its army and navy no less than £109,966,441, or an average sum of £36,655,480 per annum, exclusive of the cost of the civil departments. During the same period is added £29,000,000 to the funded debt of the country. Before we close this subject we shall present a statement of the claims which war and debt have made upon this country during the last five years :— Years. 1854 1855 1856 1857 1858 ....... ............................................. ............................................. ............................................. ............................................. Naval and military expenditure. £27,908,811 48,186,482 33,871,148 21,497,290 20,429,126 Interest on the public debt, funded and unfunded. £27,093.340 28,185,958 28,681,177 28,627,103 28,527,484 Total expenditure for war and debt. £55,002,151 76,372,440 62,552,325 50,1 14,393 48,956,610 266 M ercantile M iscellanies. We see by these figures that the war and debt of this country, during a period of hostilities, absorbed the whole of the ordinary income of the State. The following statement gives the actual proportion which the military and naval ex penditure and public debt bear to the total ordinary income of the country in each of the above years :— Tears. 1854 ................................................... 1855 .................................................. 1 8 5 6 ................................................... 1857 ................................................... 1858 .................................................. Total expenditure for war and debt. £55,002,161 76,872,440 62,552,825 50,124,893 48,956,610 Total ordinary revenne. £61,206,818 65,704,489 69,808,996 72,334,062 67,881,512 Per cent paid for war and debt. 89.8 116.2 89.6 69.2 72.1 The above sums are so formidable in their proportions that we need not urge any other argument to show the necessity of avoiding the expenditure which war and debt bring in their train. THE MAELSTROM NOT A M YTH. The ancient accounts of the above-named whirlpool on the coast of Norway were imposing for the terror which were asbribed to it. It was stated to be several miles in extent—a large boiling cauldron circling round in one great eddy, into which whales and ships were sometimes drawn and carried down forever beneath its horrid waters. That such a whirlpool does exist would appear to be true, but it is not such a terrific, affair after all. M. Hagerup, the Minister of Norwegian Marine, has recently given some account of it. He states, that the great whirl is caused by the setting in and out of the tides between Lofoden and Mosken, and is most violent half-way between ebb and flood tide. A t flood and ebb tide it disappears for about half an hour, but begins again with the moving of the waters. Large vessels may pass over it safely in serene weather, but in a storm it is perilous to the largest craft. Small boats are not safe near it at the time of its strongest action in any weather. The whirls in the Maelstrom do not, as was once supposed, draw vessels under the water, but by their violence they fill them with water or dash them upon the neighboring shoals. UNITED STATES PATENT OFFICE. The activity of invention in this country is quite surprising, and the results furnish an important item in mercantile operations. The traffic in invention is of great importance in itself apart from the value of the things invented. The results of the operations of the Patent-office for the year closing the 31st Decem ber, 1858, were as follows :— Number of applicants for patents during the year 1858 .................................. No. of pat’nts granted, including designs, re-issues, & additional improvements Number of caveats filed.......................................................................................... Number of applications for extension of patents................................................ Number o f patents extended.................................................................................. Number of patents expired, December 31, 1858 .............................................. f,364 8,710 943 24 20 563 Of the patents granted there were:— To To To To citizens of the United S ta te s....................... .................................................. subjects of Great Britain.................................................................................. subjects of the French Empire . . . . ............................................................. subjects of other foreign governments............................................................ Total.............. 3,668 20 14 8 8,710 267 M ercantile M iscellanies. The total receipts of the Patent-office for 1858 were $203,716 16, and there were $39,719 46 in the treasury at the commencement of the year. The expen ditures were $193,193 74, leaving a balance on hand in the treasury of $50,241 88. T A B L E E X H I B I T IN G T H E BU S IN E S S O F T H E O F F IC E F O R Years. 1 8 4 2 ................. 1 8 4 3 ................. 1844 ............... 1845 ................. 1846 ........... •.. 1847 ................. 1848 ................. 1849 ................. 1850 ................. 1 8 5 1 ................. 1852 ................. 1853 ................. 1854 ................. 1865 ................. 1856 ................. 