The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
HUNT’S
MERCHANTS’ MAGAZINE.
Established July, 1839,
BY FREEMAN HUNT, EDITOR AND PROPRIETOR.
VOLUME X X V .
DECEMBER,
1851.
NUMBER VI.
C O N T E N T S OF NO. V I., VOL. X X V .
ARTICLES.
A rt.
I.
II.
p aq b .
THE COTTON TRADE.
By Professor C. F. M c C a y , of the University o f Georgia............. 659
THE RELATIVE MERITS OF LIFE INSURANCE AND SAVINGS BANKS. By A. B.
J o h n s o n , Esq., President of t h e Ontario Branch Bank, and author o f a
Treatise on
Banking,” etc................................................................................................................................. 670
III. FINANCIAL CRISES, AND THE MONETARY SYSTEM : A Letter from M. L. C h i t t i ,
and a criticism of his work.......................................................................................................... 677
IV. COFFEE: AND THE COFFEE TRADE. By J. G a rd n e r , Esq., merchant, o f Rio de Janeiro 690
V. INTERNAL IMPROVEMENTS IN THE STATE OF NEW YORK— A SKETCH OF THE
RISE, PROGRESS, AND PRESENT CONDITION OF INTERNAL IMPROVEMENTS
IN THE STATE OF NEW YORK.—No. X 11.—RAILROADS, & c. Bv Hon. A. C.
F l a g g , late Controller o f the State of New Y o r k .................................................................... 694
VI. THE CROTON AQUEDUCT: ITS PRESENT CONDITION AND FIN AN CES.................. 704
J O U R N A L OF M E R C A N T I L E L A W .
Question whether certain memoranda, taken together with other circumstances, amounted to a
bargain and sale.................................................................................................................................
Promissory note.—Charter party—Seaman’s wages.—Supplies for ship on credit— Insolvent law.
Action on a bill of lading.—Collision—Action to recover for damages on shipment o f iron.........
Liability o f common carriers....................................................................................................................
715
718
718
720
C O M M E R C I A L C H R O N I C L E AND R E V I E W :
EMBRACING A FINANCIAL AND COMMERCIAL R E V IE W OF THE UNITED STATES, ETC., ILLUSTRA
TED W ITH TABLES, ETC., AS FOLLOWS I
Condition of the money market—Prospects for the future—Restraints upon commercial transac
tions should be internal, and not external— Value of occasional checks upon extravagance in
business—Foreign exchange—Imports and exports of the United States for the last fiscal year—
Balance of trade—Negotiation of railroad and other bonds more difficult—Resumption o f full
commercial intercouse between the north and south—Influence of Commerce, not only upon
domestic tranquility, but also upon the peace of the world—Condition o f New Orleans banks—
Receipts of gold from California—Deposits and coinage for October at the Philadelphia and
New Orleans mints—Total production of the California mines—Imports at New York for Octo
ber-Increased receipts of free, and decline in dutiable goods— Imports at New York for ten
mouths—Import o f dry goods at New York for October—Import o f dry goods for ten months—
increased receipts o f s’ilks, and decline iu cottons, woolens, and linens—Receipts for cash duties
in October, and lor ten months—Exports at New York for October—Particulars o f decline in
exports in New York—Quantity of principal articles of domestic produce exported—Exports
for ten months—Increased consumption o f breadstuffs abroad consequent upon the decline in
prices................................................................................................................................................ 721-727
V O L . X X V .-----N O . Y I .
42
658
COSTENTS OF NO. VI., VOL. XXV.
COMMERCIAL
STATISTICS.
PAGE.
Commercial navigation o f New Y o r k ......................................................................... *....................... 728
Imports and exports o f the port o f New York in 1850-51.................................................................... 731
Imports and exports of Boston, 1850-51................................................................................................ 732
Virginia tobacco trade in 1850-51.......................................................................................................... 735
Export o f lumber from Mobile.—Prices of cotton at Mobile from 1835 to 1851................................. 736
Statistics o f the tobacco trade for 30 years.—Large ships, and large cargoes o f cotton.................... 737
JOURNAL
OF B A N K I N G ,
CURRENCY,
AND F I N A N C E .
Synopsis of the debt of Texas..................................................................................................................
United States Treasurer’s statement, November 1, 1851.—Prussian finances....................................
Mint in the city of New York, and receipt of California gold............................................................
Bill tables: a method o f ascertaining the time o f payment of notes, & c........................ .................
Progress o f banking capital in Boston.................................................................................. ..................
Receipts and expenditures of the United States.—U. S. Treasury notes outstanding Nov. 1, 1851.
Scarcity of specie in California.......................................................................................................... .
Banks of Baltimore.—Phila. bank dividends in 1851.—Value of real and personal estate o f Buffalo
Finance of the British penny postage system........................................................................................
Rothschild, the Hebrew financier, outwitted.........................................................................................
Expenses o f transporting gold from New York to London.—The fate o f wealth.............................
738
740
741
742
742
743
743
744
745
746
747
COMMERCIAL REGULATIONS.
Tariff of Turk’s island.................................................
748
Tareing sugar hogsheads........................................................................................................................... 750
Cincinnati Chamber o f Commerce.............................................................................................................751
Law o f partnership in Pennsylvania.—Commercial treaty between Prussia and Hanover.............. 752
Treaty between United States and Austria............................................................................................752
NAUTICAL INTELLIGENCE.
New light-houses in Gulf of Bothnia....................................................................................................... 753
Sailing directions for Receife lights and Algoa Bay............................................................................... 753
R A I L R O A D , C A N A L , A ND S T E A M B O A T S T A T I S T I C S .
The marine steam force of England....................................................................................................... 757
Distances from N. Y. to Chicago via Erie, & Albany &. Buffalo R. R.—Causes o f accidents on R. R. 758
Railways in Great Britain.—Travel to and from Boston.—Railroads in Alabama............................. 759
English and American iron on railroads.—Railways in Spain and Italy............................................ 760
Boston, Concord & Montreal R. R.—Home trade in Engknd by railways.—Amer. Railway Times 761
Routes of railroad freight between Buffalo and Albany.—Invention o f a new propelling p ow er.. 762
J O U R N A L OF M I N I N G A N D M A N U F A C T U R E S .
Statistics o f Lowell manufactories in 1851............................................................................................. 763
The manufacture of shawls at Lawrence................................................................................................ 765
Manufacture of Parian Porcelain............................................................................................................. 767
Coal bed at Straitsville, Ohio....................................................... ............................................................ 767
India Rubber tree and shoe-making....................................................................................................... 768
The manufactures o f Manchester............................................................................................................. 768
Statistics of the manufactures o f Pittsburg............................................................................................. 769
Pine-apple cambric.—Gold in South Carolina........................................................................................ 769
Cloth madu out of rag wool, or “ Shoddy ” ........................................................................................... 769
“ Manufacture of iron in Pennsylvania” ................................................................................................770
S T A T I S T I C S OF P O P U L A T I O N .
Census of cities of the United States in 1850..........................................................................................
Progress o f population in Virginia..........................................................................................................
Progress of Illinois in population............................................................................................................
Population of the Russian empire...........................................................................................................
770
771
774
774
MERCANTILE MISCELLANIES.
Bank exchanges........................................................................................................................................ 775
Fisheries and business of Gloucester, Massachusetts............................................................................. 776
The claret country o f Medoc.................................................................................................................... 778
Cotton screwing at Bombay..................................................................................................................... 778
Experiment with the fire annihilators..................................................................................................... 778
T H E B OOK T R A D E .
Notices o f 41 new Books, or new Editions.
779-784
HUNT’S
MERCHANTS’ MAGAZINE
AND
COMMERCIAL REVIEW.
D E C E M B E R ,
Art. I.— TII B C O T T O N
*
1851.
TRADE.*
F kom year to year, almost without exception, the reports o f a short crop
are circulated everywhere on this side o f the Atlantic; and on the other
side, with the same regularity, are heard the tales of ruinous prices o f goods,
and o f bankrupt brokers and manufacturers. These rumors are not, how
ever, peculiar to the dealers in cotton. They are common to all the pursuits
o f business where the supply and demand are irregular and uncertain. The
bulls and bears in Wall-street are engaged in the-same efforts as the cotton
sellers o f New Orleans and the buyers o f Manchester. The trade in flour,
tobacco, and coffee, as well as in wines, spices, and fruits, is subject to the
same false reports. They are found everywhere ; they are unavoidable, and
they cannot be prevented.
These reports sometimes imply fraud and falsehood— but often this is not
the case. In a country like ours, where cotton is cultivated in every variety
o f soil and climate, the drought which is so disastrous to one is often a bless
ing to another. The frost, the worm, the rust and the floods, are seldom
universal. Partial showers may relieve the general absence o f rain. The
wet bottoms do not require the same seasons as the thirsty uplands. The
* The first o f the present series o f reviews o f the cotton trade contributed to the pages o f the Mer
chants’ Magazine, by Professor C. F. McCay, o f the University o f Georgia, was published in the
number for December, 1843, (vol. ix., pages 516—523,) and has been continued annually, from that
time to the present. For convenience, as matter of reference, we give the number, volume, &c., o f
each article in the order in which they may be found by those who have the numbers or volumes o f
this Magazine from that time, (1843,) as follows:—See No. for December, 1844, vol. xi., pages 517—
522; December, 1845, vol. xiii., pages 507—512; December, 1846, vol. xv., pages 531—539; Decem
ber, 1847, vol. xvii., pages 559—564; December, 1848, vol. xix., pages 594—600; December, 1849, vol.
xxi., pages 595—601 ; and December, 1850, vol. xxiii., pages 594—604. In the last article referred to
above, the writer, iustead o f his usual annual review o f the cotton trade for a single year, extends
the examination back to a longer period, and gives statistical tables of the production, consumption^
and prices o f cotton for each year from 1840 to 1850, and the more important statistics of the trade,
as far back as 1825.—E d. Mer . Mao .
660
The Cotton Trade.
early crops do not demand the same supply o f rain and sunshine as the late
plantings. W hile thus from numerous localities the rumors o f ruin and de
struction may be true, they may not be general or universal. Those who
meet with calamities make the loudest noise, for it affects them deeply.
Those who do not suffer say but little, for they obtain only their wishes or
expectations, and there is nothing in this to call particular attention to their
condition. The losses affect not only the planter, but the factor, the mer
chant, and others, and thus many join in the cry o f disasters. The good
fortune o f others has no one to herald it, because few have any particular
interest in the result.
But though these false reports may always be expected, and do not of
themselves imply fraud and deception, they do nothing but harm to all con
cerned. Sometimes they appear to help the planter, but this is fully bal
anced at another time by a loss equal to his former gain. As the protit and
loss are thus sure at last to be fairly balanced, the unnecessary fluctuations
in price caused by these false reports are a serious and important injury to
both parties. It would be a great advantage to all, if greater steadiness
could be given to prices. W hen the planter makes his purchases and ex
penditures, expecting to receive fifteen cents for his cotton, and sells at last
for nine, the loss and inconvenience are greater than the gain and gratification
that attend an advance from nine to fifteen. So it is with the manufacturer.
If he contracts to deliver his cloth or his yarn, when cotton is low, a rise in
the raw material forces him to ruinous sacrifices, perhaps to pay extraordi
nary interest to the money lender, or close his business in bankruptcy.
Goods will not rise immediately with an advance in cotton. They fall sooner
with a decline than they rise with an advance. The loss is thus more than
the gain. As greater regularity and uniformity would be promoted by cor
rect and accurate knowledge o f the crops and markets, the truth, the whole
truth, and nothing but the truth, would be o f advantage to all.
It is a common opinion among the planters and factors o f the South, that
a short crop not only brings a higher price, but actually produces a larger
amount o f money than a large or an average crop. It would be strange if
this were true. Fine seasons, instead o f being the kind gifts o f a bountiful
Providence, would then be an injury and a curse. The destructive drought
and early frosts would be a positive advantage to the agriculturist. The
planter would be acting wisely for his own interests if he should destroy a
large portion o f what he had produced. These seem like strange proposi
tions, and, at first sight, are very improbable. Let us examine them by the
history o f prices for tw’enty-five years past.
The receipts for our cotton are constantly changin g: they rise and fall
like a wave o f the sea. A t times they go up for several years, and then de
cline suddenly. A t other times the rise is rapid and the fall gradual. In
twenty-five years the value o f our cotton exports, according to the official
reports o f the Secretary o f the Treasury, has six times reached the highest
point, and five times the lowest. O f these six years o f large receipts, three
o f them were large crops, two an average, and one small. O f the five years
of small receipts, four o f them were small crops, and one an average. In
these eleven years, the rule therefore was true but once.
Perhaps, however, the rule deserves a fuller examination. W e have sup
posed above that the crop and its proceeds were large when they exceeded
the amounts of the year before and the year after, and small when they were
less than both. It would be fairer, perhaps, to take the average o f every
The Cotton Trade.
661
five years, both o f the crop and o f the money it was sold for, and to call
that an average crop which was near— say within 5 per cent o f this average.
Thus, for the year 1847 the number o f bales delivered at the seaports was
1,779,000 ; the average of 1845, ’46, ’ 47, ’48, and ’49 was 2,270,000 bales,
so that the receipts were less than the average by 471,000 bales, or 21 per
cent below. This would, therefore, be regarded as a very short crop, because
more than 5 per cent from the average. So with the amounts for which the
cotton was sold. In 1848 the value o f our cotton exports was $62,000,000.
For 1846, ’ 47, ’48, ’49, and ’ 50 the average o f the values was $57,300,000.
The real receipts were therefore large, being $4,700,000, or 8 percent above
the average o f the five years o f which 1848 was the middle one.
If, now, we compare the rule with the facts of the last twenty-five years,
the crops were large, according to this definition, in 1827, ’ 30, ’31, ’40, ’43,
’ 45, ’48, and ’49, and short in 1828, ’ 32, ’37, ’ 41, ’ 42, ’47, and ’ 50. Of
these fifteen years no short crop brought a large value, and only one large
one— that o f 1831— brought a small value. If we had taken the exports
in pounds instead o f the crop in bales, there would not have been a single
year that the rule would have been found true ; so that the only case where
the rule appears to hold, in the twenty-five years, occurred when a large crop
brought a small price because a great deal o f it was retained at home and
unsold. In table I., at the end o f this article, may be seen all the crops,
values, and exports for the twenty-five years, with the average for each, and
every one may examine the facts for himself. In 1827 the exports were 5
per cent above the average, and the money received for them 32 per cent
above. In 1828 the exports were 15 per cent below, and the value 17 per
cent below. In 1829 the crop was an average one, and so was the cash re
ceived for it. In 1830 both were large, and in 1831 both were small. For
the six years, from 1832 to 1837, the exports were about an average, but
the values were sometimes large and sometimes small. In 1838 and 1839
the amount exported was first large and then small, and both years brought
average values. In 1840 it was large, and the money was large. In 1841
and 1842 we had two very short crops succeeding each other, yet the sales
o f the second year were 12 per cent lower than the average. In 1843 the
exports were large, and the proceeds were within the average limit. From
1844 to 1851 we have had three large crops— 1845, ’48, and ’49 — and
each o f them brought average values. In the same time we had three short
crops— 1846, ’ 47, and ’50 ; the first brought a small return— the other two
were about the average. And thus, for every year in the whole twenty-five,
the rule entirely fails, and cannot therefore be regarded as true.
N o doubt it sometimes happens that a small crop brings more money
than a large one. Thus, in 18 47 ,1 ,7 7 9 ,0 0 0 bales brought more money
than 2,395,000 bales in 1845. But neither year brought large returns—
both were an average. The large crop o f 1848 brought more money than
either, and the very large one o f 1849, although it succeeded a large crop,
brought still more. The small exports o f 1850 were sold for a large amount,
but the money received will not exceed the average sales for 1849, 1850,
and 1851.
I f it be, then, true that short crops are an injury to the planter on account
o f the diminished amount o f money he receives for them, there are other
reasons which render the calamity still greater. They stimulate prices to
s uch a high limit that they encourage the production o f cotton in India and
other places, and thus endanger the monopoly which we now possess o f the
662
The Cotton Trade.
European market. They discourage the use o f cotton in the place o f hemp,
flax, wool, and silk, and thus put down still further the price o f the raw ma
terial when favorable seasons have enlarged the supplies. They raise the
price o f many articles that planters are compelled to buy, and thus lessen
the net amount o f his income. They increase the price o f all kinds o f prop
erty, so that the gains o f the planter with high prices, when invested in
anything but money, seldom obtain a larger amount than with low or in
ordinate prices. They disturb the regular operation of business, tempt the
producer to increase his expenditures, to contract debts, to purchase land and
negroes on credit, and when the decline comes, as it is sure to do, he is
forced to pay for property purchased at high prices, with the sales o f his
crop at low prices. They lead to the neglect o f other products, so that hay
is carried from Massachusetts, flour from New York, corn from Baltimore,
bacon from Cincinnati, not only to the seaports o f the South, but far into
the interior; and when cotton falls the planter cannot begin at once to sup
ply all his own wants, because he is out o f stock from which to raise his
hogs, horses, or mules, and some time must elapse before he can obtain
them.
These, and many other evils that might be mentioned, show that the in
terest o f the producer is not diverse and opposite to that o f the consumer—
that the blast and mildew, the drought and the flood, the caterpillar and the
boll worm, which reduce the supply and raise the price to the manufacturer,
are also an injury to the planter— that favorable seasons— a proper succession
o f rain and sunshine, are twice-told blessings, both to him that buys, and to
him that sells.
W hile thus short crops are the source o f serious evils to the planter, over
production and ruinously low prices are a still greater injury. How can
these be prevented ? N ot by the combination o f half a million o f plant
ers scattered over a wide extent o f country ; not by State conventions and
paper resolutions ; not by monster schemes o f monopoly and governmental
interference ; not by banks or corporations, or factors or brokers forstalling
the markets o f New Orleans, New York, and L iverpool; not by false ru
mors— by retaining the crop in the country till the season is far advanced—
by publishing in the newspapers every disaster from frost or flood, and with
holding the reports o f abundance and plenty. These plans are all either
useless or injurious. Free trade, unshackled industry, is the motto o f the
South, not only in Commerce and manufactures, but in agriculture. Capi
tal is best employed when let alone. The keen-sightedness o f self-interest
will discern the proper remedy for over-production, and no one need be con
cerned lest trade should not regulate itself better than he would do it, if he
had full power to manage and control it. God is wiser than man, and the
laws he has imposed require no aid from us to adjust and adapt them to the
circumstances around us. The proper course for the planter, and the one he
is sure to pursue, is to make as much cotton as he can, while the price is
fair and remunerative. A s soon as it falls below this, he should apply both
his capital and labor to other pursuits. By the home-manufacture o f cotton,
wool, paper, iron, and machinery ; by producing at the South his flour, corn,
bacon, mules, and horses ; by the increased planting o f the sugar-cane and
tobacco ; by the introduction o f new agricultural products ; by devoting his
capital to the construction o f railways and plank roads ; by building ships
and steamers to carry on our own trade with the North and with Europe ;
by importiug directly from abroad our foreign supplies, and by sending our
The Cotton Trade.
603
cotton directly to European ports, without the trans-shipment at New Y ork ;
by these, and many other means, his capital and labor can be diversified and
rendered profitable, when the price o f cotton will no longer bring fair re
turns. It is the duty o f the intelligent and public-spirited men o f the South
not to attempt to reverse the laws o f trade by forcing up prices to some ar
bitrary level at which the planter can afford to produce cotton, but to seek
out new modes o f profitable investment; to undertake new schemes, not
yet tried and proved, which promise fair profits to capital; to encourage by
words and actions, by legislative enactments, by public and private commen
dation, every new enterprise calculated to diversify our labor, develop our
resources, and divert capital and labor from our great staple.
The prospects o f the planter for the present year are by no means gloomy.
Though not so bright as last season, they are still cheering and encouraging.
Prices have fallen below their average rate, but with our present moderate
crop, with low stocks in Europe and America, with food cheap, money abun
dant, and labor well employed, a low range cannot be maintained. From
1810 to 1851 there have been exported 7,763,000,000 lbs. o f cotton, (table I.,)
and the value of this has been $617,300,000. If to these we add, as an
estimate for the past year, an export o f 800,000,000 lbs., at a value of
$88,000,000, we shall have 8,563,000,000 lbs., and $705,000,000, which
gives an average o f about 8 j- cents a pound.
The price in Charleston for good middling is quoted, October 23d, at
7 f to 7 f , but so low a rate cannot be maintained— with the present prospect
o f the supply and the demand.
In South Carolina and Georgia the severe and long-continued drought
has cut short the crop very considerably. The rich bottom lands have not
indeed suffered. On many plantations partial showers have relieved the
general want o f rain. The planting has been la rg e; a great many new
hands have been employed on the crop ; but these favorable circumstances
will not make up for the damage by the drought in June and July, by the
severe storm on the 24th o f August, and by the frost on the 23d o f Octo
ber. The receipts, however, at Charleston and Savannah, will not be much
diminished, as the deficiency will be made up in part by the extension o f
the Georgia railroads farther towards the Gulf. The decline will not be,
probably, far from 10 per cent.
From Florida a slight falling off may be expected. The promise o f the
crop was very good up to the time o f the storm, but the injury caused by it
was serious. The early frost was also injurious : but these causes will both
be balanced by the increased planting. A slight decline is anticipated in
the receipts because o f the diversion o f 10,000 or 15,000 bales to Macon
and Savannah, by the opening o f the South-western Railroad.
From Alabama the promise is much better than last year. The drought
was not so severe as in Georgia, and the falling off o f the forms, when the
late rains set in, was not so extensive. They have had no worm, no floods,
no rust. Last year was disastrous, and if the new crop may be compared
with that, an increase o f 10 per cent may be looked for.
A t New Orleans the receipts will increase very largely. Already 70,000
bales more have been received there than at the same dates last season.
From every part o f the immense region that sends its productions to that
port, the promise o f the crop is much better than last year. In Louisiana
and Mississippi the worm has done no damage. On Red River they have
escaped the floods which did so much harm in 1849 and in 1850. The
664
The Cotton Trade.
early frost in Tennessee, near the close o f September, did not do as much harm
as the frost on the 6th o f October last season. The slight drought, which
pervaded the entire region, is the only drawback to a large and full crop.
The receipts at New Orleans, instead o f ranging near those o f the last two
years, will probably come up as high as those o f 1848 and 1849. The
average o f these two years may be taken as the probable receipts o f 1852.
From Texas an increase may also be expected. If we combine these results
(table II.) the whole crop for 1852 may be estimated at 1,550,000 bales.
The imports from the East Indies will be much less than for the last two
years. These are so much affected by the price at Liverpool, that we may
be sure a decline in the shipments will follow a decline in the prices. The
actual production in India is very large, compared with the exports, and
when the price in England will pay the cost o f inland transportation to the
seaport and the long voyage round the Cape, a large amount is easily
spared for export. The high prices in 1850 raised the English imports from
the East Indies up to 308,000 bales, against 182,000 in 1849, and 228,000
in 1848. The present year o f high prices witnesses the same increase. The
Liverpool receipts on the 3d o f October were 164,000 bales against 128,000
bales at the same time in 1850. For the whole year they will reach 350,000
bales for the United Kingdom . For 1852 the decline will be large, but the
imports will not probably fall back at once to the figures before 1850. They
m aybe safely estimated at 250,000 bales (table III.)
The receipts from Brazil, Egypt, and other places, are small, and nearly
stationary. For the last eleven years the lowest were 135,000 bales in 1847,
and the highest 257,000 bales in 1850. The imports into Liverpool have
declined from 205,000 bales in 1850, to 138,000 bales in 1851. The aver
age for Great Britain for the last five years, from 1847 to 1851, has been
192.000 bales, and this may be regarded as the probable amount for 1852.
(Table IV .)
If the estimated receipts from all these sources be combined, the result
for 1852 will be a probable supply o f 3,000,000 bales. (Table V .)
The consumption o f cotton during the present year has been seriously af
fected by the high prices. The American manufacturers have closed their
mills to a very large extent. The same check has been felt in France. On
the rest o f the continent the consumption has not receded. In England the
high prices in the early part o f the season reduced the purchases o f the man
ufacturers, but since the decline in prices these deliveries have outrun those
o f last year, and approached those o f 1849 (table V I.) In fact, as there
was an error in the estimated consumption o f 1849 o f fifty or sixty thousand
bales, and as the reported deliveries have been, this year, checked by quar
terly examinations o f the stocks, the demand for the present year has already
equalled the very large demand o f 1849. For the whole year, the con
sumption o f Great Britain will probably reach 1,600,000 bales, against
1.515.000 in 1850, 1,590,000 in 1849, and 1,464,000 in 1848. Every
element o f business favors a still larger demand for 1852. Peace every
where prevails ; the harvest has been gathered from South to North, under
favorable auspices. The price o f wheat is very low— 12 or 15 per cent lower
than last year. Money is abundant; the currency is undisturbed ; capital
is profitably employed ; labor is well rewarded ; the export trade as well as
the home market is in a healthy condition ; the manufacturers are not over
stocked with goods ; the price o f cotton will be moderate— 25 or 30 per
cent lower than last year. Under these circumstances the English demand
The Cotton Trade.
665
for 1852 must exceed that o f any former year. It will probably
1,650,000 bales— it may be 1,700,000.
From France the prospect is not so promising. Political troubles o f a
serious character will probably accompany the elections for the next Presi
dent. If the constitution shall be revised, and a constituent Assembly called
for that purpose, the appeal to first principles, and the entire overturning of
all that is now established, will endanger the public peace. I f the constitu
tion shall not be revised, the reelection o f Louis Napoleon will be a signal
for revolution, because it will be done in violation of the law, and o f his
oath to support the constitution. If some new man is elected, uncertainty
and distrust will attend all the operations o f business, until his government
shall attain stability, and secure the public confidence. W e may not, there
fore, expect a large consumption for 1852, although the prices of cotton will
be moderate. For 1851 the French consumption o f American cotton will
not vary much from 300,000. W e have exported 301,000 bales from the
1st o f September, 1850, to the 1st o f September, 1851, and the stocks in
Havre o f American cotton on the 1st o f October were 26,505 bales against
32,274 in 1850— indicating a probable consumption o f 307,000 bales. This
was a little higher than last year, but much less than for 1849. Our ex
ports to France in 1850 were 289,000 bales, and a decrease o f stocks to
the amount o f 11,000 bales showed a consumption o f 300,000. In 1849
it was 351,000. In 1852 the distrist on account o f political troubles will
probably neutralize the stimulating influence o f low or moderate prices, so
that we may estimate the probable wants o f France at 300,000 bales.
On the continent the high prices o f the last two years have prevented any
increase o f the consumption, but they have not reduced it below the average
o f former years. The exports for 1851 from America and England will not
differ much from 550,000 bales (table V II.)
This exceeds eveiy former year except 1849, when the crop was very large
and prices very low. For 1852 we may confidently expect an increase, un
less political troubles started in France, should excite disturbances and revo
lutions in the neighboring States on the continent.
In our own country the large decline in the consumption for 1851 is the
most remarkable and singular event in the history o f our manufactures.
Hitherto, from year to year, almost without exception, our progress has been
uniformly onward. High prices o f the raw material seem never to have
affected us. But for the past year our consumption is 83,000 bales below
1850, and 114,000 below 1849. It is lower than any year since 1845.
If this were attributed to the high prices o f last year, it might be hoped
that the decline we have now experienced would again start our mills and
revive the demand o f our home manufacturers. But it is much to be feared
that this is not the case, and that the diminished consumption is due in part
to other causes. A m ong these the tariff o f 1846 holds a conspicuous place.
The first year after the tariff went into operation, the high price o f food in
every part o f Europe, not only discouraged the foreign manufacturer from
entering into competition with us, but, by creating a demand for our breadstuff's
abroad, increased our ability to consume all kinds o f goods. This home
market stimulated the American manufacturer, and the following year our
domestic consumption rose from 428,000 to 532,000 bales.
In 1849 the productions o f foreign looms began to exclude our h om e
made goods from the market, and the consumption fell off 14,000 bales.
The high prices o f 1850 gave an increased advantage to the English facto
666
The Cotton Trade.
ries, and the northern manufacturers bought 31,000 bales less than in 1849.
These same causes operating for a still longer period in 1851, the American
consumption declined still farther, till it had reached the low figure of
404,000 bales.
Another cause that has produced a decided effect is the increase o f manu
factories in the South and West. These have not only supplied the South
ern and Western demand for yarn and the coarser cloths, but have shipped
large and increasing amounts o f yarn to the New York and Philadelphia
markets. The high prices o f the last year have not, to any considerable ex
tent, checked this consumption. The estimate in the N ew Y ork Shipping
L ist o f a decline from 110,000 bales to 75,000 appears to be entirely too
large. Instead o f a decline in Georgia from 20,500 bales to 13,000, there
has been probably an increase, on account o f the starting o f new factories.
So also in South Carolina and Alabama. The products o f the southern
and western mills being consumed principally at home, where general pros
perity has not checked the demand, the sales o f goods have not been mate
rially reduced. The shipments to the North have been almost as brisk as
ever. The coarse yarns can be made as cheap at the South as at the North,
and the cost o f transportation gives the South the advantage.
These two reasons will help to explain the check given to northern con
sumption. The low or moderate prices o f the coming year will probably
set to work more or less o f these mills, because when the raw material is
low, the advantage o f the American manufacturer over the English in the
cost o f transportation is much increased. The demand at the North will
not, however, reach the amount o f 1850 or 1849, but it will probably exceed
that o f 1851 by 40,000 or 50,000 bales (table V III.)
If these estimates for the consumption o f 1852 be combined, the result
will be a demand for 3,000,000 bales (table IX .) As this is equal to th
probable supply, (table V.,) the question o f price will be much affected by
the stocks. These are now lower than they have been for the two preceding
years, (table X .,) although the last crop o f the United States and the receipts
from India have very much increased over the amounts o f 1850.
It would seem, therefore, very improbable that prices can be kept down
below their average. In the first half o f the last year, from September,
1850, to February, 1851, the price o f good middling in New Orleans
ranged from 13 to 18-i-c. From March to August it has regularly declined,
being quoted successively on the 1st of each month lO f, 111, 104, 9|, 9-),
and 8 ic., and now (October 29th) it is still lower, being quoted at Charles
ton, October 23d, at 7 f to 7-Jc. The probable supply is not above the prob
able wants o f the world, and with low stocks the present low range o f prices
cannot be maintained. The crop is large, and can only be consumed at an
average moderate price, and this much may with confidence be anticipated.
TABLE I.
UNITED STATES CROP— V A L U E AND AMOUNT OF UNITED STATES EXPORTS.
United States
Years.
757,000
721.000
858,000
979,000
1,039,000
987,000
1,070,000
1,205,000
1,361,000
1,801,000
1,861,000
2,178,000
1,635,000
1,683,000
2,379,000
2,030,000
2,100,000
1,779,000
2,348,000
2,729,000
2,098,000
2,355,000
Average.
713,000
807,000
871,000
917,000
987,000
1,056,000
1,111,000
1,175,000
1,262,000
1,409,000
1,540,000
1,726,000
1,780,000
1,832,000
1,947,000
1,981,000
2,024,000
2,117,000
2.136,000
2,130,000
2.270,000
2,211,000
2,258,000
2,394,000
2|355’000
Large or
Value o f
small.
exports.
Large. . .
Small.. . .
Average.
Large. . .
L arge. . .
Sm all....
Average.
Average.
Average.
Average.
S m all....
Average.
Average.
Large. . .
Small. . .
S m all....
Large. . .
Average.
L arge. . .
Average.
Sm all... .
Large. . .
L arge. . .
$29,400,000
22,500,000
26,600,000
29,700,000
25,300,000
31,700.000
36,200,000
49,500,000
65,000,000
71,300,000
63,200,000
61,600,000
61,200,000
63,900,000
54,300,000
47,600,000
49,100,000
54,100,000
51,700,000
42,800,000
53,400,000
62,000,000
66,400,000
72,000,000
Average.
Average.
$28,000,000
26,600,000
26,700,000
27,200,000
29,900,000
34,500,000
41,600,000
50,800,000
57,000,000
62,100,000
64,400,000
64,200,000
60,800,000
57,700,000
55,200,000
53,800,000
51,400,000
49,100,000
50,200,000
52,800,000
55,300,000
59,300,000
66,800,000
Large or
Exports in
small.
pounds.
Average.
Large or
L arge. . .
Sm all... .
Average.
Large . . .
Sm all... .
Sm all... .
Small. . .
Average.
Large. . .
Large. . .
Average.
Average.
Average.
Large. . .
Average.
Sm all... .
Average.
Large . . .
Average.
Sm alL.. .
Average.
Average.
Average.
294,000,000
211,000,000
265,000,000
298,000,000
277,000,000
322,000,000
325,000,000
385,000,000
387,000,000
424,000,000
444,000,000
596,000,000
414,000,000
744,000,000
530,000,000
585,000,000
817,000,000
664,000,000
873,000,000
548,000,000
527,000,000
814,000,000
1,026,000,000
635,000,000
223,000,000
255,000,000
269,000,000
275,000,000
297,000,000
321,000,000
339,000,000
369,000,000
393,000,000
447,000,000
453,000,000
524,000,000
546,000,000
574,000,000
618,000,000
668,000,000
694,000,000
697,000,000
686,000,000
685,000,000
757,000,000
709,000,000
825,000,000
small.
Large.
Small.
Average.
Large.
Small
Average.
Average.
Average.
Average.
Average.
Average.
Large.
Small.
Large.
SmalL
Small.
Large.
Average.
Large.
Small.
Small.
Large.
Large.
The Cotton Trade.
1 8 2 7 ...........
1828 ...........
1829 ...........
1830 ...........
1 8 3 1 ...........
1832 ...........
1833 ...........
1 8 3 4 ...........
1835 ...........
1836 ..........
1837 ..........
1838 ..........
1839 ..........
1840 ..........
1 8 4 1 ..........
1842 ...........
1843 ...........
1844 ..........
1845 ...........
1846 ..........
1847 ...........
1848 ..........
1849 ..........
1850 ...........
1 8 5 1 ..........
crop.
Average.
o
05
668
The Cotton Trade.
TABLE II.
CROP OF THE UNITED STATES.
-RECEIPTS.------------------------------------------x
1848.
ESTIMATE*
1849.
1850.
31,000
182 ,00 0
851,000
181,000
344,000
384,000
24,000
46,0 00
933,000
452,000
181,000
322,000
381,000
34,000
50,000
1,150,000
500,000
110,000
300,000
350 ,00 0
30,000
2,091,000
2,355,000
2,550,000
Texas___ bales
New Orleans..
M obile.............
Florida.............
G eorgia...........
South Carolina.
Other places . .
40,000
1,191,000
436,000
154,000
255,000
262,000
10,000
39,000
1,094,000
519,000
200,000
391,000
4 5 8 ,00 0
28,000
T o ta l...........
2,348,000
2,129,000
1852.
1851.
/
TABLE III.
ENGLISH IMPORTS
FROM THE EAST INDIES.
Bales.
1830 to 1834, average...............................
1835 to 1839,
“
...............................
...............................
1840 to 1844,
«
1844 to 1849,
“
...........................
1848, October 6, L iverpool.......................
1849,
“
5,
“
1850,
“
4,
1851,
“
3,
“
1848, whole year, Great Britain...............
1849,
“
1850,
1851,
“
estim ate.......................
1852,
“
“
.............
.........
.........
.........
.........
___
.........
.........
.........
.........
___
___
___
Remarks.
Low prices.
High prices.
144,000
232,000
111,000
93,000
69,000
128,000
164,000
228^000
182,000
308,000
350,000
250,000
Peace and low prices
Moderate prices.
Low prices.
High prices.
High prices.
Moderate prices.
High prices.
High prices.
Moderate prices.
TABLE IV.
ENGLISH IMPORTS FROM BRA ZIL, EGYPT, ETC.
About the
1st Oct.
Liverpool.
Years.
1846 ...........bales
1 8 4 1 ...................
1848 ...................
121,000
15,000
94,000
Whole y’r
for
G. Brit’n. Years.
155,000 1849 . . .
135,000 1850 . . . ...............
131,000 1851 . . .
About the
1st Oct.
Liverpool.
205,000
Whole y’r
for
G. Brit’n.
245,000
252,000
190,000
TABLE V.
SUPPLY OF
1850,
AND ESTIMATE FOR
1851
AND
1850.
Crop of the United States................... bales
English imports from East Indies................
English receipts from other places...............
Total from these sources..
1852.
1851.
1852.
2,091,000
308,000
252,000
2,355,000
350,000
195,000
2,550,000
250,000
200,000
2,651,000
2,900,000
3,000,000
TABLE VI.
DELIVERIES TO THE TRADE AT LIVERPOOL.
1849.
May
9 . . . bales
June
5 ..............
July
3..............
August
1..............
September 5..............
October
3..............
October 10..............
Whole y e a r...............
562,000
688,000
835,000
993,000
1,141,000
1,220,000
1,281,000
1,461,000
1850.
501,000
631,000
142,000
883,000
981,000
1,086,001
1,116,000
1,401,000
Consumption
Consum’n
1851. each
each week.
week.
27,833
453,000
25,167
28,045
619,000
28.136
28,538
144,000
28,615
29,433
881,000
29,561
28,028
1,058,000
30,228
21,850
1,161,000
29,923
21,900
21,052
1,500,000
29,i 00
669
The Cotton Trade.
TABLE VII.
CONSUMPTION ON THE CONTINENT— NOT INCLUDING FRANCE— OF COTTON RECEIVED FROM
AND AMERICA.
Exports from Exports from
United States. Great Britain.
194,000
215,000
192.000
254.000
272.000
285.000
210,000
200,000
260,000
270,000
1846......................................
1 847......................................
1 848......................................
1 849......................................
I 8 6 0 . . . . .............................
1 851...................................
1846 to 1848— a v e r a g e ,
1849 to 1851
Increase
o f stocks.
Decrease
o f stock.
53,000
43,000
29.000
20.000
Consumption.
452 ,00 0
341,000
4 7 6 ,00 0
696^000
466 .00 0
550.000
423 .00 0
537 .00 0
TABLE VIII.
►
AMERICAN CONSUMPTION.
North of
Richmond.
1 8 4 4 ...........
1 8 4 5 .............
1 8 4 6 ............
1 8 4 7 ............
1 8 4 8 ............
1 8 4 9 ............
1 8 5 0 ............
1851 ..........
......................
......................
389,000
428,000
......................
......................
532,000
518,000
Average for
three years.
313,000
347,000
386 ,00 0
413 ,00 0
4 6 1 ,00 0
493 ,00 0
512,000
470 ,00 0
Increase
per cent.
17 Inc.
11 “
11 “
7 “
12 “
7 “
4 “
8 D ec.
South o f
Richmond.
60,000
65,000
70,000
80,000
90,000
100,000
110,000
100,000
Total.
4 07 ,00 0
454,000
493 ,00 0
508,000
622,000
618,000
597,000
504,000
TABLE IX.
CONSUMPTION OF EUROPE AND AMERICA.
1849.
1850.
1851.
1852,
Great Britain, of all kinds. .
United States.......................
France, of American cotton.
The rest of the continent. . .
1,588,000
518.000
351.000
596.000
1,515,000
487.000
301.000
466.000
1,600,000
404.000
310.000
650.000
1,650,000
450.000
300.000
600.000
Total................................
3,053,000
2,769,000
2,864,000
3,000,000
TABLE X.
STOCKS AT RECENT DATES.
1849.
1850.
1851.
Liverpool, October 10..........
Havre, October 1 ........ . . . .
United States, September 1.
582.000
45,000
155.000
545.000
32,000
168.000
549.000
86,000
128.000
Total...............................
782,000
745,000
712,000
670
The Relative Merits o f Life Insurance and Savings Banks.
Art. I.— THE RELATIVE MERITS OF LIFE INSURANCE AND SAVINGS BANKS.
F reeman H unt, E sq., Editor o f the Merchants' Magazine, etc.
D ear S ir :— A clergyman, possessed of only a small annual salary, inquired recently
o f me, the comparative merits of Life Insurance and deposits in Savings Banks, as a
provision for his wife and children against his death, superannuation, or loss of health.
The following thoughts are the result, and you may insert them in your valuable
Magazine, if they will interest any of your numerous readers. Life is so short, and
man’s actions so diversified, that every man founds many of his practices on precepts
he has never investigated, and on examples he has never tested ; hence, disquisitions on
conduct are like ready-made clothes, they may not fit a wearer as well as garments
made to his measure, but they are better than nudity. Nor need we be over-scrupulous
in publishing our disquisitions, from any fear that we may unconsciously promulgate
error. Providence has provided for such infirmity of our judgment, by so organizing
us, intellectually, that speculative error can never be engrafted ineradicably on our
thoughts, any more than the Siamese twins can propagate their physical deformity on
human bodies.
Very respectfully, your obedient servant,
A. B. JOHNSON.
L IF E I N S U R A N C E P O S S E S S E S
OF N E C E S S IT Y , N OT T b s
M ANY
OF T H E
ELEM ENTS
SU PE R C E D E S T H R IF T — A M AN’ S PE R F O R M A N C E S A R E
EFFO RTS
M OTE
ARE
OF
G A M B L IN G — M E N
A N O D Y N E OF S E C U R I T Y — W H A T E V E R
GRADUATED
BY
H IS
G R A D U A TE D BY
N E C E S S I T I E S ------L IF E
NEED
S U P P L IE S T H E
H IS
THE
O F F IC E
C O E R C IO N
OF
IN S U R A N C E
S U B S T IT U T E S
G O O D IN P L A C E O F A P R E S E N T E X I G E N C Y — L IF E I N S U R A N C E IS U N F A V O R A B L E T O
P U R I T Y — S A V IN G S B A N K S
A C C U M U L A T IO N
TEACH
TH E
A
ARE
M ORE
A S C O N D U C IV E T O
SALU TARY
T H R I F T A S L IF E
R E L IA N C E
P O O R S E L F -D E P E N D E N C E IS A B E T T E R
M O N E Y IS T H E
BETTER
IS
M O S T IG N O B L E OF I T S
M ORAL EFFECTS TH AN TH E
PAY D E PO S1T E RS AS
U SES— TH E
A G A IN S T
C H A R IT Y
I N S U R A N C E IS
WANT
TH AN
TH AN
TO
L IF E
ALM S— T H E
A
RE
D O M E S T IC
U N T H R IF T —
IN S U R A N C E — T O
E X P E N D IT U R E
S L O W A C C U M U L A T IO N O F P R O P E R T Y
S U D D E N A C Q U IS IT IO N
T H R IF T
EFFO RT S— E V E R Y M AN’ S
OF
PROD UCES
O F P R O P E R T Y — S A V IN G S B A N K S S H O U L D
M UCH IN T E R E S T AS P R A C T IC A B L E , E T C .
LIFE INSURANCE POSSESSES MANY OF THE ELEMENTS OF GAMBLING.
The characteristic o f gambling consists in the absence o f mutual benefit
to the players. So in life insurance, no party thereto will usually gain, ex
cept at the loss o f the correlative party. The chance o f gain is al-o adverse
to the insured, as is demonstrated by the large surplus profits which life in
surance companies announce the possession o f ; and which profits, like the
foot-prints around a slaughter-house, may admonish those who are entering,
that the current inwards exceeds greatly the current outwards. Life insurance
is promoted by the same artifice as lotteries,— the publication o f every case
where an adventurer dies soon after the commencement o f his insurance ;
while nothing is said where the insured abandons his policy in disgust, or
from sickness, poverty, or inadvertence, after having distressed himself for
years, by annual premiums;— nor where a person pays much more than his
heirs are to receive back on his death. A gentleman o f this city, who be
came married at the age o f twenty-five years, and whose support consisted of
a small annuity, insured five thousand dollars on his life, at an annual pre
mium o f eighty dollars, which he could badly spare.
As the premium is paid in advance, it at the end of the year, amounted,
with legal interest, to.................................................................................
He then paid another..........................................................................................
The interest on which, with the interest on the former $85 60, was...........
Making, at the end o f two years..............................................................
$85 60
80 00
11 59
$117 19
The Relative Merits o f Life Insurance and Savings Banks.
671
Should he continue the process twenty-four years, he will have paid, in
principal and interest, 15,038 86, being $38 86 more than his widow is to
receive at his death; but he is young and robust, and should he live till he
shall become seventy-five years old, his payments, and compound interest
thereon, will amount to more than $37,000 ;— consequently, after his widow
shall receive the stipulated $5,000, his loss on the transaction will be
$32,000.
MEN NEED THE COERCION OF NECESSITY, NOT THE ANODYNE OF SECURITY.
But gambling lures men from industry, frugality, and accumulation, by
hopes o f gain, through processes less slow than these, and less self-denying;
and in this r«u lt, also, life insurance assimilates with gambling. “ Eat,
drink, and be merry, for to-morrow we die,” and a life insurance will provide
for our family, is the tendency o f life insurance, whether conducted by cor
porations which catch large adventurers, or by clubs that catch humble peo
ple, or by health societies, that wring from manual laborers their pettiest
surplus earnings. To paralyze a man’s efforts, no surer means can be de
vised, than companies and clubs which shall care for him in sickness, bury
him when dead, and provide for his widow and orphans. By like influences,
the heirs of rich men rarely exhibit self-denial in expenditures, or energy in
business, and become drones in society. Necessity is nature’s expedient to
vanquish man’s love o f ease. Providence intends that we shall take care
o f the future by taking care o f the present, and take care of our descendants
by taking care o f ourselves ; just as a horse takes care o f his hind steps, by
taking heed where he places his fore feet.
W H ATEVER SUPPLIES THE OFFICE OF THRIFT SUPERCEDES THRIFT.
Ignorant o f human nature is he who believes punishment can be whole
somely disconnected from crime, evil from vice, or poverty from anything but
self-denial. If, like our Indians, we possessed no artificial melioration o f
pauperism, we, like them, should possess no voluntary paupers. The Bava
rian government punishes, not only beggars, but persons who give alms,
either in money or victuals. N o man is so reckless as to remain in bed,
when the house in which he is lying is on tire; but he may reside in a
dilapidated house till it fall and crush him, if the catastrophe L not immi
nent. So, if no life insurance would provide for our families, after our de
cease, no health insurance or club would provide for ourselves during disease,
and bury us decently when dead, we should provide for these purposes by
self-denying accumulations.
A
m an ’s
PERFORMANCES ARE GRADUATED BY HIS EFFORTS.
A civilized man’s wants are numerous, an Indian’s, comparatively few ;
hence, the civilized man labors more than the savage, and thence proceeds
the difference in their performances. Every man’s productions will, ordina
rily, be thus proportioned to his efforts, therefore, some governments stimu
late efforts by protective duties and honorary distinctions; but where a man
aspires to only present necessaries, and to a club for assistance in sickness,
and a life insurance for his widow and orphans, he will accomplish only what
he aspires to. A man’s efforts dilate, like the atmosphere, in proportion to
the vacuum which the efforts are required to fill; hence, the man who strives
for present affluence, as his only provision against sickness and death, will
find his efforts expand with his aspirations, and his accomplishments will in
672
The Relative Merits o f Life Insurance and Savings Banks.
crease with his efforts. These principles are true o f states and nations. The
federal government refused to construct the Erie Canal, and, thereby, induced
the State o f New York to invoke its own energies, from whence soon pro
ceeded the Erie Canal. A long train of kindred public works immediately
followed, by reason, that when men discover their own efficiency, they con
tinue the exercise o f it after the occasion by which it was originally induced.
The conflagrations o f San Francisco have been severally succeeded by a new
city o f increased solidity ; and the mechanics o f that region, acting under
the excitement o f great demand for labor, and high remunerative wages,
seem to be a race o f giants; though, when driven, by lack of encouragement,
from our Atlantic cities, they went out a race o f pigmies. Men are, however,
slow to learn, and our States are continually importuning Congress for im
provements o f rivers and harbors, and, thereby, tranquilizing State aspira
tions, that would otherwise soon accomplish the desired improvements.
EVE RY MAN’ S EFFORTS ARE GRADUATED BY HIS NECESSITIES.
W h a t the poor expend in tobacco we lament, forgetting that men labor
by only the coercion o f wants, and that Diogenes, who disciplined himself to
live without wants, lived without labor also. Tobacco, and other coarse
superfluities, perform for the poor what equipages and gorgeous furniture
perform for the rich. Our organization is so admirably adapted to keep us
active, by the coercion o f wants, that new wants arise in every man sponta
neously, as fast as he he can satisfy old ones. Napoleon, in the zenith o f his
prosperity, craved more dominion, with an intensity augmented by his
present possessions, instead of being thereby mitigated.
The design o f
Providence, to thus keep men active, by the pressure o f wants, life insurance
and assistance clubs counteract. A ll sumptuary laws contain the same error,
and all Malthusian restraints on marriage. Railroads would never have been
iuvented, had we coercively limited the operations o f every man to his local
neighborhood, as a means o f obviating the disadvantages o f distance. To
evolve good out o f apparent evil, is one o f the most striking characteristics
o f Providence; and one which man’s short sightedness is continually en
deavoring to counteract, by diminishing his wants instead o f gratifying them
by increasing efforts.
EIFE INSURANCE SUBSTITUTES A REMOTE GOOD IN PLACE OF A PRESENT EXIGENCY.
A man who labors to purchase an insurance on his life for the future bene
fit o f his widow and orphans, cannot command the energy which he would
feel were he laboring for his own present a fflu e n ce d ista n ce o f time operating
on man’s energies like distance o f space operates on the attraction o f a mag
net. This effect of distance every man feels when, in the midst of health,
he indites his last will and testament. Aware of this natural difficulty,
when a celebrated English judge wrote his own will, he took ten guineas
from his purse and laid them on a table, that he might stimulate his intel
lect by the semblance o f a present interest. A nd let no man suppose that
life insurance is not obstructive o f present affluence. A man’s early annual
savings are ordinarily small, and whether he is to grow affluent or remain
poor, depends, usually, on whether he employs his small savings in processes
o f increase, or extinguishes them in annual premiums o f life insurance, or
some other way ; just as whether a man shall make money in the purchase
o f wheat, wool, or cotton, depends, usually, on petty savings o f expense in
the management o f his purchases, rather than on any great increase o f
The Relative Merits o f Life Insurance and Savings Banks.
673
marketable price, between the time of his purchase and sales. Imagine, now, a
father who shall keep himself poor, by an annual drain of his savings to
some life insurance, for the remote benefit of his wife. H e dies, and she
commences a like process for the benefit of her children. She dies, and
the childi’en severally begin the same process for the benefit of their descend
ants ; and thus, like a cat in chase o f its tail, the world is made to revolve
round a life insurance in pursuit o f an always future competency, instead of
a present affluence; whereby a less motive is continually substituted for a
greater.
LIFE INSURANCE IS UNFAVORABLE TO DOMESTIC PURITY.
In England, mothers have been convicted o f murdering their infants to
obtain some petty sum which certain clubs bestow for funeral expenses on
members whose children die.
N ot long since, a man in London killed with strychnia his wife’s sister,
after having induced her to insure her life largely for the benefit o f his wife.
The motive to such murders is so operative, that English companies reject
all insurances when the applicant cannot show that the beneficiary possesses
as much interest in the life o f the insured as he is to gain by his death. If
our insurance companies are not equally cautious, every life policy which con
travenes the precaution, is the tender of a bounty for the commission o f mur
der, and the tender may be fearfully effectual when pestilence makes sudden
deaths escape scrutiny :— to say nothing of ordinary diseases, in which,
whether the issue shall be life or death, often depends on ministrations whose
precise quality cannot be apparent to observers ; and much o f the attendance
on the sick is secluded from all observation. A man, well known in New
York, was prostrate with disease, when his life insurance became renewable.
His wife knew the contingency, but she possessed no means o f paying the
required premium. The policy would expire on the morrow, and, though
his recovery was possible, the support o f his family depended, probably, on
his speedy death. Conjugal duty and pecuniary interest were in demoraliz
ing conflict. W as the wife to attempt a prolongation o f his life under the
hazard o f a widowhood o f penury ; or was she to intermit ministrations on
which alone a prolongation was possible ? H e died before the hour at which
his policy was to expire, and though charity may hope the result was pro
duced by Providence, against the best efforts o f the widow, the less human
nature is thus tempted, the purer will be our domestic relations.
SAVINGS BANKS ARE AS CONDUCIVE TO THRIFT AS L IF E INSURANCE IS TO UNTHRIFT.
The disadvantages of life insurance and clubs proceed from our organiza
tion, and, therefore, are inevitable. The advantages o f savings banks are
equally organic. A boy who makes snow-balls will throw them away as
fast as he makes them, but should he chance to roll up one o f more than
ordinary size, it will excite in him an ambition to enlarge it, instead o f throw
ing it away ; and the bigger it becomes under his efforts, the stronger will
become his desire for its further increase. The principle applies to money.
The day’s earnings o f a poor man are cast away as soon as earned, a man’s
recklessness being as great as his poverty; but should he deposit any o f his
earnings in a savings bank, an appetite for accumulation is immediately pro
duced by the unusual possession o f a surplus ; and the appetite, growing by
what it feeds on, will add an impulse to the industry and frugality o f the
depositor. “ Eat, drink, and be merry, for to-morrow we die,” is no longer
v o l . xxv.— n o . vi.
43
674 /
The Relative Merits o f L ife Insurance and Savings Banks.
the maxim o f such a m an; but rather, “ refrain from expenditure to day,
that we may add to our deposites to-morrow.”
ACCUMULATION IS A MOKE SALUTARY RELIANCE AGAINST WANT THAN LIFE INSURANCE.
To become fonder o f accumulation than o f expenditure, is the first step
towards wealth. A n agriculturist will receive a few grains o f an improved
species o f corn, which he will not eat, but will plant them, and replant the
product from year to year, till his few grains will become hundreds o f bush
els. Money is increasable by analogous processes, and success is within the
power o f every man who shall attain to ordinary longevity. If a man at
the age of twenty years can save from his earnings twenty-six cents every
working day, and annually invest the aggregate at compound legal 7 per cent
interest, he will, at the age o f seventy, possess $32,000. Many men who
resort to life insurance, can save several times twenty-six cents daily, and thus
accumulate several times the above sum, long before the age o f seventy.
