Full text of The Merchants' Magazine and Commercial Review : December 1859, Vol. XLI, No. VI

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H U N T ’S

MERCHANTS’ MAGAZINE.
Established. Ju ly , 1839, by Freeman Hunt.

VOLUME XLI.

DECEMBER,

CONTENTS

1 85 9.

NUMBER V I

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

ARTICLES.
A rt.

page

I. REVIEW, HISTORICAL AND CRITICAL, OF THE DIFFERENT SYSTEMS OF
SOCIAL PHILOSOPHY: OR, INTRODUCTION TO A MORE COMPREHENSIVE
SYSTEM. P art i ii . Tho Sociology, Speculative and Practical, of Different Nations
considered—Chinese—Japanese—Aztec—Inca — Historical Glance at Egyptian—Chal­
dean —Phoenician—Carthagenian—Persian—Hindoo—Hebrew—General Remarks on the
Earlier Nations of the Caucasian Race................................................................................ 659
II. PRINCIPLES OF THE BRITISH BANK ACTS OF 1844-45. By W .B ottomly,E sq,
of Belfast, Ireland.................................................................................................................. 674
III. COMMERCIAL AND INDUSTRIAL CITIES OF THE UNITED STATES. No lxx.
PEORIA, ILLINOIS. First Visit to Peoria—Chevalier La Salle—Creve Cceur—Daniel
Coxe—French Settlement —Indian Expedition—Fort Clark—Present Settlement—First
Comers-Indian Agent—Peoiia County—Original Extent—American Fur Company—
First Election—Town of Peoria—Black Hawk—Size of Peoria in ISJ3 - Value of Lots—
First Census—Present County Limits — First Newspapers — First steamboat—Water
Works—City of Peoria—City Directory —First Canal-Boat—Michigan and Illinois Canal
—Progress of Manufactures—Flour Mills—Present number of Mills—Crops—Agricultu­
ral Implements—Plows—Wheat Drills—Corn Shelters—Planing Mills—Foundries—Car­
riage Making —Boat Building — Distilleries— Brick Yards — Other Factories — Fair
Grounds—Churches—Libraries - Police—Trade—Wheat—Corn—Pork—Lumber - Pop­
ulation and Assessed Valuation—Number of Buildings—River Trade—Railroads—Coal
Mines Bridge—Gas—Insurance.......................................................................................... 686
IV. STRICTURES ON AN ADDITIONAL REVIEW OF MR. CAREY’S LETTERS TO
THE PRESIDENT. By H enry C arry B aird , Esq., of Philadelphia, Pa..................... 697
V. CAPE OF GOOD HOPE. AND ITS COMMERCE WITH UNITED STATES. By
T u o m a s D a l t o n , Esq., of New York.
702

J O U R N A L OF M E R C A N T I L E LAW.
Decision in Admiralty—Collision—Yis Major—Ferry-Boat—Bad Weather
Decision in Admiralty.—Decision in Admiralty on Appeal—Slave Trade..
Bottomry Bond—Commissions—Stevedore's Bill ........................................
Shipment of Lard in Hot Weather—Responsibility of the C a rrier............
Appeal in A dm iralty.......................................................................................

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 .
Growing Abundance of Money—Diminished Value—Stock Business—Excess of Capital—Sup­
ply of the Metals—Imports and Exports in Great Britain and France—Increase of Specie in
Europe —Decrease in United States—Flow of Specie to Rich Countries—Gold the chief Pro­
duct of California—Other Capital Scarce—Gradual increase of Industry—Progress Requires
more Capital—Sufficiency of Gold for Currency—All Capital Abundant in Great Britain —
Rent of Capital—Recall of Capital-Export from United States—Mint—Assay-office—Specie
in Banks—Aggregate of Four Cities—Effect of Panic on Specie—Exchange with E u ro p eInternal Exchange—Rates of Money Abroad—Discredit—Apparent Increase of Metallic
Currency-Rates of Exchange-Importations—Rise of Money Abroad —Rate of Interest in
New York—Supply of Paper—Cash Business—Crop Movement—Proceeds of Crops—No
Local Market—Crops aud Railroad Traffic—Decline of Passenger Traffic..................... -..711VOL. XLI.----NO. VI.
42




707

7H8
709
710
711

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CONTENTS

OF

N O . V I ., V O L . X L I.
PA C K

J O U R N A L OF B A N K I N G ,

CURRENCY,

AND F I N A N C . E .

Progress of a S ta te ............................................................................................................................ 720
Debt of Georgia.—Finances of Virginia.......................................................................................... 721
City Weekly Bank Returns—Banks of New York, Boston, Philadelphia, New Orleans, Pitts- ^
burg, St. Louis, Providence............................................................................................................ 722
New Orleans Finances....................................................................................................................... 726
Semi-Annual Dividends.—Financial Condition and Resources of Tennessee............................... 727
Dank of F rance..............................................................................
Austrian Finances —Coinage of Great B ritain.............................................................................. 731

STATISTICS

OF T R A D E

AN D C O M M E R C E .

Our Trade with Brazil..................................................................................................................... 732
London Ship-Brokers’ Rates of Freisrht........................................................................................... 733
British Trade with Central and South America.............................................................................. 735
British Specie Trade........................................................................................................................... 736
Mauritius Sugar Crops.—Ceylon Coffee Crops................................................................................ 737
Commerce with Japan....................................................................................................................... 738
British Grain Trade.............................................................................................................................739
Zurich S ilk ...............................................................................................................

JOURNAL

740

OF I N S U R A N C E .

Insurance Premiums.—Connecticut Insurance L a w ...................................................................... 740
Taxes paid by Insurance Companies of Cincinnati......................................................................... 741

POSTAL

DEPARTMENT.

British Post-office Packet Service, J858-9*...................................................................................... 742
Postage Stamps and Stamped Envelops........................................................................................... 743

COMMERCIAL

REGULATIONS.

Tariff of New Zealand....................................................................................................................... 743
Navigation of Waters on the Northern Frontiers.—Entry of Vessels from Foreign Ports......... 744
Mink Skins.......................................................................................................................................... 745

NAUTICAL

INTELLIGENCE.

Action of Sea Water on Iron.—New Light on the Coast of Cuba................................................. 745
Lighthouse on Craney Island Shoal, Coast of Virginia . ............................................................... 746
Shambles Light-Vessel, near the Bill of Portland.—Light Discontinued..................................... 746
Holmes's Hole Beacon Discontinued................................................................................................. 746

R A I L R O A D , CANAL, AND S T E A M B O A T S T A T I S T I C S .
Commerce in Animals—Influence of Railways.............................................................................. 747
Tunnel under the Alps....................................................................................................................... 749
Increasing the Power of Locomotives............................................................................................... 750

J O U R N A L OF M I N I N G , M A N U F A C T U R E S ,

AN D A R T .

Substitute for Gold......................................................................................................
Manufacture of Iron and Steel —The Oil of Peppermint.............................................................. 752
Rope Making...................................................................................................................................... 753
Chemical Properties of Tobacco.—The Press.. ........................................................................... 754
Sewing Machines.—Use of Gold....................................................................................................... 755
Triangular Files.—Australia Nugget.—Soft H ats............................................................................ 756

STATISTICS

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

Agriculture in Iowa.—Growth of Opium in C hina............................... ......................................
Hog Crops.—How Corn is Preserved in Russia.—Wages of Farm Labor....................................
Harvest in France.............................................................................................................................
The largest Cargo of Sugar ever Shipped........................................................................................

STATISTICS

757
758
761
762

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

Census of Iowa in 1S58.—Causes of English Mortality................................................................. 763
Cooly Emigrant Trade.—Duration of Life in the Pursuits of Literature and A rt...................... 764
Causes of the Decrease of Population in Turkey.—Census of New Zealand............................... 765

MERCANTILE

MISCELLANIES.

Coffee and its Adulterations..............................................................................................................
An enormous Haul of Mackerel.......................................................................................................
Female Labor...................................................... .............................................................................
Self-Reliance.......................................................................................................................................
Parisian Auctions—How are they Conducted.—The Engineering of Spiders................................
Rare Coins..........................................................................................................................................
Heroism in Debtors...........................................................................................................................
Price of Negroes.—Prices in France.............................................................. .................................

766
767
768
769
770
771
773
774

T H E BOOK T R A D E .
Notices of new Books or new Editions.................................... ................................................775-77 6




751

HUNT’S

MERCHANTS’ MAGAZINE
AND

COMMERCIAL REVIEW.
DECEM BER,

1859.

Art. I.— REVIEW, HISTORICAL AND CRITICAL, OF THE DIFFERENT SYSTEMS
OF SOCIAL PHILOSOPHY :*
OR, INTRODUCTION TO A MORE COMPREHENSIVE SYSTEM.
PART III.
T H E SO C IO L O G Y , S P E C U L A T IV E A N D P R A C T IC A L , O F D IF F E R E N T N A T IO N S C O N S ID E R E D — C H IN E S E — J A ­
P A N E S E — A Z T E C — I N C A — H IS T O R IC A L G L A N C E A T E G Y P T IA N — C H A L D E A N — PH C E N IC IA N — C A R T H A G E N IA N — P E R S IA N — H IN D O O — H E B R E W — G E N E E A L R E M A R K S ON T n E E A R L IE R N A T IO N S O F T H E C A U ­
C A S IA N R A C E .

I n all disquisitions on man, it will be found advantageous to observe
tbe three grand and obvious divisions of the human family—the Ethio­
pian, Mongolian, and Caucasian ; or black, yellow, and white races. As
for the more particular and less obvious distinctions, taken by Blumenback and others, which recognize five distinct types or species of the
human genus, regarding the aboriginal Americau and the Malay as dis­
tinct types, in addition to the other three, while they tend to complexity
they add little to discovery. Nor do these distinctions very clearly ap­
pear to be justified, notwithstanding the anatomical arguments adduced
in their behalf, the aboriginal American being clearly an inferior type of
the Mongolian, and the Malay most probably being another type of the
same, or possibly a degeneration from the Caucasian, shooting off from
the Indo-Caucasian stock.f
* Entered according to an act of Congress, in the year 1859, by G e o . W. & J n o . A. W o o d , intheClerk’s Office of the District Court of the United States, for the southern district of New York.
t The author is well aware that various writers of eminence have objected even to Blumenbacli’s
classification of the varieties of the human family, as altogether too comprehensive. These writers
have strenuously objected to the classification of the ancient Egyptians either with the Caucasian
or Ethiopian race, and to the classification of the Hindoos with the latter of those races. Mi*.
James R. McCulloch, the eminent statistician, is among the number; also Messrs. Nott and Gliddon, American writers, who have lately put forth a work of considerable merit entitled, “ The
Types of Mankind.” These questions, rather curious than useful, the author of this review does
not deem it important to enter into. When he shall come to consider the great practical and mo­
mentous question—how far influences of race, or ethnological causes , may operate to determine the
social condition—it will be found, perhaps, that he takes as many and nice distinctions as Messrs*
Nott and Gliddon could reasonably desire.




660

Review , Historical and Critical,

Of these three divisions or races of the human family, the Ethiopian
or black race has never made, so far as is known to Europeans, any con­
tribution to the stock of human ideas in any department of science. Nor
does their social condition appear to have anywhere exhibited any social
phenomenon different from those which are common to the rudest state
of monarchical society.*
Of the Mongolian or yellow race, there have been but four nations
that are known by us to have made any notable attainments in civiliza­
tion—the Chinese, Japanese, Aztecs, and Incas. To all these nations
may be applied the common remark, which may, perhaps, be adopted as
a portraiture of the whole Mongolian family, that, while decidedly infe­
rior to Europeans intellectually, and in those moral traits which give
men a strong proclivity to freedom of thought and independence of ac­
tion, they are much better adapted, and to some extent on account of
these very deficiencies, to the social state, and better qualified for com­
bating, in the right way, the real difficulties that are naturally incident
to that state. With some important qualifications, indeed, the remark
of Count Carli concerning the Peruvians, quoted by Mr. Prescott in his
history of that people, may be applied to the whole Mongolian or yellow­
skinned race—“ The moral man of Peru is decidedly superior to the
moral man of Europe.”f It would be well for the European nations if
they would study more attentively the Sociology of these Mongolians,
more especially of the Chinese, and adopt some of their leading ideas,
as, for example, their strict subordination of youth to age, their rigid
adherence to national customs, and their profound reverence for superiority
in learning. How contemptible, in contrast with these characteristics,
appear the opposite traits, so characteris ic of Europeans—their slight
deference to age, their puerile fickleness in fashions, as well of manners
as of dress, and their ignoble worship of the adventitious circumstances
of birth, and, what is far more ignoble, of mere wealth 1
Of these four Mongolian nations, the Chinese and Japanese only appear
to have possessed a very extensive literature ; and it is only with the first
of these two that Europeans can claim to be particularly acquainted.
Although among the Chinese, as among Europeans, the multitude of
books is very great, and their multiplication continues without end, the
range of their literature is very limited, all their books being, for the
most part, the mere reproduction of the same ideas which have prevailed
in China since the time of their great teacher, Koong-foo-tse, or Confucius,
(as the name has been latinized by the Jesuits,) who flourished nearly
twenty-four centuries ago.
Nearly all the ideas embodied in Chinese literature are fundamentally
contained in the nine books of Chinese classics, which have for many
ages formed the text-books of all their schools—the four sacred books and
the five canonical books—nearly all of which are commonly regarded as
the work of Confucius.
* If the Egyptians are to be considered as Ethiopians, of course they constitute an exception to
this remark. Herodotus, in one place, speaks of the Egyptians as being black, and having short,
curly hair. See Herodotus, book ii., chapter 104. From this passage it has been stoutly contended
that they were negroes But Cuvier, who examined the skulls of upwards of fifty mummies, pro­
nounced them Caucasian, and decidedly not Ethiopian; and his authority on this point has been
generally acquiesced in.
t See Count Carli’s Letters, Americans, tom i., p. 215, and Prescott's Conquest of Peru, book i.,
chapter 5, p. 171.




Of the Different Systems of Social Philosophy.

661

The fourth of the “ four boohs,” which is nearly as voluminous as all
the other three, and which Mr. Davis (one of the European historians of
China) considers decidedly the best of them all, was the work of Mengtse, (or Mencius, as the Jesuits have rendered it,) who flourished a century
after Confucius. But the design of this work is chiefly to amplify the
ideas of Confucius, respecting the principles of government, as expressed
in the first of the four books.
The doctrines of the fifth of the five canonical books, moreover, (the
Ye-king, or mystical book, which relates to the origin and nature of
things,) have been subsequently much enlarged upon by the celebrated
commentator Choo-foo-tse, who flourished during the eleventh century of
our era, under the learned Soong dynasty, which may be regarded as the
Augustan age of Chinese literature.
A large part of these fundamental books of Chinese literature is de­
voted to sociological ideas; for Confucius was engaged in Politics nearly
all his life, and Dr. Morrisson says “ even his Ethics dwell chiefly on those
social duties which have a political bearing.”
The speculative or theoretical Sociology of China, which is so exactly
reflected in its practical, is expressed in the first of the four books. “ It
is the business of the first of the four books," says Mr. Davis, “ to incul­
cate, that from the knowledge and government of one’s self must proceed
the proper economy and government of a family, and from the govern­
ment of a family that of a province and of a kingdom.”*
This idea expresses summarily the whole theory of Chinese Sociology,
which, in its practical embodiment, exhibits a grand patriarchal monar­
chy, animated throughout, in its political as well as its domestic relations,
by the reciprocal sentiments of parental regard and filial obedience.
There is, indeed, a vast mine of wisdom in this predominant idea of the
first and fourth books of Chinese Scripture. It is worthy of the fame of
Confucius, and of that remarkable nation, who have preserved unimpaired
the same political institutions, though shaken by repeated convulsions
and changes of dynasty, for nearly 3,000 years, while every other nation
under the sun has been dashed to pieces, and scattered to the four winds
of heaven, leaving scarcely a discernible wreck behind.
The idea of Confucius, that the proper government of a nation can
only proceed from the proper government of the individual, is eminently
just and profound ; and it goes far towards refuting the fanciful aud com­
monly received dogma, so prominently set forth of late by Auguste
Comte, as a novel idea, of the gradual development and steadily advanc­
ing progress of human ideas.j Here we find one of the sages of a race
decidedly inferior to Europeans intellectually, of a remote period, a con­
temporary of Pythagoras, advancing an idea on the abstruce science of
Politics, which will compare with the most profound idea that has been
advanced, in these latter days, by Guizot in his great work on Civiliza­
tion, or Dr. Maistre in his admirable “ Essay on the Generative Principle
* See Davis’s History of China, chapter 4; also Martin’s China. Meedhurst, in his work on
China, says the first two of the “ four books’’ wcr.t written by the grandson of Confucius Still,
they may both be considered as the books of Confucius, as they claim to be expositions of his ideas.
See Meedhurst’s China, chapter 7. Mr. Davis says that the first of the eleven sections, into which
the first of the “ four books” is divided, only is ascribed to Confucius.
+ Mr. Comte puts forth this notion as if it were something now, when in reality it is one of the
baldest of all the trite ideas. It is absolutely bald from triteness. See Comte’s Positive Philoso­
phy, book vi., passim.




662

Review , Historical and Critical,

of Political Constitutions,” or by Mr. Comte himself in his transcendently
able work on the system of Positive Philosophy.
How insignificant, in comparison with this profound and valuable idea
of the Chinese sage, appears the correlative but opposite idea advanced
two centuries later by the great philosopher of the earlier Europeans,
Aristotle! This illustrious writer, whose memorable work on Politics
has been altogether too much and too indiscriminately praised, in the
very commencement, or in the second chapter, of his work, asserts the
preposterous proposition, which is in unison with the whole scope of his
sociological ideas, that, “ in the order of nature, the State is prior to the
family or the individual.”* And, as if anxious to make the grossness of
his error still more palpable, and to show to still greater disadvantage a
bad idea, by defending it with a worse illustration, he adds, “ for the
whole must necessarily be prior to the parts; for if you take away the
whole body, you cannot say a foot or hand remains, except by equivoca­
tion ;” which is about as wise as saying a bootmaker makes a pair of
boots before he makes the vamps, for if you take away the boots you
cannot say that any vamps are left. Anybody else except Aristotle would
say, in direct opposition to what he has said, that the parts must necessa­
rily heprior to the whole, and that therefore, if you would have a good State,
you must, as the wise Confucius advises, look to the parts, the individuals
of which it is to be composed.
The great superiority of Confucius to Aristotle as a sociologist and
true political philosopher, is moreover conspicuous in this, that while
they both, like truly wise men, treated of Ethics and Politics as intimately
related and inseparably connected, Aristotle preposterously made Politics
the foundation of morals, as i f men were to he legislated into virtue, while
Confucius, far more wisely, treated of morals as the foundation, and the
only true and sure foundation, of Politics. Nor is the superiority of the
Chinese to the Grecian sage any less conspicuous in the quality of the
moral precepts which they respectively inculcated. For while Aristotle
taught the abominable doctrine that it was lawful to wage war upon, and
hunt down, a part of mankind for the purpose of making them slaves,f
Confucius taught the sublime doctrine of Christ, “ love your neighbor as
yourself,” five centuries before Christ was born.
Confucius makes a family the prototype of his nation or empire, and,
as the learned Dr. Morrisson remarks, “ he lays at the bottom of his sys­
tem, not the visionary principles (which have no existence in nature) of
independence and equality, but principles of dependence and subordina­
tion, as of children to parents, the younger to the elder, and the like.”J
But the grand merit of Chinese Sociology, and that which distinguishes
it above that of all other nations, is exhibited in the practical operations
of their social system, and consists in this, that cultivated intellect is the
great controlling qualification for office, and the only passport to rank and
* See Aristotle’s Politics, hook i , chapter 2. I t is proper to remark, in justice to Aristotle, that
in other parts of his work he palpably contradicts what he says here, (no uncommon thing: with
Aristotle,) and distinctly enough recognizes the idea of Confucius. See Politics, book iii., chapter 9.
But our author is fairly to be held responsible for what he says. Moreover, when he asserts two
contradictory propositions, he is to be considered as adhering to that to which he gives the most
prominence; and it is the proposition referred to in our text that Aristotle most prominently and
emphatically lays down.
f If any one doubts that Aristotle taught this doctrine, let him consult Aristotle's Politics, book
i., chapter 8.
% On this point Aristotle agrees with Confucius. See Aristotle’s Politics, passim.




O f the Different Systems of Social Philosophy.

663

consideration in the State. Indeed, the whole government of China may
be regarded as a grand College of Literati, into whose ranks no person
can gain admission, not even the son of an emperor, without passing
through the ordeal of a rigid examination on the learning and jurispru­
dence of his country. The Chinese have a proverb which is of real sig­
nificance with them, that “ by learning the sons of the common people
become great; without learning the sons of the great become mingled
with the mass of the common people.”
In further illustration of the practical Sociology of the Chinese, the
following observation of Mr. Davis, concerning one of their customs, is
suggestive and valuable:—“ To the system of clubbing together in fam­
ilies—we might almost say in clans—is to be attributed that sacred re­
gard to kindred, which operates better than a public provision for the
poor, and serves as one of the best means for the distribution of wealth ;
a valuable science, in which they perhaps beat our economists, though
they do not equal them in the rules for its creation.”'* This remark is
not less creditable to the discernment of Mr. Davis as a speculative soci­
ologist, than it is to the Chinese as practical sociologists.
The Sociology of Confucius, however, though admirably well adapted
to the Mongolian family, and to all that part of mankind who are unfitted
for rising to the higher grades of social existence, and eminently sugges­
tive and instructive to all, is not, however, so well adapted to the higher
grades of humanity, such as we find among the Caucasian family, or the
European branch of it. It is not adequate to the requirements of a
Sociology which aims at the freedom and higher interests of all mankind.
No very complex problems are to be solved by the social philosopher
who does not propose to elevate more than one-half the human family
to the dignity of spiritual or intellectual life. It is easy enough, or cer­
tainly not very difficult, to devise asocial system in which nearly one-half
of the society may enjoy, in large measure, the comforts of rational ex­
istence, while all the suffering, privation, and degradation incident to Jhe
workings of the machinery of society, or rather of the machinery of the
universe, are thrown upon the other portion, who are doomed to the con­
dition of a merely animal existence, toiling like dumb cattle, to be lodged
on straw and fed on husks, or at best to be lodged on husks and fed on
meal. All that is necessary to the perfecting of such a state of society,
is a well-regulated political system, adequate to insure stability and older
in the State, and to keep down the lower orders, should they, fife the eels
in the play, writhe too convulsively at being skinned.
For the perfecting of such a state of society the Sociology of Confu­
cius is admirably well adapted; but it contemplates, from too low’ a stand­
point, the social destiny of mankind, and does not rise to an adequate
consideration of the higher and more difficult questions, which have been
so much discussed by European philosophers, between prince and people,
capitalist and laborer, master and slave.
If, indeed, we may believe what the Abbe Le Hue, the French Jesuit,
in his late work on China, tells us, we must accord to the Chinese a ca­
pacity for somewhat deeper, if not more just, speculations, and even ex
periments, in Sociology. He informs us that in the eleventh century ol
the Christian era, the reigning emperor of China was induced, at the ur
* Seo Davis's Ilistory of China, chapter 7, page 248, of vol. i.




664

Review, Historical and Critical,

gent instance of one Wan-gan-che, a speculator in Sociology, to attempt
a grand scheme of communism, the government undertaking, for the com­
mon good of all, the direct control and direction of the whole property
and business of the empire, which it is superfluous to remark proved a
grand failure, after entailing incalculable disorder and suffering.* But
this statement of Hue is to be received with considerable distrust, from
its great improbability, as well as for other reasons.
With the literature of Japan, notwithstanding the learned researches
of Kaempfer, Thunberg, Klaproth, Meylan, Fischer, and Siebold, and the
accidental discoveries of Golownin and others, Europeans are still very
slightly and imperfectly acquainted. If we may rely upon the statements
of Fischer and Siebold, however, their moral philosophy (and we may
conclude also their social) consists in little more than commentaries on
the doctrines of Confucius, whose mighty influence is not confined to
China. Our historic glance at Japan is not, however, barren of sociolog­
ical interest and suggestion. Its political system is one of the most re­
markable that ever existed. It exhibits most strikingly the potent efficacy
of custom, the supremacy of law, and the excess to which political regu­
lations may be carried. If there ever was a country completely under
the dominion of law, and happily exempt from the arbitrary authority
alike of king and populace, it is Japan. If there ever was a nation that
might be said to be governed to death, it is the Japanese. Every man in
Japan is a slave to the unbending despotism of law. From the wretched
outcast pariah, who deals in hides and leather, to the superior mikado
upon the throne, whose person is so sacred that he dare not he seen out­
side the precincts of his prison palace, every one in Japan is subject to
the most minute and exact regulations, and is beset and tormented with
spies to watch and report upon his conduct.
So stern, moreover, is the rigor of the political system of this remark­
able people, that if at any time a difference of opinion should happen to
arise between their grand council of State, or executive board of thirteen,
and the Ziogoon, or visible and de facto emperor,j- and the point in dis­
pute be referred (as imperious custom requires) to the arbitration of the
three first princes of the realm, the most serious consequences, it is said,
must inevitable follow; for if the council be sustained by the arbitration,
the Ziogoon must abdicate forever; if he be sustained, the councilman
who proposed the rejected measure, and often the whole council, must
commit suicide. Thus would seem to be practically carried out in Japan
the organic law proposed by Charondas of Greece, that whoever proposed
a new law should do it with a halter around his neck, so that, if his pro­
position was rejected, he might be hung on the spot. Whosoever be­
lieves that mankind can be legislated into either wisdom or virtue, and
that there is any great efficacy in the multiplication of political regula­
tions, let him study the Sociology of Japan.
* See Hue's work on China; also, Chambers’s Journal, No. 84, for August 11th, 1855.
t Some European writers on this country have spoken of two emperors as being recognized by the
political system of Japan—the Ziogoon, or visible and temporal emperor, and the Mikado, or invis­
ible and spiritual. The better opinion, however appears to be that there is but one emperor de
jurr, the supreme invisible Mikado, while the emperor de facto , the Ziogoon, is, in contemplation
of law, merely his vicegerent.
This, in fact, is not materially different from what exists in Britain, where the king is nominally,
or dejure. the chief executive magistrate, while the prime minister is dejac.tn, and in reality, so.
Indeed, in all political systems there is a constant tendency to this dual manifestation of authority
—the dejure and de facto —the apparent and real.




Of the Different Systems of Social Philosophy.

665

The Aztee writings, executed in rude hieroglyphics, and relating only
to the history of their nation, can scarcely deserve the name of literature ;
and we should doubtless search among them in vain (were they all pre­
served to us, and could we decipher them all) for any important specula­
tive ideas on Sociology. Nor does their practical Sociology, as exhibited
in their political institutions, exhibit any very prominent features iliat
possess more than a historic interest. Their elective monarchy, their in­
dependent judiciary, their judicious gradation of courts of justice, and
their faithful record of judicial proceedings, evince no inconsiderable share
of political sagacity—the more remarkable in a people, in many respects,
so rude and barbarous.*
There were, however, two features in Aztec Sociology, intrinsically de­
serving of special notice, both of unusual historic interest, and one particu­
larly suggestive to the social philosopher. These were public hospitals
for the sick, and important limitations on the institution of slavery.j- It
is remarkable that the Aztecs were the only people not blessed by the
light of Christianity, so far as we know, who ever established public hos­
pitals for the needy and afflicted. Their limitations on slavery were also
highly important. The rights of the slave were defined with precision,
and guarantied by law ; so that he was not left to the arbitrary control
of a master, responsible only for his life. His children, moreover, were
born free. No one could be born to slavery in Mexicof The slave class
could only be replenished from the original sources of slavery, captivity
in war, crime against the State, voluntary surrender of liberty, or sale of
child by parent.§ These Aztecs had no great State document declaring
that “ all men are created free and equal.” But they distinctly recog­
nized, to a certain extent, the sublime doctrine, and consistently adhered
to it in their practices.
The Inca race, of Peru, can, with less propriety than the Aztecs, of
Mexico, be said to have had any literature or speculative philosophy em­
bodied in writing; though like most nations, however rude, they had
their haverees or poets; and besides these, their amautas, or annalists,
charged with the duty of transmitting orally, or by tradition, the deeds
of the reigning Inca and his ancestors, and also their qilipus, or State
archives, consisting of skeins of various colored thread, attached to cords
of convenient length, the rude symbols which comprised their only sub­
stitute for written language.! Very imperfect, we may reasonably con­
clude, must be that literature which is expressed merely in skeins of
thread, though these rude symbols were adequate, it appears, to express
much accurate historical, as well as statistical, information.^)
But if we derive quite as little suggestion in Sociology, speculatively,
from the Inca as from the Aztec race, we derive far more, practically.
The sociological system of the Peruvians, under the rule of the Inca race,
as described by Prescott, was the most remarkable, so far as we know,
that ever existed. It afforded the nearest approximation, on a large scale,
to the realization of the visionary idea of the commonest school of socio-*§
* See Prescott's History of Conquest of Mexico, ch. ii., pp. 23-28-29-31-33 of vol. I.
t See Prescott’s Mexico, ch. ii., pp. 37-48, of vol. I.
J See Prescott’s Mexico, ch. ii., p. 37, vol. I.
§ Idem., p. 36, vol. I.
USee Prescott's His. of Conquest of Peru, book i., ch. 4, pp. 118-19-20-21-22-23, of vol. I.
Idem.) Id.




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logists to he found in human history, and on the only condition on which
such an approximation is possible, on any large scale— the absolute subjec­
tion of one portion of society to another.
The whole national domain of Peru, it appears, was divided into three
equal parts—one of which was assigned to the Inca or ruling order of the
State, another to the Sun or priestly order, and the third to the people or
working order. The people’s part was again divided equally, every year,
among the great body of the people or slaves of the Inca family, as they
virtually were ; each head of a family (which every man was required
to become at the age of twenty-four) receiving an equal part, and the
whole body of the people being required to cultivate the lands of the Inca
and priestly order, as well as their own.'* Thus did the government of
the State undertake to assure to every one engaged in agriculture (their
chief industrial pursuit) an adequate share of landed property for his
maintenance.
The government undertook a similar office as to those engaged in
manufacturing pursuits-—taking that branch of industry, as well as the
agricultural, under its own supervision.! Nor did the paternal care of
the government cease here. The very lamas, or Peruvian sheep, were all
owned by the Inca and priesthood ; and the wool annually clipped from
their flocks was stored in public magazines, and dealt out to each family
according to its wants,J almost precisely after the manner which prevails
on a Virginia or Georgia estate of supplying the slaves with clothing.
In truth, the whole sociological scheme of Peruvian society, under the
Inca rule, as portrayed by Prescott, was but an expanded application of the
scheme of domestic slavery, as exhibited in the slave States of America;
and a Virginia or Georgia plantation may be regarded as an almost per­
fect miniature of the Peruvian State—the master representing the Inca,
the overseer the priesthood, and the negroes the great body of the people.
To those who would accept communism on such terms, it may be said, try
the experiment; for on such terms only is it practicable, for reasons that
will hereafter be fully explained and demonstrated.§
One other feature of Inca Sociology, intimately related to those al­
ready noticed, and forming a part of the whole system, is deserving of
special notice. This was the storage of large quantities of agricultural
produce in public magazines by the Inca, to be kept as a reserved fund,
to be distributed to the people in seasons of scarcity. This is an indis­
pensable provision, in one form or another, for a perfect social system.
It would be better by far that every individual member of society should
be provident enough to lay up this reserved fund for himself and his natu­
ral dependents. In default of this, however, in order to prevent occasional
famine, it must be furnished in the mode adopted by the Incas, or, as is
much more common in highly civilized and wealthy communities, by
those wasteful habits of the affluent, so much clamored against by superficialists, which being discontinued in seasons of scarcity, yield a suffi­
ciency for the needy and suffering.
We may conclude this review of Mongolian or yellow-skinned Socio­
logy by observing, that though instructive and suggestive, and peculiarly*§
* See Conquest of Peru, book I., ch. 2., pp. 47-S, of vol I.
t I d e m p. 51.
%Idem., p. 52.
§ Mr. George Fitzkugli, in bis “ Sociology for the South,” already alluded to, has justly said that
what the communists seek to accomplish is practically realized under the institution of slavery.




Of the Different Systems of Social Philosophy.

667

well fitted for the Mongolian family, it is not adequate to the require­
ments of many branches of the Caucasian family ; that it is predicated upon
too low an estimate of the inherent dignity and natural rights of man;
that it does not rise to the contemplation of many of the important ques­
tions as to the relative rights of prince and people, capitalist and laborer,
master and slave, so important in many conditions of human society ; and
that Mongolian intellect does not appear to have anywhere shown itself
competent to grapple with those high and momentous questions.*
Of the great Caucasian division of the human family, with its various
branches and manifold ramifications, more widely distributed than any
other, penetrating Africa, Asia, and Europe, and latterly extending into
America, the only typej- of the human genus that has shown any decided
indications of a progressive development, and from whose stock have is­
sued all the nations that have contributed very largely to the stores of
human knowledge, or yielded any of the choicer fruits of genius, many
nations have disappeared from the world, leaving scarcely any relics of
their learning, and but few vestiges of their existence.
The learning of ancient Egypt, Chaldea, Phoenicia, and Persia, are
almost as little known to the present age as if they had never existed,
while that of India continues, for the most part, locked up in a language
but little known to Europeans, from a doubtless well-grounded conviction
that it is scarcely worthy of translation into European languages.
The hieroglyphics of Egypt, the only remaining records of its ancient
inhabitants, and which have been found so profusely inscribed upon their
monuments, as well as upon the numerous scrolls of papyrus that have
been discovered in their tombs, remain, to a great extent, undeciphered,
notwithstanding the aid which has been afforded to the learned, by the
trilingual inscription on the Rosetta stone. And such of them as have
been deciphered have been found to relate, almost exclusively, to the
mythology of their priests, and the chronological order and military
achievements of their kings. The few fragments of Egypt’s renowned his­
torian, Manethe, preserved to us in Josephus, Eusebius, and Clemens, of
Alexandria, are barren of nearly all information not essentially chrono­
logical. We strive in vain to restore the contents of the forty-two sa­
cred books of Egypt, which existed in the time of Clemens in the third
centurj7 of the Christian era, from the brief references made to them by
that eminent writer. Nor does the recent elaborate effort of the learned
German scholar, the Chevalier Bunsen, to restore “ Egypt’s place in His­
tory,” aspire to much more than a philosophical dissection of its language,
and the rectification of the chronology of the human race.
While all insight into the speculative Sociology of Egypt (if, indeed, it
ever possessed any) is thus denied to us, we find in its practical Sociology,
as developed in what we know concerning its political system, a remark­
able and suggestive illustration of the infusion of theocratical principles
into the social system—an extraordinary blending of religious with politi­
* To this remark an exception may be found, perhaps, in the Aztec race, in their important and
humane limitations on the institution of slavery already referred to ; also in the Chinese race, in
their grand experiment in communistic philosophy, also before referred to.
t Perhaps it would be more proper and less liable to criticism to say, the only division of the hu­
man family, any of whose types has shown, &c. This mode of expression should at least be less
objectionable to Messrs. Nott & Gliddon who. in their late work on the “ Types of Mankind”
stoutly insist that there are many more distinct types than even Blumenbach recognizes.




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cal power, or what, in later times, has been termed “ the union of church
and State.” In this respect the Sociology of Egypt was most probably
the model on which that of the Hebrews was framed, though the latter
was doubtless aided and improved greatly by the more immediate inspi­
rations of Israel’s great law-giver. In this respect, it is also worthy to be
noted that the Sociology of Egypt bears testimony to the idea of Comte,
before referred to, that the human mind, in its first stage of development,
is theological or fictitious. Other nations besides Egypt, indeed, bear
testimony to the same point, if not a ll; a fact, however, from which some­
what different conclusions might be drawn from those deduced by that
eminent, though rather too dogmatical, philosopher.
The highly theocratical character of Egyptian Sociology is attested by
a fact which is not only worthy of note to the sociologist, but eminently
suggestive to the mere political philosopher. This was their remarkable
scaling of votes, by virtue of which the priestly order vastly preponderated
in the State. In the earlier times of Egypt, when their kings or political
chieftains were elective, it seems that in the election of their kings the
vote of the highest order of priests, or the prophet order, counted one
hundred, that of the next order twenty, and that of the next ten, while
the vote of a soldier counted only one.*
This idea of scaling or weighing votes was also acted on by the Romans,
as will be subsequently noticed more particularly, though they scaled
votes according to the wealth of the voters, and not, like the Egyptians,
according to occupation.
In modern times this idea has been almost totally neglected, instead of
being maintained and improved upon, in political systems, although it
may be detected in the American system of government, when it is re­
cognized in the organization of the Federal Senate ; for every State in the
American Union is entitled to just two senators, in the senatorial branch
of the Federal Congress, so that the little State of Delaware, (which has
been facetiously termed, from its diminutive size, the county of Delaware,)
with a population of less than 100,000, has an equal voice and influence
in this great deliberative body with the Empire State of New York, hav­
ing a population of more than 3,000,000. In the American government,
however, this idea is recognized purely on federal grounds, in deference
to State sovereignty under the federal compact, and not upon any general
and fundamental grounds of political propriety.
It may be very gravely questioned whether modern Sociology has not
suffered in having lost or abandoned this political idea, so prominently
recognized among the Egyptians and Romans, and whether experience
does not fail, on this point at least, to sustain Mr. Comte (and others) in
his favorite idea of a constantly progressive development of the human
race. In this respect, as in some others, it might appear to many that
mankind have rather retrograded than advanced in modern times. Of
how many errors might some modern States be relieved if there were only
some tolerably just and reliable mode of weighing votes instead of merely
counting them !
All that is left to the world of the learning of the three great kingdoms
which successively flourished on the plains of Mesopotamia, (Chaldea,
Assyria, and Babylonia,) with the exception of the few fragments of Berosees preserved in Josephus, are embodied in the cuneiform characters^
Seo Bunsen'a Egypt, book I., see. 1, art. iii., p. 5, and note thereto.




Of the Different Systems of Social Philosophy.

669

inscribed on the Babylonish, Assyrian, and Chaldean bricks, the incep­
tions on the clay tablets lately discovered in such large quantities at
Nineveh, by Mr. Leyard, and which have been fancifully denominated
“ the royal library of Nineveh,” the inscriptions on the clay cylinders
still more recently discovered at Babylon, by Mr. Rawlinson, which he
has supposed to contain the records of the Babylonish empire, and on the
clay cone and block marble tablet, discovered by the same explorer among
the ruins of cities supposed to have been more ancient than either Babylon
or Nineveh, and believed by him to contain records relating to the more
ancient empire of Chaldea. Should the learned linquists succeed in de­
ciphering all these inscriptions, it is probable that some curious and in­
teresting information, not now known concerning those primeval empires,
will be disclosed to the modern world. But it is doubtful whether they
will shed any light on the science of Sociology, or indicate that the phi­
losophy of that age has concerned itself, to any important extent, with
questions of that nature.
The Phoenicians, with all their advancement in navigation and the
industrial arts, have disappeared from the world, leaving no relic of their
literature except their letters, which, as Grecian story informs us, were
brought into Greece by one of their colonists under the leadership of
Cadmus, some 1,500 years before the Christian era—an event to which
Europeans are immediately indebted for the advantages which they have
long possessed of the phonetic, or alphabetical, mode of writing, instead of
the symbolic, or hieroglyphical, which prevailed in Egypt, and prevails to
this day in China.
The learning of the Carthagenians, an offshoot of the Phoenician stock,
is equally lost to the world, having been all destroyed, together with their
historical records, by the ruthless spirit of their Roman conquerors. Nor
are any traces of their language preserved to the present age, except in a
few passages of a comedy, by Plautus, a Roman writer of the second cen­
tury before Christ. Some knowledge of their Sociology, so far as relates
to their political organization, we are enabled to deduce from various
Grecian and Roman writers, and more particularly, Aristotle, Polybius,
and Livy. From these we learn that their government was framed upon
the best model known to antiquity, being a highly aristocratieal republic,
and bearing a strong resemblance to those of Sparta and Rome, having
two chief executive magistrates, or s»ffetis, corresponding to the two kings
at Sparta, and the two consuls at Rome, a Senate, and also popular as­
semblies exercising an important influence in State affairs.
In connection with the Sociology of Carthage, it may be important to
remark, that Polybius, (who flourished some two centuries later than
Aristotle, and when Carthage had lost much of that excellence in its
political character, which had elicited the admiration of that philosopher,)
attributed the disadvantage of that State, and its inferiority to its great
Italian rival, in their ever memorable struggle for supremacy, to the fact,
that Carthage was, at the time, to a great extent, under the dominion of
the populace, while Rome was still chiefly’ under senatorial rule and in­
fluence—Carthage being then in its age of decay, and Rome in its age
or period of perfection, which period, in the opinion of this great political
philosopher, was indicated by the ascendency of the aristocracy, a senatorial
body of a State. *




* See Polybius’s General History, book vi., chap. 2.