1S57................. 1858 ................. Applications Caveats filed. filed. 291 315 380 452 448 533 607 595 602 760 996 901 868 906 1,024 1,010 943 17 Y E A R S , E N D IN G D E C . Patents issued. 517 531 502 602 619 572 660 1,070 995 869 1,020 958 1,902 2,024 2,502 2,910 3,710 Cash received. $36,505 6S 35,315 81 42.509 26 61,076 14 50,264 16 63,111 19 67,576 69 80,752 78 86,927 05 95.738 61 112,056 34 121,527 45 163,789 84 216,459 35 192,588 02 196,132 01 203,716 16 31, 1858. Cash expended. $31,241 48 30,776 96 86,344 73 39,395 65 46,158 71 41,878 35 68,905 S4 77,716 44 80,100 95 86,916 93 95,916 91 132,869 S3 167,146 32 179,540 33 199,931 02 211,582 09 193,193 74 It will be observed that the depression under which the business of the office was laboring at the date of the last annual report has passed away, and that the rebound from the disastrous effects of the revulsion in 1857, then so confidently predicted, has already been fully realized. The applications of 1858 amount to 5,364, against 4,771 in 1857, and 4,960 in 1856, while the receipts show an ex cess over the expenditures of $10,522 42, against a deficit, of $15,450 08 in 1857. ABOUT SILVER. Half a century ago the annual production of silver, so much as comes to the use of Atlantic nations, was stimated at $38,500,000 ; with no material devia tion in the average in the meantime, the annual yield is now $44,000,000. Sil ver is flowing to the East with great rapidity. M. Chevalier, in his recent work, states the following facts :— From the books of an English navigation company, it appears that in 1856 this company carried direct from England to Asia $60,000,000, and in 1857 $84,000,000 in silver. In 1851 the quantity shipped through the same channel was only $8,500,000. There was sent to the East from the Mediterranean ports in 1856 $10,000,000 of silver, and in 1857 $16,000,000. It goes eastward through many other channels, but the two items given above for 1857 amount to more than double the annual supply that comes to our part of the world. The Chinese and all the barbarous nations of Asia demand silver. In the British Empire of India silver alone is the legal tender; and a new market is now opened for the same metal in Japan. How extensive a market this last will prove to be cannot yet be known ; but the Japanese will aid in draining silver from Europe to the extent, of whatever gold they no.w possess. It would seem as if the two great sections of the globe—the Atlantic nation on the one part, and the Asiatic on the other— had agreed to divide the precious metals between them, the Asiatics choosing to have the silver, the Atlantic nations being content to retain the gold ; and the actual division is rapidly going on. 268 M ercantile M iscellanies. MORALITY OF BARGAIN-MAKING, “ I may buy as cheap as I can, and sell as dear as I can ; for every one I deal with is the best judge of his own interest.” It is not always that a piece of reasoning tends to a conclusion so comfortable. But it is not to be wondered at that many an honorable man should be perfectly satisfied with reasoning which seems so fair, when the conclusion is so inviting. Admit two things ; that the parties are equally solvent, that the parties are equally shrewd ; and then, as a mere piece of dry mechanism, your principle may stand tolerably upright. But among men who meet upon unequal terms, the principle will bear you out in cruel oppression. A cloth-maker offers to a cloth-merchant a parcel of cloth. His manner, or something else, tells the merchant that he is under the necessity of finding money. He asked a fair price. According to the judgment of the merchant that price would give the maker a fair remuneration and himself a fair profit. But he knows, or he guesses, that money happens to be, at the mo ment, of exorbitant value to his neighbor. On this conviction he refuses the fair price, and offers one that would double his own profit, but would leave the other without any profit, or with a loss. The other hesitates, reasons, entreats, but at last reluctantly yields. The mer chant exults in a good bargain. A good bargain! is that what you call it? Why, the thing you have done is neither more nor less than taking advantage of your neighbor’s necessity, to deprive him of the just reward of his labor, and to put it into your pocket. “ But I am not bound to look after another man’s in terests.” Yes, you are. God has bound you to it. He has bound all other men to do the same to you. “•But if my money was not of more value than his goods, why did he then accept it. I did not force him.” Yes, you did, as far as in you lay. You saw him in a position where he must either submit to the loss you imposed upon him or incur a heavier one. You took advantage of him. You believed that the whole profits, fairly divided, would leave him a share and you a share. You saw a chance of getting his share yourself, and you seized it. It was not fair; it was not brotherly. It was not after the will of God. All the mercantile maxims in the world will not consecrate it. You have deprived the laborer of his hire. You have denied your brother equal rights. Had you done your duty, two hearts would have been the better. By foregoing this opportunity of excessive gain, your own heart would have gathered fresh strength to