Nearly all large fortunes are the result o f such accumulations ; hence the
men who amass great fortunes are usually those only who live long. The
last few years o f Girard’s and Astor’s lives increased their wealth more than
scores of early years. To be in haste to become rich by a few great opera
tions, is a direct road to eventual poverty. W e cannot, however, command
long life, but we can approximate thereto by commencing early the process
o f accumulation— an elongation by extending backward being as efficacious
as an elongation forward. Every hundred dollars expended by a man o f
the age o f twenty years, is an expenditure o f what, at our legal rate o f in
terest, would, by compounding it annually, become $3,000, should he live
to the age of seventy. This lesson is taught practically by savings banks,
and well counteracts the fatal notion o f the young, that old age is the period
for accumulation, and youth the period for expenditure. By like principles,
a young man who pays annually a premium for life insurance, loses not the
premiums only, but the immense increase which the money would produce,
should he invest it at compound interest, and live to the ordinary limit of
man’s life. Extremely old men, who have no length o f life in prospect, are
the only persons, if any, who should insure their lives, for the expense of
their insurance would be but little more than the annual premiums.
TO TEACH THE POOR SELF-DEPENDENCE, IS A BETTER CHARITY THAN ALMS.
“ The poverty of the poor is their destruction,” says the Bible ; but sa
vings banks correct this evil, by enabling them to accumulate their savings,
and become rich by the means which, ordinarily, alone make the rich richer.
That no class of persons may be excluded from the vivifying process o f ac
cumulation, savings banks for the reception o f penny deposits have recently
been instituted in London, and numerous are the reported instances o f the
salutary change they have produced in the habits and pecuniary condition
o f the depositors. Nature kindly aids the improvement by the organic
mode in which every man estimates his possessions— not by comparing him
self with other people, but by comparing his present possessions with his
form er; so that a man who possesses a surplus of two pence will feel rich,
(as we experience in children,) if he never before possessed a greater surplus
than a penny. W e have long sought to benefit the poor by administering
free soup to ”the destitute, penitentiaries to the wayward, clubs and life insu
rance to the thriftless ; but if we induce the poor man to accumulate his oc
casional surplus earnings, we shall enable him to cook his own soup, support
%
The Relative Merits o f Life Insurance and Savings Banks.
675
his family better by his life than by his death, and diminish the inmates of
penitentiaries.
THE EXPENDITURE OF MONET IS THE MOST IGNOBLE OF ITS USES.
The highest value o f affluence is the social influence which it confers,
whereby the possessor may become useful to society by his example and pre
cept. Many persons keep themselves poor by lavish expenditures, in the
hope of being deemed rich, and enjoying the superiority which riches confer.
The deception is necessarily o f short duration ; but had the party carefully
saved and accumulated, he might soon have become permanently rich. The
mental anguish which a man feels when he loses part of a large fortune,
proceeds from an imagined diminution o f his influence and power, not from
any physical privations that the lost wealth will create. Nor is such a no
tion fanciful: men who have been esteemed wise counsellors while rich, lose
commonly their reputed wisdom, if they lose their property. This phenom
enon was observed by Shakspeare, who accounts for it by saying—
“ Men's judgments are
A parcel of their fortunes ; and things outward
Do draw the inward quality after them,
To suffer all alike.”
That money is useless except for the physical enjoyments which its expen
diture will produce, is the error of the p o o r ; while persons who have expe
rienced the intellectual gratifications which result from the retention of
money, gain a better estimate o f its value. The respect that attends wealth
is as old as the Bible, which says— “ If a man come unto your assembly
with a gold ring and goodly apparel; and there come in also a poor man in
vile apparel, and ye have respect to him that weareth the gay clothing, and
say unto him, Sit thou here in a good place ; and say to the poor, Stand
thou there, are ye not partial 2” If two men arrive at the Astor House,
where the charge for board and lodging is the same for both, yet the man
who is known to possess the most property will be lodged in a better room
than the other, and receive, in every way, a preference. I f the two take
passage in a steamboat, the like preference will be accorded to the man of
superior wealth ; and these instances are but exemplifications o f a general
custom.
THE SLOW ACCUMULATION OF PROPERTY PRODUCES
I
BETTER
MORAL
EFFECTS
THAN
THE
SUDDEN ACQUISITION OF PRO PERTY.
A man’s self-respect, and the respect of his wife and children for him and
themselves, will increase continually as his savings augment. The gradual
increase o f wealth which attends the accumulation o f a man’s savings, is
also more favorable to its preservation and to the possessor’s equanimity than
any sudden accumulation o f prosperity. The upstart is a well-known genus
o f "repulsive and pernicious peculiarities. A family who succeeds to the
slowly accumulated savings o f a deceased father, know his modes o f invest
ment, (a knowledge almost as valuable as the property he may leave them,)
and the family will be more likely to retain the property permanently, than
a widow or orphans suddenly enriched by a life insurance, which will be paid
them in money, o f whose proper uses and safe investment they will be ig
norant. Besides, the parent whose savings are safely accumulated in a sa
vings bank feels not the anxiety which sometimes attends life insurance, lest
676
The Relative Merits o f L ife Insurance and Savings Banks.
he may be incapacitated by sickness, inadvertence or disappointment, from
paying his burdensome and insidious renewal premium. H e is, on the con
trary, master at all times o f his deposits, and can recall them all or a part, as
his necessities may require, or as more lucrative investments may become
known to him— savings banks being a school to teach the art o f accumula
tion to the poor, rather than a resort for experienced capitalists. Nor is a
savings bank depositor a sort o f prisoner under bonds not to travel into for
eign countries without the consent o f some life insurance company ; his free
dom nor his money is lost to him ; nor, in case o f his death, are his deposits
liable to be wrested from his family by any quibble such as life insurance
companies occasionally will and always can interpose, where the company
happens to believe that the insured person was not so robust as he or some
physician represented at the commencement o f his insurance.
SAVINGS BANKS SHOULD P A T DEPOSITORS AS MUCH INTEREST AS PRACTICABLE.
As savings banks are the laboring man’s only mode o f accumulation, they
should pay depositors as high a rate o f interest as practicable ; for the more
productive a poor man’s mite can be made, the stronger will be his motive
for frugality and industry. Some savings banks in Connecticut pay deposit
ors 5 \ per cent interest, while our banks pay only 5 per cent, though our
legal interest is 1 per cent more than in Connecticut; consequently, our longestablished city savings banks have accumulated enormously large surplus
profits which exist without a legal owner or a legitimate object. These
banks are required by their charters “ to regulate the rate o f interest so that
depositors shall receive a ratable proportion o f all the profits, after deduct
ing necessary expenses
but the provision fails to effect its object, (as is mani
fested by the accrued surplus profits,) though portions thereof have in some
cases been invested in the erection o f expensive banking-houses, and the pur
chase o f valuable city grounds. The depositors from whose hard earnings
these costly investments were abstracted, have received their stipulated 5 per
cent interest, drawn out their deposits, and are heard o f no more forever.
Like other property for whom no owner exists, erections o f the above char
acter belong to the State, and are subject to legislative disposals, together
with all other surplus profits possessed by these institutions. W h v , then,
should not all savings banks be compelled to honestly divide annually (as a
bonus) among its depositors the total amount o f its net earnings, beyond the
stipulated 5 per cent ? The surplus which any bank may own at the time
o f the enactment o f the law, can be reserved from distribution, except the
income which may thereafter be annually earned therefrom. Every savings
bank possessing a surplus, will thus present to new depositors an inducement
which will be salutary to the thrifty poor who may avail themselves o f the
common benefit; and as the existing large surpluses are owned mostly in
cities, the inducement will be presented to the class o f poor persons who
are locally (by reason o f surrounding temptations) most in need o f induce
ments to self-denying accumulations. The law will be beneficial to deposit
ors also, who reside where new savings banks are located, by reason that the
depositors will receive more than 5 per cent interest, as soon as the bank
shall possess deposits enough to neutralize the contingent expenses ; and thus
every depositor will become a quasi bank stockholder to the amount o f his
deposits, and feel a common interest in increasing the number o f depositors
so as to diminish ratably the per centage o f contingent expenses.
677
Financial Crises and the Monetary System.
CONCLUSION.
Finally, in our legislation towards savings banks, we must remember that
the conception o f them originated in abstract benevolence, but they achieve
good only as an incident of machinery which is instituted for the personal
gain o f salaried officers, or for some kindred private benefit. To the Legis
lature we must look for laws that shall coercively carry into practice the pub
lic benevolence which the institutions are capable of effecting, or they will
continue to accomplish only as much public benefit as shall be necessary to
secure private gains.
Art. I l l — FINANCIAL CRISES, AND THE MONETARY SYSTEM.
New
F reeman H unt, E sq., Editor o f the Merchants’ Magazine:—
Y
ork,
November 1851.
D ear S ir :— The panic that has unexpectedly just howled its frightful scream on
the principal markets of the Union, induces me to address to you an article of the
Revue Britannique concerning a work that I published in Brussels in 1839, entitled
“ Financial Crises, and the Reform o f the Monetary System.” In that work I think I
have plainly demonstrated that a metallic monetary system is imperfect and insuffi
cient for the accomplishment of all the monetary transactions which take place in
countries which are elevated to a high degree of power, commercial and industrial;
and they have been obliged to admit into the circulation bank-notes as currency, in
order to obviate this insufficiency. But the means the surest, the most economicali
the most advantageous to the general interests of the ci untry, is to substitute for me
tallic money, money of paper. I say money o f paper, and not paper money, which
has given rise to so many catastrophes, and which differs from the first as the sign
from the thing itself, as the thing representing from the thing represented. I am not igno
rant that the abolition of metallic money and the adoption of money of paper shocks
all received ideas on this subject, and that it is difficult to make public opinion leave
the old and beaten track in which it has been running so long. But I have faith in
the power of truth, above all of that which has for its aim the great interests of society,
and am confident that when healthy doctrines on monetary matters shall be better
known, public reason will in the end adopt them.
But for appreciating these views, it would, perhaps, be proper to publish, in your
excellent and learned Commercial Review, the article of the Revue Britannique, in
which are clearly and succinctly analyzed my doctrines of the financial crises and mon
etary system; which matters are, according to my opinion, intimately connected.
However, your enlightened sense will judge if the aforementioned article is deserv
ing a record in your very important publication.
Accept, dear sir, the assurance of my perfect consideration.
LOUIS CHITTL
C R I T I C I S M IN T H E R E V U E B R IT A N N IQ U E O F T H E W O R K
O F T H E M O N E T A R Y S Y S T E M ,” P U B L IS H E D
IN
1839,
E N T IT L E D
BY
“ F IN A N C IA L
C R IS E S , AND
REFORM
M . L . C H I T T I , L A T E P R O F E S S O R OF P O L I T IC A L
ECONOM Y.
I. The loan made to the Bank o f England by that o f France, the pro
gressive and rapid rise of interest on capital in England, where it has ad
vanced in a short time from 2J to 4, 5, 6, and even to 10 per c e n t; the ten
678
Financial Crises and the Monetary System.
sion, which has been a necessary result o f this rise in the price o f loans, in
all the industrial and commercial business o f a rich and powerful nation ;
and this in the midst o f a universal peace, in a healthy condition of society,
without the occurrence o f any observable phenomenon likely to trouble the
sources o f its prosperity, are facts too grave— facts exercising too strong an
influence on the economy o f other nations, having relations direct or indirect
with England, not to make the causes which have given rise to them an ob
ject o f earnest inquiry, and to induce us, if possible, to find means for their
prevention.
The press, in France and in England, is much occupied by this extraordi
nary event, and has attributed it to different causes— to that, among others,
o f the importation o f a large quantity o f grain; but we had met with no
publication in which the inquiry had been pushed to the very life-parts, so
to speak, o f the question, and in which the general and permanent cause o f
these great perturbations in the economy o f nations was indicated. W e are
happy now to have it in our power to announce a writing published in Bel
gium last April, (1839,) in which this cause is found clearly exposed.
M. C i i i t t i , late Professor o f Political Economy, has treated the question
o f financial crises in a volume o f small size. He attributes these almost
periodical drawbacks, which the prosperity o f the richest and most industri
ous people experience, to the imperfection o f the monetary system, and to
the necessity o f employing as money some monetary signs, more suitable
than money itself, to fulfill the functions o f a medium o f exchange; and he
proposes, consequently, as the only efficacious means o f putting a stop to
financial crises, the reform o f the existing monetary system, and the substi
tution o f a more perfect money in room o f a metallic.
The author considers these crises from a very elevated point o f view. H e
only concerns himself with events which carry disorder into every branch o f
industry, and into all the commercial operations o f a nation, such as the
fall o f Law’s system ; the depreciation of the assignats in France; the fail
ures of 1825 and 1826 in England; and abstains from speaking o f those
financial troubles, o f that industrial malaise which affects but for the moment
certain classes o f producers, and the fortuitous and variable causes of which
escape the investigations o f science. To endeavor to seek out these causes,
in order to free the labor of man from their noxious action, is to endeavor,
observes the author, to drive away all the physical, moral, and political evils
which afflict humanity.
The work o f M. Chitti is scarcely capable o f an analysis, being itself a
very succinct analysis o f the economical doctrines with which the monetary
question is connected. W e should limit ourselves to announcing that it
runs rapidly over, throwing, however, much light upon matters which have
for their object, value, credit, saving, and capital; that it sets forth, on these
difficult subjects, new and just ideas, which we regret to see but scarcely in
dicated, the author perhaps reserving their development for a work o f greater
extent, which would embrace all parts o f political science.
Speaking o f value, after having observed that it originates in exchange,
that a bag o f wheat being exchanged for ten ells o f cloth, or for twenty
one-franc pieces, it is said that ten ells o f cloth, or twenty francs, are the
value o f a bag o f wheat, and vice versa. M. Chitti ad ds:— Value is not
wealth; it is only relation. W ealth is the possession o f useful things, and
value is only the cypher, the reason in accordance with which useful things
are exchanged.
Writers o f every school have, nevertheless, confounded
Financial Crises and the Monetary System.
679
value with wealth; and it is this confusion which has caused so many con
tradictory opinions to arise on fundamental, and at the same time most sim
ple questions, concerning the economy of nations, and has rendered unfruitful
doctrines concerning wealth.
In the chapter on capital, the author draws the distinction between capital
and productive forces. Capital, he observes, is the result o f abstinence; it
is those products which the possessor abstains from enjoying, and which he
almost always lends to a third person, but which this third person can destine
to a consumption styled unproductive, as well as to that which aims to be
productive. Productive forces, on the contrary, are things destined exclu
sively to be productive. A country can be rich in capital and poor in pro
ductive forces. Witness Holland, that has the disposition of immense capital,
and finds it more profitable to place it out of the country than to convert it
into productive forces to foster and extend industry at home. And do not
think that these distinctions are unprofitable subtilties. It is precisely
through their misconcepition that the question is still pending, to know if it
be more favorable to the public prosperity to consume unproductively all
the revenue, or to lay by as much o f it as possible, converting the part saved
into capital, and destining it to production. In fact, some sa y :— Save, reduce
your unproductive consumptions; extend, on the contrary, the productive
consumptions; that is to say, create as much as possible products, but be
very careful not to enjoy them, and thus you shall augment your private
fortune, and at the same time the public. Others say :■— Consume all your
revenue; foster, encourage by your expenses labor and production; and
thus, while at the same time you are procuring yourself pleasures, you de
serve well of your country— you acquire a claim on public gratitude; seeing
that, by your expenditures, you give bread to workmen, employment to
capital, and afford the means o f disposing o f its produce. There is some
truth in both o f these opinions; but the science, in its present condition,
offers no solution sufficiently self-evident to unite all opinions. W e should
be glad to cite other new ideas on the fundamental doctrines o f the science,
which are met with at hazard in the little volume engaging our attention;
but we hasten to commence the principal object of the interesting publica
tion.
W e give in a few words M. Chitti’s theory o f crises, and o f the means o f
preventing them. The financial crisis is considered by him as the result o f
exaggerated extension given to the industrial and commercial enterprises o f
a nation. This exaggeration o f enterprise is itself, in his view, the result o f
the excessive issue o f paper-money, bank-notes, or other; seeing that this
paper, being thrown into circulation in great amounts, and a decouvert; that
is to say, without there being in cash, the coin o f which it should be the
representative sign, inspires belief o f the existence of capital which never had
existence, of a power of disposing o f productive forces which the country
never had, overstimulates the industrial and commercial activity o f the na
tion, and incites it to engage in enterprises out of all proportion with the
real means o f execution which are in its power. And let us add that this
over-excitement o f productive forces, giving room to a greater number o f
pecuniary transactions, and consequently to the employment o f a larger
amount o f money, becomes in its turn, after having been the effect, the
cause o f new issues of paper money. The country is thus drawn, by a
power unknown and irresistible, and with a rapidity ever increasing, beyond
the bounds o f reality, and stops in its unthought-for march only at that mo
680
Financial Crises and the Monetary System.
ment when, its real capital exhausted, it perceives, unhappily too late, that
it has embarked on enterprises beyond its means. It is then obliged to
settle its accounts and to declare a general bankruptcy, to which the name
crisis is given, to cover perhaps the disgrace which is attached to the de
claration o f inability to fulfill engagements too hastily contracted.
This is the remedy proposed by the author for preventing this great
calamity. Since crises result from the excessive issue o f paper-money a decouvert, the remedy appears necessarily to consist in preventing these issues,
not directly, which would be unjust and inefficacious, seeing that the power
which gives circulation to paper money is out o f the power o f the legislator;
but indirectly, and this is the method.
Having the choice o f receiving bank-notes or coin, why are notes pre
ferred ? Because coin is heavy, inconvenient, requires much trouble and
care in counting, and much space in keeping, while notes are light, occupy
little space, and with them the sums they represent can easily and quickly
be counted. The preference, then, given to notes is the effect o f their su
periority over coin. W hat, then, must be done to put a stop to this prefer
ence, which is the cause o f the circulation o f notes, which is itself the cause
o f crises ? Coin must have, or, to employ a more general expression, money
must have the same properties which notes have. It is necessary to give it
the same form, and to construct it o f the same material; it is necessary, in
short, to make money o f paper. It is certain that, according to this way o f
thinking, when money shall have the qualities which now establish the su
periority o f notes over coin, not only the motive for issuing notes shall
cease, but the money shall be preferred to notes, since it will then be incon
testably superior to them. In fact, the note being the sign and the money
the thing, the note being the promise and the money the accomplishment,
every one shall prefer, circumstances being the same, the thing to the sign
representing it— the accomplishment to the promise.
It cannot be denied that this reasoning is logical, simple, and most con
clusive ; but has the author not foreseen how repulsive is the system which
he proposes ? To make money o f paper ! Can it be thought of, after the
disasters occasioned by paper money in every country where recourse has
been had to this fatal medium o f exchange ?
After reading the work o f M. Chitti, it will be seen that his money o f
paper is another thing than the paper money, the recollection o f which, and
very justly, alarms the mind. Money o f paper, such as he proposes, is the
instrument o f exchange perfected ; its adoption is designed to render more
easy the accomplishment o f pecuniary transactions, and it can only be in
troduced into circulation in times o f peace and prosperity. Then it will be
accepted without difficulty, because it will be regarded as a financial ameli
oration, as in reality a social advancement, and not as an expedient to be
had recourse to in times o f difficulty. Paper money, on the contrary, is a
monetary deception, is a promise to refund that which it is sure it cannot
p a y ; is not a new and still less a better instrument o f exchange; it is only
a dangerous auxiliary, which falsifies the measure o f values, which substi
tutes fiction for reality, and which is introduced into circulation only by vio
lence in times o f distress, and in the midst o f circumstances which allow no
choice as to the means o f removal. It would be a great error, therefore, to
wish to argue from paper money in order to bring objections against money
o f paper. Moreover, we must hasten to announce that the author has not
shirked a single objection at all serious which can be brought against the
Financial Crises and the Monetary System.
681
adoption o f money o f paper, and he appears to us to have fought successful
ly, so as not to leave a single doubt as to the possibility o f realizing this new
means o f exchange. In proposing the reform of the monetary system, the
author of crises has, moreover, had in view an object still greater than that
o f preventing these great social calamities. H e lays it down as a principle
that the imperfection o f metallic money is to so great a degree an obstacle
to the accomplishment o f pecuniary transactions, when they acquire a cer
tain magnitude, that the industry, and consequently the wealth, o f the most
advanced nations would not be able to pass certain limits, if, to correct this im
perfection, paper money were not introduced into the circulation, which fulfills
better than metallic the functions o f a medium o f exchange. In fact, when
a country has arrived to a certain degree of wealth, the development o f its
productive forces gives room to pecuniary transactions so numerous, rapid,
and important, that there is a physical impossibility in their accomplishment
by metallic money. Thenceforth, the employment o f a money more in ac
cordance with the rapidity and magnitude of the exchanges becomes an im
perious necessity ; and one most unavoidable, since the richest and most in
telligent nations, in spite of the danger o f being drawn into the abyss o f
crises by the abuse o f paper money, have never thought o f suppressing this
indispensable auxiliary of metallic money. W hen it is remembered that in
London alone there take place, on an average, every day payments to the
amount o f more than seven millions o f pounds sterling, it will easily he un
derstood that it would be impossible to effect them, if it were necessary to
employ gold and silver pieces.
The reform o f the monetary system, then, is one o f the greatest questions
o f mankind, having a far higher reach than is generally imagined, and we
owe gratitude to the author of Crises, for having engaged in it with frank
ness, and without hesitation, in spite of hindrances, and, above all, o f the
powerful interest which his doctrines must necessarily alarm.
W e are now about to lay before our readers the arguments by means o f
which M. Cliitti demonstrates the possibility o f the reform in question, and
the measures which he advises for preventing the abuse o f a money the ma
terial o f which is almost valueless, and the fabrication o f which requires hut
little labor and expense.
II.
In the preceding paragraph we have given a brief summary o f the
doctrines contained in the work we have undertaken to analyze, and we have
approved o f the views therein exposed, concerning the cause o f crises and
the means o f preventing them. But we should be the first to consider these
doctrines as brilliant chimeras, if the author had not taken care to answer
at once the serious objections which can be opposed to him, and to show af
terwards that the system is capable of realization, by pointing out practical
means for its execution. W e confess that, after the first reading o f this
hook, the mind is astonished, by finding itself away out o f the sphere o f
ideas, adopted by common opinion until this time as the base o f monetary
theories. W e are so convinced that gold and silver are the money par ex
cellence, that the understanding refuses to recognise the existence o f any
other substance capable o f serving as monetary material; and that this sub
stance, although having almost no value, could acquire one very great and
exempt from variations, and consequently be most proper for fulfilling per
fectly the functions o f a medium o f exchange.
There are certainly in the work o f M. Chitti a great boldness o f thought
and a lively desire o f innovation, but we also remark severity o f method and
682
Financial Crises and the Monetary System.
scrupulous care to maintain the discussion within the domains o f reality.
He who proposes the adoption o f money o f paper, at the same time shows
himself very inimical to paper money, whether bank notes or other, since
these promises are issued a decouvert; that is to say, without there being
in reality the coin which they are regarded as representing, and without it
having been previously deposited in the cash boxes o f the establishments
which sign them. Far from participating in the opinion which attributes
to paper money the power o f augmenting the capital of the country, and o f
creating new means o f production, M. Chitti thinks that, capital being the
products which the possessors abstain from enjoying, in eveiy state, as these
products are a determinate quantity only to be augmented by new produc
tions and new abstinences, the paper money issued a decouvert is only some
engraved paper, o f no utility, adding nothing to the capital in existence, and
serving only as an instrument o f deception to abuse the public confidence, to
lend funds not possessed, to dispose o f products which are at the disposition
o f another. The consequence o f this intrusion into the circulation o f imag
inary capital o f false monetary signs, is the arrival in the market o f purchas
ers who, giving in payment ideal values, provoke an erroneous increase in
the demand, a deceptive advance o f prices, a fatal exaggeration o f all the
industrial and commercial enterprises o f the country, and at last bring
about the crisis, the hideous crisis, which infallibly results when the produc
tive forces, wasted away by this febrile over excitement, are obliged to aban
don works undertaken, leaving on the field o f labor but ruins and desola
tion.
Considering the issue o f paper money a decouvert under another point of
view, the author arrives in like manner to the same result. B y the issue o f
paper a decouvert, he observes, the amount o f money in circulation is aug
mented, and consequently a fall in the value o f money is produced. Then,
since gold and silver pieces preserve their metallic value, which is distinct
from their monetary, they are withdrawn in part from the circulation and
become again ingots, to be sent out o f the country, and this retreat o f gold
and silver coin provokes new issues o f paper money, and therefore new melt
ings down of metallic; so that the time comes when all or almost all the
office of exchange is effected by means o f paper money. So far the evil is not
very great. If the metallic pieces have gone out o f the country under the
form o f ingots, they have brought into it foreign products o f an equivalent
value; but the country is placed on the brink o f a precipice by the absence
o f metallic money. See how this is. The paper money, which is then al
most the only kind in circulation, bears the promise o f redemption at sight
and in cash. So soon as the excess o f issue sensibly depreciates its value
confidence in it is shaken ; the more fearful or the more farsighted hasten
to have it redeemed, and very soon the cry o f alarm summons the mass of
holders. Then the mask falls, the inability to redeem becomes flagrant,
the paper loses on the instant all its value, and, since the metallic pieces
have been sent abroad, the country finds itself at once deprived o f money, no
one can fulfill his contracted engagements, and the nation in mass is forced
to declare itself in a state o f ruin. It is thus that the scaffolding o f the pre
tended capital in paper money gives way, that to the brilliant illusion o f
boundless wealth succeeds the sad reality o f inability to continue works con
ceived on too large a scale. The paper money losing, then, all its prestige,
becomes what it used to be, paper, and the country is obliged to submit to
rude sacrifices in order to bring back the metallic money into the circulation,
Financial Crises and the Monetary System.
683
and to re establish order in its interior economy. A nd the paper money
not being redeemable, the crisis would none the less take place even if the
issues should be repeated often and profusely, as happened overwhelmingly
in France after unlimited issues o f assignats ; unless by a wise measure
they limit them, withdraw the quantity of paper which exceeds the want o f
the nation, and thus restore the primitive value to that remaining in circula
tion. The Bank o f England acted in this manner after the peace o f 1815 ;
she brought up the value o f the notes again to that o f the metallic pieces,
by gradually withdrawing from the circulation the quantity which was in
excess, and which was the cause o f their depreciation.
The conclusion which the author deduces from these considerations is,
that the issue o f paper money a decouvert is productive always o f a pertur
bation more or less great in the economy o f the country, and ends, if the
issues exceed certain limits, by plunging it into the calamities of a crisis.
According, then, to the ideas we have just set forth the cause o f crises is
the excessive issue o f paper money, and we have seen in the preceding par
agraph that the only means of preventing these' issues is the reform of the
monetary system, that is to say, the substitution o f money o f paper for mo
ney o f m etal; for then the money being o f paper there no longer exists any
motive for confiding to paper money the office o f exchange.
It remains now to us to speak o f the possibility o f realizing this substitu
tion. A t first we shall announce briefly the ideas o f the author on moneta
ry value, through which he draws the conclusion that to paper can easily
be given a great value, and one exempt from variations, and afterwards we
shall point out the practical means which he thinks should be made use o f
in order to introduce without jarring the money o f paper into circulation.
III.
The value o f the price o f every product is the result, 1st, o f its useulness; 2d, o f the extent, intensity, and urgency o f the wants it is destined
to satisfy ; 3d, o f the extent o f the means which those who feel those wants
have at their disposal to satisfy them ; 4th, o f the quantity offered, in which
is comprised not only' the quantity offered in market, but also that which it is
presumed can b e ; 5th, o f the urgency on the part of the possessors to ex
change it for other products. And, in other words, the price o f products is
determined by the supply and the demand, this being a summary way o f
expressing the five circumstances we have just stated. Monetary value has
no other source. Money satisfies a want, one o f the most extensive and im
perious o f society, that o f exchanges. The thing which is fit to satisfy this
want necessarily has value, provided its quantity be lim ited; and moreover
its value will be exempt from variations if the quantity employed for mone
tary use remain the same. Silver and gold are undeniably excellent mone
tary material in respect to value, seeing that the existing quantity is not
liable to great variations; above all, if the enormous mass o f these metals
spread over the universe be considered, their value continues the same.*
But gold and silver are not sufficiently good monetary material in regard to
volume, weight, facility o f transport, o f counting, and above all in regard to
cost, the precious metals being the dearest material that can be employed
in the fabrication o f money. Paper, in the form of bank notes, possesses,
incontestably, better than gold and silver the qualities o f good money, except
that o f value, which is certainly the fundamental quality which all money
should have. But in accordance with the principle o f supply and demand
* When this article was written the mines ot California had not yet been discovered. (Note o f L. C.)
684
Financial Crises and the Monetary System.
which we have stated above, it is sufficient, in order to give value to money
o f paper, to limit its quantity. Here exists the whole secret for converting
into current money bits o f paper without value, for giving to them value,
and a great value, and rendering them suitable for serving as intermedia o f
exchange.
Let Government, which has charge o f the general interests o f society,
be the sole and exclusive fabricator of m on ey; let its power o f fabricating be
circumscribed by limits it cannot transgress, and thus the problem o f money
o f paper is solved.
Here are presented various objections which the author has taken care to
foresee and to combat. W e shall point out the most important.
First objection. It is the intrinsic value, it is objected, that renders gold
and silver proper for serving as monetary material; without the intrinsic
value there is not, and there cannot be, any money, for monetary value is
nothing else than the value o f the material o f which it is formed. The au
thor answers : according to the principle o f supply and demand it is not the
intrinsic, that is to say the metallic, value o f the pieces that confers upon
them their monetary value; the two values, although united in the same
piece, are distinct, since the causes which determine them are also distinct.
Gold and silver metal satisfy other wants than gold and silver money do ;
thus the metallic value o f the coined pieces having another source than their
monetary value, one o f these two values can be superior or inferior to the
other. In fact, this takes place in regard to copper coin, and even in regard
to gold and silver, when the causes that maintain these two values at the
same level are removed. The English silver shilling is worth more than
the bit o f metal o f which it is formed, because the British Government coins
shillings only in the quantity called for.
On the other hand, gold sovereigns are worth as much as the metal which
they contain, because every one is free to coin ingots into money, or to melt
down and convert the money into in gots; that is to say, that as soon as
the monetary value o f the pieces is raised or lowered, relatively to the value
o f the metal which they contain, private interest, which watches over these
variations in order to draw profit from them, re-establishes immediately the
equilibrium by buying up the ingots to convert them into pieces o f money,
or by melting down the money to convert it into ingots. B y the first o f
these two operations it augments, and by the second it diminishes, the
amount of money in circulation, and thus brings back, by making the cause
o f its variation to disappear, the value o f the money to the level o f the value
o f the metal contained.
It is this almost constant equality o f level in the two values, existing con
founded in the pieces, which deceives inattentive minds, and makes them be
lieve the monetary value o f the pieces to be nothing but the reflection o f the
value o f the metal they contain; and we add that to this cause of decep
tion is to be added another, more abstract and more difficult to seize hold
of, which lends to the error just noticed a greater appearance o f truth. It is
this : The utility o f products is independent of their value. Money is the
only exception to this m axim ; its value, on the contrary, is the principal
element o f its utility. If wheat were given us by Providence as air, without
measure and without labor, it would have no value, but nevertheless would
preserve its utility— the property o f furnishing us with aliment; if money
should lose its value, it would lose at the same time all its utility ; that is
to say, it would cease to be money. From thence it is concluded that value
Financial Crises and the Monetary System.
685
should pre-exist in the thing they wish to employ as m on ey; and, in other
terms, that objects which have no value cannot fulfill the functions o f money,
nor serve in its fabrication.
The author thus answers to this specious objection: In a state o f civiliza
tion but little advanced, where social ideas are but little developed ; where
the need of money commences scarcely to make itself felt; when exchanges
take place only for a small number o f products, each family making for itself
the greater part o f the things demanded by its wants, in such a state of civil
ization it would be perhaps difficult to employ, as an intermedium o f ex
change, any other thing than products having value. For when society is in
its infancy there exists no political institution which can be charged with the
general interests o f the community, which can be commissioned to act in
the name o f all, and to create things needful to all, and whose creation is
out of the power o f each one individually. N ot only material things, as
roads, public edifices, harbors, &c., but things o f moral usefulness, as the ad
ministration o f justice, the public force, worship, &c., belong to a civilization
more advanced.
The money is also one o f these creations which have devolved upon the
power which represents society; and if it be recognized that a certain ma
terial which has no value possesses meanwhile, to an eminent degree, other
qualities which render it proper for the composition of a money more per
fect than that fabricated from a material having value, it is not difficult to
give it the lacking quality, value, the indispensable element o f all money.
To monopolize the fabrication o f money, to make it the exclusive attribute of
the Government, is sufficient. It is certain that Government, having the
sole fabrication o f money, if it issue it only in the quantity called for by ne
cessity, and if the money which it fabricates possess all the other qualities
which render it proper to serve as an intermedium o f exchange, it o f neces
sity shall be in demand, and consequently have value, since in the actual
state o f civilization in our societies no one can renounce the use o f money in
order to exchange things which he possesses against those which he needs.
Second objection. One p roof: they object again that the value o f money
is nothing but the value o f the metal of which it is formed. Is the power
lessness of Government to maintain at the same height the value o f pieces
after having altered their weight or their standard ? It is not, answers the
author of Crises, the alteration in weight or in standard which has lowered
the monetary value o f the pieces, but the increase o f the number in circula
tion. If this number has been maintained, and the other economical cir
cumstances o f the country had remained the same, the altered money would
have preserved its primitive value. In every country the service o f exchanges
requires the employment o f a certain quantity o f monetary value, just as the
transport o f an inert mass in a given time requires the employment o f a given
quantity o f force. Suppose that, in order to effect all the payments to which
the pecuniary transactions give rise, there be necessary in all a monetary
value equivalent to the value o f ten millions of hectolitres o f wheat, it is evi
dent that if this value be divided into one hundred or two hundred millions
o f units, the value o f each unit shall equal, in the first case, the one-tenth,
and in the second the one-twentieth o f a hectolitre o f wheat; that is to say,
that the greater the number of monetary units thrown into circulation the
greater shall be the decrease in value o f the monetary unit, although the
total value remains always the same. This truth is confirmed by expe
rience.
686
Financial Crises and the Monetary System.
In 1810, according to Jacob, the amount o f currency in England was as
high as forty-eight millions o f pounds sterling; in 1814, as high as sixty
m illions; and in 1829 it was reduced to forty millions. W ell, the forty-eight
millions in 1810, the sixty millions in 1814, and the forty millions in 1829,
represented at these differents epochs the same value— a value about equal
to that o f ten millions o f ounces o f g o ld ; the accomplishment o f the trans
actions o f the country demanded the employment o f this monetary value;
and if the amount o f money in circulation had been reduced to twenty mil
lions, it also should have a value equal to ten millions o f ounces o f gold.
Now, if it be asked what was the value o f the monetary unit at the three
above mentioned epochs, it was proportioned to the number found to be in
circulation. In 1810, 4 i pounds sterling must be given to buy one ounce
o f g o ld ; in 1814, 54 ; and in 1829, 3 T\ are sufficient.
Thus the author concludes that if Governments which have altered the
weight and standard o f money have not increased the number o f monetary
units which are in circulation, their value would remain the same in spite of
the alteration. But those Governments which have had recourse to this
means only to procure extraordinary resources in times o f poverty, have put
again into circulation the same quantity o f metal, divided into a greater num
ber o f coined pieces, by which the value o f each piece must necessarily be
diminished.
Third objection. H ow a State, adopting money o f paper, would be able to re
gulate its accounts, resulting from its commercial relations with other nations.
Always, observes the author, by means o f gold and silver, which can be
regarded as international money, and in the same way that they are regu
lated now, when these metals are the monetary material o f every nation.
A draw on Paris for 10,000 francs is worth in London, at par, fifty kilo
grammes o f silver at T9g- fine; these ciphers indicate the weight and stan
dard o f the silver contained in 10,000 pieces o f one franc; Then it would
have the same value even when the payment would take place in money o f
paper, if 10,000 francs o f this money bought equally in the market o f Paris
fifty kilogrammes o f silver o f
fine. Seeing that the value o f the money
o f paper is free from variations to which the value o f the money o f metal
is exposed, the exchanges o f the country, whose money is o f paper under
equal conditions, would be favorable to it.
Fourth objection. But how prevent abuse in the issue o f a money whose
material costs almost nothing, and whose fabrication is o f so little expense ?
This objection is vital. I f abuse in the issue cannot be prevented, and
every security on this essential point given to public opinion, the adoption
o f the money of paper would be utopian.
Under a rule o f uncontrolled power, where the will o f the sovereign is
law, then money o f paper does not offer perhaps sufficient security as to the
inviolability o f the quantity put into circulation ; although to tell the truth,
in absolute Governments, where an enlightened and honest man is reigning,
confidence can be placed in his intelligence and his word. But under a re
presentative rule, where the laws are discussed and voted with solemnity
and publicity, there it is very easy to place the money o f paper out o f the
reach o f abuse. First, the fact even of its adoption is a sufficient guaranty,
because it supposes sufficient intelligence in the country to know that the re
sources are not multiplied by multiplying the monetary units ; and that in
cases o f necessity the abuse o f issue would aggravate instead of mitigating
the evil whose removal was had in view. A ll previous examples of abuse
Financial Crises and the Monetary System.
6S 1
which Governments, even the representative, have made with paper money,
prove nothing against this consideration. Paper money has been an expe
dient to which recourse has been had in case of distress; its creation has
been itself an abuse; on the contrary, the money o f paper is an essential
wheel o f the social mechanism, and the people who employ it are not igno
rant that it would cease to perform its functions well if the form were altered
or its power weakened.
The author points out many means in order to reassure the mind con
cerning the abuse o f issues. The principal are, first, to attribute to the Le
gislature exclusively the right o f authorizing the issues, and of taking every
other measure having relation to the monetary system. Second, to confide
the execution o f the monetary laws and ordinances to a mixed committee,
responsible, composed o f members o f the Legislature, o f commissioners of
Government, of delegates o f Commerce, industry, and agriculture. Third,
to render obligatory the monthly publication by the journals o f the number
o f monetary unities put into circulation, and o f every measure in w'hich the
money is concerned.
A s to the practical means o f substituting, without jarring, the money of
paper for the metallic money, M. Chitti believes it o f use, in order not to
shock popular opinion and customs, to preserve the same denomination to
the monetary unit, and to regulate the issues so as to bestow upon it the
same value. In this end he grants at first different periods o f time in order
to arrive at the definite conversion of the metallic money into money o f pa
per, and gives afterwards to the committee on money the business o f aug
menting and diminishing the number o f monetary units in circulation, in
proportion as their value rises or falls in respect to the value o f gold or sil
ver. A nd in this view the committee shall have charge o f purchasing ingots
when their value, for example, is below 222.22 francs for each kilogramme
o f pure silver, or 3,444.44 francs for each kilogramme o f pure gold, and of
selling them again when above. By this means the equilibrium is sure to
be re-established at the same instant that it is broken, and the monetary va
lue of the paper maintained constantly at the level o f the value o f the pre
cious metals. This equality o f value is not a necessity in the paper mone
tary system, but it is useful as not changing the customs o f the country in
respect to monetary value, and as maintaining, at an invariable price, the
par o f the money o f paper compared with the metallic money o f other
States. W e shall finish this long article by pointing out an accessory advan
tage which the country shall derive, where money o f paper would be intro
duced. This advantage consists in having at disposal the amount o f gold
and silver coined into money, which no longer would be needed for the pur
pose o f exchange. This would be a veritable gift which the country would
receive, without the smallest cost to any one ; a gift, moreover, o f consider
able importance, since the metallic money in circulation in Belgium is esti
mated at 300,000,000 francs, that in France at the enormous sum o f
2,500,000,000, and that which England employs at the third o f that sum,
on account o f the abundance o f paper.
A n d in conclusion we will say, that the work o f M. Chitti, written with
profound conviction, with method, with clearness, and simplicity o f style,
merits to be meditated by serious minds, which are occupied with objects
o f general interest, and above all by the statesmen who have the lofty and
noble mission o f realizing the social ameliorations which progressive intelli
gence discovers and points out to public attention. After our compte-rendu
688
Financial Crises and the Monetary System.
o f the work which has formed the subject o f the three preceding paragraphs,
we believe that our readers will be desirous of making the application o f the
doctrines therein developed to the financial embarrassment which England at
this time is experiencing, and to that which, since 1836, has been afflicting
the United States, and threatens to become a veritable crisis in all the ex
tent of the word.
The Bank o f England, from the importance o f its capital and from its pri
vileged position, exercises a moderating power over the use o f credit by the
other banks which, like it, issue paper redeemable at sight and in coin. En
lightened by the catastrophe of 1825 and 1826, she watches over the issues
with sustained attention, so as to prevent, by indirect means, not being able
to employ others, too great a quantity o f paper being thrown into circula
tion, and bringing about the same calamity.
The symptoms by which the bank recognizes the existence o f an excess
o f paper in the circulation is the diminution o f its reserve o f coin and of in
gots. The amount o f this reserve is, it is true, always inferior to the amount
o f its issues ; but there is a limit beyond which the difference between these
two quantities announces that there is an excess o f currency in circulation.
W h at does the Bank of England do when it perceives that coin is going out
o f its coffers too abundantly ? It raises the price o f the interest o f its dis
count in order to diminish the amount o f bank notes in circulation, and to
bring in the metal. In fact, if on the one side it has en portefeuille, for ex
ample, twenty millions o f pounds sterling to collect in the current m on th ;
and on the other, if, in consequence o f the increase o f interest, there be pre
sented for discount during the same month but fifteen millions of drafts and
notes, it will withdraw from the circulation five millions o f pounds sterling,
either in bills or in metal, and thus by degrees it brings again to its normal
condition the relation o f its issued bills to its metallic reserve.
This means has succeeded for some tim e: but as the other banks o f
Great Britain do not think themselves always obliged to keep the same re
serve, and continue to issue largely their paper, the Bank o f England takes a
new measure, that o f refusing the discount o f every note and draft bearing
the signature o f a bank o f issue, in order to force these banks to restrict their
operations.
W e cannot foresee the efficacy o f this arrangement; but this is certain,
that all these measures, taken with the aim o f preventing the crisis which
would be the inevitable consequence o f an increasing issue o f paper, become
themselves the cause o f a very grave evil, that o f alarming the mind, o f
frightening capital, of bringing trouble into all industrial and commercial
affairs ; in one word, o f paralyzing the action o f the productive forces of the
country.
And why all this disorder, all these alarms ? Is it that England has fallen
from her power ? Are there no more at her disposal the same productive
intelligences, the same arms, the same capital ? Is it that the nations with
which she holds commercial relations have no longer anything to give her
in exchange for her j roducts ? N o ; nothing o f this has happened. Things
are where they were before the alarm o f the Bank o f England, before the
adoption o f measures which have spread it through all the country. From
whence, then, comes the evil ? It comes from this, that a considerable num
ber o f banks and bankers stamp money by issuing bank notes a decouvert,
provoke discounts, excite the spirit of enterprise, swell more and more the
flood o f currency in circulation, and then it is very necessary that the mode
rating bank should raise dikes to prevent the inundation.
Financial Crises and the Monetary System.
689
If, on the contrary, there were hut one kind o f money in circulation, the
legal money, that issued by Government in quantities proportioned to the
w ant; if this money were as convenient as bank notes, so that there would
be no longer pretext for issuing monetary signs, then the mass of the cur
rency, not being able to undergo great variations, there would exist no long
er any motives to trouble the economy o f the country, in the aim o f pre
venting a danger with which it should no more be threatened.
Then, as the means o f putting a stop to the circulation o f notes is the
adoption o f paper, it is evident that, so long as England shall preserve her
metallic money, there will be issues o f notes, permanent danger o f crises, and
necessity, in consequence, o f preventive mettsures, although injurious to the
regular advance o f production. She will be obliged to live in a continual
state o f alarm, to restrain the soaring o f its productive forces from the fear of
a too strong excitation ; or, if she takes no care o f issues which increase be
yond what is needed, the amount o f the currency elevates prices, and stimu
lates to foolish enterprises, she must resign herself to undergo periodical
crises more or less sad than that o f 1 8 2 5 -2 6 , but always destructive of a
part o f her riches and o f her prosperity.
See the vicious circle in which Great Britain is forced to turn if she obsti
nately maintains her system o f metallic currency; and let it not be believed
that she can change this condition o f things by forbidding issues o f paper.
Such a prohibition is impossible. Paper o f credit is for England a social ne
cessity, so long as her money is o f metal. Seeing that this money, being
unsuitable for effecting the enormous amount o f payments to which its nu
merous and important pecuniary transactions give rise, it is indispensable to
have recourse to the intervention o f paper of credit.
It is thus that, by the doctrines developed in the work o f M. Chitti on
crises and financial reform, we arrive at the real causes o f the financial diffi
culty which afflicts Great Britain, and we can boldly predict that this state
o f suffering, should it cease, will necessarily be reproduced at epochs more
and more near together, if England does not employ the only means for
causing it to cease forever, that o f the adoption o f money o f paper.
A ll that precedes is applicable to the United States. There the causes of
financial perturbation are more powerful than in England. In the United
States no bank is invested with the moderating power of credit, as the Bank
o f England. There the number o f establishments which issue notes payable
at sight is out o f all proportion with the real quantity o f capital existing in
the country, and the torrent o f money in circulation is ever on the point of
overrunning its bounds.
In 1836 the cry o f alarm was sounded, but the good sense o f the coun
try, having allowed the paper to circulate even after the declaration of non
redemption, prevented the catastrophe. Meanwhile this state o f things can
not long continue. The country is continually in danger of seeing its paper
made worthless as money, and o f being deprived in one day of every means
o f exchange. Imagine eight hundred banks which all issue bank notes a
deconvert, which all excite speculation by facility of discount, and which all
provoke a fictitious height o f price. The fatal moment must inevitably
come, and the crisis take justice for all this phantasmagoria o f imaginary
capital and ideal wealth: it is only a question o f time, but the catastrophe
is inevitable.*
1Thai which precedes was written in 1840, when the news of the suspension o f the banks o f PhiVOL. X X V .— NO. V I.
44
Coffee : and the Coffee Trade.
090
It need not be concluded from what precedes that the United States are
a nation poor and without resources. There are few States which can rival
it in wealth and industrial and commercial power, and none in agricultural
wealth. It is its monetary system which pushes it beyond the bounds o f
reality, and will oblige it sooner or later to re-enter them, abandoning all the
works executed on the domains o f illusion.
W e conclude with the author o f Crises, that it is time for wealthy nations,
which put into action a great industrial and commercial power, to reform
their monetary system, which exposes them to the danger o f crises, or to the
evils which accompany the measures taken to prevent them, and to adopt
money o f paper— a certain safeguard against the exaggerations o f enter
prises, and, in consequence, against the calamities which are their result.
Art. IV.— COFFEE : AJiD THE COFFEE TRADE.
In an article published in the August 1850 N o. o f the Merchants’ M aga
zine, with the above caption, statements were made to show that the pro
duction o f coffee was not on the average equal to the constantly increasing
consumption, and that it was not likely to be increased unless stimulated by
long-continued higher prices than had ruled for many years. The large
Crops o f Brazil and Java in 1850, having given rise to some doubts o f the
correctness o f these statements, it may be well to review the past and to look
forward to the probable future course o f this important article o f trade.
The short crop in Brazil in 1849, and the extremely favorable weather
after the blossoming season (September to November 1848) had produced
the greatest growth o f new wood ever seen, (coffee is principally grown on
new wood,) so that the trees were in a better condition for bearing than ever
before known. The blossom in 1849 was most abundant, the season
throughout favorable, but what is o f the greatest importance, the picking
season from April to July, 1850, was uncommonly fine, enabling the plan
ters to secure the most abundant crop ever known, and far exceeding their
most sanguine expectations. Such a combination o f favorable circumstances
had never before occurred, and is not very likely to happen again.
The export o f the crop-year July 1st, 1850, to July 1st, 1851, proved the
greatest ever known, being 1,884,636 bags, or 302 millions lbs., leaving a
considerable quantity in the interior to supply the deficiency o f the crop of
1850, caused by the excessive production o f 1850, which prevented the
growth o f new wood and exhausted the trees, as is the case with all those
bearing fruit.
The crop o f 1851, was all secured by August last, therefore the probable
result is very nearly ascertained, and is estimated to be, from careful inqui
ry, only one-third to one-half the previous crop, say 1,000,000 to 1,200,000
bags, added to which, the old coffee remaining over, will make the quantity
for export, July 1, 1851, to July 1, 1852, from 1,500,000 bags, to 1,600,000,
or fully 300,000 bags, or 48 millions o f pounds less than the previous year.
The following table o f comparative export o f three consecutive crop-years
ladelphia ami o f other States of the Union arrived. Since that time, in the greater number o f States,
wise special laws on the organization o f banks place irrefragable barriers to the excess o f issue o f
paper of credit, and remove, in consequence, the dangers foreseen above.
M. Oh itti .
691
Coffee : and the Coffee Trade.
proves that there will be an average annual decrease o f 119,263 bags in
1849, 1850 and 1851, compared with 1846, 1847 and 1848, and confirms
the opinion, that Brazil has attained her maximum, instead o f continuing to
be largely on the increase, as it was from 1830 to 1845, caused chiefly by
the abundance and low prices o f Blacks.
United States.
Bags.
Total.
Bags.
Crop, 1846.......... ........................
“ 1847...................................
“ 1848 .................................
848,485
1,048,785
848,408
Europe.
Bags.
684,632
765,773
773,017
1,528,117
1,804,558
1,621,125
Total....................................
2,740,378
2,213,422
4,953,800
Average per annum...................
913,459
737,807
65£ per cent to Europe, 44J per cent to the United States.
1,651,266
Crop, 1849...................................
“ 1850...................................
“ 1 8 5 1 ,..............................
538,181
1,025,912
880,000
573,151
858,764
720,000
1,111,332
1,884,676
1,600,000
Total.....................................
2,444,093
2,151,915
4,596,008
Average per annum...................
814,698
717,305
1,532,003
Decrease per annum...........
98,761
20,502
119,263
The probable stoppage o f the slave trade, was assigned as a reason, why
the production o f coffee in Brazil could not be increased, as the planters
could not keep up the stock upon their estates without annually purchasing
5 to 10 per cent o f new blacks. The slave trade is now effectually stopped,
and there is no possibility o f its being renewed, which will surely prevent any
increase in the cultivation o f coffee. On the contrary, a decrease may be
expected, until the planters, can, by greater care o f their blacks, maintain
their stock, or introduce free labor; either will require many years to bring
it about, if ever done. The causes o f this great annual loss o f blacks, are
the great mortality until acclimated, the very small number o f females on
the estates, and that but few children are ever raised. The coffee districts
being at some seasons very cold and raiuy, are not at all congenial to Afri
cans. From the foregoing it is certainly reasonable to assume that the av
erage crop o f Brazil will not for many years exceed the present estimate, say
1.600.000 bags o f 160 lbs., or 256 millions lbs.
The Java crop is the next in importance to Brazil. This has been on the
decrease for several years past, as it ceased to be a profitable crop. The
greatest production was 1,100,000 piculs, or 146 millions lbs. The crop o f
1850 proved more abundant than for several years, yielding 850,000 piculs.
Advices from Batavia to August last state, that the crop o f 1851, then
coming to market, would be 240,000 piculs short o f the previous one, say
600.000 piculs, or 80 million lbs.
The chief cultivation o f coffee in Java is under the direction o f the Gov
ernment, otherwise it would have fallen off still more. The private plante s
who at one time produced about 400,000 piculs, will this year have but
about 80,000. The labor being free and hired, private individuals stopped
raising coffee when it became unprofitable, and in many instances abandoned
their estates altogether. In Brazil the reverse has been the case, as planters
were obliged to employ their slaves, and could not raise other crops.
The cost of raising coffee in Java, with shipping charges, is estimated to
be 10 cents per lb. on board ; in Brazil, 8 cents ; Cuba, 9* cents ; adding to
Coffee: and the Coffee Trade.
602
these prices freight, insurance, and other charges, the cost in the United
States respectively, would be 12^, 10, and 11 cents. These prices being
much above the average rates from 1842 to 1848, it is not surprising that
the production in Java should have fallen off' so much, in Cuba* still more,
and that Brazil should have ceased to increase.
In the meantime the consumption o f the United States has increased with
rapid strides. 1845, the import from Brazil was about 500,000 bags, in the
12 months ending 31st ult., it was about 1,000,000 bags, or 160 millions lbs.,
and the stocks now are not larger than at the same period o f 1850. Brazil
coffee constitutes about three-fourths of the whole consumption o f the United
States, therefore the total must be 200 million lbs. at least, and the annual
increase may be safely estimated at
per cent, at prices not excessive. The
increase in Europe is generally estimated at 2 j per cent per annum, but in
the following table o f consumption, the average estimates o f European writers
for 1848 are assumed, which are believed to be below the actual wants.
The estimates o f production are from the best sources.
The production o f coffee in 1851, which furnishes the supply for 1851 and
1852, is estimated as follow s;—
Brazil. 1,600,000 bags of 160 lbs........................................................ lbs.
Java, 600,000 piculs of 13SJ-lbs.................................................................
Cuba................................................................................................................
Porto Rico......................................................................................................
St. Domingo..................................................................................................
Laguira, Porto Cabello, Maricaibo, <fcc........................................................
British West Indies........ ..............................................................................
Ceylon and British India..............................................................................
Mocha and Persian Gulf................................................................................
French and Dutch West Indies...................................................................
Manilla..............................................
Sumatra..........................................................................................................
Costa Rica......................................................................................................
256,000,000
80,000,000
15,000,000
15,000,000
45,000,000
30,000,000
7,000,000
45.000,000
5,000,000
2,000,000
5,000,000
10,000,000
10,000,000
Total..........................................................................
525,00
CONSUMPTION OF THE W O RLD — THE ESTIMATES FOR EUROPE BY THE AVERAGE OF VARIOUS
AUTHORITIES IN
1848.
Holland and the Netherlands.................................................................lbs.
Germany and North of Europe...................................................................
France and South of Europe.......................................................................
Great Britain.................................................................................................
United States and British Am erica...............................................................
T o ta l......................................................................................................