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Review , Historical and Critical,

Of the four different languages which have been successively spoken
on the plains of Persia, the Zend, Pehlevi, Parsee, and Persian, scarcely
any traces now remain of the first three. But if the learning which they
embodied, during their respective periods of existence, may be judged by
that which is embodied in the living Persian, the cause of science has
little reason to regret its extinction. The learning of Persia, as embodied
in its extant writings, (which are nearly all in the modern Persian,) does
not rise above the dignity of mediocrity in any of the sciences. Its only
merit is to be found in its historical and poetical compositions, and prin­
cipally in the latter. The Zendavista, the most notable, as well as most
ancient, book of the Persians, written originally in the ancient Zend, and
translated successively into the three succeeding languages of that country,
as well as into some of the European languages, is nothing more then the
Koran or Bible of the ancient Persians,' embodying the ideas of the
Magians or fire-worshipers, of whom the persecuted and insignificant
sect of the Ghubres, as the Mahommedans style them, in Persia, and the
Parsees, as they are still called in Ilindostan, are the only surviving rem­
nants at this day.
If we were warranted to suppose that what Xenophon has said, in his
Cyropaedia, concerning the Persian mode of training youth, was historical
truth, that their children were rigidly drilled at their public schools, in
the principles of justice, as among other nations they were drilled in the
principles of the alphabet, and that instead of aiming at the multiplica­
tion of laws to punish offences, the grand aim of the Persians was so to
train up their youth that there should be no offences demanding punish­
ment, we should be authorized to accord to the Persians some very just
and highly important ideas in social philosophy. But there are abundant
reasons which constrain us to the conclusion that the Cyropaedia was
essentially a mere historical romance, and that the valuable ideas which
it contains concerning State education, are to be referred rather to the
speculative Sociology of Greece, than to the practical of Persia.
The vast collections of Hindoo literature, notwithstanding the labors
of Sir William Jones, and other eminent Oriental scholars, are still almost
entirely locked up, not only to Europeans, but also to the modern Hindoos
themselves, in the long extinct Sancrit, the most ancient human langu­
age (not strictly hieroglyphieal) of which any remains are now extant.
It would be unwarrantable in our very limited acquaintance with that
literature, to pronounce any very positive judgment upon it, as to its
merits or the nature of its contents. Sir William Jones, indeed, informs
us, that among the Hindoo writings are to be found systems of philosophy
very similar to those of the most eminent Grecian philosophers—a fact
which may tend unduly to raise the character of Hindoo philosophy, in
the estimation of those who do not consider, or are not aware, how near
a resemblance (naturally if not necessarily) exists between the fundamental
ideas of the wise men of all ages and countries, upon those theological,
metaphysical, and ethical questions, which chiefly engaged the attention
of Grecian philosophers ; and that it is by the application which is made
of fundamental principles, and the mere particular deductions which are
drawn from them, rather than by the mere recognition of those principles,
that the sagacity of a philosopher is to be estimated.
Notwithstanding, moreover, the remark of Sir William Jones, that
“ wherever we turn our attention to Hindoo literature the idea of infinity




Of the Different Systems of Social Philosophy.

671

presents itself,” the character of that literature cannot be very highly
estimated by us, when we consider that nearly the whole of it is embodied
in verse, even down to their histories and philosophical treatises, and when
we furthermore consider the extravagant, unnatural, and monstrous
character of their two most celebrated works, “ The Mababarat” and
“ Kamayana,” the one a sort of historical, and the other a sort of
theological or mythological, romance, some of the best specimens of which
have been translated into English. Philosophy is eminently prosaic ; and
we may feel tolerably well assured that a nation which has never risen
above that poetical, or rather lhythmical, style of writing, which cha­
racterizes the earliest and rudest period of a nation’s literature, has not
made any very important contributions to science, either in the realm of
Physiology or Sociology.
It might he supposed that the marked distinctions of class, (or of caste,
as it is commonly styled, in reference to those of Ilindostan,) which are
so minutely dwelt upon in the ancient Hindoo writings, and which still
exist, in a remarkable degree, in that country, (though founded on some­
what different grounds at present, from those of former times,) are en­
titled to prominent notice in a review, historical and critical, o f the different
systems of social philosophy. But on a close and critical examination, it
will be found that these distinctions do not differ essentially from those
which exist to a greater or less extent in every community, althougy they
may be somewhat more numerous in Hindostan, more rigidly adherd to,
and founded upon more frivolous grounds.
The distinctions of caste in Hindoo society are, for the most part, such as
relate to social intercourse in the private relations of life, and are of too
frivolous a nature to merit the attention of the social philosopher, whose
office it is to concern himself only with the material comfort and sub­
stantial well-being of mankind. How it is evident that such social dis­
tinctions have little to do with these, however much they may affect the
spiritual sensibilities, or the sense of the frivolous. The flavors of one’s
coffee is not at all impaired by the fact that his neighbor refuses to par­
take of it with him; and if the plainer member of society has his larder
well stored with coffee and other substantial provisions, it is a matter of
small consequence to him (if he be a man of good sense) that the
wealthier citizen declines exchanging visits with him.
In point of fact, moreover, it is doubtful whether the distinctions of
Hindoo society are more numerous than exist in other populous com­
munities. If there are 168 different castes of Brahmins in Bengal, as we
are informed, there is probably a not less number of different cliques or
coteries in the city of New York, who in point of fact have as little inter­
course with each other, in private relations, as the different castes of
Brahmins, though they may not be kept apart, and certainly are not, as
to many of these coteries, by any such absurd notions of self-arrogated
superiority.
In so far as the distinctions of caste in Hindostan are the foundations
of peculiar priviliges to those of particular castes, they are not essentially
different from those which exist, and have existed, in other forms of hu­
man society. What are the sociological tendencies of such distinctions,
or what is the real influence on the social welfare of “ privileged classes ”
in societies in which they are recognized, would he an inquiry too
elaborate to be consistent with the purposes of this review, and rather




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Review , Historical and Critical,

appertains to tlie work to which this is intended merely as a general in­
troduction.* It should, of course, be quite superfluous to remark, that
in so far as social distinctions in Hindostan are founded upon differences
of wealth, or actual superiority of comfort, they are, to all intents and
purposes, the same as exist in every state of society, at all advanced in
civilization and wealth ; since in every such society there exist at least
these three grand divisions of human society—the high, low, and middle,
or rich, poor, and moderately circumstanced—and if it were possible to
efface these, there would still exist the three grand distinctions founded
in nature, and underlying all social distinctions, of good, bad, and indiffer­
ent, according to which men will affiliate, and according to which they
will, in the main, and to a greater or less extent, prosper.
All things in the universe go by trinities, in many of their most im­
portant relations. This great fundamental organic law of creation, we
shall find, crops out in Sociology, as well as in every other department of
universal science. What nature and nature’s God have ordained, and
laid fast in the external constitution of things, let not man vainly and pre­
sumptuously hope that he can ever reverse.
The Hebrews do not appear to have been ever a scientific people, nor
to have cultivated any species of literature, except the poetical, historical,
and theological. They do not appear to have ever had any literature ex­
cept those writings which are held sacred by them in common with
Christians, the historical writings of Josephus, and the Talmud, which
is little else than a collection of Jewish laws and traditions, with the
comments of learned Rabbins. The three famous sects of ancient He­
brew philosophy, the Pharisees, Sadduces, and Essenes, appear, from
Josephus, to have been altogether concerned about theological and ethical
questions. And although the Essenes may be termed practical Maltbusians, inasmuch as they refused to marry, and thus to increase popula­
tion, yet this does not appear from Josephus’s account of them, to have
been on account of any social or political reasons, but purely from spiritual
or psychological ones, thinking doubtless, like St. Paul, that it was better
not to marry.
From this cursory and unsatisfactory commentary on the learning of
ancient Egypt, and those Asiatic nations which are commonly regarded
as belonging to the Caucasian branch of mankind, showing rather what
we do not know, than what we know, concerning their attainments in science
and general literature, it may be concluded, that, if they ever contributed
any important ideas in social philosophy, it would be difficult now to dis­
cover what they were, or to distinguish them in the general mass of ideas
which now prevail. It is, however, more than probable, that if they ever
made any such contributions, the)7 are not entirely lost to the world, for
if contributed by the ancient Hindoos, they are probably still preserved
in the Sancrit libraries of India, if indeed they have not already been thrown
into the general current of human ideas, which has been almost con­
stantly flowing from the east towards the west; if contributed by the
Egytians, Chaldeans, Phoenicians, or Persians, it is altogether probable
that they have been incorporated and preserved in the writings of Gre­
cian philosophers. For most, if not all, the eminent wise men of Greece
* For a consideration of this question reference may be made to part iii. of the work to which
this is introductory, where the “ influence of government on the social condition, or man in re­
lation to his political organizations,” will be considered.




Of the Different Systems of Social Philosophy.

673

visited Egypt, Phoenicia, Mesopotamia, and Persia, and doubtless became
acquainted with the philosophy of those countries, before publishing their
own writings.
It is, however, most probable that none of those nations ever directed
their philosophical speculations to questions in Sociology. The genius of
their political institutions, as well as their inherent national characteristics,
wras eminently unfavorable to such speculations. The absolute despotism
which have generally prevailed among Asiatic nations, of the Caucasian,
as well as the Mongolian race, whensoever they have become advanced in
civilization beyond the nomadic state, are incompatible with any specula­
tions in social or political science, except such as aim at, or are in perfect
harmony with, the adulation and exaltation of the monarch. And it is
not a little remarkable, therefore, that we should find such valuable ideas
in Sociology among the Chinese, as those which have been already re­
marked upon.
Thus we find that even in this enlightened age, and among the highly
enlightened and philosophical French people, under the somewhat abso­
lute rule of Louis Napoleon, while the spirit of philosophical inquiry is
entirely free upon all other topics, it is not permitted to speculate freely
on political questions; and the same observation may be made in relation
to despotic Russia.
But independently of the influence of their political institutions, the
inherent characteristics of those nations, as ascertained from what we
know of their learning, and from the remains of their works of art,
forbid us to suppose that they were concerned themselves much about
schemes for the improvement of society, or the enlargement of the com­
forts of the suffering masses of mankind, or about the principles of
Sociology best calculated to promote those ends.
When we contemplate the wonderful remains of the ancient greatness
of Egypt, Assyria, and Persia, when we behold their stupendous pyramids,
their grand palaces now in ruins, the gigantic proportions of their ruined
temples, and their costly and exquisitely adorned tombs, we are at first
overwhelmed with admiration, and are prompted to imagine that we be­
hold the ruins of a civilization which the present inhabitants of the globe
have not the power to emulate. But when we look through the impos­
ing exterior of these wonderful remains, we find reason to doubt the just­
ness of our admiration. Upon a more profound contemplation, we are
apt to conclude, that those magnificent productions of the earlier nations
were but the exterior fabric of a civilization of w'hich the interior was to
be modeled by a subsequent age—as the mere material framework of a
civilization, the moral principle of which was yet to be supplied—as little
else than the mere body of civilization without its animating, vital soul.
What idea, indeed, do these remains convey, except that of a merely
material grandeur—a grandeur, moreover, designed only to gratify the
vanity of a few pampered mortals, rather than to satisfy the wants of the
general mass of mankind ? The very magnitude of those works of the
earlier nations attest the lowness of their ideas respecting the true aim
of human improvement—the elevation of the condition of the great body
of mankind. Those costly tombs for the dead bear testimony to the
insufficiency of the habitations of the living. Those magnificent palaces
of the princes, argue the abject meanness of the dwellings of their sub­
jects. Those grand temples and stupendous pyramids speak to us of the
VOL.

x l i .— n o

.

v i.




43

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Principles of the British Bank Acts of 1844- 45.

wretchedness of the slaves by whose hands they were reared. The vast
amount of labor and capital expended in those comparatively useless works,
would have been differently applied among a people even moderately ad­
vanced in Sociology. In a tolerably healthy state of society there would
have been such a distribution of the aggregate wealth of the community,
as well as of its political power, as could have been incompatible with
such an enormous outlay of unproductive consumption.
In view of the foregoing observations and reflections, it may be safely
concluded that that portion of the great Caucasian family, or division
of mankind, which has existed in Asia and Africa, and whose greatest
and only notable attainments in civilization, with the single exception of
the Arabians, (who are to be subsequently noticed,) were made in ancient
times, has neither made any high attainments in Sociology, in point of
fact, nor turned its attention, speculatively, to questions of that nature,
at least to any extent deserving of special notice. It is only among the
strictly European divisions of the great Caucasian, or (as it is sometimes
termed) European, branch of mankind, that questions in Sociology have
been considered to any important extent. The consideration which such
questions have received among them, will be noticed next in order.

Art. II.— PRINCIPLES OF THE BRITISH BANK ACTS OF 1814-45.
T h e precious metals, gold and silver, from their nature and general
estimation in which they are held by mankind, have become almost uni­
versally the material for money. They possess high value in their natural
state. When they are coined, or are brought into the form of money, as
we are accustomed to see them, their real value is but slightly changed,
though their usefulness as articles of exchange is immensely increased.
It is evident that gold or silver might be taken indifferently as the stand­
ard of value. Gold is the standard in Great Britain, while silver is that
of France and America, though in both these countries there is the
alternative of gold. The inconveniences of a double standard are very
evident. Uncertainty would be introduced into the operations of com­
merce, for as gold and silver could not retain their identical proportionate
value for any long period, debts would be paid in the metal which had
become overvalued, while the one which had become undervalued would
offer a profit on its exportation to foreign countries. Gold, then, being the
standard of value in the United Kingdom, and the standing measure of
all other commodities, it is plain that it can never rise or fall in value
with reference to this measure—that is, with reference to itself.
The sovereign, or pound sterling, contains 480-1,869 parts of an oz. of
gold, or little more than a fourth of an ounce ; in other words, 5 dwts. 3
grns., or 123 grns. of standard fineness. The quantity oipure gold con­
tained in a sovereign is 113.001 grns. The ounce of gold is thus worth
£3 l7s. 10-*d., and that is what is usually called the “ fixed price ” of gold.
This is sometimes spoken of as if there were some arbitrary price fixed
on gold, and the demand is sometimes made by those who have not
accurate notions on the subject for “ a free trade in gold.” The truth is,
there is no trade more free. It may be exported and imported without




Principles of the British Bank Acts of 1844- 45.

675

duty, and, in fact, it is the most free of all commodities. All that is fixed
is the quantity of gold of a certain fineness that the pound shall contain,
and all contracts are made to he discharged by the payment of so many
pounds—that is, of such a weight of gold of standard purity.
The mode in which the metallic currency of the United Kingdom is
regulated is as follows:—At the mint, gold is coined into sovereigns and
half sovereigns, at the rate of £3 17s. lO^d. per ounce, and any one who
possesses a quantity of gold may take it there, and after waiting a certain
time—usually about a fortnight—will receive it back without any deduc­
tion for the expense of coinage, divided into a certain number of coins,
stamped, so as to certify the quantity of gold which each contains. The
Bank of England, however, is obliged, by law, to purchase bullion, on de­
mand, at the rate of £3 17s. 9d. per ounce, and this, practically, is the
mode in which people obtain money for their bullion. The bullion is
taken to the Bank, and after examination the value is paid to the owner
in bank notes at the above rate. The small difference of lid . per ounce
is more than compensated by the saving of the delay and inconvenience
unavoidable at the m int; and the Bank of England, in fact, alone sends
money there to be coined. The value of the gold coin is, therefore, no
greater than that of the bullion composing it, but this is not the case
with the silver coinage. A duty of rather more than six per cent is
charged on the coinage of silver—-that is to say, the gold contained in
five sovereigns, instead of being worth only 100 shillings, is worth a little
more than 106 shillings. The object of this regulation is, to prevent the
exportation of silver coin, and this object has, up to the present time,
been perfectly secured. Such must remain the case till gold shall have
suffered a depreciation of upwards of six per cent. Should this, however,
take place while the gold standard is maintained, the inconvenience may
be obviated by the expedient of diminishing the amount of silver in the
silver coins. Of course, had the enhancement of the value of silver coin
been much more than it is, an inducement would be held out for illegal
coining. Since 1816, silver is legal tender to the amount of 40 shillings,
but not above that sura; it, therefore, has ceased to be a standard of
value, and forms merely a subordinate species of currency, occupying the
same relation to gold that copper occupies in relation to silver. Copper
is legal tender for 1 shilling in pence, and half that sum in halfpence;
and similar regulations are made in reference to it as are made in regard
to silver, to prevent its being profitable for exportation in the form of
coin. The amount of gold coin in circulation is variously estimated at
from £45,000,000 to £60,000,000. In the United States a similar law
in 1853 reduced the value of silver coins under $1, and limited the legal
tender of them to sums of $5 ; the object being to retain small change
in the country, and it has been realized.
Now, with regard to the effects of the increased supply of gold from
California and Australia, though the nominal price, per ounce, at the
mint can never fall below the amount already stated, yet it will be obvious
that the purchasing power of an ounce of gold may vary ; and, when the
large additions to the stock of gold annually made from these sources
are considered, it may safely be predicted that it will actually decrease,
or, in other words, the value of gold will be depreciated.
To estimate accurately the effect of the depreciation of the value of
gold arising from this increase of the supply is one of the most difficult




676

Principles of the British Bank Acts of 1844- 45 .

of problems, and probably we have not at present the means of attempt­
ing its solution. But some of the causes may be indicated which have
retarded the depreciation, and, perhaps, up to the present time, have
actually neutralized the effect on prices of the increased supply. Gold
being used extensively in the arts, it is possible the consumption of it for
articles of ornament and use may have somewhat increased ; but there is
no doubt that a large portion of the increased supply has been absorbed
in the currencies of the different countries of the world, and the tendency
to depreciation has thus been checked. Take, for example, France and
the United States of America. In both countries the standard of value
is silver, and the prices of the various commodities are reckoned in the
one country in francs, in the other in dollars. But in both there is the
alternative of gold, and the effects previously mentioned as likely to result
from a double standard have actually come into play. In France, since
1802, the 20 franc gold piece is legal tender for 20 francs of silver, and,
till a few years ago, it was at a premium ; consequently silver was almost
the sole coin in use. Since 1850, however, the supply of gold being in­
creased, its value, in relation to silver, has fallen, and it has become profit­
able to replace silver coin with gold coin. We are told, on good authority,
that, in France, all silver money is rapidly melted; 5 franc pieces are
becoming rare in Paris; the bank pays its notes in 20 franc pieces. A
remarkable increase of the gold coinage of France has consequently taken
place. The quantity of coin in use in France, as estimated by the best
authorities, was, early in 1849, 100,000,000 sterling in silver, and
3,000,000 in gold. In Holland gold coins ceased to be legal tender after
the 23d June, 1850, the effect of which was to produce an efflux of gold
into France, so as to redude the premium of gold at Paris from 9 per
niille in July, 1850, to par in December, 1850, while, during the greater
part of 1851, it fell to 4 or 5 per niille discount. The French mint has
been employed principally in coining gold of late years, so that the rela­
tive proportion of gold and silver coins in circulation has been completely
changed. This is exemplified by the component parts of the reserve of
the Bank of France, which on the 31st December, 1849, consisted of
£160,000 of gold to £ l 7,170,000 of silver; while at the same period of
1854, the proportion was £7,730,000 gold to £7,940,000 silver, and the
silver has now nearly disappeared. In the United States, under the law
of 1792, the proportion of the value of silver to gold was fixed at 15 to
1. This proportion was lower than the market proportion, and in con­
sequence of this undervaluation of gold, but little gold was sent to the
States mint, or employed in circulation. The act of 1834 raised the pro­
portion at the mint of the United States to 16 to 1, at which period Mr.
Sennington, one of the highest authorities on the subject, computed that,
in England, the mint proportion of silver to gold is 15.71 to 1, and in
France 15.69 to 1.
The act of 1834 undervalued silver, and led to the exportation of the
smaller silver coins; in 1853 a change took place as follows, (silver coin
being 9 parts fine and 1 alloy :)—
Silver dollar................................................................... grains
Half dollar...............................................................................
Quarter dollar..........................................................................
Dime.........................................................................................
Half dime.................................................................................




1837.

1858.

412-}
206J
103-J
4I£
20J

412-J
192
96
38.40
19.20

Principles of the British Bank Acts of 1844- 45.

677

The gold eagle, 10 dollar piece, by the act of 1834, contains 232 grains
of pure gold, and as the sovereign contains 113 grains pure gold, the
sterling value of the gold dollar is 49.0Sd, or 4.89 dollars per £ l.
When people are suffering, as during the late commercial crisis, from
the scarceness and dearuess of money, we sometimes hear the question
asked, “ where is the gold all gone?” or, putting it into the form of a
paradox, “ since gold is so much more plentiful than it used to be, why is
money so scarce?” Now, it will be seen from the foregoing observations,
that, in so far as the effect of the increased supply of gold is felt in the
markets of the world, a depreciation of its value has taken place; in
other words, there has been an advance in the prices of other commodi­
ties. Consequently, it will require a larger amount of money to represent
these commodities in their transference from hand to hand. Thus, if, at
one time, the price of silk be 20s. per pound, it will require a sovereign
to purchase the 1 pound; but, if there is an increased supply of sover­
eigns, and only the same supply of silk, the price may rise to 30s. per
pound ; and, in that case, it will require a sovereign and a half to make
the purchase.
It is sometimes assumed that, as money becomes more plentiful, and
consequently less valuable, the rate of interest, or the price paid for its
use, should fall. The fallacy, however, that lurks under this statement
will be detected by the consideration, that the amount paid, in the form
of interest, for the use of the money, will be diminished in its purchasing
power in exactly the same proportion as that of the money lent, and the
rate of interest, therefore, other things being equal, should remain the
same. Thus, suppose 5 per cent per annum is given as interest for the
use of £100, and gold becomes so abundant that its purchasing power
diminishes by one-half, it is evident that the purchasing power of the £5
will be affected exactly in the same proportion as that of the £100, and,
consequently, though gold has become more abundant, the interest paid
for its use will not, necessarily, vary.
People sometimes speak of the supplies of gold from Australia as if
they caused an actual increase of our wealth to the extent of the value of
the gold we receive. They forget that, for every ounce of gold trans­
mitted to us, we had previously sent out a corresponding value of woolen,
or cotton, or silk goods, or of other commodities. The value of these
goods we had expended in the purchase of the raw materials, and in
wages; the only advantages we have derived from the transaction being
the profits that may have resulted to the merchant and manufacturer, and
the increased wages which our operatives have been enabled to earn. A
real increase of profits and wages, however, can only arise from the in­
crease of money, so long as the latter is partially distributed. When the
process of distribution has gone so far as to bring gold to its proper value
in comparison with all commodities and services, neither merchants, nor
manufacturers, nor operatives gain by the increase of price of what they
have to sell. But a general rise of prices can only be brought about by
successive partial rises, and the capitalists and laborers, who are the first
to receive the higher prices, are gainers in their purchases. But by means
of their purchases they raise prices against themselves, and help to bring
about a general rise, and a true equilibrium in the value of gold, as com­
pared with all other things in the market.
The basis of our commercial transactions is specie payments. “ Who­




678

Principles of the British Bank Acts of 1844—45.

ever,” says Mr. Huskisson,“ buys, gives—whoever sells, receives such a quan­
tity of pure gold or silver as is equivalent to the article boughtor sold—or,
if he gives or receives paper instead of money, he gives or receives that
which is valuable only as it stipulates the payment of a given quantity of
gold or silver.” The currency of the country, in so far as it consists of
the precious metals, is so much of the capital of the country applied to
that purpose. Even, however, supposing the currency of the country to
consist entirely of specie, it does not follow that the amount of that cur­
rency would bear anything but a small portion to the actual amount of
the exchanges of commodities. The same coin passes frequently from
hand to hand, and becomes the representative of value in many different
sales.
Bank notes are a very important mode of saving the amount of unpro­
ductive capital employed as circulation. They form the substitute for
gold, and even were a sovereign deposited in the bank for every poundnote issued, the use of notes would be a saving in the actual wear of the
coin, and the avoiding of accidental loss in the transference from place to
place. Practically, however, it is found unnecessary for the purposes of
securing the convertibility of notes to have their full amount deposited
in the form of bullion. A certain amount can be calculated upon with
absolute certainty, as likely to be kept in circulation, by notes being more
generally available for many purposes than the actual coin ; but it has been
deemed advisable by the Legislature to secure that, beyond this amount,
a deposit of coin shall be retained for every note issued. It is upon
the effect of this limitation that a great deal of controversy has taken
place—based, too often, upon much misconception and ignorance of the
functions of a currency. Few, indeed, if any, would desire a return to
the system which prevailed from the beginning of the present century till
the resumption of cash payments by the Bank of England in 1821.
During this period, a difference in value existed between bank notes and
gold, varying from 2 to 25 per cent. A pound-note, which ought to have
been exchangeable for 5 dwts. 3 grns. of gold, was really only exchange­
able for 4 dwts. 8 grns. Gold, instead of being worth merely the mint
price of £3 17s. 10J-d. per ounce, was worth at the market price £4 12s. Od.
per ounce. But assuming that every precaution has been taken to secure
the perfect convertibility of bank-notes—and one of the most important
of those precautions is the preserving of a proper amount of reserve of
bullion—it seems perfectly clear that, for carrying on the internal trade
of the country, there might be a complete substitution of bank-notes for
specie with absolute safety to the convertibility of the notes. In Eng­
land, a hinderance is placed to this substitution of bank-notes for gold, by
the prohibition of the issue of notes for less than £5 ; but there seems
to be no good reason why notes of a lower denomination should not be
allowed. During the period when no limit was fixed to the issue of bank­
notes, and when the usury laws, by limiting the raising the rate of interest
beyond a certain point, trammeled the action of the bank, and prevented
its exercising proper control over the currency, thus endangering the con­
vertibility of notes, the objections to a circulation of one pound-notes
might have been valid. At present, however, these objections, founded
principally on the danger of alarm arising among small note holders, are
shown to be futile by the experience of Ireland and Scotland, where the
law, however, is defective, from laxity, in permitting issues of notes up to




Principles of the British Bank Acts of 1844-45 .

679

a certain amount without security of any kind whatever, except the
assumed prudence and solvency of the issuers. The issue of one-pound
notes was suppressed in England in 1825, principally on two grounds—
the danger of the issuers being unable to pay them on demand, and the
risk of forgery. The first objection is removed by the provisions of the
act of 184-t, and by the application of the principles of that act in case
of the permission of the issue of such notes; and the other could be
easily remedied by having elaborately engraved notes similar to those
issued by the Scotch and Irish banks. The one-pound notes formerly
issued by the Bank of England were so clumsily executed that their
imitation was comparatively easy. A considerable advantage would also
accrue to the State by such an issue. In Ireland and Scotland the aggre­
gate sum of the one pound note circulation exceeds that of the larger
notes, and such would probably be the case in England were the issue of
one-pound notes permitted. Under the present law £22,000,000 of notes,
unrepresented by bullion, are allowed to be issued in England, and a
similar amount might, therefore, be presumed as a reasonable sum of onepound notes, which might be left also to be issued without bullion, thus
adding so much to the capital of the country, and the profits of this
amount of note circulation might be added to the income of the State.
It would, also, be a convenience were Bank of England notes made legal
tender throughout the United Kingdom. They are, in fact, never refused
when tendered in payment; but their legalization as tender would enabie
the banks to employ them instead of gold coin, on emergencies.
Every bank-note bears on its face the following words:—“ / promise
to pay the hearer on demand.” It may be assumed, therefore, that in re­
gard to the sum specified in the document, this promise ought to be
rigidly performed, and that it is the duty of the Legislature to secure the
strict fulfillment of this obligation. In other words, it is assumed that
every holder of a bank-note should be able to obtain, on demand from
the issuer, the number of gold coins which the note promises. It is true
that there have been, and that there are, some who have maintained that
it is not the duty of the Legislature to interfere in the matter at all, while
others have puzzled themselves with finding out some other meaning for
a pound than that which the generality of mankind attribute to it—
namely, a certain definite weight of gold of standard fineness. The vast
majority, however, of those who think on the subject have arrived at the
opinion, that the convertibility of bank-notes ought to be maintained by
law. Parliament, in its efforts to secure their convertibility, has thought
it necessary to make such regulations in regard to the issues of bank­
notes, as shall make them, in all respects, conform to the variations which
would occur in a purely metallic circulation.
Among those who assert the expediency of securing the convertibility
of notes, there are some who maintain that the mere fact of their being
payable in coin will necessarily prevent the possibility of the over-issue
of notes. It is maintained by them that the circulation of notes is en­
tirely beyond the control of the issuer ; that, if too many notes are issued
for the convenience of trade, they will be immediately returned to the
bank for gold, and that thus the supposed evil would correct itself. It
is of the utmost consequence, in dealing with such questions as the cur­
rency, to guard against the use of vague and indefinite expressions—the
dark cover under which may lurk a fallacy sufficient to vitiate the whole




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Principles of the British Bank Acts of 1844- 45 .

argument. Such an expression is that of the “ convenience of trade,”
which implies that this assumed convenience is always of a definite and
legitimate character. This, as we are too well aware, is far from being
the case. The expression may mean the “ convenience ” of reckless
speculators, desiring to make use of bank-notes for the purchase of large
quantities of commodities, and for holding them in possession, in antici­
pation of an extravagant profit consequent on an advance in prices.
It is argued by others, with great force of reasoning, that the real con­
vertibility of the notes can only be maintained by such regulations as
shall make their circulation fluctuate as a purely metallic currency would
do. They assert that, unless certain restrictions are made on the issue of
notes, the mere fact of their being payable on demand would not necessa­
rily prevent an over-issue, the temptation of increased profits being likely
to induce bankers to issue a larger amount of paper, and to maintain a
larger quantity in circulation, than would exist of coin, provided there
was no paper. The effect of this, they say, would be to raise prices and
maintain prices at somewhat greater height, and for a longer period, than
would occur with a currency purely metallic. Of course these issues
would necessarily at some period be brought to a metallic test by the
action of the foreign exchanges; but during the over-issue, the whole
currency of this country—gold as well as paper—would be depreciated,
as compared with that of other countries—that is to say, during the over­
issue, a bank-note, or a sovereign, would purchase a smaller quantity of
any commodity, than either would purchase under a purely metallic cur­
rency.
Such is the view which the late Sir Robert Peel induced Parliament to
take when the bank acts of 1844 and 1845 were passed—the former
regulating the issues of the Bank of England and the country banks of
England—the latter the issues of the Irish and Scotch banks. Though
parts of the same system, the laws which affect the issues of the Bank of
England are very different from those which apply to the other banks.
It is evident that the principles above referred to have been rigidly ap­
plied in regard to the Bank of England ; whereas, in regard to the other
banks, there has been a very partial application of them. It may hence
be inferred, that the author of the measure ultimately contemplated the
extinction of all issues, except those of some great central establishment
under the control of the State.
With regard to the country banks of the United Kingdom, there is
simply a restriction of the issue of notes unsupported by a bullion reserve
to a certain amount, in the case of each bank, determined by the average
circulation of the bank during a certain specified period. The English
country banks are prevented from issuing any notes whatever beyond
their fixed issues; while the Irish and Scotch banks are allowed to issue
notes bevond their fixed amount, provided they have gold in their pos­
session eqnal in value to the amount of such issue. No security is, in
fact, taken for the convertibility of the notes allowed to be issued without
the deposit of bullion, except the assumed solvency of the issuers. There
is, however, a very important and salutary provision for the periodical
publication of properly-certified statements of the amount of issues of all
banks, and the quantity of bullion held.
A positive limit having thus been fixed on the English country issues,
and those of the Irish and Scotch banks being thus regulated, the fluctua%




Principles of the British Banlc Acts of 1844- 45.

681

tions in the amount of paper money are thrown on the Bank of England,
and the amount of the issues of the Bank of England is made to vary with
the bullion held in that establishment. The primary object and purpose
of the act of 1844, (as stated by Lord Overstone, its ablest expounder,) is
the effectual protection of the bullion reserve “ from the possibility, under
any circumstances whatever, of falling below a safe amount.” It does
not trust the regulation of its issues to the discretionary action of the
bank. In case of a drain of bullion, or, in other words, the diminution
of the specie reserve, the operation of the act is intended to compel the
bank to contract the currency in proportion to that drain, and, by ad­
vancing the rate of discount, so to enhance the value of money in Eng­
land as to attract back the bullion into the coffers of the bank. The
mode of effecting this object is twofold ;—First, the separation of the
issue of notes from the banking business; and secondly, the placing a
limit on the amount of bank-notes allowed to be issued without the actual
deposit of specie.
There is an entire legal and virtual separation between the issue and
the banking departments of the Bank of England, except in regard to one
point, to which reference will afterwards be made. The office of the
issue department is very simple, and one purely mechanical. Notes to
the amount of £14,000,000 are issued against ‘‘ government debt” and
“ other securities and for any further issue actual specie must be de­
posited, of which one-fourth, and no more, may be in silver, and the rest
must be in gold. In case of any of the country banks of England ceasing
to issue their own notes after 1844, two-thirds of their issues may be
taken up by the Bank of England, and the actual amount, therefore, (in­
cluding the notes to replace these lapsed issues,) now issued against secu­
rities, and without the deposit of coin, is £14,475,000. The banking
department has, in fact, no control whatever over the issue department,
either in regard to the amount of bullion deposited, or the notes issued ;
and the whole profits of the issue of bank-notes by the Bank of England,
accrue to the public and not to the bank. The net profits of the issue
department, in round numbers, are £350,000 a year, of which the State
receives £250,000, and the bank £100,000 for its agency in the matter
and the risk it incurs. The profit on the issue is reckoned at 3 per cent
per annum. It may be asked, on what principle was the limit fixed of
£14,000,000 as the amount of notes to be issued against securities ? To
this question the answer seems to be, that this amount was the very
lowest to which the active circulation of the Bank of England had gone
down of late years. The lowest amount of note circulation was, in 1839,
£15,800,000. Deducting £1,000,000 for bank post bills, and £600,000
estimated as lost notes, the active circulation was then £14,200,000 ;
casting aside the odd sum, £14,000,000 was fixed as an amount below
which it is in the highest degree improbable that the note circulation will
fall. This is a simple explanation of this supposed mysterious amount, as
given by Mr. Weguelin, the late Governor of the Bank of England, in his
evidence before the Committee on the Bank Acts in the year 1857 ; and
this account of the matter is confirmed by the other witnesses. The
lowest amount of active circulation since the act of 1844 was £16,736,000
on the 30th December, 1848 ; the average in 1856 was £19,648,000.
The Bank of England, like the other banks, is also obliged to publish
accounts of its circulation ; but the accounts of the Bank of England are




682

Principles of the British Bank Acts of 1844—45.

much more full and complete, in regard to the whole working of the es­
tablishment. The accounts of the issue and banking departments are
kept distinct, and are so published. In the former, the whole issue of
notes is shown to be exactly the aggregate amount of the £14,750,000 of
notes issued against securities, and the amount of notes representing and
issued against the bullion deposited ; while in the latter are exhibited on
the one side the “ proprietors’ capital,” the actual available capital of the
bank called “ rest," the “ deposits,” and “ seven days bills while on the
other side are exhibited the “ securities,” or loans made by the bank, and
the notes and coin held in reserve. It should be distinctly understood,
that the notes held in the banking department really represent available
coin held in the issue department, so that the two sums, notes and coin
added together, form, in fact, the bullion reserve of the bank. The im­
portance of this weekly publication of accounts can scarcely be exagger­
ated. It is one of the most effectual checks that can be conceived on the
conduct of the bank, and forms one of the best criterions by which the
public may estimate the general state of trade, and our commercial rela­
tions with foreign countries. It forms the basis for prognosticating the
future; and the fluctuations in the various items in these accounts de­
serve the most careful study of every one who wishes to understand the
course of monetary affairs. Had the acts of 1844 and 1845 contained no
other clauses than those enforcing the publication of the accounts, and
that of the circulation of the other banks of the United Kingdom, it
would have conferred on the public an invaluable safeguard.
Having thus considered the principles of the Bank Charter Act, let us
examine its operation, as exhibited by the light of recent events. It can­
not be denied that, under its provisions, the bullion reserve of the issue
department has been protected, and that the note circulation has, in fact,
varied with the amount of the bullion, exactly to the same extent as if
the circulation had been entirely metallic. The employment of the notes
has been simply to economize the use of coin, and to economize, to the
extent of the issues against securities, the capital of the country. The
convertibility of the notes of the Bank of England has thus been com­
pletely maintained, and that, also, of the country banks throughout the
kingdom.
Since the passing of the act of 1844, two periods of great commercial
pressure have occurred ; one in 1847, the other in 1857. Into the causes
of the derangement of the business of the country in these years it is not
necessary at present to enter. It is sufficient to state that at the former
period there was an enormous importation of food to supply the defi­
ciency of the harvest, and that this occurred immediately subsequent to
a large expenditure of capital in railways and extensive speculations in
railway stocks; while in 1857, the beginning of the derangement oc­
curred in the United States of America, and was aggravated by the
unsoundness of trade in the north of Europe, and in some branches of
business in England and Scotland. Combined with these causes was the
drain of silver to the East, consequent on the commotions in India. The
effect in both cases was a drain of bullion from the bank, proceeding to
such an extent as to call forth the interference of the government to
suspend the operation of the Bank Charter Act. Had it not been, in fact,
for the occurrence of these commercial crises, few would have been found
to doubt the wisdom both of the principles on which the act of 1844 was




Principles of the British Bank Acts of 1844- 45.

683

founded, and the means provided for the carrying these principles into
effect. There are some, indeed, who contend that the suspension of the
act in 1847 was unnecessary, and they base their argument on the fact
that the provision of the law was not actually violated by the bank; but
this argument is certainly weakened by the experience we had in 1857,
when the act was not only suspended, but an actual issue of notes beyond
the legal limit took place. It is not too much to state that, at these
periods, the Bank of England itself was endangered, and that it was, in
fact, saved from suspension of payment by the interference of the govern­
ment permitting the further issue of notes.
Let us examine a few of the circumstances which occurred in 1847, as
we have them detailed in undisputed evidence before Parliament. In the
month of October, in that year, a bill, bearing the best English names,
and indorsed by the Bank of France, having only three days to run, was
refused discount at the Branch Bank of England, in Liverpool. On an­
other occasion, in that year, the possessors of £60,000 in silver were
unable to obtain any advance upon it from the bank. In fact, there was
such a feeling of universal distrust, that one of the witnesses before the
Bank Committee of the Bouse of Commons calculates that, of the
£21,000,000 of Bank of England notes in the hands of the public, be­
tween £4,000,000 and £5,000,000 were lying inactive in the hands of
private bankers, and, for the purposes of currency, inoperative. This
amount was retained because they foresaw the period rapidly approach­
ing when the Bank of England would be unable to give any banking
accommodation whatever. This feeling will not appear altogether un­
reasonable when it is considered that, on the 23d October, 1847, the
following was the state of the banking department of the Bank of Eng­
land :—
L IA B IL IT IE S .

Public deposits............... .
Other deposits..................
Seven-day and other bills..

£4,766,394
8,580,509
947,013
£14,293,946
A V A IL A B L E M EA N S.

Reserve i^ N'
otes..............
reserve,
Qold
and silyer ....................

447,246 )

1,994,516
£12,299,400

Now, it is stated in evidence, by Mr. Weguelin, the late Governor of
the Bank of England, that the minimum reserve which should be held by
the bank is one-fourth of the whole deposits ; consequently, instead of
£2,000,000 of reserve, the smallest amount ought to have been upwards
of £3,000,000. A still more alarming state of matters, however, occur­
red on the 11th November, 1857, when the following was the position of
the bank:—
L IA B IL IT IE S .

Public deposits.......................................................................
Other deposits.....................................
Seven-day and other bills......................................................




£5,314,659
12,935,344
853,075
£19,103,078

684

Principles of the British Bank Acts of 1844- 45.
A V A IL A B L E M EA N S.

Reserve,

Notes...............
Gold and silver

£957,110 )
504,443 J

1, 462,158

£17,640,925

The actual amount of reserve, according to Mr. Weguelin, ought to
have been between £4,000,000 and £5,000,000, instead of £1,500,000.
But this was not the worst aspect of affairs, for we have it under the hand
of the governor of the bank that, on the day following (the 12th of No­
vember) the whole reserve had been reduced to £581,000 ; so that the
withdrawal of any of the deposits to. a greater extent than this sum must
have been followed by the immediate stoppage of the bank. From this
crisis, the government letter of that day saved the bank, and saved the
country from a convulsion which it is fearful to contemplate.
Let us see what the effect of the stoppage would have been, simply on
the convertibility of the notes, which it was the great object of the Bank
Charter Act to maintain. Bank-notes, in case of the stoppage of the
bank, would immediately cease to be legal tender, and, consequently,
would be at once returned on the issue department for gold. In October,
184V, there was £8.000,000 of bullion in the issue department; on the
11th November, 185V, there was £6,606,000. But this amount of bul­
lion, though ostensibly lying against the issue of notes, is, in reality,
equally reliable for the claims of depositors, who would, of course, imme­
diately take the proper steps to secure that this treasure should not be
appropriated by the noteholders; and the consequence would, most cer­
tainly be the suspension of specie payments.
It seems perfectly evident that the bank must have relied on the inter­
ference of the government in its favor, otherwise it would not have allowed
its reserve to fall to such an unsafe amount; and, certainly after the sus­
pension of the act in 184V, it had almost a right to expect that a similar
measure would be resorted to whenever a like emergency should arrive.
It was, indeed, imagined by some that the experience acquired in 184V
would have been sufficient to guard against the recurrence of such a ne­
cessity. Lord Overstone attributes the exhaustion of the bullion reserve
in that year to the bank not having sooner raised its rate of discount;
but, in his evidence on the 10th July, 185V, he states that, “ during the
last two years, the bank has been managed, as nearly as human affairs
can b&, perfectly ” The events which occurred three or four months after
probably somewhat modified his opinion, the “ perfect” management of
the bank having resulted in a greater exhaustion of the reserve than took
place in 184 V, and in a much more critical position of that establishment.
Is this state of things, then, to continue without a remedy 2 Are we to
have a banking law, of which public opinion shall demand the suspension
at the time when alone its provisions come into real operation 2
Some whose opinions are entitled to considerable weight have pro­
posed, as a substitute for the interference of the government, that a dis­
cretionary power should be given to the bank itself to relax the law.
Such is the proposal of Mr. Horsely Palmer ; while Mr. Glyn would leave
the power in the hands of the bank, but would associate in the bank court
certain persons not elected by the proprietors, but appointed under an
act of Parliament, and not removable by government. It seems unlikely,
however, that Parliament will ever pass a law controlling the discretion




Principles of the British Banlc Acts of 1844- 45.