do justly and love mercy; by so doing, your neighbor’s heart would have gained fresh esteem for his fellow-men, and fresh courage for his struggle. But now two hearts are the worse. Yours in contracting around its ill-gotten profits ; his heart is soured and rendered distrustful. EARLY TRADING IN MINNESOTA. A gentleman now somewhat advanced in life, say3 the St. Paul Times, who in one particular is connected with the early commercial history of Minnesota, is in the city at this time, stopping at the Fuller House. We allude to Col. Paul Anderson, of Cincinnati, who is known far and wide throughout the West and South. In the year 1819, Col. Anderson was in business at St. Louis, and during that year Lord Selkirk was about establishing on a permanent basis his 269 M ercantile M iscellanies. colony on the Red River of the North. Lord Selkirk issued proposals at St. Louis for the purchase of a large number of cattle to stock the colony. When the bids were opened it was found that Col. Anderson was the lowest bidder, and the contract was accordingly awarded to him. He procured his stock in Rlinois and Missouri, and employed a sufficient num ber of men to drive them through to Red River, giving the drovers one-half of the profits of the adventure. Their course was across the country through Missouri, and what is now Iowa and Minnesota, passing through our State by way of the head-waters of the Des Moines and Minnesota rivers. It was late in the season before they started, and of course they were late in arriving at the end of their long and tedious journey. But they met with no material accident whatever, only losing two of their cattle on the entire route. They received their pay in exchange on London, and returned late in the winter by dog trains to Prairie-du-Chien. There they waited for the river to break up, when they proceeded to St. Louis by canoes, getting through all safe with their bills of ex change in their pockets. Col. Anderson sold his exchange in New Tork for 13 per cent premium, and in the end netted a handsome profit by his contract. From this drove of cattle has sprung the whole of the Red River stock of our day. The bulls and heifers of Col. Anderson's drove were the ancestors of the Red River oxen which we see harnessed in carts and driven about our streets at this time. We think the colonel is justly entitled to be considered the pioneer Red River trader, and certainly the oldest now living. # COBBETT. This extraordinary man, alluding to the number of his “ works,” observed :— If any young man wish to know the grand secret relative to the performance of such wondrous labor, it is told him in a few words—be abstinent—be sober—go to bed at eight o’clock and get up at four—the last two being of still more im portance than the two former. A full half of all that I have ever written, has been written before ten o’clock in the day; so that I have had as much leisure as any man that 1 ever knew anything of. If young men will but set about the thing in earnest, let them not fear of success; they will soon find that it is disagreeable to sit up, or to rise late. Literary coxcombs talk of “ consuming the midnight oil.” No oil, and a very small portion of candles, have I ever con sumed, and I am convinced that no writing is so good as that which comes from under the light of the sun. STARTING IN THE WORLD, Many an unwise parent labors hard and lives sparingly all his life, for the pur pose of leaving enough to give his children a start in the world, as it is called. Setting a young man afloat with money left him by his relatives, is like tying bladders under him—he looses his bladders and goes to the bottom. Teach him to swim, and he will never need the bladder. Give your child a sound education, and you have done enough for him. See to it that his morals are pure, his mind cultivated, and his whole nature made subservient to the laws which govern man, and you have given what will be of more value than the wealth of the Indies. You may have given him a start which no misfortune can deprive him of. The earlier you teach him to depend upon his own resources, the better. 270 T he B ooh Trade. THE BOOK TRADE. 1. — Fire Essays, by J. R. M it c h e l l , M. D. Edited by S. W M. D. Philadelphia : J. B. Lippincott & Co. / e ir M it c h e l l , The late Professor J. R. Mitchell was so extensively known to the scientific world, that the thousands of readers throughout this and other lands, who ea gerly sought and received these essays as truths, tried as by fire, will hail this re-publication of his Cryptngamic Origin of Malarious and Epidemic Fevers, Animal Magnetism; or, Vital Induction, The Penetrativeness of Fluids, The Penetration of Gases, and A New Practice in Acute and Chronic Rheumatism, as an admirable tribute to the memory of their author. It can be truly said of the author of these essays, that he never undertook anything without doing it thoroughly. And these essays not only comprehend the application of all the knowledge before known on these subjects, but they include the most searching tests of facts distinguished from theories. Written for, and submitted to the criticism of scientific bodies, their closeness of investigation is only equaled by the clearness of style, and simplicity of language, with which they are