108,000,000
175,000,000
105,000,000
87,000,000
200,000,000
625,000,000
That the consumption in Europe is steadily increasing there cannot be a
doubt. B y a statement o f stocks, arrivals, and deliveries o f coffee in the
north o f Europe, England and Trieste, published in the Economist o f Septem
ber 20, 1851, it appeal’s that the deliveries for consumption in 8 months had
been 210 millions lbs., exceeding the same period o f 1850 by 56 mil
lions lbs. It is also remarked that the deliveries are likely to continue
on even a larger scale the remaining 4 months of the year, which would
make the total for the year 315 millions lbs. To this is to be added
Sweden, Russia, Marseilles, Genoa, Naples, Sicily, Corfu, the Archipelago,
Smyrna, and Constantinople, say fully one-fourth part o f Europe, or 105
millions lbs., making the total 420 millions lbs., to which add the estimate
* In 1825, the export from the North side o f Cuba was about 32 millions lbs., it is now barely 5
millions.
Coffee : and the Coffee Trade'.
693
for United States, &c., 200 millions lbs., making the total for the world 620
millions lb s.; agreeing very nearly with the preceding estimate. From the
foregoing statements, estimates, &e., the following deductions are made>
v iz:—
That the production o f coffee is now 15 to 20 per cent less than the con
sumption, wliich is annually increasing. That the production is not likely
to increase on the average o f years, as it has not been a profitable crop to
the planter on the average o f the past ten years. That in Brazil, even should
higher prices rule, it is not likely that any material increase can take place
for many years, or until free labor be introduced. That in Java there might
be some increase, should prices rule at about 30 fs. per picul, but many years
would be required to raise the production to what it formerly was, as it re
quires 6 to 8 years to get a new estate into good bearing.
That the producers o f articles o f necessity are entitled to a fair remunera
tion for their labor, when not more than equal to the demand, cannot be
denied.
That the present ruling prices both in the United States and in Europe,
are not equal to the cost o f production and incidental charges.
That the production not being equal to the consumption, prices should
rise, so as to equalize them, and to encourage an increase o f production to
supply the regular increase o f consumption o f so favorite and necessary an
article.
The consumption o f coffee in the United States is now so very large and
increasing, it is of great importance that a regular supply should be depend
ed upon. From the present sources, it appears to be very doubtful even at
considerably increased prices. The only other part o f the world where its
cultivation might be introduced with a probability o f its increasing so as to
supply the demand, is the coast o f Africa. A t Liberia, the first attempt at
cultivation has been very successful, and there cannot be a doubt o f its being
made a profitable crop, and in time a source o f great wealth.
A t the time when colonization o f the free blacks upon that coast oc
cupies the attention o f the true philanthropists, it is very important to
know that there is an article so congenial to the soil and so easy o f cultiva
tion, that will always find a sure and ready sale not only in the United
States, but in Europe, without fear o f competition from other countries.
One o f the great objections to colonizing Africa, has been, not knowing what
kind o f agriculture would be immediately successful, at a moderate outlay
o f capital and give an available and valuable export. This is now settled
beyond a doubt, and it should be an additional incentive to the true friends
o f the blacks, as well as o f our country, to make every exertion to promote
the colonization o f Africa. This cannot be done to any great extent by pri
vate individuals alone, but should receive the assistance o f governm ent;
first, by establishing a line o f steamships to take passengers at a low rate,
and also by annual appropriations; if not by the General Government, then
by the State Governments. Such measures would do more in a short time
to put a stop to the slave trade, than all Great Britain has done the past
twenty years, at the expense o f millions o f treasure, and the sacrifice o f
thousands o f valuable lives. It would in time be the means o f civilizing
Africa, thereby working out the destinies o f Providence, as it is very evident
that it is only by the free blacks from this country, that Africa can ever be civ
ilized. Besides, opening the only way for the final emancipation o f the slaves
in the United States, as it is very certain that this can never take place gen
The Rise, Progress , and Present Condition o f
C94
erally, unless a large proportion can be induced and assisted to emigrate to
the land of their fathers.
Since the foregoing was prepared, some particular information has been
received, from a first rate source at Antwerp, to 22d October, which very
nearly corresponds with the estimates o f production and consumption, v iz:—
Production o f the world, 236,200 tons, or 529 millions lbs. Consumption,
based on the deliveries o f 1849, 270,000 tons, or 605 millions lbs.
The chief difference being in the consumption o f the United States. It
also confirms the opinion expressed, that the Dutch Company retained less
than usual for the spring sales. The deliveries o f the September sales had
been so large that only about 200,000 bags remained to supply the demand
till the March sales. The average deliveries o f the year to 1st October, had
been 77,342 bags per month.
The Trading Company held only 109,540 bags towards the spring sales,
and the shipments advised from Java to 25th August were so limited, the
Company were not expected to have over 200,000 bags prior to February,
when the spring sales are announced. This would not be half the average
quantity for the past twelve years.
J. o.
Art. V.— INTERNAL IMPROVEMENTS IN THE STATE OF NEW YORK.
A
SKETCH OF THE RISE, PROGRESS, AND PRESENT CONDITION OF INTERNAL
IMPROVEMENTS IN THE STATE OF N EW YORK.
NUM BER X II.
RAILROADS,
<fcc.
A t the time the public attention was first awakened to the importance o f
connecting the Atlantic with the western Lakes, railways were very little
known, except the rude structures which had been used to facilitate the
transportation o f coal from the mine to the shipping port. A nd hence,
when the resolution o f 1810 was introduced into the legislature o f the state
o f Hew York, by Jonas Platt, for the appointment o f commissioners on in
ternal improvements, it directed them “ to explore the route o f inland navi
gation, from Hudson’s river to Lake Ontario and Lake Erie, examining the
present condition o f the navigation, and considering what further improve
m ent ought to be made therein.”
In making their report in 1811, under this resolution, the commissioners
allude to the probable necessity o f using railways in two cases o n ly ; one at
the falls o f Oswego, and the other in the vicinity o f Albany. Mr. Weston,
an English engineer employed by the “ Western Inland Lock Navigation
Company,” had given an opinion that a canal was impracticable at the falls
o f the Oswego, about twelve miles from the lake ;* and as canal-boats could
* These obstacles have been overcome by the construction o f the Oswego Canal. Mr. Weston, in
a letter to the commissioners in 1812, says:—“ I know not whether I ever declared that it was imposisible to conduct a canal by this route. 1 should rather think it was the technical term impracticable ;
of course restricted in the sense mentioned in the report of 1811.” That is, in reference to the means
which could be prudently applied to the object.
Internal Improvements in the State o f New York.
G95
not navigate the lake, the commissioners came to the conclusion that a
railway might be substituted for the canal from the falls to the lake. This
says the report, “ according to the estimate o f Mr. Latrobe, would cost about
$10,000 per m ile; and by the aid o f it, one horse could transport eight
tons, supposing the angle o f ascent not to exceed one degree. But an angle
o f one degree will ascend in a mile upwards o f ninety-two feet, or nearly as
much as the difference o f level in the whole twelve miles.”
In another part o f the report, where it was proposed to bring the Erie
Canal on an inclined plane from Lake Erie, “ to a reservoir near Hudson’s
river, without locks,” the commissioners say, that the descent there, of from
three to four hundred feet, by locks, would cost, perhaps, a million o f dol
lars ; “ or, if it should be deemed more advisable to transport by railways,
the water used for machinery would probably yield a rent sufficient to keep
the canal in repair.”
In February, 1812, about one year after the publication o f this report,
Col. J o h n S t e v e n s , o f Hoboken, Hew Jersey, addressed “ a memoir to the
canal commissioners,” in which he urged them to substitute for the canal, on
the whole distance from Lake Erie, “ a railroad, on which the travel at no
time would be interrupted.” There is a precision in his estimates o f the
qualities o f a railroad, and the power and speed o f an engine, which is quite
remarkable, when it is considered that this memoir was prepared fourteen
years before the Liverpool and Manchester Railroad was chartered in Eng
land, and seventeen years before the offer o f £ 5 0 0 was made by that com
pany for the most approved locomotive engine, to draw twenty tons at the
rate o f ten miles an hour.
As late as 1829, a committee o f engineers in England, after examining
the operations on the Stockton and Darlington Railroad,* reported that the
advantages and disadvantages o f stationary and locomotive engines were
pretty equally balanced, but that, upon the whole, looking especially at the
expense o f each, the fixed engines were preferable.
The reader will bear in mind, that the report o f the Hew York commis
sioners, to which Col. Stevens refers, proposed to construct a canal from
Lake Erie to Hudson River, on an inclined plane, to be supplied for the
whole distance from the waters o f Lake Erie, and maintaining a uniform de
scent in the canal by filling up ravines, which would have required at the
Cayuga outlet an embankment for the bed o f the canal one hundred and
thirty feet high, for a distance o f more than a mile. It was, therefore, a
canal o f this description to which Col. Stevens alluded when he spoke o f it
as a work “ unparalleled for the boldness o f its conception and the grandeur
o f its o b j e c t s a n d the completion o f which he thought would be protracted
to a distant day, and that many m ight hesitate in regard to such heavy ex
penditures on an object presenting so distant a prospect o f remuneration:
adding, however, that a cost o f even fifty millions would not probably ex
ceed half the value o f the property which at no distant period would be
carried along the canal. Col. Stevens reminds the commissioners that the
projected route from Lake Erie to the Hudson being in a high northern lati
tude, a canal would be locked up b y frost for five months in the year; and
that from the southern border o f the lake, connections might be formed
* This road, used for the conveyance o f coal, was put in operation in 1825. All kinds o f locom o
tive power were employed upon this line—locomotive engines, horses, and fixed engines— North
British Review, Aug. 1849.
696
The Rise, Progress, and Present Condition o f
with the head-waters o f the Ohio and the Susquehannah, subject to little
interruption from ice. H e admits, however, that the elevations on these'
routes are such, that the one to Albany is comparatively level. “ W hen, in
addition to these advantageous circumstances,” says Col. Stevens, “ we take
into consideration the decided superiority o f the city o f New York, in a
commercial point o f view, it will not be practicable to divert into another
channel the current o f trade, when once fairly established, from the interior
to this city.” To secure the completion o f the communication in the shortest
time, and an uninterrupted use o f it during winter as well as summer, Col.
Stevens recommended a wooden railway, to be supported on pillars from
three to six feet from the surface of the ground.* The carriage-wheels o f
cast-iron, the rims flat with projecting flanges, to fit on the surface o f the
railways. The moving power to be a steam-engine, with a cylinder o f ten
inches diameter, the elastic power o f which, fifty pounds to the circular inch,
would possess a power equal to five thousai d pounds on the whole area o f
the piston, moving with a velocity o f three feet in a second. This exceeds
the power o f twenty horses, equal to one hundred and sixty tons, on Mr.
Latrobe’s estimate o f the power o f one horse to draw eight tons on a grade
o f ninety-two feet to the mile. Should the wooden rails wear, so as to be
inconvenient on account o f renewal, “ recourse could be had at any time to
cast or plated iron railways, which could be fastened on the top o f the
wooden rails.”
In a letter dated Albany, March 11, 1812, Chancellor Livingston wrote
to Col. Stevens as follows :—
D e a k S ik :— I did not till yesterday receive yours o f the 25th o f February:
where it has loitered on the road I am at a loss to say. I had before read o f
your very ingenious proposition as to the railway communication. I fear, how
ever, on mature reflection, that they will be liable to serious objection, and ulti
mately more expensive than a canal. They must be double, so as to prevent the
danger o f two such heavy bodies meeting. The walls on which they are placed,
must be at least four feet below the surface, and three above, and must be
clamped with iron, and even then would hardly sustain so heavy a weight as you
propose moving at the rate o f four miles an hour on wheels. As to wood, it
would not last a week. They must be covered with iron, and that too very
thick and strong. The means o f stopping these heavy carriages, without great
shock, and o f preventing them from running upon each other— for there would
be many running upon the road at once— would be very difficult. In cases o f
accidental stops, or the necessary stops to take wood and water, &c., many ac
cidents would happen. The carriage o f condensing water would be very trouble
some. Upon the whole, I fear the expense would be much greater than that o f
canals, without being so convenient.
r . r . L iv in g s t o n .
On the 16th o f the same month, Gouverneur Morris, chairman o f the
board o f commissioners, sent him the report o f a committee to whom his
proposition had been referred. The report contains several objections to
the plan o f Col. Stevens, to which the latter replied in a second communi
cation. For a copy ois^he report and reply, see Vol, N IY . o f this magazine,
pp. 2 5 6 -7 .
In 1812, Col. Stevens published a pamphlet entitled, “ Documents tend
ing to prove the superior advantages of Railways and Steam-Carriages over
Canal Navigation.” In an introduction accompanying these documents, he
* The railway from Ht. Petersburg to Moscow, as it was projected by the Chevalier Von Geistner,
lies wholly on an embankment ten-and-a-half feet high. This height was adopted to facilitate the
sweeping off of the snow by the wind.
Internal Improvements in the State o f N ew York.
697
says: “ Although my proposal has failed to gain the approbation o f the
commissioners for the improvement o f inland navigation o f the state o f New
York, yet I feel by no means discouraged respecting the final result of the
project. The very objections the committee have brought forward, serve
only to increase, if possible, my confidence in the superiority o f the proposed
railways to canals.”
Col. Stevens had also presented his plans to Mr. Madison, and in referring
to the importance o f railways to the general government, he says: “ They
would at once render our frontiers on every side invulnerable. Armies
could be conveyed in twenty-four hours a greater distance than it would
take them weeks, or perhaps months to march.” H e alludes to “ the celeri
ty it rtould afford o f communication with the distant sections o f our wideextended empire. To the rapidity o f the motion of a steam-carriage on these
railways, no definite limit can be set. The flying proas* in the Pacific
ocean sail twenty miles the hour. The resistance o f the water increases in
the square o f the velocity of the vessel. N ot so with a steam-carriage: it
moves in a fluid eight hundred times more rare than water. The resistance
will be proportionally diminished. If, then, a proa can be driven twenty
miles per hour by the wind, through so dense a fluid as water, I can see
nothing to hinder a steam-carriage from moving on these ways with the
velocity of one hundred miles an hour. This astonishing velocity is con
sidered as merely possible. It is probable that, in practice, it may not be
convenient to exceed twenty or thirty miles per hour. Actual experiments,
however, can alone determine this matter, and I should not be surprised at
seeing steam-carriages propelled at the rate o f forty or fifty miles per hour.”
Col. Stevens added in his introduction, that “ these railways are calcu
lated to be pre-eminently useful in the Southern States. The predominance
o f sand, the level surface, and abundance o f pine-timber, would not only
render the construction o f these railways very cheap, but peculiarly advan
tageous.” !
It should not be forgotten that these views o f Col. Stevens were presented
to the public in 18 1 2 ; and that in 1829, seventeen years thereafter, Mr.
Gurney, o f England, was experimenting with steam-carriages on common
roads, from London to Bath; and so prevalent was the idea, that the means
o f interior communication would be effected by steam-carriages on common
roads, to the exclusion o f railways, that, as late as the year 1831, a commit
tee of the English House o f Commons presented to Parliament a very favor
able report on the subject.J
Mr. Bloomfield, who called the public attention to the highly interesting
production of Col. Stevens, in the Merchants' Magazine for March, 1846,
(vol. xiv. p. 249,) has the following remark, in regard to the rejection o f a
proposition for a railway by the New York commissioners: “ Upwards of
sixty millions o f capital, and more than half that amount in interest and ex
penses— say one hundred millions— has been thrown away in these States,
because such distinguished men as Robert R. Livingston, Gouverneur Morris,
* A kind o f sailing-vessel.
t A railway, 135 miles in length, from Charleston, South Carolina, to Augusta, in Georgia, was
commenced in 1830, and finished in 1833, at an expense of $1,336,615, including engines, cars, and
depots ; less than $10,000 per mile. At the time of its completion, as stated by Mr. Pitkin, this was
thp longest railroad then in operation in any part of the world. Horatio Allen states, that it was de
cided to use the locomotive engine on this road, before the question was determined as to using it
on the Liverpool and Manchester Railway.
X North British Review, Aug., 1849, p. 308.
G98
The Rise, Progress, and Present Condition o f
and De W itt Clinton, did not investigate tlie merits o f railways, which are
now in a fair way to supersede the canals in these States.”
The resolution o f the New Y ork Legislature o f 1810, from which the
commissioners derived their authority, contemplated the examination o f the
works o f the “ Inland Lock Navigation Company,” and a recommendation
o f such improvements in the “ inland navigation,” from the Hudson to the
Lakes, as they deemed necessary for the interests o f the State. They were,
in fact, a board o f “ canal commissioners ;” and whilst they referred the com
munication o f Col. Stevens to a committee of the hoard, to examine and re
port thereon, they seem to have preferred their own plan o f uniting the great
Western Lakes and the Atlantic by a canal, to the proposition o f Col. Stevens
for a railway. A t the time when the first commissioners were called on to
decide the important question as to the best plan for uniting the Western
Lakes and the Atlantic Ocean, canals had been successfully tried in England,
whereas the work which has been styled “ the grand British experimental
railway,” from Liverpool to Manchester, was not fully tested until three or
four years after the Erie Canal was finished. The commissioners o f 1811-12,
were surrounded with many difficulties, and found it no easy task, although
the great advantages o f canals had been fully established in England, to satisfy
the people o f the State that a canal 350 miles in length was not a hazard
ous enterprise. And whilst it is reasonable to believe that their judgments
were convinced o f the superior usefulness o f a canal on the lines from the
Lakes to the Ocean, they may not have considered that it was their duty to
present the proposition o f Col. Stevens to the Legislature, or to do more
than furnish the author o f the railway memoir with a report on it from the
body to which it was addressed.
Those who had the direction o f the public works twenty years subsequent
to the period referred to, and after the practicability and the advantages o f
railroads were fully established, can with more justice be arraigned for not
having recommended to the Legislature the substitution o f railways for the
Chenango, the Black River, and the Genesee Valley canals. The canals
which connect extensive navigable lakes with the Hudson River, have been
much more useful in getting the products o f the forest, of agriculture, and
o f the mines, to market, than railroads could have been. x\mong other ad
vantages is the avoidance o f one and in most cases two transhipments. This
may be illustrated by comparing the Northern Canal, which connects Lake
Champlain with the Hudson River, with the Chenango Canal, which does
not intersect navigable waters. The former, with the Glens Falls feeder,
has a canal navigation o f seventy-nine m iles; the Chenango Canal has
ninety-seven miles. The products accumulated from two hundred miles o f
the shores o f Lake Champlain enter the canal at Whitehall, and, in many
cases, the boats which are laden on the lake one hundred miles north o f the
canal, are taken to New York without a transhipment o f the property. In
this case heavy products are conveyed 314 miles by water, paying toll on
sixty-four miles only. The result o f this accumulation by lake navigation,
gives to the Champlain Canal a business equal to 895,456 tons, in 1850;
whereas the business on the Chenango Canal, in the same year, gives only
41,892 ton s; the former averaging 5,005 tons per mile o f canal navigation,
and the latter only 431 tons per mile. In a comparison with the Oswego
Canal the contrast is still more striking. The business o f that canal, (which
is not as long as the Chenango by fifty-nine miles, and cost $1,850,000 less,)
in 1850 was equal to 583,346 tons, against 41,892 on the Chenango; avera-
Internal Improvements in the State o f N ew York.
699
giug on the Oswego 15,351 tons per mile o f canal navigation, and on the
Chenango, as before given, 431 tons per mile.
It is quite obvious that a railroad through the Chenango Valley, prin
cipally a grazing region,* would have furnished adequate accommoda
tions for the tonnage, and, by concentrating the whole transportation o f
passengers and products, would probably have yielded a fair remuneration
on the outlay, and furnished to the inhabitants at all seasons o f the year, ac
commodations far superior to the canal.
As a question o f mere pecuniary investment, the substitution o f a railroad
for this canal would probably have saved the State $3,678,130, which it has
already expended on the Chenango Canal. But this misdirection o f the
public funds to a canal where a railroad would have been more useful and
profitable, cannot with propriety be charged to an error of judgment on the
part o f the commissioners o f 1812. W h en the condition o f our own State
at that time, and that o f the country on the borders o f the Lakes, is consid
ered ; and when we look back on the wonderful achievements, during the
last thirty years, o f the “ lake-canal policy,” the weight o f evidence is strong
ly in favor o f the wisdom o f the commissioners who decided in favor o f con
necting the great Western and Northern Lakes.
In what other channel o f transportation could the coarse and bulky products o f the forest, o f agriculture, &c., have been brought to market with the
same facility and saving o f cash payments, as by the canals ? W hen the
Erie and Champlain Canals were completed, the inhabitants on their bor
ders, in getting their products to market, adopted the method in which their
own labor and means could be made available, with the smallest outlay o f
ready money. Those engaged in the lumbering business would construct
cribs o f a size to pass the locks, and fastening these cribs together, and using
their own teams, would pass from lock to lock with rafts a thousand feet in
length, to be separated and passed through each lock, and again formed into
a raft at the foot o f the lock. In this way twenty-two and a half millions
o f feet o f sawed lumber, and twelve hundred thousand cubic feet o f timber,
passed the Champlain Canal in 1823. The commissioners state, in their re
port o f 1824, that the rates o f toll on rafts had been doubled, to induce
those who adopted this mode o f transportation to use boats. Scows, costingthree or four hundred dollars, were constructed for the transportation of
lumber, wood, & c.; and it was estimated by the commissioners, that, by
this regulation, three-fourths of the sawed lumber was transferred to boats.
Yet, for the whole o f the thirty years o f canal navigation, timber has been
prepared in rafts on Lake Champlain, towed to Whitehall, and, after being
passed through the canal, re-rafted on the Hudson, and towed to New York.
Companies were organized at the commencement o f canal navigation, and
regular lines of boats established, for the transportation o f merchandise, emi
grants, agricultural products, & c .; and the prices o f transportation used in
the tables annually published o f the trade and tonnage o f these canals, are
the average cost o f conveyance by these lines. But the advantages derived
* It is shown in Senate doc., No. 27, of 1839, that the product o f animals, (or o f a grazing country,)
such as pork, heef, butter, cheese, lard, and wool, which came to market on the canals in 1838, was,
in weight, equal to 10,892 tons, valued at nearly four-and-a-half millions o f dollars, and all the tolls
received on account o f these articles, either coming to market, or moved on the canals, was only
$31,155. This is a little more than two-and-a-half per cent o f the tonnage, and less than two per cent
o f the tolls of the canals, and yet the value o f the product of animals is more than nineteen per cent
o f the market value of all the articles coming to tide-water. This, says the report o f 1839, w illus
trates that a canal cannot, at our rates of toll, receive support from a grazing country.”
700
The Rise, Progress, and Present Condition o f
by those who furnished their own boats, horses, forage for them, and provis
ions for their own boats’ crews, all o f which were, at one time, exempt from
the payment o f toll,* are not easily computed. A large portion o f the ton
nage o f the canals, embracing the coarser and less valuable products o f the
forest, o f agriculture, and other commodities o f little value and large bulk,
find their way to market through this cheap mode o f conveyance. Even in
1850, amidst the lockage o f thirty-seven thousand boats, there passed on
the Erie Canal, towards tide-water, 1663 cribs o f tim ber; and the scowboats, without decks, used principally for lumber, wood, stone, &c., exceed
in tonnage the aggregate both o f the “ lake-boats” and the “ line-boats.”
W hilst the “ packet” and the “ lake” and “ lin e” boats number 2,645, and
are rated at 110,500 tons, the scow-boats, with and without decks, number
2,370, and are rated at 230,800 tons.
The Canal is a common highway constructed by the State, on which
every person may transport his products to market in his own boat, by pay
ing the established rates o f toll. Inhabitants o f other States register their
boats, and navigate the canals with all the privileges o f our own citizens. If,
instead o f the Erie Canal, a railroad had been constructed, the State would
have become the common carrier o f the products o f the country, furnishing
the cars and the motive pow er; and its citizens would have been shut out
from all participation in the transportation o f their own products to market.
The transit o f seventy millions worth of property belonging to the citizens of
other states, which is now under the management o f companies responsible
for its careful preservation and safe delivery, would be exposed to the custody
o f state agents, possessing the power to screen themselves from personal re
sponsibility, and casting the claim for damages on the State, which is not
suable, and leaving the claimant to the protracted remedy o f an application
to the Legislature. Under the management o f transportation companies on
the canals, and railroad corporations, damages to persons and property, if not
promptly settled by the party doing the injury, are readily redressed through
the courts; and there is, probably, no highway o f commerce in the world
where the same amount o f property is transported with less damage, and
with as great security to the owner o f the property, as on the Erie Canal.
The management o f a canal by the State is much more simple than that
o f a railroad; and although repeated efforts have been made to induce the
Legislature to construct railroads to be managed by the State, and to assume
those which have been constructed by companies, yet a prevalent conviction
that the transportation business can be conducted more usefully, to all par
ties, by individuals than by State agents, has thus far kept the State free
from any other connection with railroads than the loan o f its credit to some
o f them.
For the transportation o f light merchandise, and o f products requiring
speed in their transit to market, the railroad possesses decided advantages
over any canal. But could any railroad, however well constructed, have
performed the Herculean labors o f the Erie Canal, for the last thirty years ?
The Reading Railroad, in 1849, carried 1,097,000 tons o f coal to market.
This road, ninety-three miles in length, has a double track, and, with its
equipments and all expenses, cost eleven millions o f dollars.
The products coming to tide-water on the Erie Canal in 1850, were equal
* An abuse of these privileges inclined the Canal Board to exact toll on horse-feed, and all articles
for the use o f the boat.
Internal Improvements in the State o f N ew York.
*701
to 1,554,000 tons. The railroads which are engaged in the transportation
o f passengers, and in the conveyance to market o f the products of the c o u n -'
try generally, do not carry in twelve months more than one-ninth part o f
the tonnage which passes on the Erie Canal in seven months. On the A l
bany and W est Stock bridge Road, the transportation, exclusive o f passen
gers, in 1850, was 170,588 tons. This road is connected with the Massa
chusetts “ Western” railroad, and forms a part of the great line from Albany
to Boston. The transportation o f the Erie Railroad, exclusive o f passengers,
for nine months ending on the 30th o f September, 1850, was equal to
131,000 tons. The tonnage passing on the Erie Canal in seven months of
1850, was more than four-and-a-half times as much as that on the Erie and
Boston Railroads united.
The State engineer, in a note on page 14, assembly document N o. 45 of
1851, says: “ It would require six double-track railroads, having other traffic
from which to earn dividends, to perform the business o f the Erie Canal
during the year 1850.
Although a railroad, in usefulness and economy, .could not have supplied
the place of the Erie Canal, yet it is an essential auxiliary to it, on such a
great business thoroughfare as that along the central line of New York.
Notwithstanding the utility, if not necessity, o f such a railroad, we have
seen that, after the Mohawk road was fully tested, a proposition to construct
a continuous road from Schenectady to Buffalo, in 1832, was rejected by a
strong vote in the Senate,, and found very little favor in the other House.
Private and local interests, however, may have influenced the legislation
o f 1832, for it was believed that it would be hostile to the interests of those
engaged in the transportation business on the canal; and there was a feeling
in the villages along the old post-road— which by the construction o f the
Erie Canal were left at a considerable distance from the great thoroughfare
o f business— that if one great company was organized, the road might follow
the natural grade along the route of the canal, looking more to the accumu
lation o f revenue by a route which would secure the Western business, than
to the accommodation o f the interior villages. Whatever may be said at
this day, in regard to the necessity o f adopting the easiest grade and the
shortest line, it could not be expected in 1833 to 1836, that the capital
and the influence o f Auburn, Geneva, Canandaiga, and the other villages
along the ancient thoroughfare, would be used for the construction o f a rail
road to make the canal line more completely the business thoroughfare of
the State than it then was. Thus it is seen by the legislative history o f
railroad applications, as heretofore given, that, although there were applica
tions for the whole line from Albany to Buffalo, and for separate portions of
the route, in 1 8 3 1 -2 , and each year after, the charters were doled out as
follow s: the Tonawanda Railroad, from Rochester to Attica, was chartered in
1 8 3 2 ; the Utica and Schenectady in 1 8 3 3 ; the Auburn and Syracuse in
1 8 3 4 ; the Syracuse and Utica in 1836, and the Auburn and Rochester,
and Attica and Buffalo, the same year. The entire route from Schenectady
to Buffalo, which was denied to one company in 1832, was covered by char
ters to six separate companies in the four subsequent years ; and, with the
Mohawk and Hudson, chartered in 1836, dividing the line among seven
companies, from the Hudson River to Lake Erie.
CONSTRUCTION OF RAILROADS BY INDIVIDUAL ASSOCIATIONS.
Since 1830, associations of individuals have expended in the construction
702
The Rise, Progress , and Present Condition o f
and equipment o f Railroads withiu the limits o f New York, a greater sum
than the State government has applied to the construction o f Canals from
1817 to the present time, a period o f thirty-four years; and the aggregate
debt o f the railroad companies is greater than the debt o f the State incurred
for internal improvements. W hilst the canals constructed b y the State ex
tend less than eight hundred miles, the railroads at the close o f the present
year will exceed sixteen hundred miles in extent. W ithin the last five or
six years, two thousand miles o f Telegraph Lines, and more than two thou
sand miles o f Plank Roads, have also been constructed and put in operation
by the enterprise and effort o f associations o f individuals, within the limits of
New York.
When the success which followed the construction o f the Erie and Cham
plain Canals brought to the capital petitions from various sections of the
State, soliciting the aid o f the treasury to extend similar advantages to the
petitioners, it became a grave question how far the State government could
embark in these enterprises, without embarrassing the treasury or exposing
the people to taxation. B y the act o f 1817, ample provision was made for
protecting the credit o f the State, and the tax-payers, against any liability
growing out o f expenditures for connecting the great Western and Northern
Lakes with the Atlantic Ocean. But this financial system, by the law of
1817, and the constitution o f 1821, was limited to these canals, and the
revenues could not be applied to new undertakings. Those who apprehend
ed that the treasury might be overwhelmed with these claims for aid, were
desirous o f relieving the State finances from a portion o f the burden to which
they were exposed, by enlisting the means and efforts o f individuals and as
sociations in extending the system of Internal Improvements.
In regard to the construction and management o f railroads by the State,
there were other objections besides those o f a financial character. The trans
portation o f passengers and products was necessarily connected with the
ownership o f the road. If the State embarked in this business, its agents
must be greatly multiplied, and a wide field o f operations would be opened,
extremely injurious, if not corrupting, in their effects upon the action o f the
governm ent; and all this without performing the transportation business of
the country as well as it would be done by individuals and associations.
The Delaware and Hudson Canal Company, which was chartered before
the Erie Canal was completed, was organized for the purpose o f bringing
coal to the Hudson River. This company expended $800,000 before making
application for the aid o f the State. The State was then solicited to become
a stockholder in the company, or to loan its credit. The credit o f the State
was loaned to the company, secured by a mortgage on all its property. In
this way, whilst the most efficient aid was given to the work, the State gov
ernment avoided a connection, even as a stockholder, in the transportation
and sale o f coal. The loan o f $800,000 to this company was amply secured,
and, after paying the interest for twenty years, the company reimbursed the
principal in 1850.
The State, though often solicited to do so, has in no case constructed a
railroad, or taken stock in one: but, following the precedent established in
the case o f the Delaware and Hudson Canal Company, many o f them were
aided by loans o f state stock; and if the same care had been observed in
making subsequent loans to railroad corporations, and the same good faith
had been preserved by the companies, the aid o f the State probably would
not have been cut off from them by the new constitution. But the losses to
Internal Improvements in the State o f N ew York.
703
the State on account o f these loans o f its credit, amounting in the aggregate
to seven and a quarter millions o f dollars, caused such general repugnance
to this use and abuse o f the public credit, that the convention o f 1846, with
entire unanimity, ordained, (sec. 9, art. 7,) that “ the credit o f the State shall
not, in any manner, be given or loaned to, or in aid o f any individual, associ
ation, or corporation.”
IN T E R N A L IM PRO VE M EN TS B Y TH E G E N E R A L GOVERN M EN T.
Twenty years ago the people and government o f the United States were
deeply agitated by a conflict o f opinion between the advocates o f a general
system of Internal Improvements by the United States government, and the
opponents o f that system. Mr. Adams believed that the Congress o f the
United States had a constitutional right to construct roads and canals through
the several States. Gen. Jackson, not concurring with these views, rejected
a bill which had passed both houses o f Congress, making an appropriation
to the Maysville Road in Kentucky.*
The construction o f works o f Internal Improvement by the several State
governments, and the wonderful progress made within a few years in the
construction o f railroads by associations o f individuals, has relieved the gen
eral government from applications for the construction o f roads and canals
within the limits o f the several States. It has done more than th is: in
Maryland, Pennsylvania, Ohio, New York, and Massachusetts, an expendi
ture o f three hundred millions o f dollars by the State governments and by
individuals, in canals and railroads, has raised up a powerful rival interest in
those States to any interference on the part o f the general government, for
the promotion o f internal improvements within their limits.
In looking back on the forty-live years’ struggle o f the general govern
ment in getting a wagon-road from the seat o f government to the Missis
sippi, and comparing this achievement with the construction and equipment
of t e n t h o u s a n d m i l e s o f railroads, accomplished by individual enterprise
within the last twenty years— the conclusion seems irresistible, that the
machinery o f the general government is not necessary to carry on a general
system o f Internal Improvements through the several States. Instances
are very rare in which State lines present obstacles to the progress o f a rail
road, or are permitted in any way to interfere with a system o f improvement
for the advancement o f the “ general welfare.”
s t a t is t ic s o f t h e in t e r n a l t r a d e o f
THE COUNTRY.
Some of the railroads report the tons o f products transported. This ought
to be exacted of all of th em ; and in order to make these returns useful,
they should correspond with the tonnage repiorts o f the canal department.
In the canal reports the classification o f the products corresponds with that
adopted in the treasury department in the annual statement o f the register’s
office o f the “ commerce and navigation of the United States.”
If statements similar to those which have been furnished by the eanal de
partment for the last fifteen years, respecting the trade and tonnage o f the
canals o f New York, were required by the Legislature o f each State, from all
canals and railroads, whether owned by the States or by Corporations, it
would furnish a very interesting exhibit o f the internal trade o f the country.
• The Maysville veto does not extend to the improvement of harbors on the Lakes—its objections
are confined to the construction of roads and canals within the limits o f the States.
The Croton Aqueduct:
704
In this way a vast amount o f statistical information might be obtained in an
authentic form, without much trouble or expense.
REPORTS AS TO REVENUE AND PRODUCTS TRANSPORTED.
The Canal Department for many years has furnished for publication week
ly statements o f the amount o f tolls received, and the quantity of products
transported on the state canals. The railroad companies ought to be re
quired by law to furnish similar statements for publication, of the products
transported, and also o f the sums received for freight and passengers. This
information would afford a general view o f the movement o f the various
products o f the country, alike useful to fair business men and the public
generally. So large a portion o f the community is interested in railroads,
either as stockholders or owners o f their bonds, that a monthly if not a week
ly publication o f the earnings o f each road is due to those immediately in
terested in them, and business men generally require and are entitled to this
information, in regard to a species o f property which is changing hands
daily, and mingles more or less in the business operations o f the whole com
munity.
Art. VI.— TIIB CROTON AQUEDUCT:
*
ITS PRESENT CONDITION AND F IN A N C E S .*
Railroads and canals are the “ public works,” which engross the interest,
and fill the thoughts of the men o f this generation. They are inventions of
yesterday, and their novelty as well as their wonderful development and the
yet undetermined nature and extent o f the influence they are destined to
exert upon society, account f. r the absorbing inter, st they excite. But there
is another class o f public works, o f not quite so modern invention, indeed, but
so far as the highest and truest welfare o f society is concerned, fully as de
serving o f our attention, as railroads and canals.
Aqueducts are as old as civilization. In no branch o f practical science,
do the ancients, at every period o f what we call antiquity, Assyrian, Phoe
nician, Greek, Roman, seem to have made greater attainments than in the
construction o f aqueducts. Modern science has added little to the results of
their labors. And we are pronouncing, perhaps, the highest eulogy on the
Croton aqueduct, when we say that this great American “ public work,” in
massiveness o f structure, length and capacity, rivals the great aqueducts of
antiquity. In the construction o f the Croton aqueduct, which is doubtless
the greatest o f modern times, no newly discovered principles o f hydraulics
have been applied to obviate the necessity of the massive arches, deep cuts,
and skilful masonry, by which a continuous descent o f the water is secured from
its source to the .point o f distribution. The Croton aqueduct, from its point
o f beginning to the High Bridge at Harlem, is simply an inclined plane on
which the water runs down-hill, as it were. The principle, that water rises
to the height o f its source, is not had recourse to, except in distributing
throughout the city, and in raising it to various elevations, according to the
height o f houses.
* Report of Nicholas D kan, Esq., President o f the Croton Aqueduct Department, made to the
Common Council o f the city o f New York.
Its Present Condition and Finances.
705
Are we sufficiently mindful o f the value— are we proud enough o f this
great work, which is the honor o f New York, and a legitimate o ject o f
true national pride. Our newspapers and periodicals are full of the details
o f canal and railroad enterprise. N ot the least valuable statistics on these
subjects, we flatter ourselves, are those given in the pages o f the Merchants'
Magazine. But we feel it our duty also, to give their due share o f attention
to those public works which, from their direct bearing upon public health
and happiness, and consequently upon the highest points o f public welfare,
are o f higher moment than railroads or canals.
A detailed account o f the Croton Aqueduct was given in the pages o f the
Merchants' Magazine, in May, 1844, at the time o f its completion. W e
propose now to give a sketch o f its present condition, and o f its finances;
for which our best and most reliable authority is the able and elaborate re
port o f Nicholas Dean, Esq., the President of the Croton Aqueduct Depart
ment. This department was organized anew under a law o f the Legislature
o f New York, passed April 11, 1849. A s now organized, it has charge o f
the entire sewerage o f the city, as well as o f the aqueduct itself. The pro
priety o f this connection is obvious. The subject o f sewerage is beginning to
attract the attention its extreme importance demands. Sewerage is the neces
sary counterpart o f an aqueduct. The one renders necessary the other. That
both are indispensable to the health o f a great city, is obvious. Mr. Dean is
the first President o f the Department under its new organization, and his Re
port to the Common Council is evidence o f his thorough familiarity with the
details o f his important department, and o f the ability with which it has been
managed. There is, we believe, but one opinion as to the efficiency of the
present management o f this department. The officers o f the department,
under its new organization, are the President, Theodore R . D e Forest, Com
missioner, and Alfred W . Craven, Esq., Chief Engineer, who compose the
Board o f Management. The engineer is Edward H. Tracy, Esq. Connect
ed with it are two bureaus, one o f Sewers and Drains, o f which John P.
Flender, Esq., is chief; and the bureau o f W ater Rents, o f which Revo C.
Hance, Esq., is Register, and William Fardon, deputy. Such is the person
nel o f this important department, which we believe was never so thoroughly
organized or systematically conducted as at present.
The Croton aqueduct, from Croton Lake to the receiving reservoir, is 381miles lo n g ; from Croton Lake to the distributing reservoir, it is 4 0 i miles
long. The Boston aqueduct, completed in September, 1849, is 144 miles
in length, extending from-Long Pond, or Cochituate Lake, (which is the old
Indian name that good taste has revived,) to the receiving reservoir in Brook
line. The area o f the receiving reservoir o f the Croton aqueduct is 37 acres o f
land, and 31 acres o f water. The area o f the reservoir at Brookline is 38
acres, its water surface is 23 acres in extent
The whole cost o f the Cochi
tuate W ater W orks was $3,796,975 30. The cost o f construction o f the
Croton aqueduct was $8,575,000 ; o f the distribution pipes $1 ,800 ,0 00 ; in
all $10,375,000.
The receiving reservoir o f the Croton aqueduct, it will be perceived, is o f
about the same dimensions as that at B oston; which is fed by an aqueduct
o f much smaller size, and supplies a much smaller population. Mr. Dean
calls attention to the inadequacy o f the present reservoir o f the Croton aque
duct, and to the necessity of providing for a larger receiving reservoir.
No direct progress has yet been made in the purchase o f ground for a new
and larger reservoir. The necessity for this work was placed before the Comvol.
xxv.— h o . vi.
45
?06
The Croton Aqueduct:
mon Council in June last, Doc. No. 41, which was referred to the Committee on
the Croton Aqueduct Department; that no definite action has been had, seems
to have arisen more from a want o f powers than a deficient appreciation o f its
necessity. In the meantime, real estate on the island is constantly and rapidly
rising in value, much faster than the interest on its cost, while sales in single
lots and small parcels are increasing the number o f owners, and making it more
difficult to procure in a body the number o f acres required. It is respectfully
suggested that the Common Council, by resolution, direct the Finance Commits
tee, the Controller, the Croton Aqueduct Committee, or this department, to pro
ceed immediately in the purchase o f the ground; if there were no other reason
for action, economy would demand it; but there are other and imperative rea
sons. Each year will increase the necessary consumption o f water, and the
reservoirs now built are barely equal to furnish the wants o f the city for the
few days that the aqueduct is drawn off, to permit examination and repairs o f
its interior; nor can it now be drawn off without a sensation o f fear and anxiety,
which is every year renewed and increased, and if the means o f storing a more
copious supply be not provided within the next five years, these examinations
must be abandoned, or the city be without water during a portion o f the time
they are in progress.
The most striking architectural feature o f the aqueduct is, doubtless, the
High Bridge. This great work is now completed. In noticing the items o f
the expenditure on account o f “ aqueduct construction” during the past year,
the Report states that—
The iron railing on the wing walls, at the western end o f High Bridge, has
been put u p ; the river between two of the piers dredged out, so as to furnish
at all times o f tide a sufficient depth o f water to any vessel likely ever to navi
gate the Harlem River; and commodious iron stairs have been erected down
the rocks, at the foot o f 173d-street, to the bridge. This new means o f visiting
it, available by one o f the finest drives on the island, and opening at various
points on Harlem Hights, and from the top o f the stairs a very extensive and
beautiful view o f Long Island and the Sound, will no doubt become a place o f
great attraction, not only to strangers, but to our own citizens.
W e are glad to see that in the management o f the Croton aqueduct the
ornamental is not lost sight o f while due heed is given to the useful. The
utility, the imperative necessity o f aqueducts is so great that we are apt to
forget that they also are among the greatest beautifiers o f cities. Recent
alterations have been made at the distributing reservoir on the fifth avenue,
the terrace walls o f which have had to be rebuilt.
Upon the completion o f these walls, it is proposed to cope them with thick
flagging, and put a plain iron railing on the top, surrounding the reservoir, o f
such hight and construction as thoroughly to prevent intrusion; to ornament
and adorn these grounds between the railing and the walls o f the reservoir—
a space o f twenty feet in width— by the planting and cultivation o f shrubbery
and flowers. A t the entrance on the Fifth Avenue, a pleasing effect would be
produced by the construction o f two small basins, with a jet in the center o f
each.
These improvements made, the streets adjoining it planted with elm
trees— for the growth o f which the soil is well adapted— and the public grounds,
lying contiguous on the west, graded, fenced, and planted, the Distributing
Reservoir would begin to assume that appearance o f neatness arid care which its
commanding situation and important character demand, and which the vast num
ber o f citizens and strangers visiting it have a right to expect. Repairs to a
considerable extent have been made upon it during the summer; the whole of
the flagged terrace on its top has been taken up and relaid; so, also, o f the roof
over the entrance stairs, and on the gate-house; all the wood work painted, and
the cut granite pilaster and stairway thoroughly cleaned, re-pointed, and made
water-tight.
Its Present Condition and Finances.
101
In 1849, the Common Council appropriated ten thousand dollars to ena
ble the aqueduct department to compile statistical tables o f all the houses,
buildings, manufactories and steam engines within the water district. These
tables have been made, and copies o f the ward maps in the office o f the Re
ceiver o f Taxes, have been made.
The rapid growth o f the city keeps the department constantly busy in
laying water pipes, for the distribution o f the Croton in new localities. Pre
fixed to the report’ s a map showing “ the present area included within the
water district, as well as the curious net-work o f water pipes beneath the
street pavements at the close o f the first half o f the nineteenth century ; ”
“ the entire length o f these (added to about five miles on the upper part o f
the island, which is not seen on the map) make an aggregate o f fully two
hundred miles.” The map does indeed exhibit a “ curious net-work,” as
Mr. Dean happily expresses it.
An interesting and delicate operation performed during the last year un
der the direction o f the department, was the lowering o f the two lines of
main pipes at Murray Hill. Through these pipes the entire supply o f water
for the city flows. The grade of the fifth avenue, through which they pass,
having been lowered, it became necessary to shift the position o f these great
arteries of city life. A t the same time the supply o f water must not cease
for a moment.
In April, as early as the opening spring would permit, the department com
menced the great work o f lowering the two lines o f mains on the Fifth Avenue,
at Murray Hill, rendered imperative by the alteration o f street grades in that
vicinity, and through which the principal supply of water to the whole city is
derived. In the various estimates o f the cost o f this undertaking, made by the
former officers o f the department, and differing in amount from sixty to one
hundred and five thousand dollars, it had always been assumed that these pipes
must o f necessity be taken apart, hoisted out o f the trench, the deep-cutting
(reaching to the depth o f sixteen feet) excavated, the pipes lowered in, and the
joints re-made and caulked, each consuming at least one hundred pounds o f lead.
To avoid this enormous expenditure, Mr. Edward H. Tracy, one o f the engineers,
suggested that, in his opinion, it might be effected as safely, and at a great
saving o f cost, without breaking the continuity o f the line, by drawing off the
water from one o f the mains at a time, and proceeding to lower and finish that,
while the other was left, in addition to the new thirty-inch line on the Third
Avenue, to keep up the daily supply o f water to the city. His suggestions
were approved, and adopted by the Board, and he was placed in charge o f the
work. The course pursued by him was essentially this:— First, the whole o f
both lines were uncovered, and the water drawn oil' from the westerly one, next
sectional drifts underneath, and across both lines were excavated to the required
depth, at distances o f about eight feet apart, and both lines supported on inde
pendent crib-work o f timber, carefully carried up from the bottom o f these
drifts, and securely wedged; so sustained, the earth between these cribs was re
moved, leaving the pipes to be supported by them for a length o f several hun
dred feet at a time; jack-screws were then securely placed under the line, the
crib-work o f timber taken out, piece by piece, and the pipes lowered by the
screws to the bottom o f the trench. The nature o f the soil, an exceedingly hard
pan, favored this mode o f procedure, as it protected the men from all danger of
its caving. About one hundred and fifty laborers were employed, among whom
the strictest discipline was required, and enforced; no liquors were permitted to
come on the ground, nor were the men allowed, during the hours o f labor, to
visit any place where they could be procured. Every precaution having thus
been adopted, and steadily continued, the plan proved eminently successful;
early in July the whole was finished, nor had a single joint been broken, or pipe
injured in the operation, while our citizens scarcely felt that any work affecting
V08
The Croton Aqueduct:
their daily supply o f water had been in process o f execution. During the whole
period, the engineer retained the power to bring both lines into operation within
three hours, had an extensive fire occurred to require it. T he entire cost was
only $12,633 68, which w ould have been lessened more than a thousand dollars,
but for a succession o f heavy rains, which greatly retarded the work by repeatedly
filling the trench.
While the public, and the public press, are ever ready to visit the popular in
dignation upon the city government for alleged abuses, in the extravagant use o f
the public moneys, here is at least one ease in which responsibilities o f great mag
nitude were assumed from motives o f economy— responsibilities in the mode o f
doing the work, through which, had a total failure happened, or a serious acci
dent occurred, the reputation o f the department for sound judgment and engin
eering skill would have been fatally injured.
Another process o f some difficulty, not yet fully accomplished, but which
promises ultimate success, is the carrying o f the Croton across the East River
to Blackwell’s Island, by means of pipes laid in the river.
A cop y o f that portion o f the survey o f the East River, lying betw een this
island and Blackwell’ s Island, with its soundings, was procured from the Hydrographical Bureau at W ashington; but, upon examination it was found not to be
sufficiently minute to meet the objects o f this department; other soundings o f
the strait were carefully taken, which resulted in showing that the river at the
fo o t o f 79th-street, offered the few est obstacles to the undertaking, though,
at this point, they were found to be many and serious. T he river bottom is
naked rock, very pointed and uneven, and the water varying in depth from forty
to seventy-four feet, with tides o f uncommon rapidity.
These circumstances forbade the use o f metallic pipes in crossing the river,
and induced Mr. Craven, after due inquiry and consideration, to adopt a double
line o f gutta percha pipes, each o f the diameter o f two and a quarter inches, as
the best, and, perhaps, the only means o f effecting the object; as these pipes
would be sufficiently flexible, with anchors at short distances, to adjust them
selves to the inequalities o f the bottom, and the singular tenacity o f the mate
rial would furnish the best protection against abrasion on the rough and sharp
rocks below.
A contract was accordingly made for the requisite length o f these pipes, but
ow ing to an error in the construction o f the machine through which they were
passed in their manufacture— with which this department had no connection—
they were found incapable o f sustaining the required pressure o f 300 pounds to
the inch, and were therefore condemned. T he experiment, however, added to
the confidence before felt, that these pipes, properly made, would meet and over
com e the difficulties o f the enterprise.
New pipes were therefore ordered, but as some time w ould elapse before they
could be delivered, it was determined to select the best o f those on hand, such
as were found to sustain a pressure o f 170 pounds to the inch, and put across a
single line for immediate use. This has been successfully done, and the water
is now delivered on Blackwell’ s Island in quantities sufficient for ordinary do
mestic purposes. This temporary line has been loaned to the department, (not
purchased,) and upon delivery o f the new pipes, will be taken up and returned.
Mortified and disappointed as the Chief Engineer was at the failure o f these
pipes to sustain the proof, it is not, perhaps, to be regretted, as the taking up o f
the present line, after four or six months’ wear, will enable him to see what dam
age, if any, it has sustained by the shifting tides chafing it against the rocks below.
The number of feet of pipe, o f various dimensions, laid from January 1st
to December 31st, 1850, as given in schedule G, o f Mr. Dean’s report, is as
follow s:—
4-inch water-pipe.............. feet
6-inch
“
....................
12-inch
“
.....................
20-inch
“
....................
911 t 30-inch water-pipe...............feet
32,530 36-inch
“
.....................
1,990
5,0001 Total.......................................
2,390
640
-------43,461
Its Present Condition and Finances.
T09
N ot the least valuable and timely portion o f Mr. Dean’s excellent report is
the admonitions in regard to the abuse and extravagant use, (which is the same
thing,) o f the Croton water, by many citizens. It is a shallow vulgarity to
look upon water “ as common,” as a thing to be wasted. W ater, as it is
one o f the most delicious, is, in cities, by no means an unexpeusive beverage.
But whether it cost little or much, to waste it, to waste any o f God’s gifts,
is vulgar, is wrong. Mr. Dean’s statement with respect to the present sup
ply from the aqueduct is startling, and conclusive as to the necessity o f eco
nomy.
The most unremitting and zealous exertions o f the department to abate the
intolerable waste o f water, have produced an effect scarcely perceptible to the
public eye, though the daily returns from the Distributing Reservoir exhibit the
trifling gain o f an average head o f two feet above that o f former summers— the
influent pipes to that reservoir, with the addition recently made, are now capable
o f pouring into it the prodigious quantity o f thirty millions o f gallons per day;
yet it frequently happens, on Saturdays, especially, when zealous housewifery
puts every street-washer in requisition, (whether necessary or not,) that the
reservoir is drawn down to half its capacity, equal to ten millions o f gallons
more, and making an aggregate o f forty millions o f gallons for a single day’ s
consumption, in a population (within the water district) o f not more than four
hundred and thirty thousand persons, or ninety gallons to each individual!
I f this shameful and wicked waste o f one o f the blessings o f Providence,
was confined to the ignorant, to those presumed to be unacquainted with the
City Ordinances regulating its use, or incapable o f estimating the priceless value
o f the waters o f the Croton, there would be some shadow o f excuse; but it is
not so ; a walk through the fashionable quarters o f the city will exhibit as much
wanton neglect o f the rights o f pedestrians, as ready and defiant a disregard of
limitations to the use o f street-washers, as can be found in the suburbs, and
along the wharves, in the unlawful opening, use, and abuse o f the fire hydrants.
It is in vain that this department essays to stop the evil last referred t o ; it has
not the means, nor the number o f men at its disposal to effect it, nor, if it had,
would both be sufficient, without the aid and support o f other departments o f
the city government. The subject is already beyond its reach, and the fire hy
drants within the control o f thousands o f irresponsible persons outside o f this
department, and over whom it can exercise no supervisory power. The Aidermen and Assistant Aldermen can open them, so may every person employed to
sprinkle the streets, every gang o f street-sweepers, the firemen, (rightfully and
properly,) the employees at every ferry, at all the wharves occupied by steam
boats and their barges, and at the railroad stations; the Health Wardens do it
without law, and not unfrequently it is done by members o f the police. Nor is
this all: the hundreds o f hangers-on about engine houses, the volunteers, the
runners with fire companies, these excrescences upon that department, have each
a wrench to opeu a fire hydrant, and the spirit to show their proneness for mis
chief by doing it at all times, and in despite o f everybody. It is safe to esti
mate that these wrenches to open hydrants are in the hands, or under the con
trol o f more than ten thousand individuals!
The present ordinance imposing a fine (upon conviction o f opening one) not
exceeding twenty-five dollars, in the discretion o f the magistrate hearing the
complaint, is found to be quite inadequate to check the evil; the requisite proof
is not always attainable, or if obtained, is met by the production o f a permit
from some member o f the Common Council, who, though he might himself open
it, cannot delegate that power to another, but which must nevertheless be deemed
sufficient to exonerate the offender. It is this perversion of the purposes for
which fire hydrants were erected, that renders the repairs o f them so expensive,
reaching this year $2,472 71, and which is greatly beyond any amount that in
the proper use o f them would be necessary. Nothing short o f making the
offense spoken o f a misdemeanor, subjecting the offender to imprisonment, will
ever abate the evil.
710
The Croton Aqueduct:
The other source o f waste referred to, namely, street-washers, as also that
produced by leaving taps at wash-bowls, and the openings at water-closets and
urinals running at all times, day and night, is sufficiently within the control of
this department, and its powers will hereafter be interposed, it is hoped effectu
ally. The delay has arisen from the continued labors imposed upon the Board
in arranging the statistics, and carrying into operation the new system o f water
rates, leaving it no leisure to condense the various ordinances o f the city gov
ernment regulating the use o f water, which it is intended during this winter to
do, with the addition o f such rules as have been adopted by this Board, and
have them printed on a single sheet, with notice that the violation o f any o f
them will subject the offender to the penalty, first, o f having the water shut off,
and second, to the payment o f the fine and expenses before a supply will be
again furnished. These printed sheets will be distributed to every building
within the water district; this done, no consumer can complain if he finds his
offense followed by so just a retribution.