685

of any body of men, and then leave it to their discretion to suspend the
law whenever they may consider it desirable.
It has been suggested, as a remedy for the supposed evils arising from
the limit of a fixed amount of notes issued against securities, to establish
a government bank, having the power to issue notes, the convertibility of
which shall be secured by the deposit of two-thirds of the amount in
government securities, and one-third in bullion. This, no doubt, would
be a safe proportion of bullion, as a general rule; but a little considera­
tion will show that it would be totally impracticable in its working in
times of pressure. Suppose, for example, that £30,000,000 of notes are
issued against £20,000,000 of securities and £10,000,000 of bullion—let
a drain of bullion set in and £5,000,000 of notes be returned to the bank
for gold, it is clear that the proportion between gold and securities is
completely changed ; £25,000,000 of notes would then be in circulation,
but against that issue only £5,000,000, or one-fifth, would be in bullion.
Let £5,000,000 more of gold be demanded for notes, and the whole bul­
lion reserve is gone. The only way for the bank to restore the proper
amount of gold would be by the sale of securities ; but such a forced sale
would, of course, derange the money market, besides entailing an enor­
mous loss on the bank by the consequent depreciation of the value of the
stock. These observations, however, are not directed against the estab­
lishment of a State bank, whose business should be simply the issue of
notes. The establishment of such a bank would certainly have the ad­
vantage of separating, in the mind of the public, the function of issuing
notes and that of the ordinary business of a bank, the want of which clear
distinction appears to be at the root of the evils of the present system,
which are so apparent.
Let us fairly meet the question and inquire—In what department of
the Bank of England (the issue or the banking department) did the diffi­
culty arise, requiring the interference of the government? Plainly not
in the issue, but in the banking department; though, as has been shown,
the consequence of a stoppage in the one department would have neces­
sitated a similar catastrophe in the other. The remedy, then, and ap­
parently the only reined}’, is the carrying out the principle of the separa­
tion of the departments of issue and of banking to its full extent. In
other words, the complete and total separation of the issue of notes from
the hanking business of the Bank of England. A slight change in the law
would effect this object. All that is required is simply to declare that
the bullion held in the issue department shall not be liable for the pay­
ment of the deposits in the banking department. The proposal is a most
equitable one—namely, that the fund which, on the face of the accounts,
appears opposite the issue of notes—namely, the “ government debt,”
“ other securities,” and “ bullion,” should be, what it professes to be, the
security for the convertibility of the notes, and for that alone. The bank,
then, in the conduct of its banking business, would be obliged, in pru­
dence, to keep an adequate reserve to meet the calls to which it has made
itself liable by receiving the deposits of the public; and the directors
would be aware that, in case of their neglecting to do so, they would
have no more claim for assistance than any other banking establishment.
Any bank which takes deposits payable on demand must, for its own
safety, and for the purpose of keeping faith with the depositors, retain a
reasonable amount as a reserve ; and this amount is perfectly well under­




686

Commercial and Industrial Cities oj the United States :

stood to be, in general, one-third, or, at the very least, one-fourth of the
amount of the deposits. The Bank of England, if obliged to depend on
its own resources, and its own management, and deprived of the power
of appealing to the government in case of difficulty, would, doubtless, be
found conducting its affairs on the strictest and soundest banking princi­
ples. In the time of abundance of money, the directors would see the
danger of encouraging the spirit of reckless speculation by lending their
money, as they have sometimes done, at
or I f per cent per annum;
and the London discount houses would cease to depend, as has been too
much their custom, almost wholly on the reserves of the Bank of Eng­
land. It would be for the manifest advantage of all classes in the mer­
cantile community to be convinced that the law shall, under no circum­
stances, be violated, either with or without the sanction of the Government
of the day ; or if violated, that the penalty shall fall impartially on those,
whoever they may be, who break the law.

A rt. III.— COMMERCIAL AND INDUSTRIAL CITIES OF TIIE UNITED STATES.
NUM BER L X I.

PEORIA,

ILLINOIS.

F IR S T V I S I T T O P E O R IA — C H E V A L IE R L A S A L L E — C R E T E CCEUE— D A N IE L COXK— F R E N C H S E T T L E M E N T —
IN D I A N E X P E D IT IO N — F O R T C L A R K — P R E S E N T S E T T L E M E N T — F IR 8 T COMERS— IN D IA N A G E N T — P E O ­
R I A C O U N T Y — O R IG IN A L E X T E N T — A M E R IC A N F U R C O M P A N Y — F IR S T E L E C T IO N — T O W N O F P E O R IA —
B L A C K H A W K — 8 IZ E O F P E O R IA IN

1833— V A L U E

O F LO TS— F IR S T C E N S U S - P R E S E N T C O U N T Y IT M IT 8

— F IR S T N E W S P A P E R — F IR S T S T E A M B O A T — W A T E R W O R K S — C ITY OF P E O R IA — C ITY D IR E C T O R Y — F IR S T
C A N A L -B O A T — M IC H IG A N A N D IL L IN O IS C A N A L — PR O G R E SS OF M A N U F A C T U R E S — F L O U R M IL L S — P R E ­
S E N T N U M B E R O F M IL L S — C R O P 8 — A G R IC U L T U R A L IM P L E M E N T S — P L O W S — W H E A T D R IL L 8 — CO RN
8 H E L L E R S — P L A N IN G M IL L S — F O U N D R IE S — C A R R IA G E M A K IN G — B O A T B U IL D IN G — D IS T IL L E R IE S —
B R IC K Y A R D 8 — O T H E R F A C T O R IE S — F A IR G R O U N D S — C H U R C H E S — L IB R A R IE S — P O L IC E — T R A D E —
W H E A T — C O R N — P O R K — L U M B E R — P O P U L A T IO N A N D A SSESSED V A L U A T IO N — N U M B E R O F B U IL D IN G S
— R I V E R T R A D E — R A IL R O A D S — CO A L M IN E S — B R ID G E — GA S— IN S U R A N C E .

A mong the “ magic cities” of the West, which spring up upon the
prairies with such wonderful vigor of growth as to excite the surprise of
the observant world, Peoria, Illinois, is a favorable example. Although
the city took root fairly about fifteen years since, its site was one of the
earliest trodden by the whites west of the mountains. The pioneer in
that region, as almost everywhere else in that age, was a French Jesuit,
Father Marquette, who visited it in 1673. Six years later, the Chevalier
La Salle, from Rouen, in Normandy, seeking fame and fortune in those
wilds, erected near the site of the present city his fort of Creve Coetir,
expressive of his chagrin at the loss of the richly laden vessel in which
he had crossed the lakes on his return homeward. This fort continued
for some time the halting place for French expeditions between Canada
and the Mexican Gulf. Twenty-six years later, Dr. Daniel Coxe, phys­
ician to Charles II., visited the country, and published his account of it,
under the title of “ A description of the English Province of Carolina.”
More than one hundred years after the visit of La Salle, another French­
man, M. Hypolite Maillet moved, in 1779, with a small colony to the




Peoria, Illinois.

687

vicinity, and commenced the settlement of La Ville de Maillet. This
was the foundation of the famous “ French claims ” controversy. The
original French settlement was about a mile north of the town, but owing
to the unhealthfulness of that locality it was gradually deserted for a set­
tlement below what is now Liberty-street. In 1781, or about that time,
the inhabitants of the settlement became alarmed and abandoned it. At
the end of some two years, however, they returned, and resided peace­
fully until the commencement of the war between this country and Great
Britain in 1812. Ninion Edwards was then governor of the Territory
of Illinois.
In the fall of 1813, an expedition was planned against the Indians of
the territory, who were giving unmistakable signs of hostilities. The re­
sult of the expedition was the expulsion of the French from the Peoria
country, and the erection of Fort Clark at the spot which is now the
junction of Liberty and Water streets.
The present settlement of Peoria was commenced by seven settlers
from Shoal Creek, about forty miles east of St. Louis. The names of the
party were Abner Eads, Seth and Josiah Fulton, Virginians; S. Dough­
erty, J.Davis, and T.Russell,Kentuckians; and J.Hersey, a New Yorker.
They arrived in Peoria on the 19th of April, 1819, and pitched their tent
by the pickets of Fort Clark till they could cover and fit up two old log
huts that were still remaining. One of these huts stood on the present
site of the Illinois Brewery on Bridge-street. In June, this company was
reinforced by a small party from St. Louis, who came to the lake for the
purpose of fishing. The following winter two additional families came
in—one from Ohio and another from New York. In 1822, John Ham­
lin, Esq., was appointed Indian Agent, and became the first exporter of
pork and provisions in boats to Chicago.
Peoria County was organized in 1825. The territory embraced in its
limits comprises between 30 and 40 of the present counties of the State.
It extended to the Mississippi on the west, Indiana on the east, and Wiscon­
sin on the north, taking in Galena, Chicago, and other places then unborn.
Chicago then contained only a fort and agency house of the American
Fur Company.
The first county election was held on March 25th, 1825; the whole
number of votes cast being 66. Nathan Dillon, Joseph Smith, and Wm.
Holland were chosen County Commissioners; Norman Hyde, Clerk;
Samuel Fulton, Sheriff; and Aaron Hawley, Treasurer. At this meeting
it was ordered that a court-house and clerk’s office be built. The court­
house was built of hewn logs, 14 by 16 feet, with a cellar beneath, which
was used sometimes as a jail and sometimes as a stable. The court-room
was occupied as a place of worship on Sundays, and during the sessions
of court at night as a lodging room for those attending, there not being
accommodation at the solitary hotel of the town. This court-house stood
till 1843, when it was pulled down to give place to Orin Hamlin’s steam
flouring mill, now better known as the “ Old Red Mill.”
Peoria was laid off as a town and named in 1826, but owing to a dif­
ficulty about the title, its incorporation was retarded for some eight or
nine years. In 1835, the qualified voters accepted the corporation. In
1832, a great panic was created among the surrounding settlers by the
ravages of Black Hawk in Northern Illinois. The settlers between the
Rock and Illinois rivers fled in dismay. Peoria then contained some fif­




688

Commercial and Industrial Cities of the United States:

teen or twenty hamlets, with only two frame houses. The inhabitants,
however, to the number of some twenty-five, formed themselves into a
company, which they called the Peoria Guards, and resolved to defend
the place. The old fort was rebuilt, the ferry seized, and none of the
fugitive whites, save the women and children, were allowed to pass.
Quite a formidable force was thus collected, which Black Hawk did not
molest. Many of the fugitives remained and became citizens of Peoria.
The Black Hawk troubles were closed in September of 1832 by treaty.
In 1833, the entire town consisted of seven frame houses; the remain­
der w7ere log tenements, and few at that. There was but one building (a
barn) west of Washington-street. Lots on Washington-street sold for
forty dollars. The court was held in the old log-house before mentioned ;
the grand jury deliberated in the pleasant shade of a locust tree now
standing on Liberty-street; and the petit jury retired to partially-filled
cellar of the old French settlers, or a potato hole, to make up their ver­
dicts. Such was Peoria only twenty-six years ago.
The first census of Peoria county was taken in 1825. The population
amounted in all to 1,236, of which 611 were males and 625 females. In
1826, we find John Hamlin, Esq., as one of the County Commissioners.
In 1830, the county was reduced to its present limits, and showed a pop­
ulation of 1,792.
In 1834, the first newspaper enterprise was started, a weekly paper
called The Illinois Champion, published by Abraham L. Buxton and
Henry Wolford. The first number was issued March 19th.
The first steamboat that arrived at Peoria was the Liberty, in Decem­
ber, 1820. The second boat was the Triton, in the spring of 1830, which
was chartered by John Hamlin to take a stock of goods up from St. Louis.
In 1833, there were four steamboats plying the river, and in 1834, there
were seven. The first boat built in Peoria was completed by Capt. Win.
S. Moss, in 1848.
In 1833, a contract was entered into between the County Commission­
ers and Stephen Stillman, who by himself, his heirs, executors, assigns, or
associates, was to have the exclusive privilege to bring water to the pub­
lic square. It was to be brought in lead, wood, or other pipes by the
1st of June, 1834, which was done by the use of bored logs. The water
was taken from “ Stillman’s Spring,” on Rose Hill.
Peoria was incorporated as a city in 1844. In then contained, accord­
ing to a census taken by the late S. W. Drown, a population of 1,619,
divided according to ages as follows:—Under 10, 486 ; between ten and
twenty, 319 ; between twenty and fifty, 718 ; over fifty, 86. During that
year the increase of population was 315. The first election under the
city charter was held on the 28tli of April, 1845. In 1844, S. W. Drown
published the first volume of his Peoria Directory. The first canal-boat
that visited Peoria was the Gen. Shields, which arrived the 24th of May,
1848. She was built in Rochester, Hew York, and came by the way of
Buffalo, Ohio and Erie Canal, and thence by the Ohio, Mississippi, and
Illinois rivers. The owner of the boat had his family with him to locate
on the western prairies. The Michigan and Illinois Canal was opened
two days afterward, and was the cause of great rejoicing in Peoria. The
price of lumber fell one-half.
Among the most interesting features of a growing town is the progress
of its manufactures, which always spring up and follow the local wants,




Peoria , Illinois.

689

developing the best local resources for supplying those wants. In 1830,
John Hamlin and John Sharp erected the first flouring mill in that sec­
tion of the State. It was located on the Kickapoo, about three miles
west of the city. The mill contained two run of stones, and manufac­
tured about fifty barrels of flour per day, or twenty-four hours. Consid­
erable of this flour was transported by flat-boats, in 1832-3, to New Or­
leans, where it brought from SI 371 to Si 50 per barrel. In 1850, there
were four mills within the city limits, and the amount of flour exported
(saying nothing of the home consumption) was put down at 33,753 bar­
rels, which, at $4 50 per barrel, was valued at $151,877 50. In 1855,
the census value of the flour manufactured was $650,000.
There are now six flouring mills in operation. One of them, the Peo­
ria City Flouring Mills, owned by a stock company, was put in operation
in November, 1858. It has a capacity for making 2,500 barrels of flour per
week, and has been so erected that with a very small outlay its capacity
can be doubled. It is equipped with two run of Rand’s patent stones,
which will grind from fifty to sixty bushels of wheat each per hour. Ow­
ing to a failure of crops last season this mill has not yet been put in full
operation. The Fayette Mills, on North Fayette-street, are owned by W.
Moore, contain three run of stones, and are capable of manufacturing one
hundred and fifty barrels of flour per day. The Farmers’ Mill is situated
on Adams-street, and has about the same capacity. Then there is the
“ Old Red Mill,” operated by McClanahan & Co., and the mills of Moss,
Bradley & Co. and Richard Gregg, running in connection with their dis­
tillery business, at the south part of the city.
The wheat crop being cut off last year, the operation of these mills
has been greatly curtailed. The amount of wheat ground last year (in­
dependent of the Peoria City Mills, which has been in operation less than
six months,) we find, by the statement of the proprietors, to have been
in round numbers 490,000 bushels, which, at five bushels to the barrel,
produced 98,000 barrels of flour. With a good crop the present autumn,
these figures, swelled by the manufacture of the Peoria City Mills, will
be nearly doubled for 1859.
The importance of Peoria as a place for the manufacture of agricultu­
ral implements, cannot be over-estimated. She has an easy water com­
munication with St. Louis and Chicago, and the numerous railroads cen­
tering there tap the surrounding country in all directions. Then, she
furnishes all the requisite fuel for manufactures (a most important item
elsewhere) in inexhaustible quantities, and at prices almost insignificant.
These advantages have been appreciated and availed of in the establish­
ment of many manufactories.
Prominent among these manufactories is that of the plow. This was
commenced in the spring of 1843. At that time but one forge was ope­
rated, and less than two hundred plows were turned out during the year.
The excellency of these plows soon gave them a reputation, and the pro­
prietors went on annually increasing the capacity of their establishment,
until they are able to turn out ten thousand plows per year. The estab­
lishment furnishes employment to fifty men.
Two years ago was commenced the manufacture of wheat drills in
Peoria. The establishment employs in good times fifty to sixty men, and
annually manufactures one thousand drills, Valued at $80,000.
Corn-sliellers, horse-powers, &c., were manufactured last year to the
VOL. xli.—no. vi.
44




690

Commercial and Industrial Cities of the United States :

value of $9,000. Tlie sales last year of threshing machines, reapers and
mowers, corn mills, and other implements, amounted to the value of
$69,000.
There are two steam planing mills in the city, both of them doing a
fair business, and are capable of planing five million feet of lumber each
yearly. In addition to the planers, there is a siding saw, capable of turn­
ing out twenty thousand feet of siding per day, and ripping and scroll
saw for various work, earning, with two men to tend them, from $ 2 0 to
$25 per day.
There are four establishments for the manufacture of sash, doors, and
blinds; the value of the sash, doors, and blinds manufactured last year
amounted to $29,871.
There are four foundries, machine, and boiler shops at present in Peo­
ria, one with a capacity to employ from thirty-five to forty men, and turn
out work to the value of $75,000 to $80,000 annually. Every variety of
castings is made, and of sizes varying from one pound to one-and-onehalf tons. The machine-shop department is driven by an engine of 20
horse power. The City Foundry machinery is driven by a 16 horse pow­
er, and the establishment is capable of furnishing employment to fifty
men, and turning out from $60,000 to $75,000 worth of work annually.
Fort Clark Foundry and Machine Shop is driven by an engine of 2 0 horse
power.- It was built five years ago last spring, and can give employment
to some fifty men, and turn out work to the value of from $50,000 to
$75,000. All of these establishments furnish anything in the way of iron
castings or machinery, from the smallest article to a complete steam-en­
gine of the largest size. The Peoria Boiler and Sheet Iron Works is
capable of turning out a boiler a day. A machine shop, containing two
lathes and a turning machine, is connected wdth the works, the whole
being driven by steam.
The carriage-making establishments of Peoria are as fine and complete
as can be found in the West. The value of the manufactures turned out
last year, which were small on account of the exceedingly small demand
for wagons from the surrounding country, amounted to $53,775. The
attention of the people of Illinois is attracted to the carriage establish­
ments of Peoria, which are very creditable to the State. Any style of
carriage can be duplicated, and at a price full as low as it will cost to
bring it from the East, and the work will be warranted.
There are four establishments in the city engaged, in connection with
other business, in the manufacture of fanning mills. The number manu­
factured last year was 1,050, valued at $31,500.
The furniture manufactured in Peoria will rank with any in the coun­
try. It is well made, of excellent finish, solid, and durable. The sales
are about $60,000 per annum for three firms.
There are two brass foundries in the city. One is an establishment ca­
pable of turning out $ 1 0 ,0 0 0 worth of work per year; the second estab­
lishment has been just erected, and gives employment to two men.
An establishment for the manufacture of iron safes, bank vaults, door
locks, iron railing, balconies, <kc., gives employment to half a dozen men.
A lightning-rod manufactory used last year 100 tons of iron and two
tons of copper, making 5,000 lightning-rods, valued at $34,000, and gives
employment to about twenty men. It is driven by horse power.
The Peoria Starch Manufacturing Company carry on their operations




r
Peoria, Illinois.

691

to the following extent:—Corn used, 40,000 bushels; starch manufac­
tured, 2 0 ,0 0 0 boxes; value, $80,000.
There are three establishments in Peoria for marble work, such as
gravestones, monuments, mantels and counter tops, &c. The marble is
obtained from Vermont, and rivals in quality and beauty the best of im­
ported marble. The value of last year’s manufactures, as taken from the
books of the manufacturers, amounts to $36,400.
There are two stone-cutting establishments, giving employment to 17
men, and turned out work last year to the value of $16,000. They are
doing a very much larger business so far this year than they did the last.
The stone worked up in these yards is brought from Joliet.
There are seven saddle and harness shops in the city, the aggregate of
whose manufactures last year exceeded $30,000.
In giving a statement of the distilleries, we included the operations of
the cooper shops connected with them. There are eight cooper shops in
addition to these. The number of pieces manufactured in the city last
year, as returned to us, was 104,340. This is exclusive of small articles,
such as kegs, tubs, firkins, &c., valued at some $5,000. Value of manu­
factures not less than $40,000.
Boat-building is, in good times, an important branch of manufacture.
There have been years during which over $50,000 worth of work has
been turned out. The commercial revulsion and short crops for two years
past, however, have cut off the manufacture of new boats for the present.
The value of the work done last year was in the neighborhood of $14,000.
There are at present three yards. One is engaged in building the new
steam ferry-boat that is to ply across the lake. The boat is to be one
hundred feet in length and forty-two in width over deck, and double hull
with eight feet opening in the middle. It will have ample cabin accom­
modations for passengers and deck arrangements for the accommodation
of fifteen or twenty teams at a crossing. The cost of the boat when fin­
ished, exclusive of engine, will be between $6,000 and $7,000. The boat
will be driven by two engines of about 75 horse power, which will cost,
when set up, about $3,000. In addition to this, there are building four
ice-boats, to be used to convey ice to St. Louis.
The distilleries of Peoria form its heaviest manufacturing interest, about
two-thirds of a million of dollars in stock and buildings being invested in
it. There are six in operation at present, exclusive of the alcohol works,
all located on the river bank in the south part of the city. From a de­
tailed statement of the business of Messrs. Moss, Bradley & Co., who have
$144,000 invested in the manufacture, the following facts relative to a
single establishment are derived. The statement is made up for the year
ending April 30, 1859 :—
Corn purchased ..
W heat..................

% e....................
Barley..................
O ats.....................
Barley malt.........
Middlings........lbs.
Coal & charcoal..

Bushels.
Cost.
243,266 $117,057 60 Highwines manufactured...........
SO,724 25,987 90 Flour............................................
11,574
8,217 79 Hogs purchased and f e d __ .No.
3,882
2,473 16 C attle...........................................
622 97 Men employed in distillery........
1,437
3,740
4,321 98
815,984
9,787 32
102,220
7,322 94

Barrels.
17,561
2,000
3,636
43
38

A cooper shop connected with the distillery employs 33 men, using up




692

Commercial and Industrial Cities of the United States:

last year stock (staves, Leading, and hoop-poles) to the amount of $13,353
39, and manufacturing the following number of barrels:—
Whisky barrels........................
15,898 Flour barrels............................
Pork barrels...................................
2,641Lard tierces............................
Alcohol barrels.............................
2,461Kegs.........................................
Pieces in a l l .........................................................................................

235
224
31
21,490

The statements of the other distilleries are not so full and minute, but
from the facts we have gathered, taken personally at each establishment,
we are enabled to give the following figures as the distilling business
(with the exception mentioned below) of Peoria the past year:—
Corn used......................................
bushels
Wheat, (mostly made into flour,)............................................................
Other grains.........................................
Coal u sed ....................................................................................................
Whisky and highwines made.......................................................... barrels
Hogs fattened.........................................................................................No.

1,304,482
181,724
126,433
754,620
108,368
33,436

Richard Gregg has a cooper shop connected with his establishment, in
which was manufactured last year 30,000 whisky, 6,000 flour, and 4,000
pork barrels.
Another distillery for the manufacture of first qualities of rye, Bour­
bon, and malt whisky, rum, gin, &c., has been in operation only five
months. The following is a statement of its operations for the five
months it has been in operation :—
Chinese sugar-cane molasses (soured) consumed....................................bbls.
118
Bye highwine9...................................................................................................
200
Corn highwines...................................................................................................
265
Malt highwines.........................................................................................
25
Alcohol...............................................................................................................
20
C o a l and charcoal.......................................................................................bush.
5,645
Copper distilled rye whisky, at prcof,manufactured............................... bbls.
250
Copper distilled Bourbon whisky, at p roof....................................................
330
Copper distilled malt whisky, at proof............................................................
30
Copper distilled rum, at proof..........................................................................
30
Copper distilled gin, at proof...........................................................
pipes
5

There are two alcohol distilleries in the city. In addition to the alco­
hol, both establishments manufacture pure spoirits, camphene, and burningfluid. The last year’s operations of one amounted to 7,500 barrels of
alcohol. The other has a building 100 by 35 feet, containing a steamengine of ten horse-power, and capable of using 80 barrels of whisky per
day, which will produce 48 barrels of alcohol; at present manufacturing
and shipping about 150 barrels per week.
The ale and beer manufacture is a very important one in Peoria, and
is rapidly increasing. In 1855, according to the census returns, the value
of the ale and beer manufactured was $24,900; it is now upwards of
$81,000. One brewery presents us with the following statement of its
operations for the last year:—
Malt consumed..................bush.
H o p s ....................................lbs.

4,923 I Coal consumed.................bush.
7,032 | Ale manufactured.............bbls.

4,320
1,371

Total ale and lager beer manufactured last year, 11,671 barrels; value,
at $7 per barrel, $81,697.
There are at the present time ten individuals and firms residing in the
city who are engaged in the manufacture of bricks, but, with one excep­




Peoria , Illinois.

693

tion, we believe all the brick-yards are outside of the city limits. The
following is a statement of the brick manufacture of Peoria at the pres­
ent time, as we have obtained it from those engaged:—
Number of bricks manufactured..............................................................
Number of hands em ployed....................................................................
Value of manufactures.............................................................................
Value of those manufactured in 1855, as given in the census..............

11,400,000
123
$57,000
20,750

There are a great number of other smaller manufactures in Peoria,
which are too numerous to give the details, but which are not the less
important to the social welfare of that thriving place.
The Peoria County fair grounds comprise 221 acres of land, tastefully
laid out and conveniently arranged for the accommodation of exhibitors
and spectators. The avenues and pathways which intersect the grounds
are numerous, and are disposed in the best approved style. The build­
ings are spacious and appropriate, and adequate to any demand. Con­
tiguous to the twenty-two-and-a-half acres enclosed within the fair grounds
proper are forty acres of land which can be used for the purposes of a
fair, on extraordinary occasions.
The state of the schools at the present time may be briefly summed up
as follows:—Five school houses owned by the city, capable of seating,
with the room leased for the sixth school in the basement of the United
Presbyterian Church, 1,272 pupils. The houses are all fine structures,
well arranged and commodious, well lighted and ventilated, and furnished
with all the modern improvements in seats and desks.
Peoria has twenty-three churches, representing twelve different denom­
inations. These churches, with perhaps one or two exceptions, possess
commodious and comfortable houses of worship, many of them fine and
costly structures. There are twenty Sunday-schools connected with them,
with libraries containing a total of 9,800 volumes.
There are two library associations in the city. The Peoria City Libra­
ry was organized in January, 1857, and was the consolidation of two
former library associations. It numbers 350 members, and contains some
3,500 carefully selected volumes, to which additions are made yearly.
The German Library Association was organized in August, 1857, num­
bers 100 members, and contains 500 volumes.
Peoria is possessed, for a city of her size, of a very efficient fire de­
partment, numbering three engines, a hook and ladder apparatus, and
141 firemen.
The city is possessed of an effective police force, both day and night,
and crimes are of rare occurrence.
There are five military companies in the city, two American, two Ger­
man, and one Irish, and all in a good state of discipline and a prosperous
condition.
Independent of her manufactures, Peoria has a very large trade in
grain, pork, lumber, coal, West India and other goods. We have no
means of getting at the annual grain business of past years, but the im­
ports and exports for the years 1850-2-5-6, will give the reader some
idea of its magnitude and growth :—
Corn..........................................
W heat............................
Oats.............................. . '. ____
B arley......................................




1850.

1853.

18:55.

1856.

628,729
151,465
265,367
6,331

1,080,064
480,460
251,524
18,790

1,356,563
594,533
318,161
20,587

2,569,780
320,199
385,595
50,662

6 94

Commercial and Industrial Cities of the United States:

It must be recollected that those were years of abundant crops, while
the past two have been years of scarcity. Little or no grain came into
market last year, save of last year’s growth ; and our returns give the
amount of corn exported at 710,890 bushels; used in the distilleries,
1,304,482 bushels; starch factory, 40,000. This does not include the
amount ground into meal and feed at our several feed mills, or otherwise
consumed in the city, which will swell the amount to a million and a
quarter of bushels, or very nearly the figures of 1856. The amount of
wheat exported last year was 127,623 bushels; manufactured into flour,
&c., 554,724 bushels; total, 682,347 bushels. The oat crop last year
wras almost entirely cut off. The amount exported, saying nothing of the
home consumption, was 16,244 bushels. There was no barley or rye ex­
ported of any consequence, it being used in our various distilleries and
breweries.
The pork packing business is very important, and has been pretty stead­
ily on the increase. We give the number of hogs packed for the follow­
ing years:—
1850 ..............................................
1853 ..............................................

26,796 I 1856 .............................................
23,726 | 1857 ..............................................

44,789
35,322

The number of hogs packed last year was 53,550, or 18,245 more than
the previous year. The following is a statement of the different houses
engaged in packing, and the number packed by each :—
Tyng <fc Brotherson..................
Reynolds <fc Co.........................
Grier & McClure......................

21,000
17,150
8,200

G. Trant...................................
Kellogg &Nowland, for Adams
& Go., St. Louis...................

T o ta l.....................................................................................................

2,200
5,000
63,550

Most of the slaughtering was done by Reynolds & Co., who killed
28,512 hogs, and Kellogg & Howland, who killed some over 10,000.
Their slaughter-houses are located on the river bank, in the neighborhood
of the distilleries. The above statement does not include the retail
butchering business of the city.
There are at present sixteen individuals and firms in the lumber trade,
everal new ones have entered the business the past year. Although the
trade was greatly curtailed by the absence of any country demand, we
find the sales to have been larger than any previously reported year. The
following is a statement of the sales in 1853-5-6-8:—
1853........................................................
1855
.............................................
1856
............................................
1858........................................................

Lumber,
feet.
6,256,683
9,715,284
13,960,140
14,768,000

Shingles,
pieces.
3,602,000
6,815,500
..............
9,284,339

Lath,
pieces.
1,107,600
3,102,800
................
8,411,200

The books of the census taker and the assessor are the best criterions
by which to judge of the progress of a city. The assessor, however, sel­
dom comes up to the real valuation. Below we give a table of the pop­
ulation and valuation of Peoria for each year since 1844 :—
Population.
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 ............




1,934
2,392
3,014
4,079
4,601
5,890

Valuation.
$819,952
323,022
655,711
719,837
854,536
1,154,029
1,540,281

1852.......... .........
1853..........
1854..........
1855..........
1866.........
1857..........
1858..........

Population.
7,816

17,482

Valuation.
1,797,980
2,315,660
2,212,252
2,857,980
4,458,530
4,718,965
4,739,910

Peoria, Illinois.

695

It cannot be denied tbat the late financial revulsion of our country, and
the short crops of this section for two years past, have had their effect on
the business interests of Peoria; but, we can say with truth, that she has
suffered as little as any place of her size in the Union, if not less. There
is no place where less property is owned by foreign capitalists; and no
place where the local property holders are so free from embarrassment
from foreign creditors. During the whole of the hard times, not a half
dozen failures occurred, small and great. The operations of trade and
manufactures suffered curtailment, but it was only a temporary infliction.
Already, with true elastic force, both trade and manufactures are spring­
ing back to their former prosperous condition, while all the signs of the
times indicate that a greater impetus will be given to the progress of the
city than ever before.
There are now in process of erection 120 substantial buildings, of which
the aggregate cost will reach over $270,000. This is a greater number
than was ever before erected at one time, and affords great evidence of
the progressive nature of the business of the place.
The Illinois River was formerly the great channel of communication
between Peoria and other places. All imports and exports found by it
their inlet and outlet. Everything, even to lumber, was shipped to Peo­
ria from St. Louis, Pittsburg, and other points on the great rivers. The
first exports from Peoria, we have already stated, were by John Hamlin,
Esq., in 1826. The first steamboat arrived at Peoria in December, 1829.
Ten years afterwards forty-four different boats arrived. In 1848, the Illi­
nois and Michigan Canal, connecting the Illinois River with Lake Michi­
gan, was opened, and had the effect to reduce the price of lumber in Pe­
oria one-half. The price of other commodities were affected, but not to
such a degree. In 1850, fifty-nine different boats visited Peoria, making
1,286 arrivals. Six of these were regular packet boats, plying between
St. Louis and La Salle; twenty-seven were tow-boats.
Since the opening of the various railroads leading out of the city, the
importance of the Illinois River as a channel of communication has some­
what diminished. Still the river business is very heavy. A daily line of
steam packets ply between Peoria, St. Louis, and La Salle; and the trim
steamer Delta makes two trips a day between that city and Pekin, ten
miles below. There are, besides these, several boats running between
there and Pittsburg and other cities, and scarcely a day goes by without
the arrival and departure of some laboring steamer, with a fleet of canalboats in tow. The amount of Peoria freight received and forwarded by
the river last year by steamers was 60,000 tons. This was exclusive of
of the merchandise shipped by canal-boats, of which there are no reliable
statistics, although it was heavy. The distance by river between Peoria
and St. Louis is two hundred and forty miles.
There are at present three railroads leading from the city, with two ad­
ditional roads in process of construction.
The Peoria and Bureau Valley Railroad runs from Peoria to Bureau
Junction, where it connects with the Chicago and Rock Island Road. It
is forty-seven miles in length. The company was organized in June,
1853, and the road was completed in November, 1854. It is operated
by the Chicago and Rook Island Company, who pay an annual rent of
$125,000. The distance between Peoria and Chicago by this and the
Rock Island Road is 160 miles; between Peoria and Davenport, Iowa,
115 miles.




69 6

Commercial and Industrial Cities of the United States.

The Peoria, Oquawka, and Burlington Railroad extends from Peoria to
Burlington, Iowa, a distance of 95 miles. The company was organized
in June, 1851, and the road completed in January, 1857. The road is
operated by Moss, Harding & Co., lessees. The amount of freight re­
ceived and shipped at the Peoria station of this road last year was 28,000
tons.
The Peoria and Oquawka (Eastern Extension) Railroad is now com­
pleted to Gilman, on the Chicago Branch of the Illinois Central Railroad,
86 miles, and is in process of construction to Logansport, Indiana, 87
miles further, where it will connect with the Toledo, Wabash, and West­
ern Railroad direct to Toledo, and thence east by the Lake Shore and
other routes; also at Logansport with the Cincinnati and Chicago Road
to Cincinnati, and Central Ohio, &c.; and at Fort Wayne with the Pitts­
burg and Fort Wayne Road to Pittsburg, Philadelphia, Baltimore, Wash­
ington, and New York. A connection will also be made at Middleport,
Iroquois County, Illinois, with the Lafayette and Indianapolis Road, (to
be extended from Lafayette to Middleport,) whereby the distance to Iudianapolis, Louisville, and Cincinnati will be still further shortened.
The Illinois River Railroad, which is in process of construction, is to
extend from Peoria to Jacksonville, 86 miles, where it will connect with
the Jacksonville, Alton, and St. Louis Railroad, thus forming, with the
Bureau Valley and the Chicago and Rock Island roads, another continu­
ous line from Chicago to St. Louis.
Peoria is immediately surrounded by immense and inexhaustible mines
of bituminous coal. It crops out of the bluffs on nearly every hand, and
is mined and brought to the city and exposed for sale in wagons, the same
as wood and hay. An idea of its extreme cheapness may be gained when
w'e say that the average price of this coal, delivered at people’s doors, is
about eight cents per bushel, or $2 per ton. Let one consider the cost of
mining, the expense of a team of two horses and wagon, with man, to
bring it into the city, taking a half-day and sometimes more, before a sale
is effected, and we think that he will agree with us that there is not a
very large margin for profits, and that it cannot well be afforded cheaper.
Large consumers, however, such as distillers and manufacturers, pay 75cents per bushel, delivered. A heavy business has sprung up within a
couple of years, or since the opening of railroads east and west, in the
way of exportation of coal. It is shipped to all points of Central Illinois,
and westward toward Galesburg and Burlington. The coal so exported
last year, as we learn from those engaged in it, amounted to 570,000
bushels. The following is the nearest approximation to the actual amount
of the coal business of Peoria that we can arrive a t :—
Consumed in manufactures, not weighed by city.......................... bush.
Weighed by c it y .......................................................................................
Exported.....................................................................................................

1,040,358
880,695
570,000

T o ta l...............................................................................................
Value, at eight cents per bushel..................................................

1,991,053
§159,284 24

An association was organized for the purpose of throwing a toll bridge
across the Illinois River at Peoria in 1847. The bridge was commenced
the year following, and completed in November, 1849, at a cost of about
$33,000. In 1856, the bridge was repaired at a cost of $10,000. It is
one of Howe’s patent truss bridges, with five stone piers and one abut­




Strictures on an Additional Review of Mr. Carey's Letters. 697
ment, and a swing 292 feet in length for the passage of steamboats. In­
cluding the trestle-work over the flat on the Tazewell County side, the
bridge is 2,600 feet in length.
There is also a railroad bridge over the Illinois, built by the Eastern
Extension. The length, including trestle-work, is nearly 4,000 feet, as
follows:—truss bridge, 300 feet; swing, 292 feet; trestle-work, 3,300
feet. The cost of the bridge proper and swing was some 160,000.
The Peoria Gas and Coke Company was chartered in January, 1853,
and went into operation in November, 1855. The capital is $85,000.
The following are the statistics in regard to the operations of the works:
C o a l u s e d in 1858....
Lime u s e d in 1858..
G a9 m a n u f a c t u r e d . . . ,
T a r m a n u f a c t u r e d . . . ...bbls.
P r i c e o f g a s p e r 1,000 f e e t . .
L e n g th o f s tr e e t m a in s .m ile s

25,773
2,538
5,780,372
200
$3 50
31

Added the past year.. ..miles
No. of street lamps...............
Added the present year . . . .
No. of private consumers___
Value of gas and tar manu­
factured..............................

II
140
33
325
$20,681

The Peoria Marine and Fire Insurance Company was chartered in 1841;
capital stock, $500,000. The following is a statement of the operations
of this company for the year past:—
Marine.........................................
F ir e ............................................
T otaL

Amount insured.

Premiums.

Losses paid.

$1,512,387 59
6,806,077 00

$17,843 00
89,376 19

$4,370 08
46,897 60

$8,378,464 59

$107,218 19

$51,267 68

A rt. IV.— STRICTURES ON AN ADDITIONAL REVIEW OF MR. CAREY’S
LETTERS TO THE PRESIDENT.*
Y o u r contributor, Mr. Sulley, very unfairly charges me with being
“ astonished and somewhat indignant that any one should call in question”
the doctrines of Mr. Carey. If he will again read my “ Strictures,”
he will find that I have merely expressed surprise at his rashness in at­
tempting, without proper preparation for the task, to overthrow this new
social philosophy, which is now making such rapid progress towards
universal acceptance, as well on the continent of Europe as in the Uni­
ted States.
It is not my intention to retrace in this article the ground of my former
contribution to the Merchants' Magazine, being entirely content that the
positions of Mr. Sulley and myself on those points shall be judged by
what has already been presented.
There are, however, one or two questions, which have been introduced
by Mr. Sulley in his recent paper, which I feel need some attention,
and that attention I will now proceed to give them.
Mr. Sulley says:—“ Mr. Baird appears not to be satisfied with princi­
ples laid down in our argument. He says he is no blind follower of the
professors of the dismal science. Now, if this phrase is intended to refer
* “ Free Trade and Protection: or, a Partial Review of Mr. Carey's Letters to the President.'
By R ichard Sulley, Esq., of Fort Wayne, Indiana; J lfe r . M a g . y vol. xli., p. 288.




698

Strictures on an Additional Review of

to Adam Smith and his followers of the English school, I have no ob­
jection to be ranked among its humble professors; but I cannot help
thinking it would have been better to have proved it fallacious or dismal
before descending to vituperative language.”
The systems of philosophy taught respectively by Plato and Aristotle
are not more unlike each other than the political economy of the “ Wealth
of Nations” and that of those who w’orship the name, yet utterly disre­
gard the most important teachings, of Adam Smith. In the “ Wealth
of Nations,” its author keeps in view, and makes reference, from first to
last, to the teachings of actual experience. Hence, his system is induct­
ive. His “ followers of the English school,” as Mr. Sulley terms them,
treat the subject in a manner directly the opposite. “ The social science,”
says Mr. John Stuart Mill, the acknowledged head of this school, “ is a
deductive science.” In regard to statistics, Mr. Sulley has himself in­
formed us that “ very little reliance can be placed upon them as a proof
of the operation of general principles;” thus clearly indicating his prefer­
ence for the treatment of social problems by the deductive system—that
system, in which, according to Mr. Mill, “ all the general propositions are,
in the strictest sense of the word, hypothetical.”
The labors of Adam Smith have never been over-estimated; and, in­
deed, it is almost impossible that they ever can be. In reading his book,
one is amazed that, at so early an era in the science of which he treated,
he should have brought to light so many and such important truths. But
mingled with these truths there is much error, and throughout his entire
book there is a want of that method which is indispensable in the treatment
of every branch of science. There are central principles in the “ Wealth
of Nations,’t-wbich, if fully developed and elaborated, are comprehensive
enough for the foundation of an enduring system of political economy.
Adam Smith, however, merely enunciated them, and “ his followers of the
English school” failing to recognize their vital importance, have allowed
them to pass hy entirely unnoticed. Many of the errors of his sys­
tem, however, they have “ accepted as fundamental truths.” Is it, then,
any wonder, in view of all these facts, that one of the teachers of this
school—Mr. De Quincey—should, in 1844, be forced to make the ack­
nowledgement, that “ political economy does not advance ?” Permit me
to ask the attention of your contributor to the important principles enun­
ciated by Adam Smith* in the following passage:—
“ An inland country, naturally fertile and easily cultivated, produces a
great surplus of provisions beyond what is necessary for maintaining the
cultivators, and on account of the expense of land carriage and inconveniency of river navigation, it may frequently be difficult to send this surplus
abroad. Abundance, therefore, renders provisions cheap, and encourages
a great number of workmen to settle in the neighborhood, who find that
their industry can there procure them more of the necessaries and conveni­
ences of life than in other places. They work up the materials of manufac­
ture which the land produces, and exchange their finished work, or what is
the same thing the price of it, for more materials and provisions. They
give a new value to the surplus part of the rude produce, by saving the
expense of carrying it to the water side, or to some distant market; and
they furnish the cultivators with something in exchange for it, that is




* Wealth of Nations, book iii., chapter 3, fourth edition.