clothed. Hence, they are not only readable, but highly entertaining and instructive to all who would become familiar with subjects the very names of which are mysteri ous. The Cryptogamic Origin of Fevers, cj-c.. contains a large and profitable mass of information useful to all who would avoid a chief cause of disease, while it thoroughly acquaints one with the nature and importance of an interesting part of botany. Animal Magnetism; or, Vital Induction, is a thorough examination and elucidation of “ mesmerism," where the revelation of our ignorance of every thing, excepting name of a subject, deeply interesting to everyone, is no less as tonishing than the truths here laid bare of all the mysticisms of charlatanry. All we know of the Penetrativeness of Fluids, and the Penetration of Gases, has its fountain-head in these essays, the author of them being the first to clearly ex plain these otherwise mysterious subjects. Of the Essay on Rheumatism, though chiefly profitable to physicians, yet it is like the others, an application and com panion of all that was, at the time of its writing, known on the subject, with a selection of plan, founded on a thorough knowledge of everything pertaining to it. It is a fit ending of the volume, displaying, in a remarkable manner, the con dition of its author amidst contending theorists. Perishable as this book may be, and “ out of print ” it will as certainly be as are the issolated essays which compose it, the truths here brought to light will continue to be a portion of all that may hereafter be made known on the subjects treated of, as they are the very foundation stones for enlightened scientific investigation. 2. — Wyandotte; or, the Hutted Knoll. Illustrated from drawings by Barley. Townsend & Co. A Novel. By J. F enimore C ooper. 8vo., pp. 523. New York : W. A. It was Fenimore Cooper who first laid the foundation of American romance, and he w'ho won the first meed of praise as a distinguished American novelist. The edition now in course of publication by Messrs W . A . Townsend & Co., of which this comprises the fifth issue, in typographical and pictorial art is beyond all comparison, the finest we have ever seen employed upon works of this character, and does honor to the merits of so excellent a writer, who has shed so much glory over the spirit ot romance, as well as the literary annals of the coun try. This edition, when complete, will consist of thirty-two volumes, each volume complete within itself, and will embrace all the author’s tales, from the “ Pioneers ” to “ The Ways of the Hour.” We believe, or would hope, there are but very few of our American readers who have not read more or less of Mr. Cooper’s tales. Who has not read of that mythical personage—that connecting T he B ook Trade. 271 link between the European an Indian Leatherstocking ? one of a class of people never individualized in history, yet heroes in their way, so full of daring and ad venture, possessing so many noble and generous traits, yet with characters so mixed up with foibles and vice3, the latter too often the result of unfavorable circumstances, as to afford material, in the hands of a master like Cooper, out of which to work up the most amusing and- instructive narrative. This one, “ "Wyandotte,” by no means his best, is a forest tale, though there is but little of forest adventure connected with it, being rather incidents occurring in and around the residence of a family occupying a secluded position, the various personages introduced being truthful portraits of some phase of American charac ter and pioneer life as it was seventy years ago, and is now on the remote west ern frontiers of the republic. 3.— The Poetical Works of Edgar Allen Poe, with an Original Memoir. pp. 278. New York : J. S. Eedfleld. 16mo., In this little volume of blue and gold, we have collected all the poems of that very eccentric man, Edgar Allen Poe. sometimes called the stark-mad poet. Previous to his death he took pains to have these “ trifles,” as he termed them, collected under his own supervision, with a view to their redemption from the many improvements to which they had been subjected while going at random the rounds of the press, being, naturally enough, auxious that what he had written should circulate as it originally fell from his pen. With most of the produc tions of this strange man, especially his poetry, all are familiar, As an original imaginative being, endowed with the highest intellectual gifts, we have had very few, if any, who excelled Poe ; yet, purely imaginative as he was, all his senti ments seem inspired by unnatural objects ; or, in other words, he seemed to dwell in a world of shadows of his own creation—apDarently actuated by none of those generous impulses of sympathy with his fellow-mortals we all love so well to see breathed through the inspirations of verse, and a close study of his pro ductions reveals but little which goes to make up the terrestrial man. With him there is but grief, despair, and longing— no sympathy for human weal, no firm purpose, no impetuous pursuit, mingled with a determination not to despair, and looking forward hopefully to the day of glad triumph ; nothing but those flights of high-wrought imagination— those raven shadows that perched above his chamber door, —f,—“ never flitting, Still