If this Board could, by any process, divest itself o f the consciousness that it
is entrusted with duties connecting it immediately with the daily conveniences
and comforts o f every individual in the city, and upon the proper administration
o f which the future growth and prosperity o f the city so essentially depend, it
could not forget that the law under which it is organized enacts, that “ They
shall he responsible fo r the supply o f water, and the good order and security o f all
the works from the Croton Lake to the city inclusive, for the exactness and du
rability o f the structures which may be erected, and o f the daily work performed,
and for the sufficiency o f the supply in the pipe-yard to meet every casualty,
and for the fidelity, care, and attention o f al. persons employed by the depart
ment in watching the works, and in making constructions and repairs.” Under
these direct and sufficiently onerous responsibilities, this Board now warns the
Common Council, and through it every citizen, that the last drop of water which
the works in their present slate can supply is now daily delivered in the city— a sup
ply more than equal to any, and all the legitimate wants o f a population o f a
million and a h alf!
It is true that a surplus is falling over the Croton dam during a great part o f
the year, but the High Bridge across Harlem River is between the city and it,
and to increase the quantity delivered, new and larger pipes must be substituted
for those now occupying that bridge, involving the expenditure o f many thou
sand dollars, and subjecting the city to the inconveniences and possible danger
o f a diminished supply, while the work should be in progress. It is, therefore,
tlie duty o f the city government, as it is surely the interest o f the tax payers,
to compel the use o f present resources with some little regard to reasonable
economy. With such economy the daily quantity is amply sufficient for all do
mestic and manufacturing purposes for a quarter o f a century to come; and the
reserve in the Croton River, and the numerous lakes in which it has its sources,
subject to future control, enough for a larger city than any now existing on the
globe.
N o city in the world is better adapted, from its situation, for thorough
sewerage than New York. A long and narrow island, with a broad river
on each side, rapid currents, regular tides, a surface inclining by a gradual
descent from the central ridge running the length of the island to each side,
these are the great conditions for a thorough sewerage which New York
presents.
The “ Bureau o f Sewers and Drains,” attached to the department has been
very actively employed throughout the season, and a large amount o f work has
been accomplished. The benefits resulting from the construction o f sewers, in
the increased convenience, cleanliness, and comfort o f every dwelling connected
with them, is becoming widely known and appreciated; dwellings so connected
are greatly preferred by tenants, and an advanced rent, more than equal to the
interest on the cost, readily obtained for them. The period is not distant when
Its Present Condition and Finances.
Ill
they will com e to be considered as necessary an appendage to every house, as a
supply o f water, and also as the m ost ready and certain means o f promoting
and preserving the public health.
Mr. Alfred W . Craven, the Chief Engineer o f the department, thoroughly
impressed with the magnitude o f the interests involved in the underground
drainage o f the city, has devoted much o f his time to the subject, and the fruits
o f his industry, though quiet and unpretending, are o f a most important and en
during character. Maps, showing the area o f the basin to be drained by any
proposed sewer, are constructed; tables, giving the maximum quantity o f water
which a sewer will discharge, o f any assumed size and form, upon a determined
angle o f descent, have been compiled— and the greatest quantity o f rain falling
within a given period, ascertained by rain-gauges, carefully observed through a
series o f years. W ith these necessary data before him, it is easy to adjust with
great accuracy, the size o f every sewer to the work it has to perform, thus cheap
ening their construction in the saving o f materials.
T he sewers built during the summer, are generally o f much better workman
ship than formerly, the inspectors placed upon them have been held to a more
rigid discharge o f their respective duties, by the almost daily personal visitations
o f Mr. Craven, and thus forcing the contractors to a closer compliance with the
details o f their several contracts; the result has been, in some cases, to produce
work o f the very best character— work which will endure for ages.
The department would suggest that in building sewers in streets crossing the
island, it were well in all cases to connect the principal ones, instead o f stopping
them, as heretofore practiced, wdthin some sixty or eighty feet o f the summit
level. A strong wind blow ing directly into the mouth o f any large sewer, for
instance, that in 23d-street, cannot discharge itself through the small openings
left in the ventilators, and as a consequence sometimes overcomes the resistance
offered by the traps in soil pipes, and pours into the dwelling volumes o f fetid
a ir; this would be effectually obviated were there a free passage opened to it
from river to river.
Nature has furnished every facility to make the construction o f sewers easy,
and their operation perfect. T o do this only requires ordinary care and skill, in
the regulation o f streets from the summit to either river, making the grade, if
possible, continuous in every street, and giving to each its independent sew er;
avoiding the errors o f curves and frequent connections, b y which the velocity o f
the current is arrested, deposits quickly formed, and constant charges incurred
for cleaning. A straight sewer o f proper form, with an inclination o f eight in
ches to a hundred feet, would never require the outlay o f a dollar in cleansing it;
the receiving basins only would demand occasional attention. Old errors, as in
the grade o f Canal-street, the Collect grounds, and some other parts o f the city,
are probably irreparable; if they serve as cautions to prevent similar ones here
after, in the upper and new parts o f the island, they will not have been without
their benefits.
Schedule J, annexed to the report, contains a statement o f the length and
locality o f sewers in the city o f New York, for which contracts have been
made from January 1st to December 31st, 1850.
These sewers, 10 in number, are of the aggregate length o f........ lineal feet
Length o f sewers built at private expense........................................................
66.019
1,600
Total............................................................................................................
51,519
Or more than eleven miles.
Receiving basins............................................................ lineal feet
Culverts to do. about......................................................................
113
4,000
The revenues o f the aqueduct department are derived from three sources;
1st, A general tax on real and personal property; 2d, W ater rates; 3d,
Assessments for sewers on the real estate supposed to benefited by them.
The Croton A queduct:
712
The first two are the only sources o f revenue o f the department proper, the
moneys raised by assessment being applied exclusively to the construction
o f sewers. The first and the leading item o f expenditure is o f course the
interest o f the stock, the original debt incurred for construction. The other
leading items o f expenditure are for water pipes, and the laying o f them, and
salaries.
The following table shows the receipts o f the Croton aqueduct for the pe
riods indicated, and which have been brought down to the latest dates :
October 6, 1842, to May 1, 1843............................................................
May
1,1843,
“ 1,1844............................................................
“
1,1844,
“ 1,1845............................................................
“
1, 1845,
“ 1, 1846............................................................
“
1, 1846,
“ 1, 1847............................................................
“
1, 1847,
“ 1, 1848............................................................
“
1, 1848,
“ 1, 1849............................................................
“
1, 1849,
“ 1, 1850............................................................
“
1,1850,Dec.31, 1850.................................................
January 1,1851,
Oct. 1,1851............................................................
$17,838
91,790
118,582
164,632
194,551
226,551
250,483
284,706
425,130
377,600
67
60
74
53
34
83
12
37
96
79
The sudden increase o f revenue from about $280,000 in the whole o f the
year, from May 1849 to May 1850, to about $425,000, for only 8 months
o f 1850, will be noticed. During the latter period the new system o f rates
under which the rent is now collected went into effect. Under the new sys
tem interest is charged upon rents in arrear. There were received for inter
est on water rates from 1st August, 1850 to 31st Dec., 1850, $9,217 97.
1st January, 1851 to 10th September, 1851, $3,181 04.
W AT E R -PIP E S AND LAYING.
Amount appropriated by Common Council............................................
Amount expended......................................................................................
$154,531 24
146,883 93
Unexpended balance.........................................................................
$7,647 31
Amount received for permits to connect with sewers...........................
$18,977 00
Amount appropriated for repairing and cleaning sewers....................
Amount expended......................................................................................
$10,194 75
8,118 97
Unexpended balance.........................................................................
Paid for salaries.........................................................................
Receipts for water-rates, new permits, taps, &c., from January 1 to
December 31, 1850..................................................................................
$2,075 78
$22,478 42
$449,733 90
The primary fund o f the department is the receipts from the water; only
the amount necessary to make up the deficiency o f this fund, is raised by
general tax. The receipts from the water rates, as we have seen, have been
annually increasing; and the rate o f general tax, for this purpose, has di
minished in the same ratio. There is every reason to believe that the receipts
from water rates, &c., for the present fiscal year will exceed one-half a mil
lion, which will be sufficient to defray all expenses, including interest, and
relieve the city o f the burden o f direct taxation on this account. This fact
alone, and the present unprecedented prosperity o f the finances o f the depart
ment would seem to be a sufficient answer to the propositions which, from
time to time since the introduction o f the water, have been made to abolish
the water rates, entirely, and raise the necessary amount to meet the annual
interest and expenditure by direct general tax. This proposition was embodied
in resolutions submitted to the Common Council in October last. Its direct
Its Present Condition and Finances.
713
and immediate bearing on the finances o f the city and o f the aqueduct de
partment is obvious. Mr. Dean’s report closes with some excellent remarks
on the subject. His enlarged views, and the arguments based upon justice
and experience which he presents in favor o f the present system o f water
rates, will commend themselves to all who wish well to the great city to
whose welfare the Croton Aqueduct Department so greatly contributes.
A resort to the public discussions, and the official documents having in view
“ the supply o f this city with pure and wholesome water,” for some years pre
ceding the commencement o f the work, and during all the time it was in prog
ress, will show that the revenue to be derived from its sale, held a conspicuous
place among the reasons urged to undertake the w ork; it was not only to meet
the annual interest o f the debt thereby incurred, but was to furnish a surplus,
which, converted into a sinking fund, would in due season extinguish that debt,
and ever after pay into the city treasury a sum possibly sufficient, nearly, to meet
all the expenses o f the city government.
Upon this footing it was that the question “ Water or no W ater” was sub
mitted to the people at the spring election in 1835, and decided in the affirmative.
Every subsequent step, and every legal enactment, has proceeded upon the same
basis. Had the idea been then held out, that the water upon its introduction
would he free, and the annual taxes increased by a sum equal to the interest on
the debt thereby created, it is not probable that a majority o f votes would have
been found in favor o f the project; while it is very certain that the necessary
laws authorizing the Common Council to borrow the money to construct the
work, could not have been procured without a pledge o f these revenues as a
sinking fund to meet the final payment o f the debt.
In proof o f the expectations held out to our citizens as inducements to favor
able action at the election referred to, the following extract from a report o f the
Water Commissioners, submitted to the Common Council, and by it to the peo
ple, immediately preceding that election, is given :— “ When the project shall be
completed, the eventual receipts will more than pay the interest on the capital
expended, and the annual cost o f attending the works, and in due time leave a
surplus for the redemption o f the debt that may be incurred.”
As regards the pledge of all the revenues to the sinking fund for the redemp
tion o f the debt, the following further extract from a report o f the Water Com
missioners, made to the Common Council in December, 1842, is submitted:—
“ The Common Council, by the law o f 1835, which was their first fiscal le
gislation after the electors had decided in favor of the work, in providing for an
issue o f two and a half millions o f stock, thought it proper at the same time to
lay the foundation o f a fund for extinguishing the principal, by enacting that all
the revenue to he received for water to he procured by the said work, and furnished
to the inhabitants of the city, shall be especially appropriated as a sinking fund
towards the redemption o f the said water stock. Similar pledges, and in similar
terms, are contained in each o f the subsequent laws o f May 3d, 1838, April 23d,
1840, and June 25th, 1841, under which the successive issues o f stock were
made, amounting in the aggregate, at that time, to nine and a half millions o f
dollars. The Legislature o f the State, in authorizing the city government to
create the stock thus issued from time to time, also sanctioned and enforced the
pledges given on the part o f the city in the law of 1835; for in every instance
thereafter, the Legislature, in granting the necessary power to raise further
amounts by loan, expressly enacted that all the provisions o f the laws before
passed, pledging the faith o f the city, and providing a sinking fund for the re
demption o f the stock issued by virtue thereof, should be applicable to the stocks
issued in pursuance o f the subsequent acts o f the Legislature.”
A fair construction o f these enactments would seem to require from the city
government the imposition on, and collection from, every consumer, o f a fair
equivalent for the value of the water delivered to him. Any other course would
be an abridgement o f the creditor’s security, effected without his consent, and
The Croton Aqueduct, etc.
714
his rights would he as manifestly violated hy the evasion “ as by the bold denial
or avowed disregard o f them.”
If it were possible to graduate the charges for water to each consumer, pre
cisely in proportion to the quantity used by him, no one could doubt the perfect
fairness o f the principle, and universal assent and satisfaction would follow its
adoption; but it is not now, and perhaps may never be, possible to reach such
precision. W e can only, by careful attention to the collection o f data, and by
judicious revisions o f the rates upon the footing o f such data, from time to
time, make a nearer approach to it. T o do this is evidently a duty. The Croton
water is essentially a merchantable commodity, as much so as flour and meat,
and it has a fixed, permanent, and unchangeable value, to wit, the cost per hun
dred gallons o f delivering it here. This cost is made up o f the interest o f the
capital expended in the construction o f the works, added to the annual outlay
for repairs and superintendence ; and being an article o f indispensable necessity
— participated in by every inhabitant o f the city, and entering into the daily life
o f each— it would seem to be reasonable and proper that it should be paid for,
as heretofore, by those using it, in proportion, as near as may be, to consump
tion.
To strike out the income now derived from the regular rates— being about
three-fourths o f the whole— and to collect a like amount by levying it annually
on the real and personal estate subject to taxation, would, it is thought, create
inequalities and burdens more monstrous than any that can exist under the pre
sent system. It is very difficult, if not impossible, to see any relation between
a. cup o f water in the hands o f an individual, and the amount o f that individual’s
estate, by which the value o f the former can be ascertained and adjusted. Charges
made upon such a footing could not be otherwise than erroneous in principle,
and therefore most unjust in their application.
If the mode o f collecting the interest on the water debt by general tax, had
been originally adopted and since pursued, erroneous as the principle is
thought to be, it would have been less objectionable than to introduce it now, as,
instead o f mitigating the burdens o f water takers, it would greatly increase
those burdens to a large proportion o f them, as will be apparent from the fol
lowing statement.
The income from the water has never equalled the interest on the debt, though
each successive year making a closer approach to it. The deficiency, which has
been supplied by general tax, is shown in the following table :—
In the y ea r
“
“
“
“
“
“
“
“
1 842...............................................
1 843...............................................
1844...............................................
1 84 5 ...............................................
1 84 6 ...............................................
1 847...............................................
1 848...............................................
1 84 9 ...............................................
1 85 0 ................................................
20
cen ts on e v e r y $ 1 0 0
23.38 “
“
20.94 “
“
16.47 “
“
12.70 “
“
12.60 “
11.90 “
“
10.20 “
6.85 “
“
o f valuation.
“
“
“
“
“
“
135.04
F o r nine years equal to 15 cts. per annum, and which during that time, has
paid a sum o f $3,159,028 42.
Another year, at present rates, would probably have stricken it altogether from
the general taxes.
The taxes exhibited in the preceding table have been collected from water
takers in com mon with other citizens. N ow suppose the owner o f a four story
house, or store o f twenty-five feet front, valued at $20,000, to have commenced
taking the water in 1842 ; he w ould have paid for it, during these nine years, at
the rates established and collected, the sum o f one hundred and eleven dollars,
and would, in addition thereto, have paid in his general tax, the further sum o f
thirty dollars per annum, or, in the aggregate, two hundred and seventy dollars,
making the cost o f water to him, forty-two dollars and twenty-two cents a year
for the whole period.
Journal o f Mercantile Law.
715
The same rates, increased or diminished in amount by the value and descrip
tion o f the property, have been paid by all water takers— cheerfully and unrepiningly paid— in the confident expectation that the period was not distant,
and every year nearer, when the income to be derived from the water would meet
the interest on the debt, and release him from this double payment.
Now at the moment when this expectation is about to become reality, it is
proposed to abolish these regular water rates, insert an equal amount in the gen
eral tax, and thus more than double the present charges for water, for a long
period, upon many thousand individuals who have hitherto born the heaviest part
o f the burden.
The gross injustice o f such a procedure is sufficiently apparent from the fig
ures, without comment. As a measure o f finance it is also very objectionable.
With a heavy debt outstanding, prudence and good faith alike require the city
government to husband all its resources; among these resources, the Croton
water holds the most conspicuous place, furnishing now, and for all time to come,
if properly managed, a source o f revenue least objectionable to the payer, be
cause a tangible, present, and unmistakable equivalent is received for his
money.
Wherefore then voluntarily relinquish it? Equal now upon the regular rates
to $400,0Q0 per annum, and increasing with the growth o f the city every year.
Expediency also forbids the proposed change. The interests involved in the
proper administration o f the varied and intricate duties o f this department, can
only be preserved and protected, by keeping them distinct and apart from all gen
eral matters pertaining to the city government. The regular rates spoken o f
have no certain or enduring character;— few buildings are without some fixtures
denominated extra, and for which an additional charge is now properly made;—
additions, and alterations are constantly being made in these fixtures, requiring
all the vigilance the department can exercise to prevent waste, and detect frauds.
In levying the proposed tax, the assessors could not be expected to take note o f
these changes, and adjust the rate in reference to them, nor would they be able
to do it i f required o f them ; while the effect o f transferring from this depart
ment so large a portion o f its duties, would be to relieve it from an equal
amount o f responsibility, and probably render it careless, and inattentive to the
residue. Such is human nature.
JOURNAL OF M E R C A N TILE LA W .
QUESTION WHETHER CERTAIN MEMORANDA, TAKEN TOGETHER
WITH OTHR CIR
CUMSTANCES, AMOUNTED TO A BARGAIN AND SALE.
In the United States Circuit Court (Boston, Mass.) Salmon Falls Manufac
turing Company vs. William W . Goddard. This action was brought to recover
some $19,000, for damage sustained by the plaintiffs from the refusal of defen
dant to make and deliver to them his note o f that amount, for goods bargained
for and sold; and also to recover a similar sum for goods sold and delivered.
The defendant resisted the demand, upon the ground that the plaintiffs could not
produce any written note or memorandum of the contract, as by statute is re
quired; also, that the plaintiffs were bound to deliver the goods to him prior to
any right o f recovery, which he averred they had not done. It was in proof, that
Mason & Lawrence, commission merchants, were the factors, in Boston, o f the
plaintiffs; that Goddard, on the 19th September, 1850, had a negotiation with
Mason for the purchase o f some goods, which he intended to ship. A memoran
dum was written and signed, in the following words, viz :
716
Journal o f Mercantile Law.
“ 19th Sept.— W . W . Goddard, 12 mo.
300 bales S. F. Drills, 7J
100 cases blue
“ 8J
Cr. to commence when ship sails, not later than 1st December.
o f charge for truckage.
Delivered free
W . W . G.
R. M. M.
The blues if color satisfactory to purchaser.”
At the time o f this negotiation, the 300 bales were in the storehouse o f plain
tiffs, in New Hampshire, and Mason so informed the defendant, and requested
that he would give notice when he desired the goods, that they might be sent
for. On the 11th o f October, at which time the 100 cases o f blue had been re
ceived at the store o f Mason & Lawrence— a clerk in their store made a bill of
parcels, dated September 30, 1850, which stated that W . W . Goddard had bought
o f Mason & Lawrence 300 bales o f S. F. Drills, at 7Jc, and 100 cases blue at
8|c, carrying out the sums total; and underneath this general bill was written
the marks, numbers, and yards o f each bale, and o f each case. The terms were
also stated to be, “ Note at 12 mo., to the Treasurer o f the Salmon Falls Manu
facturing Company.” This bill o f parcels, on the same day it was made, was
sent through the Post-office to the defendant, to which he made no reply.
On the 22d October defendant said to Mason, he wished him to send for the
goods at Salmon Falls, so that he might receive them by the middle'of the then
next week (which would be the 30th.) On the same day Mason & Lawrence
communicated to the plaintiffs the request o f the defendant. On the 25th Octo
ber, the defendant requested Mason & Lawrence to substitute other goods for
those which he had purchased—-with which request they would not comply, and
declined. The 300 bales arrived at the Boston and Maine depot, in Boston, on
and before the 30th o f October, on which day the defendant was notified
that the goods were at the depot, and were ready for delivery to him—
he replied, “ Don’t send them.” On the next day, Mason & Lawrence, by
letter delivered to the defendant, notified him that the goods which had
been forwarded from Salmon Falls by his direction, were at the depot o f the
Boston and Maine Railroad, subject to his risk and charge for storage, stating the
numbers and marks o f the bales, to which letter he made no reply. On the 2d
November, Mason called at the counting room of defendant, and not finding him,
inquired o f his clerk why Goddard did not remove his goods, and the clerk an
swered that his ship was full. The 300 bales were destroyed by fire at the depot,
during the night o f November 4th. On the morning o f the 5th the defendant
called upon Mason & Lawrence, and, during the conversation with them, admitted
he had his invoice, had been notified, and spoke o f the goods as his. On the 30th
o f September, Mason & Lawrence notified the plaintiffs, at Salmon Falls, that
300 bales had been sold, stating the numbers, which corresponded with those upon
the bill o f parcels subsequently sent to the defendant, upon which notice the
plaintiffs counted and set them apart, and the overseer who had charge o f the
goods was informed that these 300 bales had been sold, and were not to be for
warded till specially ordered. On the morning o f the 4th o f November, the rail
road company were notified by Mason & Lawrence that the 300 bales which were
pointed out had been sold to Goddard. The defendant was owner of a ship call
ed the Crusader, which, on the 19th of September, was at sea, which arrived at
Boston, October 15th, cleared on the 2d November, and sailed on the 6th upon a
new voyage. In was in proof that it was the usage o f Mason & Lawrence, upon
their sales, to require the note o f the purchaser; that the defendant was aware
o f such usage, having purchased o f the plaintiffs, through Mason & Lawrence,
goods on six occasions prior to the 19th o f September, for which purchases he had
given his notes.
On the 14th o f November, plaintiffs demanded a note of defendant, which he
refused. Some other things were in evidence, not changing the general aspect of
the case. The plaintiffs submitted that the contract between the parties was one
which the law regards as a bargain and sale; that the title passed from them, and
vested in the defendant, on the 19th o f September, notwithstanding the plaintiffs
Journal o f Mercantile Law.
Ill
agreed to pay the cost o f transportation; that this provision was collateral, and
had no such force or effect as would defeat the vesting o f the title in the de
fendant, that if the title did not so pass to the defendant, inasmuch as he
had directed the transportation, which had, in pursuance o f such direction,
been commenced, and had declined to direct the place to which it should
be trucked from the depot, a delivery, at Salmon Falls, to the carrier, must
be regarded as a delivery to Goddard; that having directed the transportation to
commence, he could not, by neglect to designate the place to which it should be
completed, or by refusal to receive the goods, interrupt such transportation, and
thereupon avoid the responsibility o f ownership; that such interruption at the de
pot was an exercise of ownership, and was in law to be regarded as a delivery.
The plaintiffs requested the Court to instruct the jnry that the paper o f 19th o f
September was a sufficient writing to bind the defendant. They also requested
an instruction that the bill o f parcels, which represented the defendant as pur
chaser, by reason of his alleged recognition of, and action under it, must be re
garded as a sufficient signature on his part to bind him to the contract therein
stated. Also, that the two papers, taken together, constituted one contract, and, so
regarded, were sufficient to answer the purpose o f the statute, which requires a
note o f the contract to be in writing. The plaintiffs also submitted that the acts
o f the parties constituted a delivery to, and acceptance of, the property by the de
fendant, so as thereby to render a written memorandum unnecessary. If not so,
as matter o f law, these acts were competent to go to the jury, and were sufficient
to authorize them to find such delivery and acceptance.
They also requested the Court to instruct the jury that the defendant by his
conduct was estopped to say, that the property had not been delivered to and
accepted by him; that he was estopped to say that the property was not at his
risk; there was no proof that defendant ever requested a delivery o f the 100
cases which were offered to him by letter on 16th November; no proof that he ever
said to the plaintiffs or their agents in what ship he intended to send his goods,
or at which he wished a delivery. The defendant resisted all these grounds
upon which the plaintiff sought to recover. The Court directed the jury to re
turn a verdict for the defendant, giving the reasons at length. In substance, the
Court considered the paper o f 19th September as insufficient, because it did not dis
close who was vendor, or vendee, what the price, or the terms. That the bill of
parcels was made by a clerk o f Mason & Lawrence, and not by the agent o f the
defendant; that he did not profess to act for the defendant,— that the defendant
had not by any writing recognized the paper;— that the acts and declarations o f
the defendant in relation thereto did not amount to a legal recognition o f the
paper, to an extent sufficient to bind him. That a paper not signed by a party,
or by his agent, must be adopted by some writing, to make it available; that the
two papers were not to be regarded as a compliance with the statute, although it
was assumed they related to the same transaction, because they did not refer to
each other; they did not call one for the other.
The Court also held that the acts in proof did not, in law, constitute a delivery
and acceptance o f the goods— that it was not competent for the jury from the
facts in proof to infer such delivery and acceptance— that the defendant was not
estopped by his conduct to say the goods did not belong to him, and were not at
his risk at the time they were destroyed. T o all these rulings of the Court the
plaintiffs excepted. Under the direction o f the Court, the jury returned a pro
forma verdict for the defendant, that “ he did not promise in manner and forms,
as set forth in the plaintiffs’ writ and declaration.” The counsel for the plaintiffs
gave notice that they should file exceptions, for the purpose o f bringing the case
before the U. S. Supreme Court at Washington.
C. G. Loring and C. B. Goodrich for the plaintiffs; and R. Choate and F. O.
Watts for the defendant.
W e give below a summary statement o f several decisions in the United
States District Court (New York City) in October, 1851.
Journal o f Mercantile' Law.
718
PROMISORY NOTE----TRANSFERRING THE SAME.
United States District Court— In Admiralty— Before Judge Betts, October 10,
1851. Seth Crosby and others vs. John Law.
It was held by the Court, that by the general commercial law, a negotiable promisory note received in payment o f a pre-existing debt bonafide and without notice, is
not subject, in the hands o f the holder, to the equities between the original par
ties, although it be an accommodation note. The rule in the State o f New York
is otherwise. But under the New York law, the acceptance o f such note as pay
ment, on the express assurance o f the assignor that it was business paper, and
not accommodation, does not amount to a payment and extinguishment o f the
original indebtment.
It was also decided, that a representation being made by the assignee, at the
time o f transferring the note, that the parties were of high credit and responsibil
ity, those parties not being residents o f this State, and being unknown to the
creditors, if such representation is found to be untrue, and the circumstances indi
cate a knowledge o f the debtor that their credit and responsibility were doubtful,
then receiving the note on such representation does not extinguish the original
debt. The creditor, on returning the note protested for non-payment, or dishon
ored, or offering it to the assignor in court on trial, may maintain an action on
the original debt. Decree for $315 76, and interest.
CHARTER PARTY----SEAMAN’ S WAGES.
Isaac Devoe vs. The Sloop Fashion.— In this case the Court decided, that a
charter o f a ship for a voyage or term o f time, the charterer to victual and man
her, and have entire control o f her, renders the charterer owner for the time, and
the real owner is not responsible for the contracts o f the master, durante tempore,
if the creditors have notice o f such charter. Held, that if a sloop or craft, navi
gating the waters o f this state, or its vicinity, is taken by the master on condition
that he victual and man her, and divide the earnings o f the vessel with the own
er, and such arrangement is known to the hands or seamen, the vessel is exempt
from liability to the seamen for their wages on such hiring. Libel dismissed
with costs.
SUPPLIES FOR SHIP ON CREDIT.----INSOLVENT LAW .
Abraham. Cadmus ( f Co., vs. Ransom Beman.— The defendant being master
o f a vessel owned in this state, and he and the libellants being residents o f this
city, he purchased o f them supplies for the vessel on credit. He was afterwards
duly discharged by a judge of the Common Pleas, under the insolvent law o f the
state, from all his debts. He did not put the debt o f the libellants upon his sche
dule, nor is it proved they had personal notice o f his application for a discharge.
The Court decided, that there being no evidence o f any fraudulent design on the
part o f the debtor, in omitting the debt o f the libellants from his schedule, that by
the law o f this state, his discharge is a bar to their debt. The same rule applies
in the United States Court, as between citizens o f this state, when the debt was
contracted and the discharge obtained here. Libel dismissed with costs.
ACTION ON A BILL OF LADING.
James Phelan vs. the Schooner Alvarado.— The master signed a bill o f lading
in July, 1840, for return o f twenty kegs o f brandy shipped on board from New
York to Chagres, and sent back for want o f a market. The vessel sailed the
same month. The night she left Chagres, she was struck by lightning, and com
pelled to put back for repairs. No materials or means for repairing her being
found at the port, she remained there till supplies were sent on for the purpose
from New York. The brandy remained on board. The captain was sick with the
coast fever when the vessel left Chagres, and on her return was delirious. He
was sent to New York in a steamer. Two or three weeks after, the mate was
sent home, and two seamen, also sick with the fever. The vessel and cargo were
put in charge o f an agent, or keeper. She lay at Chagres five months or more,
and being sufficiently repaired for the purpose, was brought back to New York,
when the consignee demanded the brandy. None was found on board. The
claimants set up for defence that the brandy was lost by leakage at Chagres, the
Journal o f Mercantile Law.
719
casks being perforated by worms, and the iron hoops also having rusted, and
burst off. During the time the vessel remained at Chagres, steamers and other
vessels left that port, by which the brandy might have been transhipped to New
York. The Court held, that it was the duty o f the ship owner to have had the
brandy transhipped and forwarded to its port o f destination, if the shipper did not
accept it at Chagres, the voyage being in effect broken up. That the disabling of
the master and mate by sickness, from attending to the duties o f the ship, did not
exonerate the owner from his responsibility, and that he stands liable on the bill
o f lading for the value o f the brandy not delivered to the consignee. The value
is to be taken at Chagres at the time o f shipment An order o f reference was
directed to be taken to ascertain the worth o f the brandy; but the claimant to be
at liberty to prove before the commissioner, an actual loss o f any part o f the bran
dy before the bill o f lading was signed. Decree accordingly.
COLLISION.
Samuel Acker vs. The Steamboat Rainbow.— The sloop Transport, owned by
the libellant, was anchored in the night time, near the mouth o f Newark Bay,
and about one hundred and fifty yards from the Staten Island shore. The Rain
bow proceeding from Amboy to New York on a flood tide, with several barges
in tow, came in collision with the sloop at about 3 o’clock, A. M., the 18th of
August, 1850, and caused serious injuries to her. The evidence is conflicting as
to the exact position o f the sloop, and also as to the fact of her having a light sus
pended conspicuously, and burning at the time; although on these points the
direct and positive evidence from the sloop must outweigh the negative evidence
from the steamer. The master and pilot were in the wheelhouse o f the steamer,
directing her navigation, and two men were on the deck, but no one was station
ed forward as a look-out.
The sky was clear above, and it was moonlight, but there was a haze or fog
on the water, preventing the pilot o f the steamer seeing the sloop until within
one hundred feet o f her. He then endeavored to avoid her by stopping and back
ing his engine. The steamer was running about six knots by the lead, close in
to the right bank o f the sound, and ported her helm to go inside o f the sloop.
On stating these facts the Court held, that the steamer was guilty o f three faults in
her navigation:— First— In keeping up so great a speed in that narrow passage,
as to be unable to stop and get out o f the way o f a vessel at anchor, when first
coming in sight of her. Second— By attempting to go in shore o f her, there be
ing a safe passage outside. And third— Especially in running without a look
out stationed on the deck and forward part o f the boat. Decree that the steamer
be condemned in the damage sustained by the sloop, and an order o f reference to
ascertain those damages.
ACTION ON A BILL OF LADING, TO RECOVER FOR DAMAGE ON THE SHIPMENT OF IRON.
In the United States District Court, 1851: Before Judge Judson. Dedekan
vs. Voze cf Collins.— This suit is founded upon a bill o f lading on a shipment
o f thirty tons o f railroad iron on board the Brodrine, Charles C. Furst, master,
lying in the River Tyne, and bound for the port o f New York, dated May 15th,
1850. The contract is in the usual form, as “ shipped in good order and well
conditioned,” with a note at bottom in the following words, “ weight unknown,
and not accountable for rush”
The method of stowage adopted by the master was to place at the bottom of
the vessel twenty-two tons o f the iron, upon which a large quantity of Newcastle
coal was stowed, and then the remaining eight tons of iron upon the top, without
damage in either case. It was clearly shown that the rods were shipped in dry
weather, and that the whole were new, bright, and free from rust. That at the
arrival o f the ship the eight tons were delivered in good order, but the iron stowed
under the coal was damaged by an unusual degree o f damp, while the coal and
coal dust intermingling with the rods had materially injured them, and at a sale at
auction, with notice to the owners o f the vessel, a loss was incurred to the amount
o f $164 14.
720
Journal o f Mercantile Law.
The respondent, in the sixth article o f the answer, alleges that the damage in
curred to the cargo, amounted to the above sum of $164 14, and that they had
offered and tendered to the libellant the full amount o f the freight money, de
ducting therefrom said damages before suit, to wit, on the 18th o f September,
1850, the respondent paid into court the sum o f $257 84, being the balance o f
freight, deducting said damages. That sum is now in court to await its order.
The libellant objects to this tender and payment, and claims still to recover
$257 84, with cost, on several grounds.
1st. That the iron was well and properly stowed.
2d. That the rust and damage were produced by showers o f rain while the iron
was being put on board, and by the natural dampness o f the vessel, without fault
o f the master.
3d. That the shippers gave their consent to this mode o f stowage, and there
fore the vessel was not responsible for the damage.
4th. There was no legal tender before suit, and
5th. The damaged iron was stowed on the top o f the coal, and by the respon
dent’s own proof, this was good stowage.
These several positions were examined, and carefully compared with the evi
dence. These objections involve only questions o f fact, and the weight o f the
evidence on these several points fails to sustain them.
The court, on the contrary, finds that the damaged rods were all under the
coal, and that the damage was sustained by the improper stowage o f the rods at
the bottom o f the vessel and under the coal. The fact set up by the libellant,
that the rods were wet while being put on board, is disproved by the testimony.
There is no sufficient proof that the shipper gave consent to the stowage, but, on
the contrary, that he protested at the time.
The only remaining point o f importance is the question o f tender. The offer
to pay the freight with a set-off of actual damages, followed up by the payment
of the money into court, is a fulfillment in good faith o f the duty o f the respon
dent under this contract. T o adopt the positions suggested by the libellant,
would have a tendency to multiply suits, which is always prejudicial to the great
commercial interests o f the country. On the other hand, in admiralty proceed
ings, whenever it is found that an obligor has done all in his power to meet his
contract, and render justice to the opposing party without suit, he should not be
chargeable with costs.
In a case like that the libellant must be deemed a suitor resting on the techni
calities o f the law, rather than the justice o f his cause.
From all the circumstances here disclosed, it is considered that the respondent
has performed the contract in question, and that the libel be dismissed, with costs
to the respondent— the said sum of $257 84 paid into court to remain at the dis
posal o f the libellant.
LIABILITIES OF COMMON CARRIERS.
In the Circuit Court, City of New York, October, 1851. Levi Fowler vs. Joshua
Maxwell and Charles Parsons.— In October, 1849, Mr. F. put on board one o f the
Eckford line of tow boats, in New York city, a quantity o f teas and other articles
to be sent to Port Stanley, Canada West. The goods two months afterwards
were lost during a storm, in a sailing vessel by which they were sent, on Lake
Ontario. Action is brought against Messrs. M. & P. as the owners o f the line
and common carriers, to recover the amount, it being alleged that the goods
should have been sent by the Erie Canal to Buffalo, thence by steamer to Port
Stanley, which is on Lake Erie,instead o f by the way o f Oswego, also that there
was unnecessary delay in the forwarding. The defense was that Messrs. M. &
P. were not liable, also that Mr. Thomas P. Waters was a partner, who is not
joined in the action, and that defendants were mere forwarders and not common
carriers, and that the agreement said “ by way o f the lakes.” The Court charged
that it does not matter whether parties, in such cases, are owners or not. If they
undertake to forward goods, they become common carriers. It is their duty also
721
Commercial Chronicle and Review.
to forward by the usual and direct route, and there having been a deviation in
this case by forwarding on the Oswego and Lake Ontario route, defendants are
liable. Verdict for plaintiff, $566. In regard to the point as to copartnership, it
was shown that a law was passed in 1836, which makes it necessary for partners
in the forwarding business to file with the county clerk o f each county through
which the line passes, a certificate stating the copartnership, and the names of
those composing it ; and in the event o f their not doing so, each partner is liable,
and they cannot set up a non-joinder. It was not filed in this case.
COM M ERCIAL CHRONICLE AND R E V IE W .
C O N D IT IO N O F T H E
T R A N S A C T IO N S
M O N E Y M A R K E T — P R O S P E C T S F O R T H E F U T U R E — R E S T R A IN T S UPON C O M M E R C IA L
SH O U L D B E IN T E R N A L , AND N OT E X T E R N A L — V A L U E
O F O C C A S IO N A L C H E C K S
UPON
E X T R A V A G A N C E IN B U S IN E S S — F O R E I G N E X C H A N G E — I M P O R T S A N D E X P O R T S O F T H E U N I T E D S T A T E S
FO R T H E
L A S T F I S C A L Y E A R — B A L A N C E O F T R A D E — N E G O T IA T I O N
M O R E D I F F IC U L T — R E S U M P T I O N OF F U L L
O F R A IL R O A D A N D O T H E R B O N D S
C O M M E R C IA L IN T E R C O U R S E
BETW EEN
TH E
NORTH
AND
S O U T H — IN F L U E N C E OF C O M M E R C E , N O T O N L Y U P O N D O M E S T I C T R A N Q U I L L I T Y , B U T A L S O U PON T H E
PEACE
OF T H E
W O R L D — C O N D IT IO N OF N E W
O R L E A N S B A N K S — R E C E I P T S OF G O L D
N IA — D E P O S I T S A N D C O IN A O E F O R O C T O B E R A T T H E
P H IL A D E L P H IA
AND
F R O M C A L IF O R
N E W ORLEANS
M IN T S —
T O T A L P R O D U C T IO N O F T H E C A L IF O R N I A M IN E S — I M P O R T S A T N E W Y O R K F O R O C T O B E R — IN C R E A S E D
R E C E I P T S O F F R E E , A N D D E C L I N E IN D U T IA B L E G O O D S — I M P O R T S A T
IM P O R T
OF D R Y
— IN C R E A S E D
GOO DS A T N E W Y O R K FO R O C T O B E R — IM P O R T
R E C E IP T S OF S IL K S , AND D E C L IN E
F O R C A S H D U T IE S IN O C T O B E R , A N D FO R T E N
P A R T IC U L A R S
O F D E C L IN E IN
D O M E S T IC PRO D U CE
STU FFS A BRO AD
EXPORTS
IN
NEW YORK
OF D R Y G O O D S
IN C O T T O N S , W O O L E N S , A N D
M ON TH S— E X P O R T S A T N E W
NEW
Y O R K — Q U A N T IT Y
OF
FO R T E N M O N TH S—
FO R TE N M ONTH S
L IN E N S — R E C E I P T S
YORK
FO R O C T O B E R —
P R I N C IP A L
A R T IC L E S
OF
E X P O R T E D — E X P O R T S F O R T E N M O N T H S — IN C R E A S E D C O N S U M P T IO N O F B R E A D -
C O N S E Q U E N T U PON T H E
D E C L I N E IN P R I C E S .
T he heaviest payments for the season are now over, and the predictions o f
wide-spread commercial disasters, which were so confidently made when the
pressure in the money market was first felt, have not been realized. In Philadelphia,
N ew York, and Boston, some firms, already insolvent, l ave given up the strug
gle to maintain their credit, and compromised with their creditors. But no one
has been obliged to suspend who was previously solvent, and doing a legitimate
business; and thus, although there have been occasional symptoms o f a panic,
there has been no real distress in our commercial circles. Those who have been
loudest in their eroakings about the com ing evil have been seriously disappointed,
and will have it that the future is still d a ri and threatening. One sees i ; in the
movements o f the banks, another in the projected railways, and a third in
private speculations.
Each has his remedy— an infallible specific— without
which the ruin will be certain and dreadful.
New restraints are loudly called for,
warnings are uttered in view o f ominous signs, and government is called upon
to interfere in some way, and prevent people from ruining themselves. A ll this
outcry serves a useful purpose, but one directly contrary to the intentions o f
those who make it.
It leads quiet, sensible men to doubt o f the propriety o f
hedging up the road to prosperity by legal enactments. There are natural reme
dies for nearly all the evils complained o f by political economists, and the course o f
trade w ould run quite as smoothly if it were less carefully channeled.
A long
period o f uninterrupted prosperity cannot be expected in this world, and, although
each might wish it for himself, yet all can see, that for the community, an oc
casional check from within is quite profitable.
VOL.
xxv. —
no
.
vi.
46
Such a check has been recently
722
Commercial Chronicle and Review.
felt, arresting the careless in their headlong'career, and teaching renewed caution
to the prudent, who had relaxed their watchfulness. Those who saw no limit to
their extensions, have found it necessary to narrow the circle o f their operations,
and many have learned a lesson which will save them from greater perils here
after.
It was supposed that soon after the first o f November, cotton and other do
mestic produce would be shipped so freely as to furnish a good supply o f bills
o f exchange on Europe, and limit the further exports o f specie. This has been
realized only in part, and the shipments o f coin have been continued. The want
o f water in many o f the Southern rivers has prevented as large receipts o f cot
ton as were anticipated; and the prices for our produce generally, on the other
side o f the Atlantic, have not been such as to induce much activity in the trade.
Foreign exchange has continued high, with a good demand, mostly from dra wers
themselves, who have had large remittances lo make in satisfaction o f debts in
curred upon letters o f credit.
The total, in round numbers, o f the foreign trade o f the United States for the
fiscal year ending June 30, 1851, shows the imports to bx $210,000,000, and the
exports $188,000,000, leaving a n apparent balance against us o f $22,000,000, a
sum more than made up by the value o f freights, &c., accumulaled on the other
side.
The interest due on our bonds held abroad would seem to have been
fully made up by the new securities remitted. The depreciation in the value of
the exports, after their clearance from our ports, ought to be sufficiently met by
the falling ofif in the value o f imported goods sold in this country on foreign
account.
Soon after the the publication o f our last, the rates o f interest declined, and
confidence seemed generally restored, but the outgoes o f specie again created
some uneasiness, and led to renewed caution on the part o f capitalists. Some
o f our railroad enterprises have levied heavy taxes upon capital, but this descrip
tion o f securities are now less current. The attempts to dispose o f bonds have
not been so successful as they were last year, when an easy money market had
led to undue speculation.
The disposition shown by the whole mercantile community at the North to
concede full justice to the South, has drawn closer the bonds o f union between
the two sections, and restored the trade, in a measure, to its old channels. The
recent decision in the great Methodist Church case will be a further step in the
same direction. Whatever views may be entertained o f this subject in its other
aspects, none can deny that the continuance o f friendly relations between the
northern and southern portions o f our confederacy is absolutely necessary to
the commercial prosperity o f each.
Many sneei's have been thrown out upon the business relations o f this
important question, as if its bearings in this connection were not worthy to be
considered: but those who have treated it thus lightly must have done so with
out reflection. Commerce, and the inieresls of trade, have preserved the peace
o f nations, when considerations o f humanity, or even the higher obligations o f
religion, would have utterly failed. Nay, when under the very name o f religion,
hosts have been marshaled in hostile array, the white wings o f Commerce have
interposed with messages o f peace. The closer we draw the links o f trade with
other nations, the more improbable do we render the chances o f collision, and
Commercial Chronicle and Review.
7 23
the mutual interchange o f products leads to reciprocation o f courtesies that shall
finally bind all nations in a universal brotherhood.
W e remarked, in our last, that the banks at New Orleans had extended their
business instead o f contracting it, and proved it by a comparative statement o f
their condition. W e have now the returns for the subsequent month, which ex
hibit a further increase o f accommodations to the amount o f about $500,000,
which is full 3 per cent upon the amount o f the previous loans, as shown on the
27th o f September.
The receipts o f gold dust from California during the month o f October were
larger than for any previous month. The amouut deposited at the mint does
not exhibit the true total, as large sums are consumed by jewelers and dentists,
and a considerable amount scattered through the country in lots, or retained as
specimens. W e present a statement o f the deposits and coinage at the Philadel
phia and New Orleans Mints:—
DEPOSITS FOR OCTOBER.
NEW ORLEANS.
From California.
Gold....................................
'Silver......... .....................
Total.........................
Total.
PHILADELPHIA.
From California.
Total.
$295,788 33
1,823 55
$299,479 16
6,718 86
$4,670,000
21,500
$4,745,000
21,500
$297,611 88
$306,198 02
$4,691,500
$4,766,500
GOLD COINAGE.
Value.
Double eagles.................... . .
.Eagles...............................
No. of pieces.
6,600
45,000
No. o f pieces.
$110,000
450,000
Quarter eagles.................
Gold dollars......................
70,000
70,000
205,511
33,060
44,006
114,408
283,699
$4,110,220
330,600
990 4 8 0
286*020
283,699
Total gold coinage...
120,500
$630,000
080,774
$5,231,019
Value.
SILVER COINAGE.
Half dolla rs........................
32,000
$16,000
36,000
$18,000
Dimes.................................
H alf dimes.........................
Three cent pieces..............
80,000'
220,000
120,000
8,000
11,000
3,600
137,000
40,000
500,200
13,700
2,000
15,006
Total silver coinage..
464,000
$41,600
713,200
$48,707
665,000
$6,650
COPPER COINAGE.
5S4,500
Total coinage.............
$671,600
2.058,974
$5,286,375
T he total deposits o f California gold at the United States mints, from its discovery to November 1, was $84,053,166 ; since the first o f November, about
$6,000,000 have been deposited, making the amount $90,000,000 actually turned
into United States coin. There are besides, the coinage and bars in California
the large amount in the hands o f miners, the sums in transitu, the exports to
other countries, and the quantity consumed in manufacturing, so that the whole
production o f the mines, thus far, must amount to $130,000,000 a $140,000,000.
O f this, we have nearly $50,000,000 in coin, actually in our own country in circula
tion and hoarded, above the value o f precious metals held here in the year 1847!
Commercial Chronicle and Review.
724
During the month o f October there have been large receipts o f free goods at
our principal ports, exceeding that o f any corresponding month for a series of
years. At New York the value o f tea and coffee entered amounted to about
$1,500,000, thus swelling the imports beyond what might otherwise have been
expected. The value o f dutiable goods thrown upon the market at-that port for
the month, is nearly $500,000 less than for October 1850, as will be seen by the
following comparison:—
IMPORTS THROW N UPON THE MARKET IN N E W YORK DURINQ THE MONTH OF OCTOBER.
Years.
1851...............................
1850................................
1849................................
1848................................
1847................................
1846................................
Dutiable.
Free.
Specie.
17,387,228
7,864,037
5,888,881
5,136,332
4,763,836
2,738,977
11,558,720
362,866
165,303
439,687
312,383
991,449
§3,186,677
1,527,866
572,614
127,998
100,773
69,809
Total.
§12,132,625
9,754,769
6,626,798
5,703,917
5,166,992
3,800,235
The specie includes $3,163,412 from California, and but $23,265 from foreign
ports. The former item we have classed among the imports, because it was in
cluded in the totals for previous years, but it is, strictly speaking, a domestic
product. The amount, here given, represents only that which has been entered
as freight; a large sum has been brought in the hands o f passengers, which ap
pears in the deposits at the mint. The value o f goods entered for warehousing
during the month was $1,204,994, against $953,680 for the same month o f last
year.
The imports at New York for ten months show a considerable increase over
the corresponding period o f 1850, as will be seen by the following comparison:—
IMPORTS AT NEW Y O RK FOR TEN MONTHS.
Free goods.
Dutiable.
Total.
1851..................................
1850..................................
$8,728,332
7,844,347
$107,613,832
96,656,988
$116,342,164
104,401,335
Increase...................
$883,985
$11,056,844
$11,940,829
The above increase, o f $11,940,829, was chiefly in the early part o f the year,
and has been entirely in merchandise other than dry goods; the imports o f the
latter showing nearly half a million o f dollars decline in October, and being a
trifle less for the whole ten months than for the same period o f 1850. W e an
nex the particulars o f each comparison :—
IMPORTS OF D RY GOODS AT THE PORT OF N E W YO RK FOR THE MONTH OF OCTOBER.
ENTERED FOR CONSUMPTION.
1849.
1850.
1851.
Manufactures o f w ool................................
Manufactures of cotton...............................
Manufactures of silk...................................
Manufactures of fla x..................................
Miscellaneous dry goods..............................
$600,413
269,654
529,063
227,291
95,184
$576,580
314,028
762,231
451,455
202,295
$416,738
229,166
687,355
273,065
195,475
Total.......................................................
$1,721,605
$2,306,589
$1,801,799
725
Commercial Chronicle and Review.
W ITHD RAW N FROM WAREHOUSE.
1850.
1849.
1851.
Manufactures of cotton................................
Manufactures of silk.....................................
Manufactures o f flax.....................................
Miscellaneous dry goods.............................
$145,362
18,440
53,123
33,571
11,626
$151,313
48,803
65,932
23,907
6,263
$78,782
48,188
144,646
53,667
68,538
Total......................................................
Add entered for consumption.............
$262,122
1,721,605
$296,218
2,306,589
$393,821
1,801,799
Total thrown upon the market.... .
$1,983,727
$2,602,807
$2,195,620
ENTERED FOR WAREHOUSING.
1849.
1850.
1851.
Manufactures o f w ool..................................
Manufactures of cotton...............................
Manufactures o f silk....................................
Manufactures of flax...................................
Miscellaneous dry goods.............................
$44,629
22,397
19,000
72,872
3,154
$96,366
94,745
63,977
63,647
20,912
$128,408
90,130
494,462
98,658
73,081
T ota l.....................................................
$162,052
$339,647
$884,739
The amount entered for warehousing, it will be observed, has very considerably
increased beyond the withdrawals, owing to the depression in the trade, and the
pressure in the money market.
IMPORTS OF D RY GOODS AT NEW YO RK FOR TEN MONTHS, ENDING OCTOBER
31.
ENTERED FOR CONSUMPTION.
1819.
1850.
1851.
Manufactures of wool.........................
Manufactures of cotton .....................
Manufactures of silk...........................
Manufactures of flax...........................
Miscellaneous dry g o o d s ...................
$9,170,869
7,753,640
12,643,171
3,695,957
2,750,387
$14,103,663
9,334,450
17,873,021
6,722,106
2,315,169
$12,382,696
8,677,533
20,515,911
5,434,990
2,282,954
T o t a l................................................
$36,014,014
$50,348,409
$49,294,084
W ITH D RAW N FROM WAREHOUSE.
1849.
1850.
1851.
Manufactures of wool.........................
Manufactures of co tto n .....................
Manufactures of silk............................
Manufactures of flax............................
Miscellaneous dry goods.....................
$1,849,074
1,111,286
1,227,746
491,383
328,002
$1,689,880
1,121,614
1,027,996
394,618
127,114
$1,766,937
1,285,528
1,370,361
561,144
380,185
Total.................................. .............
Add entered for consumption . . . .
$5,007,491
36,014,014
$4,361,222
50,348,409
$5,364,155
49,294,084
Total thrown upon the market..
$41,021,505
$54,709,631
$54,658,239
ENTERED FOR WAREHOUSING.
1849.
1850.
1851.
Manufactures of wool.........................
Manufactures of cotton......................
Manufactures of silk...........................
Manufactures of flax...........................
Miscellaneous dry good s...................
$1,209,209
1,091,537
1,188,933
461.004
252,802
$2,000,339
1,749,238
1,272,582
663,844
121,322
$2,067,617
1,432,335
2,288,843
718,765
431,756
Total..................................................
$4,203,485
$5,807,325
$6,939,316
726
Commercial Chronicle and Review.
Tn the above tables it will be seen that there has been an increase in silk
goods warehoused o f about $1,000,000. For the month o f October there is a
falling' oft' in the value o f woolens, cottons, and linens thrown upon the market,
with no corresponding increase in silk goods; but for the ten months, the decline
in the receipts o f the above mentioned fabrics has been fully compensated for
by the increased importations o f silks. The receipts o f duties at New York for
October 4were $1,958,516 17, against $2,112,906 29, showing a decline ol
$154,390 12.
For ten months the receipts were $27,971,236 71 against
$25,333,140 71, for the same period o f the previous year, showing an increase
since January 1, o f $2,638,096.
The exports from New York for the month o f October, show a material de
cline from the corresponding month o f 1850, as will be seen by the following
comparison :—
EXPORTS FROM NEW Y O RK TO FOREIGN PORTS FOR OCTOBER.
Year.
1851.............................
1850.............................
1849
1848
1847 ...........................
1846 ...........................
Domestic produce.
Foreign.
Specie.
$2,702,383
4,661,742
1,746,739
3,576,051
S,151,23S
3,354,142
$464,918
498,502
393,189
246,713
238,574
370,439
$1,779,707
1,421,328
1,830,518
882,423
674,548
70,350
Total.
$4,947,008
6,481,572
3,970,446
4,705,187
4,064,360
3,794,931
The decline, as here exhibited, has been chiefly in cotton and breadstuff's, both
o f which have been exported in less quantity and for less value. The decline in
flour for the four weeks ending October 31, has been nearly 90,000 barrels, and
in cotton, 16,671 bales. The latter item alone, at the price o f last year’s ship
ments, would amount to nearly $1,000,000. T o show the particulars o f this
trade more fully, we have compiled a comparative statement o f the exports o f
the leading articles o f domestic produce, for the period referred t o :—
EXTORTS FROM NEW YORK FOR FOUR W EEKS, ENDING OCTOBER
Ashes, p o t s .................
Ashes, pea rl...............
Beeswax.......................
81.
1850.
1851.
2,230
598
9,048
1,872
79
15,533
bushels
186,747
702
791
161,639
,. .bales
.barrels
16,910
24,231
30,623
95,653
301
319
121,683
6,752
195,578
7,560
26,121
6,057
1,954
161,223
213,444
68,691
1,722,676
2,098
155,941
883
164,715
104,435
3,833
3,485
82,264
596,108
88,216
1,883,017
1,236
160,464
2,156
349,938
195,678
. . .bhls.
’.'.’.'.ibs’.
Breadstuff's:—
Wheat flour.............
Bye flour......... ........