Mr. Carey's Letters to the President.

699

either useful or agreeable to them, upon easier terms than they could
have obtained it before. The cultivators get a better price for their sur­
plus produce, and can purchase cheaper other conveniences which they
have occasion for. They are thus both encouraged and enabled to in­
crease their surplus produce by a further improvement and better culti­
vation of the land; and as the fertility of the land had given birth to
the manufacture, so the progress of the manufacture reacts upon the
land, and increases still further its fertility. The manufacturers first sup­
ply the neighborhood, and afterwards, as their work improves and refines,
more distant markets. For, though neither the rude produce, nor even
the coarse manufacture, could, without the greatest difficulty, support the
expense of a considerable land carriage, the refined and improved manu­
facture easily may. In a small bulk it frequently contains the price of a
great quantity of rude produce. A piece of fine cloth, for example, which
weighs only eighty pounds, contains in it, the price, not only of eighty
pounds weight of wool, but sometimes of several thousand weight of
corn, the maintenance of the different working people, and of their im­
mediate employers. The corn, which could with difficulty be carried
abroad in its own shape, is in this manner virtually exported in that of
the complete manufacture, and may easily be sent to the remotest corners
of the world.”
Will your contributor inform me where, among the teachings of Adam
Smith’s “ followers of the English school,” he will find any attenqrt to
develop and push to their utmost limit these great principles?
Does he believe in these doctrines himself? Will he, as a disciple of
Adam Smith, inform me how he can reconcile with them that “ free trade”
which compels the people of Fort Wayne, Indiana, and the country to
the west of it, to send “ several thousand weight of corn,” and “ eighty
pounds of wool,” to a distance, instead of converting them into a “ piece of
fine cloth,” so that it may be used on the spot, or cheaply and “ easily
sent to the remotest corners of the world ?”
Will he inform me, further, how he can reconcile with these principles
that “ free trade ” policy which compels these people to purchase their
“ eighty pounds of fine cloth,” which has been made at a distance, and
is loaded with freights, commissions, and other charges innumerable?
Will your correspondent inform me whether he is so far a disciple of
Adam Smith as to believe in the advantages to the farmer, as well as to
the manufacturer, thus demonstrated ?
If he does believe in those advantages, will he inform me how he re­
conciles with them the following passage from his “ Keview,” in the May
number of the Merchants' Magazine:—“ He,” [Mr. Carey,] says Mr. Sulley,
“ holds out that by this means the anvil, the loom, and farm will be located
together, and that the labor of all would become more profitable, merely
by saving the present cost of carriage of material to and fro. But it
really seems superfluous to go into the subject, as the daily experience of
the world proves it to be a mere trifle compared to the importance of the
facilities of skill and the cheapness of labor, and other advantages, pecu­
liar to certain localities?”
Will he inform me whether, in the passage above quoted, Adam Smith
does or does not recognize the important fact that “ the manufacture re­
acts upon the land, and increases still further its fertility ?” And if he
does, how he reconciles his belief in these teachings of the author of the




700

Strictures on an Additional Heview of

“ Wealth of Nations ” with his vain attempt to prove a greater decline in
the fertility of those States which have some manufactures, than in those
which have none ?
Finally, will he inform me who more nearly approaches to the position
of the teacher of these doctrines of Adam Smith, Mr. Carey or himself?
It will be useless for him to evade making answers to these questions,
on the ground that, since the days of Adam Smith, the facilities of trans­
portation have been increased beyond any conception he could have had,
for the means of converting raw materials into finished fabrics have in­
creased in an incomparably greater ratio. The principles above enun­
ciated are eternal—equally true to-day as on the day they were first
given to the world by their illustrious author. It is as great a disadvan­
tage at this hour for a nation to expend its substance, its energy, its pow­
er, and its time in merely carrying things about from place to place, and
trading in them, as it was in 1775—6, when the “ Wealth of Nations” was
first written and published. How much of the means of this nation are
annually squandered in this way I have already demonstrated to Mr, Sulley,
who, with a •profound philosophy, informs us that “ it is now bootless to
lament over the loss 1” I cannot avoid the conviction, however, that
it would be more manly, as also really more independent and sensible,
for him, regardless of former prejudices, to search for the cause, and when
found to acknowledge the fact, and see that he did not lend his aid to the
perpetuity of the policy which has resulted so disastrously.
Having, at some length, presented certain of the doctrines of the truly
great author of the “ Wealth of Nations,” and having placed in compar­
ison with them those of his American “ follower,” Mr. Sulley, I will, as
briefly as possible, indicate some of the reasons which, in my view, con­
stitute English political economy the “ dismal science ”—indeed, the only
one which is dismal or discordant. To every one at all conversant with the
teachings of this school, it is well known that its fundamental principlfes
are contained in Ricardo’s Theory of Rent and Malthus’s Law of Popula­
tion.
Ricardo’s Theory of Rent has never been more briefly, clearly, and
fairly stated than in the following words
“ First. That in the commencement of cultivation, when population is
small, and land consequently abundant, the best soils—those capable of
yielding the largest return, say one hundred quarters, to a given quantity
of labor—alone are cultivated.
“ Second. That with the progress of population land becomes less
abundant, and there arises a necessity for cultivating that yielding a
smaller return; and that resort is then had to a second, and afterwards
to a third and a fourth class of soils, yielding respectively ninety, eighty,
and seventy quarters to the same quantity of labor.
“ Third. That with the necessity for applying labor less productively,
which thus accompanies the growth of population, rent arises; the owner
of land No. 1 being enabled to demand and to obtain, in return for its
use, ten quarters when resort is had to that of second quality, twenty
when No. 3 is brought into use, and thirty when it becomes necessary to
cultivate No. 4.
“ Fourth. That the proportion of the landlord tends thus steadily to
increase as the productiveness of labor decreases, and that there is thus
a tendency to the ultimate absorption of the whole produce by the owner




Mr. Carey's Letters to the President.

701

of the land, and to a steadily increasing inequality of condition; the
power of the laborer to consume the commodities which he produces
steadily diminishing, while that of the land-owner to claim them, as rent,
is steadily increasing.
“ Fifth. That this tendency towards a diminution in the return to
labor, and towards an increase of the landlord’s proportion, always exists
where population increases, and most exists where population increases
most rapidly; hut is in a certain degree counteracted by increase of
wealth, producing improvement of cultivation.”*
Although not announced for nineteen years after Malthus’s “ Law of
Population,” Mr. Ricardo’s theory at once took its place logically ante­
rior to it, and became the foundation of the English school.
Mr. Malthus’s Law of Population may be briefly stated as follows:—
“ That population has a constant tendency to increase beyond the means
of subsistence, and that it is kept to its necessary level ” by the absence
of the means of subsistence. “ The difficulty ” arising from the want of
the “ food must be constantly in operation,” and “ must fall somewhere,
and must necessarily be severely felt in some one or other of the various
forms of misery by a large portion of mankind.”!
Now, to me it seems that the mere statement of these propositions is
enough. They at once prove the science, of which they are the corner­
stones, to be “ dismal,” and productive of “ discord ” between the different
classes of men—indeed, the sole discord in nature, although concerned
directly with man, the greatest of all the works of the Creator. That
these are logical necessities of the propositions, is as clear as that two
and two make four.
Even the statement of Mr. Sulley that Malthusianism, with its attend­
ant horrors, constitutes “ a device of Providence to people oncl replenish
the earth,” will not save his cause, as we have the acknowledgement of
Mr. Malthus himself, that emigration can only prove a temporary mitiga­
tion to the evils of over-population, and is not to be relied on as a
sufficient “ check.”
Having seen what must be the result of Ricardo-Malthusianism, it will
be well to turn to the system which will ever be associated with the name
of Henry C. Carey.
By careful reference to the history of the world from the earliest ages,
of which sufficient records exist, to the present hour, Mr. Carey has
shown that in new settlements “ man commences the work of cultivation
on the higher grounds,” and in process of time he is able to bring into
activity richer soils. That with increased numbers there is an increased
power of association, an increase of wealth, and a constantly augmenting
ability to obtain control over the rich heavy soils of the valleys and river
bottoms.^ That, of the yield of land, capital receives an increasing quan­
* Carey’s “ Past, Present, and Future,” p. 21; Philadelphia, 1848.
t Malthus’s “ Essay on Population,” book i., chapter 1, third edition.
X If any evidence whatever were wauting for a complete and triumphant vindication of the doc­
trines of Mr. Carey, respecting the occupation of the earth, and for the entire demolition of those
of Mr. lticardo, it has recently been furnished by a record of the experience of Mr. John Johnston,
of Geneva, New York, well known as “ the father of tile drainage in America.” A most import­
ant paper on the history and practice of this gentleman, and the remarkable results which have
crowned his efforts in tile drainage, will be found in the New York Daily Tribune , of October 29,
1859.
Mr. Johnston has opened the way to a revolution in American agriculture, and unconsciously
given powerful aid to a revolution in political economy throughout the world. He has furnished




702

Cape of Good Hope, and its Commerce with United States.

tity, arising out of an increasing yield, but a decreasing proportion—thus
a constantly increasing proportion going to those who work the land.
Further than this, he has demonstrated, by the aid of physiology, that
matter takes upon itself more rapidly the form of vegetables than it does
that of animals; and that every known description of animal—the ele­
phant alone excepted—possesses greater procreative power than man.
While he has demonstrated all of these important truths, he has further
shown that, with an increasing population, and a diversity of employ­
ments, the farmer and gardener can raise those vegetables of which an
acre yields by tons, while he who raises produce for a distant market is
confined almost exclusively to the cultivation of grains, of which an acre
yields only by bushels; and that over-population really has never existed.
Thus has he established the fact that, so far from the future being dark
and dreary for the mass of mankind, it is full of brightness and hope,
and that we may look for the time when pauperism will cease to be an
accompaniment of what we now call civilization.
In the above very imperfect outline of the basis of that harmonious
and beautiful system, I have shown, that, by an appeal to facts, the pic­
ture drawn by Ricardo and Malthus is entirely reversed. This is the sys­
tem, however, which Mr. Sulley—a believer in the horrors and monstros­
ities of Ricardo-Malthusianism—characterizes as “ the pestilential quag­
mire of the Carey doctrines.” But, as Mr. Sulley, in his arguments, has
so utterly disregarded the rules of logic that he has been forced to ac­
knowledge that his “ premises are not necessary to his conclusions,” there
is but little need of regarding the opinions of this American “ follower”
of Adam Smith.
Passing over the minor points of your contributor’s paper, I will here
leave him for the present.
h . c. b .

A rt. V.— CAPE OF GOOD IIOPE, AND ITS COMMERCE WITII UNITED STATES.
T h e British colonies in South Africa have, until recently, received but
an indifferent share of attention from our mercantile community. Their
endeavors to establish commercial relations of some import with this ex­
treme southern point of Africa, have resulted, however, satisfactorily, and
a regular traffic now exists between the eastern ports of the United States,
Cape Town, and Algoa Bay. In 1850, an occasional ship would visit
these ports to recruit on a long passage to India or the east coast of
Africa, (along this latter coast American ships have monopolized the
trade for many years,) on which occasions they would bring tobacco, flour,
&c., in small quantities, for trading and as payment for their disburse­
ments. Now several fine American ships from 500 to 800 tons, built ex­
pressly for the trade, are constantly employed in direct communication
between these ports. They are owned jointly between houses at Cape
to all those who can trace effects hack to their causes, an explanation of those causes which have
produced periodical destruction to so large a portion of the crops of the West. Mr. Carey’s philos­
ophy furnished long before, to every one ‘‘ within the circuit o f its influence” a clear solution of
those difficulties which have crushed so many hopes, and broken so many hearts, among those who
follow the plow and the harrow in the United States.




Cape of Good Hope, and its Commerce ivith United Slates.

703

Town and Boston, at which latter port they are loaded principally with
flour, lumber, staves, &c., and receive in return the produce of South
Africa.
Cape Town is thirty-two miles to the westward of the Cape of Good
Hope, and c omparing it with any other colony of similar age and nation,
has, at all times, a dronish appearance, although somewhat picturesque,
and has been much retarded from the customary enterprise visible in
most English colonies at the present day by the aversion its inhabitants,
who are mostly of Dutch descent, have of encouraging the introduction
of modern facilities of almost any description. The patronage of the
East India Company having been withdrawn, the prosperity of the neigh­
boring settlement of Algoa Bay and its increasing importance to English
merchants has, apparently, awakened the cape inhabitants to a sense of
their comparative want of self-reliance and energy in extending their
commerce. Published statistics of the latter port show an excess of ex­
ports over Cape Town annually, and also an increase in emigration.
Within the past twelve months some unusual excitement has benefici­
ally resulted in Cape Town by the carrying out of two railroad projec­
tions—the importance of which hitherto has not apparently occurred to
them. A few months since the Governor turned the first sod for a rail­
road of some extent between Cape Town and Stellenbosch ; and another
shorter road is now being surveyed, both of which will be a valuable step,
if sufficiently extended, in diverting produce from Algoa Bay to this port
for shipment. Already this era in cape enterprise has commercially bene­
fited the United States, as ten cargoes of lumber for railroad purposes
have been shipped from eastern ports, and more will yet be required on
the coast, as a road is in projection at Algoa Bay, and one already com­
menced at Port Natal. Measures have been taken to erect a breakwater
in Table Bay at the expense of the colony—the home government having
been solicited to contribute, but refused, owing to the colony rejecting
convict labor. This movement is of great importance, as harbor facilities
are much required. A marine railway has also been contemplated ; noth­
ing, however, as yet, has been done towards it. The locomotive whistle,
hitherto unknown to the Dutch farmers and Kaffirs, will be instrumental
in lessening the present crowd of formidable ox teams always visible in
Cape Town, which are seldom drawn by less than eighteen oxen of large
proportions, and driven by Kaffirs, who make, invariably, excellent team­
sters. The produce brought from the interior by these teams consist of
wool, sheepskins, hides, wine, raisins, &c., from distances varying to 500
miles. A large proportion of these commodities are submitted at public
auction twice each week on the parade. Ostrich feathers, ivory, rhinoce­
ros horns, aloes, and many such valuable commodities are brought round
the coast to the cape by small craft and two small screw steamers, regu­
larly employed on the coast, making weekly trips to Port Natal and inter­
mediate ports ; most of these shipments are for transfer to the mail steamers
for European account.
Cape Town presents somewhat of a dull appearance from the bay, own­
ing to its situation at the foQt of Table Mountain, which is nearly perpen­
dicular, and 3,000 feet high. The streets are laid out at right angles
from the peculiar build of the houses, which are of Dutch architecture ;
and to avoid injury from the strong southeast winds, which blow furiously
down the mountain, they are built low and with flat roofs. Many of the
streets are destitute of sidewalks. Stoops surrounded by iron railings




70i

Cape of Good Hope, and its Commerce with United States.

force the pedestrian into the frequently muddy roads. The trees around
the city show the influence of the strong winds, as they all bend several
degrees to the northwest. The town was settled in 1650, and now con­
tains 22,000 inhabitants, consisting of Europeans, Dutch, and Malays—
the two latter in about equal proportions. But few Hottentots or Kaffirs
are visible in the town. The Malays form the laboring population, and
were originally introduced from Java, by the Dutch, as slaves. The pre­
sent race, however, having been raised among the cape colonists, are much
improved from the Malays of Java, although they still retain many of
the habits of their race—Mahommedan religion and the Malay language
intermixed with Dutch. Their dress is somewhat Oriental and very con­
spicuous. In 1858, the small pox broke out and depopulated them to
some extent; also extending to the Dutch lower orders called “ African­
ders.” Leprosy is yet a common disease among them, but does not
extend to the other population. A number of cases always exists at the
Leprosy Hospital, on Bobbin Island, at the entrance of Table Bay. Since
the emancipation of slaves in 1834, emigration to these colonies from
England has been steadily increasing, and is much encouraged by the
British government in granting free passages to artisans and laborers.
The good offices of the cape merchants are not unfrequently occupied
in the very profitable business of marine surveying, consequent on the
numerous homeward-bound Indiamen putting into one of their bays in
distress, after endeavoring for weeks to weather the cape. On these oc­
casions, which, during the winter months are very frequent, quite a conpetition exists among the various agents in their zealous endeavors to
protect the interest of American and European underwriters. In many
of these general average casualties a reshipment of the whole or a portion
of the cargo is consequent; and frequently, when funds are not properly
secured for the ship’s disbursements, a portion of the cargo is reserved for
public auction, and proceeds used to cover incidental expenses thus accru­
ing, including satisfactory commissions which are generally of a remuner­
ating character. During the months of June, July, and August, the
Dutch and most continental ships are prohibited from anchoring in Table
Bay, and many English ships would also vitiate their policies by entering
this roadstead, the exposure of the bay to the violent northwest gales
rendering it, during these months, dangerous. During the winter of 1857.
a number of ships parted from their anchors, and five stranded, during
the continuance of one gale.
Vessels at this season seeking a refuge on the coast, bear up for Simon’s
Bay, situated twenty-four miles from Cape Town, and entirely protected
from the severe weather of this season. Simon’s Bay is a naval station
for the British cruisers stationed in this part of the world ; for other pur­
poses it is of no importance. The quick sands in approaching this latter
place from Cape Town, are of a very dangerous nature, and at seasons
only passable by those well acquainted with the track. In the products
of the Cape of Good Hope, wool is the principal and most valuable ex­
port, and should the present tranquility exist, it will, there is but little
doubt, be a formidable rival of Australia in quantity produced, but in
quality, on an average, inferior. The sheep indigenous to this country
are not sustained for producing wool; their skins are only collected, of
which a fair average find their way to the United States. Since Ameri­
cans have become competitors in the market, the cost is now much above
what it formerly was. The tails of these native sheep will average ten




Cape of Good Hope, and its Commerce with United States.

705

pounds in weight, and very often exceeding it, even to twenty pounds—
the fat of which is somewhat prised, and sells at a higher price than the
carcass, being used by the Dutch and Malays in lieu of butter. The woolproducing sheep are of imported breeds, principally Merino, and which
have thriven admirably. The value of this staple imported into the
United States in 1857, was $183,426.
In agriculture, wheat-growing is the principal occupation of the farm­
ers ; attention to this branch of industry is not followed, to any great
extent, being limited somewhat, owing to the continuance of the old
Dutch law of succession, dividing the estates equally among children ;
and deficiency in the crop of wheat, which is frequent, is amply supplied
by the large stock of American flour always on hand; complaints are
often made, also, of the inferior quality of the latter shipments. Stockraising receives more of their attention, and for which a good market in
the island of the Mauritius is readily found. Great encouragement of late
has been offered them by the East India government to breed horses, and
a Remount agent established here for the purpose of purchasing all good
stock available, and of which an immense number have, and are, continu­
ally being shipped to Calcutta. Among the list of ships taken up for
their conveyance, several American clippers are included.
Wine, of various qualities, denominated Constantia, Fontignac, and
Pontac, is a valuable and greatly increasing production. In the vicinity
of Cape Town great attention is paid to the grape cultivation, and several
vinyards are to be seen upwards of a century old. The proprietors of
many of the manufactories have, of late years, been very successful in the
excellent quality of their productions; among the most prominent are the
Messrs. Cloete, proprietors of the well-known Constantia plantation, about
fourteen miles from Cape Town, and which is invariably a place of resort
for visitors. The demand for the annual production of Constantia is usu­
ally to the full extent of its capacity—a great portion of it being shipped
to India, and the usual price in Cape Town is £ I sterling per gallon. The
next in quality is the Fontignac, and which is also of excellent quality,
is expensive, and is principally shipped to Europe; it is grown all over
the colony. Pontac is made in large quantities, and is the ordinary
wine shipped to the United States—it resembles Teneriffe and Sicilian
light wines. The red Pontac, with a little adulteration is, without doubt,
consumed to a great extent in Europe and the United States as Portugal
red wine. Brandy of tolerable quality is manufactured to some extent.
The wines of the cape if not injured by adulteration are healthy and very
palatable ; and since the total failure of the grape vine in Madeira, are
much used throughout Europe as a substitute. Wines shipped from the
cape are admitted into England at a more favorable duty than from any
other country. Guano, from Ichaboe and Saldanha Bay, of which there
is always a large accumulation at the cape, is an article in which an ex­
tensive business is done.
Whale oil, in former years, was an article of considerable importance
here, but of late the southern American whaleships have forsaken this
port for the Island of Mauritius. A number of ships from New London
the past four years, each having one or two schooners attached to them
as tenders, have been employed at that island, and have made a rendezvous
at the “ cape” for disposing of and reshipping their oil home. The seaelephant whalers have a station at Heard’s Island in 63° south, where they
VOL. x l i .— n o .

vi.




45

706

Cape of Good Hope, and its Commerce with United States.

have the past four years been very successful. One of these vessels is nearly
always at the cape. An occasional whaleship from the Indian Ocean
will recruit at this port, and which has many advantages for the purpose.
The Mauritius supplies the cape with all its tropical necessities, and a
considerable inter-colonial trade exists between the two ports sufficient
to encourage resident American merchants to employ two fine vessels on
the line, one of which is now building at an eastern port. “ Copper ore ”
is a new article of export, and the average of 100 tons per month has
been shipped from Cape Town with the prospect of a large increase ;
several mines having of late been opened.
Algoa Bay, in latitude 33° south, on the east coast, and 425 miles from
Cape Town, having been originally colonized by the English, has, within
a few years, outstripped its more ancient cotemporary in many branches
of commerce. The surrounding country is well adapted for sheep ; and
in agricultural pursuits the colonists are very successful. The Dutch are
not numerous here. Several tanneries and beef-packing establishments
are doing a thriving business. Within the past year the clearances from
the United States to this port direct have been numerous, and American
manufactures are much favored. During the winter months the anchor­
age in Algoa Bay, which is on the west and northeast parts of the bay, is
perfectly secure ; during the summer season, however, heavy rollers set in.
Port Natal is in latitude 21° 40' south, longitude 29° east, and its pro­
ductions tropical. Cotton and indigo grow wild. A railroad has been
commenced to Pietermaritzburg, the capital. The exports are not on an
extensive scale, and at present limited to wool, arrow-root, butter, hides,
and sugar ; in the latter article great difficulty is found in competing
at Cape Town with supplies from the Mauritius, owing to scarcity of
labor. Arrivals of American shipping at this port are not frequent. Ma­
terial for the railroad now progressing would meet with ready sale. Ves­
sels drawing over fourteen feet of water find difficulty in getting up to
D’Urban, which is the port of entry. Begularity in a limited trade be­
tween the cape colonies and Bio Janeiro exists. Outward, the cargoes
consist of wine, live stock, &c., calling at St. Helena, which port is sup­
plied altogether with sheep and cattle from the cape, returning with coffee
and Brazilian produce. Dried raisins *• from the cape ” are met with in
many parts of rhe world—“ the packages having the Malaga brand,” of
which, however, Australia receives the greater portion.
The circulating medium of South Africa is British specie and notes
issued at various denominations by three private banks ;* but the majority
of the inhabitants, especially in country districts, and at auction sales, use
the rix dollar, which is valued at Is. 6 d., or 13i to a pound sterling. The
schelling, eight of which go to a rix dollar, is of the value of 2 ±d., and a
stiver | of a penny sterling, six of which make a schelling. Commissariat
bills on the English treasury, £20 and above, can always be purchased at
x per cent premium ; and banks sell at 1 per cent premium, exchange on
Europe.
Weights are Amsterdam standard, and were introduced by the Dutch,
consisting of pounds subdivided into 16 ounces, or 32 loods each. The
usual proportionate comparison of Dutch and English weights is 92 lbs.
Dutch to 100 English. Wine is sold in pipes of 100 gallons ; aum, 38
gallons ; anker,
gallons.
t. d .
* Bank of Cape of Good Hope, Bank of South Africa, Bank of Eastern Province.




Journal of Mercantile Law.

707

JOURNAL OF MERCANTILE LAW.
D E C IS IO N

IN

A D M I R A L T Y — C O L L IS IO N — V IS

B efo re J u d g e N

elso n

.

M A JO R — F E R R Y -B O A T — B A D

W EATHER.

S a m u e l B e a t t y , el a l., vs. t h e f e r r y - b o a t B r o o k ly n ,

T h i s i s a lib e l file d b y t h e l i b e l a n t s a n d o w n e r s o f t h e s c h o o n e r S a r a h E .
P o r t e r , a g a in s t t h e B r o o k ly n , t o r e c o v e r d a m a g e s fo r a c o llis io n o c c u r r in g b e t w e e n
t h e t w o v e s s e ls o n t h e e v e n in g o f th e 1 0 t h o f J a n u a r y . 1 8 5 6 , in t h e E a s t R iv e r .
T h e s c h o o n e r w a s l y i n g in a s lip a t t h e d o c k , s o u t h s id e o f i t , j u s t a b o v e t h e
F u lt o n - f e r r y s lip , o n t h e B r o o k ly n s id e o f t h e r iv e r .
T h e fe r ry -b o a t le ft h er
b e r th a t W h i t e h a l l , b e t w e e n fiv e a n d s i x o ’c lo c k in t h e e v e n in g , fo r a t r ip o n t h e
S o u t h - f e r r y fo r A t l a n t i c - s t r e e t , B r o o k ly n .
T h e u s u a l t r ip o c c u p ie d s o m e s e v e n
o r e i g h t m in u te s .
T h e E a s t R iv e r , a t t h is t im e , w a s fu ll o f b r o k e n r u n n in g i c e .
I t w a s flo o d -tid e , w h ic h s e n t t h e i c e o v e r a g a i n s t t h e B r o o k ly n s h o r e .
A f t e r th e
fe r r y b o a t h a d p a s s e d a c r o s s a b o u t t w o th ir d s o f t h e w a y , s h e fo u n d t h e i c e s o
c o m p a c t a n d s o lid , t h a t s h e w a s o b li g e d t o d e s i s t h e r e ffo r ts t o e n t e r t h e A t l a n t i c
dock.
S h e t h e n d r ifte d o n t h e t id e u p t h e r iv e r , a n d a t t e m p t e d t o e n t e r t h e
M o n t a g u e d o c k , b u t fa ile d .
S h e t h e n p a s s e d fu r t h e r o n w i t h t h e v i e w o f e n t e r ­
i n g t h e F u l t o n d o c k , b u t o n r e a c h i n g i t , p r e p a r in g a n d b e in g a b o u t t o e n t e r , s h e
e n c o u n t e r e d a la r g e b lo c k o f ic e , w h ic h c h e c k e d h er p r o g r e s s , a n d w h ile t h u s o b ­
s t r u c t e d , t h e t id e a n d ic e o u t s id e s w a y i n g t h e s te r n o f t h e b o a t b y t h e r iv e r ,
b r o u g h t i t a g a i n s t t h e b o w o f th e s c h o o n e r , w h ic h la y n e x t , b r e a k in g h e r j ib b o o m a n d b o w s p r it , b e s id e c r e a t i n g s o m e o t h e r d a m a g e s b y f o r c in g h e r a g a in s t
a b r i g t h a t w a s s t a t io n e d in t h e s lip b e t w e e n h e r a n d t h e d o c k .
T h e fe r r y - b o a t h a d o n b o a r d fr o m 5 0 0 t o 6 0 0 p a s s e n g e r s , b e s id e a s m a n y t e a m s
a s c o u ld b e ta k e n t h a t tr ip .
T h e n ig h t w a s e x c e s s i v e l y c o ld , a n d s o m e t w o h o u r s
w e r e c o n s u m e d in t h e e ffo r t t o c r o s s t h e r iv e r a n d la n d th e p a s s e n g e r s a n d te a m s .
T h e c o u r t b e lo w d is m is s e d th e lib e l.
W e h a v e lo o k e d a t t e n t i v e l y in t o t h e p r o o f s
in t h e c a s e , a n d a ll t h e f a c ts a n d c ir c u m s t a n c e s a t t e n d in g t h i s t r ip o f t h e fe r r y ­
b o a t , a n d a f t e r th e f u lle s t c o n s id e r a t io n c a n n o t s e e t h a t a n y f a u lt w a s c o m m it t e d
in h e r n a v ig a t io n . E v e r y e ffo r t s e e m s t o h a v e b e e n m a d e b y t h e h a n d s o n b o a r d
w h ic h s k i l l a n d a t t e n t io n to d u t y c o u ld s u g g e s t ; fir s t, t o g a in t h e d o c k a t A t l a n t i c s t r e e t , a f t e r f a il in g in t h is t o e n te r t h e n e a r e s t d o c k p r a c t ic a b le o n t h e B r o o k ly n
s id e . T h e F u l t o n d o c k , in t h e a t t e m p t t o e n t e r w h ic h t h e a c c i d e n t o c c u r r e d ,
b e lo n g e d t o th e p r o p r ie t o r s o f th e b o a t .
B e s id e s th e fo r c e o f t h e t id e c a r r ie d
h e r t o a p la c e w h e r e s h e h a d a r i g h t t o e n t e r a n d la n d h e r p a s s e n g e r s .
I t seem s
t o m e t h a t , h a v i n g r e a c h e d t h is p o in t t h e a c c i d e n t w a s th e r e s u lt o f c ir c u m s t a n c e s
e n t ir e ly b e y o n d t h e c o n t r o l o f t h e h a n d s o f t h e b o a t . I t h a s b e e n a r g u e d t h a t
t h e b o a t s h o u ld n o t h a v e le f t h e r b e r th a t " W h ite h a ll, t a k i n g in t o c o n s id e r a t io n
t h e n i g h t a n d t h e c o n d it io n o f t h e r iv e r ; b u t s h e h a d b e e n r u n n in g h e r t r ip s
r e g u la r ly t h r o u g h t h e d a y , a n d t h e l a s t t r ip w a s m a d e j u s t b e fo r e 5 o ’c lo c k .
The
i c e h a d b e e n r u n n in g in t h e r iv e r s o m e w e e k s , a n d g r e a t d if f ic u lt ie s w e r e e n ­
c o u n t e r e d in c r o s s in g , y e t n o o n e t h o u g h t o f c lo s i n g t h e fe r r ie s b e t w e e n t h e t w o
g r e a t c i t i e s o n a c c o u n t o f t h e o b s t r u c t io n s .
I t h a s a ls o b e e n a r g u e d t h a t t h e
f e r r y - b o a t, a f t e r h a v in g fa ile d t o e n te r h e r d o c k a t A t l a n t i c - s t r e e t , s h o u ld h a v e
r e t u r n e d t o h e r b e r th a t W h i t e h a l l .
B u t th e m a ste r a n d h a n d s o w ed a d u ty to
t h e p a s s e n g e r s , w h ic h t h e y w o u ld h a v e f a ile d t o fu lfill i f fu r t h e r e ffo r ts h a d n o t
b e e n m a d e t o e n a b le th e m t o r e a c h th e ir h o m e s .
T h e s e e ffo r ts , in m y j u d g m e n t ,
a r e e n t it le d t o c o m m e n d a tio n , a n d m a n if e s t a n e n e r g y c o r r e s p o n d in g t o t h e d a n ­
g e r s a n d d iffic u ltie s o f th e o c c a s io n , a n d t o th e r e s p o n s ib ilit ie s r e s t in g u p o n th e m ,
a r isin g o u t o f i t .
T h e l o c a l i t y o f th e s c h o o n e r a s u n s k illf u l a n d im p r o p e r h a s
b e e n r e lie d o n , o n t h e p a r t o f t h e r e s p o n d e n ts , a n d t h e c ir c u m s t a n c e t h a t i t w a s
t h e p u r p o s e o f th e p i l o t o f t h e f e r r y - b o a t t o e n te r t h e s lip a h e a d o f t h e s c h o o n e r .
B u t t h e s e p o in t s a r e in c o n t r o v e r s y u p o n t h e e v id e n c e .
W e h a v e p r e fe r r e d t o
p la c e t h e o p in io n u p o n t h e u n d is p u t e d f a c t s o f t h e c a s e .
T h e d ecree o f th e c o u r t
b e lo w affirm ed .




Journal of Mercantile Law.

708

D E C IS IO N

IN

A D M IR A L T Y .

In the United States Circuit Court—September 21. Before H od. Judge
.
Butterfield vs. Boyd and others.
The libel was filed in this case by B utterfield , one of the owners of the
Mexican steamer Iturbide, against the respondents, owners of the ship Mercury,
to recover damages occasioned by a collision between the two vessels on the 6 th
of November, 1854, after both vessels had passed outside of Sandy Hook. The
ship had been towed to sea, and the hands were engaged in taking in the hawser
which had been cast off by the tug a short time before the accident occurred.
The steamer had passed the ship as she was going through the Gedney Channel,
and sood after hove to for the purpose of sending the pilot and some passengers
oh board the tug, which was about to return to the city. At the time the hawser
was cast off, the steamer was standing some quarter or half a mile to windward,
and in advance of the ship. The wind was from the west-northwest, a pretty
fresh breeze, the tide about half-flood, setting in in a direction nearly opposite to
the wind. The steamer was heading northeast, and the ship about east or east
by south. The steamer had come down the bay wdth steam and canvass, topsails
and topgallant sails, jib and flying jib ; when she hove-to, her jib and flying jib
were lowered, her fore and main topgallant sails were set, the head sails were laid
aback. The ship had only her top main staysail set, and was under no other sail.
The vessels came together nearly broadside, the starboard side of the steamer
against the larboard side of the ship. Within some ten or fifteen minutes after
the one hove-to, and the other commenced taking in the hawser, they drifted
together, and the serious dispute in the case is, which party was in fault in per­
mitting his vessel to drift against the other. Four witnesses, including the mas­
ter, mate, the pilot, and a passenger on board the steamer, have been examined
for the libelant, and all concur that the ship drifted against the steamer. Five
witnesses, on board the ship, including the master, first and third mates, the pilot,
and a hand on board, were examined, and all concur that the steamer drifted
against the ship. The court below dismissed the libel, and it is difficult to see
upon this conflict of testimony how the judge could have arrived at any other
conclusion, unless there is something else in the case charging fault upon the de­
fendant’s vessel. The court, after going over the evidence adduced and the argu­
ments of counsel, concludes :—“ We feel bound to say that the management of
the steamer in the position in which she lay,Vas not such as to recommend her
to any very favorable consideration. She had her steam up, and sails set, and
yet it does not appear that she used any effort by her officers or crew to avoid
the collision.” It is agreed that the vessels were apart from each other from a
quarter to half a mile before they began to drift, and it is difficult to resist the
conclusion that if there had been a proper attention to duty under the circum­
stances, on the part of those on board the steamer, that she might have avoided
the collision or accident; but at least she should have made the effort. We are
satisfied the decree of the court below is right, and should be affirmed.
N

elso n

decision in

Admiralty on appeal — slave trade.

In the United States Circuit Court. Before Judge N elson. The United
States rs. the brig Henry.
The libel was filed in this case by the Government against the brig Henry,
upon a charge of having been fitted out in this port for the purpose of engaging
in the slave trade, praying forfeiture and condemnation of the vessel. The court
below dismissed the libel, but granted a certificate of reasonable cause to the
collector or person making the seizure.
The claimants appealed from the order granting the certificate. The principal
objection raised was that no seizure took place by the collector or any other
officer of the customs, and hence the case was one in which the court below had
no jurisdiction or authority to grant the order under the act of Congress, (1 U.
S. Statutes at Large, 696.) It appeared from the record that an actual seizure
was omitted, at the request of the counsel for the claimant, and that the Acting




Journal of Mercantile Law.

709

District Attorney agreed to take a stipulation of the counsel that a seizure had
been made, and waived the formality of one to save expense and delay.
It was insisted that the stipulation was designed to furnish evidence of the
seizure, so far as the fact was essential to maintain the suit for condemnation,
but not to be used as a ground for the granting of an order for reasonable cause
of seizure.
Judge N elson, on the appeal, held that the act of Congress referred to.
makes the seizure a material fact to the maintenance of the suit, and provides
for a certificate of reasonable cause, in case of judgment for the claimant, in
which event the claimant is denied costs, and the person making the seizure exempt
from suit for the same. The judge was of the opinion that the mode adopted in
proceeding in this case is not such as should be entitled to any very favorable
consideration.
Public officers had better follow out the requirements of the law, and assume
all the responsibilities belonging to their acts. Very great abuses might arise
from the institution of these penal suits on behalf of the Government by stipula­
tion or compromise. He, however, held, from the facts of the case, that the de­
cree of the court below should be affirmed.
B O T T O M R Y B O N D — C O M M IS S IO N S — S T E V E D O R E ’S B I L L .

In the United States Circuit Court—September 17. Before Judge N elson.
Cmsar A. Robert vs. the bark Yuba.
This was an action to enforce a bottomry bond upon the bark Yuba for the
sum of $9,240. The vessel was in New Orleans in distress, and was repaired
under the directions of her master, and the money advanced by the firm of A d.
Od ie r , S tocse & L eisy, who took this bond for the amount, with maritime
interest of 20 per cent, and afterwards transferred it to the libelant. The money
advanced was used for paying various bills for discharging the vessel previous to
the repairs, for the bills of repairs, and commissions for procuring the advance,
&c., and after the bills were paid there remained a balance of $192 44, which
was handed to the master of the vessel.
Judge B etts, in the District Court, decided that the circumstances of the case
were calculated to throw suspicion upon the good faith of the loan, and gave a
decree for the libelant for only $4,000, with leave to make a reference and show
whether claims which were liens on the vessel were paid by this loan to a greater
amount. The libelant, however, did not take a reference, but appealed to this
court.
N elson, C. J.—I am satisfied that the repairs of the vessel at New Orleans,
which port she entered in distress, were necessary, and that the money was lent
on the bottomry bond by O dier & Co. in good faith, for the purpose of their
payment, and that the money was applied to the payment of the same.
The objection that the repairs were made before the loan was effected, and
hence that it was not necessary, in order to procure them, and enable the vessel
to proceed on her voyage, we think not tenable. They were made upon the
credit of the vessel, and the loan was indispensable to relieve her from the
charges.
The discharge of the cargo became necessary to enable the surveyors to ascertain
the extent of the damage, and to enable the shipmaster to make the repairs. The
service was incidental to the repairs, and one without which they could not be
made ; and thence the stevedore’s bill was a proper charge. So in respect to the
commissions on the procurement of the loan. They were incidental to the loan
itself, as it could be raised, in the given case, only through an agency. This
principle is applicable also to several other items objected to.
The charges for the repairs and other expenses connected therewith, are high,
and may be unreasonable ; but the weight of the proof shows that they are
customary charges and expenses in the port of New Orleans. The premium of
20 per cent on the bottomry bond is objected to as exorbitant and out of all pro­
portion to the risk, but we cannot so hold upon the proofs in the case.
If the question was between the claimants and the persons rendering the ser­




710

Journal oj Mercantile Law.

vice to the vessel, we might be disposed to cut down some of the charges, not­
withstanding the evidence in support of them. But we think the lender upon
bottomry in good faith, and under circumstances which justified the loan, cannot
be justly held responsible for the reasonableness of the charges in the repairs of
the vessel. This would require him, if we should hold him to this responsibility,
to take upon himself the burden of contracting for, or superintending all repairs.
Reasonable exertions were made by the consignee of the vessel to procure the
funds from the owners and agents of her in New York, but they declined mak­
ing the advances, or rather admitted their inability to make them, and the parties
at the port of distress were left to raise the money as they best could.
Upon our view of the case we must reverse the decree below, and decree in
favor of the libelant the amount of the bottomry bond, except the §192 44 paid
to the captain.
-------S H IP M E N T

OF

LARD

IN

HOT

W E A T H E R — R E S P O N S IB IL IT Y

OF

THE

C A R R IE R .