is sitting, still is sitting,” lending a dead march, or sort of funeral wail, to everything he uttered, and go ing to stamp him, par excellence, the misanthropic, meiaucholy poet. Poe must either have been born with a disposition utterly unfit to buffet the waves of an adverse fortune, or else Eblis early beset the path of the precocious poet with snares, carrying him along over the rough track of life so fast that life soon lost its zest. Probably the latter, as when a mere boy we find him thus despairingly summing up all of life—• ------ “ boyhood is a summer sun, Whose wauing is the dreariest one— For all we live to know is known, And all we seek to keep hath flown— Let life, then, as the day flower, fall ' With the noon-day beauty— which is all.” This disposition, doubtless it was, this lack of hope and moral responsibility, which made Edgar Allen Poe at war with himself and kin, and led to so early a close of his troubled life, leaving little else behind than the dark.shadows of his mind to sigh his requiem. 272 4. — Waverly Novels. & Brothers. T he Booh Trade. By Sir W alter Scott. Philadelphia: T. B. Peterson We have received from Messrs. Peterson & Brothers “ Eedgauntlet,” being the eighteenth volume of their cheap weekly issue of Waverly Novels for the million. They are furnished at 25 cents each, or the complete set, twenty-six volumes in all. for §5. and sent free of postage to any place in the United States. W e have examined minutely the manner in which these volumes are issued weekly by the Pelersons, and unhesitatingly pronounce it admirable and cheap, and would advise all our readers, who wish to possess a complete set of these flue novels, at an extremely low price, to address the Messrs. Peterson, who will send them complete to any one, free of postage, on the receipt of $5. Probably such an opportunity may never again be offered, as at this price they are the cheapest set of books (when the quality of the reading matter is taken into account,) ever issued. 5. — Life of General Garibaldi, written by himself, with sketches of his com panions in arms. Translated by his friend and admirer, T h eodore D w ig h t . 12mo., pp. 320. New York : A . S. Barnes & Burr. The autobiography o f this gallant and self sacrificing patriot cannot but be interesting just at this time, coupled, as it is, with the glorious strife he is now waging against domination in Italy. We believe we. have had but few revolu tionary leaders whose careers will bear such close scrutiny, on the score of disin terestedness, as will that of Garibaldi, whether we view him behind the barricade of Borne, for a time successfully resisting the French legions, who, with their bayonets, had come to vindicate that beautiful theory of Papal authority, or as now we have just witnessed him with his volunteers breaking the joints of Aus trian power in Italy. From whatever point we view him, we find his whole life devoted to one great object, the liberation of the oppressed, and his name con nected with honorable deeds both at home and abroad, with a simplicity of life and manners which recalls to mind the old Komans of antiquity, mingled with losses and trials, glory and poverty. Every particular relating to such a man is precious, and we can conceive no more wholesome or instructive chapters of his tory than the autobiography of such a man as Garibaldi. Every blessing on his head, say we ; and though he may never live to witness the perfect regeneration of Italy, we sincerely hope his recent glorious achievements may bear their fruit in the peace which brings the liberation, as the world views it, of at least half of his beloved country. 6. —Aguecheek; or, Sketches of Foreign Travel. ’l& io., pp. 3 3 ^ . Boston : Shepard, Clark & Brown. The greater part of the subjects comprised in this neat volume were first given to the public through the columns of the Boston Evening Gazette, and created so much attention at the time Messrs. Shepard, Clark & Brown have seen fit to collect them, in this form, embodying near four hundred pages. Although, in main, a book of foreign travels, of which we have ever so many, the popular topics comprised in some of these essays are an exceeding “ let-up,” and afford a striking contrast to the usual dearth of most of our peregrine authors, who hav ing taken ship some fine morning, must needs make known their adolescence over their respectable brethren of community, at home, by a recital of their nambypamby trash, told for the hundredth time concerning the height of St. Peter or the great Pyramid, of a luncheon partaken beneath the mighty dome of the Yaticau, or it may be a hair-breadth escape of being ridden down by the out riders of some sprig of royalty. Included among these essays will be found an able paper concerning the French Emperor, which, though somewhat hyperboli cal, we believe is. in main, just and to the point, together with several others, such as the •* Philosophy of Cant,” Memorials of Mrs. Grundy,” &c., &c., which go to show Mr. Charles B Fairbanks, for that, we believe, is the author’s name, an independent thinker, a logical reasoner, who by no means mistakes the means for the end, and one possessed of perceptive faculties and writing abilities of no common order.
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