Corn Meal.................
W heat.......................
Rye............................
Com ......................... .
Cotton...........................
Naval stores................
Provisions:—
Pork......................... .
Beef.........................
Cut Meats...............
Lard...........................
B utter.......................
Cheese.......................
Rice................................
Tallow..........................
Tobacco, crude.............
Tobacco, manufactured.
W halebone...................
.barrels
none.
.barrels
. . . .lbs.
pkgs
.. lbs
•pkgs
...lbs
Commercial Chronicle and Review.
727
Notwithstanding the above decline for the month, the exports for ten months,
inclusive o f specie, are greatly in excess o f last year.
EXPORTS FROM NEW Y O RK FOR TEN MONTHS.
Years.
Domestic produce.
1851...................
1850...................
$34,200,829.
36,834,842
Foreign.
$3,911,554
4,756,551
Specie.
Total.
$38,041,978
7,868,794
$71,154,361
49,460,187
Increase............................................................................................
$21,694,174
The decrease in the value o f domestic produce exported does not indicate a
corresponding decline in quantity; cotton is far below the price o f last year, and
the same is true o f breadstuffs and some other staple products. The increased
consumption o f cereals in England, consequent upon the low price, must be
very great, and we look to see large shipments o f flour and wheat throughout
the next quarter o f a year. The crop here has been very large, and much be
yond our own wants, and the low rates at which it can be furnished will gladden
many a poor family in the old world.
The prospect for American manufactures, particularly cotton and woolen fabrics,
is more encouraging.
The great difficulty in realizing a profit upon this produc
tion, during the last year, was in consequence o f the rise in value o f the raw
material. Cotton advanced 100 per cent, and w ool full 334 per cent. This in
creased the cost o f the finished goods very materially, but it was found impossi
ble to obtain a corresponding improvement in price. The reason o f this may be
explained in few words. It is an axiom in political economy, that increased prices,
other things being unchanged, lead to diminished consumption. Our manufactur
ers paid no heed to this, but produced quite as many goods from the raw mate
rial at a high rate, as could have been placed at the low est price.
It was, o f
course, found impossible to force the goods off, and at the same time dictate terms
to purchasers; and, consequently, a considerable portion o f the business has
been done without remuneration. Cotton has now declined, and the high prices
have so reduced the stock in consumers’ hands, that there is likely be an active
demand for goods, at firm rates.
W o o l has also declined, and the production has
become more varied. T w o or three large broadcloth mills have changed on to
printed shawls, and this will leave more elbow-room 'for other looms. One or
tw o important mills have also been destroyed by fire, within a week or two, so
that this branch o f trade is less likely to be overdone.
The improvements made in manufacturing in this country, during the last year
or two, have been worthy o f notice, and show that our capacity to produce any
variety o f fabric is unlimited. The great bulk of Mous de Laines now in this
country, are now made here, and several new and splendid mills are just complet
ed, some to run upon still finer goods. In shawls, we have entirely distanced the
imported, in all common and medium goods for winter wear; and now, as noticed
above, two or three mills have commenced the production o f a beautiful variety
o f Terkerie, and other choice printed shawls, for spring sales. Infancy cassimeres
we have also made new and very important advances, and shall soon need but
little from abroad either in woolens or cottons. Even in linens, the pioneers are
at work, producing the coarser crash and diaper, and silks may yet be spun under
the shade o f our own mulberries.
Commercial Statistics.
728
COM M ERCIAL STATISTICS.
COMMERCIAL NAVIGATION OF NEW YORK.
W e published in the Merchants’ Magazine for August, 1851, (vol. xxv.,) under our
“ Commercial Chronicle and Review,” a statement of the number of vessels and regis
tered tonnage which arrived and cleared at the port of New York, during the first
quarter of the present (calendar) year, that is, from the 1st of January to the 31st o f
March, 1851. We now annex corresponding tables for the succeeding quarter, which
includes the months of April, May, and June, 1851.
N O . O F V E S S E L S A N D T O N N A G E W H IC H
A R R IV E D
AT THE
PORT
OF N E W
YORK
IN
A P R IL ,
M A Y , A N D JU N E , 1 8 5 1 .
FLAG.
Where from.
Russia....................................
Sweden..................................
Swedish West Indies...........
Danish
“
...........
Hamburg and Bremen__ __
Holland.................................
Dutch West Indies.............
“
Guiana........................
Belgium ................................
England.................................
Scotland................................
Ireland...................................
British West Indies..............
“
Honduras.................
“
Guiana.....................
“
East Indies...............
France on Atlantic...............
France on Mediterranean.. .
French West Indies.............
Spain on Atlantic-...............
Spain on Mediterranean.. .
Cuba.......................................
Porto Rico.............................
Philippine Islands................
Trieste....................................
Sardinia, (Kingdom)............
Two Sicilies, Kingdom)......
Tuscany................................
Turkey...................................
Mexico...................................
Central A m erica.................
H ayti.. ......... ...................
New Granada.......................
Venezuela..............................
B razil....................................
Argentine Republic.............
C h ili......................................
P e r u ......................................
China......................................
A frica ....................................
Denmark................................
Gibraltar...............................
Madeira..................................
United States.
Vessels.
Tons.
British.
Vessels.
Tons.
All others.
Vessels.
Tons.
i
100
..
..
..
10
1 ,5 6 4
i
126
,,
.,
...
4
5 ,4 7 2
4
1 ,2 9 6
48
1 9 ,3 4 8
4
1 ,2 9 7
....
....
4 ,8 5 9
975
..
..
13
6
1
160
1
169
i
470
i
296
....
....
....
..
....
8
2 ,5 2 5
1
194
....
8
4 ,1 6 2
1
258
10
3 ,4 2 9
99
1 0 4 ,5 0 9
99
6 1 ,1 5 0
9
3 ,7 2 0
6
3 ,1 2 1
11
5 ,5 4 4
3
1 ,5 4 1
78
2 6 ,3 8 5
20
3 ,2 9 0
2
344
2
620
31
4 ,7 5 2
1
158
.,
..
....
3
1 ,6 7 2
9
3 ,5 8 1
.,
..
2
780
42
3 1 ,4 1 4
4
957
12
3 ,0 3 8
2
803
2
494
11
3 ,8 3 8
1
193
,.
*. . . .
1
288
2
1 ,0 0 8
2
3
1 ,0 9 4
5
1 ,5 3 1
..
....
255
6 3 ,6 3 1
15
2 ,6 0 0
5
1 ,5 7 2
62
9 ,7 9 0
17
2 ,6 7 3
2
2
939
612
316
••. •
....
....
2
1 ,4 3 7
4
1 ,0 7 7
2 ,3 8 8
....
1
616
1
168
..
..
12
3 ,1 8 3
2
615
7
1
175
2
440
3
987
1
451
..
....
1 ,7 9 6
2
443
..
..
..
10
....
«...
....
.,
....
35
4 ,6 4 7
9
1 ,3 7 7
1
27
2 4 ,4 1 8
2
404
128
....
20
3 ,0 4 3
2
251
i
129
23
5 ,9 3 3
7
1 ,8 1 7
8
2 ,3 4 9
1
392
8
2 ,3 8 8
....
....
8
785
3
1 ,0 9 0
5
1 ,6 5 9
7
3 ,9 1 3
,.
,.
6
1 ,1 0 2
1
171
1
347
. . . .
...
1
295
1
136
..
. . . .
729
Commercial Statistics.
FLAG .
Where to
Cisplatine Republic............
British N. Amer’n Colonies..
Portugal...............................
Total.................................
Total previous quarter...
United States.
Tons.
Vessels
..
••
696
481
....
....
290,275
238,798
British.
Vessels. Tons.
208
i
9,546
69
1
221
370
125
124,803
37,100
All others.
Tons.
497
1
531
3
639
Vessels.
2
175
109
NO. OF VESSELS AND TONNAGE W HICH CLEARED AT THE PORT OF NEW YO RK
MAY, AND JUNE,
61,772
34,856
IN
APRIL,
1861.
FLAG .
Where to.
Russia....................................
Swedish West Indies...........
Danish
“
Hamburg and Bremen . . . .
Holland.................................
Dutch West Indies...............
“
Guiana.......................
B elgium ...............................
England.................................
Scotland...............................
Ireland.................................
Gibraltar...............................
British N. Amer’n Colonies.
“
West Indies.............
“
Honduras.................
“
Guiana.....................
“
East Indies...............
France on Atlantic...............
France on Mediterranean...
Spain on Atlantic.................
Spain on Mediterranean... .
Cuba......................................
Porto Rico............................
Phillippine Islands...............
Portugal...............................
Madeira................. ...............
Cape de Verds.....................
Trieste..................................
Mexico....................................
Central America........... . . .
Hayti......................................
New Granada.......................
Venezuela.............................
Brazil.....................................
Argentine Republic.............
Peru......................................
China.....................................
A frica....................................
French East Indies.............
Prussia...................................
Sweden and Norway...........
Chili........................................
Dutch East Indies................
Sardinia................................
Total..................................
Total previous quarter...
United States.
Vessels.
Tons.
i
499
i
197
8
1,334
4
5,524
4
1,945
8
1,323
1
139
4
2,240
74
86,804
6
3,236
961
2
1
232
36
21,260
36
6,203
3
697
3
614
1
468
21
22,617
4
1,020
4
974
2
394
187 - 45,3 97
27
4,525
1
3 80
1
218
2
397
1
198
2
634
13
2,189
2
4 67
28
3,421
22
18,903
8
1,696
20
5,204
4
1,311
1
386
3
2,276
5
1,143
British.
Vessels. Tons.
2
533
..
....
,.
1
136
1
30
10
..
..
....
442
,,
.,
..
....
11
6
12
13,305
2,505
3,546
1
2
1
4
2
..
....
256
23
3
2
80,412
3,415
816
384
..
....
...
....
226
899
441
1,291
,.
6,057
2,393
173
6
8
5
1,267
2,227
1,594
3
4
698
559
19
4
6,634
920
1
342
4
964
1
2
5
280
1,162
1.458
i
..
....
,,
1
7
1
203
973
265
6
1,531
3
683
3
2
2
452
439
517
....
1
1
2
2
1
5
2
171
266
532
661
396
2,768
555
109,390
25,039
155
61
62,644
19,864
....
....
....
247,335
185,322
243
12,355
3,280
15
8
....
551
4 10
All others.
Vessels. Tons.
2
665
339
89
In the above tables we have, for the sake of convenience, condensed the particulars
of vessels arriving and clearing under all except the two principal flags, into one item,
730
Commercial Statistics.
headed “ All other.” The following will show the total arrivals and clearances under
every flag seen in the port of New York during the three months specified :—
A R R IV E D .
Flag.
CLEARED.
N o . of vessels Tonnage.
696
290,275
124,803
370
8
1,863
4,132
10
4,431
12
31
11,017
46
19,863
1,529
5
782
3
6,226
16
1,803
5
444
3
810
4
15
4,016
1
241
2
1,437
4
975
1
129
809
o
1
287
1
317
481
2
180
1
United States.................
British..............................
French...............- ...........
Russian.............................
Prussian...........................
Swedish and Norwegian.
Hamburg and Bremen..
Mechlenberg....................
Danish..............................
Dutch................................
Belgian.............................
Spanish...........................
Portuguese.....................
Sardinian.........................
Sicilian..............................
Austrian...........................
Brazilian.........................
Venezuelan......................
Oldenburg .......................
Lubec................................
Argentine Republic.. . . .
Hanoverian.......................
Cisplatine R epublic__ _
T ota l.........................
Total previous quarter.
1,241
714
No. o f vessels. Tonnage.
551
247,335
339
109,390
1,596
8
2,694
6
4,241
13
29
9,979
54
20,972
970
3
6 24
3
4,115
10
3
723
1
128
746
4
2,586
9
5
1,217
1,162
2
439
2
O
452
4 7 6 ,8 5 0
310,754
....
....
....
....
1,045
560
409,369
230,225
I
We also present our usual summary statement of the tonnage of the port of New
York, both foreign and domestic, with the number of seamen, for the quarter under
review:—
ENTERED DURING SECOND QUARTER,
American vessels.....................
Foreign vessels........................
No. o f Vessels.
696
545
Total...................................
Total previous year.............
1,241
714
1S51.
Tonnage.
2 9 0 ,2 7 5 f
186,588^
476,864
310,754
No. o f seamen.
9,843
7,099
16,942
10,589
CLEARED DURING THE SAME TIME.
American vessels....................
Foreign vessels.......................
No. of vessels.
551
150
Total...................................
Total previous year.............
701
560
Tonnage.
2 4 7 ,3 3 5 f
1 0 2 ,04 3 *
409 ,37 9 ^
2 3 0 ,2 2 5 i
No. o f seamen.
8,865
1,934
10,799
8,701
The above summary was compiled from a different record than the one from which
the preceding tables were taken, and there is a slight discrepancy in the total, owing
to the addition of fractional parts of a ton, which it was not possible to give in each
particular item. The difference, however, is very trifling, and the summary shows the
true total.
As many will, doubtless, feel interested in a comparison of the tonnage for the first
six months of 1851 with the corresponding period of the years 1849 and 1850, we
subjoin a recapitulation of some of the above totals, in connection with the same items
for the first six months of 1849 and 1 8 5 0 :—
Arrived.
Six months of
1 8 5 1 ...................
1 8 5 0 ...................
1 8 4 9 ...................
American.
No. o f vessels.
Tonnage.
1,177
629,073-f
1,001
379 ,74 9
1,081
S 79 ,3 2 8 £
Foreign.
No. o f vessels.
Tonnage.
778
2 58 ,54 4 1
6 50
208.444J620
2 11,466
Total tons.
887,618
5 88,1931
5 9 0 ,7 9 4 f
131
Commercial S tails lies.
Cleared.
American.
Six months o f
No. o f vessels. Tonnage.
1 8 5 1 ...............................
961
4 S 2,655£
1 850...............................
791
344,584
1 849..............................
815
8 90.063J
Foreign.
No. of vessels.
Tonnage.
644
2 06 ,94 7 £
572
1 7 7 ,1 5 1 *
534
1 75 ,96 9 1
Total tons.
639,602-|
5 21 ,73 5 £
5 66 ,03 2 £
It is impossible to present an accurate exhibit of the coastwise Commerce of the
port, as vessels laden wholly with American produce or manufactures (other than dis
tilled spirits) are not obliged to enter at the Custom-house. The annexed statement
embraces only such as have been regularly entered and cleared:—
COASTWISE TONNAGE OF APRIL, MAY, AND JUNE.
1 85 1 .................................
1 85 0 .................................
1 84 9 .................................
Entered.
No. of vessels.
Tonnage.
524
121,835
537
136,181
571
123,249
Cleared.
No. o f vessels.
Tonnage.
1,278
282,307
1,168
233,732
932
166,262
Were the coastwise vessels engaged in carrying coal, wood, cotton, Ac., exclusively,
added to the above, the total would probably be more than doubled.
IMPORTS AND EXPORTS OF THE PORT OF NEW YORK IN 1SS0-51.
W e give below a tabular statement of the exports and imports of the port of NewYork, in each month of the fiscal year, commencing on the 1st of July, 1850, and end
ing on the 30lh o f June, 1851, as derived from the Custom-house books:—
IMPORTS OF GOODS, W AR ES, AND MERCHANDISE, ENTERED AT
TIIE PORT
OF NEW YO RK ,
FOR THE YE AR ENDING JUNE SO 'fH , 1 8 5 1 .
1S51.
Foreign dutiable
merchandise.
$16,591,446
9,034,284
8,192,761
6,748,965
5,375.652
3,605,284
12,70S,518
9,442,007
10,651,142
8,546,184
8,942,711
8,097,631
July...................
A u g u st.............
September . . . .
October..............
November..........
December..........
January.............
February...........
M arch...............
April..................
May...................
June...................
Total..........
$107,336,585
Foreign merchandise
Foreign mer- Foreign mer- withdrawn from
chandise free. chan’e wareli’d. warehouse.
$ 2,155,320
$ 49 9 ,5 1 2
$944,127
1,716,055
246,249
1,743,211
1,117,262
1,27 3,S78
928,125
1,115.072
362,860
953,680
905,006
416,191
798,147
760,154
761,536
362,824
1,024,246
937,650
1,611,847
899 ,43 8
1,208,036
1,240,329
1,181,925
982,530
1,068,437
556,386
1,238,313
1,144,068
785,326
1,148,428
858,519
668,716
1,043,345
717,633
$ 8,299,164
$14 ,80 2 ,8 2 4
$12,271,399
Specie and
bullion.
$ 1,9 27 ,7 0 8
3,457,684
2,046,346
1,527,866
13,580
16,374
210,455
164,031
2 70,505
521,665
111,443
121,234
$10,8SS,S91
EXPORTS OF GOODS, W ARES, AND MERCHANDISE, FROM THE PORT OF NEW YORK, FOR THE
YEAR ENDING JUNE 3 0T H , 1 8 5 1 .
1850-51.
Domestic
produce.
July.......................
August.....................
September...............
O ctober...................
Novem ber...............
December.................
January.................... ___
February .................
March....................... ___
April.........................
May........................... ___
June.......................... ___
Total................
3,152,744
3,976.198
4,402,052
3,778,289
Foreign dutiable Foreign mer
merchandise. chandise free.
$413,671
$17,563
18,766
658,787
707,834
16,551
4S8,038
15,464
676.696
37,723
703,075
5,243
422,395
51.5S4
60,930
295,567
316,494
29,121
320,981
50,904
361,015
113,371
56,435
265,290
$5,624,843
$473,655
Specie and
bullion.
$1,518,080
1,441,736
1,033,918
1,421,328
905,394
1,208,760
1,266,281
1,007,689
2,368,861
3,482,182
4,506.135
6,462,367
$26,622,731
'732
Commercial Statistics.
IMPORTS AND EXPORTS OF BOSTON, 1850-51.
The Boston Shipping List furnishes the subjoined statement of the imports and ex
ports of Boston, for the year ending August 31st, 1851, compared with the previous
year:—
IMPORTS INTO BOSTON FOR THE YE AR ENDING AUGUST
Articles.
Ashes, Pot & Pearl.bbls.
Brimstone........
Brimstone........
Brimstone......... ...bbls.
Cassia.................
Cassia.................
Cocoa.................
Coffee, Batavia..
Batavia........
Hayti.............
C u b a .............
Rio Janeiro...
Porto Rico__
Porto Cabello
Manila...........
Africa.............
Other foreign places..
Coastwise ports-.........
Cotton, from—
New Orleans. . . bales
Mobile...........
Charleston. , .
Savannah......
Apalachicola.
Galveston . .
Other places .
Coal— V lrginia . . .bush.
Alexandria..
Philadelphia..
Baltimore . . .
Other places.
Great Britain.
Great Britain. __ chal.
Nova Scotia..
Copper, Sheathing..cases
i ellow Metal
Copper..............
Copper..............
Corn Meal-........ . . .bbls.
Corn, from—
New Orleans. . . . sacks
Ports in Virginia.........
Ports in Maryland . . .
Ports in Pennsylvania.
Ports in Delaware . . .
Ports in New Jersey...
Ports in New York . .
Other places.
Cordage.............
Cordage.............
Bolt Rope .
Bolt Rope . .
Hemp Yarn.
D uck.................
D u c k .................
1851.
3,123
185
14,365*
996
28,294
1,148
4,578
44,342
8,750
69,656
397
10,818
5,039
1,805
••« •
6,524
3,832
80,122
29,954
14,153
24,086
19,774
3,475
2,597
90,470
7,900
251,250
24,866
17,985
9,429
198
30,561
767
1,232
8,208
33,759
12,274
31.679
277,008
407,510
305,775
90,157
762,316
6,185
270
7,365
3,310
88
1,527
1,632
13,587
81, 1851.
1850.
Articles.
2,518 Dyewoods—
Logwood. . . .
1,136
Logwood.........
15,217
2,035
Logwood........
Fustic.............
44,411
Fustic.............
5,115
Sapan Wood.. .piculs.
28,713
Sapan Wood..
600 Flour, Wheat, from—
New Y ork ... . ...b b ls.
68,053
Albany..........
653
Western Railroad.. . .
7,570
2,002
Fitchburg Railroad....
Lowell Railroad.........
3,589
New Orleans.
2,923
Fredericksburg...........
120
Georgetown...
4,413
1,039
Alexandria__
Richmond . . .
107,812
Other ports in Virginia
27,959
Philadelphia..
23,060
Baltimore . . .
28,341
Other places.
23,053 Flour, R ye........
1,098 Fruit— Lemons.. . . .bxs.
Oranges.........
3,977
26,580
rig s ...............
r ig s ...............
Raisins...........
252,862
Raisins.........
No ac’t.
Raisins............ . .boxes
26,057
10,018 Glass..................
1,743 Gunny Bags....... . . . . N o .
29,129 Gunny Bags... .
553 Gunny B a gs.. . .bundles
2,611 Hemp—Russia. __ tons
1,729
Other places.
Manilla..........
48,443
16,148
New Orleans
Other places .
51,331 Hides, from—
620,605
Buenos Ayres . . . .No.
631,241
Rio Grande ..
Truxillo.........
288,693
88,420
California......
14,000
West Indies...
Pernambuco
669,974
8,800
Porto Cabello
C. Am. & Valparaiso..
40
Rio Janeiro...
5,976
2,310
Cape Good Hope........
Bahia.............
140
Batavia.........
637
Other foreign ports...
1,703
Coastwise ports...........
24,097
1851.
1851.
9,780* 11,562
9,800 12,565
1,107
1,524*
742
11,610 11,348
5,584
3,394
53
67
71.511 113,016
41,447 46,374
400,016 328,344
63,977
1,878
20,478*
110,264 61,542
33,199* 30,795
15,689 21,784
9,240 25,124
34,825* 57,768
6,686
5,631
23,730 32,190
26,650 73,241
11,770
9,636
2,644
7,259
31,762 40,632
108,417 68,095
327,765 269,343
1,687
1,664
27,473 15,741
8,176
5,870
197,804 142,076
78,233 53,311
188,400 194,842
7,807 15,751
7,396
4,969
1,254
504
172
...
19,921 28,026
8,862
11,282
4,413
6,174
237,124 286,827
26,362
6,396 10,199
21,945
6,469 20,920
7,202
5,000
1,500
23,301 29,651
13,282 14,667
1,771
6,470
13,657 12,904
4,345
48,812 32,369
217,828 127,166
Commercial Statistics.
1851.
1850.
Articles.
Calcutta........... bales
3,380
2,361
Horns..................... •No. 1,293,230 861,248
Indigo.................... cases
1,618
1,526
Iron, B ar..............
2,212
3,202
21,826
26,161
Pig.....................
Boiler.................
10
50
B lo o m ...............
125
Bars...................
126,610 110,880
Bundles..............
141,231 101,324
Sheet and H oop. .bdls. 39,181 43,466
Blooms..............
8,652
Plates.................
21,912 11,019
Railroad...........
4,353 13,750
Railroad...........
11,310 32,702
Lac Dye................ .cases
5,258
4,073
Lead......................
211,941 206,021
White.................
53,346 51,267
Leather..................
441,185
Leather.................
19,325 64,153
Linseed, from—
Calcutta.............
160,906 18,518
Russia...............
151
1,249
Sicily..................
100
4,485
Odessa................
500
Other places . . .
....
11
Mackerel, N. Scotia. bbls. 66,0534 31,132
Molasses, from—
Foreign ports.. ■hhds. 58,559 56,506
Domestic ports..
19,621 12,292
Foreign ports..
4,491
3,347
Domestic ports..
180
88
Foreign ports.. .bbls.
1,423
1,010
Domestic ports..
2,998
3,983
Naval Stores—
Rosin..................
32,248 25,950
Turpentine . . . .
29,632 27,586
Spirits Turpentine___
9,609
8,221
Pitch..................
2,135
2,627
Tar.....................
13,961 22,002
Oil— Wh. & Sperm, bbls. 32,161 26,252
Linseed............. .casks
3,129
2,794
P a lm .................
482
694
Olive................ baskets
5,583
7,837
O live.................
471
442
Oats.......................
455,565 418,121
Pepper.................
11,880 36,069
Provisions— Beef. ..bbls. 30,913 42,818
Pork...................
16,945 156,556
Hams........casks & tcs.
1,132 12,206
Hams................
3,652
4,928
Butter............... .kegs 115,602 61,740
Butter...............
645
1,372
EXPORTS FROM BOSTON FOR THE
Articles.
Apples.................
Ashes, Pot.............
Pearl..................
Beeswax...............
Butter...................
Beef, to—
Foreign ports.. .bbls.
Coastwise ports. .........
1851.
20,130
221
39
18
26,219
5,818
3,161
1850.
5,821
1,024
308
277
11,080
133
Articles.
Cheese...............
Cheese............... .boxes
Cheese...............
Lard...................
Lard...................
Hogs, Western R .. N o.
Rags..................... .
Rice....................... ..casks
R ye........................ .bush.
Shorts...................
Salt, Liverpool. . .
Liverpool.......... . sacks
Cadiz.................
Cadiz.................
Curacao..............
Trapani
Ivica . .tons
St. Martin’s . . . . . bush.
Bonaire.............
Turk’s Islands.. .bush.
St. (Jbes............
Other places.. . .bush.
Saltpetre.............. .
Skins— Goat.........
Goat...................,. .No.
Sugar, from—
1851.
1850.
8,316
6,073
94,842 89,841
118J
696
44,361 63,263
23,981 68,841
28,414 37,118
6,119
8,529
10,161 13,102
27,783 54,028
105.642 50,941
5,563
3,343
52,320 43,246
2,685
3,162
241
1,010
4,401
1,362. 1,484
100,257 164,245
10,750
3,360
226,647 305,751
189
81,686 42,959
61,086 18,410
1,098
4,328
69,229 19,123
Foreign ports... boxes
83,101
1,945
Foreign ports... hhds. 12,862
Domestic ports...........
2,492
Foreign ports.. . .bags
62,083
Domestic ports..........................
Foreign ports.___ bbls.
984
Domestic ports............
4,216
Steel...........................tons
....
Steel...........cases A bdls. 18,150
Steel...........................bars
412
Sumac........................ bags 20,849
Sumac.........................tons
3
S h ot...........................bags 14,911
T e a ...........................pkgs. 19,088
Tin............................. slabs
9,264
16,896
8,053
8,851
4,511
16,655
1,985
460
10,298
1
13,142
134
36,864
...
24,212
53,125
21,111
Tin plates............. boxes
Tobacco............boxes Ac.
Tobacco.................
Tobacco.................
Whalebone........... .bdls.
Wheat...................
Wool, from—
Foreign ports.. .bales
Domestic ports.
Foreign ports.. •qtls.
14,945
26,411
10,647
Domestic ports...........
YEAR ENDING AUGUST
A rticles.
42,627 33,271
39,555 33,637
2,194
2,010
4,136
6,288
17
75
469,124 440,436
25,661
27,988
19,819
31, 1851.
1851.
1850.
Bread.....................
22,131 16,516
Boots and Shoes . . cases 154,582 152,758
Candles................. boxes 44,824 48,045
Cassia.....................
421
1,333
Cassia.................... cases
100
1
Cheese, to—
Foreign ports. . .boxes
6,693
8,609
1,218
Coastwise ports
9,334
5,469
7,187
734
Commercial Statistics.
1850.
1851.
Articles.
Foreign ports___ casks
191
209
Coastwise ports..,. . . .
315
390
1,202
2,080
Cocoa....................... bags
Coffee, to foreign ports.. 13,097 26,088
Coastwise ports.. . . . .
54,908 55,874
Corn, to—
Foreign ports___ bush. 84,882 149,134
Coastwise ports........... 14,650 29,512
Corn Meal, to—
Foreign ports... .bush. 12,560 15,87S
3,490
1,580
Coastwise ports..........
Cotton, to—
2,852
1,614
Foreign ports.. . . bales
1,655
2,871
Coastwise ports...........
Dye woods—
Logwood............... tons
8,2151 8,319
158
207
Sapan W ood...............
309
597|
Fustic.........................
Domestics, to—
Foreign ports.. .pkgs. 48,285 29,909
3,857
4,932
Fish, Dry Cod___ drums
6,674
4,360
Dry Cod.............boxes
Dry Cod...............qtls. 66,152 70,659
Mackerel.............. bbls. 121,989 91,733
Herring..................bxs. 14,737 15,644
Flour, Wheat, to—
Foreign ports . . .bbl3. 136,488 94,928
Coastwise p o rts......... 27,913 23,520
Flour, Rye, to—
Foreign ports............. ..
5,557
8,454
Coastwise ports...........
75
167
Glassware................ pkgs.
9,267 8,152
Gunpowder............... kegs 20,185 18,026
Granite.....................tons 11,716^- 11,898
Granite.........................pcs.
4,518 3,247
Gunny Cloth & Bags. bis.
23,853 25,331
H a ra s..................... hbds.
895
1,050
H a r a s .,....................... tcs.
2,544 2,158
Haras ......................bbls.
1,995 1,344
Ham s........................... No.
4,069 7,159
H a y ...........................tons
2,108
....
H ay............................bdls. 11,099
H em p........................bales 10,376 17,716
Hemp.....................t o n s
381
425
Hides, to—
Foreign ports... .bales
349
39
Coastwise ports...........
3,432
2,318
Foreign ports.........No.
5,720
1,789
Coastwise ports........... 126,613 277,359
Hops, to—
Foreign ports. . . bales
123
391
Coastwise ports...........
653
2,674
Foreign ports........ tons
Coastwise ports-.........
Iro n .................................
Iron...........bars and bdls.
Indigo.......................cases
Indigo. . . . ........ceroons
Lard, to—
Foreign ports...... kegs
Coastwise ports...........
24,997 23,744
63,662^46,910
6.821
6,259
44,104 47,695
601
499
....
45
18,635 34,755
7,682
4,816
Articles.
1851.
1S50.
Foreign ports... .bbls
6,448 11,604
Coastwise ports.. ....
2,733
4,708
Lac Dye................ cases
378
629
Linseed.................
108,883 64,211
Lead, white............ •kegs 14,615
7,577
Lead, to—
Foreign ports.. .pigs 23,484
775
Coastwise ports..
3,634
3,878
Lead, white...........
37
77
Lime....................... casks
5,168 16,818
Lumber—
Shooks,box <fc hlid..M.
357-J627
Boards and plank.. . . 10,829^ 33,589
Staves...........................
l,0 6 5 i
945
H oop s.......................
1,502
750
Shingles.......................
3,7 54J 15,571
Molasses, to—
Foreign ports.. ..hhds.
1,292
2,782
Coastwise ports...........
8,294 11,483
Foreign ports...........tcs.
369
225
Coastwise ports...........
350
374
Foreign ports........ bbls.
222
120
Coastwise ports...........
6,494
1,937
Nails.......................... casks 84,317 83,000
Naval Stores—
Rosin ............. •bbls. 10,161 15,316
Spirits Turpentine......
1,049
1,823
Tar.....................
5,818
9,326
P itch .................
6,561
5,040
Turpentine......... . . . .
1,457
3,593
Pepper...................
17,315 24,037
Plaster .................
7,359
8,564
Pork, to—
Foreign ports.. .bbls. 19,873 29,603
Coastwise ports. ......... 31,256 31,845
O il.........................
9,415
9,557
Rice, to—
Foreign ports.... . ..tcs.
2,991
3,125
Coastwise ports.
459
304
Foreign ports.. ..bbls.
5,620
3,022
Coastwise ports.
1,340
184
Ruin, to—
Foreign ports.. .hhds.
190
423
Coastwise ports. .........
160
144
Foreign ports.. -bbls.
8,848
8,579
Coastwise ports.
4,648
5,601
Raisins................... boxes 42,991 45,270
Raisins................. casks
1,715
2,414
Salt........................ .sacks 45,596 32,824
Salt. ......................
16,093
8,857
Shellac...................
755
1,029
Sum ac...................
1,721
7,549
Saltpetre, to—
Jboreign ports. . .
2.516
849
Coastwise ports.
44,758 49,053
Sarsaparilla.;......... •bales
1,152
892
Sugar, to—
Foreign ports.. .
6,300
5,859
Coastwise ports.. ....
5,023
4,497
Foreign ports. . . .bags
600
300
Coastwise ports..
32,426 32.590
Foreign ports... .bbls.
4,954
3,107
Commercial Statistics.
1851.
Articles.
Coastwise ports..
Foreign ports. . . .hhds.
Coastwise ports.,.....
Soap..................... .•boxes
Spelter ................
Tin.........................
Tin plates.............
Tobacco, leaf.........
Tobacco. . . bales & cases
1850.
6,252
4,93S
1,761
687
2,765
5,163
90,486 103,282
190,536
15,659
15
1,200
1,239
742
1,065
3,705
4,027
735
1850.
1851.
Articles.
Tobaceo___kegs A boxes
Tallow............... ...b b ls.
T e a ....................
Wheat............... .
W h isky.............
Whalebone.........
Wool, to —
Foreign ports. . ..bales
Coastwise ports...........
13,376
3,240
15,734
50
1,719
40
6,659
1,700
8,796
18
465
397
5
2,747
6,153
....
VIRGINIA TOBACCO TRADE IN 1850-51.
In the Merchants' Magazine for November 1850, (vol. xxiii, page 546,) we published
a statement of the Virginia Tobacco Trade, from 1841 to 1850, including full particu
lars o f inspections, exports, and stocks, as carefully prepared and furnished by an at
tentive correspondent residing at Richmond. VVe are now indebted to the same reliable
source for the subjoined statement, bringing the whole down to close of September
1851:—
Stock on hand October 1, 1850..........................
14,450
Inspected, year ending September 30,1851___
32,598
Exported to foreign ports......................................
Stock on hand September 30, 1851 ...................
Afloat for London.................................................. . .
Afloat for Bremea................................................. . .
3,742
592
173
-----
765
14,353
18,095
Manufactured and shipped coastwise.
28,953
Richmond . . . .hhds.
Petersburg...............
Lynchburg...............
1850.
1851.
17,986
9,521
7,968
15,678
7,220
5,810
Clarksville.. . . .hhds.
Farmville......... ..........
A ll other.......... ........
oo
eg
PARTICULARS OF INSPECTION.
1851.
3,570
2,141
1,425
324
3,413
392
32,598
PARTICULARS OF EXPORT.
Liverpool..
Bristol. ...
Bordeaux..
Venice . . .
Bremen....
Leaf and Stems.
Manufactured.
Hhds.
Half lihds. Tierces & Boxes.
1,485
262
850
881
314
421
Stems.
Hhds.
60
3,850
The above is the smallest inspection and export on record.
There were 35,000 to 45,000 boxes of tobacco, equal to 3,500 to 4,500 hhds., ipanufactured in the Valley of Roanoke, <Sic., chiefly from uninspected tobacco, and there is
probably as much more of the same description brought to other markets in Virginia,
a portion of which only is packed in hhds. and inspected.
The shipments coastwise embrace some hundred hhds. sent to New York and Balti
more to be reshipped to European ports.
EXPO RT OF FLOUr. FROM RICHMOND TO FOREIGN PORTS; OCT.
To South American ports.. .bbls.
To British ports..............................
1, 1850,
TO SEPT.
30, 1851.
98,245 I To British N. American ports.bbls.
9,100 | To Brem en......................................
6,296
250
A considerable quantity of flour destined for South America is sent coastwise, for
reshipment from New York, Baltimore, die.
736
Commercial Statistics.
EXPORT OF LUMBER FROM MOBILE.
COMPAEATIYE EXPORTS OF SAWED LUMBER, FOR FIVE YEARS, AND OF
STAVES, FOR
LAST
FOUR YEARS, FROM ]MOBILE, YEARS ENDING 31S T OF AUGUST.
EXPO RT OF LUMBER.
1860-51.
Whither exported.
Cuba............
Mexico.........
1849-50.
1848-49.
1847-48.
1846-47.
2 ,1 0 4 ,8 6 2
1 ,9 6 8 , 4 7 1
3 3 3 ,2 9 0
1 ,3 7 3 , 5 4 8
3 2 9 ,1 7 3
2 6 8 ,5 2 3
2 5 0 ,9 2 4
2 6 4 ,1 8 9
1 ,0 9 4 , 2 9 4
8 7 8 ,4 7 9
O ther p o rts. • . . .
1 2 ,4 2 0
3 3 4 ,7 1 8
1 9 0 ,3 0 8
4 1 4 ,0 2 8
2 1 6 ,6 3 6
Coastwise.. .
4 ,4 3 0 , 2 4 9
4 ,7 3 9 ,7 8 3
4 ,4 9 9 , 2 8 6
4 ,7 3 7 , 2 2 3
4 ,3 0 9 ,8 4 6
T otal. .
6 ,8 1 6 ,0 5 4
7 ,2 9 3 , 8 9 6
7 ,6 1 9 , 0 9 3
5 ,7 3 4 ,1 3 4
3 ,5 9 7 ,2 5 3
EX PO RT OF STAVES.
1850-51.
Whither exported.
1849-50.
1848-49.
8 ,0 0 0
1847-48.
2 4 ,5 0 0
2 1 ,0 0 0
O ther p orts..
1 0 5 ,8 2 6
2 7 2 ,0 1 9
8 7 ,0 7 0
3 2 8 ,2 4 0
Coastwise.. .
2 4 6 ,9 6 3
4 0 5 ,9 2 4
1 4 1 ,8 2 0
2 1 2 ,9 6 0
Total.. .
3 6 0 ,7 7 9
6 7 7 ,9 4 3
2 5 3 ,3 9 0
5 6 2 ,2 0 0
PRICES OF COTTON AT MOBILE FROM
1835
TO
1851.
MONTHLY RANGE OF PRICES OF COTTON IN MOBILE IN EACH SEASON FOR THE LAST
SIXTEEN YEARS---- THAT IS, FROM 1 8 3 5 TO 1 8 5 1 .
October.
November.
December.
l » 3 5 - 3 6 _____
. . . a 17
15
a 161
1 3 £ a 16
1 3 £ a lb £
14
a 17
1 8 3 6 —3 7 _____
16
a 19
121 a 171
12
12
a 171
Season of
1 8 3 7 -3 8 . . . .
a 20
7 f a 12
1 8 3 8 - 3 9 _____
10
1839^=0 . . . ,
1 2 f a 13
1 8 1 0 -1 1
_____
1 8 1 1 - 4 2 _____
a ll
7 1 a 10J
nom inal.
1 8 4 2 - 4 3 _____
7£a
8£
1 8 4 3 - 4 4 _____
6
8
a
15
61
10
a
I lia
7 fa
101
7 1 a 10
51a
7 f
51 a
71
91
7 f a 10
4
51
3£ a
6
3 ta
6 f
8 f
81
6
81
6
a
81
9
a 13
6
a
a ll
8 $ a H i-
41 a
1 8 3 7 - 3 8 _____
1 8 3 8 - 3 9 _____
61
13
a 141
71 a 121
1 3 f a 171
1 8 3 9 - 4 0 _____
7
1 8 4 0 - 4 1 _____
9 1 a 12
1 8 4 1 -4 2 . . . .
7
15
6
a 13£
8^- a 13^14
6 fa
a l7 f
6
a
7|
41a
6
5
a
7
9 1 a 11
10
1 1 1 a 131
May.
June.
13£ a ly
1 3 1 a 19
5
a 10
81 a 131
1 4 1 a 18
10
a 121
7
a 10f
9 f a 121
7 a 101
a 13
6 1 a 11
14-^ a 1 6 £
1 0 f a 16
8 1 a 14
71 a 1 2f
1 3 1 a 17
1 2 1 a l5 f
8 fa
8 f
7 f a
71
91 a 111
S fa llf
71 a 101
7 1 a 10
51a
8 f
5 fa
8
8
4 fa
8
61a
8|
51 a
7
41a
61
7-1
6
7 f
61a
81
71
91
61 a
8 f
5
a
5
7
5
a
9
7
Ay. for season «
81
6§ a
71
7 f
51a
7
lO f a 121
5 fa
41a
61 a
71
7 1 a 10
7 f
1 8 4 3 - 4 4 _____
41 a
a 121
121 a 131
1 8 4 2 —1 3 _____
1 8 4 4 - 4 5 _____
9 f a 12
71
7 ia
a
a
61 a
51 a
1 8 4 5 - 4 6 _____
11
a ‘i
71
a 10
a 20
a
8 ia
April.
a 20
a
81
91 a 111
March.
15
8
7 t a
6 f
4£a
111 a 171
51 a
81
1 8 4 8 - 4 9 _____
1 8 3 5 - 3 6 _____
a 121
6t a
1 8 4 7 - 4 8 _____
1 8 3 6 -3 7 . . . .
71
8§
51 a
a ll
71 a
61a
a 10
9
81
7
9
1 2 f a 141
a
81a I lf
8-£
6 fa
1 8 5 0 - 5 1 _____
8
6 1 a 12
121a 16f
81 a 101
a
1 8 4 9 - 5 0 _____
91
151
*1 % a
5£ a
61
91 a
7 1 a 121
ll f a
9 f
1 8 4 5 - 4 6 _____
8
a 141
a 171
71a
1 8 4 4 - 4 5 _____
_____
..
10
a 12
February.
7 1 a 10
4 1a
1 8 4 6 -4 7
I lf
a 12
6
January.
a 8-J
51 a
9 ia
12
a
1 8 4 6 - 4 7 _____
81 a I l f
91 a 111
8 f a ll
9
1 8 4 7 - 4 8 _____
6
71
4 1 a 17
4
a
6£
4^ a
6£
5 f a
7
51a
51 a
71
61 a
81
6 a 7
1 8 4 8 - 4 9 _____
1 8 4 9 - 6 0 _____
1 8 5 0 - 5 1 _____
a
o f a
1 0 1 a 12
6 1 a 111
7
1 0 1 a 12
8
a l i i
11
a 121
51a
91
11
a 121
51 a
9
10
a 111
71
a 12
S i a 12
Commercial Statistics.
737
STATISTICS OF THE TOBACCO TRADE.
W e give below a statement of the quantity of tobacco exported annually, from 1821
to 1850 inclusive ; years from 1821 to 1842, inclusive, ending on the 30th September,
and from 1843 to 1850, ending the 30th June. As the commercial year was changed
so as to end m June in 1843, the figures for that date show the quantity for nine
months only.
STATEMENT OF THE QUANTITY OF TOBACCO
in c l u s iv e ;
also
sto ck s
Exports.
Hhds.
66,858
83,169
99,009
77,883
75,984
64,098
100,025
96,278
Years.
1 8 2 1 ................
1 8 2 2 ................
1 8 2 3 ................
1 8 2 4 ................
1 8 2 5 ................
1 8 2 6 ................
1827 ................
1 8 2 8 ................
1 8 2 9 ................
1 8 3 0 ................
1 8 3 1 ................
1 8 3 2 ................
1 8 3 3 ................
1 8 3 4 ................
1 8 3 5 ................
83,810
86,718
106,806
83,153
87,979
94,353
in
EXPORTED
Eu r o pe
Stocks in
Europe.
Hhds.
69,485
63,670
50,672
54,690
61,068
50,543
53,413
57,458
from
ANNUALLY FROM
1828
to
Years.
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 ............
1 8 6 0 ..............
1850
1821
TO
1850,
i n c l u s i v e :—
Exports
Hhds.
100,593
119,484
127,828
158,710
163,042
147,998
135,762
130,665
145,729
Stocks in
Europe.
Hhds.
68,918
38,703
31,067
38,715
37,623
50,880
62,496
91,196
88,973
91,213
100 .77 4
8S,858
80,391
70,527
66,777
The increased consumption in Europe is 3 per cent, and in the United States 4 per
cent per annum.
The crop of the United States from 1840 to 1850 inclusive— say 11 years— aver
ages about 160,000 hhds. This embraces the large crops of 1842, 1843, and 1844.
The consumption of Europe, from 1829 to 1838, was 96,826 hhds.— it is now
130,000 hhds.
______________________
LARGE SHIPS AND LARGE CARGOES OF COTTON.
The New Orleans Picayune publishes the following list of ships loaded by Messrs.
J. P. Whitney & Co., of New Orleans, during the year ending September 1,1851.
This list embraces only such ships as carried 3,000 bales and upwards.
Bales.
Tons.
Ships.
Tons.
Bales.
Ships.
3,564 Clarissa Currier........
991
999
3,380
3,610 Horizon.......................
1,018
Hungarian.................
963
3,140
3,595 William Nelson... . .
1,031
Trimountain..............
1,030
3,239
3,906 Westmoreland........
1,133
999
3,504
3,228 John Haven............
990
James Nesmith.........
1,038
3.196
3,218
F.
P.
Sage.................
991
John and Lucy..........
1,150
3,385
998
3,552 Antarctic...................
George Raynes.........
1,115
3,618
3,568
1,127
Telam on...................
Fifteen ships carrying away the enormous quantity of 51,703 bales of cotton—
equal to 3,450 bale3 each.
We also notice the following clearances last year in addition to the above, v iz:—
Tons.
Bales.
Ships.
Tons.
Ships.
Bales.
841
3,064 Hemisphere..........
Lexington...............
1,024
3,323
935
3,135 Columbus..............
Huguenot................
1,307
4.109
1,021
3,761 Meridian................
President................
1,285
4,200
922
3,126
New-England.........
Seven ships carrying 24,718 bales— equal to 3,531 bales each ship.
These twenty-two ships thus carried 76,421 bales of cotton, and the Rappahannoc
and Meridian carried other cargo equal to 500 bales each—thus making the capacity o f
the twenty-two ships equal to, say, between 77,000 and 78,000 bales of cotton, or upVOL. X X V .---- NO. V I.
47
738
Journal o f Banking, Currency , and Finance.
wards of 3,500 bales average. It is worthy of note that nineteen of these ships were
built last year, and the cargoes mentioned above were the first cargoes of cotton load
ed by them.
The ships hailed from various ports, commencing at Philadelphia, and going as far
east as Thomaston, Me. The value of their cargoes was about $4,000,000, and the ships
themselves about $1,250,000.
JOURNAL OF B A N KIN G, CU RRENCY, AND FINANCE.
SYNOPSIS OF THE DEBT OF TEXAS,
AGREEABLY TO THE OFFICIAL STATEMENT OF THE AUDITOR OF THE STATE.
Outstanding issues under the act of 7th of June, 1837, and the subsequent explana
tory acts of the 19th of January, 1839, and lltli of May, 1846 :—
Principal........................................................................
Estimated interest due at 10 per cent.....................
$825,795 01
825,795 01
—
-------$1,651,590
02
Which Texas has estimated in specie value as follows, namely:—
$1,623,693 38 at 70 cents..........................................
$27,896 64 at 100 cents.............................................
$1,136,585 36
27,896 64
-----------------
1,164,482 00
Outstanding issues under the act of 18th November, 1836, 16th May, 1838, 22d
January, 1839, and 14th January, 1840, namely:—•
Principal........................................................................
Estimated interest thereon at 10 per cent per annum
$1,213,287 00
1,369,615 70
—
-------
2,582,902 70
Estimated by Texas in specie value as follows, namely:—
Principal........................................................................
Interest .......................................................................
$777,953 50
873,248 85
-----------------
1,651,202 35
Outstanding issue under the act of 5th February, 1840, is as follows:—
Principal, at 10 per cent interest................................
Principal, at 8 per cent interest...............................
Estimated interest at 10 per cent.............................
Estimated interest at 8 per cent...............................
$790,920 00
26,080 00
------------------------------------- 817,00000
$790,920 00
20,516 26
------------------------------------- 811,93626
$1,628,936 26
Estimated by Texas in specie value as follows, namely:—
Principal at 30 cents...................................................
Interest at 30 cents... .
$245,100 00
243,430 00
------------------------------------- 488,53000
Outstanding issue under the act of 5th February, 1840, is as follows, namely:—
Principal........................................................................
Estimated interest......................................................
$836,800 00
636,028 80
-----------------
1,472,908 80
Estimated by Texas in specie value as follows, namely:—
Principal at 20 cents...................................................
Interest at 20 cents....................................................
$167,376 00
127,205 76
294,681 76
739
Journal o f Banking, Currency, and Finance.
The outstanding issue under the act of June 9th, 1837, is as follows, namely:—
Principal o f 1st issue
Principal of 2d issue
Principal of 3d issue
$50,000 00
370.000 00
2,077,546 00
2,497,546 00
$15,000 00
74,000 00
The estimated interest on the 1st issue
Estimated interest on 2d issue.............
89,000 00
$2,586,546 00
Estimated by Texas at a specie value as follows:—
First issue—
Principal, par....................................
Interest, par......................................
$50,000 00
15,000 00
----------------
65,000 00
Second issue—
Principal at 50 cents.......................
Interest at 50 cents.........................
186,000 00
37,000 00
-------------Third issue at 25 cents................................................
222,000 00
519,386 50
-----------------
806,386 50
The outstanding issue under act of 26th November, 1835, and 5th of February, 1840:
Principal.......................................................................................................
This amount known under the title of “ audited drafts,” has been es
timated by Texas at the specie value of............................................
331,653 70
326,957 07
Under the act of 20th March, 1848, and 8th of February, the outstanding issue is as
follows:—
Principal................
Estimated interest.
$2,178,143 40
3,801 60
-----------------
2,181,945 00
Estimated by Texas at the specie value as follows:—
Principal........................................................................
Interest................................................. ........................
2,113,380 08
8,801 60
-----------------2,117,181 68
These last issues are made under the act of 20th March, 1848, usually known as
“ the scaling law,” which requires all parties having claims against the State of Texas
to present them to the auditor, who is directed to receipt for the amount at the spe
cie par val ue at the time the debt was incurred. There is nothing to show what the
original amount of the debt represented by the above sum, nor to which particular
class or classes o f debt it belonged.
The act of the 14th January, 1840, to which reference is made in the report of the
Secretary of the treasury, contains the following section, namely :—
“ S e c . 15. And be it further enacted, That, for the redemption of all loans negotia
ted by the republic o f Texas independently of the reservation of the siuking fund, the
proceeds of the public lands generally, its revenues and public faith are solemnly
pledged."
RECAPITULATION.
Whole amount of principal of the debt...............
Interest........................................................................
$8,700,305 11
3,735,677 37
12,435,982 68
Estimated by Texas in specie as follows:—
Principal......................................................................
Interest........................................................................
$4,965,394 15
1,881,928 08
6,847,822 23
Journal o f Banking, Currency, and Finance.
740
UNITED STATES TREASURER’S STATEMENT, NOVEMBER 1, 1851.
t r e a s u r e r ’ s s t a t e m e n t , s h o w in g
the
amount
at
h is
c r e d it
in
the
tr e a su r y , w it h
ASSISTANT TREASURERS AND DESIGNATED DEPOSITARIES, AND IN THE MINT AND BRANCHES,
BY RETURNS RECEIVED TO MONDAY, OCTOBER
27, 1851,
THE AMOUNT FOR WHICH DRAFTS
HAVE BEEN ISSUED BUT W ER E THEN UNPAID, AND THE AMOUNT THEN REMAINING SUBJECT
TO DRAFT.
SHOWING, ALSO, THE AMOUNT OF FUTURE TRANSFERS TO AND FROM DEPOSITA
RIES, AS ORDERED BY THE SECRETARY OF THE TREASURY.
Treasury o f United States, Washington.. .
Assistant Treasurer, Boston, Mass...............
Assistant Treasurer, New York, N. Y .........
Assistant Treasurer, Philadelphia, P a.........
Assistant Treasurer, Charleston, S. C..........
Assistant Treasurer, New Orleans, La. . . .
Assistant Treasurer, St. Louis, Mo...............
Depositary at Buffalo, New York................
Depositary at Baltimore, Maryland.............
Depositary at Richmond, Virginia...............
Depositary at Norfolk, Virginia...................
Depositary at Wilmington, North Carolina.
Depositary at Savannah, Georgia................
Depositary at Mobile, Alabama...................
Depositary at Nashville, Tennessee...........
Depositary at Cincinnati, Ohio.....................
Depositary at Pittsburg, Pennsylvania.. . .
Depositary at Cincinnati, (late)....................
Depositary at Little Rock, Arkansas..........
Depositary at Jeffersonville, Indiana...........
Depositary at Chicago, Illinois.....................
Depositary at Detroit, Michigan.................
Depositary at Tallahassee, Florida..............
Suspense account...........................$2,536 74
Mint o f the U. S., Philadelphia, Penn........
Branch Mint of U. S., Charlotte, N. C .........
Branch Mint of U. S., Dahlonega, Ga..........
Branch Mint of U. S., New Orleans, L a . . . .
Total................................. .
Deduct suspense account.
Drafts
heretofore drawn
Amount on but not yet paid,
Amount
deposit.
though payable, subj. to draft.
$7,247 21 $120,300 14
$127,547 35
806,949 88
865,039 89
58,090 51
2,608,866 96 310,490 76 2,298,376 20
1,222,730 64
34,045 25 1,188,685 39
333,808 93
373,818 71
40,009 78
970,349 85
1,591,099 72 620,749 87
391,336 55
188,248 95
203,087 60
58,843 09
60,347 70
1,504 61
114,729 95
128,717 33
13,987 38
2,614 00
32,683 95
85,297 95
14,095 00
15,193 63
29,288 63
1,572 94
1,572 94
17,687 67
17,687 67
4,901 9 0
15,369 32
20,271 22
1,106 88
22,768 78
23,875 66
15,622 07
23,519 76
7,897 69
53 4 2
1,440 25
1,386 83
3,301 37
3,301 37
23,638 92
61,211 34
84,850 26
15,916 21
41,299 67
25,383 46
30,170 29
400 00
30,570 29
6,361 79
20,281 43
26,643 22
13,495 90
14,094 90
599 00
2,536 7 4
5,684,690 00
5,684,690 00
32,000 00
32,000 00
26,850 0 0
26,850 00
1,100,000 00
1,100,000 00
14,566,758 64 1,436,571 21 13,132,724 17
................................................
2,536 74
Add difference in transfers...................................................................
$13,130,187 43
1,445,000 00
Net amount subject to draft.................................................................. $14,575,187 43
Transfers ordered to Treasury of the United States, Washington.
Transfers ordered to Assistant Treasurer, New York.....................
Transfers ordered to Assistant Treasurer, New Orleans, Louisiana.
Transfers ordered to Assistant Treasurer, St. Louis, Missouri........
Transfers ordered to Depositary at Norfolk, Virginia.......................
Transfers ordered from Assistant Treasurer, Charleston, S. C........