In the United States Circuit Court. Before Justice N elson. William Nel­
son, el al., vs. John 0. Woodruff; John 0. Woodruff vs. William Nelson, el al.
The libel was filed in the first case by the libelant to recover freight upon a
shipment of 1,089 bbls. and til tcs. of lard, in the ship Maid of Orleans, from
New Orleans to this port, in July and August, 1854. It was filed in the second
case by the consignee against the respondent, to recover damages for a loss of
part of the lard in the course of the shipment. Both cases depend upon the same
evidence, and were heard together in the court below, and in this court. It is
not denied but that a very heavy loss of the lard occurred on board of the ves­
sel during the voyage, which was discovered upon discharging the cargo at this port
—a loss of about 60,000 pounds, worth some §6,000. The' bills of lading are in
the usual form—shipped in good order, &c., damages of sea, &c., except to each
is added at the foot, “ contents unknown.” The weather was excessively hot in
New Orleans in the month of July, 1854. when the lard was put on board and
delivered by the shipper on the levee, which was done morning and evening to
avoid the heat of the day. The delivery, however, was continued in the morning
until 10 o’clock, and renewed between 3 and 4 P. M. And according to the
weight of the testimony the lard was taken on board the vessel with all reasonable
dispatch. When taken on board it was in a liquid state, and a few barrels leaked
so badly at the levee that the hoops had to be tightened, and some of the barrels
were found to be partially empty.
The great deficiency that occurred in the course of the shipment, is attributable
to the leakage of the casks which the libelant insists is chargeable alone to the
condition and character of the article and to the excessive heat, whether at the
time of the shipment or during the voyage. The proofs in the case taken at New
Orleans, and at this port, are very full and satisfactory that the lard was properly
and skillfully stowed, both in respect to the place iu the hold of the vessel, and
the manner of the stowage. And it is further shown that all due and proper
care was taken in the course of the shipment, and I perceive nothing in the evi­
dence, when critically examined and weighed, in the appearance or condition of
the packages when discharged at this port, going to impair the proof of the
libelant on this head. The barrels and tierces appear to have been well made
and with proper material, and to have withstood any substantial injury, with the
exception that the seams were opened, and hence the leakage. But this is
accounted for by nearty ail the witnesses experienced in the shipment of the arti­
cle, as resulting from the effect of the hot weather in connection with the teudency
of the melted lard to shrink the staves and loosen the hoop3. The proof is that
the months of July and August were hot beyond those of preceding years ; and
that on opeuing the hatches of the vessel at this port the heat in the hold was so
excessive that no. person could remain in it. It is well settled that the shipper
takes a risk attendant upon a shipment of cargo of this character from the heat
of the weather, unless one neglect or fault can be charged upon the vessel con­
tributing to the loss, (12 How., 272,) and I must say, after a very careful examina­
tion of the evidence, that in iny judgment, no such negligence or fault has been
established. The decree of the court below must be affirmed.




Commercial Chronicle and Review.
A PPEA L

IN

711

A D M IR A L T Y .

In the United States Circuit Court. Before Justice N elson . Elisha Baker
vs. the ship Potomac.
The only question in this case arose on the report of the commissioner in the
court below, in respect to the amount of repairs made, and materials furnished
to the ship Potomac. The court below based its decision upon a defect in the
exceptions taken to the report as relating either to matters settled in the decree
and not before the commissioner, or not sufficiently specific and pointed to raise
the exception.
I am inclined to think the court right on both grounds stated. But, inde­
pendently of this answer, have looked into the evidence before the commissioner,
without regard to the formal objections, and am satisfied that the weight of it
sustains the report; at least the evidence furnished on the part of the respondent,
tending to reduce the amount and value of the repairs, and to change the terms
upon which they were made, is so questionable that we are not disposed to inter­
fere with the report, as the witnesses were personally before the officer making it,
and who had a better opportunity to determine the degree of credibility to be
given to them than he can have. The extent and cost of the repairs seem to
have been established in the usual way, and with reasonable satisfaction, and the
rebutting proof is very general and indefinite. Decree below affirmed.

COMMERCIAL CHRONICLE AND REVIEW.
G R O W IN G A B U N D A N C E O F M O N E Y — D IM IN IS H E D V A L U E — STO CK B U S IN E S S — E X C E SS O F C A P IT A L — S U P ­
PL Y o f t h e m e t a l s — I m p o r t s a n d e x p o r t s in g r e a t B r it a in a n d F r a n c e — in o r e a s e o f s p e c ie
IN

E U R O P E — D E C R E A S E I N U N IT E D ST A T E S — F L O W

O F S P E C IE TO

R IC H

C O U N T R IE S — G O LD

THE

C H IE F P R O D U C T O F C A L IF O R N IA — O T H E R C A P IT A L SC A R C E — G R A D U A L IN C R E A S E O F IN D U S T R Y — P R O ­
G R E SS R E Q U IR E S M ORE C A P IT A L — S U F F IC IE N C Y O F GOLD F O R C U R R E N C Y — A L L C A P IT A L A B U N D A N T
IN

G R E A T B R I T A I N — R E N T O F C A P IT A L — R E C A L L O F C A P IT A L — E X P O R T FROM U N IT E D ST A T E S — M IN T

— A S S A Y -O F F IC E — S P E C IE I N B A N K S -A G G R E G A T E O F F O U R C IT IE S — E F F E C T O F P A N IC

ON S P E C IE —

E X C H A N G E W I T H E U R O P E — IN T E R N A L E X C H A N G E — R A T E S OF M O N EY A B R O A D — D IS C R E D IT — A P P A R ­
E N T IN C R E A S E O F M E T A L L IC C U R R E N C Y — R A T E S O F

E X C H A N G E -IM P O R T A T IO N S — R IS E OF M O N EY

A B R O A D — R A T E O F IN T E R E S T IN N E W Y O R K — S U P P L Y O F P A P E R - CASH B U S IN E S S — CR O P M O V E M E N T
— P R O C E E D S OF C R O PS— N O L O C A L M A R K E T — C R O PS A N D R A IL R O A D T R A F F IC — D E C L IN E O F P A S S E N ­
G E R T R A F F IC .

T here has been a growing abundance of money towards the close of the au­
tumn trade, and its price has declined in face of the continued large export of
the precious metals. The absence of all business enterprise, and the low prices
for food and goods, are calculated to throw out in relief the apparent supply of
capital, in proportion to demand, which manifests its excess in the low prices of
money, as well as in other shapes of capital. It is somewhat remarkable, how­
ever, that while the supply of the precious metals in the United States is rapidly
decreasing, France and Great Britain are absorbing larger quantities. The
official returns of the imports and exports of gold and silver, into and from
France, in the first eight months of 1859, have been as follows, reducing the
amounts to dollars :—
/----------------- Great Britain.------------------,,---------------------France.--------------------- ,
Gold.
Silver.
Total.
Gold.
Silver.
Total.

Im port.... $76,133,575 53,241,021 129,374,596 113,074,455 28,849,060 141,923,515
Export.... 65,441,640 62,920,101 128,361,741 29,343,262 55,831,983 85,1^5,245
Excess im. $10,691,935 ................
Excess ex..................... 9,679,080




1,012,855

83,731,195 ................ 56,748,270
26,982,923

Commercial Chronicle and Review.

712

England and France together absorbed, it appears, $94,423,130 worth of gold
in the first eight months of the present year—that is, both countries imported
that amount more than they exported. In the same period of time, the Atlantic
United States exported $54,276,292 against $25,030,245 received from Cali­
fornia, showing a depletion of $29,246,047 in the United States in the same time
that the two great nations of Europe accumulated to such an extent. This de­
pletion in the United States still continues, and has, up to 15th November, been
as follow’s, including Boston :—
Export from
Received from
Boston & N. York.
California.
J a n u a r y 1 to S e p t e m b e r 1 . .
S e p t e m b e r 1 to N o v e m b e r 15
T o ta l

Excess
of export.

$25,030,245
11,224,420

$54,276,292
17,076,870

$29,245,047
5,852,450

$36,254,665

$71,353,162

$35,098,497

These figures indicate that the loss of nearly $30,000,000 in specie in the first
eight months of the year had no effect upon the drain, which has continued, in
the last two mouths and a half, at a rate of 50 per cent greater than the supply
from California, leaving a net loss of $35,098,000 in the first ten months of the
current year.
The current of specie sets always from those countries where capital in other
shapes is scarce towards those where it is abundant. Thus gold is the chief pro­
duct of Californian industry, and much capital is consumed in its production.
When the country was first occupied by the miners who sought gold, there was
probably less capital per head among the population than in almost any other
civilized country. The whole energies of the people were confined to gold pro­
duction. As that article has, of itself, but little value, it was rapidly exported in
search of those commodities that were more desirable. Gradually other indus­
tries sprung up ; those which required the least capital, like agriculture, were
the first. But in proportion as the country prospered there was more demand for
capital, which is drawn, through the medium of gold, from those countries where it is
most abundant, as England and Europe. This export of gold is not a matter of
regret. It indicates only that there is a sufficiency of gold in that country to
answer all the purposes of exchange, and the balance is exchanged for more ne­
cessary articles, which constitute, in another shape, the capital needed. Inacoun"
try like England, capital of all descriptions is superabundant, and the greater the
supply of general capital, the greater proportion of the precious metals is required
for the exchange ; hence it is to the rich countries that the metals gravitate. In
California, whence it proceeds, “ money ” is quoted 24 per cent per annum ;
and in England, to which the gold goes, “ money ” is quoted 2 per cent per an.
num, or about one-twelfth of the rate. It is, however, not “ money,” gold pieces,
that command those rates, it is capital, which, in all shapes but gold, is scarce in
California, and very abundant in London. The depression of general business
which has prevailed since the panic of 1857, has been accompanied by a stop­
page of the disposition of the cheap capital of England and Western Europe
to seek employment at a distance, and also by a disposition, to some extent, to
recall capital to the great central reservoirs. The decrease of specie in the
United States is an indication of this operation.
The comparative receipts and exports have been as follows :—




Commercial Chronicle and Review.

718

G O L D R E C E IV E D F R O M C A L IF O R N IA A N D E X P O R T E D F R O M N E W Y O R K W E E K L Y , W IT H T H E
AM OU NT O F S P E C IE IN SU B -T R E A S U R Y , A N D T H E TO TA L I N T H E C ITY .

-------- 1853,-------- N
Received.

00
d
15..
23..
30..

$1,607,440
1,567,779

Feb. 5..

...........

13..
20..
27..

.... .. ..

1,348,507

1,640,430

Mar. 5..

...........

12..
19..
26..

1,279,134
11,000
1,403,949

...........

Apr. 2..
9
16..
23..
30..

1,325,198
41,208
1,550,000

May 7..
14..
21..
28..

1,626,171

...........

1,575,995

June 5..
12..
19..
25..

July 2..

1,446,175

..

9
16..
23.. #.
30..

1,799,502
1,500,000

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

1,163,818

Aug. 6..
13..
20..
27..

1,531,514

..........

1,434,674

.........

Sept. 3..

1,796,139

10..
17..
24..
Oct. 1..
8..
15..
22..
29..

........

1,570,924
1,322,005

........

1,352,101

Nov. 5..
12..

Total.

1,672,656

••

...........

Exported.
$2,898,684
1,045,490
1,244,868
57,075
2,928,271
48,850
641,688
128,114
297,898
225,274
116,114
88,120
115.790
250,246
203,163
15,850
136,873
106,110
720,710
532,862
400,300
51,425
16,616
68,318
276,487
317,110
564,030
637,240
1,028,270
303,318
786,841
440,729
844,781
187,941
562.0S7
227,980
1,361,110
474,945
1,126,404
675,S 17
886,234
401,866
593,310
184,452
142,130

----------18 59. ■
Received.
$1,376,300
1,210,713
1,319,923
1,287,967
933,130
1,032,314
1,404,210
1,723,352
1,480,115
1,938,669
1,513,975

2,041,237
1,736,861
2,145,000
1,860,274
2,126,332
*962,030
2,046,006
2,042,363
f 2,360,670
1,883,670
1,871,554
1,568,107

Exported,
$1,052,558
218,049
567,398
467,694
606,969
361,550
1,013,780
358,354
1,427,556
307,106
870,578
208,955
1,343,059
576,107
1,637,104
1,496,889
1,680,743
2,169,197
1,926,491
2,223578
5,126,643
2,325,972
1,877,294
1,669,263
1,620,731
1,861,163
1,398,885
2,495,127
2,030,220
2,344,040
1,284,855
1,505,389
1,594,933
1,584,879
509,649
2,363,385
1,760,331
2,727,194
1,414,590
727,981
1,430,833
1,109,603
2,059,492
1,519,673
1,068,407

-----------'\

Specie in
Total
sub-treasury, in the city.
$4,202,151 $32,601,969
4,312,987 33,693,699
4,851.666 34,323,766
7.230,004 34,985,294
8,103,546 34,095,987
8,040,900 33,460,000
6,770,555 S3,115,510
7,193,829 33,664,000
7,215,928 33,915,893
8,677,357 34,207,411
9,046,759 34,089,942
8,041,268 34,227,800
7,686,700 32,918,800
7,232,451 32,981,118
7,079,111 32,557,778
6,894,810 32,972,965
6,668,681 32,897,686
6,481,913 32,568,545
6,020,400 31,191,731
5,488,205 31,578,209
4,752,084 29,171,906
4,327,155 28,055,464
3,684,754 25,816,954
3,604 800 26,790,017
4,493,200 26,253,081
4,086,751 27,028,416
4,278,400 26,773,049
4,282,600 27,506,279
5,114,600 26,361,512
5,116,800 25,881,300
6,341,000 25,424,877
5,347,389 26,085,269
4,960,400 26,363,848
4,869,8C0 25,597,866
4,877,200 26,355,494
4,919,788 26,687,036
6,067,200 21,579,880
5,190,600 25,851,036
5,230,400 24,489,500
4,719,100 24,214,200
4,648,500 24,299,793
4,703,300 25,610,397
4,850,700 26,099,675
4,608,687 24,836,930
5,094,642 25,281,598

30,400,126 23,957,835 37,754,665 65,858,694

The fine bars that arrive from California have generally been exported in the
same shape, and neither the Mint nor the Assay-office have had much increase of
business by reason of the larger receipts this year.
The transactions of the United States Mint at Philadelphia have been as fol­
lows :—
* From New Orleans.




t $500,000 silver rom Mexico.

Commercial Chronicle and Review .

7 14

U N IT E D ST A T E S M IN T , P H IL A D E L P H IA .

Dope >SltS.------- v
Gold.
Silver.
$51,635
77,650
107,640
100,015
86,710
104,710
64,230
57,770
111.650
64,900
138,500
118,610
43,336

t—----

J a n u a r y .....................
F e b r u a r y ......................
M arch ...............................
A p r i l ................................
M a y ...................................
J u n e ................................ ............
J u l y ...................................
A u g u s t ........................... ............
S e p t e m b e r ................ ..............
O c t o b e r ..........................
T o ta l.......................

772,496

Gold.
$59,826
147,983
119,519
42,520
76,640
180,060'"
117,788
92,151
122,804
194,661
1,153,941

—Coinage.—
Silver.
Cents.
$56,000
$35,000
127,000
27,000
108,000
27,000
128,500
29,000
104,000
25,000
90,000
36.000
43,000
30,000
25,000
54,487
54,909
86,000
122,000
30,000
887,996

290,000

The operations of the New York Assay-office have been as follows :—
N E W Y O K E A S SA Y -O F F IC E ,
D E P O S IT S .

----------- IToi-olgn.------------------ .
Gold.
Silver.
Coin.
Coin.
Bullion.
Bullion.
J a n u a r y ..
$4,000 $13,000 $23,380
. . . .
February.
6,000
10,000
67,700 $9,000
M arch. . .
8,000
3,000
82,000
8,000
A p r il . . .
31,000 28,000
8,000
10,000
M a y -------5,000
10,000
29,000
2,000
J u n e ..........
20,000
20,000
26,500
8,500
d u l y .............
12,000
8,000
83,400
6,400
8,000
30,800 10,000
A u g u s t...
16,000
22,000
S e p t e m b ’r 20,000
18,000
3,000
O c to b e r ..
6,000
6,000
3,000
61,200
T o ta l..

105,000 $110,000 $393,980 $67,900

,---------------United States.-------Gold.
Silver.
Coin.
Bullion.
Coin. Bullion.
. . . .
$365,000 $2,500 $4,120
___
6,000
669,000
2,300
. . . .
351,000
3,500
4,500
___
328,000
1,000
4,000
___
7,000
162,000
600
___
185,000
2,000
4,000
___
137,600
1,000
3,100
___
201,000
___
8,200
___
160,000
___
48,000
___
8,200
193,000
___
___ $2,558,600 $12,900 $81,920

P A Y M EN TS BY ASSAY O F F IC E .

J a n u a r y ...........
F e b r u a r y ___ _
M arch
A p r il.
M a y ...
J u n e ..
J u ly .
A u g u s t ................
S e p t e m b e r ... .
O c to b e r ..............
T o ta l.. . .

Bars.
$387,000
750,000
255,000
336,000
156,000
140,000
155,000
165,000
175,000
180,000

Coin.
$252,000
10.000
290,000
74,000
59,600
120,000
46,500
104,000
75,000
98,000

$2,699,000

$1,128,100

If we turn to the tables of weekly bank returns, annexed as usual to this arti­
cle, we shall observe that the aggregate specie in the banks of the four leading
cities which stood at $ 58 ,710,102 January, 1859, had fallen to $43,404,396 No­
vember 5th, showing a loss of $16,306,000, leaving a sum equal to $18,792,000,
which was drawn from the internal resources of the country ; and by so much
diminishing the specie basis of the circulation. The flow of specie towards Eng­
land in the past year has not, apparently, benefited the Bank of England ; but
the aggregate amount held by the banks of six cities is as follows for October,
reduced to dollars :—




Commercial Chronicle and Review.

1857.

1858.

715

1859.

London................................................
Paris....................................................
New Y o rk .........................................
New Orleans......................................
Boston.................................................
Philadelphia........................................

$35,850,110
35,585,613
7,843,230
3.230,370
2,563,112
2,071,434

$94,865,436
103,007,890
38,705,800
11,473,272
8,692,225
7,361,906

$81,469,810
120,251,883
19,651,293
12,601,590
5,195,497
5,323,153

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

$86,743,890

$263,606,549

$244,493,226

The figures for 1857 are those for the panic, which drew specie into the pock­
ets of individuals to an enormous extent. That panic also caused gold to set
from distant points of employment homeward towards the great central reser­
voirs, which collected, up to October, 1858, §172,862,659—a sum equal to three
years’ production of California. Iu the past year the current has continued in
the same direction, but notwithstanding the large receipts, as shown above, in
England and France, the Bank of England now holds less than at the same date
last year, and the Bank of France has increased its coin but 17$ millions, al­
though the net import into France, as above, has been 56$ millions since January
1st. On the other hand, while the excess of export has been so great from the
United States, the specie in the banks has been well maintained. This fact in­
dicates that the drain from the interior has sufficed, with the aid of the California
supplies, to meet the export demand for the metals. Large as has been the
movement, however, it has not sufficed to correct the internal exchanges on
New York, or to depress the rates of foreign bills in New York, which are
still firm at the specie point. The rate of interest has fallen as the sea­
son has advanced. In Europe, also, the rates have been very low. In
Germany there have been loans even at 1 per cent, and in England 1$ per cent,
although recently there was an advance to 2$ per cent. The continued current
of gold to France and England indicates that capital is, for want of employment,
returning to the reservoirs ; and, perhaps, that dispoition may, to some extent,
be aided by the discredit which has attached to some descriptions of credit. The
exports of silver from England and Europe are large for Asiatic account, and
the process of substituting gold for silver continues. Nevertheless, the aggre­
gate metallic currency increases. This increase in France was in the first part
of the year probably due to political fears that led to hoarding ; but it has con
tinued both in England and France since the peace, and that without showing
any material increase in the amounts held by the banks. The rates of exchange
in New Y'ork are as follows :—
K A T ES O F B IL L S I N N E W YORK.

September 1.

London..............
P a ris..................
A n tw e rp ..........
Amsterdam........
Frankfort..........
Bremen...............
Berlin, Ac............
Hamburg............

October 1.

November I.

November 15.

9$ a 10$
10 a 10$
9$ a 10$
9$ a 10$
5.15 a 5 .1 1 $ 6.15 a 6.12$ 6 .1 3 $ a 5 .1 2 $ 6 .1 2 $ a 5 .1 3 $
5.13 a o .1 0
5.16 a 6 .1 1 $ 5 .1 3 $ a 5 .1 2 $ 5 .1 2 $ a 5 .1 3 $
42$ a 42$
41$ a 42
41$ a
42
41$ a 42$
42 a 42$
42$ a 42$
42 a 42$
42 a 42$
79 a 79$
79$ a 80
79$ a
79$
79$ a 79$
73$ a 74
78$ a 74
73$ a
73$
73$ a 74
86$ a 37
36$ a 37$
36$ a
37
36$ a 37$

The importations at the port continue to exceed those of last year, and aided
by the abundance of money, the remittances are promptly made. The latest
dates also brought some improvement in the value of money in Europe. Under




Commercial Chronicle and Review.

7 16

these circumstances, the crops have not yet been able to arrest the outflow of
specie; nor has the latter affected the rates of money, which tend downward as
follows :—
B A T E S O F M O N E Y AT N E W Y O R K .

Aug. 1st. Sept, 1st.
6 a 7 51 a 6
7 a 8 7 a 8
61 a 7 1 6 a 7
7 a 8 7 a n
8 a 9 8 a Si
11 a 13 11 a 14
The supply of money a t banks and from private

Loans on call, stock securities.. . .
Loans on call, other securities.. . .
Prime indorsed bills, 60 days........
Prime indorsed bills, 4 a 6 m o s...
First-class single signatures..........
Other good commercial p ap er.. . .

Nov. 1st Nov 15.
6 a
5 a n
6 a 7 H a 6
. a 7 | 6 a 6}
74 a 8 61 a 7
10 a 12
7a 8
12 a 15 10 a 12
lenders is quite large > but
Oct. 1st
61 a 7
6 a 7
6}a 7
7 a 8
10 a 12
10 a 12

there is much discrimination as to names, and six months paper is not taken
readily at bank under the legal rate. The quantity of short business paper on
the market is not large. The course of trade during the autumn months has not
been such as to create the usual quantity ; and on the other hand many firms
have been enabled to retain their paper on favorable terms. It is probably due
to the more general adherence to the cash plan, or the approximate cash plant
than formerly, which has prevented the usual pressure for money to bridge over
the fall payments, and prevented the rise in the rate of interest that generally
marks the autumn months.
The deliveries of the annual crops have been very satisfactory, as far as quan­
tities go, but the money results have not been so large, as was anticipated, since
prices are lower than two years since. The grain ports of the lakes show larger
receipts, but these do not indicate larger sales by the farmers, for the reason that
in the years of railroad activity which preceded the panic of 1857, the employees
of the railroads and the rush of emigrants caused a large local consumption of grain,
at high prices, and those sales did not appear in the traffic reports of trade cen­
ters. This year there is little or no market for any produce except at the ports.
Hence the whole surplus produce finds sale. The month of October is the most
active month of the year for grain deliveries, and its effect on the western rail­
roads for October this year, as compared with the last, has been as follows :—

-1858.---------- > ,---------- 1859,
Passengers. Freight.

Total.

Passengers. Freight.

Total.

$92,320 $141,662 $39,063 $157,825 $198,885
G alena................ $49,832
Chicago and Burlington . .
59.5S4 157,112 216,696 49,833 187,785 187,643
Milwaukee & Mississippi . 34,635
57,841
92,476 20,060 102,862 122,922
Illinois C entral.. 112,377
131,746 244,123 77,877 164,461 242,348
Michigan Southern............. 96,578 101,638 198-216 74,313 140,155 214,468
Michigan Central. 103,603
106,265 209-868 89,198 136,879 226,077
Total.........................

454,109

647,922 1,103,031 350,854 889,964 1,240,318

If the aggregate of these six roads for October are compared with the figures
for the same month of previous years, the results are as follows:—
1856
1857
1858
1859

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

Passengers.

Freight.

Total.

$774,708
596,650
454,109
350,354

$944",213
748,065
647,922
889,964

$1,718,921
1,344,715
1,103,031
1,240,318

The active year, 1856, gave a passenger revenue double that of the present
year, and the freights were swollen by the large quantities going West. This
year the down freight has been the most prominent; and the harvest of 1858




Commercial Chronicle and Review.

717

being almost a failure, they contrast strongly with those of last year. The pas­
senger traffic shows the continued decline that has marked the general business
of the western country. The deliveries of the cotton crop have, on the other
hand, been very large. The receipts at the port already exceed by 100,000 bales
the receipts of last year, and the prices are well maintained. The general
elements of great prosperity exist in the whole country in a most abundant man­
ner, but there is yet wanted that confidence in the future which stimulates en­
terprise and induces the employment of capital.
The imports into the port of New York for the mouth of October show little
variation from the three preceding years, and are §2,000,000 less than for the
same month in 1855. The decline in imports has been in general merchandise,
however, since the imports of dry goods are §900,000 for the month more than
last year. The warehousing operations have not varied much from the last year’s,
the entries and withdrawals nearly balancing. In 1857, the panic was in full
operation in October, and the warehouses received large quantities. The stock
in warehouses is somewhat less. We annex a comparison, which includes four
years :—
F O R E IG N IM P O R T S AT N E W Y O R K I N OCTOBER.

Entered for consumption..............
Entered for warehousing..............
Free goods.....................................
Specie and bullion........................

1856.

1857.

$9,932,001
2,836,781
961,781
95,029

$2,791,905
7,356,424
1,782,345
2,509,194

1858.

1859.

$9,234,470 $9,345,609
2,157,678 2,194,258
2,061,468 1,447,433
89,368
630,646

Total entered at the port............. $13,825,592 $14,439,867 $13,542,9S4 $13,617,946
Withdrawn from warehouse........
3,273,982
1,750,392
2,462,425 2,740,892

The imports since January have been larger than for the same period of any
previous year, and are §82,431,280 more than last year :—
F O R E IG N IM r O R T S AT N E W Y O R K F O R T E N M O N TH S, F R O M JA N U A R Y 1 S T .

1856.

1857.

1858.

1859.

Entered for consumption............ 138,832,192 117,314,904 $85,816,904 153,743,279
Entered for warehousing............ 31,331,443 64,212,297 22,389,828 30,54*1,026
Free goods..................................... 15,663,426 17,287,050 18,613,563 24,608,111
Specie and bullion.......................
1,245,799
9,189,107
2,110,541 2,464,700
Total entered at the port.............. 187,072,860 208,003,358 128,930,836 211,362,116
Withdrawn from warehouse . . . . 22,371,624 33,872,666 33,560,002 23,046,201

The imports of dry goods fell off in October, as compared with the previous
months. The quantity in bond increased, and there were other indications that
the markets were fully supplied. The arrivals for the month were §1,100,000
less than in 1855—the decline being in woolens and silks :—
IM P O R T S O F F O R E IG N D R Y GOODS AT N E W Y O R K F O R T H E M O N TH O F OCTOB ER .
E N T E R E D F O R C O N SU M PTIO N .

Manufactures of wool...................
Manufactures of cotton................
Manufactures of silk....................
Manufactures of flax....................
Miscellaneous dry goods.......... ..

1856.

1857.

$910,699
594,649
1,005,771
408,354
386,998

$200,452
95,994
145,702
70,197
110,490

$1,008,686 $1,421,850
629,125
774,620
1,364,921 1,155,513
415,830
625,838
226,528
241,175

$622,835

$3,545,090 $4,218,996

T o ta l...................................... $3,306,471




1858.

1859.

Commercial Chronicle and Review.

718

W IT H D R A W N F R O M W A R E H O U S E .

1S57. 1
$61,255
20,408
49,929
4,902
25,258

1856.
Manufactures of wool.................. .
Manufactures of cotton..............
Manufactures of silk...................
Manufactures of flax..................
Miscellaneous dry goods............

$169,765
69.032
59,091
62,416
31,133

Total....................................
Add entered for consumption... .

$391,437
3,306,471

Total thrown on m ark e t... .

$3,697,908

1858.

1859.

$300,980
64,094
54,498
72,534
75,730

$147,508
57,924
28,843
38,240
29,516

$161,752
622,835

$567,836
3,545,090

$302,031
4,218,996

$784,587

$4,112,926

$4,621,027

E N T E R E D F O R W A R E H O U S IN G .

1856.

1857.

1858.

1859.

Manufactures of wool.................
Manufactures of cotton...............
Manufactures of silk................... .
Manufactures of flax...................
Miscellaneous dry goods............

$155,399
301,681
67,424
159,846
83,851

$779,708
479,056
877,371
812,629
266,540

$94,022
78,761
44,216
80,506
51,266

$154,732
119,899
53,051
110,966
55,749

Add entered for consumption...

$768,201 $2,705,304
622,835
3,306,471

$348,771
3,545,090

$493,797
4,218,996

$3,328,139

$3,893,861

$4,712,793

Total entered at the port__ .

$4,074,672

This leaves the total receipts of dry goods at New York from foreign ports,
since January 1st, 5512,000,000 more than even in 1857 :—
IM P O R T S O F F O R E IG N

DR Y GOODS AT TH E PO R T O F N E W

Y O R K , F O R T E N M O N TH S,

FRO M JA N U A R Y 1 S T .
E N T E R E D F O R C O N S U M P T IO N .

1856.

1857.

1858.

1859.

Manufactures of wool.................... $22,225,997 $19,211,416 $14,899,522 $29,797,207
Manufactures of cotton................ 13,357,725 13,S44,025 8,087,121 19,640.906
Manufactures of silk..................... 26,260,353 22,057.413 15,824,483 28,631,919
Manufactures of flax....................
7,057,713
5,114,515 3,775,793 8,715,678
Miscellaneous dry goods..............
6,260,955
5,490,856 2,924,698 4,936,479
Total...................................... $75,162,743 $65,718,225 $45,511,617 $91,722,189
W IT H D R A W N F R O M W A R E H O U S E .

1856.

1857.

Manufactures of wool..................
Manufactures of cotton................
Manufactures of silk.....................
Manufactures of flax...................
Miscellaneous dry goods..............

$2,487,694
1,888,943
1,823,401
927,274
367,108

$4,876,938
2,738,823
3,912,795
1,394,028
733,135

T otal w ith d raw n . . . . ..........
A d d entered for consum ption . . .

$7,494,420 $13,655,719 $13,921,615
75,162,743 65,718,225 45,511,617

T o ta l

1858.

1859.

$4,304,226 $2,578,390
3,344,757 1,404,902
3,119,963
796,003
1,940,560
880,313
1,212,109
354466
$6,014,074
91,722,189

thrown on m a rk e t.... $82,657,163 $79,373,944 $59,433,232 $97,736,263




Commercial Chronicle and Review,

719

E N T E R E D F O R W A R E H O U S IN G .

1856.

1857.

Manufactures of wool................. $2,926,688
Manufactures of cotton...............
1,889,732
Manufactures of silk....................
1,937,818
940,312
Manufactures of flax...................
Miscellaneous dry goods..............
676,898

1858.

$7,429,904
3.557,696
5,515,267
2,270,263
1,674,084

1859.

$2,003,664 $3,040,185
1,726,791 1,383,908
1,076,773
787,544
808,779
800,296
535,150
436,628

$8,270,948 $20,457,214 $6,151,157 $6,448,561
75,162,743 65,718,225 45,511,617 91,722,189

Total......................................
Add entered for consumption . . .

Total entered at the port___$83,433,691 $86,175,439 $51,662,774 $98,170,750

The exp.orts of domestic produce from the port of New York are smaller than
for either of the four previous years. This decline is due to the absence of any
export demand for breadstuffs. The specie export has been larger than ever,
however, for the month of October :—
EX PO R TS FROM N EW

Y O R K TO F O R E IG N P O R T S F O R T H E M O N T H O F OCTOBER.

1850.
Domestic produce........................
Foreign merchandise (free)..........
Foreign merchandise (dutiable)..
Specie and bullion...............

1857.

185S.

$6,129,837 $6,491,529
71,931
212,443
180,577
806,049
4,996,650
297,259

1859.

$5,233,363 $4,752,779
161,063
252,878
359,185
482,440
8,02S,405
5,344,159

Total exports...................... $11,329,005 $7,807,280 $8,782,016 $10,832,256
Total, exclusive of specie . .
6,332,345
7,510,021
5,753,611
5,488,097

The total exports from the port since January 1st have been more than last
year, and more than in 1855, but less than in the intermediate years. Specie
has reached the large figure of $63,270,614, or nearly §30,000,000 more than in
1857 :—
E X P O R T S F R O M N E W Y O R K TO F O R E IG N P O R T S F O R T E N M O N T H S, F R O M JA N U A R Y 1 .

185G.

1857.

1858.

1859.

Domestic produce......................... $63,466,032 $53,725,298 $46,767,981 $48,223,748
Foreign merchandise (free)..........
820,006 3,339,769
1,286,624
2,580,757
2,684,930 4,910,199
8,345,857
3,930,108
Foreign merchandise (dutiable)...
Specie and bullion........................ 82,483,746 33,585,891 23,631,253 63,270,614
Total exports......................... $99,454,714 $95,561,157 $75,031,715 118,005,227
Total, exclusive of sp e c ie ... 66,970,968 61,976,266 61,400,462 64,734,613

The duties received at the custom-house, 50 per cent in advance of those of
last year since January 1st, and are larger than for October, 1858, although the
imports were nearly the same, showing a higher average rate of duty.
Of the duties received during the last month, only §59,648 04 were in treasury
notes, being the smallest total of notes returned during any month of the current
year. The aggregate receipts of treasury notes for duties at this port since
January 1st are §2,328,626 16 :—
C A S H D U T IE S R E C E IV E D AT N E W Y O R K .

1857.
First eix months...................
In July....................................
In August.........................
In September........................
In October..............................
Total since Jan. 1 s t ....




1858.

1859.

31
61
40
89
99

$11,089,112 57
3,387,305 S3
3,545,119 01
2,672,935 63
2,054,834 43

$19,912,18199
4,851,246 89
4,243,010 43
2,908,509 95
2,318,750 82

$33,334,890 00

$22,749,305 97

$33,833,700 08

$19,293,521
6,987,019
3,946,830
2,249,982
867,534

\

720

Journal of Banking , Currency, aticZ Finance.

JOURNAL OF BANKING, CURRENCY, AND FINANCE.
PR O G RESS OF A ST A T E .

The State census of Iowa for the year 1859 has been officially completed, and
we have compared the leading heads with the United States national censuses for
1850 and 1840, as follows —
Taxable...........................
Population......................
Acres improved...............
Acres unimproved............
Wheat.............................
Corn..............................
Oats................................
Potatoes................. .....
H ay..............................
Wool............................... .. .lbs.
Butter...........................
Cheese............................
Farm tools........................
Domestic manufactures....
General manufactures . .. .

1849.

....
43,112
....

....

154,693
1,406,241
216,385
234,063
17,953
23,039
500,000

...

1859.

1850.
$22,607,330
192,204
824,682
1,911,382
1,530,581
8,656,799
1,524,345
276,120
89,053
873,898
2,171,148
209,840
$1,172,879
$221,292

$210,044,533
633,549
• 3,109,436
7,835,567
3,293,253
23,366,684
1,703,760
1,497,204
547,639
627,860
5,000,113
9,432,219
778,788
$2,467,532
$679,238
$3,764,962
391
$12,000,000
310

480
Railroads in progress.......
The nine years that have elapsed since the United States census of 1850 was
taken, have been marked by extraordinary excitement in all that region, follow­
ing the railroad expenditures, the land speculation, the governmental grants of
land in aid of railroads, the large migration of persons into that State, and the
high prices that agricultural productions have enjoyed. All these circumstances
have raised the taxable valuation ten-fold, and the population three-fold, while
the taxable property has increased $187,000,000. There have been built
$12,000,000 of railroads, and the federal government has granted 2,470,321 acres
of land in aid of those roads. In the fiscal year 1858 the government sold 60,651
acres of land for §83,000. If we admit the usual estimate of natural increase
of population in ten years at 30 per cent, the numbers in Iowa in 1859 would
have been 250,000 from natural increase alone, consequently the migration into
the State must have been very nearly 400,000 souls in the last nine years. If
those persons carried in §100 each, the capital so added to the State would have
been §40,000,000. The improved value given to lands has added largely to the
taxable value. This has been as follows :—

Improved lands............................................. acres
Unimproved lands.................................................

1850.

1859.

824,682
1,911,382

3,109,486
7,335,567

Total.........................................................
2,736,064
10,445,003
Value.........................................................
$16,657,101 $104,450,030
The agricultural productions have not increased in the proportion of this
large addition to the value of farming lands. The great numbers of emigrants
settled in the State, the speculators who visited it, and the laborers on railroads
employed in it, no doubt caused an active local demand for products at high




Journal oj Banking, Currency, and Finance.

721

prices, which prevented much surplus coming forward. This year there is no
home market for the product, and it finds sale only by exportation. A demand
now from abroad that would make the Western surplus available, would give a
new impulse in the right direction to the industry of that State, as well as to
the others. All the elements now exist there of a season of great prosperity, and
regular development, a large population, a fertile soil intersected by railroads,
which give the products marketable value, and a prolific yield of the soil, are
waiting only for an active demand for that produce to realize a season of still
greater prosperity.
DEBT OF GEORGIA.

The annual revenue of the State of Georgia is less than ??1,200,000. The
funded debt of the State is $3,354,750 ; the market value of the six per cent
bonds is at present 101a 103. The public debt in bonds of the State of Georgia
is as follows:—
Due in 1860, 7 per cent . . . . .
“ 1861, 7
“
“ 1862, 7
“
“ 1862,7
“
.....
“ 1862,6 “
...............
“ 1868,6
“
“ 1868, 6
“
“ 1865,6
*
“ 1868, 6
“
“ 1869, 6
“
“ 1869, 5
“
“ 1870,6
“
“ 1871,6
“
“ 1872, 6
“

$7,000 Due in 1872, 7 per cent........
100,000
12,000
“ 1873,6
“
173,000
52,000
“ 1874, 6
“
80,000
100,000
“ 1874,7
“
181,500
20,000
“ 1878, 7
“
100,000
55,000
“ 1879,7
“
150,000
62,500
25,000
$2,604,750
205,000 Amount subscribed but not
272,000
issued...................................
250,000
72,000 Amount pledged conditionally 500,000
150,000
161,000
Total................................ $3,354,750
625,500

FINANCES OF VIRGINIA.

Mr. J. S. C a l v e r t , Treasurer of the Commonwealth, has transmitted to Gov­
ernor W ise the following synopsis of the financial operations of the Treasury
Department, for the fiscal year ending 30th September, 1859
Aggregate balance in the treasury on the morning of the 1st day of
October, 1858, as per last annual synopsis................................
$154,007 97
OCTOBER

On account of,

Commonwealth..................
Literary Fund....................
Board of Public W orks... .
Sinking F u n d ....................
T o ta l..........................

1, 1858, TO

SEPTEM B ER

Received.

$4,306,671
362,982
2,108,665
2,451,842

30, 1859.
Paid.

68
46'
75
58

$9,280,162 87

$4,222,536
365,192
2,120,287
2,453,266

Balance.

31
61
05
27

$9,162,282 84

$104,013
42,519
9,217
67,137

86
69
23
72

$222,888 00

The above sum total of $9,384,170 34, it will be observed, is the amount re­
ceived and on hand in the treasury, but it embraces portions of the items received
for the Literary Fund, Board of Public Works, and Sinking Fund, which are
necessarily credited twice, thus :—$>255,010 08 of the Literary Fund was re­
ceived from the Commonwealth’s and Board of Public Works’ Fund, $8,899 50
of the Board of Public Works’ Fund was received from the Commonwealth’s
Fund, and $2,394,540 83 of the Sinking Fund was received from the Common­
wealth’s Fund ; so that the actual receipts for the fiscal year were $6,571,711 96,
and the actual disbursements for same were $6,502,831 93.
VOL. XLI.----NO. VI.




46

Journal o f Banking , Currency, and Finance.

722

CITY

WEEKLY

BASK

RETURNS.

N E W Y O R K W E E K L Y B A N K R E T U R N S .----(C A P IT A L ,

Loans.

12
19
26
Apr. 2
9
16
23
30
May 7
14
21
28
June 4
11
18
25
July 2
9
16
23
30
Aug. 6
18
20
27
Sept. 3
10
17
24
Oct. 1
8
15
22
29
Nov. 5
12

128,538,642
129,349,245
129,540,050
129,663,249
130,442,176
129,106,318
127,476,495
125,866,083
125,221,627
126,205,261
127,587,943
127,751,225
128,702,192
129,865,752
129,968,924
129,192,807
128,706,705
129,519,905
129,680,408
128,701,553
127,137,660
125,006,766
122,958,928
121,800,195
121,744,449
122,401,773
121,614,633
.120,405,658
119,934,160
119,347.412
118,988,059
117,757,141
117,990,199
117,541,070
118,184,258
118,421,430
119,366,352
119,387,320
118,20S,752
117,211,627
117.289.067
117,317,499
118,414,428
120,118,037
121,206,352

Specie.

28,399,818
29,380,712
29,472,056
27,725,290
25,991,441
25,419,088
26,344,955
26,470,171
26,769,965
25,530,054
25,043,183
25,182,627
25,732,161
25,748,667
25,478,108
26,068,165
26,829,805
26,086,632
25,171,335
26,090,008
24,319,822
23,728,311
22,182,275
23,192,217
21,759,881
22,491,665
22,494,649
23,323,679
21,196,912
20,764,564
20,083,877
20,744,532
21,403,448
20,728,066
21,478,299
■21,767,248
21,512,680
20,660,436
19,259,126
19,493,144
19,651,293
20,907,097
21,248,975
20,228,342
20,186,956

Circulation.

7,930,292
7,586,163
7,457,245
7,483,642
7,950,855
7,872,441
7,766,858
7,736,982
8,071,693
8,100,021
7,996,713
7,998,098
8,221,753
8,449,401
8,293,459
8,289,112
8,300,672
8,804,032
8,490,933
8,352,723
8,232,653
8,427,642
8,391,116
8,281,111
8.216,043
8,365,790
8,553,061
8,201,675
8,170,626
8,214,959
8,623,050
8,419,606
S,317,669
8,234,279
8,373.318
8,513,062
8,444,766
8,357,206
8,337.702
8,585,739
8,463,816
8,411,218
8,276,404
8,627,421
8,443,555

Loans.

3
10
17
24
31
Feb. 7
14
21
28
Mar. 7

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

60,069,424
60,310,965
60,106,798
59,400,354
58,992,556
59,120,142
59,087,249
59,099,993
58,636,328
58,892,981




Specie.

8,548,934
8,295,392
7,931,712
7,383,391
7,088,736
6,814,589
6,671,619
6,679,740
6,410,563
6,386,580

Circulation.