$200,000
500,000
52^,000
100,000
170,000
50,000
00
00
00
00
00
00
PRUSSIAN FINANCES.
that in the budget for 1852 the expenses will considerably exceed the
revenue. The Minister of Finance is resolved to resort to every expedient in order to
avoid raising a new loan. In the first place, several projected public works are given
up, and some reductions will probably be introduced into the military establishments.
Immediately after the deliberations of the new Danish ministry, three plenipotentia
ries are said to have been dispatched from Copenhagen to St. Petersburg, London, and
Paris,in order to represent to those cabinets that the recognition of a combined Dan
I t is s a id
Journal o f Banking, Currency, and Finance.
741
ish State is indispensable; that a division is impossible, because the connection be
tween the Duchies of Schleswig and Holstein has been recognized in all the negotia
tions which have taken place between the powers.
MINT IN THE CITY OF NEW YORK.
F reeman H unt, E sq., Editor o f the Merchants' Magazine, etc:—
The near approach of the period at which Congress is to assemble, renders it neces
sary to call public attention to that important measure— the establishment of a Mint
in the city of New York.
The amount of gold bullion imported into the port of New York, from California,
during ten months of the present year, exceeds $34,000,000. This has been transported
from the city of New York to the Mint at Philadelphia for coinage, and after coinage
must be returned to New York, incurring risks, expenses, and delays— a sacrifice which
our merchants ought not to be required to make.
South Carolina is furnished with a Mint, and Georgia has a like establish
ment ; and yet both of these States do not furnish as much gold bullion in a year as
arrives at New York in a single month.
When we were at Washington in September, the President expressed himself in fa
vor of the establishment of a Mint, or a Branch Mint, in the city of New York.
W e intend addressing the Secretary of the Treasury on this subject, and to place in
his hands all the statistics bearing on this matter that we have collected together.
The report made by Mr. Phoenix, from the Committee on Commerce in the House
o f Representatives, has been printed in the New York Municipal Gazette, together
with the proceedings of the Chamber of Commerce, and other matters connected with
this subject, and will be forwarded to each member of Congress at the commencement
o f the session.
Mr. Briggs, who has been very active in the House of Representatives in pressing
this measure upon the attention of Congress, has been re-elected, and will bring the
subject forward early in the session.
W e have prepared the following statement of the amount of gold bullion and spe
cie from California imported into the port of New York from January 1st, 1851, to
November 5th, 1851:—
Date.
Janu’ry 6
«(
7
“ 21
U 24
Febr’y 7
9
(( 19
“ 23
“
March 7
9
“ 11
“ 21
<( S3
«( 24
April 7
“ 20
(( 24
May
9
»< 21
ft 22
June
2
Steamers.
Georgia..................
Crescent City . . .
Cherokee...............
Falcon...................
Empire City..........
Georgia..................
Crescent City . . .
Ohio.....................
Cherokee...............
North Am erica...
Empire City..........
Georgia. ...............
Crescent City........
Ohio.......................
Prometheus...........
Empire City..........
Cherokee.............
Ohio.......................
Georgia..................
Winfield S cott.. .
I7orth Am erica.. .
Amount.
Date.
$213,732
1,500,000
1,161,287
15,884
1,050,000
805,000
8,126
2,000,000
504,845
450,000
214,279
445,806
517,275
316,300
7,395
1,000,000
403,119
620,000
1,262,664
1 000 000
19,724
800,000
June
3
“ 18
“ 20
July
6
“ 17
“ 20
Aug’st 6
“ 13
“ 21
Sept’r 4
Steamers.
Am ount.
Empire City.......... $1,851,210
Crescent Ci t y. . . .
770,145
Brother Jonathan.
554,000
Empire City.......... 1,624,324
Brother Jonathan.
465,000
Crescent City........ 1,004,987
Empire City.......... 1,700,000
Prometheus...........
600,000
Cherokee............... 1,805,689
Prometheus...........
350,000
“
7 Georgia.................. 1,499,176
“ 19 Illinois...................
1,388,284
October 5 Prometheus...........
213,172
“
6 Ohio.......................
1,435,711
“
7 Empire City..........
250,000
“ 19 Illinois...................
1,857,358
Nov’ber 1 Cherokee............... 2,179,163
“
5 Ohio.......................
30,000
“
6 Prometheus...........
600,000
Total. .
34,493,655
A comparison of this statement with the statement of the deposit of bullion in the
United States Mint at Philadelphia, for the same period, will show that the amounts
here stated are generally correct.
E. MERIAM.
742
Journal o f Banking, Currency, and Finance.
BILL TABLES.
BEING A METHOD OF ASCERTAINING, AT ONCE, THE TIME OF PAYMENT OF NOTES OR
ACCEPTANCES, ETC.
SO days.
January February
Febru’ry March
March. . ' April
April.... May
May . . . June
June... . July
July . . . August
August.. September
Septem . October
October.. November
Novem.. December
Decern . January
45 days.
2 February 17
5 March
20
2 April
17
3 May
18
2 June
17
18
3 July
2 August
17
2 Septemb’r 17
3 October
18
2 November 17
3 December 18
o January 17
6 0 days.
March
April
May
June
July
August
September
October
November
December
January
February
75 days.
19
4 March
19
4 April
17
2 May
2 June
17
17
2 July
2 August
17
1 Septemb’r 16
17
2 October
2 November 17
2 December 17
2 January 17
1 February 16
9 0 days.
April
May
June
July
August
September
October
November
December
January
February
March
3
4
1
2
1
1
1
1
2
1
1
3
In December of the year next preceding leap-year, there is a variation in the table
for that month, and also in the tables of January and February in leap-year. These
are stated as under:—
3 0 days.
December..............
January.................
February...............
4 5 days.
6 0 days.
January 2 January 17
February 2 February 17
March
4 March
19
February
March
April
7 5 days.
9 0 days.
1 February 16 March 2
S March
18 April 2
3 April
18 May 3
By means o f the table of any particular month, the time of payment of all notes
dated, or bills accepted on any day in that month, can be obtained by inspection.
Suppose a note is dated, or a draft accepted, on the 12th of August, at 30, 45, 60,
75, or 90 days— required the time of payment ? Look in the monthly’ table for the
30, 45, 60, 75, or 90 days’ column, and add the figures 12 of the 12th of August to the
figure or figures under 30, 45, 60, 75, or 90 days— their sum, with the month annexed,
will show the time of payment. Thus a note or acceptance at 30 days will be due
September 14th ; at 45 days September 29th ; at 60 days October 14th ; at 75 days
October 29th; at 90 days November 13th. Proceed in like manner with any other
day in August.
N. B.— It will sometimes happen that after the addition is made, the amount of days
will exceed the number contained in the month; for example—45 days from 16th of
August, adding according to rule, we have September 33 ; in such case, the excess
must be transferred to the next month, which will make October 3d the time o f pay
ment.
BANK CAPITAL IN BOSTON.
PROGRESSIVE POPULATION, NUMBER OF BANKS, BANK CAPITAL, AND BANK CIRCULATION OF
BOSTON, FROM
Year.
1803.................... ___
1810.................... ___
1815.................... ___
1820....................
1825.................... ___
1830....................
1836....................
1839....................
1846....................
1847....................
1848....................
1849....................
1850.......................
1803
TO
1850.
Population.
No. o f Banks.
Capital.
Circulation.
27,000
33,000
38,000
43,000
58,000
61,0u0
79,000
82,000
118,000
123,000
128,000
2
3
$1,600,000
4,600,000
9,100,000
7,350,000
10,300,000
12,350.000
20,118,000
18,435,000
18,180,000
18,863,000
18,980,000
19,577,000
21,000,000
$714,000
906,000
1,548,000
1,272,000
3,770,000
2,171,000
4,260,000
2,502,000
5,920,000
7,200,000
4,950,000
5,960,000
6,000,000
138,000
6
7
14
17
33
27
24
26
26
27
30
743
Journal o f Banking , Currency, and Finance.
RECEIPTS AND EXPENDITURES OF THE UNITED STATES.
R E C E IP T S AND E X P E N D IT U R E S OF T H E U N IT E D STA TE S FROM
1 S T J U L Y TO
30TH
SEPTEM
BER, 1 8 5 1 , IN C L U D IN G T R U S T FUN DS.
T reasury D epartm en t, R
e g is t e r ’ s
O f f ic e ,
October 30,1851.
RECEIPTS.
From customs............................................................................................
From lands.................................................................................................
From loan of 1847,(treasury notes funded)..........................................
From Miscellaneous sources..................................................................
$14,754,909
581,892
13,150
249,627
34
82
00
25
$15,599,579 41
Total...................................................................................................
EXPENDITURES.
$3,560,826 19
Civil, miscellaneous, and foreign intercourse.........................................
On account of Indian department...............................
$882,873 92
Pensions................................. ................. ......................
923,002 51
1,805,876 43
Army, <fec....................................................................... $3,057,904 55
Fortifications-.................................................................
110,343 87
3,168,248 42
2,270,308 34
N a v y ..........................................................................................................
Interest, <fcc., on public debt and treasury notes........
$8,597 94
Redemption o f stock issued for 4th and 5th instal
ments of Mexican indemnity..................................
287,596 76
Reimbursement o f treasury notes...............................
13,250 00
$309,444 70
From which deduct repayments on account of inter
est on public d e b t......................... ...........................
12,898 17
296,546 53
$11,101,805 91
Total
UNITED STATES TREASURY NOTES OUTSTANDING NOVEMBER 1, 1851.
T reasury D epartm en t, R
e g is t e r ’ s
O f f ic e ,
November 1, 1851.
Amount outstanding of the several issues prior to 22d July, 1846, as
per records of this office.........................................................................
Amount outstanding of the issue of 22d July, 1846, as per records of
this offiee.....................................................................................................
Amount outstanding o f the issue of the 28th January, 1847, as per
records o f this office..................................................................................
$135,861 64
18,050 00
9,600 00
Total...................................................................................................
Deduct cancelled notes in the hands of accounting officers, all under
acts prior to 22d July, 1846 ...................................................................
163,511 64
T otal...................................................................................................
$163,361 64
150 00
SCARCITY OF SPECIE IN CALIFORNIA,
There is a great scarcity of small coin, both silver and gold, in California. One
cause of this scarcity is probably the large amounts required by the return emigrants
to meet their expenses, which keeps up a constant drain upon the specie of the country.
Another reason of the scarcity is the fact that there is no mint in California. Many of
the California bankers send their gold dust to the United States Assay Office, to be
run into ingots of $50 each. The average amount struck off at this establishment is
nearly equal to the sum of $75,000 per day—-the tendency of which is to drive from
circulation all silver dollars, besides all the gold coinage of the United States Mint.
A mint is much needed in California, as is shown by the fact that white Mexican dol
lars are at a premium of 1 and 2 per cent, the bankers charge 2 per cent premium for
small gold o f American coinage.
744
Journal o f Banking, Currency, and Finance.
THE BAMS OF BALTIMORE.
The new constitution, says the Baltimore Patriot, now adopted, cannot be altered m
any respect till after 1860, when the new cen-us is to be taken. This is an important
fact to be taken in view, in considering the effect which the provision in the new con
stitution, in relation to the responsibility of stockholders in banks, would have in draw
ing away from the city of Baltimore a large amount of the capital now in such insti
tutions. It will be seen by the following table, giving the years in which the charters
of the banks of this city will respectively expire, that every bank in the city, save the
Franklin, will come within the provision of the new constitution, before it can be altered
in any respect:—
End o f year
End o f year
Merchants’ Bank.........................
Farmers and Merchants’ Bank.. .
Marine Bank .............................
Farmers and Planters’ B ank.. .
Western Bank.............................. .
Chesapeake Bank........................
Citizens’ Bank.............................
1855
1856
1856
1856
1856
1856
1856
Mechanics’ Bank............................
Bank of Baltimore.......................
Commercial and Farmers’ Bank.
Union Bank...................................
Fell's Point Savings Bank...........
Franklin Bank.....................April
1857
1858
1858
185S>
1860
1877
The charters of the other banks throughout the State will, it is believed, all expire
before 1860, so that every one will be liable to the new experiment of the newly
adopted constitution.
PHILADELPHIA BAKE DIVIDENDS IN 1S§1.
Banks.
Capital.
Philadelphia.........................
Farmers and Mechanics.’ . . .
Girard..................................
Commercial...........................
Mechanics’.............................
W estern................................
Notheru Liberties...............
Nanufact’ers and Mechanics’
Southwark............................
Kensington...........................
Bank of Commerce.............
P. Township..........................
Tradesmens’..........................
TotaL.............................
$1,150,000
1,250.000
1,250,000
1,000,000
800,000
500,000
350,000
300,000
250,000
250,000
250,000
225,000
150 ,00 0
Par value. Market value.
Dividends.
May. Noy. Dividends
in Nov.
P e r c e n t.
$100
50
12
50
20
50
35
25
50
50
60
22
50
5
5
3
4
■6
5
5
4
7
10
5
5
3
00
00
50
00
00
00
00
00
00
00
00
60
00
$ 12 6
65
12
55
27
62
56
26
71
62
66
27
51
00
00
00
00
50
50
00
00
00
50
00
50
00
$7,775,000
5
5
3
4
6
7
5
4
5
5
5
5
3
$ 57 ,50 0
62,500
37,500
4 0 ,0 0 0
4 8 ,0 0 0
35,000
1 7,5 00
12,000
12,5 00
1 2,5 00
12,500
11,250
4 ,5 0 0
$365,250
VALUE OF REAL AND PERSONAL ESTATE OF BUFFALO.
We give below a tabular statement, showing the aggregate value of real and per
sonal estate of the city of Buffalo, Erie County, New York State, as compiled from the
rolls of the wards, as made by the Assessors thereof, and also the equalized valuation
of the same, as fixed by the committee for that purpose, October 25th, 1851:—
Acres.
1st W a rd ....................................
2d
“
3d
“
4th “
5th “
Total...................
614,467
Assessor’ s valuation
o f Real Estate.
$4,940,141
2,671,663
2,043,603
8,050,148
2,294,670
Total o f Assessor’ s
Total as
Personal valuation Real and equalized
Estate.
Personal, b v com m ittee.
$781,974
165,083
608,998
115,650
129,500
$15,000,261 $1,801,205
$5,722,115
2,836,746
2,652,601
3,165,834
2,424,170
$16,801,466
$7,209,864
3,574,299
3,342,277
3,988,950
3,054,454
$21,169,844
There are thirteen towns, besides Buffalo, in Erie County— these show a total valua
tion, as equalized by the committee, of $12,911,701.
Journal of Banking, Currency, and Finance .
745
THE FINANCE OF THE BRITISH PENNY POSTAGE SYSTEM.
THE PROGRESS OF PENNY POSTAGE IN GREAT BRITAIN.---- THE
MONEY
ORDER OFFICE
OF
THE DEPARTMENT.
The subjoined statements of the operations of the Penny Postage system are from
the Liverpool Times.
The first general reduction o f postage took place on the 5th of December, 1839— a
fourpenny rate being interposed for a short time before the universal charge of a
penny. A t this time the number of letters delivered annually in the United Kingdom
was about seventy-five millions, the actual estimate for 1839 being 75,907,572. The
gross amount of the tax levied upon this delivery was no less than £2,339,737, of which,
as the cost o f management was only £687,000, there was £1,652,424 carried to the
account of profit. Last year the number of letters delivered in the United King
dom was estimated at upwards of three hundred and forty- seven millions, while
the penny tax upon the same amounted to no more than £2,264,684, so that while our
payments to the exchequer have been actually lessened, the service rendered to the
public has been multiplied fivefold— in other words, we pay less for five letters than
we formerly paid for one.
It is worth remark that the correspondence in the three kingdoms has increased almost
equally. In 1839 the deliveries were 59,982,520 ; 8301,904 ; and 7,623,148, in England,
Ireland,and Scotland respectively; while last year they were 276,252,642 ; 35,388,895;
and 35,427,534. The rate of increase has been continuous, though not quite constant,
ever since the reduction. The first effect of the reform was to double the deliveries at
once, and turn the seventy-five millions into upwards of one hundred and sixty millions.
From that time to this the increase has proceeded at the rate nf ten or twenty millions
a year, the smallest augmentation being in the famous year of 1848, when the delivery
exceeded only by six millions that of 1847; and the largest in the equally famous
times of 1845, when railway speculations added twenty-eight millions of epistles to
the correspondence c f the year preceding. The return before us includes, we hardly
know with what view, a weekly account taken once a month for 1850, and from this
curious table it would seem that during the month in which ladies talk least they
write m ost; at any rate the largest number of letters yet counted was for the week
ending February the 21st.
The cost of management has, of course, been swelled considerably under the new
system, by no means in proportion to the increased service, for whereas the deliveries,
as we have said, are multiplied fivefold, the expenses are only multiplied about twice
and a half, being £1,460,785 in 1850, against £686,768 in 1839. The return does not
comprise the items out of which this sum is made up, though it specifies the amounts
paid in each year for the conveyance of mails by railway. These amounts fluctuate
rather curiously from £12,623 in 1839, to £206,357 in this present year of 1851— not
increasing gradually'or even constantly, but rising or falling occasionally, though with
an ultimate tendency to rise. We should have rather liked to see the expenses of
management and conveyance stated separately, and some means of comparison given
between the cost of railway carriage and that of the old mail coaches. About £10,000
per annum of the total disbursements is devoted, we are told, to pensions, and must
therefore be distinguished from the dirf ct expenses of the postoffice service. All things
considered, perhaps, this “ non-effective” charge is not heavy; in fact, we believe that
postoffice servants are by no means extravagantly paid either for their work or at their
retirement.
The money order office forms a distinct establishment of itself, and a curious institu
tion it is. The amount of the orders issued in 1840, the first year of the system, was
£240,063 for England and Wales, £47,295 for Ireland, and £25,765 for Scotland. In
the year 1850these amounts had increased in England to no less a sum than £7,173,622,
in Ireland to £623,732, and in Scotland to £697,143. The total sum was £8,494,498,
and the number of orders of which it was composed 4,439,713, showing an average of
some shillings less than £2 per order. The proportion between the number and the
amount of the orders does not vary greatly in the three kingdoms, though the average
amount of each order is somewhat larger in Scotland than in Ireland, and in England
than in Scotland. The Scotch transactions fell off considerably in the year 1849, but
the English and Irish offices have steadily increased their business, nor is any effect
perceptible in the latter country, either from the famine or the rebellion. The return
o f “ money orders issued” is distinguished from that of “ money orders paid,” and the
difference between these gross amounts is no less than £11,000 in favor of the post
746
Journal o f Banking, Currency, and Finance.
office, for the year ending the 31st of last December. Some of these orders will no
doubt have come in for payment during the current year, but we suspect that igno
rance, negligence, or accident must be leaving an appreciable balance to accumulate
on the side of the office. Country bankers, we believe used to reckon upon a gain of
£5 per cent on the score of notes lost, mislaid, hoarded, destroyed, or otherwise not
presented for payment. Money orders are doubtless more rigorously exchanged for
cash; but there must still, we imagine, be a profit from this source, especially as the
post-office circumscribes the term of its liability, which bankers did not. The total ex
pense of the money order offices, both in London and the country, are returned at
£70,577, and the total amount of commission received at £73,813— a fair balance of
charge and service.
The actual benefits, however, of this prodigious reform extend far beyond those im
mediately represented in the figures we have given. It is not the mere saving of fourpence or fivepence on a letter by which the country has so enormously gained. The
facilitation of business, the diffusion of information, the correspondence of friends, and the
maintenance of family connexions, which in old days were severed for ever, are the real
and inestimable advantages of Mr. Rowland Hill’s invention. Like most reformers, he
had to contend with violent and not always sincere opposition. The system, indeed,
was long deprived of a fair trial by the obstinate resistance of those who should have
aided him, and it is mainly owing to this concerted hostility that the results are not as
favorable to the revenue as they are to the welfare of the country. But the principle
is now established, and of all the reductions which a chancellor of the exchequer has
ever made, there lias been none attended with such universal relief, convenience, and
benefit as this sacrifice of £800,000 for the sake of the letter writers of the kingdom.
ROTHSCHILD, THE HEBREW FINANCIER, OUTWITTED,
M a r g o l t e t h , in his history of the Jews in Great Britain, relates the following
anecdote o f Rothschild, and Lucas, a heavy dealer in stock exchange :—
When the Hebrew financier lived on Stamford Hill, there resided opposite to him
another very wealthy dealer in stock exchange, Lucas by name. The latter returned
one night very late from a convivial party ; he observed a carriage and four standing
before Rothchild’s gate, upon which he ordered his own carriage to go out of the way,
and commanded his coachman to await his return. Lucas went stealthily and watched
the movements at Rothschild’s gate. He did not lie long in ambush before he heard a
party leaving the Hebrew millionaire’s mansion, and going towards the carriage. He
saw Rothschild, accompanied by two muffled figures, step into the carriage, and heard
the word of command, “ To the city.” He followed Rothschild’s carriage very closely.
But when he reached the top of the street in which Rothschild’s office was situated,
Lucas ordered his carriage to stop, from which he stepped out and proceeded, reeling
to and fro through the street, feigning to be mortally drunk. He made his way in the
same mood as far as Rothschild’s office, and sans ceremonie opened the door, to the
great consternation and terror of the housekeeper, uttering sundry ejaculations, in the
broken accents of Bacchus’ votaries. Heedless of the affrighted housekeeper’s remon
strances, he opened Rothschild’s private office, in the same staggering attitude, and
fell down flat on the floor. Rothschild and his friends became greatly alarmed.
Efforts were made to restore and remove the would-be drunkard, but Lucas was too
good an actor, and was, therefore, in such a fit as to be unfit to be moved hither or
thither. “ Should a physician be sent for ?” asked Rothschild. But the housekeeper
threw some cold water into Lucas’s face, and the patient began to breathe a little more
naturally, and fell into a sound, snoring sleep. He was covered, and Rothschild and
the strangers proceeded unsuspectingly to their business.
The strangers brought the good intelligence that the affairs in Spain were all right,
respecting which the members of the Exchange were, for a few days previous, very
apprehensive, and the funds were, therefore, in a rapidly sinking condition. The good
news, however, could not, in the common course of dispatch, be publicly known for
another day. Rothschild, therefore, planned to order his brokers to buy up, cautiously,
all the stock that should be in market, by twelve o’clock tjiat following day. He sent
for his principal broker thus early, in order to intrust him with the important instruc
tion. The broker was rather tardier than Rothschild’s patience could brook; he, there
fore, determined to go himself. As soon as Rothschild was gone, Lucas began to re
Journal o f Banking, Currency, and Finance.
747
cover, and by degrees was able to get up, being distracted, as he said, “ with a violent
headache,” and insisted, in spite of the housekeeper’s expostulations, upon going home.
But Lucas went to his broker, and instructed him to buy all the stock he could get by
ten o’clock the following morning. About eleven o’clock Lucas met Rothschild and in
quired, satirically, how he, Rothschild, was off for stock. Lucas won the day, and
Rothschild is said never to have forgiven “ the base, dishonest, and nefarious stratagem.’
EXPENSES OF TRANSPORTING GOLD TO LONDON.
In the London Times of October 13 th, 1851, we find the following pro form a state
ment of the expenses of importing American eagles from New York to London.
S i r :— It is stated in the Times of the 8th inst., that the course of exchange between
New York and London, at the latest date, being 110} per cent, the importation of gold
from the United States would give a small profit. This does not agree with our ex
perience, for having imported gold (American eagles) by the last packet, it cost us
110.30, after taking into account the expenses of transport, and the saving by the dif
ference of interest, as the following statement shows:—
COST.
100 double eagles.....................................................................................................
Freight and carriage to London, $10 ; insurance $7 50 ; expenses 50c...........
$2,000
IB
$2,018
PRODUCE.
100 double eagles, weight 81b. lloz. 9dwt. 12gr., at 76s. 2}d. per ounce.
A dd 63 days’ discount of £411 13s. at 3 per cent......................................
£409 10 5
2 27
£411 13 0
£411 13s. at 110.30 per cent exchange, $2,018.
The difference between the price we received and the mint price, arises, we presume,
from the American coined gold being of a lower standard than that adopted by the
British Mint.
May we trespass on your kindness to enlighten us on the discrepancy between our
experience, and your statement.
We have, within the last few weeks, received three remittances of American eagles,
and the result has been, as near as may be, the same.
We remain, Sir, your obedient servants,
b . c . & co.
THE FATE OF WEALTH.
As you sit, surrounded by respect and affection, happy, honored, and flattered in your
old a g e ; your foibles gently indulged; your least words kindly cherished; your gar
rulous old stories received for the hundredth time with dutiful forbearance, and neverfailing hyprocritical smiles; the women of your house constant in their flatteries ; the
young men hushed and attentive when you begin to speak, the servants awe stricken;
the tenants cap in hand, and ready to work in place of your worship’s horses whr n your
honor takes a drive— it has often struck you, O thoughtful Dives! that this respect,
that these glories are for the most part transferred, with your fee simple to your suc
cessor— that the servants will fawn, and the tenants shout, for your son as for you ;
that the butler will fetch him the wine (improved by a little keeping) that’s now in
your cellar; and that when your night is come, the light of your life is gone down, as
sure as the morning rises after you and without you, the same prosperity and flattery
shine on your heir. Men come and bask in the halo of stocks and acres that beams
round about them; the reverence is transferred with the estate, of which, with all its
advantages, pleasures, respect, and good will, he in turn becomes the life-tenant. How
long do you wish or expect that your people will regret you ? How much time does
a man devote to grief before he begins to enjoy? A great man must keep his heir at
his feast, like a memento mori. If he holds very much by life, the presence of the
other must be a constant string and warning. “ Make ready to go,” says the successor
to your honor; “ I am waiting, and I could hold it as well as you.”
\
COMMERCIAL REGULATIONS.
TARIFF OF TURK’S ISLAND.
[from
the
Tu r k ’s
is l a n d
g a z e t t e .]
In consequence of very many vessels having lately arrived here in ballast, while
our provision markets continue to command such high and remunerative prices as
might lead to the anticipation of a different state of things, if the recent revision of
the fiscal ordinances of these islands had been more generally made known— we take
this mode of calling the attention of the mercantile interests abroad to the fact of the
entire abrogation within this Presidency of all tonnage duties, and the otherwise very
liberal reduction which has been effected in our tariff, especially in regard to provisions,
and every description of article required in the culture of our staple, “ Salt; ”— such
as hay, oats, Osnaburghs, bagging, Ac., as also mules, which are exempt from duty,
and are among the articles in most frequent demand. We would also invite the notice
o f our cotemporaries to the publication of the subjoined scale of duties at present
leviable at our ports.
Ale and Porter, in quart bottles, per dozen....................................................
£0 0 6
Bay Water, ad va lorem ................................................................................... 10 per cent.
Beans, per bushel...............................................................................................
0 0 3
Biscuit and Bread, per cw t................................................. . .............................
0 1 6
Brandy, per gallon.............................................................................................
0
33
Bulls, Cows, and Oxen, each.............................................................................
0
60
Butter, per cw t....................................................................................................
0
94
Calves, each.........................................................................................................
0
20
Candles, (tallow,) per cw t.................................................................................
0
30
Candles, (sperm and wax,) per cwt..................................................................
0 12 0
Candles, (adamantine, or any composition of tallow and other substan
ces other than wax or other spermaceti,) per cwt.....................................
0
63
Cheese, per cwt...................................................................................................
0
80
Cider, in quart bottles, per dozen......................................................................
0
09
Cigars, per thousand...........................................................................................
0 10 0
Cocoa, per cwt.....................................................................................................
0
10
Chocolate, per c w t .............................................................................................
0
60
Coffee, per cwt.....................................................................................................
0
60
Colts, each...........................................................................................................
1
00
Copper and Composition, (new,) per cwt..........................................................
0
80
Copper and Composition, (old,) ad valorem.................................................... 1 per cent.
Cordials, per gallon.............................................................................................
0
50
Cordage, (new,) per cw t.....................................................................................
0 40
Corn, Indian or Maize, and other grain not enumerated, per bushel...........
0
02
Cows, see Bulls, each..........................................................................................
0
60
0
80
Currants, Raisins, Figs, and Prunes, per cw t..................................................
Fish, dried or salted, per cw t..........................................................................
0
20
Fish, pickled Salmon, Shad, Mackerel, per barrel..........................................
0 50
Fish, in kits, per cwt...........................................................................................
0
40
Fish, not enumerated, per barrel.......................................................................
0 40
Flour, wheat, per barrel.....................................................................................
0 39
Flour, other than wheat, per barrel................................. ..............................
0 16
Geese and Turkeys, per dozen...........................................................................
0
60
Geldings and Horses, each................................................................................
2
00
Gin, Shrub, Whisky, or other spirits not enumerated....................................
0
30
Honey, see Sirup, per gallon...........................................................................
0 0 2}
Horses, Mares, and Geldings each.....................................................................
2
00
Hulks and Materials of vessels, ad valorem.................................................. 15 per cent.
Iron, Manufactured, per cwt..............................................................................
0 2 0
Lambs, see Sheep, each.....................................................................................
0 10
Lard, per cwt.......................................................................................................
0 40
0 60
Lumber, per.M......................................
Meal or Flour, except wheat Flour, per barrel................................................
0 16
Meat, salted or cured, per cwt...........................................................................
0 48
'749
Commercial Regulations.
per
0
0
0
0
0
0
0
0
0
0
0
0
Molasses, per gallon.
cent.
0 2
3 0
8 0
2 0
6 0
1 6
2 0
0 6
0 4
4 0
0 2
2 0
Nails, Copper................................................................
Oakum, per cwt............................................................
Oxen, see Bulls, each ..................................................
Oil, Olive and Almond, per gallon..............................
Oil, Sperm, per gallon,..................................................
Oil, Lard, per gallon.....................................................
Oil, all others, per gallon..............................................
Paints in Oil, per cw t....................................................
Pease, per bushel..........................................................
Pitch, Tar, Rosin, and Turpentine, per barrel..........
Porter, see Ale...............................................................
0 3 0
Poultry, other than Geese and Turkeys, per dozen..
Perfumery, ad valorem....................................................................................... 10i per cent.
0 8 0
Prunes, see Currants, per cw t...........................................................................
0 8 0
Raisins, see Currants, per cwt............................................................ ............
0 1 0
Rice, per cwt........................................................................................................
0 2 0
Rope, Mahoa or Bale, per cw t...........................................................................
0 3 0
Rum, 24 o proof, per gallon..............................................................................
And one penny per gallon for every degree stronger.
0 2 6
Rum, of weaker proof, per gallon....................................................................
0 1 0
Sheep and Lambs, each.....................................................................................
0 2 0
Shingles, other than Cypress, not over 18 inches in length, per M..............
0 2 0
Shingles, Cypress, and alt over 18 inches in length, per M..........................
0 3 0
Soap, per lb..........................................................................................................
0 4 0
Spirits of Wine, per gallon................................................................................
0 0 3
Spirits o f Turpentine, per gallon......................................................................
0 5 0
Steel, per cw t......................................................................................................
0 17 0
Sugar, refined, per cwt.......................................................................................
0 4 8
Sugar, unrefined, per cwt..................................................................................
0 7 0
Sugar, clayed, per cwt......................................................................................
0 4 8
Swine, per cwt.....................................................................................................
Sirup [Cane,] and Honey, per gallon..............................................................
0 0 2*
Tar, see Pitch......................................................................................................
Tea, Green, per lb...............................................................................................
0 0 7
Tea, Black, per pound.........................................................................................
0 0 3
Tobacco, manufactured other than Cigars, per cwt.......................................
0 8 4
Tobacco, unmanufactured, per c w t...................................................................
0 4 2
Turkeys, see Geese............................................................................................
Turpentine, see Pitch.........................................................................................
Turtle, alive, per cw t..........................................................................................
0 8 4
Wines— when imported in bottles, commonly called whole bottles, viz;
Champagne per dozen ...............................................................................
0 5 0
Barsac.............
Claret . . . .
The growth of
H o ck .........
the Continent of
Madeira.............[Europe
►•Europeand
andthe
the[p[p
ererdozen..............................................
dozen.
0 40
P o rt...........
Island of Ma
Sherry. . . .
deira.
Sauterne...
The Wines enumerated and specified above, when imported in wood, per
gallon..................... ..........................................................................................
0 16
A ll other Wines imported either in wood or bottles, per gallon.................
0 2 6
Articles not enumerated in the above scale of duties, except such as are
comprised in the table of exemptions set forth in this ordinance, shall
pay a duty uf £7 10s. per cent ad valorem.............................................. 7-J- per cent(
EXEMPTIONS.
Ale and porter, in wood, articles imported or supplied out of a bonded warehouse
for the Colonial Service, articles of every description imported or supplied out of a
bonded warehouse for the use of the President, asses, bullion, carts and cart harness,
cart wheels, arms, and boxes for cart wheels, cedar and yellow wood, cider, (in wood)
coin, cotton wool, diamonds, drugs, dye woods, and stuffs, flax and tow, fruit, (fresh)
750
Commercial Regulations.
vegetables and roots of all kinds, hemp, liay, ice, lead or zinc, lignumvitse, mahogany,
manures of all kinds, medicines, mules, oats, Osnaburglis and bagging, printed books
and pamphlets, provisions and stores of every description imported or supplied from
a bonded warehouse, for the use of Her Majesty’s land or sea force, tallow and raw
hides, tanning, tortoise shell, trees imported for planting, vegetables of all kinds
TAREING SUGAR HOGSHEADS,
“ Such of our readers as are engaged in the grocery business,” says the Cincinnati
P rice Current, “ have experienced some of the evils resulting from the present mode
o f tareing sugar hogsheads. For some time past a general desire has been manifested
to effect some change in the mode of tareing packages generally, and with this view
the subject was brought before the Chamber of Commerce in this and other cities;
but as yet no definite action has been had by these bodies. Recently the wholesale
grocers of this city held a meeting for the purpose of remonstrating against the sys
tem of tareing sugar hogsheads as practiced in the South, and below we present an
official report of the proceedings. The subject is one which should be acted upon by
the merchants of all the western cities, and the merchants of New Orleans will cer
tainly exert themselves to carry out the plan proposed. There is something so unrea
sonable, not to say dishonest, in the mode of tareing generally, that every member of
the community should desire a reformation, and we doubt not the action of the meet
ing in this city wiU receive the warm approval of merchants generally.”
Cincinnati, O hio , October 11,1851.
A t a meeting of the wholesale grocers o f this city, called for the purpose of consid
ering the present mode of tareing sugar hogsheads in Louisiana, with a view of ob
taining a more equitable allowance for the same, Mr. Lewis Whiteman was caUed to
the chair, and W llliam Hooper appointed secretary. The chairman stated the object
o f the meeting at length.
After a general discussion on the subject, Mr. Taylor moved the appointment o f a
committee of five, to prepare a report and resolutions for the action of an adjourned
meeting.
..
Messrs. Taylor, Maltby, Hooper, Tweed, and Hosea, were named as the committee.
Adjourned to 15th inst.
LEWIS WHITEMAN, Chairmen.
W. H o o p k r , Secretary.
A t the adjourned meeting the following report of the committee was submitted and
unanimously adopted
The discrepancy which has existed for several years between the actual weight of
sugar hogsheads and the conventional tare ol 10 per cent has been long felt to be a
matter o f injustice.
The deficiency has at length become so great, and the consequent loss to the dealer
so serious, that it is incumbent upon the wholesale merchants and importers of sugar
to take some steps to remedy the evil, and to remonstrate with the factors of INew
Orleans against the continuance of a per centage of tare which has no longer relation
to the weight of the package, and which is, in fact, a direct fraud upon the purchaser.
Without imputing unjust intentions to any planter, it is proper to make known that
it is a rare occurrence to find a hogshead that will not weigh, when emptied of sugar,
twenty pounds more than by the rule ot 1U per cent has been allowed for it, while it
is not uncommon to find packages which will weigh sixty-five pounds more than the
tare upon them. The average loss on hogsheads the past season is probably forty pounds.
Hogsheads are made larger than formerly, and it is likely that a greater thicknesss
o f wood is found necessary to contain the greater bulk of sugar. W ith this change it
is but just that there should be a change in the custom of tares.
When the packages formerly weighed 1,UUU pouuds, gross, it is probable that 10 per
cent was found sufficient to cover, and was lliereiore conventionally decided upon.
Now, packages range from 1,200 to 1,500 pounds, and it is found that 10 per cent not
only does not cover, but entails a serious loss.
It has been urged, in extenuation, that the planter is entitled to some remuneration
for the hogshead. To this it is answered that he should look for it in the price of his
product, ft is not right to take it in short weight of sugar. The western producer
furnishes his keg or barrel for lard and butter, and his barrel for flour and pork, and
Commercial Regulations.
751
the true tare for these demanded and allowed. Mere reciprocity requires that the
southern planter should allow the actual weight of his hogshead.
To arrive at the true tare for sugar is recognized to be a matter of difficulty. On
plantation, to weigh each hogshead before filling it, would scarcely attain the object,
for many reasons. On the levee sugar is ottered in lots from five to fifty hogsheads,
the property of different planters, each lot differing from the other in style and weight
of packages. To test the true tare of each would be next to impossible, in the present
way of conducting business on the levee. I f this difficulty could be overcome, 1 1 would
be right that the true tare should be given. If it cannot, it would seem desirable to
settle upon a conventional tare, which, for the present, should be at least 12 per cent.
This will not in many cases, perhaps in most cases, cover the deficit, but it is a com
promise which every honest planter will be willing to conform t o ; besides, it is the
per centage established on hogshead sugars in the eastern cities, and has heretofore
been recommended by the Chamber of Commerce in New Orleans, but for some reason
not adopted.
I f it should hereafter be found that advantage is taken of a fixed tare to add to the
weight of wood, it will then be necessary to make such additional requirements as
honesty and fair dealing demand.
Of the crop of Louisiana, the West consumes more than one-half. The cities of
Cincinnati, St. Louis, Louisville, and Pittsburg, last season took about 90,000 hogsheads.
Their demands on this subject are therefore entitled to consideration.
Your committee recommends the adoption o f the following :—
That the Chamber of Commerce of this city be requested to communicate with the
Chamber of Commerce in New Orleans, and ask through it the establishment of a rule
for the actual tare o f sugar hogsheads, so far as practicable, or as an alternative, a con
ventional tare of 12 per cent.
That the grocers of Louisville, St. Louis, Pittsburg, and Nashville, be requested to
invite the action of their respective Chambers of Commerce on this subject, by urging
its consideration upon the Chamber of Commerce in New Orleans.
That copies of these proceedings be addressed to the factors of planters in New
Orleans, and that their co-operation be respectfully a^ked in establishing an equitable
tare of sugar, as an act of justice to the purchase!s of their product.
VV. H OOPER,
J. P. T W E E D ,
L. MALT11V,
R. HOriEA,
Committee.
R . M. W . TAVTLOR,
CINCINNATI CHAMBER OF COMMERCE.
At a meeting of the Chamber of Commerce, holden October 7th, 1851, a new code
o f by-laws was reported and adopted. Article 22, which fixes the annual subscription
o f members, was referred to a vote o f the members, who, by a large majority, decided
in favor of §10 and §15, three voting for §5 and §10 ; one for §8 and §12 ; fifty-one
for §10 and §15 ; and ten for §10 and §20.
The old code of by-laws w a s adopted without material alteration.
A r t . 7. The Chamber shall appoint two standing monthly Committees, one of which
shall consist of one vice-president and four other members, and shall be sty led the
Committee of Arbitration: and the other shall consist of one of the vice-presidents
and four other members, and shall be styled the Committee of Appeals. I he Pres
ident shall also have power to appoint a special committee for the trial of any case,
when desired by both parties. A majority of either committee shall constitute a
quorum.
A kt. 14. Any member of the Chamber who is cognizant of any fact or facts in a
case before the Committee of Arbitration, or the Committee of Appeals, and who shall
refuse to give testimony before said committee, if notified by the Secretary in writing
of the time and place— within the limits of the city, when and where his evidence may
be required, shall be subjected to a fine of not less than §5 nor more than §20— to be
imposed by the Board of Officers, unless a satisfactory excuse be made.
A k t . 22, The initiation fee of members of this Chamber shall be one dollar, the
annual subscription for individuals ten dollars, and lor firms of two or more, fifteen
dollars, including in each case, the principal clerk of the house.
A rt. 23. Persons engaged in other pursuits than those prescribed as rendering eligi
ble to regular membership, may become honorary members of the chamber, on being
approved by a majority of the Board of Officers, and on payment of the regular
initia tion fee, and the subscription of five dollars per annum. Bucii member, however
shall not be allowed to vote or act in any official capacity.
Commercial Regulations.
752
A r t . 29. No member of the chamber shall be allowed to serve on any Committee
o f Arbitration, save by appointment of the Chamber of Commerce, under a penalty
o f three dollars for each offence.
BY-LAW S OF THE MERCHANTS’ EXCHANGE.
*
Masters and clerks of steamboats shall be at all times freely allowed the
privileges o f the Exchange, and strangers may be introduced by a member for the
period of one week, except such as visit the city at various times during the year, for
the purpose of transacting business; the latter shall, in all cases, be treated as res
idents of the city, and can only be admitted to the privileges of the Exchange, under
the rules prescribed in Article 23d of the By-Laws of the Chamber of Commerce.
Editors and reporters of such newspapers as contribute to the support of the Exchange,
may be freely admitted.
A r t . 10. Persons visiting the city, and desiring admission to the privileges of the
Exchange, may, on approval of a majority of the Board of Officers, and on payment of
two dollars per month, receive a ticket of admission, for one or more months ; such
privileges to cease in all cases at the expiration of the time specified.
A r t . 11. It shall be the duty of the Superintendent, in all cases, promptly to notify
all persons who may visit the Exchange, in violation of the foregoing rules, of the
fact; and to require a strict compliance with the same.
A r t . 7.
R ic h a r d S m it h ,
Secretary.
N. W . TH O M A S, President
LAW OF PARTNERSHIPS IN PENNSYLVANIA.
A law was passed during the last session of the Legislature of Pennsylvania, which
is highly important to partnership firms, and is, in all probability, but comparatively
little known. The sections are to be found on page 52 of the pamphlet laws o f 1851,
and the provisions are as follows.
S e c . 13. That from and after the tenth of August next, all persons who are now
doing business in a partnership capacity in this Commonwealth, shall file or cause to be
filed in the office of the Prothonotary in the county or counties where the said part
nership is carried on, the names and location of such partnership, with the style and
name of the same; and as often as any change of members in said partnership shall
take place, the same shall be certified by the members of such new partnership as
aforesaid; and in default or neglect of such partnership so to do, they shall not be per
mitted in any suits or actions against them in any court, or before any justice of the
peace or alderman in this Commonwealth, to plead any misnomer, or the omission of
the name of any member of the partnership, or the inclusion of the name of persons
not members o f said partnership.
S ec . 14. That hereafter, when two or more persons may be desirous of entering into
any business whatever in partnership capacity, they shall, before they engage or enter
into any such business as aforesaid, comply with and be subject to all the provisions
and restrictions in the next preceding section of this act.
COMMERCIAL TREATY BETWEEN PRUSSIA AND HANOVER.
A commercial treaty has been concluded between Prussia and Hanover, bringing
Hanover at last within the Zollverein. The following are among the main points con
ditioned in the treaty :— The rates o f duties in the present Zollverein tariff shall
form the fixed upward limit of duties in the tariff to be settled between the con
tracting states and those existing duties of the Zollverein tariff which, upon nearer ex
amination, may appear to deviate too far from the principles of the Stenerverein, shall
be moderated. No specific rates of duty are yet settled, but it is agreed to adjust the
duties on sugar, to reduce that on coffee by five thalers, on tobacco leaves by four tha
lers, on brandy by six thalers, on teas by eight thalers, and on wines by six thalers.
A ll other reductions are reserved for further agreement.
THE TREATY BETWEEN THE UNITED STATES AND AUSTRIA,
The treaty o f Commerce concluded in 1829 between Austria and the United States,
and which was renewed in 1850 for the term of two years, with the understanding that
if either party desired a change at that period they should denounce the treaty at the
end of the twelvemonths, will certainly continue in force for two years longer, as the
term fixed for denouncing it has expired.
Nautical Intelligence.
N AU TICAL
753
IN TE LL IG E N C E .
NEW LIGHT-HOUSES IN THE GULF OF BOTHNIA.
D epartment of State , W ashington, N o v e m b e r 18, 1851.
Esq., Conductor o f the Merchants’ Magazine, etc.
S i r :— I transmit, inclosed, the translation o f an official notice, communicated to
the Charge d’Affaires of the United States, at Stockholm, respecting the erection of
two new light-houses in the Gulf of Bothnia, in continuation of the information sent
to you on the 16th of July last.
I am sir, respectfully,
Your obedient servant,
F reem an H
unt,
D A N IE L W EB STE R.
TRANSLATION---- NOTICE.
The Royal Board of Marine hereby make known to mariners that, agreeably with
a notice inserted in the newspaper d'ost-ork Inrikes Tidmingar of the 16th of April
last, two light houses have been erected during the past summer in the Norrbotten,
(North Country,) viz :—
1. On the island rock of Maloern, at the entrance to Hoparanda and Tornea, in
latitude 65° 81' 45" north, and longitude 23° 40' 30" east of Greenwich. This light
house is furnished with a star-lamp with a fixed fight, visible from all quarters, and
which, iu clear weather, should be seen from the deck of a vessel at a distance of 2£
to 3 geographical miles. On the same rock (which is also a pilot station) there are
two uwetluig-houses, a chapel, (which, with the beacon and tower, offer good land
marks,) auu several fishermen’s huts.
2. O n the island rock /Stora Fjedcraegg, situate 3J miles (English) N. E. from the north
point of Hoimoen, in the Norra tjuarken, in front of Umea, in latitude 63° 48' 25"
north, and longitude 21° east of Greenwich, a light-house has been built and furnished
with a revolving light, which, in a revolution of eight minutes, gives fight four equal
times, with as many intermediate eclipses. The fire, which burns 104 feet above the
sea, ought to be visible from an ordinary deck in clear weather, 3-J to 4 geographical
miles, 'fins is seen from every point ol the compass east of W. N. W. and S. S. W .
On the Fjedcraegg are also a uwelliug and out-house, which are also visible a long
way seaward.
Both the above-named fights were lighted for the first time on the first of the pres
ent month, and will be continued herealter during suclf periods as are ordered in sec
tion 42 of the royal ordinance concerning pilots and light houses in the kingdom, dated
the 16th of May, 1827.
S t o c k h o l m , S e p t e m b e r 16,1851.
RECEIFE LIGHTS AND ALGOA BAY.
In the Merchartts’ Magazine for October, 1851, (vol. xxv., page 499,) we published a
description of the revolving fight on Cape Receife. We are now indebted to the De
partment o f State, at Washington, for the subjoined government sailing directions for
Receife Lights and Algoa Bay, which we publish for general information, in consequence
of some errors which occurred in former publications of these directions:—
SAILING DIRECTIONS FOR RECEIFE LIGHTS AND ALGOA BAY.
LIGHT-HOUSE.
Latitude of.......................................................................... South
Longitude, east of Greenwich..........................................East
Longitude, east of Cape Observatory.......................................
34° 01' 0 "
25 40 7
00 28 46
SIGH TS ABOVE MEAN WATER LEVEL.
The
The
The
The
The
foundation..........
top o f cornice...
bight of light....
lantern wall-----bight of lantern.
V O L . X X V .— N O . V I .
10 feet.
80 “
90 «
4 “ 6 inches,
20
48
“
Nautical Intelligence.
754
C o lor .— The light house will show alternate horizontal bands of white and red, two
of each.
L ight — I s fixed, w ith brillia n t flashes a t intervals o f a m inute.
T h e C olor — Is w hite.
In clear weather the light may be seen from seaward on any point from S. by W.
that is, the ship bearing from the light N. by E.) round by S. to E., or twenty-three
points, and at a distance of twelve miles, should the hight o f the observer’s eye be
twelve feet above the sea level. A ll the bearings are magnetic, and all the distances
are expressed in nautical miles.
M agnetic V ar iation — Is 30° 07' W.
ST . C R O I X --T H E LARGE ISLAND.
Latitude of...........................................
Longitude of, east of Greenwich......
33° 47' 36'
25 47 00
BIRD ISLAND— THE EASTERNMOST ISLAND.
Latitude of...........................................
Longitude, east of Greenwich...........
33° 52' 00'
26 18 30
A ppr o a c h .— In approaching Algoa Bay from the southward, in clear weather, the
first land that will appear will be the mountains in the interior; the most remarkable
of these can be seen from fifty to sixty miles, and sketches of them are given on the
chart of the survey made by the officers of Her Majesty’s steam-vessel Hermes.
F r o m C a pe R eceife — The bearing o f Cockscomb is N. N. W.
W. thirty-seven
miles, and that of the mountain with a rugged top, to the eastward of it, N. 18°, W.
twenty-nine miles.
F rom C ape S t . F rances — (Sometimes mistaken for Cape Receife,) the bearing of
the Cockscomb is N. E. N. thirty miles. The above bearings will be sufficient guide
in steering for the two capes respectively, when they may not be seen. Continuing to
steer for Receife, the next land that will appear will be the high land in its immediate
vicinity, on which is a horizontal line of sand, looking much like the beach, but which
is not so ; afterwards Receife itself will appear a little further to the eastward, show
ing low but distinct as a cape, with one hummock near the extreme point; but the
light-house will not be seen till after a further approach of about four miles.
D an gers .— No vessel should approach the cape four miles to the westward of Re
ceife, or Receife itself nearer than two miles, and then only with a commanding breeze
or in a steamer, as the reefs extend nearly a mile and a half from the shore, and be
cause there is a very decided and dangerous indraught towards them. When the
hight of the light-house subtends an angle of twenty-three minutes, the distance from
it will be two and a half miles; therefore no greater angle should be got. Neither
should any one be tempted, by the absence of break, to approach nearer to the east
side of Receife Light house, as it often occurs that it does not break upon a seven foot
patch a mile from the light-house, and yet it will, without previous warning, break in
seven fathoms, and even in ten fathoms. It is seldom prudent to get less than thirteen
fathoms water while still outside of Receife.
M a r k s for E ntering A lg oa B a y .— W hen rounding Receife, or before, a white
stone beacon will be seen to the north-eastward of the light-house, which when in one
with it, or, more accurately, when its top is in one with the center line of the light
house, points to the eight foot patch of the Roman Rock, and is the leading mark up
to it, on a course about N. N. E. E. This patch bears from the light-house, N. N. E.
■JE., 2J miles. After picking up these leading marks with the eye, it should be carried
along the side of the hill, and to the northward, opposite to where the Roman Rock
lies, where will be seen two wooden beacons, about two miles north of the light-house,
which, when in one with each other, point to the eight foot patch of the Roman, and
from which these beacons, when in one, bear V . by N.
P assage b e tw ee n th e R oman and th e M ain L an d .— When the light-house has
been brought to bear N. W.
and the soundings are from ten to thirteen fathoms,
the course may be altered to north. After running about two miles from the time of
bringing Receife Light house to bear N. W. £ W., and yet before the wooden beacons
have come in one, or when Beacon Point, which is a low sandy point terminated by
brown colored rugged rocks, is N. N. W., the white stone beacon must be opened, and
kept open to the eastward of the light-house; this will take the vessel to the west
ward of the Roman in about seven or eight fathoms, with exception of one or two
casts of six fathoms, before coming up to the wooden beacons. When the wooden
Nautical Intelligence .
755
beacons have been brought in one, and are again opened on the other side some dis
tance, the anchorage off the town may be steered for, always giving Beacon Point a
berth of a full one quarter of a mile.
P assage to th e E astw ard or outside th e R oman .— After having brought the
light house to bear N. W. W., the course, N. E. E., may be steered, or any course
more to the northward that will admit of the stone beacon being kept open to the
westward of the light-house ; then when the wooden beacons have been brought in
one, or when the Staff and Point of the Diamond on Fort Frederick have been brought
in one with the center of the remarkable hill behind it, (a sketch of which is given
in the chart.,) or, i f these should not be seen, when Beacon Point bears W. N. W., the
anchorage off the town may be steered for.
A nchorage .— The Captain of the port will indicate where merchant vessels are to
anchor ; but a sandy bottom and good holding ground will be found anywhere in seven
fathoms. In taking up a berth, however, room should be left to admit of veering to
100 and even 130 fathoms, as less than this quantity should, as a rule in this bay,
never be tried ; and, indeed, it is seldom judicious to use less than this quantity any
where, unless the harbor is land-locked, and the water much less than seven fathoms
in depth. There is a little foul ground in the S. W. part of the bay.
R oman R ock .— There is a red buoy moored in nine fathoms, N. E., by compass,
from the eight foot patch of the Roman, outside of which vessels going to the eastward
of the rock should go. Going to the westward of the rock, they should not approach
the buoy on its W. or S. W. sides nearer than one cable’s length; the Roman not be
ing, as has been supposed, a single rock, but several, rising above a bed of rocks full
500 feet long.
D irections fo r en terin g A lgoa B ay at N ight .— In coming from the westward
no vessel should make the light on a bearing to the southward of east; and should
she, from any cause, have fallen to the northward, and have thus brought the light to
the southward, she must, without fail, betbre she arrives within five miles of the light,
haul out till the light bears east, or if in doubt about the amount of deviation of her
compasses, to E. N., after which she may steer E. S. E. till the light bears N. by W.,
then E. N. E. till it bears N. W., after which she may alter course to N. N. E.
S oundings .— Until the light is brought on the latter bearing, namely, N. W., she
should not get less than twelve fathoms water, and she should go sufficiently slow to
obtain soundings.
D an gers .— The current sets in strong towards the reef, so, should she find herself,
from the altered bearings, dropping in towards them, she must haul to the southward.
While steering N. N. E., going to the eastward of the Roman Rock, the light must not,
on any account, be brought to the southward of S. W. S. or S. W., or less water than
ten fathoms to be gone into, till she have run three miles at least after having brought
the light to bear N. W., but when three miles shall have been so run, a N. W. course
may be steered to the anchorage.
P recaution .— But should the vessel have got into less water than ten fathoms, they*
must haul to the eastward immediately. It is better to adhere to the above directions,
even though lights should be seen, apparently, amongst the shipping or in the town, as
these might occur in a part of the bay, north of the town, and so deceive. The town
and vessels will appear from under the shadow of the land, as the anchorage is ap
proached, even though no light should be seen. During moonlight nights it will some
times occur that the Beacon Point cannot be made out, the only thing distinctly visi
ble being a long line of white sand, the northern extremity of this may be steered for
on any course to the westward of N. W. £ W.
D an ge r of R oman .— I would strongly recommend that no vessel should attempt to
go to the westward of the Roman Rock at night, as the soundings are irregular,
and the winds, on that side of it, are baffling; the currents also set in tow’ards the
mainland.
R edwtin g .— The Redwing Rock has been most carefully sought after, without success
in finding i t ; coupling which with the fact that there is no break in the place it is
represented to be, leaves no doubt in my mind but that whatever was taken for a rock
has disappeared.
S t . C r o ix I slands — In Algoa Bay, and at about ten miles N. E. by E. from the
anchorage off Port Elizabeth, are the St. Croix Islands, under which there is good
anchorage for all winds; indeed, it is a question whether the town should not have
been in preference near them, and the anchorage in that part of the colony have been
under them ; the open country, and Zwartkops River, would have afforded no mean
advantages, not possessed by Port Elizabeth.
756
Nautical Intelligence.
B ir d I slands .— The Bird Islands, situated in the eastern extremity of Algoa Bay
lie off Woody Cape, which is, as its name imports, covered with wood, except a small
patch o f sand at its summit, and is the only seaboard land that is so, which gives it, in
contrast with that for miles on either side, a dark appearance ; the land on its west
side, from near St. Croix up, rises into small numerous sandy hillocks, quite bare of
vegetation, and that to the eastward, up to Padrone Point, is similarly bare.
W oody C ape — Is high, rugged, and not prominent, scarcely determinable as a
cape, except when very near i t ; not so Padrone Point, which runs out into a low
point of sand, forming a determinable cape, without vegetation, from which breakers
run out some distance, and the water breaks still further out at times, owing to the
meeting of currents there, and after strong winds.
A nchorage off and D angers ne ar B ir d I slands .— The innermost danger from
these islands is fully five miles from Woody Cape, and they afford tolerable shelter behind
them in Winds from W. to S. S. E. in thirteen fathoms, rather better than half a
mile from the northernmost breakers; closer would afford more shelter, but the ground
is foul. They are very low and proportionably dangerous, and though the main land
will generally be seen before them, and the distance from them may be estimated by
it, yet this is not entirely to be relied on ; so, in shaping a course to go outside of them,
allowance should be made for the fact that the eddy, or return current, sets in towards
them, and then to the eastward.
D oddington .— The Doddington and Western Reef should be considered as part of
the Bird Island Reef, and no vessel should go between them; the water doe6 not al
ways break on them, but in bad weather the breakers extend the whole way from
them to the Islands ; the Doddington lies about eleven miles from Woody Cape. In
clear weather the rugged-topped mountain and the Cockscomb may be seen from
these islands, or rather from abreast of them, for the latter would be shut in when on
them ; but in passing outside the Doddington it should be kept open to the west of the
rugged-topped mountain, bearing about IN. W., and the ship should steer N. W. by W.
£ W .; having passed the Doddington, the high land at the back o f Port Elizabeth will
soon appear right a head.
E rroneous {Statements .— There are many statements current about breakers being
seen from time to time in different parts of Algoa Bay ; but I believe others than
those laid down in the chart, now trans?nitted, not to have any existence, and that that
which has been mistaken for such has been the effect of mirage.
A ppea ran ces of B r e a k e r s .— I have seen an appearance of breakers extending the
greater part of the bay, but examination and patient attention showed it to be unreal,
at least the effect of light and moisture. It may be the effect of the sudden changes
o f temperature which obtain after an easterly wind. As air is supplied with or robbed
o f its heat by the sea-water, its capacity for moisture is increased or diminished, and
this to a greater degree the more near to the surface of the sea. Consequently,
the strata of air are of unequal densities, and possess, therefore, unequal refractive
powers, which may produce the appearance, by turns, of broken water or sea-green,
and irregularly, so as the particles are set in motion, intermingling by the passage of
the sea-wave, (whose surface at the same time being smooth,) they would reflect the
rays of light to different points as it passed along, and give it the appearance of a
rolling over of the wave-crest, or of a roller breaking.
A nchorage durin g N. W. G ale s .— There may be a little sea at times, the effect
o f races and overfalls, where there are, as here, currents and irregular soundings, but
nothing detrimental to navigation ; while, on the contrary, the palpable change from a
considerable cross sea in N. W. gales to smooth water, which immediately follows, on
passing into this bay, is quite remarkable, and renders it a good refuge in such gales, in
any part, almost, of the bay, from Receife to Bird Islands.
E . G A R D IN E R FISH BOURNE.
TRADE OF THE LIVERPOOL DOCKS.
It appears from official returns published by a Liverpool cotemporary, that the Com
merce of the United States is the first and greatest contributor to the Liverpool docks;
that of British America the second ; the coasting trade the third ; that the trade of the
East Indies and Mediterranean comes next, and contribute nearly equal proportions;
that the West Indian trade follows; and then the trade with European ports, the Bal
tic, the Brazils, the West Coast of America, the West Coast of Africa and Australia, in
the order in which they are stated. On adding together the income derived from the
Railroad , Canal, ararf Steamboat Statistics.
151
various branches of the American trade, the trade with the United States, British
America, the West Indies, Brazil, and the West Coast of South America, it appears
that the Liverpool trade with the new world greatly exceeds its trade with the old.
RAILROAD, CANAL, AND STEAMBOAT STATISTICS.
THE MARINE STEAM FORCE OF GREAT BRITAIN.
Great Britain possesses one hundred and forty-seven steamships, including three in
Canada, and thirty-two iron steamers, eleven ranging from 1,547 to 1,980 tons. Of
these, four were formerly seventy-six gun ships, and have now engines of 450 horse
power. The largest, the “ Simoom,” of 1,980 tons, has only 350 horse-power; the
“ Terrible,” however, of 1,850 tons, has engines of 800 horse-power ; the “ Termagant,”
of 1,547 tons, has engines of 620 horse power: while the “ Arrogant,” of 1,872 tons,
has only 360 horse-power; the “ Retribution,” of 1,641 tons, has 400 horse-power.
One of the above eleven, the “ Penelope,” was a forty-six-gun frigate. Fifteen from
above 1,200 and under 1,500 tons, twenty-seven above 1,000 and under 1,200 tons,
twenty-three above 700 and under 1,000 tons, nine above 500 and under 700 tons,
twenty-seven from 250 and under 500 tons, twenty-two from 150 and under 250 tons,
four from 42 to 149 tons ; three on the lakes of Canada, one of 406 tons and 90 horse
power, and one o f 750 tons and 200 horse-power; twelve packets, 237 to 720 tons,
some of which are very fine vessels; 58,643 tons in commission, and 58,501 tons in
ordinary. Of the steamships, there are built of iron—
Horse
Horse
Name.
Tons. power.
Name.
Tons. power.
Simoom......................
350 Bloodhound..................
378
158
V u ltu re.....................
1,764
350 Grappler.....................
220
557
Greenock...................
550 Sharpshooter.............
1,418
503
202
Birkenhead................
556 H a r p y .........................
1,405
344
200
Niagara.....................
350 Myrmidon, about........
1,395
350
180
Trident......................
850
350 Sphynx, about.............
300
110
Antelope....................
650
264 Fairy, about................
300
no
Packet Lizard...........
340
150
And four other smaller vessels, of 20 to 9 horse power. Six of the packets are built
o f iron. Screw-steamers on the stocks, namely, one eighty-gun at Davenport, one
eighty-gun at Woolwich, and one eighty-gun at Pembroke; in all, one hundred and
fifty steamships. Then there is the mercantile steam power. The steam vessels reg
istered in the port of London on the 1st o f January, 1851, were three hundred and
thirty-three ; one hundred and seventeen under 100 tons, sixty-four from 100 to 200
tons, twenty-six from 200 to 250 tons, twenty-seven from 250 to 300 tons, sixteen
from 300 to 350 tons, nine from 350 to 400 tons, ten from 400 to 450 tons, eight from
450 to 500 tons, three from 500 to 550 tons, seven from 550 to 600 tons, three from
600 to 650 tons, six from 650 to 700 tons, two from 700 to 750 tons, five from 750 to
800 tons, three from 850 to 900 tons, one from 900 to 950 tons, eight from 1,000 to
1,500 tons, six from 1,500 to 1,800 tons, eleven from 1,800 to 2,000 tons, and one above
2,000 tons. In Liverpool there were ninety two steam vessels; twenty under 100
tons, forty nine from 100 to 200 tons, twelve from 200 to 400 tons, six' from 400 to
600 tons, three from 600 to 800 tons, one of 1,300 tons, and one of 1,609 tons. A t
Bristol there were thirty-one steam vessels; eleven under 100 tons, fourteen above
100 and under 300 tons, three from 300 to 500 tons, two from 500 to 600 tons, one (Great
Britain) of 2,936 tons. A t Hull there were thirty-four steam vessels; eight under
100 tons, seven from 100 to 200 tons, eight from 200 to 400 tons, eight from 400 to
700 tons, two from 700 to 1.000 tons, and one of 1,320 tons. A t Shields there were
fifty steam vessels; forty-eight under 100 tons, one of 106 tons, and one of 388 tons.
At Sunderland there were thirty-two steam vessels under 100 tons. A t Newcastleupon-Tyne there were one hundred and thirty-eight steam vessels; one hundred and
thirty under 100 tons, six from 100 to 300 tons, two from 300 to 500 tons. A t South
ampton there were twenty-three steam vessels; nine under 100 tons, nine from 100 to
300 tons, five from 300 to 500 tons. At Glasgow there were eighty-eight steam ves
sels ; fourteen under 100 tons, forty-eight from 100 to 300 tons, sixteen from 300 to
758
Railroad , Canal, a?ii7 Steamboat Statistics.
700 tons, three from 700 to 1,000 tons, five from 1,000 to 2,000 tons, two from 2,000
to 2,500 tons. At Leith there were twenty-three steam vessels; eight under 100
tons, twelve from 100 to 500 tons, three from 500 to 1,000 tons. A t Aberdeen there
were sixteen steam vessels ; three under 100 tons, four from 100 to 300 tons, three
from 300 to 600 tons, five from 600 to 1,000 tons, and one o f 1,117 tons. At Dublin
there were forty-four steam vessels; three under 100 tons, fifteen from 100 to 300 tons,
thirteen from 300 to 500 tons, thirteen from 500 to 800 tons. A t Dundee there were
ten steam vessels ; five under 100 tons, two from 100 to 300 tons, three from 500 to 800
tons. A t other ports there were two hundred and seventy steam vessels ; one hun
dred and thirty-nine under 100 tons, sixty-one above 100 and under 250 tons, forty-five
from 250 to 500 tons, twenty-two from 500 to 750 tons, and three from 750 to 1,000,tons.
NEW YORK AND ERIE AND ALBANY AND BUFFALO RAILROADS,
DISTANCES FROM NEW YO RK TO CHICAGO, V IA ERIE, AND THE ALBANY AND BUFFALO ROADS.
New York to Albany.................................................................. miles
Albany to Niagara Falls.......................................................................
Niagara Falls to D etroit.. . . ............................................................
Detroit to Chicago.................................................................................
144
326
228
282
Total................................................................................................
980
New York to Dunkirk...........................................................................
Dunkirk to Erie.....................................................................................
Erie and Ohio State Line.....................................................................
State Line to Cleveland.......................................................................
Cleveland to Toledo, via Sandusky....................................................
Toledo to Chicago.................................................................................
469
46
26
71^
110£
243
T otal................................................................................................
966
The distance on the northern route will soon be reduced to 300 miles between A l
bany and Niagara Falls, and the Erie route will also be eventually abridged by car
rying the Erie Road direct to Erie from Little Valley, and avoiding the long current
by way of Dunkirk. The whole northern route can be said to have much advantage
in length o f line. Both of them, we have no doubt, will have as much business as
they can accommodate.
THE CAUSES OF ACCIDENTS ON RAILROADS.
The following analysis of the accidents occuring on railroads from causes which may
be avoided by proper care on the part of the passengers, is taken from a work recently
published in London, entitled “ Lardner’s Railway Economy.” Its publication ought
to have a good effect in this country:—
ANALYSIS OF
100
ACCIDENTS PRODUCED BY IMPRUDENCE OF PASSENGERS.
Sitting or standing in improper positions
Getting off when train in motion.............
Getting up on train in motion...................
Jumping off to recover hat or parcel.. . .
Crossing the line incautiously...................
Getting out on wrong s id e .......................
Handing an article into train in motion. .
Killed.
17
17
10
8
11
3
1
Injured.
11
7
6
5
1
3
Total
28
25
16
13
12
6
1
33
67
100
T otal................................................
The incautious railway passenger may derive a salutary lesson from this table. He
will see from it that two-thirds of the accidents resulting from imprudence are fatal to
life, and that nearly seven of every ten of such accidents arise from sitting or standing
in an improper or unusual place or position, or from getting on or off a place while in
motion. This latter circumstance should be most carefully guarded against, for it is a
peculiarity of railway locomotion that the speed, when not very rapid, always appears
to an unpracticed passenger to be much less than it is. A railway train moving at the
rate of a fast mail-coach, seems to go scarcely as fast as a person might walk.
Railroad, Canal, and Steamboat Statistics,
*759
RAILWAYS IN GREAT BRITAIN.
“ The system of railways in the British Islands,” says the London Times of Aug. 27
1851,“ has advanced to such a point, that every day the locomotive engine passes over
a distance of nearly four-and-a-half times the circumference of the globe. The follow
ing brief summary will perhaps serve as the best preface to the few remarks we pro
pose to offer on the present position of our railway system:—
Number of engines working on the railways in 1850...................
Quantity of coke consumed by them within the year (tons) . . . .
Quantity of coal consumed (ton s)....................................................
Total distance run within the year (miles)......................................
Average distance run per day (m iles)............................................
2,436
627,528
896,466
40,161,850
110,333
“ We find that at the commencement of the year 1849, when 205,160,000/. had been
expended on railroads, the total receipts on this expenditure for the last six months of
the year amounted to 5,744,965/., or 5.6 per cent. Since that period the account stands
as follows:—
Railways under
traffic.
1849
1850
Increased
per-centage
o f railways
open.
Receipts.
£ 6,350,460
£7,147,378
5,740
6,464
Increased
per-centage
of
receipts.
14.6
25.4
10.5
12.5 ,
“ It appears, therefore, from these results, that while the railways were increased in
length 14.6 per cent in 1849 as compared with 1848, and 25.4 per cent in 1850 as com
pared with 1849, the revenue proceeding from them was increased only 10.5 per cent,
in 1849 as compared with 1848, and only 12.5 in 1850 as compared with 1849. The
gross receipts in 1848, be it remembered, were 5.6, and for 1850 these receipts had
not increased proportionately with the extension of the lines. In other words, the rate
o f gross receipts had diminished, and there is little reason for supposing that this dimi
nution has yet struck the poiut of stability.”
TRAVEL TO AND FROM BOSTON.
The Boston Evening Gazette gives a statement furnished by Mr. Tukey, the indefati
gable city marshal, of the number of travelers to and from that city, by all the routes
leading to it, from an actual count made by fifty-five watchmen stationed at the differ
ent avenues for the purpose, beginning at half-past six o’clock in the morning, and end
ing at half past seven in the evening. The recapitulation is as follows:—
IN W A R D .
Carriages and
vessels.
Foot travellers.........................
In carriages................................ . . .
On horseback...........................
With handcarts.........................
In railroad passenger ca rs.. . .
On freight ca rs......................... . . .
For vessels and boats...............
T o ta l.................................
6,626
805
1,332
132
OUTW ARD.
Carriages and
Persons.
13,310
14,942
127
79
14,782
307
1,351
45,898
vessels.
7,063
890
1,134
177
Persons.
12,887
15,964
124
79
13,575
308
1,181
44,118
RAILROADS IN ALABAMA.
The State Committee appointed by the Alabama Internal Improvement Conven
tion, held at Mobile in May last, has issued an address to the people of the state. It
is full of statistical information, and the main object is to enlist state support, from
the people and through the Legislature, to a system of railroads for the state. The
system recommended consists of five roads or lines of roads, of which the cost of such
portions as lie within the state of Alabama is estimated at $13,062,000. The first in
importance is the Mobile and Ohio railroad, connecting Mobile Bay with the mouth of
the Ohio. This stupendous work is to be 521 miles in length, traversing four states
and crossing six degrees of latitude in its course to the Ohio, where it will connect, by
the Cairo and Chicago Road, with a series of intersecting lines, embracing over 2,000
Railroad , Canal, and Steamboat Statistics.
760
miles o f road already completed or in progress, and extending to all the states of the
Southwest. Operations were commenced in October, 1849, at the Mobile terminus,
and thirty-three miles of the road will be in operation in December next. The Alaba
ma division of this road is sixty-one miles in length, and its estimated cost is a little
over $3,000,000.
The second road is the Alabama and Tennessee River Railroad, another work ex
tending about 200 miles, through a section of Alabama rich in mineral wealth, and
isolated from market. Its northern terminus is at Gunter’s Landing, on the Tennessee
River, and its southern terminus at Selma, on the Alabama River. In addition to its
local importance, this road possesses other advantages as a link in the chain o f rail
roads now constructing and projected on the most direct and most expeditious route
which can be selected to connect the Gulf of Mexico with the Middle and North-eastern
Atlantic States. A short branch will also place this road in connection with the rail
way system of Georgia and Carolina. The cost is estimated at $3,500,000.
The third of the series is the section in Alabama of the Memphis and Charleston
Railroad, which it is intended to connect with the Tennessee and Selma Railroad by a
short branch 100 miles in length, at a cost of $1,500,000; and the fourth line, of 150
miles, to connect the same with the Memphis and Charleston, Ohio and Mobile Road,
in Eastern Mississippi, at a cost o f $2,000,000. And fifthly, the Mobile and Girard
Road, for connecting Mobile Bay with Columbus, Ga., on the Cattahooehee River, 230
miles, which will cost $3,000,000.
The whole extent of these five principal lines, requiring an expenditure in Alaba
ma, is 864 miles, and the estimated cost, as stated above, $13,062,000.
ENGLISH AND AMERICAN IRON ON RAILROADS.
The Philadelphia Ledger gives the following as the result of the experience of the
Reading railroad company, in the use of American and foreign rails upon their
road:—
The average yearly per centage of rails worn out on the road for the two years end
ing on the 1st December, 1849, has been as follows :—
English....... .................................................
English.........................................................
English ......................................................
Phcenixville Pa............................................
45 pound rail, 1.3 per cent per annum52
“
1 .4
“
“
60
“
6.3
“
“
60
“
.7
“
“
This statement, however, does not exactly indicate the relative value of the several
kinds of Iron mentioned. The 45 and 52 lbs. rail, are both on the light track ; yet it
is the 10 or 11 years’ wear of the former which compares with the 7 and 8 years’ of
the latter, and the 5 and 6 years <f the 60 lbs. rail, which are compared with the av
erage of the first three years’ wear of the Phcenixville American 60 lbs. rails ; both of
which latter patterns are on the loaded (coal) car track.
The following is given as the comparative wear o f rails on the Reading rail
road :—
4 .1 per cent per annum.
English.....................................................................
American.................................................................
1 .4
“
“
Difference in favor of the American, 2.7 per cent; or otherwise stated, the cost
of repairing these rails per annum, (considering the damaged iron taken out as worth
half as much as the new iron put on the track,) will be as follows:—
Repairing English iron per ton per yard........................................
“
American
“
“
........................................
82 cents,
28 “
Difference in favor of American rails............................................
54 cents.
RAILWAYS IN SPAIN AND ITALY.
R a il w a y s
in
S pain .— Mr. Mould, of Ooldale-hall, near Carlisle, known in Engla nd
as the active and enterprising constructor of the Lancaster and Carlisle Railway, the
Windermere Railway, and the Fleetwood, Preston, and West Riding Railway, has
just taken in hand a very important enterprise in Spain— the formation of a railw ay
Railroad, Canal, and Steamboat Statistics.
761
from Santander, on the Bay of Biscay, to Valladolid. The length is about HO miles.
The line will be ultimately carried forward to Madrid, which capital, by means of a
line of steamers from Southampton to the port ofSantander, will be then brought in
almost immediate communication with London. The contract includes the supply of
locomotives and all the rolling stock, and the term of four years is allowed for its com
pletion, though it is expected that the line will be in full working order long before.
R ail w a v s in I t a l y .— A correspondent of the Risorgimento of Turin, of the 4th of
August, 1851, says:— “ I can announce to von that the whole line of railway from Ancona
to Bologna has been conceded to two English companies, whose names I do not know. I
learn only that the principal conditions are that the line from Ancona to Home shall be,
terminated in ten years, and that the Governmentguarautees 3^ per cent. It guaran
tees no interest in respect of the line from Bologna to Ancoua, which is not to be be
gun until after twenty miles of railway from Ancona towards Home shall have been
completed, and the same distance from Rome towards Ancona.”
BOSTON, CONCORD AND MONTREAL RAILROAD.
The following statement gives the receipts of the Boston, Concord and Montreal
Railroad, from 1st February last, to September 1st, as compared with the correspond
ing months of the previous yea r:—
Gross receipts for
February.............................
March....................................
A pril.....................................
M a y .....................................
J une...................................
J u ly ......................................
August.................................
Total.............................
1851.
1850.
18,778
9.976
10,396
9,918
10,715
13,245
16,113
33
67
65
79
94
18
35
$79,174 90
$9,279
11.150
12,336
11,756
12,718
16,579
18,249
56
10
06
92
58
77
81
$92,070 80
Increase.
$501
1,173
1,939
1,808
2,002
3,334
2,136
23
43
41
14
64
59
46
$12,895 90
It will be noticed by the above that the business of this promising road is increasing handsomely.
HOME TRADE IN ENGLAND BY RAILWAYS.
Sidney, in his “ Rides on Railways,” gives the following illustrations of the effects of
railways on home trade:—
“ A regular trade is now carried on between London and the most remote parts of
the kingdom in every conceivable thing that will bear moving. Sheep have been sent
from Perth to London, and Covent Garden has supplied tons of the finer description of
vegetables to the citizens of Glasgow; every Saturday five tons of the best fish in
season are dispatched from Billingsgate to Birmingham, and milk is conveyed in pad
lock tins, from and beyond Harrow, at the rate of about one penny per gallon. In ar
ticles which are imported into both Liverpool and London, there is a constant inter
change, according to the state of the market; thus, a penny per pound difference may
bring a hundred chests of Congou up or send as many of hyson down the line. A ll
graziers within a day of the rail are able to compete in the London market; the pro
bability of any extraordinary demand increases the number of beasts arriving weekly
at Camden Station from the average of 500 to 2,000, and the sheep from 2,000 to
6,000; and these animals can be brought from the furthest grazing grounds in the
kingdom without any loss of weight, and in much better condition than the fat oxen
were formerly driven to Smithfield from the rich pastures round Aylesbury, or the
valley of the Thames.”
THE AMERICAN RAILWAY TIMES.
A meritorious journal with the above title, has been published in Boston for several
years. It is conducted with industry and ability. The editor, J ohn A. H a v e n , Esq.,
has long been connected with the press, and no man perhaps has a more intelligent
comprehension of all matters pertaining to the leading railroad interests of the coun
try. The Times is a very large sized Weekly Newspaper, issued every Thursday
762
Railroad, Canal, and Steamboat Statistics.
morning, got up in the very best style, printed on very nice white paper, and filled
up with matter devoted to every branch of the Railway system. Articles upon finan
cial management, construction, depreciation, improvements in the machinery, running,
furniture, and every other subject connected with the general economy of the system,
are furnished from the pens of some of the most intelligent engineers and railway men
in the country. It likewise contains intelligence upon all the railway projects and en
terprises of the United States ; comparative statistical tables of receipts, expenditures
and income of the different railways; articles upon finance and monetary matters;
Statistics of trade; movements of capital and produce ; a full and weekly review of
the money market; reports of railway law cases; time tables of all the New Eng
land railways ; table of the daily sales of stock securities; prices current of stocksin
the Boston market, corrected every week ; prices current of metals.
W e cheerfully commend the Times to all persons engaged in railroads, either as offi
cers, directors or stockholders, as we are quite sure they will find it an important,
and useful repository of information on the topics in which they take an interest.
RATES OF RAILROAD FREIGHT BETWEEN BUFFALO AND ALBANY.
The Superintendents of the different railroad companies, on the central line between
Albany and Buffalo, recently held a meeting at Syracuse, at which it was determined
that the following rates should be charged on freight during the close of navigation,
commencing December 1st, 1851.
ON UP FREIGHT.
1st class, from Albany, seventy cents per one hundred pounds.
2d
“
“
fifty-four
“
“
“
3d
“
“
forty-four
“
“
M
4th “
“
forty
“
“
“
ON DOWN FREIGHT.
1st class, to Albany, seventy cents per one hundred pounds.
2d
“
“
fifty
“
“
3d
“
“
forty
“
“
“
4th
“
“
thirty three “
“
“
On Flour the price will be 60 cents per bbl. to Albany. Last year the charge was
$1. This is a great reduction and cannot fail to secure the transportation of large quan
tities. The toll was about 20 cents, which has been taken off, and the reduction is
20 cents in addition to that.
INVENTION OF A NEW PROPELLING POWER.
The Cincinnati Chronicle, o f August 6tli, 1851, gives some account of the invention
of a new locomotive and propelling power, by a German mechanic of that city. It ap
pears by the statement of the Chronicle, that in the latter part of July, the new en
gine, which had been in course of construction for many months, was completed, and
upon testing its capacity and power the most sanguine expectations of the inventor
were more than realized. On Monday last the engine was kept in operation during
the day, and hundreds of spectators witnessed and were astonished at its success.
The motive power is obtained by the generation and expansion, by heat, of carbonic
acid gas. Common whiting, sulphuric acid, and water, are used in generating this gas,
and the “ boiler” in which these componants are held is similar in shape and size to a
common bomb-shell. A small furnace, about the size of one of Dodd’s Parodi Hats,
with a handful of ignited charcoal, furnishes the requisite heat for propelling this engine
o f twenty-five horse power. The relative power of steam and carbonic acid gas is thus
stated : Water at the boiling point gives a pressure of 15 pounds to the square inch.
With the addition of 30 degrees of heat the power is double, giving 30 pounds— and
so on, doubling with every addition of 30 degrees of heat, until we have 3840 pounds
under a heat of 452 degrees— a heat which no engine can endure. But with the carbon,
20 degrees of heat above the boiling point, give 1080 pounds; 40 degrees give 2160
pounds; 80 degrees give 4320 pounds; that is 480 pounds greater power with this
gas, than 451 degrees of heat give by converting water into steam ! Not only does
this invention multiply power almost indefinitely, but it reduces the expense to a mere
nominal amount. The item of fuel for a first class steamer, between Cincinnati and
763
Journal o f Mining and Manufactures.
New Orleans, going and returning, is between $1,000 and $1,200; whereas, $5 will
furnish the material for propelling the boat the same distance by carbon. Attached
to the new engine is also an apparatus for condensing the gas after it has passed
through the cylinders, and returning it again to the starting place, thus using it over
and over, and allowing none to escape. While the engine was in operation on Mon
day, it lifted a weight of 12,000 pounds up the distance of five feet perpendicular, five
times every minute. This weight was put on by way of experiment, and does by no
means indicate the full power of the engine. The name of the inventor is Soloman.
He is about 55 years of age, a native of Prussia, and has resided in this country over
twenty years.
JOURNAL OF M IN IN G AND MANUFACTURES.
STATISTICS OF LOWELL MANUFACTORIES IN 1851.
W e have published, in former volumes of this Magazine, the statistics of the manu
factures of Lowell, similar to the subjoined tables, which show the capital, number of
mills, number of spindles, number of looms, number of males and females employed
in each of the Lowell mills— together with the weekly consumption of cotton and
wool, the number of yards made, dyed, and printed, weekly. Also the annual con
sumption o f coal, charcoal, firewood, and oil, starch and flour, in each of the mills, and
the general aggregates. To which are added the date when operations commenced,
and the current prices of their stocks. These facts are compiled from a circular issued
by the Lowell Courier.
Merrimac Manufacturing Co..
Hamilton Manufacturing Co..
Appleton Company................
Lowell Manufacturing Co.. . .
Middlesex Company...............
Suffolk Manufacturing C o ... .
Tremont Mills.........................
Lawrence Manufacturing Co.
Lowell Bleachery...................
Boott Cotton Mills..................
Massachusetts Cotton Mills..
Lowell Machine Shop...........
Commenced.
1823
1825
1832
1 833—4
1836
1 840
1845
Capital.
$2,500,000
1,200,000
600,000
1,500,000
1,000,000
600,000
600,000
1,500,000
262,400
1,200,000
1,800,000
600,000
Total, twelve mills.............
2
5
Spindles.
69,440
38,416
17,920
11,362
16,340
17,528
14,560
4 4 ,8 0 0
Looms.
2,108
1,124
600
154
403
5 90
557
1,382
5
6
49,434
45,7 20
1,432
1,556
Mills.
6
4
2
3
4
3
•
40
...
—
325,520
9,906
W EE K LY.
Merrimac Manufacturing Co.
Hamilton Manufacturing Co.
Appleton Com pany.............
Lowell Manufacturing C o ...
Middlesex Company.............
Suffolk Manufacturing C o ..
Tremont Mills.......................
Lawrence Manufacturing Co.
Lowell Bleachery.................
Boott Cotton Mills;...............
Massachusetts Cotton Mills.
Total, twelve mills...........
Females
employed.
1,614
840
400
550
130
400
400
1,200
20
870
1,250
____
8,274
Males.
645
325
120
225
575
100
100
200
200
262
250
700
3,702
Yards
made.
340,000
200.000
150,000
110,000
20,477
120,000
140,000
260,000
Lbs. cotton
and wool.
74,000
66,000
60,000
*8 6 ,0 0 0
f 33,000
48,0 00
42,0 00
95,000
320,000
4 75,000
90,000
150,000
$2,135,477
744 ,40 0
9,500,000
* 50,000 lbs. cotton, 36,000 lbs. wool.
t Total, 1,190,000 yards cotton, 20,477 yards woolen, 15,000 yards carpets, 40 rugs.
| 394,000 yards printed, 9,515 yards dyed.
Y’ds dyed
& printed.
299,000
90,000
||9,889,000
+ WooL
V6 4
Journal o f Mining and Manufactures.
ANNUALLY.
Tons
coal.
Merrimac Manufacturing C o ... .
Hamilton Manufacturing C o... .
Appleton Company...................
Lowell Manufacturing Co..........
Middlesex Company...................
Suffolk Manufacturing Co..........
Tremont Mills.............................
Lawrence Manufacturing C o .. .
Lowell Rleachery.....................
Boott Cotton Mills......................
Massachusetts Cotton M ills.__
Lowell Machine Shop...............
7,500
3,780
350
2,600
4,000
340
350
1.000
3,000
1,100
2,700
1,800
Total, twelve mills.................
28,520
Gallons
Bushels
charcoal
Cords
wood.
3,555
2,148
1.000
2,000
2,000
1,600
900
3,000
1,800
2.000
15,000
400
200
. .*
...
700
30
50
120
600
70
100
100
oil.
7,260
6,000
4,000
17,000
45.000
2,500
3.600
8,217
2,000
7,000
12,000
3,000
34,993
2,270
107,577
Pounds
starch.
205,000
130,000
75,000
100,000
75,000
140,600
260,000
190,000
220,000
1,390,000
ANNUALLY.
Bbls. flour.
Wanned.
Merrimac Manuf. Co..
Hamilton Manuf. Co..
Appleton Com pany..
Lowell Manuf. C o . . .
Middlesex Company..
Suffolk Manuf. C o .. . .
Tremont Mills............
Lawrence Manuf. Co.
Lowell Bleachery...
Boott Cotton M ills.. .
Mass. Cotton M ills.. .
Lowell Machine Shop
750
200
...
...
...
...
50
...
600
...
40
Steam.
Steam.
Steam.
Steam.
Fur. & steam.
Steam.
Steam.
Steam.
Steam.
Steam.
Steam ..
S team ..
Total, twelve mills.
1,640
Agents.
I. Hinckley. . . .
John Avery • .
George Motley.
Alex. Wright . .
W. T. Mann.
John Wright
C. L. Tilden
W.S.Southworth
C. A, Babcock. .
Linus Child.
Joseph W h ite..
W. A. Burke
1,160 to 1,180
720
760
600
700
400
500
800
'900
600
700
500
600
700
780
200
220
850
900
700
750
500
525
It will be seen that average rates of sales of stock are from 58 to 64, and that only
two o f them are above par.
Average wages of females, clear of board, per week, $2.
Average wages of males per day, clear of board, 80 cents.
Medium produce of a loom. No. 14 yarn, yards per day, 45.
Medium produce of a loom, No. 80 yarn, yards per day, 83.
Average per spindle, yards per day, 1-|.
The Middlesex Company make use annually of 6,000,000 teasles, 1,716,000 pounds
fine wool, 80,000 pounds glue. $60,000 worth of dye-stuffs, and $17,000 worth of soap.
They also own the Wamesit Carpet Mill, on the Concord River, where are consumed,
annually, 93,600 lbs. coarse wool, and 36,400 lbs. of worsted yarn, producing 91,000
yards ingrain carpeting.
In addition to the above, the Merrimac Manufacturing Company use 1,000,000 lbs.
madder. 380,000 lbs. copperas, 60,000 lbs. alum, 50,000 lbs. sumac, 40,000 lbs. soap,
45,000 lbs. indigo, per annum.
The mills are now lighted with gas, lessening thereby the consumption of oil.
Other manufactures are produced in the city than those specified above, of a value
of $1,500,000, employing a capital of $400,000, and about 1,500 hands.
There are four banks—the Lowell, capital $200,000 ; the Railroad, capital $600,000;
the Appleton, capital $150,000; the Prescott, capital $150,000.
The population of Lowell in 1828 was 3,532. In 1840 it was 20,796 ; in 1850 it
was 33.385. Increase in ten years, 12,589.
The Lowell Machine Shop, included among the above mills, can furnish machinery,
complete for a mill of 6,000 spindles, in three months, and a mill can be built in the
same time.
The several manufacturing companies have established a hospital for the convenience
and comfort of persons employed by them respectively when sick, which is under the
superintendence of one of the best surgeons and physicians.
There are two institutions for savings— the Lowell and the City. The Lowell had
on deposit, the first Saturday in November, 1850, from 4,609 depositors, $736,628 12.
Journal o f Mining and Manufactures.
765
The City, at the same time, had on deposit, from 615 depositors, $75,970 51. The
operatives in the mills are the principal depositors in the above banks.
A vast amount of laudable and successful enterprise of a more strictly private char
acter, might not be inappropriately alluded to in this sheet, not the least of which are
the extensive powder mills of Oliver M. Whipple, Esq., and the paper and batting
mills of Perez O. Richmond, Esq., both on the Concord River, within the precincts of
the city. Messrs. Fiske <fc Norcross’s extensive lumber yard and saw mills, on the Merrimac, are also worthy of notice.
A reservoir of great capacity has been built on the high ground in Belvidere, east
of the city, for the purpose of furnishing a ready supply of water to any part of the
city in cases of fire. 'The water is conveyed into the reservoir by force-pumps from
the Lowell Machine Shop. Pipes are laid from the reservoir to various parts of the
city, at which points hose can be attached to the hydrants without delay, when ne
cessary.
P. id.— There are numerous other details contained in the Lowell circular, which
will be found exceedingly useful to those who are interested in the subjects embraced
in it.
Willis <fe Co.’s Bank-Note List also contains a variety of tables and other information
upon this subject, which entitles the work to the support of the community.
THE MANUFACTURE OF SHAWLS AT LAWRENCE,
A correspondent of the Cincinnati Gazette, who recently visited the new manufac
turing city of Lawrence in Massachusetts, communicates to that Journal some interes
ting particulars touching the manufacture of Shawls in the Bay State Mills. Lawrence,
as our readers must be aware, was founded little more than five years since, in the
same manner as Lowell, by the Essex Company, and has now a population of
some ten thousand inhabitants, mostly engaged in manufacturing pursuits. The “ facts
and figures ” of the Gazette’s correspondent, derived from the books of the company,
are reliable, and will tend to “ give a realizing idea of the greatness, and the social
effects of those w o rk sa lth ou g h one cannot, without seeing, fully appreciate the beau
tiful order and system which prevails there.
1. Dimensions.— The ground occupied by the Bay State Mills, is 1,000 feet in length
and 400 in breadth; thus occupying just the space of two squares and a half in Cin
cinnati. The buildings surround the whole; but there is an exterior yard lbr air and
convenience. Some of the buildings are nine stories in height, but generally six. The
flooring occupies more than two millions of square feet.
The boarding houses are not included in the above. They are ranges of handsome
three story brick buildings, numbering thirty two, and have all the conveniences neces
sary to comfortable living. They occupy nearly one-half as much space as the mills.
2. The Operatives.—
Men employed..................................................................................
Women employed...........................................................................
1,100
1,150
Number of operatives.....................................................................
2,250
Nothing like such an army o f operatives can be found in any other establishment in
our country. I shall prove that no other class of laboring people are better off, if as
well_
3. Wages.— The wages of a girl averages $4 per week. Her board is $1 25 per
week, so that she receives clear *2 75. Of this she can lay up $2, and she does in al
most all instances. To what purposes this is put I will explain hereafter.
4. Time.— The time of working hours in the mills is fixed, by regulation, at twelve
hours per day. This is the only point in the conduct of the mills to which 1 should ob
ject. But, it must be observed, that these people are not dependents. They come and
go at their will, atid I ifiay here say, that the average time in which the girls remain
at the mills does not exceed two and a half years, if as much. There, this kind of life
is brief to all the operatives, except a few (mostly foreigners) who have made a pro
fession o f the more urtistical parts of the work.
5. Wool Consumed.— ini the week ending the 23d of August, the consumption of
wool was 12,600 pounds per day, or at the rate of three millions eight hundred and
766
Journal o f Mining and Manufactures.
ninety-three thousand four hundred pounds per annum. If this had all been Ohio wool
it would have been one-half the entire surplus wool of the State. But these companies
actually consume a great deal of foreign wool, some of it is brought from Morocco and
some from South America. This is the coarse and long staple. But how unnatural
for a country like this to import wool.
6.
Products Manufactured.— There are four kinds of articles made in these mills.
There are Shawls, Cassimeres, Satinets, and Felt Cloths for over coats. The principal
products are—
Shawls, 1,000 per day; Satinets, 1,000 yards per day ; Cassimeres, 1,000 yards per
day ; besides Felt Cloths, and, at one time, Rugs were made here.
These great facts will give you an idea of the magnitude of these works, nd of their
inevitable effect upon the wealth and industry of the people. But there are other
things than these mechanical results, of yet greater importance to the welfare of society.
Go with me while I estimate the social effects in economy, in comfort, and in the de
velopment of mind. These Bay State Shawls are now sold at from $3 to $8 each, ac
cording to size. Mr. John D. Jones, our fellow citizen, tells me that ten years since
they were sold at $15 each. As these shawls are really a very useful article to women,
(who too commonly dress thin,) we can see how great a saving is made in a necessary
article by the reduction of price one-half. How much greater saving is it when it is
from our own wool, and by our own women they are made ?
Let us next see how far the introduction of this species of industry has affected the
condition and comfort of the laboring classes. If it has depreciated that condition, if
it has lowered the standard of morals, if, in one word, it has made such a population
as is represented in some of the exaggerated pictures of English Manufacturing Society,
then it has done an evil, for which no economical advantages can compensate. Has it ? No.
The very reverse is true. There is here no manufacturing population, as generally
understood, dependent on their employers; none either degraded in intellect or debased
in morals. What is their condition here? Here are twelve hundred females, ninetenths of whom are between the ages of sixteen and thirty. Of this great number
there is scarcely one who cannot read.— There are workmen who cannot write their
names but they were born in other lands, and have been nurtured under less genial laws.
Such is their intellectual condition. What is their moral? These women board in
houses where all the substantial elements of civilization are found, and all the re
straints of a moral society exert their influence, and where temptations are far less than
in ordinary society. What is the temptation of one of these independent operatives
compared with that of the poor workwomen of our cities ? The boarding houses are
under the police regulations of the company, and are almost all kept by widows, repu
table and honest, selected by the officers, who get their rent very low, and furnish whole
some food for their boarders. That great safeguard, a pure public sentiment, exerts
the same salutary influence here over individuals that it does in all well regulated so
cieties. The community guards with jealous care the reputation of its members.
But with what object have these thousands of females entered upon their vocation ?
I have said the average time spent here, by them is about two and a half years This
proves that this is not the business of their lives, nor entered upon with any such ob
ject, except, perhaps, in a few cases. How, then, have they come here ? They have
almost all come to get some surplus funds of their own, for a specific object, which is
generally one of three or four particular purposes. Some have come from filial piety,
to relieve their father’s small farm from a debt: some to educate a brother; but more
yet, probably, to get their wedding “ set out,” in anticipation of an event which may
happen to any woman. Others again are young widows, with one or two small child
ren, which, being left at some friend’s, they struggle to clothe and educate. A ll these
objects are laudable and honorable. Nay, are not the women who will enter on such
self-denials for such objects, worthy of admiration ? Are they not the equals of those
queens of homespuu described and lauded by Dr. Bushnell ?
I come now to that which America boasts so much, the inventive power, which clothes
this machinery with life, and sends it forth conquering and to conquer over all inanimate
nature, and to successful competition with all rival powers. I will give an example :
— Ascertain part of these shawls had formerly to be spun by hand. This process was
expensive, it was necessary to do it by machinery, or there was danger of a failure.
One of the proprietors, whuse name is known throughout America, employed a very
ingenious man to make, if possible, a machine to accomplish it. He sat down, with
nothing but his brains to work with, and at the end of five or six months produced the
machinery, ready to do its work. The cost of doing it was only one twenty-fifth part /
Two cents did what fifty was required to do before. The saving in the amount of
Journal o f Mining and Manufactures.
767
work done, was equal to all the profits of the establishment, and placed the works
out o f danger. It was the triumph of the human mind i It was the demonstration of
that peculiar genius, which never can be developed to an equal extent under any other
than free institutions.
e. d. m .
MANUFACTURE OF PARIAN PORCELAIN.
The question is often asked of what material the beautiful fancy articles, which have
been recently imported and sold under the name of Parian, are composed. In a late
letter on the London Exposition by Michel Chevalier, published in the Courier des
M ats Unis, he describes this and some other kinds of porcelain. W e quote the fol
lowing from his letter:—
“ For Porcelain, properly so called, the hard white pottery with transparent glazing,
composed principally of Kaolin, with a glazing of Feldspar, France has the advantage
over England, and all Europe. The English, who have beautiful beds of kaolin in the
county of Wales, make but little of this ware. The porcelain manufacturers o f Li
moges produce it at a very low price, and their cheap articles are not wanting in good
taste. The house of Jouhanneaud, of Valois, and some others engaged in this manufac
ture, export great quantities of it into the few countries where it is not subjected to
an excessive duty. The United States at this time receive masses of the Limoges
porcelain. But for fine pottery, of which the pipe clay, formerly so highly esteemed,
is the lowest round of the ladder, England takes the lead. She carries on a manufac
ture of this kind, the composition of which is much varied, its materials being various
ly compounded. This manufacture is concentrated in a moderate number of gigantic
establishments, among which I will mention those of the family of Wedgwood, those
o f Mr. Minton, and others in Staffordshire, and some others near Worcester.. Mr.
Wedgwood follows perhaps too faithfully the traditions of his father, a man of great
skill, who made great advances in the art, and whose name is known in the two hem
ispheres, for his ware spreads profusely to the great satisfactisn of the public every
where, with the exception of France, where a law made in the time of war, that of
Brumeare V., which is still in full vigor on this point, forbids its entrance, even as a
pattern. A t this time at Potteries, Mr. Wedgwood, the son, employs the same paste,
and almost the same models as those used by his father. This paste is a mixture of
plastic clay and feldspar. Mr. Minton adds to his paste the kaolin, a material superior
to the plastic clay. His glazing like that of the so-called tender porcelain, contains
lead, of which not an atom enters into true porcelain, but he mixes with it the feld
spar. Mr. Minton also manufactures fancy articles, which advantageously take the
place of our biscuit. They have the slightly yellowish tone of ivory, and its soft ap
pearance. These are the articles so highly in favor now under the name of “ Parian
Paste.” It is pure feldspar. He also manufactures the tender porcelain, an article
which has the precious advantage of receiving painting better, but is subject to the
inconvenience of having the figures less durable. This manufacture, which has been
systematically abandoned at Sevres for a long time, is about to be resumed there, to
satisfy the public wish.”
COAL BED AT STRAITSVILLE, OHIO.
A correspondent of the Family Visitor writing from Straitsville, Ohio, remarks, in
regard to this recent discovery:—
“ This wonderful development of mineral coal, exceeds any thing before discovered
in the world. Reports of an immense structure of coal in the vicinity of this place,
have long been circulated in Central Ohio. I first heard of it in the w'inter of 1848-9;
it was then reported to be about ninety feet thick. Further examinations ascertained
the thickness of the uncovered part, in the face of a deep and steep ravine at 112
feet. A few days since a gentleman of high standing informed me, that an acquaint
ance of his with some others, had stripped the upper surface of the bed, bored through
the coal stratum to ascertain its thickness, and found it to be 138 feet. I hope to visit
this mine during the coming season, and will take measures to satisfy myself, at least,
as to the mass of this geological curiosity. Straitsville is in Perry county.
“ About ten miles south of that mine, 1 found a vein of carbonate of iron, in plates,
similar to a slaty structure, with an easy cleavage, which is full of well preserved
leaves of the coal formation. Some of them on first breaking open, exhibit the green
of the leaf. The ore, by analysis of Prof. Rogers, contains 44 per cent of iron.”
768
Journal of Mining and Manufactures.
INDIA RUBBER TREE AND SHOE-MAKING.
We extract from a new work recently published by G. P. P utnam , entitled “ P a r a ,
or Scenes and Adventures on the Banks o f the Amazon," by John E. Warren, Esq.,
the following brief sketch of the India rubber tree, together with the operation of
shoe-making by the natives of Brazil:—
“ The tree (Siphilla Elastica) is quite peculiar in its appearance, and sometimes
reaches the height of eighty and even a hundred feet. The trunk is perfectly round,
rather smooth, and protected by a bark o f a light color. The leaves grow in clusters
of three together, are thin, ana of an ovate form, and are from ten to fourteen inches
in length. The center leaf of the cluster is always the longest.
*•This remarkable tree bears a curious fruit, of the size of a peach, which, although
not very palatable, is eagerly sought after by different animals— it is separated into
three lobes, which contain each a small black nut. The trees are tapped in the same
manner that N'ijw Englanders tap maple trees. The trunk having been perforated, a
yellowish liquid, resembling cream, flows out, which is caught in small clay cups,
fastened to the tree. When these become full, their contents are emptied into large
earthen jars, in which the liquid is kept until desired for use.
“ The operation of making the shoes is as simple as it is interesting. Imagine yourself,
dear reader, in one of the seringa groves of Brazil. Around you are a number of goodlooking natives, of low stature and olive complexions. A ll are obviously engaged.
One is stirring with a long wooden stick the contents of a cauldron placed over a pile
of blazing embers. This is the liquid as it was taken from the rubber tree. Into this
a wooden ‘ last,' covered with clay, and having a handle, is plunged. A coating of the
liquid remains. You will perceive that another native then takes the ‘ last,’ and holds
it in the smoke arising from the ignition of a species of palm fruit, for the purpose of
causing the glutinous substance to assume a dark color. The ‘ last ’ is then plunged again
into the cauldron, and this process is repeated, as in dipping candles, until the coating
is o f the required thickness. You will, moreover, notice a number of Indian girls
(some very pretty) engaged in making variouk impressions, such as flowers, <fce., upon
the soft surface of the rubber, by means of their thumb-nails, which are especially
pared and cultivated for this purpose. After this final operation, the shoes are placed
in the sun to harden, and large numbers of them may be seen laid out on mats in ex
posed situations. The aboriginal name of the rubber is cahuchu, from which the for
midable word of caoutchouc is derived. In Bara it styled borracha or seringa.” ’
THE MANUFACTURES OF MANCHESTER.
A correspondent of the St. Louis Republican, thus writes of Manchester and her
manufactures:—
“ The manufacturing cities of England are a great curiosity to an American, who
has only seen a few factories in a few manufacturing villages in his own country. I
opened my eyes wide with amazement, and lifted up both hands, as we whizzed along
the railway and caught our first glimpse of Manchester, w hich seemed like a city o f
chimneys. Oh, what a place lor smoke, and bustle and work! There are more than
160,000 inhabitants, and almost all are busy in mills, or workshops, or foundries, or
warehouses, that for immensity and variety perfectly bewilder aud astound you. We
visited, among others, the largest Calico Bruit Works, Bradshaw’s Printing and Engrav
ing establishment, aud the lrwell Silk Mill. In the last, the work is confined to nar
row ribbons and trimmings. One hundred and fifty hands are ill the spinning-room,
and 4,200 shuttles are running. By law, no children under eleven years of age, are al
lowed to work in the factory. They work ten hours. The rooms were clean and well
ventilated, and the girls were fair and looked healthy and happy. 'Their wages vary
from 3 s to 10s per week; (from 76 cents to $3,50.) They are allowed to sing hymns
and popular songs. They sang two songs for us, greatly to our delight. I assure you
it was a beautiful sight to see so many young, neat, and busy girls together, and to hear
them sing so sweetly while their hands were employed. The silk, in its natural state,
is all either white or yellow ; only one pound in ninety comes white. T he white silk
is brought from China, and the yellow Ironi the East indies. It is nut know n how to
account tor the difference in color o f the cocoons. The superintendent tnlbrmed us,
that one silk-worm thread is equal in strength to one hundred spider's threads, and
that a thread of sewing-silk, as prepared for use, contains about ten silk-worm
threads.
Journal o f Mining and Manufactures.
Y69
STATISTICS OF THE MANUFACTURES OF PITTSBURG,
Thirteen rolling mills. Capital $5,000,000— 2,500 hands. Consume 60,000 tons of
pig metal, and produce bar iron and nails amounting to $4,000,000 annually. Thirty
large foundries, with several smaller ones. Capital in all $2,000,000— 2,500 hands.
Consume 20,000 tons of pig metal, and yield annually articles amounting to $2,000,000.
Two establishments for manufacturing locks, latches, coffee-mills, scales, and other iron
castings. Capital $250,000— 500 hands. Consume 1,200 tons metal, and producing
goods amouutiug to $3,000,000 annually. Five large cotton factories, and several
smaller ones. Capital $1,600,000— 1,600 hands. Consume 15,000 bales of cotton, and
return yarns, sheeting, batting, <fec., to upwards of $1,500,000 per annum. Eight flint
glass manufactories. Capital $300,000— 500 hands. Consuming 150 tons lead and 200
tons pearl ash; and producing various articles o f glass ware amounting to $400,000
annually, fcseven phial furnaces and eleven window glass manufactories. Capital
$250,000, employing 600 hands, and' producing $600,000 annually. One soda ash ma
nufactory, producing 1,500 tons annually— 15 hands. One copper smelting establish
ment, producing 600 tons refined copper annually, valued at $360 per ton, and amount
ing to $250,000. One copper rolling mill in operation, producing 300 tons sheathing
and brazier’s copper, amounting to $150,000 annually. F ive white lead factories. Ca
pital $150,000. Produce 150,000 kegs lead annually, worth $200,000— employing
60 hands.
There are also a number o f manufactories o f the smaller sizes of iron, several exten
sive manufactories of axes, hatchets, <fcc., and spring steel, steel spring's, axles, anvils,
vices, mill, cross-cut and other saws, gun-barrels, shovels, spades, forks, hoes, cut tacks,
brads, <fec. After careful investigation the full value does not fall short of $50,000,000
annually. There is also consumed about 12,000,000 bushels of coal per year, worth
$600,000 and an equal number of bushels exported to markets near the city, giving
employment constantly to 4,000 hands.
PINE-APPLE CAMBRIC.
The fabric called Pina, at Manilla, is made from the fibres of the pine-apple leaf.
The finer qualities excel, in transparent delicacy of thread, the finest cambric I ever
saw. It is exceedingly costly, and probably from that reason does not find much favor
as an article of export. Designs drawn upon paper are placed beneath the pina in
tended for embroidering, and the outlines are traced upon it with a pencil. It is then
stretched out about a foot from the floor, and parallel to it the workmen and women
(for both sexes are employed) sit all round, with their legs bent under them, as closely
as they can ply the needle; and as I witnessed the slow laborious process, 1 was not
astonished that a fully embroidered handkerchief, twenty-four inches square, should
cost forty dollars. The artificers are kept at work from seven o’clock in the morning
till five in the evening, and are only allowed thirty minutes out of the ten hours for
relaxation and refreshment. Both sides of the handkerchief, or whatever the article
may be, are embroidered alike, and the workmanship is exquisite; some of the scarfs,
<fec., submitted to my admiring notice, appeared like transparent tablatures, with
figures in relief of beautifully sculptured alabaster.— Rovings in the Pacific.
GOLD IN Y0RKVILLE, SOUTH CAROLINA.
The Yorkville Miscellany, speaking of Martin's gold mine in that district, says:
“ One piece of gold about the size and shape of an ordinary man’s foot, was found a
short time ago, worth about two thousand dollars. The return made by the lessees
for the two last months, employing three hands about six weeks, (the balance of the
two months engaged in other work,) was twenty-one and one-half pounds of gold,
(about $6,192,) weighed on Morgan Martin’s steelyards.”
CLOTH MADE OUT OF RAG WOOL, OR « SHODDY.”
A great demand has arisen for rag w o o l: large sales have been made at 6 a IJc.
The wool is obtained from taking old made-up clothing and reducing it to a state o f
wool, which manufacturers buy to mix with new wools, so as to reduce the price o f
cloth, but at the expense of its strength. The appearance o f the cloth so made is
equally good with that made entirely from new wool. This rag wool is technically
called “ shoddy.”
V O L . X X V .-----N O .
V I.
49
770
Statistics' o f Population, etc.
“ MANUFACTURE OF IRON IN PENNSYLVANIA.”