6,543,134
7,016,104
6,793,723
6,609,374
6,224,137
6,514,576
6,332,342
6,275,458
6,283,959
6,578,472

Average
clearings.

deposits.

20,974,263
20,598,005
20,950,428
19,174,629
22,712,917
20,560,606
19,911,207
19,785,055
22,626,795
21,270,283
21,911,543
20,237,879
22,438,950
23,549,945
23,607,914
23,671,453
23,655,166
26,714,767
24,445,039
24,177,516
21,501,650
20,628,166
20,159,422
20,042,856
19,160,278
20,787,701
21,077,643
19,121,159
19,114,111
17,232,982
19,366,379
17,443,211
18,038,889
17,679,829
20,094.729
20,095,939
20,855,322
20,729,701
21,011,336
23,04S,968
21,830,679
21,977,883
22,162,150
23,226,669
22,977,321

92,S26,622
95,456,323
95,066,400
93,837,935
91,965,256
89,346,818
89,026,357
88,215,837
86,800,028
86,188,109
86,441,793
86,343,249
87,737,138
88,142,544
88,087,797
88,955,814
89,562,338
88,872,043
88,696,639
88,554,130
85,562,355
82,578,836
78,883,536
79,127,979
77,193,115
78,132,612
77,013,012
78,136,911
75,301,943
74,474,895
72,524,855
71,532,353
73,209,910
71,791,817
73,155,709
72,636,895
73,147,399
72,780,599
70,812,105
69,501,307
70,091,020
71,567,068
73,083,181
73,673,898
76,680,191

Deposits.

113,800,885
116,054,328
116,016,828
113.012.564
114,678,173
109,907,424
108.937.564
109,000,892
108,646,823
107,458,392
108,353,336
106,581,128
110,176,088
111,692,509
111,695,711
112,627,270
113,217,504
115,586,810
113,141,178
112,731,646
107,064,005
108,207,002
99,042,966
99,170,335
97,353,393
98,920,313
98,090,655
97,257,070
94,416,054
91,707,877
91,891,234
88,975,864
91,248,799
89,471,646
93,250,438
92,732,824
94,002,721
93,460,300
91,823,441
92,550,175
91,921,699
93,544,951
95,245,331
96,900,567
97,657,512

BOSTON B A N K S .— (C A P IT A L ,

Jau.

$68,645,014.)
A ctual

$35,125,433 ■)
Deposits.

22,357,838
21,615,468
21,127,712
20,727,905
20,598,451
20,845,520
19,983,531
20,082,960
19,469,489
19,935,649

Due
to tanks.

10,789,135
11,263,766
11,139,700
10,430,454
9,657,823
9,506,146
9,391,733
9,318,961
9,184,941
8,477,968

Due
from banks.

7,083,737
7,137,234
7,111,264
7,037,715
6,547,510
7,057,113
6,763,270
6,699,735
6,815,160
6,673,623

Journal of Banking, Currency, and Finance.
14
21
28
4
11

..
..
..
Apr.
..
..
IS . .
25 . .
May 2
9 ..
16 . .
23 . .
SO . . ,
June fi . .
13 . . ,
20 . .
27 .
July 4 .
11 ...
18 . .
25 . . .
Aug.. 1 . .
8 .
15 .
22 ...
29 .
Sept. 5 .
12 . .
19 . .
26 . .
Oct. 3 . .
10 . .
17 . .
24 . .
31 . .
Nov.. 7 . .

Loans.
58,436,379
58,152,742
57,672,804
58,031,003
58,320,346
58,496,225
58,160,215
58,178,264
58,211,765
58,445,696
57,996,456
57,318,243
57,430,695
57,972,199
58,203,731
68,474,300
59,037,935
58,802,700
58,773,537
58,214,940
57,972,321
58,122,483
58,123,231
58,016,685
58,089,045
58,567,981
58,765,279
58,851,495
58,580,748
58,735,636
58,881,297
58,752,928
58,433,628
58,321,757
59,036,007

Specie.
6,265,661
6,238,518
6,370,283
6,401.822
6,488,147
6,496,137
6,726,647
6,910,187
6,907,557
6,851,787
6,700,975
6,874,399
6,738,384
6,672,767
6,453,596
6,180,858
5,493,396
5,234,600
4,645,866
4,662,014
4,667,352
4,926,056
4,769,101
4,922,4 14
5,094,717
5,115.478
5,129,751
5,342,342
5,164,191
5,195,497
5.451,900
5,542,585
5,648,712
5,762,822
5,447,489

Circulation.
6,372,298
6,227,150
6,108,505
6,386,853
7,858,859
6,985,273
6,812,855
6,658,260
7,241,597
7,064,757
7,013,197
6,664.483
7,009,878
6,863,659
7,082,781
6,552,901
6,935,803
7,371,600
6,890,858
6,987,221
6,387,768
6,678,754
6,570,163
6,444,603
6,259,360
6,495,950
6,612,539
6,650,383
6,548,230
6,694,038
7,420,173
7,133,034
6,991,568
6,632,123
6,983,075

Deposits.
19,202,029
19,809,807
19,908,785
20,899,191
21,422,531
21,666,840
21.663,615
21,990,246
21,852,338
21,466,499
20,845,917
20,769,103
20,718,977
20,118,426
20,229,249
19,878,006
20,017,147
18,846,900
18,422,769
18,201,927
18,033,821
17,957,506
17,417,279
17,602,981
17,569,101
18,159,586
18,190,067
18,459,463
18,527,936
19,165,983
19,635,881
19,653,268
19,379,720
19,662,388
20,344,878

P H IL A D E L P H IA B A N K S .----(C A P IT A L ,

Date.

Jan.

3 ...
10___
1 7 ....
24 . .
31___
Feb. 7 . . . .
14___
2 1 ....
28___
Mar. 7 . . . .
14___
21___
28___
Apr. 4 ___
11___
1 8 ....
2 5 ....
May 2 . . .
9 ___
16___
23___
30___
June 6 . . . .

Due
to banks.
8,456,312
7,945,389
7,767,582
7,665,274
8,410,087
8,663,857
8,237.561
7,850,530
7,998,226
7,704,870
7,542,472
7,289,128
7,090,735
6,865,611
7,134,285
7,099,339
7,076,162
7,307,000
6,854,245
6,838,207
6,511,893
6,580,316
6,570,922
6,857,698
6,892,813
6,921,705
7,009,345
6,946,411
6,979,094
7,000,547
7,018,707
7,202,078
6,961,026
6,964,995
6,575,609

Due
from banks.
6,330,719
6,817,368
6,864,684
7,524,274
8,509,638
8,343,446
7,834,888
7,346,135
8,077,777
7,805,577
7,565,826
7,549,033
7,852,924
7,778,657
7,460,245
6,663,773
7,283,020
7,300,400
6,731,181
7,110,420
6,331,385
6,359.393
5,764,922
6,090,950
5,749,899
6,153,490
6,237,555
6,296,528
6,724,476
7,237,090
7,975,757
7,828,215
7,416,931
7,157,049
7,650,086

$11,682,295.)

Loans.

Specie.

Circulation.

Deposits.

26,451,057
26,395,860
26,365,385
26,283,118
26,320,089
26,472,569
26,527,304
26,574,418
26,509,977
26,719,383
26,685,873
26,856,891
26,967,429
27,737,429
27,884,568
28,808,106
27,817,918
27,747,339
27,693,408
27,435,268
26,837,976
26,406,458
26,177,875

6,063,356
6,067,222
6,050,743
6,099,317
6,138,245
5,970,439
5,991,541
6,017,663
5,982,260
5,926,714
6,046,248
6,136,589
6,296,429
6,363,043
6,144,905
6,404,375
6,689,591
6,680,813
6,349,390
6,286,620
5,922,147
5,521,759
5,415,587

2,741,754
2,854,398
2,830,384
2,769,145
2,709,311
2,786,453
2,804,032
2,782,792
2,778,252
2,901,337
2,900,832
2,923,551
3,029,255
3,425,196
3,580,447
3,364,531
3,179,236
3,081,102
3,152,725
3.090,007
3,014,659
2,975,736
2,992,198

17,049,005
17,138,607
17,323,908
17,498,219
17,557,809
17,007,167
16,384,087
16,129,610
16,012,765
16,372,368
16,703,049
16,899,846
17,476,060
17,154,770
17,002,878
17,829,494
17,804,212
17,781,229
17,441,125
17,603,264
17,182,349
16,454,661
16,386,995




723

Due banks.

3,424,569
3,297,816
3,258,315
3,093,921
3,159,539
3,307,371
3,695,963
3,964,000
4,086,651
3,854,990
3,841,605
3,929,010
4,109,455
4,329,343
4,668,135
4,519,146
4,439,457
4,217,834
4,160,780
3,930,636
3,462,753
3,403,572
3.367.146

724

Journal of Banking, Currency, and Finance.
Loans.
25,920,993
25,715,316
25,406,842
25,416,440
25,248,246
25,200,073
25,106,124
25,007,875
24,746,238
24,497,730
24,325,308
24,363,912
24,640,746
24,686,821
24,916,413
25,125,114
25,479,419
25,687,358
25,816,137
25,634,207
25,566,036
25,658,286

1 3 ___
2 0 ___
2 7 ___

July 4 ....
1 1 ___
1 8 ___
2 5 ___
Aug. 1 ----8 ___
1 5___
22.
2 9 ___

Sept. 5 . . . .
1 2 ___
1 9 ___
2 6 ___
Oct. 3 . . . .
1 0 ___
1 7 ___
2 4 ___
3 1 ___

Nov. 7 . . . .

NEW

Jan.

3 ..
1 0 ..
1 7 ..
2 4 ..
3 1 ..
Feb. 5 . .

12..
1 9 ..
2 7 ..
Mar. 1 2 ..
1 9 ..
2 6 ..
Apr. 2 . .
9 ..
1 6 ..
2 3 ..
3 0 ..
May 7 . .
1 4 ..
2 1 ..
2 8 ..
June 4 . .
1 1 ..
1 8 ..
2 5 ..
July 2 . .
9 ..
1 6 ..
2 3 ..
3 0 ..
Aug. 6 . .
I S ..

20..
2 7 ..
Sept. 3 . .

10..
1 7 ..
2 4 ..

Short loans.
20,537,567
20,453,417
20,904,840
21,442,167
21,837,791
21,809,628
22,594,245
22,677,390
23,126,625
22,944,605
22,633,181
22,420,444
22,465,730
21.655,921
21,132,186
20,287,903
19,926,487
19,443,947
18,948,824
18,925,857
18,594,556
18,350,758
17,889,718
17,525,037
17,262,214
17,198,658
17,138,649
16,763,S53
16,690,806

l*7,020,100
17,596,593
18,032,892
18,850,144
19,505,226
19.827,317
20,629,817
21,144,174
22,228,245




Specie.
5,521,188
5,301,167
5,066,847
4,897,863
4,696,111
4,824,864
4,697,604
4,942,313
4,880,630
4,996,541
6,079,162
5,235,976
5,435,090
5,481,609
5,500,992
5,437,722
5,323,153
5,233,622
5,217,766
5,023,745
5,030,242
6,017,936

Circulation.
2,918,426
2,835,643
2,729,953
2,808,208
2,940,108
2,873,947
2,808,592'
2,775,043
2,809,456
2,736,302
2,724,061
2,655,866
2,702,887
2,786,146
2,766,370
2,730,835
2,742,444
2,910,908
2,873,402
2,S09,752
2,788,375
2,737,150

O R L E A N S B A N K S .— (C A P IT A L ,

Specie.
16,013,189
16,294,474
16,343,810
16,279,655
16,101,158
16,365,053
16,700,188
16,949,263
16,806,998
16,828,140
17,013,593
16,837,405
16,179,137
16,250,790
15,975,547
15,705,599
15,650,736
15,539,235
15,534,148
15,203,875
14,784,944
14,587,357
14,240,114
14,151,040
13,597,084
13,524,959
13,475,341
13,666,522
13,744,709
13,763,222
13,504,546
13,124,146
13,214,396
12,924,929
13,154,963
12,749,427
12,824,667
12,601,590

Circulation.
9,551,324
10,383,734
10,819,419
11,224,464
11,616,119
11,913,009
12,148,174
12,241,954
12,522,244
12,581,934
12,777,999
12,681,931
13,054,416
12,985,616
12,777,079
12,666,116
12,578,111
12,711,640
12,513,001
12,326,726
12,032,821
11,994,591
11,825,081
11,708,131
11,501,679
11,284,564
11,061,704
10,743,414
10,607,084
10,338,819
10,091,089
9,951,954
9,823,059
9,788,919
9,805,674
9,567,333
9,442,349
9,306,194

Deposits.
16,207,149
15,705,980
16,114,269
15,533,496
14,295,683
15,011,670
14,862,920
14,854,543
14,623,439
14,249,758
14,096,270
14,292,308
14,901.572
14,909.709
15,056,018
15,243,099
15,550,755
15,459,055
15,332.414
15,093,336
15,284,824
15,480,452

Due banks.
3,177,859
3,198,968
2,855,312
2,912,575
2,803,179
2,605,878
2,789,268
2,621,820
2,721,907
2,802,876
3,003,258
2,843,855
2,861,091
2,913,027
2,780,398
2,732,862
2,763,141
3,023,755
2,923,502
2,800,883
2,742,790

$19,284,000.)

Deposits.
22,643,428
21,756,592
22,194,957
22,549,305
22,554,889
22,743,175
23,830,045
23,620,711
23,203,848
23,501,784
22,364,430
22,589,661
22,465,730
22,066,164
22,356,833
21,792,705
21,315,664
21,396,145
20,569,681
19,890,960
19,445,178
18,683,911
18,159,432
17,804,674
17,139,130
16,891,446
16,643,664
16,330,871
15,933,313
15,940,824
16,877,209
15,856,742
15,483,806
15,314,628
15,894,654
15,260,331
15,402,592
15,596,759

Exchange.
9,882,602
9,866,131
9,666,070
9,492,871
9,508,703
9,747,755
9,686,145
9,474,473
9,217,655
9,046,372
8,563,771
8,770,788
9,059,382
9,493,761
9,949,531
10,055,454
9,537,886
9,271,213
8,439,088
7,428,213
7,190,460
6,614,289
6,481,915
6,076,239
5,853,472
5,550,384
4,839,808
4,043,047
3,657,302
3,197,339
2,787,395
2,647,128
2,581,960
2,411,899
2,445,097
2,003,175
1,862,657
2,001,524

Distant
balances.
2,331,233
2,540,573
2,380,707
2,057,217
1,861,866
2,000,056
1,879,644
2,174,619
2,320,031
1,959,638
2,432,776
2,420,725
2,545,873
2,582,084
2,243,528
2,449,421
2,100,219
2,029,992
2,127,956
2,062,447
2,089,701
2,040,656
1,928,315
1,770,409
1,774,067
1,705,349
1.743,348
1,642,797
1,728,875
1,694,469
1,976,150
1,852,705
1,803,945
1,788,802
1,772,558
1,619,886
1,516,252
1,525,035

Journal of Banking , Currency, and Finance.
Oct.

1 ..
8 ..
15..
2 2 ..
2 9 ..

Short loans.

Specie.

,797,076
23,,189.871
23,,553,087
24 ,228,872
24,,495,812

12,767,785
12,815,675
12,715,371
12,663,741
12,710,629

22,

Circulation.

Deposits.

9,293,719
9,376,949
9,401,424
9,454,114
9,442,739

P IT T S B U R G B A N K S.— (C A P IT A L ,

3 ..........
10..........
17..........
24..........
31..........
Feb. 7 ..........
14..........

Loans.

Jan.

6,970,837
6,964,674
6,988,923
7,027,680

2 1 .................

28..........
Mar. 7 ..........
14..........
2 1 ................

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

28.......... . .
4 ..........
11..........
18..........
25..........
o

9 ..........
16..........
23..........
30..........
6..........
13..........
18..........
25..........
4 ..........
11..........
18..........
25..........
31..........
7 ..........
15..........
22..........
29..........
5..........
12..........
19..........
26..........
3 ..........
10..........
17..........
24..........
31 ........
7 ..........

7,001,804
6,982,847
7,069,162
6,991,949
7,212,513
7,197,068
7,245,963
7,327,114
7,276,965
7,161,874
7,082,987

7,006,116
6,944,782
6,955,020

6,829,277
6,767,148
6,745,807
6.696,995
6,705,683
6,689,029
6,749,855
6,754,557
6,686,696
6,747,778
6,717,718
6,795,801

16,224,953
16,325,445
16,627,959
17,088,401
17,821,585
$4,160,200.)

Specie.

Circulation.

1,292,047
1,287,552
1,294,567
1,308,325
1,307,145
1,260,532
1,219,551
1,223,396
1,213,552
1,133,754
1,100,171
1,156,682
1,112,770
1,113,769
1,128,686
1,191,797
1,155,780
1,182,273
1,141,556
1,089,513
1,053,799
1,036,945
1,063,567
990,807
997,486
1,014,657
1,018,685
1,026,986
1,052,191
1,119,255
1,091,462
1,079,179
1,095,789
1,076,376
1,099,419
1,055,124
1,073,545
1,055,006
1,042,775
1,073,083
1,069,448
1,115,186
1,115,425
1,165,458
1,115,226

2,038,113
2,042,348
2,023,948
1,961,493
1,965,723
1,904,978
1,958,098
1,919,658
1,937,498
1,867,848
2,029,468
1,961,843
1,954,903
2,080,363
2,035,188
2,089,498
2,084,153
2,000,344
2,010,948
2,101,348
2,024,673
1,952,238
1,930,468
1,878,298
1,888,478
1,863,653
1,874,093
1,824,928
1,868,923
1,868,243
1,835.833
1,780,298
1,776,633
1,805,178
1,735.836
1,752,748
1,753,783
1,816,468
1,781,793
1,808,398
1,796,613
1,299,808
1,786,943
1,773,728
1,731,738

Exchange.

2,175,945
2,587,384
2,840,507
3,246,394
3,960,983

725
Distant
balances.

1,562,634
1,717,069
1,678,519
1,163,528
1,787,709

Deposits. Due banks*

1,811,780
1,767,594
1,804,149
1,781,474
1,739,046
1,748,144
1,724,773
1,699,020
1,683,030
1,637,796
1,638,243
1,625,949
1,602,283
1,704,191
1,747,237
1,751,230
1,782,131
1,856,843
1,899,305
1,865,657
1,774,093
1,699,393
1,666,775
1,577,358
1,578,395
1,636,933
1,694,895
1,718,566
1,734,554
1,750,313
1,741,588
1.695,557
1,646,966
1,645,959
1,657,486
1,580,176
1,570,561
1,570,561
1,596,295
1,604,173
1,597,692
1,570,568
1,625,076
1,557,259
1,704,208

162,902
216,097
179,451
241,121
215,608
202,505
164,859
134,859
175,640
160,996
220,822
215,029
180,567
237,290
196,288
262,922
274,549
291,061
212,682
228,187

266,305
220,362
225,404
266,888
232,171
257,160
239,571
248,565
222,021
200,076
205,270
190,068
181,605
182,642
176,755
160,198
187,125
191,939
223,635
184,249

8T. LOUIS BANKS.

Jan.

8
15.
22.

29.

Feb.

5

12

19




Exchange.
3,297,559
3,345,015
3,331,189
3,409,026
2,480,693
3,557,028
3,540,103

Circulation.
2,080,608
1,992,670
2,116,870
2,185,385
2,032.235
1,865,125
1,932,210

Specie.
1,705,262
1,578,800
1,584,541
1,640,541
1,599,203
1,682,084
1,678,054

J o u rn a l o f B a n k in g , Currency , a n d Finance.

726

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct,

Nov.

Exchange.
3,549,330
3,545,202
3,400,186
3,296,937
3,422.612
3,337,296
3,339,900
3,464,386
3,425,470
3,410,135
8,435,940
3,475,945
3,691,958
3,615,197
3,678,049
3.685,371
3,710,240
3,465,823
3,331,027
3,418,224
3,419,031

2 6 ...
5 ...
1 2 ..,
19. .,
2 6 ..,
2
9. .,
16..
2 3 ...
3 0 ..,
7 ..
14..
21..
28..
4. .
li..
18..
25..
2 ..
9. .
16..
23..
SO..
6 ..
13..
20..
27..
3 ..
10. .
17..
24..
1. .
8 ..
15..
22
29. .
5 ..
P R O V ID E N C E

Jan. 17 ....
Feb. 7 ....
2 1 ....
Mar. 6 ....
2 1 ....
Apr. 4.. ..
May 2___
June 6... .
July 4.. ..
Aug. 4 ....
Sept. 5 ....
Oct. 5 ....
Nov. 7 ....

Loans.
18,037,795
18,298,481
18,533,944
18,327,546
18,333 574
18,483,550
18,260,520
18,597,814
19,124,155
18,972,736
18,900,466
19,019,691
19,322,775

Circulation.
Specie.
1,819,745
1,636,054
1,808,100
1,575,362
1,733,620
1,569,742
1.673,475
1,605,802
1,596,806 ■ 1,642,589
1,566,380
1,542,211
..
1,516,840
1,531,199
1,492,055
1,525,315
1,439,085
1,434,491
1,332,355
1,435,568
1,360,835
1,549,133
1,359,241
1,574,657
1,333,815
1,542,616
1,274,605
1,373,194
1,267,675
1,367,181
1,218,755
1,358,047
1,163,440
1,441,301
1,134,650
1,419,965
1,028,760
1,353,069
1.035,845
1,339,076
1,042,310
1,325,552
975,220
1,275,820
942,460
1,229,777
3,265,140
919,415
1,120,829
3,353,358
816,895
1,002,615
3,317,438
778,365
986,750
3,190,259
714,060
1,013,160
3,306,732
684,745
894,998
8,320,181
682,065
865,943
3,411,213
648,890
867,943
3,343,603
595,805
780,425
3,190,900
550,810
820,574
3,013,908
553,390
847,601
521,535
913,356
551,850
777,028
541,315
820,053
537,720
856,334
b a s k s . — ( c a p i t a l , $ 5,636,269.)
Specie.
Circulation.
Deposits. Dueoth.b’ks.
537,884
2,003,313
2,513,422
1,307,647
451,771
1,789,673
2,446,451
1,135,309
412,571
1,927,359
2,411,858
968,154
375,757
1,967,389
2,324,691
978,410
377.945
1,943,450
2,288,175
255,892
2,374,941
387,317 . 1,938,448
972,491
399,294
1,920,391
2,394,688
803,729
378,196
1,009,163
2,421,901
946,691
336,398
1,407,141
2,399,843
1,076,323
315,810
2,018,775
2,331,568
1,559,874
321,487
1,901,198
2,394,917
965,545
2,602,946
312,658
1,914,490
807,827
334,249
2,098,610
2,732,380
1,043,439

NEW ORLEANS FINANCES.

The Mayor of New Orleans, in his message to the City Councils, says that the
total receipts for the year were §2,237,249 ; the disbursements §2,013,615. The
liabilities of the city are §11,659,136 ; of which the sum of §3,671,900 is for
bonds issued for railroad stock. The consolidated debt is §7,785,136. The
amount of public property owned by the city, as assessed the present year, is
§2,601,000 ; the value of the wharves added will swell the sum to §5,000,000.
The cost of supporting the public schools for the year ending June 30, 1860, is
§259,906.




Journal of Banking , Currency, cmrf Finance.

727

SEMI-ANNUAL DIVIDENDS.

"We are indebted to Mr. J oseph G. M artin, Stock Broker, No. 6 State-street,
Boston, for the following statement of dividends and interest money to be dis­
bursed at the dates given in November, and all payable in that city, with one
exception, named below. Other dividends will be paid later in the month, among
which are the Mercantile Marine Insurance Company of this city, and the Bart­
lett, Globe, and James’ Steam Mills, of Newburyport. The assignees of
Charles H . M ills & Co’s estate (failed October, 1857,) will pay early in
November their first dividend of 15 per cent. The Dedham Bank will pay 4
per cent November 7. These payments, added to the table, will swell the total
to nearly half a million.
Names of companies.

Nov. 1, Concord R ailroad................................
1, Columbian Manufacturing Company..
1, Franklin Manufacturing Company . . .
1, Maine, town and city bonds ..............
1, Manchester and Lawrence Railroad ..
1, Minnesota Copper Company..............
1, Nashua and Lowell Railroad..............
1, New York Central 6s., 1S83..............
1, Otis Manufacturing Company............
2, West Roxbury (Horse) Railroad........
1, Winnisimmet Company......................
1, York Manufacturing Company............

Capital
Nov., 1S59.

$1,600,000
280,000
400,000
Int. about
865,200
20,000 sb.
600,000
Int. about
600,000
40,400
4,000 shs.
1,200,000

Dividends,

Amount,

May. Nov. Nov., 1859.
4
4
$60,000
11,200
4
. 6
20,000
3
*15,000
3
4
In stock
4
$5 $4 * f 12,000
4
4
24.000
3
3
£60,000
4
5
25,000
4
1,616
4
$12£
50,000
4
6
72,000
$360,816

T o tal..........................................
FINANCIAL CONDITION AND RESOURCES 'OF TENNESSEE,

The report of the Controller of the Treasury to the present General Assembly,
presents a gratifying view of the financial condition and resources of the State.
R E C E IP T S A N D E X P E N D IT U R E S F O R T H E Y E A R E N D IN G O C TOBER 1S T , W E R E AS F O L L O W S :---R E C E IP T S .

E X P E N D IT U R E S .

Taxes on proporty Ac poll. $474,200 65 For common schools........
157,320 96 Interest on bonds..............
Registration of deeds___
State prosecutions............
Profits of the Bank of Ten­
nessee...................
420,403 32 Judicial expenses..............
All other sources..............
127,028 64 Academies.........................
All other purposes............
Total receipts................ $1,178,963 47
T otal..............................

$191,730
373,800
67,170
51,579
18,275
197,333

25
72
91
29
97
96

$953,523 96

The receipts for the next two years are estimated at ^1,580,187 49, or
$790,093 50 per annum ; and the expenditures at $1,560,488 99, or $780,244 44
per annum.
The State tax is at present 13 1-16 cents upon the $100 of taxable property.
* This includes coupons on the Augusta, Bath, Brunswick, Gardiner, Hallowell, and Topsham
bonds, payable at the Washington Bank.
t The total dividend of the Minnesota Copper Company is $S0,000, of which about $12,000 is dis­
bursed to Boston stockholders—balance in New York.
X The interest on the New York Central bonds (of which there are about $8-000,000) is disbursed in
New York at the Bank of Commerce, but a large amount of the bonds, estimated at some $2,000,000,
is held in this city and vicinity, the interest on which is eventually circulated here. These bonds
were originally issued for the payment of the premium allowed on the stock of the various roads
between"Albany and Buffalo which were, in 1853. consolidaied into the New York Central Bailroad, at prices ranging from 117 to 155. The total par value of t hese stocks, which were held largely
in New England, was $23,085,000 and premium allowed, in bonds, $8,892,600—since reduced by pur­
chases for the sinking fund of 1^ per cent annually.




Journal of Banking , Currency, and Finance.

728

The Controller recommends that it be reduced to five cents upon the §100. A
tax of five cents, he says, for the next two years, upon the taxable property of
the State, together with the present poll tax, (50 cents.) would yield more than
is estimated, and leave a surplus from that source sufficient to cover any unex­
pected deficiencies from other sources.
SOURCES OF PUBLIC REVENUE.

The revenue of the State is derived from taxes on white polls, on property,
sales of land, slaves, and merchandise, the exercise of privileges, litigation from
fines and forefeitures, and the Bank of Tennessee.
TAXABLE PROPERTY OF THE STATE.

The value of the property of the State, as valued for taxation the last year,
was as follows :—
East Tennessee........................................................................................
Middle Tennessee.....................................................................
West Tennessee.......................................................................................

$64,186,514
186,867,004
121,151,640

Tofel..............................................................................................

$377,208,641

INCREASE OF VALUE.

The following table will show the increase in value of the taxable property of
the State for the last eleven years :—
Years.
1848 ..................
1850 ...................
1852 ..................
1854 ..................

Yalue of property.

Years.
1856 .
1858 .
1859 .

Yalue of property.
§260,310,611
320,398,012
377,208,641

Q U A N TITY AND V A L U E O F T H E LA N D .

Yalue.
$46,126,012
114,053,549
52,640,432

East Tennessee, 8,970,240 acres................................................
Middle Tennessee, 10,474,163...................................................
West Tennessee, 6,522,239 .................................... .................
Total.

$212,820,993

Town lots are not included in the above. Their aggregate value exceeds
§40,000,000.
NUM BER AND VALUE O F SLA V ES.

Number.

East Tennessee . . .
Middle Tennessee.
West Tennessee...
Total..

13,085
67,934
48,872

Yalue.
$10,470,926
55,850,579
44,638,752

129,831

$110,950,257

The above has reference to such slaves as are between the ages of 12 and 50
years.
INCREASE IN VALUE OF LAND AND SLAVES.

The following table shows the average value of land per acre, and the average
value of slaves between the ages of 12 and 50 years, for the last 11 years :—
1848.............................
1850.............................
1852.............................




Land per
acre.
$3 06
8 25
3 S4

Slaves per
head.
$467 44 1856............................
506 93 1858
.................
547 26 1859
................

Land per
acre.
$6 49
7 04
8 19

Slaves per
head.
$689 00
7 92 28
854 65

Journal of Banking, Currency, and Finance.

729

STATE DEBT.

The entire indebtedness of the State of every description is $16,643,666 66,
made up as follows :—
State bonds loaned to railroad companies.........................................
Railroad companies bonds and city of Memphis bonds indorsed by
the State, all for railroad purposes................................................
State bonds loaned to turnpike and plank road companies............
State bonds loaned to Agricultural B ureau.............. ! .....................

$10,348,000 00
2,364,000 00
57,000 00
30,000 00

State debt proper................................................................................

$12,799,600 00
3,844,666 66

Entire State liability, actual and contingent

$16,643,666 66

STA TE BONDS L O A N ED TO R A IL R O A D C O M P A N IE S , ETO.

East Tennessee and Virginia $1,602,000 Edgefield and Kentucky.. . .
532,000
East Tennessee and Georgia.
1,162,000 Central Southern..................
325,000
Memphis and Charleston . . .
1,100,000 Rogersville and Jefferson . . .
124,000
Memphis and O hio..............
1,427,000 Mississippi and Tennessee . .
98,000
McMinnville <fe Manchester..
372,000
816,000
Tennessee and Alabama.......
$10,348,000
Mississippi Central and Ten­
Mississippi and Dyersburg
nessee................................
574,000
Plank R o a d ......................
$25,000
Mobile and O hio..................
.774.000 Carthage and Hartsville Turn­
Edgefield and Kentucky, and
6,000
pike. ..................................
Louisville and Nashville ..
180,000 Mansker’s Creek and SpringMemphis, Clarksville, ik Louis­
field T urnpike..................
16,000
ville...................................
370,000 Agricultural B ureau............
30,000
Winchester and Alabama.. .
413,000
Louisville and Nashville___
450,000
$10,435,000
R A IL R O A D B O N D S IN D O R S E D B Y T H E STATE.

Nashville and Chattanooga....................................................................
East Tennessee and Virginia..................................................................
East Tennessee and G eorgia...............................
Tennessee and Alabama...........................................
Memphis and Little Rock........................................................................

$1,650,000
200,000
150,000
14,000
350,000

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

$2,364,000

The State debt proper of $3,844,666 66 could be redeemed at any moment, if
due, with the capital of the Bauk of Tennessee, which is owned by the State.
All the residue of the public debt ($12,799,000,) with the exception of $87,000,
it will be seen, is constituted of State bouds, loaned to railroad companies, and
of the bonds of the companies indorsed by the State. That these bonds ought
to command as high a price as those of any State in the Union, the Controller
very clearly establishes in the following remarks :—The material prosperity of the State, her taxable property having increased
more than $150,000,000, from $210,011,047 to $377,208,644, since the comple­
tion of her first railroad in 1854—the statutory lien upon the roads and fixtures
in favor of the State—the certainty of the payment of interest through the
Bank of Tennessee, and its compulsory payment to the Bank by the roads, by
removal of its officers and directors if not paid promptly—the wise provision of
the Legislature, creating a sinking fund for the ultimate redemption of the bonds,
requiring two per centum per annum upon the amount loaned, with prompt pro­
cess to collect; a sum so small as not to embarrass the operations of the roads,
but large enough to redeem every bond issued before its maturity—the prosperity
of the finished roads, their actual profit and comparatively small bonded debt—
are material and ostensible guaranties, without appealing to State pride, that
these bonds will be paid. If the railroads were worthless the debt would still
be paid. The annual interest upon this railroad debt is $763,720—the two per




730

Journal of Banking, Currency, and Finance.

cent added for a sinking fund would make §1,018,705. To pay this the present
State tax would be about doubled—a tax much lighter than many of the States
now pay. But the roads themselves have thus far shown an ability to pay the
interest and the sinking fund, which secures the ultimate redemption of the bonds,
by their profits, as well as dividends to the stockholders. It does not matter to
the State or the bondholder, whether the roads make profits for the stockholders
or not, so loDg as the interest and the sinking fund are certainly made. The
stockholders might feel compensated for their entire loss of stock by the enhance­
ment in the value of their lands through which the roads pass. The State lends
to the companies §10,000 of its bonds for each mile of railroad, and additional
for bridge aid, makiug about §11,000 for each mile. The cost of the finished
roads, fixtures, and equipments, average about §27,000 or §28,000 per mile.
The State and the bondholder, being interested in the profits only to the extent
to cover the interest and sinking fund upon the $11,000, would always be safe
as long as the road made 8 per cent upon that amount, or about 3 per cent upon
the whole cost of the road.
To illustrate the safety to the bondholder, as well as to the State, it is but
necessary to glance at the present condition and operations of the finished roads
in the State—those not noticed having been finished less than a year, or the facts
concerning them not readily accessible. The Nashville and Chattanooga Road,
fixtures and equipments, cost about $28,000 per mile. The State indorsed her
bonds for $1,650,000, the interest and sinking fund upon which amount to
$132,000-—the net profits of the road for 1859 are $320,000, leaving $188,000,
after paying interest and sinking fund, to be distributed among the stockholders.
The Memphis and Charleston Railroad, fixtures and equipments, cost about
$28,000 per mile—the State loaned it $1,100,000 ; the road issued $2,000,000
of other bonds—interest upon the whole and sinking fund upon the part loaned
by the State are $208,000, the net profits of the road for 1859 $600,000, leaving
$392,000 to be divided as profits among the stockholders.
The East Tennessee and Georgia Road, fixtures and equipments, cost about
$27,000 per mile—the State loaned and indorsed for it $1,312,000 of bonds, the
interest and sinking fund upon that amount are $104,960—the net profits of the
road for 1859 are $162,000—leaving $57,000 to be distributed among the stock­
holders.
BANK OF FRANCE,

The following is a corrected statement of the position of the Bank of France,
made up to the 13th of October, compared with the corresponding period in
1858 :—
DEBTOR.

Capital of the bank..............................
“ new........................................... .................
Profits in addition to capital.................................
Reserve of the bank..............................
New reserve..........................................
“
in landed property..........
Notes in circulation..............................
Bank notes to order..............................
Receipts payable at sight....................
Treasury account current creditor.. . . ,
Sundry accounts current......................
“
with branch banks...
Dividends payable..............................
Discounts, sundry interests..................
Commission on deposits......................
Rediscounted the last six months. . . .
Surplus of paid-up bills......................
Sundries................................................
T o tal.........................................




22

October, 1853.
91,250,000 0
91,250,000 0
1,513,467 77
12,980,750 14
9,125,000 0
4,000,000 0
690,492,375 0
7,454,000 83
8,096,786 0
117,610,609 54
140,199,963 75
28,320,980 0
734,599 25
2,269,248 77
5,658,245 81
1,066,532 18
34,757 68
3,410,192 60

41

1,215,45S,509 34

October, 1S59.
0
91,250,000 0
1,510,527 65
14
0
0
0
30
0
83
11
0
25
44
42
05

Journal of Banking , Currency, and Finance.

731

C R E D IT O R .

Cash in h an d ........................................................
Cash in the branch b an k s..................................
Commercial bills overdue....................................
“
discounted, not yet due..........
“
“
in branch banks...
Advanced on deposit of bullion........................
By the branch banks.......................................
Advanced on French public securities..............
By the branch banks.......................................
Advanced on railway securities........................
By the branch banks.......................................
Advanced on Credit Foncier s c rip ....................
“
branch banks scrip ......................
“
to the State, agreem'nt of Juue30,’48
Government stock reserved................................
“
disposable.............................
New shares, not settled.......................................
Hotel and furniture of b a n k ..............................
Landed property of branch banks....................
Expenses of management..................................
Sundries...............................................................
Total.................................. ......................

224,369,480
367,856,209
606,025
216,934,821
258,338,825
293,200
894,800
27,951,500
13,960,900
49,976,500
32,838,700
730,700
415,700
65,000,000
12,980,750
52,198,332

91
0
43
79
0
0
0
0
0
0
0
0
0
0
14
13

253,294,667
296,080,748
268,161
191,492,672
211,724,901
1,006,300
1,654,600
51,804,200
10,823,510
45,770,200
22,553,850
577,000
219,300
45,000,000
12,980,760
52,188,102
73,150
4,000,000
6,617,585
1,269,894
6,058,917

4,000,000 0
6,719,450 0
1,274,850 81
5,741,602 20
1,343,081,347 41

20
0
67
73
0
0
0
0
0
0
0
0
0
0
14
18
0
0
0
38
4

1,215,458,509 34

AUSTRIAN FINANCES,

We take the following statement of the Austrian finances for the last eleven
years from an official journal, the Ost Deutsche Post. The florin is about 48
c e n t s :—
1848 .................................. florins
1849.................................. .
1850....................................
1851....................................
1852.................................. .
1853....................................
1854....................................
1855.................................. .
1856....................................
1857...................................
1858...................................

Income.
122,127,354

T o ta l.....................

Expenditures.
167,238,000
190,459,567
230,266,986
260,866,670
274,387,121
286,313,610
294,529,681
300,875,669
321,377,664
324,686,875
315,037,101

Deficit.
45,110,646
46,445,809
33,970,529
44,861,530
48,222,013
49,176,617
49,195,957
37,088,784
48.215,388
26,391,028
32,496,378

2,966,238,944

459,674,679

COINAGE OF GREAT BRITAIN.
AMOUNT O F G O L D , S IL V E R , AND C O P P E R M O N E Y S C O IN E D AT T H E R O Y A L M IN T .

Years.
1844 .......................
1845 .......................
1846 ....................... ...........
1847 ....................... ............
1848 .......................
1849 .....................
1850 ......... .............
1 8 5 1 .......................
1852 .......................
1853 .......................
1854 .......................
1855 .......................
1856 .......................
1 S 5 7 .......................




Gold.
4,334,911
5,158,440

Silver.
£626,670
647,658
559,548
125,730
35,442
119,592
199,095
87,868
189,596
701,544
140,480
195,510
462,528
373,230

Copper.
£7,246
6,944
6,496
8,960
2,688
1,792
448
3,584
4.312
10,190
61,538
41,091
11,418
6,720

Total.
£4,U97,S65
4,899,210
4,900,955
5,293,130
2,490,129
2,299,339
1,624,330
4,491,863
8,936,178
12,664,125
4,354,201
9,245,264
6,476,060
5,239,810

Statistics o f Trade and Commerce.

732

STATISTICS OF TRADE AND COMMERCE.
OPR TRADE WITH BRAZIL,

We have, says the Nashville Union, on several occasions alluded to the liberal
modifications which the Brazilian tariff has undergone during the past twelve
months; and it was with no small degree of gratification that we invited some
months since the attention of our merchants engaged in commerce with Brazil
to the reduction, to an almost nominal duty, of the heavy impost to which
American flour was subjected in the ports of that empire, because, although this
onerous tax had been a subject of complaint on the part of our merchants, and
of diplomatic remonstrance on the part of our government for upwards of a quar­
ter of a century, it was reserved for the administration of President B uchanan
to remove this great obstacle to a more equitable interchange of the respective
products of the two. countries. With a population of some six million souls, and
a soil and climate alike unadapted to cereal agriculture, there is no reason why
we should not supply at least half a barrel of flour, or its equivalent in other
breadstuffs, to each one of its inhabitants, in exchange for the coffee, hides, &c.,
which we annually purchase in their markets. We say there is no reason—
neither is there—but there has existed an illiberal and unjust obstacle which we
could not remove so long as Brazil adhered to the restrictive policy of the mother
country in virtually closing her ports to the products of foreign countries—even
those of prime necessity among the working and industrious classes of her sub­
jects. Perhaps there is no country in the world whose tariff duties, even at this
day, are so restrictive and onerous as Portugal; and it has always been her
policy, unless when appalled by the gaunt visage of famine and pestilence into a
paroxysm of liberality, to impose on her colonial dependencies a system of duties
amounting, as against foreign nations, to an absolute prohibition. Such was the
spirit of the Brazilian tariff in 1822, when Don Pedro declared Brazil to be a
free and independent State, and assumed the title of Emperor. The main cause
of unsuccessful negotiations, with a view to a more liberal tariff, heretofore was,
that we could not convince the Brazilian authorities that the reason of their com­
mercial laws having ceased, the laws themselves should also cease. So tena­
ciously have they clung to antiquated ideas and obsolete systems of political
economy, that the tariffs of the mother country might be said to have continued
unchanged and unmodified down to September of last year, when the decree was
announced reducing the duties on many leading articles of importation, among
which were included some of the principal imports derived from the United
States. This salutary reform must be followed by a sensible reduction of the
cash balances which the annual accounts current of our trade with Brazil exhibit
against the United States. But this reduction must be very gradual. The heavy
coffee planters must first find out that it is cheaper, in the end, to feed their hands
with American flour, brought to their doors, at some six or seven per cent over
the market prices in the country of production, than to depend, as they have
hitherto done, on Mandioca and other native products—the supply of which is as
uncertain as their growth is precarious in a country so far behind other nations
in the science of agricultural industry. Still, an impulse will be giveu—indeed)
has already been given—to our export trade to Brazil which will be felt more




Statistics of Trade and Commerce.