I d the article with the above title, in the November number of this Magazine,
owing to the carelessness of the proof reader, whom our printer has discharged, sev
eral typographical errors occurred, which we now correct in the subjoined errata, as
follows:—
E r r a t a .— Page 575, line 14, for “ Vernango,” read Venango. Same page, line 31, for “ Sismemahoning,” read Sinnemahoning. Page 576, line 5, for “ Sanbury,” read Sunbury. Same page, in tlie
table of “ the production o f iron from the ore,” total of the second column, lor “ $11,921,576,” read
$12,921,576. Same table, fourth column, first line, for “ 121,331,” read 151,331. Same table, filth
column, fourth line, for “ 58,802,” read 58,302. Page 577, line 30, omit “ not,” and read “ but the de
pression of price here has been much greater, &c., &c.” Same page, third line from the bottom, in
the total of the last column, instead of “ 138,853,” read 136,853. Page 578, note at the bottom, second
line, inslead of “ $2.80,” read 2.80 cents. Page 581, fourth line, next to the last column, instead ot
“ 30,” read 40. Same page, line 34, instead of “ for this year,” read, for that year.
STATISTICS OF POPULATION, & c .
CENSUS OF CITIES OF THE UNITED STATES IN 1850.
LIST OK CITIES AND TOWNS IN THE UNITED STATES WHOSE POPULATION, BY THE CENSUS
OF
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
26
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
New York.. .
Philadelphia
Baltimore.. .
Boston..........
New Orleans..
Cincinnati...,
Brooklyn . . . ,
St. Louis . . . .
Albany..........
Pittsburg___
Louisville . . .
Charleston....
Buffalo............
Providence...
Washington..
N ew ark.........
Rochester.. . .
Lowell............
Williamsburg
Chicago.........
T roy...............
Richmond. . . .
San Francisco
Syracuse
A llegheny... .
D etroit...........
Portland........
M o b ile...........
New H aven..
Salem.............
Milwaukie... .
Roxbury........
Columbus.__
Worcester . . .
U tica .............
Charlestown..
Cleveland___
New Bedford.
Reading.........
Cambridge.. .
1850, IS 10,000 AND UPWARDS.
New Y ork ................................
Pennsylvania...........................
Maryland..................................
Massachusetts.........................
Louisiana.................................
Ohio..........................................
New Y ork................................
M issouri.................................
New Y ork................................
Pennsylvania...........................
Kentucky.................................
South Carolina........................
New Y ork ...............................
Rhode Isla n d .........................
District of Columbia..............
New Jersey.............................
New Y ork................................
Massachusetts.........................
New Y ork................................
Illinois......................................
New Y ork................................
Virginia .................................
California— estimated...........
New Y ork................................
Pennsylvania...........................
Michigan...................................
Maine........................................
Alabama...................................
Connecticut.............................
Massachusetts.........................
Wisconsin................................
Massachusetts.........................
O hio..........................................
Massachusetts..........................
New Y ork................................
Massachusetts.........................
Ohio..........................................
Massachusetts.........................
Pennsylvania.........................
Massachusetts........................
515,507
408,815
189,048
136,871
116,348
115,436
97,838
64,252
50,763
50,519
43,196
42,985
42,261
41,512
40,001
38,894
36,403
33,383
30,780
29,963
28,785
27,482
25,000
22,271
21,262
21,019
20,815
20,513
20,345
20,264
20,061
18,364
18,183
17,367
17,565
17,216
17,034
16,443
15,748
15,215
Statistics o f Population, etc.
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
69
60
61
62
63
64
65
Savannah......................... . . .
Bangor............................. . . .
Norfolk.............................
Lynn................................. . . .
Lafayette......................... . .
Petersburg.......................
Wilmington..................... . . .
Poughkeepsie............... __
Manchester..................... . . .
H artford......................... __
Lancaster.........................
Lock port ....................... . . .
O sw e g o........................... . . .
Springfield.......................
N ew burg......................... . . .
Wheeling......................... . . .
Paterson........................... . . .
Dayton.............................. . . .
Taunton........................... . . .
Norwich........................... . . .
K ingston.........................
New Brunswick................. . .
Nashville.........................
Lexington.......................
Natchez.............................
171
Georgia— estimated...............
Maine........................................
Massachusetts..........................
Louisiana.................................
Virginia....................................
Delaware.................................
New Y ork................................
New Hampshire.....................
Connecticut.............................
Pennsylvania...........................
New Y ork................................
New Y ork................................
Massachusetts .......................
New Y ork................................
Virginia....................................
New Jersey.............................
Ohio..........................................
Massachusetts.........................
Connecticut.............................
New Y ork................................
New Jersey.............................
Tennessee— estimated............
Kentucky— estimated...........
Mississippi— estim ated.........
15.000
14,432
14,326
14,257
14,211
14,010
13,979
13,944
13,932
13,555
12,369
12,323
12,205
11,766
11,415
11,391
11,341
10.977
10,441
10,265
10,233
10,019
10.000
10,000
10,000
POPULATION OF VIRGINIA.
TRANS-ALLEGHANY
Counties.
Barbour...............................
Boone....................................
Braxton................................
Brooke.................................
Cabell...................................
Carroll.................................
Dodridge.............................
Fayette................................
F loyd...................................
G ile s....................................
Gilmore................ ...........
Grayson...............................
Greenbrier..........................
H ancock.............................
Harrison...............................
J ackson .............................
Kanawha.............................
Lee........................................
Lewis...................................
Logan .................................
Marion.................................
Marshall.............................
M ason.................................
Mercer.................................
Monongahela.......................
M onroe...............................
Montgomery.......................
Nicholas.............................
Ohio......................................
Pocahontas...........................
Preston.................................
Pulaski................................
Putnam................................
1840.
new
new
2,675
7,948
8,163
new
new
3,924
4,452
5,307
new
9,087
8,695
new
17,669
4,890
13.567
8,441
8,151
4,309
new
6,937
6,777
2,234
17,368
8,422
7,405
2,515
13,357
2,922
6,866
3,739
new
DISTRICT.
1850.
9,009
3,243
4,214
5,049
6,299
5,909
2,752
3,957
6,455
6,570
3,475
6,678
10,360
4,069
11,727
6,548
15,354
10,267
10,031
3,618
10,583
10,138
7,539
4,223
12,387
10,197
8,357
3,963
18,008
3,598
11,735
5,114
5,336
Increase.
9,009
3,243
1,639
Decrease.
2,899
1,864
5,909
2,752
33
2,003
1,263
3,475
«...
1,665
4,069
2,409
5,942
1,658
1,787
1,826
1,880
69
10,583
3,201
762
1,989
....
1,775
952
1,448
4,651
676
4,869
1,375
5,336
4,98
772
1
Counties.
Raleigh.............................. .
Randolph.........................
Ritchie............................... .
Russell...............................
S co tt..................................
Smyth................................
Taylor................................ .
Tazewell...........................
Tyler..................................
W ashington.....................
W a y n e .............................. .
W e t z e l............................. .
W ir t .................................. .
W o o d ................................
W yom in g......................... .
Wythe................................
S tatistics o f P op u la tion , etc.
1810.
new
6,208
new
1,878
7,303
6,522
new
6,290
6,954
13,001
new
n ew .
new
7,923
new
9 ,3 7 5
Total...............................
257,174
Deduct decrease of eight counties...........
Absolute increase
Of which were slaves... .
1850.
1,773
5,245
3,902
11,918
9,818
8,162
5,354
9,932
5,501
14,613
4,738
4,295
3,353
9,450
1,645
12,024
358,504
20,040
24,436
Increase.
1 ,7 7 3
....
3,902
4,040
2,515
1,640
5,354
3,642
....
1,612
4,738
4,295
3,353
1,587
1,645
2,649
122,532
21,202
Decrease.
....
963
....
....
....
....
1,453
....
....
,
...
21,202
101,380
4,396
VALLEY DISTRICT.
1
1
1
1
1
I
1
1
1
1
1
1
I
1
I
1
I
1
1
1
Counties.
Alleghany.........................
Augusta.............................
Bath...................................
Berkely..............................
Botetourt.........................
Clarke ...............................
Frederick...........................
Hampshire.........................
Hardy................................
Highland........................... .
Jefferson.............................
Morgan.............................
P a g e ..................................
Pendleton.........................
Roanoke ...........................
Rockbridge.......................
Rockingham.....................
Shenandoah ...................
W arren..............................
1840.
3,516
24,616
3,426
11,773
14,909
1,433
15,983
13,952
9,546
4,228
15,357
3,557
7,597
5,795
8,477
16,040
20,294
14,189
6,607
19,628
4,300
10,972
11,679
6,363
14,243
12,295
7,622
new
14,082
4,253
6,104
6,940
5,499
14,284
17,344
11,618
5,627
Total...............................
175,681
Deduct decrease of three counties...........
Absolute increase.
Of which were slaves___
1850.
2 ,7 4 9
207,294
Increase.
767
4,988
....
891
3,230
1,080
1,740
1,667
1,924
4,228
1,275
....
1,493
....
2,978
1,756
2,950
2,571
980
34,328
2,715
38,798
31,613
6,101
1840.
1850.
Increase.
22,924
10,320
12,576
new
20,203
14,346
18,786
21,031
14,595
25,684
9,755
12,764
9,209
24,112
14,527
13,945
24,013
14,075
2,760
....
188
9,209
3,909
181
....
2,982
33,697
Decrease.
....
....
874
....
....
....
....
....
....
....
....
696
....
1,145
....
....
....
....
....
2,715
PIEDMONT DISTRICT.
1
1
I
1
Counties.
Albemarle..........................
A m e lia .............................
Amherst.............................
Appomattox.....................
1
1
1
1
Brunswick.........................
Buckingham.....................
C am pbell.........................
Charlotte...........................
1
Decrease.
....
665
....
....
....
....
4,841
....
620
Statistics o f Population , etc.
Counties.
Culpepper...........................
Cumberland........................
Dinwiddie...........................
Fauquier.............................
Franklin.............................
Fluviana.............................
G reen e...............................
Goochland...........................
Halifax ...........................
Henry.................................
Loudoun..............................
Louisa.................................
Lunenburg....................... .
Madison.............................
Mechleuburg.....................
Nelson............................... .
Nottoway............................
Orange...............................
Patrick............................. .
Pittsylvania.....................
Prince Edward................. .
Powhattan....................... .
Rappahannock................. .
1840.
11,383
10,399
11,422
21,897
15,832
8,812
4,232
9,760
25,936
7,335
20,431
15,43311,055
8,107
20,724
12,287
9,719
9,125
8,032
26,398
14,069
7,924
9,257
1850.
12,262
9,835
11,106
20,922
17,400
9,488
4,434
10,437
25,878
8,873
22,080
16,691
11,678
9,366
20,616
12,758
8,415
10,667
9,620
29,078
10,060
11,851
8,171
Total...............................
434,359
459,093
Absolute increase.
O f which were slaves . . .
222,160
233,698
77 3
Increase.
879
....
....
....
1,568
676
202
677
....
1,538
1,649
1,258
623
1,269
....
471
....
1,542
1,588
2 ,680
....
Decrease.
....
5 64
316
975
....
....
....
58
....
...»
....
....
....
108
1,304
....
....
4,009
3,927
1,086
39,180
14,446
14,446
24,734
11,238
DISTRICT.
Counties.
Alexandria..............
Accom ac.................
Charles City...........
Caroline.................
Chesterfield.............
Essex.......................
Elizabeth City........
F airfax...................
Greensville.............
Gloucester..............
H anover.................
Henrico...................
Isle of Wight.........
James City.............
King George...........
King and Queen. . .
King William.........
Lancaster...............
Mathews..................
Middlesex...............
Nasemnnd...............
New Kent...............
N orfolk...................
Norfolk City...........
Northumberland. . .
Northampton........
Petersburg C ity .. .
Princess A n n .........
Prince George . . . .
Prince W illiam .. . .
1840.
f ’m D . C.
17,096
4 ,7 7 4
17,813
17,148
11,309
5,706
9,370
6,366
10,715
14,968
12,923
9,972
3,779
5,927
10,862
9,258
4,628
7,442
4,392
10,795
6 ,230
16,649
10,920
7 ,924
7 ,715
11,136
7,285
7,175
8 ,144
1850.
10,016
17,861
5,200
18,456
17,402
10,234
4 ,600
10,682
5,627
10,529
15,172
15,605
9,351
4 ,064
5,971
10,152
8,794
4,708
6,716
4,406
12,275
6,064
18,770
14,320
7,268
7,396
14,600
7,670
7,595
Increase.
10,016
765
426
643
354
....
....
1,312
....
....
2 04
2,682
....
285
44
....
Decrease.
1,075
1,106
....
739
186
....
....
621
....
....
712
464
3,400
. ..
726
....
....
166
....
....
....
656
319
80
....
14
1,480
...
2 ,1 2 1
3,467
385
4 20
....
....
; ...
Statistics o f Population , etc.
774
Counties.
1840.
R ic h m o n d ...........................
R ich m on d C it y .................
S ta fford ................................
S o u t h a m p t o n ....................
S p o ttsy lv a n ia ....................
S u r r y ....................................
S u ss e x ..................................
W a r w ic k .............................
W e s t m o r e la n d .................
Y o r k ....................................
20,153
14,525
15,161
11,229
1,456
8,019
T ota l.................................
D ed u ct decrea se o f seven teen cou n ties..
399,126
Increase.
471
7,330
687
....
....
....
....
90
61
—
38,542
11,999
172,791
178,681
26,543
6,890
1,239,797
1,424,863
473,972
185,066
24,984
A b s o lu te increase
O f w h ich w ere s la v e s ...
Grand t o ta l...............
T o ta l s l a v e s .............
1850.
6,440
27,483
9,043
13,522
13,258
5,837
9,814
1,546
8,080
4,462
Decrease.
....
...
....
1,003
1,903
643
1,415
....
258
11,999
PROGRESSIVE MOVEMENT OF VIRGINIA.
Date of
Census.
1 79 0 .........
1 800.........
1 810.........
1 820.........
Total
population.
748,308
880,200
974,642
1,065,379
Decennial increase.
Numerical. per ct.
131,892
94,442
90,737
17.7
10.7
9.3
Date o f
Census.
1830. ____
1840 ____
1850 ____
Total
population.
1,211,405
U 239,797
1 ,4 2 4,86 3 *
Decennial increase
Numerical. per ct
13.6
146,026
2.3
28,392
15.2
185,066
PROGRESS OF ILLINOIS IN POPULATION.
The first settlement of Illinois was in 1673, by the French, and during the same
year it was ceded to England. At the close of the revolutionary war it remained
American territory. In 1800, it was included within the Indian territory. A t this
period the number of inhabitants were estimated at 3,000.
In 1809 it was formed into separate territory, and in 1810 its population had reached
12,234— an increase of 300 per cent, in 10 years.
In 1818 it became a State, and in 1820 contained a population of 56,211, being an
increase of 350 per cent. By this number the State was entitled to one member of
Congress.
In 1830 the population numbered 158,455, an increase of a fraction less than 200
per cent Under this enumeration the State was represented in Congress by three
members.
In 1840 the population had reached 488,183, a gain o f 200 per cent, entitled the
State to seven members of Congress.
In 1850 the population numbered 850,121, being a gain of 78 per cent, with a rep
resentation of nine members.
POPULATION OF THE RUSSIAN E3IPIRE,
The journal of the Russian ministry of the Interior brings some statistical facts re
specting the population in 1846. It states that in that year, the population of Russia
in Europe numbered 52,565,324 souls, excluding the kingdom of Poland, Finland, and
Trans-Caucasia. The four western governments of Siberia numbered 2,153.958; the
kingdom of Poland, 4,800,000; Finland, 1,600,000; Trans-Caucasia, 2,500,000; or al
together 63,000,000 souls. If the inhabitants of Kamscbatka, Ochotz, Jakut, and the
Armenia possessions and the army be added, the total will not probably be exagger
ated at 65,000,000. Of these 49,000,000 belong to the Eastern Church, 7,300,000 are
Catholics, 3,500,000 are Protestants, 2,400,000 are Mahometans, 1,850,000 are Jews
* Including “ Alexandria,” retro-ceded in 1846; the population in 1840 was 9,967: it is not inclu
ded in any previous census o f Virginia.
Mercantile Miscellanies.
T ib
1,000,000 are Armenians, and 600,000 are heathens. Classed according to their nation
ality, there are:— Great Russians, 33,000,000; Little Russians, 11,200,000; White
Russians, 3,600,000; Lithuanians and Poles, 7,000,000; Esthonians, 3,300,000; Mahom
etans, 2,400,000 ; and Germans, 600,000. The remainder belong to various nations.
MERCANTILE MISCELLANIES.
BANK EXCHANGES.
To
F
reem an
H
u nt,
Esq., Editor o f the Merchants' Magazine, etc. :—
In the city o f New York, where there are some forty banks in close contiguity, and
having more or less business with each other daily, it is certainly remarkable that no
effort has been made to remodel the manner of adjusting their balances.
The plan at present pursued is as follows:—
1st. The receiving teller assorts and enters upon slips the amount of bills and checks
o f the several banks in the city, received during the day on deposit.
2d. The following morning this amount, paid over to first teller, is carried by the
porter to the several banks, and is credited by each upon a pass-book ; and the amount
by it taken on deposit is debited and returned through the same medium.
3d. Immediately upon completing the exchanges, the balances are by each ascer
tained and adjusted by draft or payment of specie— such adjustment being made at
the option of any creditor bank, although usually on Friday.
That this system is perfect, no one at all acquainted with the subject will pretend,
for it has notoriously many faults.
Its practical effects are—
1st. The bills thus received on deposit, and returned the following morning to the
several banks by which they are issued, are, to a large extent, withheld from use, be
ing continually in transit from one institution to another.
2d. Each bank is kept braced up in an attitude of hostility to every other, and
thus embarrassed in its operations by the apprehension of sudden drafts upon its vaults.
3d. The banks, thus kept in suspense in reference to each other, are subject to an
noying and utterly fruitless excitement and labor. If one has occasion to draw any
considerable amount of specie from another, it is likely the one drawn upon will re
plenish its supply by a draft upon still another, until, in the course of a few hours,
all the banks are astir, and ready to join in the chorus, “ What has caused this great
commotion, ’motion, ’motion, all the city through ?”
4th. About the time when the Controller is expected to call for a statement o f the
condition of the banks, each strives, by “ sharp practice ” and finesse, to place itself in
a favorable position to report. The report, when made, shows in some cases more,
and in others less than the average supply of specie, thus giving a false impression of
their usual condition; and then, until the next quarterly call from Albany, things
lapse into the old routine, with the customary confusion and folly on every returning
Friday.
In view of these difficulties, and many of minor importance, with which every bank
officer is familiar, I ask attention to a few suggestions which have occurred to me, and
will then leave the field to abler men.
First. Why is it necessary for the banks of New York to make exchanges of each
other’s bills ? This custom probably originated in the insecurity which formerly ex
isted, when banks were allowed to issue bills to any extent. Now, however, the issue
is limited, and by all the new banks undoubted security is given for every dollar be
fore it is put into circulation.
What necessity, then, I again ask, for a daily, or even any exchange of the bills of
the banks of the city of New York?
Why should not each pay out all that it receives at its own counter ? Let those who
know answer.
Second. Why not adopt a plan something like the following ?
1. The officers of the banks of the city shall be associated in an organization for
conference and co-operation in matters of common interest.
2. It shall be agreed by this association, that all the banks shall be entitled and re
quired to have constantly in their vaults an equal per centage of the total amount of
Mercantile Miscellanies.
77 6
specie in the banks of the city, in proportion to their capital or their circulation and
deposits, whichever may be assumed as the basis. If the latter, on the first day of
each month each bank shall report to the clerk at a central office the amount of its
deposits and circulation on the previous day.
3. A clerk appointed by this association shall attend daily, at a suitable hour and
place, selected and appropriately furnished for the purpose, where exchanges of checks
only shall be made— balances thus arising to be paid when called for, (better if usually
upon Friday,) in bills of any city bank.
4. With each exchange every bank shall furnish a statement of the amount of spe
cie in its vaults when it closed on the previous day— the amounts so reported shall be
summed up, the per centage calculated, and if any bank is found to have less than its
proportion, it shall be entitled to receive, from those having a surplus, sufficient to
meet the deficit in exchange for current bank bills.
The benefits resulting from such an arrangement will, I think, be obvious, upon a
moment’s reflection.
First. The time occupied in preparing and making exchanges would be much less
than at present.
Second. The errors liable to. arise under the present system would be escaped.
Third. The large amount of funds constantly kept idle, or, in other words, simply
circulating among the banks, might be profitably invested— each bank being enabled
thereby to increase its discount proportionately.
Fourth. As the total amount of specie in the banks varied, all would know it at
once ; there would be no surmises or conjectures upon the subject— no sudden action
— no panic, as is often occasioned by one drawing upon another in view of a trifling
diminution of the aggregate of specie. Each would know how much to curtail— or,
if the supply of specie increased, how much to enlarge the line of discounts, in order
to keep its affairs upon a solid basis.
Fifth. There would be calmness instead of excitement in bank-parlors, when the su
perintendent of the department calls for a statement from the banks— for the simple
reason that each would show its just proportion of specie whenever called upon.
Sixth. Some banks now complain that the balances are frequently unjust, that cer
tain banks are always in their debt in too small amounts to draw for, and that these
banks, therefore, are using their capital without any remuneration; if the proposed
arrangement should be adopted, we should hear no more of these complaints, for there
would be no ground for them.
It may be objected that some bank subject to drafts upon it for specie beyond the
proportion which it would hold under this arrangement might suddenly be crippled.
This contingency is easily met, however, by a further agreement, on the part of the
associated banks, to honor, at any time, a specie draft.
This system would produce harmony and good feeling. A ll know that it is their
interest to sustain each other, for if any bank in the city should fail, an immediate run
upon every other would be the consequence.
This good feeling and bond of interest being established, together with a daily dis
tribution of specie— the bank drawn upon would go with confidence to any other with
either a draft or bills to be exchanged for specie sufficient to meet the emergency.
The bank called upon would have no objection to furnish even all it possessed, it be
ing viewed as a temporary accommodation until the following morning, when the usual
equalization of specie will replenish their vaults.
I submit the question— Would not such an association of the banks of this city with
arrangements such as have been suggested materially diminish the labors of the officers
and clerks— insure safety under whatever pressure in the money market, and manifestly
promote ends of common advantage and convenience ?
s.
FISHERIES AND BUSINESS OF GLOUCESTER, MASS.
Esq., Editor Merchants’ Magazine :—
Being an attentive reader of your valuable Magazine, and of the interesting and able
articles on the Commerce and Navigation of the various cities in the country, I have
never yet seen any statistics or information concerning the Cod and Mackerel fisheries
of New England. This important and extensive branch of national industry is cer
tainly deserving a record in your pages, and I have thought that a short description
of the fisheries of Gloucester, Mass., would not be without interest to your readers.
Gloucester is the largest seat of the domestic fisheries in this country, and occupies
F r e e m a n H unt,
Mercantile Miscellanies.
11
the same rank in that business that New Bedford does in the whale fisheries. Its po
sition for the successful prosecution of this business is unrivaled, and has given it a
superiority over all other places engaged in this pursuit. Situated on the north shore
of Massachusetts Bay, in a central and convenient location on the coast, favored by na
ture with one o f the most spacious and convenient harbors in the United States, it has
gradually advanced until now it far surpasses in the extent of its fishing business any
other port in the United States. The two ancient towns of Beverly and Marble
head, once in advance of Gloucester in the fisheries, are now far below it, and have
allowed their business in this branch to dwindle away to a state of comparative insig
nificance.
Gloucester is a handsome, compact and beautifully located town of nearly seven
thousand people, or including two suburban districts (one an agricultural community,
and the other a fishing village) over eight thousand. It has no manufactures, but all
its pursuits are maritime, and the chief dependence of the town is on its fisheries of
Cod and Mackerel, which are managed with a skill and energy not surpassed in the
United States. It may be said, without exaggeration, that forfearlessness and bravery
in their hazardous pursuits, contempt of danger under the most trying circumstances,
the fishermen of Gloucester are unapproached by those from any other port. W e will
give some statistics and information concerning the business o f Gloucester the present
year, 1851.
More than two hundred vessels have been employed this season from Gloucester in
the fishing business! These were fine schooners averaging 80 tons each, and were
manned by about ten men each, making an aggregate of about 16,000 tons shipping
and two thousand men employed at this single port. No other port in the United
States has much more than half this number of vessels or men in this business. These
vessels involved an outlay of capital of 5 or 6 hundred thousand dollars. The vessels
of Gloucester commence their year’s work in the months of January and February on
George’s Banks, by fishing for Codfish and Halibut, which latter fish they sell readily
fresh in the markets of Boston and New York. They continue their voyages to the
banks until June or July, when they fit out for their trips to the Bays of Chaleur and
St. Lawrence. These voyages are from 6 to 16 weeks long, and many vessels go three
short trips during the season. They bring in good seasons from two to three hundred
barrels each trip. The first fares are poor Mackerel and bring only low prices, while
the late fares are more valuable.
There are in Gloucester about twenty firms engaged in this business owning and fit
ting out the vessels, aud packing the Mackerel. These firms have fine wharves and
store-houses, and every convenience for carrying on the business. Such are the supe
rior facilities offered here that vessels belonging to other states resort to Gloucester to
fit. Gloucester being the head quarters of this business, when any new place contem
plates entering into the fisheries, vessels and men and all necessary information are
obtained from that place. The catch of Mackerel this year at Gloucester will amount
to from seventy-five to one hundred thousand barrels ; Codfish, twenty thousand
quintals; Halibut, $120,000 worth. This year must not, however, be considered a
fair average, the vessels doing much better than for several years past. The products
of the Gloucester fisheries are sold principally at home, the merchants of Philadel
phia, New York and Boston sending their orders there.
Besides the fisheries of Gloucester, it has some considerable foreign and domestic
trade, only Boston and Salem in Massachusetts surpass it in foreign imports. Its
trade is with South America and the West Indies, and its imports consist of sugar,
molasses, etc., from Surinam, and of coals, wood, salt and lumber from the British Pro
vinces. In 1850 its foreign arrivals were 150 and its exports about 150,000 dollars.
The revenue force at Gloucester consists of eight officers, who collect about thirty
thousand dollars in duties, and payout about fifty thousand dollars in fishing bounties.
The business of Gloucester increases every year, aud has advanced greatly within
the last five years. Forty new vessels were bought here the present season, and the
prospects are that even more will be purchased the coming year. The tonnage of the
district is about 22,000 tons, mostly owned in the port of Gloucester.
The foregoing statements are correct, and will bear investigation, and we think are
of sufficient importance to occupy a space in your annals of the trade and business of
the country.
B oston ,
November, 1851.
W . B.
77 8
Mercantile Miscellanies.
THE CLARET COUNTRY OF MEDOCi
About a couple of leagues north of Bordeaux, commences the claret country par ex
cellence— the district o f Medoc. Its reputation is of comparatively recent growth.
The early wines of Guienne, which were freely imported into England, were the
strong-bodied and rough-tasted products of the loamy banks of the Garonne. Until
within a comparatively late period the land upon which the grapes of Chateau Margaux,
Chateau Lafitte, and Chateau Latour, now ripen, were deserts as arid and barren a9
the neighbouring Landes. A work published at Bordeaux in 1593, and which is now
unfortunately lost, professed to give “ an historical description of the savage and soli
tary country o f Medoc.” Time rolled on, however; the demands of an increasing Com
merce planted with the precious shrub, the wood and furze-grown tract, which sepa
rates the black loam of the Garonne, from the hot sand of the Landes; and the mar
velous properties of that gravely region, were soon tasted in the flavor of the wine3
which it produced. Vineyards multiplied rapidly ; villages and hamlets rose thick
over the green expanse : the rapidly-enriched proprietors of the most favored tracts of
land, studded the country with their white, trim chateaux: and an active traffic in the
soil soon parceled out the greater portion of iti into thousands of small interlacing and
dovetailed estates. Numerous branches of subsidiary industry followed the march of the
vineyards. Coopers poured into Medoc, establishing manufactories in every hamlet—
while the cutting, shaping, and setting of the staves devoted to supporting the clusters
o f the precious fruit, furnished a distinct branch of industry. In the chalk cliffs by
the river’s bank, cellars were dug— on the favorable points of the beach, piers and jetties
were erected, from which to load the barges which carried rich freights to the wharfs
of Bordeaux— and Medoc gradually became what it was— one of the most famous
industrious, and populous districts of France.
COTTON SCREWING AT BOMBAY,
Dr. Berncastle, in his “ Voyage to China” thus describes the process of cotton screw
ing at Bombay:—
Not far from this spot is the extensive cotton screwing establishment of the Colabah
Company. It occupies several large buildings, in some of which the cotton just
landed from the pattamars is deposited. The premises contains twenty-four screws on
the ground floor, each screw being worked with a capstan on the floor above it, by for
ty naked coolies, who run about shouting and yelling with excess of mirth. The cot
ton is weighed in scales, 350 lbs. at a time. This is then drawn up to the second floor,
and emptied into a broad square iron funnel, the size of a bale, at the bottom of which
is laid a piece of sacking. A t a signal given the capstan is worked, and the screw
acting with immense power, compresses the cotton into about half its original bulk.
Ropes are slipped underneath it to bind it at each end, and it is turned out a compact
square bale, which being sewed and marked, is ready for shipment. Each screw turns
out 32 bales a day, but by paying the men extra wages, they can be increased to
70. Steam, on account of the price of fuel being dearer than manual labor, would not
answer so well. There is another cotton screwing company, whose warehouses are
situated in the fort, in Marine Lane, but they are not so extensive as those just de
scribed.
EXPERI3IENT WITH THE FIRE ANNIHILATORS.
An experiment was recently made in the Champ de Mars, at Paris, by Mr. Phillips,
of his method o f extinguishing fires. A building of about 40 feet long and 25 feet
high was constructed of wood, with a staircase outside, leading up to the first story.
A t about half-past four the construction was set fire to, and in a few minutes the
flames were seen to burst out from every part. About a dozen men then rushed up
the staircase, and placing themselves on a sort of gallery which ran outside, broke each
a bottle containing the composition prepared by the inventor, and almost immediately
the flames subsided, and the fire appeared extinguished. The experiment seemed to
have succeeded, when all of sudden the flame burst out again, and Mr. Phillips not being
provided with a further supply of his liquid, it obtained the mastery, so that it was
found necessary to call in the aid of the firemen to demolish the building. Generals
Magnan and Carrelet were present, and Mr. Phillips explained to them the cause of
his failure, declaring that he would take measures to insure its success on the next
occasion.
The Book Trade.
779
THE BOOK TRADE.
1. — The Home Book o f the Picturesque, or American Scenery, A rt and Literature.
Comprising a series o f Essays. B y W a s h in g t o n I r v i n g , W . C . B r y a n t ,* F e k n im o r k
C o o p e r , N. P. W i l l i s , B a y a r d T a y l o r , H. T. T u c k e r m a n , E. L. M a g o o n , D r . B e t h u n e , A. B. S t r e e t , M is s F i e l d , <fcc.
With thirteen engravings on steel, from pic
tures by eminent artists, engraved expressly for the work. Large 8vo. pp. 188.
New York: G. P. Putnam.
It is probably impossible to produce in this country, at this time, a book that shall
surpass this one in the merit of its execution. The articles are from the pens of some
of the most brilliant of American writers, and the subjects which they have chosen are
generally such as to display the highest merits of each. E. S. Magoon writes the arti
cle entitled “ Scenery and Mind,” or the influence of the former with the latter,— a
theme singularly adapted to the bold, impetuous, flowing eloquence of the writer.
Cooper contrasts American and European scenery, and his article is preceded by a
most exquisite engraving of “ the Rondout,” by Huntington. Irving revels in the sur
passing splendors of the Catskill Mountains, of which there is an engraving by J. T.
Kennett. Bryant’s theme is the valley of the Housatonic, where his youthful feet have
so often trod. Other of these eminent writers have chosen kindred subjects. The en
gravings represent the “ Bay of New York,” “ Cascade Bridge,” “ Erie Railroad,”
“ Catskill, in the Cove,” “ Wa-wa-ga-dah Lake,” “ The Housatonic Valley,” “ Adiron
dack Scenery,” “ Schroon Lake,” and other places of equal interest. The designs are
admirable; the painter has caught that inexpressible appearance of repose which be
longs to all that is wonderful in nature, and which tasks the highest powers of art.
The engravings are remarkably fine and soft. The paper is of linen, and it is of Ame
rican manufacture, surpassing anything of the kind ever produced here. The binding
is most tasteful and in the best style of workmanship. It is beyond all question, and
in all respects the most beautiful, and purely American book of its class, that has ever
been produced in this country; and is not, that we are aware, surpassed by anything
of its kind from the European press.
2. — The Theory o f Human Progression, and Natural Probability o f a Reign o f Jus
tice. 12mo. pp .528. Boston: B. B. Mussey.
This is a novel work, more particularly from the manner in which the author treats
his subject. It may be regarded as the first attempt to develop political science upon
the basis of modern metaphysics. Assuming that all science takes its form from the
manner in which its elements are viewed by reason, and that reason can act only in
accordance with certain fundamental rules, the author has taken the elementary idea
o f society, and sought to view society according to right reason. We think his effort
has been highly successful, although we do not regard him as correct in all his positions
or strictly logical in all his declarations. We, nevertheless, hail the work as making a
great stride in political science. It bears about it many marks of an English origin,
yet it possesses all that freedom of thought and appreciation of popular rights and
liberty, which can scarcely be expected in a mind that has flourished under any other
system than a democracy. The incidental views of the author indicate a sound as well
as a liberal mind, he argues as strongly against skepticism as against injustice, and he
anticipates, in the progress of man, the cultivation of a pure heart as strongly as the
development of a sound head. It is not easy in this brief notice to enter upon the
views of the writer. “ Politics,” he defines “ as the science of equity, and treats of the
relations of men in equity.” The work advocates no class of political views, but it
aims to unfold a science. It is marked with unusual ability, and should receive the
attention of all those whose thoughts rise to something higher than the “ game of pol
itics.”
3. — BoydelVs Illustrations o f Shakspeare. Parts 36 and 37. New York: S. Spooner.
The contents of these parts of this beautiful series consists of an illustration of the
passage of “ Romeo and Juliet,” where Juliet awakes in the tomb and finds her lover
dead by her side; another of a scene in Othello, where the Moor meets with his bride
at Cypress; a portrait of George the Third and a title page form the additional em
bellishments.
780
The Book Trade.
4. — The Catholic Pulpit, Containing a Sermon for every Sunday and Holiday in the
Year, and fo r Good Friday, with Occasional Discourses. First American edition,
from the last revised London edition. 8vo., pp. 763. Baltimore : John Murphy &Co.
Protestants as we are, and always have been, in our religious association, we con
fess, nevertheless, that we have looked this volume through with unqualified gratifica
tion. It is so full of Christian love and purity, excellent sentiments, devout piety,
self-sacrificing humility, and all those divine graces which are developed only in the
most highly cultivated and chastened spirits, that a reader, not entirely familiar with
the discourses of the Roman clergy, feels that he has unexpectedly fallen upon a vast
storehouse of riches. It is true, that upon some pages the peculiar views of the Ro
man Church are explained and expounded; but this is done with such excellent taste,
such mildness and calmness, as to serve as an example to all men for a Christian man
ner of arguing their opinions. Candor obliges us, as it will every one who makes the
comparison, to confess, that the Protestant Church, with the exception of some of the
English divines, has never put forth a volume of general sermons, which, for freedom
from declamation, purity of style, richness of thought, high cultivation of Christian
graces, and the accomplishments of learning, can surpass this volume. We commend
its pages to the clergy of all denominations, as a splendid model for religious discourses;
to men of thought and learning, as a rich storehouse, containing instruction far
diiferent from the dry and jejune repasts too often furnished to satiate our appetites;
and to all who can appreciate that pure and heavenly cultivation of spirit, which the
eye of the soul can always detect, without regard to the precincts within which it may
be enshrined.
5.— The Spectator. With Sketches o f the Lives o f the A uthors; an Index and ex
planatory Notes. 4 vols. 12mo., pp. 270, 279, 261, 236. Philadelphia: Thomas
Co wperthwaite & Co.
This republication of Addison’s Spectator comes at a felicitous moment. It is not
the style of the writers of the Spectator merely, which wins for it such a genuine wel
come year after year. The healthful, full, sterling thoughts which enrich its pages, are
the secret of its vitality. To such thoughts, to such a polish of intellect, the great mass
of our modern writers can make no claim ; although for smoothness, softness and easy
flow of words and prettiuess of thought, they are far beyond any conceptions of Addi
son. It is at such a time, when we care more for style than for sense, for beauty of
words than brilliancy of thought, for sentiment than reason, that the Spectator, in a
new and handsome dress, most happily presents itself to airest the attention of the
public. 'Pile contrast which it makes between its competitors and itself is overwhelm
ing ; and the cool, clear, gushing streams of thought which flow out from its healthful
fountains are worth more to impart mental life and vigor, and strengthen the powers
o f intellect, than whole pyramids of our present effusions. This edition is published
in a handsome style, the type is large and clear, and the paper good, and the illustra
tions, of which there are several, display good taste and skill in their execution.
6. —Inventor's Assistant; Furnishing General Information Concerning the Patent
Laws o f all Countries, and the Forms and Proceedings o f the Patent Office, together
with a Digest o f the Decisions o f the Federal Courts in Cases Relating to Patents.
By F. 0. D o r r , Counsellor at Law. 12mo., pp. 179. New York: George H. Bell.
The design of this manual is concisely expressed in the title page quoted above.
The information concerning the rights of patentees, and the modes of securing patents,
is succinctly stated. The compiler has availed himself of the most reliable works on
the subject, including Mr. Phillips’ learned treatise on patents, Mr. Curtis’ recent and
valuable work on the same subject, and the kindred treatises of Messrs. Godson and
Webster, of England, the French work of M. Truffant, together with the collection of
foreign patent laws by Mr. Urling, of Belgium.
7.— Running Sketches o f Men and Places, in England, France, Germany, Belgium,
and Scotland. By G e o r g e C o p w a y , (Kah ge-ga-gah-Bawk). Chief of the Gibway
Indians. With illustrations. 12mo., pp. 346. New York : J. C. Riker.
As the work of an Indian Chief, this volume displays much merit, and it will be
read with interest by those who would like to know the thoughts and reflections of
one who once was an “ untutored Indian.” The author was sent as a delegate to the
Peace Convention in Belgium a year or two since, during which tour these observations
were made. The volume contains portraits of Rothschild, Cobden, De Israeli, and
others.
The Boole Trade .
781
8— The Snow F lake: A Christmas, New Year, and Birth-day Gift for 1852. 12mo.,
pp, 330. Philadelphia: E. H. Butler.
This is a beautiful little volume to serve as a gift book. All its features are express
ive of a neatness and delicacy of taste that every one must admire. It is rightly
named “ The Snow Flake,” for, in elegance of execution it is hardly exceeded by that
exquisite pearl of the skies. The contents are selected from the writings of a great
number of accomplished authors, such as Jerrold, Mitchell, Parker, Mackenzie, Mary
Howitt, <fcc. The illustrations, of which there are nine, are from very sprightly and
fanciful designs, and are executed in the best style of mezzotint engraving. In ex
ternal appearance it is no less elegant.
9— Friendship's Offering: A Christmas, New Year, and Birth-Day Gift f o r 1852.
12mo., pp. 330. Philadelphia: E. H. Butler.
As a testimonial of friendship, this volume is somewhat more grave in its contents,
than the “ Snow Flake” by the same publishers. Its articles are addressed, more to
the feelings of the heart, and to a calm reflecting mind, than those of the other work ;
yet they are selected with such good judgment, that the perusal of these pages awak
ens delightful impressions, The same high elaborate skill is manifest in the appear
ance of this volume, as marks the other annuals published by this house, but somewhat
chastened and refined as best adapted to the object ot the “ Offering.” The embellish
ments are in mezzotint by Sartain, and done with great skill. W e know of no
work we should sooner select as a testimonial of esteem for a worthy and valued
friend, than this.
10. — The Poetical Works o f Thomas Campbell, illustrated with Engravings executed
by the First Artists, from Drawings by Lawrence, Turner, Ac. Large 12mo., pp.
344. Philadelphia : E. H. Butler Co.
This is a very beautiful edition of the works of Campbell. It is designed as a giftbook, and has been issued with all that taste and elegance peculiar to such works.
The type is large and clear, the paper very fine and white, and the impression fault
less. The engravings o f numerous scenes referred to in the poems are exquisitely
done on steel, from designs of great richness and poetical effect. The external appear
ance of the volume is in a style to match. In a word, we can well say that we have
never seen Campbell’s works published in such a tasteful and beautiful dress.
11. — Christmas Blossoms, and New Year's Wreath, f o r 1852. By U ncle T homas .
12mo. pp. 256. Philadelphia: E. H. Butler.
As a Juvenile Gift Book, this is as prominent in its place as the annuals of that pub
lishing house. The taste which is displaced upon this and the others is faultless, and
is a peculiar feature of all these volumes. The one before us will be found exceeding
ly interesting to youth, unexceptionable in sentiment, and elegant and splendid in ap
pearance.
12— Mutterings and Musings o f an Invalid. 12mo., pp. 281. New Y ork: John S.
Taylor.
These musings and mutterings run upon the ordinary topics of the day. Some of
the musings and mutterings are very clever and all are readable. The “ Miser” and
the “ Drunkard ” are drawn to the life. W e like, however, his “ musings ” much better
than his “ mutterings,” belonging as we do, to that class of philosophers who prefer
the handsome rather than the “ ugly leg.” This is, however, a work of more than or
dinary merit.
— Elements o f thought; or concise explanations o f the principal Terms employed
in the several branches o f Intellectual Philosophy. By I s a a c T a y l o r . 12mo., pp.
168. 2d edition. New York: Wm. Gowans.
The simple pretensions of this work do not by any means show its true character.
Aiming merely to define and explain certain terms of philosophy, it cannot be read
without awakening and animating the faculties. The explanations are clear, concise,
and some of the best that have been offered to the public.
13,
14. — The London A rt Journal, f o r November. New Y ork : Geo. Virtue.
This number of this splendid specimen of art contains numerous beautiful engravings,
such as the “ Battle o f Trafalgar,” from a picture in the Vernon Gallery; “ Wood
Cutting in Windsor Forest,” “ The Bavaria,” from a statue in Munich, and many speci
mens o f German artists. The contents are contributed by several accomplished wri
ters, and consist o f very agreeable discussions on kindred subjects.
782
The Book Trade.
15— The Women o f Early Christianity: A Series o f Portraits With Appropriate
Descriptions. By several American clergymen. Edited by J. A. Spencer, M. A.
Seventeen original designs engraved expressly for this work. Imperial Octavo,
pp. 191. New York: D. Appleton A Co.
Few volumes of the vast number issued as illustrated works, at this season of the
year, possess higher attractions, or merits, than “ The women of early Christianity.”
It is not only a display of the high state of perfection to which the arts of printing,
engraving, binding, Ac., have arrived; but it is written by most eminent writers, who
have added to their general subjects, a geniality of sentiment which is highly pleas
ing. The portraits were engraved at Paris, from designs by some of the most accom
plished artists. They display exquisite taste in the conception, and rare skill in execu
tion. They embrace a large number of women eminent in early days for piety : such
as St. Cecilia, Martha the sister of Mary, Petronilla, St. Agnes, Genivieve, Bertha,
Hilda, Ac. The writers of the biographical sketches are, Drs. f m , Adams, Park,
Murray, Sprague, Kip, Van Ingen, the editors, S. Osgood and others. It is seldom
that a work combining so much taste and talent is offered to the public.
16— Kriss Kringle’s Book o f Rhymes. 24mo., pp. 64.
17— Costumes o f America. 24mo. pp. 96.
18— Costumes o f Europe: With Descriptions o f the People, Manners, and Customs.
By a Traveller through Europe. Illustrated with twenty four engravings. 24mo.,
pp. 128.
19— Maja's Alphabet: With Twenty-Six Illustrations. 24mo., pp. 113.
20— Thrilling Stories o f the Ocean: From Authentic Accounts o f Modern Voyagers
and Travellers. Designedfor the Entertainment and Instruction o f Young People.
By Marmaduke Pouk. With numerous illustrations. 18mo., pp 300.
21— Kriss Kringle’s Book f o r all Good Boys and Girls. 18mo., pp. 208. Philadelphia:
C. G. Henderson A Co.
These little volumes, for young people, are issued in a very pleasing style and em
bellished with numerous attractive engravings. The contents are useful and instruc
tive at the same time that they do not lack entertainment for youth. They form a
very agreeable series of juvenile works.
22. — Scenes and Legends o f the North o f Scotland. By H u g h M il l e r . From the
second London edition. 12mo., pp. 436. Cincinnati: ffm . H. Moore A D. Ander
son. New York: Mark H. Newman.
The progress which has been made in Cincinnati in the publication o f books equals
its growth in other respects. Some most valuable works are now issued there in a
style not surpassed in our Eastern cities. The above mentioned volume from a very
prominent publishing house is an instance. It is a remarkable work. The author
spreads before us in its pages many features of the Legends of Scotland, and many
striking scenes which are invested with a glow of humor, a freshness and enthusiasm
o f spirit, an originality of reflection, which is uncommonly rare. The curiosity to see
how the author of the “ Foot prints o f the Creator” handles such themes as the present,
is sufficient to secure the favorable reception of the volume.
23. — Service Afloat and Ashore During the Mexican War. By Lieut. R aphael
S emmes, U. S. N. 8 vo. pp. 479. Cincinnati: W. H. Moore A Co. New York:
Mark H. Newman.
A work upon the successful war in Mexico will always be of interest. The author
of this was a Flag Lieutenant of the Home Squadron and Aid-de-Camp of Gen.
Worth in the battles of the valley o f Mexico, commencing with the march from Y era
Cruz. As a work relating to this campaign, it is an excellent one. His criticism on
the movements of the forces and the conduct of the officers and soldiers, appears to be
fair and impartial; the descriptions of battles are extremely vivid, while the sketches
of Mexican life and customs are exceedingly graphic. The volume is written in a
good spirit and in quite a commendable style, and forms one of the best on the subject
which has yet appeared.
24. — The Medical Student, or Curiosities o f Medical Experience. By P u n c h . 12mo.,
p p .96. New York: Stringer A Townsend.
These letters of Punch, so full of humor and point, are collected in a very convenient
and tasteful form. The volume composes one of the numbers o f Punch’s Humorous
Library.
The Book Trade.
78 3
25. — Naval L ife ; or Observations Afloat and Ashore. The Midshipman. B j W. F.
L y n c h , U. S. N.
12mo., pp. 308. New York : Charles Scribner.
It is not ordinary praise to say this is one of the best works on early life in the
Navy which has been published. It introduces the reader so completely to the scenes
and trials of that life in its first stages, and it is written in such a truthful and candid
spirit, and possesses so much of dramatic interest, that it can hardly fail to meet with
general favor.
26. — Watching Spirits. By Mrs. E l l e t , author of “ Women of the Revolution.” 8vo.
pp. 182. New York: Charles Scribner.
The title o f this work will touch a chord in many hearts, it is so much in harmony
with a sentiment of mankind. It is treated in the fine style of Mrs. Ellet under the
respective titles,— “ Watching Spirits,” “ The Ministry of Angels,” “ The Lessoning
of Angels,” “ Elect Angels,” “ Departed Spirits,” “ Apostate Spirits,” <fcc. There are
six illustrations, executed in the finest style of mezzotint from designs, some of which
are quite fanciful, and one or two very striking and impressive.
27. — Vagamundo; or, The Attache in Spain. Including a brief excursion into the
Empire o f Morocco. By J o h n E s a ia s W a r r e n . 12mo., pp. 292. New Y o r k :
Charles Scribner.
A stroll among the demure Spaniards, and a visit to the gay and beautiful senoratas
of Madrid, with this author, is cheering. He sees everything with such an admirable
humor, and is so fond of the joys and pleasures of social life, that no one can feel dull
with him. Neither is the sober and the real overlooked: he has moments of reflec
tion, when we see before us Spain as it is, with all its ancient grandeur as well as
modern degeneracy.
28. — The Little Mischief Maker, and other Stories— with Illustrations. By U n c l e
F r a n k . 24mo., p p . 174.
29. — The Boys and Girls' Country Book— with illustrations. By U n c l e F r a n k . 24mo.,
p p . 174. New York : Charles Scribner.
These little volumes form the fifth and sixth of the series of “ Uncle Frank’s Home
Stories,” from the pen of F. C. Woodworth. They are embellished with numerous cuts,
and are entitled to be ranked among the most attractive and useful books for youth.
30. — Braggadocio; A Book f o r Boys and Girls. By Mrs. L. C. T u t h il l . 16mo., pp.
227. New York: Charles Scribner.
A tale for youth that conveys many excellent lessons of conduct. It is told in a
lively style, and embellished by many attractive cuts.
31. — The Young Emigrants ; Madelaine T ake; The Boy and the Book ; Crystal Pal
ace. 16mo., pp. 279. New Y ork: Charles Scribner.
These stories are unexceptionable in sentiment, and are written in that simple and
attractive style that easily secures the attention of youth.
32. — The Masonic Offering f o r 1852. Edited by R e v . J o h n P e r r y and P a s c h a l
D o n a l d s o n . 8 v o ., pp. 320. New York : Cornish, Lamport & Co.
As a volume presenting merely the high and noble truths of Masonry, in an instruct
ive and pleasing style, this deserves general attention. It is designed as a gift-book,
and it is one of the prettiest and most pleasing of the whole array. It is issued in a
fine style; the embellishments, in mezzotint, are admirably executed from pleas
ing designs. The contents are free from everything like mannerism, and will be found
as entertaining and attractive as works of this class generally.
33. — Margaret. A Tale o f the Real and the Ideal, Blight and Bloom ; including
sketches o f a place not before described, called Mons Cliristi. Revised Edition. By
the author of P h i l o , etc. 2 vols. 12mo., pp. 321 and 304. Boston: Phillips,Samp
son & Co.
This is a new and handsome edition of a work that has already been received with
much favor by the public. I he high development of character which it presents, the
gradual but real unfolding of the purest afiections of the heart, when drawn with the
skill and talent which mark these pages, is full of interest to all readers.
34. — Katherine Walton, or the Dorchester Rebel. A n historical romance o f the Revo
lution in Carolina. By the author of the Yemasses. 8vo. 22. 186. Philadelphia:
A. Hart.
V84
The Book Trade.
83.— The Book o f Home Beauty. By Mrs. K i r k l a n d . With twelve portraits of Ame
riean Ladies, from drawings by C h a r l e s M a r t i n . Engraved on steel by eminent
artists. Large Svo., pp. 210. New Y ork: G. P. Putnam.
As a work of art this aan justly make high pretensions. The portraits are those
of American females of marked features, and often of traces of surpassing beauty and
loveliness. They consist of Mrs. Bristed, Mrs. H. W. Field, Mrs. French, Mrs. Haight,
Mrs. Lewis Livingston, Mrs. W. B. Parker, Mrs. Kivington, Mrs. J. Schermerhorn, Mrs.
P. Van Rensselaer, Mrs. Coventry Waddel, Mrs. James Wadsworth, Mrs. S. Ward.
The work of the artist has been done with unusual skill, and the engravings are many
of them very fine. The letter press consists of a story in Mrs. Kirkland’s most attrac
tive style. As a whole, the volume may be regarded as a novel attempt in this coun
try to present the public with a work comprising rare beauty of composition, with illus
trations by portraits of living persons. It cannot fail to be well received.
3 6 —The Girlhood o f Shakspeare's Heroines: in a Series o f Tales. ByjMARY C ow d en
C l a r k . Second series. Large 16mo., pp. 474. New Y ork: G. P. Putnam.
This volume contains five tales, being the sixth to the tenth inclusive, o f the entire
series. Their titles are, “ Isabella,” “ Katharina and Bianca, the Shrew and the Demure,”
“ Ophelia, the rose of Elsinore,” “ Rosalind and Celia, the Friends,” “ Juliet, the white
dove of Verona.” They will be found quite entertaining in themselves, and as illus
trations of the early life of the female characters of Shakspeare, possessing unusual
interest. The manner of their preparation is highly creditable to the author.
.
37. — Forest L ife and Forest Trees. By J ohn S. S p r in g e r . Harper <St Brothers.
This is a bold, life-like description of the adventures of a lumberman among
pine woods of Maine. It makes no attempt at fine writing, but for all that it is onk fil
the most readable books of the season. Abounding in incident, anecdote, and start,w “
scenes, it takes you far from the glare and dust of cities into the heart of the primt.™ .
f o r e s t , refreshing you with its rural shades, and-transforming you for a time in to!S ev .
sturdy backwoodsman. The writer has done “ yeoman service” with an ax, in his day ,T
he has learned to handle the pen as well, which he uses with excellent effect in
volume.
— The L ily and the B ee; an Apologue o f the Crystal Palace. By S amuel W a r
, F. R. S., author of the “ Diary of a Physician.”
18mo., pp. 207. New Y ork:
Harper &■ Brothers.
In this volume the reader will find the impressions produced upon a sensitive mind
and vivid imagination by the scenes at the Crystal Palace. They are not presented in
a narrative form, but in the style of apologue,which has a significant but unexpressed
meaning. The pages possess much interest, like everything from this writer.
38.
ren
. — The Dew-Drop: A Tribute o f Affection f o r 1852. 12mo., pp. 316. Philadel
phia : Lippincott, Grambo & Co.
Few annuals are adapted to such a variety of readers and few furnish a more at
tractive token of respect than this volume. Like the dew-drop itself, it is gentle and
genial, and a fitting representative of affection, friendship, taste, the love of the beau
tiful and all the domestic charities. The articles are generally short and selected from
the entire array of American writers of distinction. There are thirty-nine of them,
each by a different writer. The engravings are executed with much skill and fineness
of workmanship, and some of them are from very beautiful designs.
40. — The Book Trade. A monthly Record of new publications and Literary Adver
tiser. Vol. 2. No. 1. Quarto, pp. 12. New Y ork : H. Wilson.
This monthly is devoted to literary intelligence for the people as well as scholars.
It is conducted with taste and judgment. Each number contains a list of all the books
published during the month, with discriminating and intelligent notices of new works,
and a great amount of miscellaneous literary information. It is the cheapest publica
tion, for its contents, in the country.
3 9
4 1
. — Willitoft, or the Days o f James I.: A Tale.
Murphy.
12mo., pp. 293.
Baltimore: John
This is a work, by an American author, designed to show the influence of the
spirit of persecution in the days of King James of England, and what disastrous
effects might attend it in England at the. present time. It presents many of the lead
ing features of the Roman Church with great clearness and sincerity. It will be found
to be interesting by every class of religious readers.
@FedFRASER