733

arid more every year; and we must hope that the reductions already made are
but the harbinger of still greater modifications.
We give below the aggregate values of our exports to and imports from Eio
de Janeiro during the three quarters ending with June 30, 1859 :—
Exports to.

Quarter ending December 31, 1858
Quarter ending March 21, 1859 . . .
Quarter ending June 30, 1859.........
Total

Imports from.

$1,255,726
703,274
1,124,740

$4,195,908
8,053,026
8,637,220

$3,083,740

$10,886,154

LOlVDOiV SHIP-BROKERS' RATES OF FREIGHT,
LIST OF FREIGHTS CURRENT AT LONDON AND LIVERPOOL, TO AND FROM BRITISH
COLONIES, UNITED STATES, AND OTHER DISTANT POETS, AND RATES QUOTED NO­
VEMBER, 1859, AND AVAILABLE FOR FIRST CLASS AMERICAN SHIPPING.

The European freight market has, of late, received a little animation, owing
to the repulse of the combined fleets at the Peiho. An immediate demand for
coals in the China Sea has created a temporary firmness in outward freights;
and as an accumulation of shipping in Indian and Chinese waters will result,
homeward freights may decrease in the same ratio ; also, trade with the cape
colonies is increasing—an impetus being given to it by the necessity of shipping
requirements for transportation of railroad materials. The annexed list of
freights is quoted by the London ship-brokers; and since the suspension of the
English navigation laws, American shipping being placed on the same footing
as British, these charters may be available to our ships for profitable employ­
ment :—
“

Wales

Suez,

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

to Kurrachee,

per ton................

ft
ft
it
ti
it
it
it

Manilla,

’

“

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

“

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

(i
ti
it

Valparaiso,

it
if

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

42

ti

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

38

it

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

36

ct

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

ii

*

£19

ft
F R E IG H T S F R O M F O R E IG N T O R T S TO E N G LA N D , C H A R T E R S C O N F IR M E D IN L O N D O N .

Bombay to United Kingdom.................................
A I tttqK

Kurrachee
Mauritius
Ceylon
Chinchas

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

50s.

“

it

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

30s.

“

ft

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

45s.

“

“
((




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

Statistics of Trade and Commerce.

73 i

P R E M IU M S OE IN SU R A N C E ON S H IP S AND C A R G O ES.

To Mediterranean, lower ports...................
To Mediterranean, higher p o rts................
To India,
“
................
To Australia,
“
................
From United States, provisions, higher ports
In packets,
“
From cotton ports to U. Kingdon, “
From cotton Atlantic ports
“
Steamers, time policies...............................
Sailing vessels
“
..............................
Ships to and from India..............................
Ships to and from China............................
Africa, out and home.................................. 5

15s., F. P. A., 7s. 6d. per ct.
15s. to 21s., “
7s. 6d. to 10s.
22s. 6d. to Sis, “
25s. per ct.
40s. and 50s.
25 s.
to 30s.
12s. 6d. to 15s.
40s.
20s.
6 guineas.
7 “
4 “
5 “
to 7 “

P L A C E D ON T H E B E R T H F O R L O A D IN G .

A t London, for Calcutta
Madras. . .
Colombo..............................
Bombay...............................
Australia.............................
Rangoon............................
New Zealand......................
Shanghae............................
ICurrachee..........................
California........................... .
or British Columbia.........
Cape Colonies ....................
Hong Kong........ ...............
Canton.................................
Mauritius.............................
River Platte........................
Rio Janeiro.........................

Callao ...........................

Pernambuco......................
A t Liverpool, for Calcutta..........................
New York, tons delivered .
“
Pensacola...........................................
“
Savannah........................... ...............
“
Aden, per tons delivered................
“
Bombay,
“
................
“
Ceylon,
“
..............
“
Madras,
“
................
“
Singapore,
“
................
“
Boston,
“
................
Tyne to Valparaiso and back, ton round................
Cadiz to Rio Grande, salt, 35s. out and hides back
Hartlepool, Madras, iron..........................................
San Francisco, or Oregon, to A ustralia..................
Dublin to Melbourne................................................
Riga to Cape Town, railroad sleepers....................
Wales to Newcastle, N. S. W , railroad iron..........
St. Ubes to Rio Grande, salt....................................
Newport to Pernambuco, iron out and sugar home.
Hull to Trieste, keel coals ......................................
Hull to Venice,
“
........................................
Hull to Alexandria, “
........................................
Hull to Galatz,
“
...................................... .
Hull to Varna,
“
........................................
Hull to Trebizonde, “
...................................... .
Clyde to Genoa..........................................................




Per register ton.
60s. sterling.
60s.
60s.
60s.
75s.
60s.
75s.
65s.
65s.
90s.
65s.
75s.
50s.
55s.
35s.
80s.
30s.
32s. 6d,salt.
18s, iron.
16s, coal.
18s, iron.
18s, “
47 s. 6d, coal
38s,
37s. 64, “
39s,
“
40s,
“
18s,
95s.
40s. per ton.
45 s. t’n deliv.
$15 M. ftlumb’r.
85s, per ton.
45s, ton ded.
55s, “
35s, “
60s,T. r’d.
£20, deliv’r’d.
19,
16,
15, 10s. “
20,

22 ,

“
“

25e. per ton.

Statistics of Trade and Commerce.

735

T IM B E R F R E IG H T S .

St. John to London, load.......................................................................
Savannah to United Kingdom, load......................................................
Too
Gottenburg to United Kingdom, lo a d .................................
late I Gottenburg to Australia, load................................................
in ( Gottenburg to Valparaiso, load..............................................
season. J Gefle to Table Bay, load........................................................

75s.
35s.
30s.
£9
7
7

The above rates are applicable to hulls, freight, and cargo of first-class vessels.
BRITISH TRADE WITH CEJVTRAL AND SOUTH AMERICA.

The Blue-Book which has lately issued from the statistical department of the
British Board of Trade, contains a great deal of information respecting the cen­
tral and southern portions of the American Continent, compiled from the official
returns of the respective countries. Commencing with Guatemala, we find that
the trade of that country has considerably increased during the last eight years,
both as regards imports and exports. Pour fifths of the trade of Isabel and
Santo Tomas, and one-fifth of that of San Jose, is carried on in British vessels.
More than half the imports consist of British manufactures, and considerably
more than a third of the Guatemalan produce exported goes to England ; whilst
another third is exported to Belize, and the greater part of this, also, is reshipped
to England. France is the most formidable competitor of England, the imports
of her woolens and silks, and even hardwares, exceeding those of British manu­
factures ; but then English cotton exceed all the other imports put together.
Spain consumes the greater part of the indigo produced in Guatemala, but nearly
all the cochineal, sarsaparilla, mahogany, and half the sugar and hides, find their
way to Great Britain, either direct or via Belize. Of the trade of Honduras,
the greater part of the foreign portion is in the hands of the Americans and
Spaniards. The value of the imports into Honduras shows an increase in 1858,
as compared with the preceding year, but there was a decline upon the average
of the last five years. The exports are returned only down to 1855, when they
had fallen off. Cotton manufactures constitute more than half in value of all
the imports. The trade of San Salvador has increased very largely during the
last five years, but whereas it was formerly carried on chiefly in British vessels,
more than half the shipping which entered the ports of the republic, during the
last two years, has been American. The increase has been chiefly in indigo,
hides, sugar, and rice, whilst tobacco and balsam have fallen off. The Americans
have also much the largest share of the Costa Rican trade, which has been very
fluctuating of late years. France now consumes the largest portion of the
Costa Rican produce which goes to Europe. Farther south we find the Ameri­
can flag still predominant, and the largest consumption of Venezuelan produce
is in the United States, though British manufactures make one third of the total
imports. The Hanseatic ports stand second, both as regards shipping and ex­
port trade. The latter appears to be increasing, especially as regards coffee and
hide3. Nearly all the trade of Panama is carried on in American vessels, but
at San Martha and all other New Granadian ports the largest portion is in
British hands. At Guayaquil, the one port of Ecuador, the carrying trade was,
until within the last three years, under the Peruvian, Spanish, and British flags,
but of late years the Peruvian share has fallen off, while the Spanish has re­
mained stationary, and the British has gone ahead to such an extent as to con.




Statistics of Trade and Commerce.

7 36

stitute one-half of the tonnage entered, instead of one-sixth, as was the ease prior
to 1856. Both imports and exports have very much increased at this port,
nearly a third of the former in value consisting of cotton manufactures. At
Callao and Islay the predominant flag is the British, but the American seems
likely soon to equal it. The guano trade is pretty equally divided between them.
At Valparaiso and other ports of Chili the entries of British shipping are equal
to those under the national flag, each being about one-third of the whole, and
the other third comprising the American and all other flags. The imports into
Chili have nearly doubled during the last ten years, and the exports have con­
siderably more than doubled. British manufactures constitute one-third of all
the imports, and French and American goods another third. More than half
the Chilian produce is exported to England. Coming round the Horn, the tables
next bring us to Monte Video. Here nearly one-third of the shipping is British,
and nearly another third is composed of vessels under the French and Spanish
flags. The exports show a great increase, England taking about one-fifth of the
whole, chiefly hides, hair, tallow, &c. The Brazilian trade has also increased very
largely during the last seven years. At Bio Janeiro the French and American
flags predominate, each making about a fourth of the total tonnage entered and
cleared, and at Para the Portuguese and American, but at the other ports
British shipping is in much the largest proportion. Both imports and exports
have more than doubled in the last ten years. More than half the former con­
sists of British manufactures, and nearly a third of the Brazilian produce is ex­
ported to Great Britain. Almost another third is consumed in the United
States. Coffee, cocoa, cotton, hides, sugar, and tobacco, are the commodities
which show the largest increase; rice, caoutchouc, and wood, have remained
stationary, but with considerable fluctuations. The exports from Bio Janeiro
have fallen off, and were limited in 1857 to coffee, sugar, and rosewood; nearly
one-half of the coffee is consumed in the United States, and the greater part of
the remainder in Germany. The exports from Bahia show an increase, though
that of sugar has declined, and cotton has been stationary. The increase has
been chiefly in coffee and cocoa. There is no return from Pernambuco, except
of average prices, which have advanced considerably during the last five years.
BRITISH SPECIE TRADE.

The following tables show the British receipts for six months of 1859, of gold
and silver supplies which proceeded from their sources of production :—
G O L D IM P O R T S,

Russia..................................
Russia via Hanse Towns....
West coast- of Africa..........
A ustralia............................

£1,088,789 Mexico, South America, &c. £1,146,624334,041 U. States, (California).........
3,881,847
43,839
3,972,383
Total............................ £10,462,523
S IL V E R IM P O R T S .

Mexico, S. America, West
Indies...............................

I Mexico, via U. S., including
£1,895,376] their own produce.............

£411,526

Total.................................................................................................... £1,806,902

Of the £11,730,529 of gold imported into England during the first half of the
current year, £10,462,523 were immediately derived from the original sources of




Statistics of Trade and Commerce.

737

production, while only £1,268,000 belonged to that floating stock of gold due to
temporarily favorable exchanges. On the other hand, of the total of £8,227,483
of silver imported during the same period, only £1,806,902 were received from
the silver-producing countries, while £6,420,581 had been abstracted from the
stock of silver previously existing in France, Belgium, Germany, and other
countries. Now it will be found that of the £10,462,523 of gold imported into
England from the gold-producing countries, £9,513,413 were exported to France,
Belgium, and Germany, principally in exchange for silver; £9,859,206 of silver
mainly abstracted from the silver stock previously existing in Europe being again
exported by England. Of that aggregate sum of silver, England shipped
£8,822,308 to the East; India alone absorbing silver to the value of nearly
£7,000,000 sterling during the first half of the current year. It appears, there­
fore, that the new supplies of gold derived from California and Australia, are, in
the first instance, collected in England, who exchanges them for the silver of
France and other continental countries, and finally ships the silver thus set free
to Asia, principally to India, where, to a great extent, it is absorbed into hoards.
Thus, the existing stock of bullion in America and Europe, has, on the whole,
not been sensibly augmented by the new gold discoveries, but in Europe silver is
being replaced by Australian and Californian gold, while the silver of Europe,
in its turn, is converted into Asiatic treasures. As long as this process is going
on, it is perfectly idle to speculate on the influence of the new gold supplies on
prices. To the mass of silver absorbed by Asia must be added the yearly in­
creasing quantity of gold used as raw material by the various industries of
luxury.
MAURITIUS SUGAR CROPS,

The total shipments of sugar from the Mauritius to the 1st of August were
237,897,899 pounds, leaving about 6,000 bags in stock :—
C O M P A R A T IV E

STATEM EN T

OF

THE

S H IP M E N T S

OF

SU G A R

FROM

THE

M A U R IT IU S , F R O M

T H E B E G IN N IN G TO T H E E N D O F E A C H C R O P .

1857-58.

1858-59.

,lbs.

115,941,744
35,256,153
12,110,887
48,887,514
5,893,932

133,213,960
41,944,694
10,622,440
47,581,513
4,536,312

Total shipped to August 1, 1 8 5 8 ........
Total shipped to August 1, 1859............

228,040,230
.......... ..

237,897,899

To United Kingdom . .
To France....................
To Cape of Good Hope.
To Australian colonies
Other places................

CEYL0IV COFFEE CROPS.

The disposal of the present season’s crops to date stands thus :—,—Plantation coffee.—
Present
Last
year.
year.

,----Native coffee.---- *
Present
Last
year.
year.

To Great Britain...................... cwts.
To foreign ports................................
To Australia and India....................

320,16S
38,995
7,515

296,437
61,153
4,733

66,120
117,747
7,271

87,721
60,020
9,168

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

366,678

362,323

191,138

156,909

VOL. IX U .---- NO. V I.




47

738

Statistics of Trade and Commerce.
COMMERCE WITH JAPAN.

The following, says the London Times, is the concluding portion of an able
and interesting puper read by Mr. L aurence Oliphant , on Japan, in the Geo­
graphical Section of the British Association at Aberdeen :—
Prom the little we know of the internal resources of Japan, it is probable that
we should find a more profitable source of trade in its mineral than its veg­
etable productions. Unless we have been totally misinformed, these former are
of vast extent and great value. We know that the principal profits of the early
Portuguese settlers were derived from the export of gold and silver. So lucra­
tive was it that K in ipfer remarks, “ It is believed that, had the Portuguese en­
joyed the trade of Japan but twenty years longer, upon the same footing as they
did for some time, such riches would have been transported out of this Ophir to
Macao, and there would have been such a plenty and flow of gold and silver in
that town, as Sacred Writ mentions there was at Jerusalem in the times of Sol­
omon.” At a later period the Dutch carried on this same traffic to so great an
extent that a native political economist, writing in 1708 on the subject, computes
the annual exportation of gold at about 150,000 cobaqgs; so that in ten years
the empire was drained of 1,500,000 cobaugs, or about two millions and a half
sterling. The gold is found in various localities. That procured from Sado has
the reputation of being the finest, and it is stated that the ore will yield from
one to two ounces of fine metai per one-and-a-qnarter pounds. The mines in
Garouga are stated to be very rich, the copper ore raised also being impregnated
with gold. The ore from Satsuma yields from four to six ounces per one-and-aquarter pounds. These are the principal mines. Gold dust is found in some of
the streams. Copper is superabundant, as is evident from the lavish use made
of it for ornamental purposes. For a long period the Dutch received at Naga­
saki, in exchange for their merchandise, Japan copper. This, however, as well
as the sale of gold, has been stopped for many years. The government allows
no more copper to be produced now than is absolutely necessary for home con­
sumption, which is comparatively very small. It will be for us now to devolop
more fully one of the most important elements in the wealth of this vast empire.
By the treaty recently concluded, gold and silver coins may be exported from
Japan, but not as cargo. The exportation of copper coin, as well as copper in
bars, is prohibited, but the government engages to sell from time to time, at
public auction, any surplus quantity of copper that may be produced. Iron
abounds in various parts of Japan, the mines of which are extensively worked—
much more so at present than those of copper. Judging of articles of casting
of their own construction, the ores must be of excellent quality. Specimens of
wrought iron, cast and blister steel, have been examined with very satisfactory
results. The wrought iron is usually hammered, and in small flat bars, varying
from 12 to 20 lbs. each. This is probably to be attributed to a want of proper
machinery for heavier bars, and its being better suited to their purposes. The
steel, of which the swords were composed which are procured at Yeddo, was of
admirable temper and quality. I have already alluded to the local mines which
• exist in the Island of Kinsui—one of them is distant only seven miles from Na­
gasaki. They are a government monopoly. Hitherto the coal brought for sale
since the opening of trade at Nagasaki has been surface coal, and consequently
inferior in quality ; it is described as small. It burns slaty, leaving considerable
ash, and is very light. There can be little doubt that good coal is to be found
in the island when the mines begin to be properly worked. By the treaty of
Yeddo, coal, zinc, lead, and tin are to be exported, at a duty of 5 per cent. The
vegetable productions of Japan, which arc most probably destined to become
articles of commerce, are camphor, vegetable tallow, rice, wheat, drugs, isinglass,
seaweed, &c. Among manufactured articles we may mention lacquer-ware and
porcelain, but it is almost impossible, at this early stage of our commercial rela­
tions, to predict either their character or extent. It would be well to remember
that, while we have achieved a great result in thus opening to the world this




Statistics of Trade and Commerce.

739

prosperous and happy community, we have also incurred serious obligations
towards them, and are bound not to take advantage of their ignorance and in­
experience in their dealings with western nations. We can only hope to com­
mend our civilization to them by maintaining a high moral standard, both in our
commercial and political intercourse. They are sufficiently enlightened to ap­
preciate a policy influenced by higher considerations than those involved in the
accumulation of wealth. Unless we follow such a policy, it is not too much to
predict that we shall lose alike their confidence and respect, and involve ourselves
in complications, disastrous to our commerce and discreditable to our national
character. Of all the nations of the East the Japanese are the most susceptible
to civilizing influences, and I quote the words of an eminent Chinese and Japan­
ese scholar in saying that, in one respect, they are far in advance of their ancient
neighbors, the Chinese, in that their attention is directed to obtain a knowledge
of other nations. Their own efforts in this way will form their greatest security.
Their soldiers once formed the body-guard of the king of Siam ; their consuls
once examined Spanish ships in Acapulco; their sailors once took a Dutch gov­
ernor out of his house in Formosa, and carried him prisoner to their rulers ; their
princes once sent an embassy to the Pope ; their emperor once defied the ven­
geance of Portugal by executing her ambassadors. The knowledge of these
historical events remains among them. We may reasonably hope for a great
preponderance of good results from an extension of an intercourse which has re­
commenced so peacefully. Let us indulge the expectation that the land of the
rising sun may not only soon be fitted for taking her place among nations, but
also among Christian nations, and with all the institutions, and liberty, and
purity of the best of those nations.
BRITISH GRAIN TRADE.

The following table of imports of wheat and flour—reducing the flour to its
equivalent in wheat—from the United States and France, since 1846, including
the first eight months of 1859, will show their comparative ability to supply the
wants of Great Britain :—
Years.
1846....................
1847....................
1848....................
1849....................
1850....................
1851____ _____
1852....................
1853....................
1S54....................
1855....................
1856....................
1857....................
1858....................
1859, 8 m onths.

Unitorl States,
qrs.
801,178
1,834,142
296,102
613,601
537,030
911.S55
1,231,893
1,582,641
1,152,170
444,371
2,105,584
1,069,288
1,098,871
15,952

France,
qrs.
73.774
179,259
320,010
738,833
1,145,146
1,193,433
459,418
341,444
205,874
51,358
29,962
130,639
1,283,465
1,791,770

Other,
qrs.
1,469,290
2,451,356
2,466,118
3,450,041
3,148,087
8,225,124
2,473,292
4,311,775
3,115,041
2,716,037
8,071,601
2,860,358
3,016,220
1,631,587

Total,
qrs.
2,344.142
4,464,757
3,082,230
4,802,475
4,830,263
5,330,412
4,164,603
6,235,860
4,473,085
3,211,766
5,207,147
4,060,285
5,398,556
3,439,309

Av. price
of wheat.
54s. 8d.
49 9
50 6
44 3
40 3
38 G
40 9
53 3
72 5
74 8
69 2
56 4
44 2
47 1

The French imports into Great Britain for the first eight months of the pres­
ent year were as follows :—
Years.
1858 ...........................................................
1859 ...........................................................

Wheat,
qrs.
542,390
1,081,548

Flour,
cw t
1,196,905
2,490,777

Total,
qrs.
901,461
1,828,847

This French importation into Great Britain seems to have killed the United
States trade in grain, which has not in many years been so small. In the year
1852 the United States sold three times as much as France, although the aver­
age price was lower then than now, and freights higher.




J o u rn a l o f Insurance.

740

ZURICH

SILK.

The Silk Industry Association of Zurich report the export of silks as follows,
for the month of August, 1858 and 1859

1869.
82,970
13,500
GO

French destination, .lbs.
German destination.. .
A ugust................ lbs.

July......................

J u n e ..........................

May........................
March..... ..............

98,069
110,040
105,871
85,010
72,955
92/160

1868.

1859. 1858.

70,056 Italian destination. .lbs.
11,444 O th er....................

1858.
85,823 Februarv.............. lbs.
94,805 January..................
71,233
54,109 Total in 8 months.. .
..
60,996
68^727

310

925
3,398

1859.

1858.

102,739

73,609
78,017
—

769,701 677,319
192.882

JOURNAL OF INSURANCE.
INSURANCE PREMIUMS.

Year.
1839.............
1840.............
1841.............
1842.............
1 8 4 3 . . . '. . . .
1844............. . . .
1845.............
1 8 4 6 ...___
1847............. . . .
1848.............
1849............. . . .

Premiums
earned.
473,149
694,004
1,197,628
2,290,589
3,683,210
3,301,852
3,744,503
4,378,969
3,864,690
4,743,758

Losses, return premiums, &
expenses. Year.
§290,478 1850................
382,392 1851................
559,090 1852................
955,451 1853...............
1,546,240 1854...............
2,708,072 1855...............
4^184^609 1856...............
8,157,440 1857................
3,513,484 1858................
2,623,270
3,379,499
T o t a l .. .

9,972,775
12,867,487
18 j121, S6 9
12,891,490
11,448,538

Losses, return premiums, &
expenses.
§5,181,607
6,666,070
5,528,986
8,349,618
9,902,166
12,358,425
11,450,601
11,221,984
7,629,502

. . 122,677,784

o
CD
'bt
00
CD
"cO
00
►
f*

We annex a statement of the amount of premiums earned, and losses, expen­
ses, and return premiums paid each year by the Mutual Companies of this city
since 1839, compiled from the published statements of the several companies :—
Premiums
earned.
7,956,877

..
..
..
..

These figures are correct as far as regards the earned premiums, but to the
other column must be added the losses of several companies that have failed, ow­
ing losses which have never been paid, and which consequently do not appear in
the published statements.
CONNECTICUT INSURNANCE LAW.

27, 1857.
Be it enacted by the Senate and House of Representatives in General Assembly,
convened:—That the Mayor, Aldermen, and Common Council of each city, and
the Wardens and Burgesses of each Borough, in this State, may appoint a Fire
Marshal for each of their several incorporations, who shall hold his office for one
vear. That said Fire Marshal shall have power to inquire into the cause of any
fire which may happen in the limits of the corporation for which he is appointed,
on being requested so to do by a proper officer of said corporation, or by any
one interested in the property burned, at the expense of the applicant. Said
Marshal may summon witnesses to appear before him at such times and places as
he may designate, and examine said witnesses on oath, touching said fires, and
AN ACT TO PREVENT INCENDIARY FIRES, APPROVED JUNE




Journal of Insurance.

741

shall make a report of his examination and the facts found by him', to the clerk
of the city or borough for which he is appointed.
S ec. 2. In case any fire shall happen in this State out of the limits of an in­
corporation in which there may be a Fire Marshal, any person interested in the
property burned, may apply to any justice of the peace in the town where said
fire has taken place, and said justice, in like manner, as is provided in the first
section of this act. and at the expense of the applicant, may summon witnesses
before him, and examine them on oath in relation to said fire, and shall find the
facts as they may be proved before him, which finding shall remain in the files of
his office.
S ec. 3. The fees of such Fire Marshal, or justice of the peace, while engaged
in investigating the cause of any fire as aforesaid, shall be two-and-one-half dol­
lars per day ; witness fees, subpoenas, and the service of subpoenas, shall be the
same as are allowed in the Superior Court.
TAXES PAID BY INSURANCE COMPANIES OF CINCINNATI,

The Ohio State House of Eepresentatives passed a resolution requesting the
several County Auditors to report, as soon as practicable, “• the amount of taxa­
ble property listed by the foreign and domestic fire and marine insurance compa­
nies doing business in the State, and the actual amount of taxes paid by each,”
for the years 1853 to 1858, inclusive. The resolution was complied with by
the Auditor of Hamilton County.
TOTA L AM OUNT O F R E A L AND P E R S O N A L P R O P E R T Y R E T U R N E D BY T H E H O M E C O M PA N IE S ,
A N D T H E TAX .

Personal property..................
Real estate.................................
1854— Personal property.................
Real estate......................... ......
1855 — Personal property....... .............
Real estate.................................
1856 — Personal prop erty .................
Real estate.................................
185V—Personal property....................
Real estate.................................
1858 —Personal property....................
Real estate, Cincinnati. . . . . . .
Real estate, Spencer Township.
1853—

Value.

Tax.

$287,430
41,530
228.418
87,240
331,546
87,240
367,163
109,760
479,883
109,760
588,368
109,840
1,200

$5,3)7 45
669 80
3,826 00
1.291 30
4,906 88
1,461 43
4,956 70
1,481 89
7,198 24
1,646 55
9,776 90
1,823 34
10 80

$2,829,378

$44,366 98

The full amount of the tax assessed, as above, was paid each year by the home
companies, with the exception of the levy for 1858, one-half of which only was
paid, in compliance with the provisions of the semi-annual tax law.
TOTA L AM OUNT O F R E A L AND P E R S O N A L P R O P E R T Y R E T U R N E D BY F O R E IG N C O M PA N IE S , AND
TH E TAX .

1853—
Personal property
1854—
Personal property
1855—
Personal property
1856—
Personal property
............
Real estate, /Etna Company.................
............
185V—Personal property
Real estate, /Etna Company..................
............
1858—Personal property
Real estate, /Etna Company.................




Value.

199,444
239,663
216,850
$14,064 87

Tax.

$4,521
4,606
2,871
3,692
130
3,594
205
3,599
227

03
31
88
49
95
94
50
71
42

$23,450 23

Postal Department.

742

POSTAL DEPARTMENT.
BRITISH POST-OFFICE PACKET SERVICE, 1858-9.
T h e fo llo w in g is a classified a b s t r a c t o f th e v o te s in 1858 a n d 1859 : —
I.

B R IT IS H S EA S .

Route.
Company.
Liverpool and the M e of Man.........................................................
Holyhead and Kingstown.......................... City of Dublin..............
Aberdeen and Lerwick......................................................................
Thurso and Stromness......................................................................
Southampton and Channel Islands............Southwestern Railway.
Dover and Calais, and Dover and Ostend.Dover Mail....................

05
US
CO

1858.

£860
25,000
1,200
1,300
4,000
15,500

25,000
1,200
1,300
4,000
15,500

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

41,850

41,850

20,500

20,500

II.

P E N IN S U L A R .

Southampton, Vigo, Oporto, Lisbon, Cadiz,
Gibraltar................................................. Peninsular
III.

£850

&

Oriental .

A M E R IC A , N O R T H AND SO U TH .

Liverpool and Halifax, and Boston, Liver­
pool and New York, and New YorkaDd
N assau.................................................... Cunard........................
Halifax, Bermuda, and St. Thomas, and
Halifax and St. John’s, Newfoundland.. Cunard.........................
Southampton and West In d ie s................ Royal Mail....................
Southampton <fc Brazils <Si Buenos Ayres..Royal Mail....................
Panama, Callao, andValparaiso.................Pacific..........................

116,340

112,840

14,100
238,500
80,000
25,000

14.100
244,000
30.000
25.000

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

484,540

486,640

England and West Coast ofAfrica............A frican.......................
England and Cape of Good Hope....................................................

30,000
32,400

20,600
33,000

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

62,400

53,500

IV .

A F R IC A N L IN E S .

V.

A U STR A LIA .

Australia and New Zealand...................................... '.......................
Southampton and Sydney, and branch from
Marseilles to Alexandria........................Peninsular ifc Oriental .

180,000

185,000

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

194,000

185,000

V I.

14,000

IN D IA .

England and Alexandria, Ceylon, and Cal­
cutta, with branch from Marseilles to
M alta....................................................... Peninsular
Aden and B om bay.................................... Peninsular
Additional mails to India by alternate
weekly communication to Bombay and
Calcutta .................................................. Peninsular

&
&

Oriental .
Oriental .

124,414
21,615

139,414
24,100

&

Oriental .

22,000

20,000

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

168,089

184,114

4,862

5,629

V I I.

E X P E N S E O F STA TIO N S.

Packet establishments, Dover, Holyhead,
Liverpool, and Southampton.........................................................
Allowance, if government agents on board
the contract packets......................................................................
Total......... ............................................................................
General to ta l..........................................................................




9,355

9,365

14,211
991,596

14,984
992,488

Commercial Regulations.

748

POSTAGE STAMPS AND STAMPED ENVELOPS,

The whole number of orders received and attended to in the finance office of
the Post-office Department during the fiscal year ending 30th June last was
75,437, divided as follows, viz. :—For postage stamps, 56,001 ; for stamped en­
velops, 19,436. Assuming that the number of letters, embracing orders both for
stamps and envelops was 10,000. then the whole number of orders requiring
separate action would be 65,437, or an average of 211 orders each day.

COMMERCIAL REGULATIONS.
TARIFF OF NEW ZEALAND,

The following circular from Messrs. B ain , G rahame & Co., of Auckland,
(New Zealand.) dated the 28th July, describes the new tariff in that colony,
which came into force on the 18th of' July last:—On the 18th instant the new
tariff was officially proclaimed. It has been drawn up with a view to assimilate
with those of the various Australian colonies. In many respects, as approach­
ing so desirable an end, its rates are acceptable ; many articles, however—some
indeed of primary necessity—are still unnecessarily hampered. We annex a
copy of the new tariff:—IM r O R T D U T IE S .

1. Ale, beer, cider, and perry, in w ood..........................................gallon
Ale, beer, cider, and perry, in b o ttle ....................................................
2. Cigars and snuff .............................................................................. lb.
3. Coffee, chicory, cocoa, and chocolate............................................ .
4. Cutlery, hardware, plate and plated-ware, hollow-ware, ironmongery
of all sorts, candles and soap of alt sorts..................................cwt.
5. Firearms of every description........................................................each
6. Gunpowder..........................................................................................lb.
7. Manufactures of silk, cotton, linen, and woolen, and all articles manu­
factured therefrom, drapery, haberdashery, hosiery, millinery,
furs, hats, boots, shoes, confectionery, bottled and dried fruits, oil­
men’s stores of all kinds, mustard, olive oil, pickles, preserves,
sauces, spices (measuring outside the packages)............ cubic foot
8. Spirits and strong waters of every kind, sweetened or otherwise, of
any strength not exceeding the strength of proof by Sykes’ hydro­
meter, and so on in proportion for any greater strength than the
strength of proof.....................................................................gallon
9. Sugar, raw and refined, of all kinds, and treacle and molasses.. . ,1b.
10. Tea.................................................................................... ....................
11. Tobacco...................................................................................................
12. Wine, in wood and bottle, containing less than 25 per cent of alcohol,
of a specific gravity of .825, at the temperature of 60° Fahren­
heit’s thermometer................................................................. gallon

£

s. d.

0

0

6

0 10
0 3 0
0 0 3
0 3 0
0 5 0
0 0 3

0 4 0

0

9 0

0

0 4

0

1 6

0

3

0 0 1

0

DUTT F R E E .

Anchors and chains, and rod, bolt, bar, sheet, hoop, and pig iron, and nails, sailcloth
cordage, twine, cotton yarn, bags, sacks, and woolpacks, spirits of tar and turpentine
tobacco for sheep wash, nuts of all kinds, powder fit only for blasting purposes, and
all other goods, waies, and merchandise, excepting those above enumerated.




Commercial Regulations.

744

C O M PA R A T IV E S T A TEM EN T O F O LD A N D N E W D U T IE S ON T H E F O L L O W IN G IM P O R T S .

Spirits, proof.................................................
Tobacco .......................................................................lb.
Coffee, chicory, cocoa, and chocolate.................
Sugar, raw and refined, molasses, treacle, <tc. ..
Tea.............................................................. ...............lb.
Cutlery, hardware, ironmongery, <fcc...............
Manufactures of silk, <fec..................................

Old.
s. d.

8
1
0
4
0
1
3

0
3
2
8
s
0
0

New.
8. d.

9
1
0
9
0
3
4

0
6
3
4
4
0 cwt.
0

NAVIGATION OF WATERS ON THE NORTHERN FRONTIERS.

To prevent misapprehension, in future, in regard to the marine papers under
which voyages can be pursued in part by sea, from ports on the northern, north­
eastern, and northwestern frontiers of the United States, it is deemed proper to
state, for the information and government of collectors and other officers of the
customs, that the enrolment and license issued under the act of 2d March, 1831,
authorizes a vessel to engage both in the coasting and foreign trade only when
navigating “ otherwise than by sea.” In several instances, of late, vessels have
cleared from their home ports od the lakes for European destinations, or for ports
in the United States on the seaboard. The papers under which they navigate
the lalies, are not, it is obvious, the proper documents for vessels pursuing voyages
of that description. Recourse must be had, in such cases, to the provisions of
the acts of the 31st December, 1792, and 18th February, 1793, prescribing
marine papers for vessels navigating the ocean and its tributaries in the foreign
and poasting trade. If, then, a vessel is bound from a port on the northern lakes
or tributaries, to a European or other foreign port, in part by sea, her enrolment
and license should be surrendered, and she should be furnished with a register,
under the provisions of the act of 31st December, 1792. If she is destined for
a port in the United States, coastwise, in part by sea, she should surrender her
enrolment and license, under the act of 2d March, 1831, and should be furnished
with an enrolment and license, under the provisions of the act of the 18th
February, 1793. If she sails for a provincial port, and it is intended to clear
her thence for a port in the United States on the seaboard, or for a foreign port,
in part by sea, she should be furnished with a register under the act of 31st
December, 1792, before leaving her home or a lake port on such a voyage. It
is important that the proper papers should be issued to vessels pursuing these
several voyages, otherwise they may’be exposed to the disabilities and penalties
imposed on vessels tound engaged in a trade without the appropriate documents
prescribed by law.
ENTRY OF VESSELS FROM FOREIGN PORTS,

It is represented to the Department that vessels owned in districts adjacent to
the British North American Provinces, take cargoes on board in provincial
ports, destined for ports of the United States on the seaboard, and, on entering
the waters of the United States, proceed in the first instance, to their home ports
•and there exchange their registers for enrolments and licenses, under which they
proceed to their ports of destination, and claim to enter coastwise. It is also
represented that, in some instances, they make an entry as from a foreign port,
when they exchange their papers, but the cargo is not unladen or inspected, but
passes at once, under a coastwise manifest, to the original port of destination.
This practice is clearly illegal, and must be discontinued. Vessels from foreign
ports must deliver their cargoes under the inward manifests prescribed by law,
which show that they were laden on board at foi eign ports, aud which specify
their ports of destination in the United States. They must complete their voyages
to the ports of destination exhibited on their manifests, under their registers,
which cannot be exchanged for enrolments and licenses, until entries are duly
made as from foreign ports, and the merchandise brought in them duly unladen
by permit from the proper officers of the customs.




Nautical Intelligence.
MI NK

745

SKINS,
T ebasu by D epa k tm en t , September 28, 1859.

S ir :—I

acknowledge the receipt of your reports of the 6th and 12th instant,
on the appeal of J. M. O p p e n h e im & Co. from your assessment of duty, at the
rate'of 8 per cent, on a case of “ mink skins,” imported from Hamburg in the
steamer “ Hammonia,” the importers claiming to enter them free of duty, under
the following provision, viz.:—“ Goods, wares, and merchandise, the growth, pro­
duce, or manufacture of the United States, exported to a foreign country, and
brought back to the United States in the same condition as When exported, upon
which no drawback or bounty has been allowed, &c.,” in schedule I of the tariff
of 1857. The “ mink ” is a European as well as an American quadruped, and
no proof is presented that the articles in question are the produce of the United
States. At all events they are not identified in the mode prescribed by law, and
the regulations of the Department made in pursuance thereof, as having been
exported to a foreign country, and brought back in the same condition as when
exported. They are not, therefore, entitled to entry free of duty, but are subject
to a duty of 8 per cent, under the classification in schedule G of “ furs, undressed,
when on the skin.” Your decision is affirmed. I am, very respectfully,
HOWELL COBB, Secretary of tlie Treasury.
A ugustus Schell, Esq., Collector, &c., New York.

NAUTICAL INTELLIGENCE.
ACTION OF SEA WATER ON IRON.

A communication made to the London Institution of Civil Engineers gives
the result of the analysis of a piece of the iron heel post of a vessel which, by
the effect of salt water, was converted into a substance resembling plumbago.
This substance was of a dark brown color, and easily cut by a knife; on exposure
to a red heat in a crucible, it lost about twenty per cent in weight, and on being
exposed to a white heat for about four hours it lost sixty per cent, and came out
a light mass of very brilliant corburet; the latter, on being used as a carbonaceous
substance for the reduction of an oxide of iron, was found to be less effiacious
than the same quantity from the charcoal of wood. From these and other experi­
ments made, it is considered that one hundred parts are composed as follows
Carbonic acid and moisture, 20 ; profoxyde of iron, 35.7 ; silt, or earthy matter,
7.2; carbon, 41.0.
NEW LIGHT ON THE COAST OF CUBA.

Official information has been received at this office, from the CommandantGeneral of Marine at Havana, that on the first day of November next, a light
will be exhibited from a new lighthouse recently constructed on Cayo Paredon
Grande, on the northern coast of the island of Cuba. The tower is of iron rest­
ing on a base of hewn stone, which again rests on a foundation of rugged rock,
some twenty-six feet above the sea level. The color of the tower is not given.
The illuminating apparatus is of the first order of the system of Fresnel, and
the light is fixed, varied by flashes every minute. The focal plane being eleva­
ted 159 feet above the level of the sea. this light should be seen from the deck
of an ordinary sized vessel 20 nautical miles. The lighthouse stands in latitude
22° 29' 36” N .; longitude 78° 07' 20" west of Greenwich. By order,
W ashington, October 20, 1859.




R. SEM.VIES, Secretary.

Nautical Intelligence.

746

LIGHTHOUSE OBI CRASEY ISLAND SIIOAL, COAST OF VIRGINIA.

Notice is hereby given that a lighthouse on a screw pile foundation has been
erected about one hundred feet from the Craney Island light-vessel. The founda­
tion is octagonal in plan, and is composed of iron screw piles. Its top is 21£
feet above ordinary high water. It is painted red. The superstructure is a
square wooden building with watch room and lantern above its center. The
sides are painted white, and the roof slate color. The watch room, below the
lantern, is white. The height of the focal plane above ordinary high .water is
52 feet. The illuminating apparatus is a lens of the fifth order of the system of
Fresnel, showing a fixed light of the natural color, which should be visible in
ordinary states of the atmosphere 12 nautical miies. The light will be lighted
for the first time at sundown on Tuesday, the loth of November next, and will
be kept burning during that and every night thereafter until further orders. The
Craney Island light-vessel will be removed from her station on the same day, and
will not be replaced. A fog bell and fog horn will be sounded alternately from
the lighthouse in foggy weather. By order of the Lighthouse Board.
W. B. FRANKLIN, Secretary.

W ashing to n , October 27,1859.

SHAMBLES LIGHT-VESSEL, NEAR THE BILL OF PORTLAND.

Official information has been received at this office, from the Corporation of
the Trinity-house, London, that a light-vessel having the word “ S h a m b l e s ”
painted on her sides, has been moored at the east end of the Shambles Shoal, in
15 fathoms low water spring tides, with the following marks and compass bear­
ings, viz.:—Bellefield-house (in the trees) to the westward of Weymouth, in line
with the west pier head of the Breakwater, N. N. W. Wyke Regis Church
Tower, one-third the distance from the low N. E. point of Portland to the W.
pier head of the Breakwater, N N. W. S. A small white house on the beach
at Church Hope Cove, between the two mills at Portland, N. W. Portland
Bill, W. N. W. St. Alban’s Head, E. £ S. A fixed white light is exhibited
from this light-vessel between sunset and sunrise, and will be so continued until
further notice. By order,
R. SEMMES, Secretary

■Wa su ix g to x , October 29,1S59.

LIGHT DISCONTINUED,

The 3d section of the act of Congress, approved March 3, 1859, making
appropriations for “ lighthouses, light-boats, buoys, &c.,’’ authorized the Sec­
retary of the Treasury, in his discretion, on the recommendation of the Light­
house Board, to discontinue, from time to time, such lights as may become useless,
by reason of mutations of commerce, and changes of channels, of harbors, and
other causes. The Lighthouse Board, at its meeting held on the 3d instant, re­
commended that the following light be discontinued, viz.:—The light at New
Haven long wharf, (Connecticut.) It is therefore ordered and directed that the
aforesaid light be discontinued on and after the 1st day of November next. By
order of the Secretary of the Treasury,
W ashing to n , October 5, 1859.

R. SEMMES, Secretary.

HOLMES’S HOLE BEACON DISCONTINUED,

The third section of the act of Congress, approved March 3, 1859, making
appropriations for “ lighthouses, light-boats, buoys, &c..” authorized the Sec­
retary of the Treasury, in his discretion, on the recommendation of the Light­
house Board, to discontinue, from time to time, such lights as may become useless,
by reason of mutations of commerce, and changes of channels, of harbors, and
other causes. The Lighthouse Board, at its meeting held on the 18th instant,
recommended that the following named light be discontinued, viz.:—Holmes’s
Hole beacon, at the head of Holmes’s Hole Harbor, Massachusetts. It is there­
fore ordered and directed, that the aforesaid light be discontinued on and after
the 1st day of December next. By order of the Secretary of the Treasury,
W a s h in g to n , October 22,1859.




R. SEMMES, Secretary.

Railroad, Canal, and Steamboat Statistics.

747

RAILROAD, CANAL, AND STEAMBOAT STATISTICS.
COMMERCE IS ASIMALS—ISFLUESCE OF RAILWAYS.

"Within a few years, says the Railroad Record, the transportation of animals
to the markets of the Atlantic has been carried on, almost entirely, by railroads ;
and their influence, in this respect, has been most remarkable. Perhaps in no
one thing have railroads been more successful. In the old way of transporting
cattle and hogs, the time required was so great, that the cost was great, on one
hand, and the market entirely uncertain on the other. The grazer might drive
a herd of cattle, and be forty days on the road, thinking the price was what it
was reported when he started, but find it very different, perhaps to his benefit,
but as often against him. The cost of forty days’ driving is also considerable.
Now, cattle are taken in three or four ays, and the drover knows just what to
depend upon in the way of price. The effect of this change has been to increase
largely the number of cattle transported on railroads, and the number also car­
ried to the eastern markets. This whole class,of business is taken from cauals,
steamboats, and common roads, and done by railroads. Another effect, and a
very important one, is to give better prices to the western cattle raisers ; for, the
reduction of freights is not taken off from New York prices, but is added to the
first price of cattle. This is a curious, but almost universal effect of improved
transportation. In fact, the rapid increase of town population causes the demand
to be steadily pressing against the supply. There is, therefore, no opportunity
for a fall in price at the point of consumption. If the supply is gradually in­
creased by the transportation, it is met by increased demand. The reduction on
transportation, then, enures directly to the benefit of the producer, and the west­
ern farmer has received all the advantages accruing from the beneficial effects of
railroads on the transportation of produce. In the reports of railroad companies
for the State of Ohio, and returned to the Commissioner of Statistics, we have the
number of animals carried over most of the roads.
The following is an exhibit of this traffic on the most important roads :—
Pittsburg, Fort "Wayne, and Chicago....................
Cleveland, Painesville, and Ashtabula........ .
Cleveland, Columbus, and Cincinnati....................
Cincinnati, Wilmington, and Zanesville................
Springfield, Mount Vernon, and Pittsburg .. . . . .
iSellefontaine and Indianapolis.............................
Sandusky, Mansfield, and Newark........................
Indianapolis and Cincinnati....................................
Ohio and Mississippi................................ ..........
Cincinnati, Hamilton, and Dayton ........................
Little Miami, Columbus, and X enia......................
Central Ohio............................................................
Aggregate.

Horses.
1,532
___

....

112

....
....

3,720
5,364

Hoc's.
154,562
*403,593
230,844

Cattle.
16,672
*116,874
65.182
*20,500
2,352
19,940
3,600
5,753
3,388
4,458
37,060
3,325

13,250
39,860
30,000
61,912
66,480
99,390
122,250
*115,263

299,054

1,286,844

tie in the second column, and

the hogs and sheep in the third, are mingled together. In the Wilmington road
they are all mixed. Making allowances for this difference in two or three roads,




748

Railroad , Canal, and Steamboat Statistics.

we shall have the following aggregate of each class of animals carried on the rail­
roads of Ohio :—
Horses...................
C a ttle ...................

8,000
295,000

i H o g s.........................
| S h e e p .......................

1,000,000
300,000

On this result, two or three comments are necessary to a more perfect under­
standing.
1. The majority of horses are driven to Cincinnati market—which is probably
the largest horse market in the United States. They are collected there from
Ohio, Kentucky, and Indiana in great numbers. Most of them, probably fourfifths, are driven, as the distance to be carried is not more than One-fourth that
of cattle to the eastern markets, and the horse is a fast traveler. The railroad
transportation of cattle is, therefore, comparatively small.
2. The numberabove given does not, by anymeans, represent the exports of
animals, for many of the roadslead into other States.The exports of cattle and
hogs are almost entire represented in four roads, viz. :—
The Painesville and Ashtabula, which leads to New Tork.
The Pennsylvania Central, from Pittsburg to Philadelphia, which drains the
Pittsburg and Cincinnati, the Pittsburg and Chicago, and partially the Indi­
anapolis and Bellefontaine roads.
Next, the Central Ohio and Marietta, which send their freights to Baltimore.
There is, therefore, a disappearance in the exports of many of the numbers
above given. They, nevertheless, represent a part of the freights carried on each
of these roads.
The number of animals actually exported from Ohio are nearly as follows :—
Horses....................................
C a ttle ....................................

8,000 ! H o g s......................................
120,000 | S h e e p ....................................

340,000
220,000

We are not now speaking of manufactured meats, but only of lire animals.
Looking to the export of manufactured as well as live animals, we exported
the following amounts
*
Cattle...................................

150,000 | Hogs....................................

1,000,000

There were fully 700,000 hogs slaughtered in Ohio last year, and this, with the
number of hogs carried over railroads to eastern markets, makes more than a
million.
3. The freights furnished by the animals above enumerated were—
C a ttle ......................, ...to n s
150,000 , Sheep................................tons
H o g s......................................
100,0001
T o ta l....................................................................................................

15,000
r
265,000

This is a very large item in railroad traffic.
4. This is another operation connected with the export of animals which is
very important and quite curious. It is the habit of uearly all the cattle mer­
chants to draw bills on the Bast for the most of the purchase money. It will be
sale to say that the commerce in animals is the basis of inland bills of exchange
to the amount of two-thirds the value of cattle exported. If this-be so, cattle
bills on the Bast must amount to $5,000,000 per annum. This is a very pro­
fitable and safe branch of bank business. It is nearly all doDe by the banks of
Chillicothe, Columbus, Lancaster, Athens. Zanesville, and Marietta. These bills
are generally discounted at four months, and frequently renewed when the sales
of stock have been delayed or the payments on time ; but they are almost inva­




Railroad, Canal, and Steamboat Statistics.

749

riably paid, and by the addition of exchange make much more interest for the
banks than ordinary discounts.
The business of exporting cattle and hogs and transporting them on railroads
is likely to increase rather than dimmish, and continue to be a lucrative business
for all parties engaged in it.
TUNNEL UNDER THE ALPS.

It is generally known that the immense work of boring a tunnel under the
Alps, between Modane and Bardoneche, was commenced some months since; but
we have now to record some interesting facts which might, perhaps, never have
been discovered, but for the peculiar methods employed in this colossal operation.
Modane and Bardoneche are situated on opposite sides of the Alpine chain which
divides Piedmont from Prance, and precisely at a point where the valleys of the
Arc and the Dora, which lie nearly on the same level, run parallel to each other,
and the mountain is narrowest. The thickness of the intervening mountain is
13 kilometres in a straight line ; the actual tunnel will be 22| kilometres. It is
designed in the same vertical plane, but, to facilitate drainage, is somewhat
higher in the middle than at the orifice, so as to form gentle slopes on both sides
—one not exceeding an inclination of five per thousand, and the other being
twenty-three per thousand, in conse [Uence of a difference of level between the
two extremities, the numbers being, Bardoneche (southern orifice,) 1,324 meters ;
culminating point, 1,335 meters; Modane, (northern orifice,) 1,190 meters above
the level of the sea. The crest of the mountain being 1,600 metres above the
culminating point, the sinking of shafts, which is the method generally employed
in order to begin boring tunnels at several points at once, was out of the ques­
tion ; hence the tunnel could only be worked at its extremities, so that the labor
by the ordinary processes, could not be accomplished in less than thirty-six years.
Then, how was a depth of gallery of' three or four kilometres, and having but
one orifice, to be aired ? These were all serious obstacles. MM. E lie de B eau­
mont and A ngelo S ismonda having examined the mountain geologically, found
it to contain micaceous sandstone, micaceous schists, quartzite, gypsum, and
limestone—all easy to blast, the quartzite alone excepted ; but the stratum of
this is not likely to be very thick. The other difficulties alone, therefore, re­
mained ; and these were at length overcome by three Sardinian engineers—MM.
S ommellier, G rattone, and G randis —who proposed to turn the abundance of
water for which the locality was remarkable to account, by applying it to a pe­
culiar system of perforation and ventilation, which we will now endeavor to ex­
plain. The first apparatus imagined by these gentlemen consists in a hydraulic
air-condenser, which is a syphon turned with its orifices upward, and com­
municating by one of them with a stream of water, by the other with a reservoir
of air. The water, descending into the first branch, enters the second, and by
the pressure it exercises, condenses the air, which is then forced into the reservoir.
This done, a valve is opened, by which the water contained in the syphon is let
out, and the operation recommences. The emission and introduction valves are
regulated by a small machine operating y means of a volume of water ; and
the air in the reservoir is maintained at a constant degree of pressure by a
column of water communicating with a reservoir above. Thus, with a water­
fall twenty meters in height, the air is condensed to six atmospheres, equivalent




750

Railroad , Canal, and Steamboat Statistics.

to the pressure of sixty-two meters of water.. This condensed air is used for
two purposes ; first, as a motive power, then for ventilation. Two kinds of per­
forators, worked by condensed air instead .of steam are employed—one invented
by Mr. B artlett, the other by M. S ommeiller—and the manner in which these
machines perform their duty affords the first practical demonstration of the
possibility of employing compressed air as a motive power with advantage. By
means of these perforators, holes for blasting may be bored through the hardest
sienite in one-twelfth of the time which would be required if ordinary means
were employed. In order to understand the importance of this result, it may be
stated that, in tunneling, three-fourths of the time is employed in boring holes,
and the remainder in charging and blasting; hence, accelerating the former
operation is an immense advantage. The perforators have another advantage ;
in a place where three counles of miners could hardly find room, eighteen per­
forators may be easily set to work ; so that, by these ingenious contrivances, as
well as by others for clearing away the rubbish, the perforation of the tunnel
may be effected in six years, instead of thirty-six. The air that has been em­
ployed as a motive power, is used to feed the gallery ; but when the latter shall
have reached a considerable depth, it will require 85,924 cubic meters of air per
twenty-four hours to replace that which has been vitiated by respiration, torches,
and gunpowder; and this quantity in the form of 14,320 cubic meters of air
condensed to six atmospheres, the reservoir can furnish. A new and curious fact
has been observed during these works, viz.:—That when the air, condensed to
the degree above mentioned, is shot into the gallery from the machine, any water
happening to be near the latter suddenly congeals, although the amibent tem­
perature be about eighteen degrees centigrade (seventy-two degrees Fahrenheit.)
Hence, when a large mass of compressed air is driven into a gallery situated at
1,600 meters below the outer surface of the earth, and where, consequently, the
temperature must be about 100 degrees Fahrenheit, the dilation of the compressed
air produces a diminution of temperature sufficient to counterbalance the excess
alluded to. The progress now making per day in boring, is three meters on
each side of the mountain, or six meters per day in all.
INCREASING THE POWER OF LOCOMOTIVES.

The importance of increasing the power of locomotive engines without adding
to their weight, which is so destructive to the superstructure of railways, has led
to some interesting attempts by Mr. E. W. S errell — a name well known in
scientific circles—to magnetize the driving wheels, to obtain additional adhesion.
Before doing so extensive inquiry was made in this country and Europe, as to
whether previously ascertained facts indicated the probability of success, the re­
sponses being in the negative. The result of these experiments by Mr. S errell
is, therefore, much more than was anticipated—an additional adhesion of over
seventy-five per cent having been obtained, and this by a very simple method.
The lower segment of the wheel is surrounded by a helix of copper wire, through
which the wheel revolves, and, contrary to the generally received opinions, it was
found that upon curving the helix into a segment, the radius of which is equal
to the diameter of the wheel, the point of greatest magnetic effect coincided with
the contact of the wheel and rail. One wheel had south polarity, and its cor­
responding opposite wheel north polarity.




Journal of Mining, Manufactures, and Art.

751

The wheels magnetized in the experimental trial were four-and-a-half feet in
diameter, and weighed eleven hundred pounds each. On a very slippery rail,
nineteen pounds of steam per inch slipped the wheels without magnetism ; under
the same conditions thirty-five pounds were required to slip them when magne­
tized. On a very clean rail, and everything being favorable, fifty pounds were
required without any magnetic effect, and eighty-eight pounds when magnetized.
The helix was made of number eight copper wire in one strand, two thousand
seven hundred feet in length, and laid in two hundred and eighty-eight turns,
insulated with cotton and marine glue, and covered with India rubber. He was
unable to discover any increased or diminished effect by the wheels being in
motion or at rest, and they were tested up to three hundred revolutions per
minute. The battery used was a modification of G rove’s , so contrived as not
to stop, and consisted of sixteen cups, each having about three hundred inches
of zinc surface, and they were connected for the quantity of eight cups. A
modification of S mee’s and C hester ’s batteries was subsequently adopted, being
more permanent. When the helices produced the greatest effect they were raised
about two-and one-half inches above the rail, measuring from their under sides.

JOURNAL OF MINING, MANUFACTURES, AND ART.
SUBSTITUTE FOR GOLD.

An English chemist announces an invention for the manufacture of alloys of
aluminum and iron, aluminum and copper, etc., at a very inexpensive rate. The
method consists in the decomposition of alumina, or the oxide of aluminum, by
means of carbon, in the presence of, and in intimate contact with, metals electro­
positive to aluminum—such, for instance, as copper or iron, or their oxides, so
as to cause the aluminum to combine in any desired proportion with the electro­
positive metal and form an alloy. The alloy is produced by the close and inti­
mate contact of' the carbon, alumina, and the electro-positive metal, or their
oxides in each other’s presence, and their simultaneous decomposition or reduc­
tion by the application of suitable heat in a proper manner.
Thus, to produce an alloy of aluminum and copper, the inventor takes pro­
toxide of copper, or peroxide of copper, or metallic copper in a granulated or in
as finely divided a state as it can be conveniently obtained, apd mixes this elec­
tro-positive metal with alumina obtained from alum or other salts of alumina, or
from some other convenient source. The alumna is also in a finely powdered
state. To this is added carbon, finely pulverized animal charcoal being preferred.
All these three ingredients are then as intimately mixed or blended together as’
can be done mechanically, and the ingredients combined according to chemical
equivalents and atomic proportions.
The alloy of copper with aluminum, when perfectly melted, can be cast in a
mold, and subsequently reduced to any desired shape by hammering, rolling,
pressing, &c. This alloy is capable of receiving a very high polish, and in color
closely resembles gold, and has the property of comporting itself on exposure to
the atmosphere in about the same manner as gold. The alloys of aluminum with
zinc and copper produce a bronze of beautiful color, and of greater hardness than




752

Journal of Mining, Manufactures, and Art.

any of the bronzes made in the ordinary manner. The alloy of aluminum and
iron is useful for many mechanical purposes, especially in the manufacture of cast
steel, to which it imparts all the advantages resulting from increased soundness,
hardness, and bright silvery variegated polish. If in practice this invention
proves as perfect as it is anticipated it will, there may be expected a very great
change in the material used in the manufacture of domestic articles—in fact, the
substitution of gold-colored metal for white metal. The aluminide of copper
will be the substitute for gold, and may be employed in tea and dinner services
where white metal has usually been employed.
MANUFACTURE OF IRON AND STEEL,

An improved method of treating fused cast-iron during the process to which it
is subjected in manufacturing therefrom either wrought-iron or steel, has been
brought forward in England. The invention consists in the use of hydrochloric
or muriatic acid, or sulphuric or nitric acid, applied in admixture with common
salt or other analogous compound, this mixture of acid and salt being mixed
with the fused cast-iron.
In carrying this invention into effect, as much of the acid is mixed with the
salt as may be necessary to make a pasty compound. When sulphuric acid is
used, it is sometimes diluted with water to such a degree that no gas is evolved
when the sulphuric acid is added to the common salt at ordinary temperatures.
Portions of this mixture of acid and salt are projected into the puddling furnace
during the time that the puddling is being effected—the preferable time for in­
troducing it being just as that stage called boiling is coming od . The mixture
of acid and salt is added to the fused iron in the proportion of two parts by
weight of the mixture to one hundred parts by weight of the iron ; and it may
be applied not only to the iron in the puddling furnace, but when the iron is in
the refinery, or in any other furnace used for converting, or partially converting,
cast-iron into wrought-iron or steel. By treating fused cast-iron in this way, the
quality of the wrought-iron or steel is said to be much improved, that is thus
produced.
THE OIL OF PEPPERM INT.

There are several plants which yield fragrant oils when distilled with steam.
Among this class peppermint holds a high place on account of its exhilarating
as well as its aromatic qualities. About three thousand acres of it are under
cultivation in this country, viz., 1,000 in New York and Ohio, and 2,000 in St.
Joseph’s County, Michigan, which appears to be its head-quarters. It is raised
exclusively for its oil, about seven pounds of which is the average yield for an
acre of plant, the price being $>2 50 per pound. The roots of the peppermint
are planted thickly in rows, between which spaces are left for the cultivator to
pass. The plant is generally cut about the latter part of August, and placed in
small cocks, like those of hay, which are allowed to stand in the fields some days
before being taken in for distillation. Great care is exercised to prevent weeds
growing among the plants so as to insure a pure article of oil. The fields are
plowed up.and changed every five years ; the first year’s crop being generally the
most abundant and the purest.
The apparatus for distilling peppermint oil consists of a boiler for raising




Journal of Mining, Manufactures, and Art.

753

steam, a still made of wood for receiving the charge of peppermint, a cooler for
condensing the oil, and a receiver into which it flows. The whole apparatus is
exceedingly simple. The plants are packed into the wooden still and trampled
down with the feet; when a full charge is thus ready, the lid of the still is put
on and steam admitted at the bottom by a pipe from the boiler. When the pep­
permint is heated to about 212° Fah., its essential oil passes over with the steam
into a worm which is placed in a cooler ; and as it condenses into oil and water,
it then passes out of the worm into a connected receiver, where the oil, as it
floats on the surface, is lifted out with dippers, placed in tin cans, and is ready
for sale.
The refuse mint taken from the still is placed in piles, dried, and then becomes
tolerable fodder for sheep. About 12,000 pounds of peppermint oil are shipped
to England per annum, and the profits are about 18 per cent upon the capital
invested and the labor required to carry on the entire business.
At the great French Exhibition of Industry held in Paris in 1855, samples of
the oil of peppermint made in this country were exhibited, and were considered
the best on exhibition.
ROPE MAKING.

The name “ rope ” is generally applied to the larger descriptions of cordage,
such as exceed an inch in circumference, though the principles of formation are
much the same for cordage of every size, and the smaller sizes are known by va­
rious names. Those large ropes which are said to be cabledaid are formed by
the combination of smaller ropes twisted round their common axis, just as the
shroud-laid ropes are composed of strands twisted round their common axis. As
cable-laid ropes are harder and more compact than others, this mode of forma­
tion has been adopted for ropes to be exposed to the action of water, even though
their thickness may not be very great. Ropes formed by plaiting instead of
twisting are made use of for some purposes in which pliability is especially
needed, they being more supple and less liable to entanglement than those of the
ordinary make; such ropes are generally preferred where the rope has to pass
over pulleys of small diameter. Flat ropes, which are valuable for special pur­
poses, are either formed of two or more small ropes placed side by side, aud united
by sewing, lapping, or interlacing with thread or smaller ropes, or of a number
of strands of shroud-laid rope similarly united. In either case it is necessary that
the component ropes or strands be alternately of a right hand and left hand twist
that the rope may remain in a quiescent state.
Many experiments have been macte to test the loss of strength by the ordinary
twist given to ropes. D um ahel prepared the following statement to show the
comparative strength of ropes formed of the same hemp, and the same weight
per fathom, but twisted respectively to two-thirds, three-fourths, and four-fifths
of the length of their component yarns. In rope of two-thirds twist, the weight
borne in two experiments was 4,098 and 4,250 pounds ; three-fourths twist,
4,850 and 6,753 pounds; four-fifths twist, 6,205 and 7,397 pounds. The result
of these experiments led D u m ahel to try the practicability of making ropes with­
out any twist, the yarns being wrapped round to keep them together : these had
great strength, but very little durability. In shroud or hawser-laid ropes the
usual reduction of length by twisting is one-third ; but cable-laid ropes are fur­
ther shortened, so that 200 fathoms of yarn are required to make 120 of cable.
V O L . X L I.---- M O. V I.




48

7 54

Journal of Mining, Manufactures, and Art.

A hawser laid rope 6 inches in circumference by 120 fathoms long, weighs about
10 cwts.; a cable-laid rope 12 inches in circumference and 120 fathoms long,
weighs 36 cwts. ; a hawser-laid rope 6 inches in circumference will bear a weight
of 140 cwts. The tarring of ropes somewhat impairs their strength, but renders
them more durable.
CHEMICAL PROPERTIES OF TOBACCO.

During the process of curing, tobacco undergoes important chemical changes.
Its peculiar properties are owing to the presence of several remarkable com­
pounds, of which one called “ nicotine,” and another called “ nicotianine,” are
most important. Nicotine is an alkaline substance, and has the form of an oily
liquid when separated from other compounds. In its concentrated form, it is a
most deadly poison ; but when taken in the dilute condition in which it reaches
the stomach in chewing, or the lungs in smoking “ the weed,” its effects are
greatly modified. The quantity of nicotine varies in the different qualities of
tobacco cultivated in the same region, and still more does it vary in that culti­
vated in different countries. The Havana has about 2 per cent of nicotine—
hence its mildness. Virginia (best manufactured) tobacco has 5 or 6 per cent,
while the stronger varieties have about 7 per cent. The French tobacco has
from 3 to 8 per cent of nicotine, according to the region in which it grows.
Nicotianine is a more volatile substance than nicotine, and is more odoriferous.
The pleasant odor of good tobacco is due to this compound chiefly.
The nicotine and nicotianine do not exist in the green leaf, but are formed
during the curing of the tobacco, from substances already in the [plant in vari­
able quantities. If the leaves are dried very rapidly, these compounds are not
fully formed ; and if the heat is raised too high in firing, they may both disap­
pear to some extent, by being either volatilized or decomposed. They both
contain nitrogen, and, like all other compounds containing that element, are
readily decomposed. Hence the firing should be commenced at a low tempera­
ture, which should be gradually increased, and may be advantageously suspended
at night. The temperature should never rise above 120°.
Tobacco-barns should be closely planked, or in some way made close, having
windows for ventilation, which may be opened or closed at pleasure. Smaller,
and hence safer fires, will be sufficient in such houses. Curing yellow tobacco
with charcoal at a high temperature, kept up day and bight, is recommended.
“ It is best to fire all grades of shipping tobacco, and cure it a dark nutmeg
color. * * * From 24 to 36 hours after cutting, if the tobacco is ripe—if
not, from 36 to 48 hours, according to the weather—seems to be about the right
time to commence firing. Begin with smtfll fires, and bring the tobacco to a
proper state, and then increase the fires.”
THE PRESS.

La Patrie, of Paris, in a notice of H oe ’s American Press, makes the following
calculation :—
“ The Journal La Patrie contains about 4,320 lines ; 8,000 copies make
34,560,000 lines. A scribe could write about three lines in a minute ; therefore,
it would require 11,520,000 minutes, or 192,000 hours, for a single scribe to
supply 8.000 copies of La Patrie ; or, in other words, it would require 192,000
men to supply, by copying, the same amount which Mr. H o e ’s press supplies in
one hour. Thus his press accomplishes as much as it would take the half, at least,
of the whole French army to supply."




Journal of Mining, Manufactures, and Art.

755

SEWING MACHINES.

The wonderful increase in the use of this inventii
ition is indicated in the following
facts from the New York Tribune, Showing the number sold
sold :—
:—
Wheeler A W ilson............................
Wheeler A W ilson............................
I. M. Singer A C o ..............................
I. M. Singer A C o ..............................
Grover <St Baker.................................
Grover A Baker..................................
A. B. H ow e.......................................
A. B. II o w e .......................................
Ladd, Webster & Co..........................
Ladd, Webster A Co..........................
BartholfManufacturing Company...
Bartholf Manufacturing Company...
Leavitt A Co ....................................
Leavitt A C o ......................................
Whitney A Lyon, total for one year.
Total manufactured for one year

Six months ending
October 31, 1858
April
30, 1859
December 81, 1858
June
30, 1859
October 31, 1858
April
30,1859
December 31,1858
June
30, 1859
December 31, 1858
June
30, 1859
December 31, 1858
June
30, 1859
December 31, 1858
June
30, 1859

No. sold.
4,933
10,341
3,278
6,456
3,154
5,669
155
381
363
1,017
273
439
36
142
261
37,442

USE OF GOLD,
DIFFERENT QUALITIES, STYLES, AND PROCESSES IN GOLD MANUFACTURE.

Articles made of gold are ornamented in two ways—either by designs cut into
the work and called engraving, or by making the ornaments rise above the sur­
face in relief. Engraving on gold was practiced at a very early period, particu­
larly in Italy, and it is a remarkable fact that it was this kind of engraving that
gave rise to the art of producing prints by engraving on copper; but it was
long before any one conceived the idea that by filling the lines so engraved with
a thick ink, and pressing them on paper, an impression or print could be pro­
duced, and it was mere accident at last that gave rise to this valuable discovery.
When ornaments were to be in relief they were at first cast in molds, and the
processes of casting and hammering were skillfully employed in working this
metal. Articles are very rarely, however, now cast in solid gold, owing to the
great shrinking that takes place on the cooling of the metal in the mold, in consequence of which it is difficult to obtain that sharpness of impression which is
desirab’e, to say nothing of the great expense of the metal. The most usual
method is to roll out the gold into thin plates, and to strike up the figures in re­
lief from behind. This process is termed chasing or embossing, and is a very
ingenious branch of the art of working in gold. The vessels upon which this
art was formerly employed were of extraordinary value and of great magnifi­
cence. To perform the embossing the body of the design is bulged out from the
inside by the application of a hammer; the vessel is then filled up with a com­
position of pitch and ashes, and rested upon a sand bag. The parts to be sunk,
in order to produce the detail of the design, are struck by a hammer and little
steel punches; and if any parts are required to be raised, they are struck up
from the inside. By this simple mechanism the various parts of figures, foliage,
landscape, &c., are represented with the greatest exactness.
Gold is so soft a metal that it is scarcely ever used in its purest state, from its
liability to wear; it is therefore hardened a little by an alloy with other metals,
and the purity of gold is indicated by dealers and jewelers in the following man­




756

Journal of Mining , Manufactures, and Art.

ner :—They suppose each article divided into twenty-four parts, which they call
carats ; and if it is pure gold they say it is gold of twenty-four carats ; but if
there is an alloy, then this is deducted from the whole. With respect to many
ornamental articles sold under the name of gold, they in fact contain only a por­
tion of that precious metal, having as much alloy as the jewelers can possibly
add without losing the appearance of gold ; and jeweler’s gold, as this i3 called,
looks very well when new, but frequently soon tarnishes, which real gold never
does. The color of pure gold is given to this alloy by a certain process called
coloring, by which, after the articles are manufactured, the base metals are de­
stroyed at the surface by an acid, and the gold alone is visible ; when this super­
ficial gold wears off, as it will in a short time, the tarnished articles may undergo
the process of coloring a second time, by which the gold color is restored, and
even a third time if the thickness of the article permits the action of the acid
by which the restoration is effected, which is not always the case with such or­
naments as chains, ear-rings, &c.
TRIANGULAR FILES,

Triangular rolled steel began to be used for large three-square files a consider­
able time ago, the immediate cause of the change being as follows :—About that
time lace machines began to be extensively introduced, for which three-square
files, from fourteen to sixteen inches, were required, similar to the thirteen inch
files, which had long been used in making stocking frames. Making these large
three-square files was unpopular with the men ; the labor was much greater, they
were less productive to the workmen than common work, and the unusual de­
mand coming at a time when other work was abundant, the demand could not
be met. Rolls were, therefore, turned for this particular work for the first time.
The lower roll has grooves turned in it, forming two sides of an equilateral trian­
gle ; and the third side is made by the plain roll which works over it. This
altogether altered file making. Steel prepared in this manner made the thickest
part of the file, which had been the hardest work, into the easiest, and the em­
ployers could get nothing else worked but three-square steel. Smaller styles
were then introduced, and are now used universally for all but small sizes of saw
files.
AUSTRALIA NUGGET.

The largest nugget in the world was found June 11,1858, in the claim of the
Red Hill Company, property that belongs to a Mr. E d w a r d K h u l l , formerly a
printer in Glasgow, but now a bullion dealer in Melbourne. The precise weight,
as shown at the Bank of Australia, is 2,217 oz., 16 dwts., or 184 lbs., 9oz , 16
dwts., troy. The " Welcome ” is 500 oz. heavier than the “ Blanche Barkly,”
which was previously the largest nugget in existence. The Welcome has been
assayed by a gentleman in London, who says it contains 99.20 per cent of pure
gold, which makes it the purest mass of native gold on record. It has been
placed on exhibition in several places for the benefit of benevolent associations,
and was found to be a very handsome attraction.
SOFT HATS.

An extensive branch of industry in Methuen, Massachusetts, is the manufacture
of wool or Kossuth hats, of which about 450 dozen a day are made by six manu­
facturers. They begin with the raw wool, which passes through some ten or
twelve processes, such as carding, steaming, coloring, &c., before the hat is ready
for market. The two largest manufacturers make about 350,000 of these hats
a year. In 1855, the number of hats got out in the town was 321,400, and the
amount of capital employed, 55105,000. In the manufacture of this article,
Methuen leads every other town in the New England States.




Statistics of Agriculture, etc.

757

STATISTICS OF AGRICULTURE, &c
AGRICULTURE IIV IOWA.

The census of the State of Iowa for 1858, gives the following figures for the
productions of that State :—
Products.

Acres.

Sorghum..........
Orchards............
Hungarian grass
Meadow.
W h eat, sp rin g .
W h eat, w in ter

Oats................
Corn..............
Potatoes........

416,774
118,306
114,036
433,603
48,363
3,090,049
203,204
1,703,760
23,366,684
1,497,204

5,6061 Gallons .
23,310 Bushels .
80,2C5 Tons hay

29,190
315,872
986,096
34,031

Grain,
Grain,
Grain,
Grain,
Quantity.

Number hogs sold.
Number cattle sold.
Butter, pounds. . . .
Cheese,
Wool,
Lead,

337,261
141,146
9,432,219
778,788
627,860
5,000,113

Value.

$2,111,425
2,950,187

63,124

GROWTH OF OPIUM IJV CH IM ,

There seems to be no ground for doubting any longer that the cultivation of
the poppy is rapidly extending in China. A correspondent of the North China
Herald states that opium is becoming the winter crop of several provinces, espe­
cially of Yunan, HonaD, and Che-Keang, and that the growers are yearly bring­
ing it to greater perfection. This year it can be used without a mixture of
Bengal or Malwa, and the native drug already, we are told, supersedes Turkey
and the inferior classes of Malwa. It is grown in a fine light soil on a slope,
where the moisture can easily drain off. In cultivating the Chinese look more
to quantity than quality, and, therefore, force the poppy till the heads are truly
enormous. In April the juice is ready for gathering. On the head four delicate
cuts upwards are made, leaving the wound covered by the overhanging skin, as
a protection against the dews and heat. Early in the morning each wound is
scraped by a piece of blunt bamboo, the juice being deposited in a hollow bam­
boo at the gatherer’s side ; a process repeated every morning till the flow ceases.
The juice has a very acrid taste, and at present is chiefly used for mixing with
the dearer Patna and Malwa. ’ A field of poppies standing on the hillside, seven
feet high, and flaunting its gaudy blossoms in contrast with the rich green of the
leaves and stalks, is, we may well believe, a beautiful sight. Pity it is that death
lurks in every flower, and that the misdirected art of man contrives to develop its
presence. Whether the home growth of the poppy will exercise an appreciable
influence upon the demand for the Indian drug will depend upon the quality of
the Chinese product. The opium trade is of far more moment to India than
most persons imagine, and it is with unfeigned satisfaction that we recognize in
the rapid growth of our general export trade the promise of our future inde­
pendence of the opium duty for meeting our expenditure.




758

Statistics of Agriculture, etc.
HOG CROPS.

/--- Hogs killed.----»•---- Aggregate weight.-----,
5)8.
18o)8*-a)9.
Points. low/—a)S. 1 8 g)8 —§ 9 .
Ohio........ 78 615,139 609,212 127,254,347 116,711,223
Indiana .. 71 456,470 392.782 93,295,569 73,075,388
Kansas....
none.
none.
2
5,700
1,078,200
Missouri... 28 175,644 145,046 36,152,948 26,551,489
Tennessee.
6 42,801
69,405
9,186,075 14,762,055
Wisconsin.
1
16,000
30,000
3,760,000
6,150,000
Pennsylva.
1 16,000
15,000
3,376,000
2,940,000
V irginia..
2
3,100
6,525
606,500
1,247,250
Kentucky.. 16 374,755 389,482 76,808,723 81,818,107
Illinois... 66 466,280 571,543 104,364,430 109.412,365
Iowa........ 34 122,354 167,894 25,101,981 29,893,224

,---- Average weight.-----*

1 8 5 7 - i> 8 .

1 8 58 -- 5 9 .

206 14-16 191 9 16
204 6-16 186
none.
189 3-16
205 13 16 183 1-16
214 10-16 212 11-16
235
205
196
211
195 10-16 191 2-16
204 16-16 210 1-16
223 13-16 191 7-16
205 2-16 178 1-16

Total... 300 2.288.543 2.4 0^.5S9 479,906,573 463,639,301
General average weight in 1857-58,
«<
ii
1858-59
Excess of hogs in number in 1858-59 over 1857-58 ..................................

209 11-16
193
114,046

Excess of pounds weight of pork in 1857-58 over 1858-59,16,267,272 pounds,
or equal to 81,337 hogs of 200 pounds each.
HOW CORN IS PRESERVED IN RUSSIA.
At a late meeting of the Academy of Sciences, held in Paris, a letter from
M. de S emchoff, a Russian land holder, was read, describing the manner in which
corn pits are made in that country. The pits are dug in a dry soil, and instead
of masonry, the sides are hardened by a long-continued exposure to a wood fire.
Before the corn is introduced, the air in the pit is rarified by burning some straw
in it, after which the grain is thrown in, packed close, and the pit tightly en­
closed. Corn has been preserved in such pits for forty years. Some of our
western farmers, who raise large crops of wheat and corn, should try this method
of preserving grain during years when there is a great yield, in order to lay up a
store for seasons of an inferior yield.
WAGES OF FARM LABOR.
Some weeks since, says the New York Tribune, we published an inquiry made
by a correspondent, as to what were the current rates of wages for farm labor­
ers in different parts of the United States. He propounded ten questions, to
which we have received many answers, and now embody enough of them in tab­
ular form to give the desired information, as to the rate of wages common in
various parts of the country. We repeat the ten questions, and give the answers
by the respective numbers :—
1. Wages of a farm laborer per year.
2. Wages per mouth for eight months of the year.
3. Wages in sowing and planting time, per month.
4. Wages in sowing and planting time, per day.
5. Wages in haying and harvest time, per month.
6. Wages in haying and harvest time, per day.
7. Wages in time of fall work, per month.
8. Wages in time of fall work, per day.
9. Wages of winter work, per month.
10. Wages of winter work, per day.
The accuracy of the following rates is vouched for by the persons whose names
follow each place :—




Wages Wages per

Place.

County.

State.

Vouchers.

.Y o rk ..........
.Oxford.........
.Y o rk ..........
.Sullivan.. . .

Boalsburg...............
Payette....................
Guilford..................
North Bloomfield..
Marseilles.................
Cold W a te r............
Lincoln.....................
Bowers Prairie........
A th en s....................

.Centre......... Penn . . . . Adam Hess..........
.Alleghany... P e n n ___ 0. Y. M..................
Ohio........ J. A. Clark............
Ohio........ “ A young farmer.”
. Wyandot.. . . Ohio........ S. H. White...........
. Branch......... .Michigan..Cyrus G. Luce . . .
.Logan ........ Illinois... .Sam. P. B<>ardman.
.Jones.. . . . . . Iowa . . . . J. Z. S.........................
Tenn., slave labor..................




M aine.... J. Lord..................
.M aine... .Henry W. Park ..
Maine___P. 0. G ..................
.N.Hamp. .A. Merrill..............
Vermont..E. P. M udgett.. . .
.Caledonia .. Vermont.. A. L. Patridge . . .
.Mass........0. W. W hitaker...

. Washington . N. York..Norman Peck........
.St. Lawrence .N. York. .L. H. Wies............
.Otsego......... N. Y o rk .. LeGrand Brown ..
.Madison....... .N. York.. N. R......................
.Herkim er... .IN. York. .Lester L. K ing....
.N. York. .S. H. S..................
.Erie............. .N. York. .Qrrin S. Baker . . .
.Chenango . . . N. York. .Sidney Bowery...
.Broome . . . . ,N. York. .Win. Doolittle.. . .
.Rensselaer .. .N. York. .Solon H. Dabol)...
.N. Y o rk . . M. H. Barkley . . . .
N. Jersey Thomas Shourds..
,N. Jersey. J. H. Williamson .

Statistics o f A gricu ltu re, etc.

Saco.......................
Dixfield...................
A cton......................
Plainfield..............
Cambridge................
Peacham..................
North Brookfield...
Massachusetts, east..
Low Hampton........
Soiithville..............
Otsego....................
De Ruyter..............
Russia....................
Cazenovia...............
Springville..............
Hings Settlement...
Onaguaga...............
North Stephentown
Knox........................
Salem.....................
Branch ville............

of farm month for Wages in sowing Wages in haying
Wages in
Wages
laborer 8 months and plantir g time. and harvest time, time of fall work, of winter work,
p. year. of year. per month. p. day. p. month. p. day. p. month. p. day. p. month. p. day.
No. 1. No. 2.
No. 3. No. 4. No. 5. No. 6 . No. 7. No. 8. No. 9. No. 10.
$130 $12 a . . . . a .. $0 75 $20 a .. $1 25 $11 a .. $0 66 $10 a .. $0 50
133 1 3 a . . $15 a .. 0 83 15 a 26 1 25 12 a 15 0 75
8 a . . 0 50
144 14 a .. 15 a .. 0 65 25 a .. 1 25 1 3 a . . 0 50 1 1 a . . 0 50
160 16 a 18 17 a . . 0 92 28 a .. 1 34 14 a .. 0 87 1 2 a .. 0 75
150 1 5 a . . 18 a .. 0 83 24 a .. 1 25 1 4 a . . 0 75 12a . . 0 50
160 16 a .. 1 6 a . . 0 75 30 a .. 1 50 1 4 a . . 0 75 1 2 a . . 0 60
150 1 6 a . . 18 a .. 0 83 30 a .. 1 00 1 5 a . . 0 83 1 0 a . . 0 67
200 18}a .. 2 1 a . . 1 00 30 a 45 1 25 1 8 a . . 1 00 1 3 a . . 0 83
156 1 6 a . . 1 3 a . . 0 75 20 a .. 1 25 1 4 a . . 0 75 10 a .. 0 63
144 . . a ..
0 75 . . a .. 1 00 . . a .. 0 75 . . a .. 0 60
130 1 4 a . . 12 a .. 0 75 20 a 25 1 25 12 a .. 0 75 10 a 12 0 50
144 18 a .. 1 4 a . . 0 75 26 a .. 1 25 1 2 a . . 0 75 10 a .. 0 50
140 14 a 15 . . a .. 0 624 22 a 30 1 25 10 a 15 0 624 10 a 12 0 624
150 124a 16 14 a 18 0 75 25 a . . 1 25 12 a 15 0 624 11 a 14 0 624
132 1 3 a . . 1 2 a . . 0 75 2 2 a . . 1 25 10 a . . 0 75
8 a . . 0 624
150 1 5 a . . 15 a .. 0 75 26 a 28 1 25 12 a . . 0 624 10 a . . 0 60
150 1 5 a . . 1 4 a . . 0 75 25 a . . 1 124 14 a . . 0 75 12a . . 0 68
150 1 4 a . . 1 5 a . . 0 75 2 6 a . . 1 25 1 3 a . . 0 624 10 a . . 0 624
132 12 a 14 10 a 12 0 75 20 a . . 1 00 10 a 14 0 624 6 a 8 0 50
130 12 a 14 12a . . 0 75 1 6 a . . 1 00 1 1 a . . 0 75
9 a . . 0 50
125 10 a 15 12 a 18 0 75 18 a 25 0 75 12a . . 0 624 8 a 13 0 624
120 10 a 15 12 a 14 0 50 20 a 25 0 75
103 10 a . . 10 a . . 0 50 1 6 a . . 0 75
8 a . . 0 50
6 a . . 0 50
120 1 1 a . . 12 a . . 0 50 22 a 25 1 25 10 a . . 0 50
8 a . . 0 60
118 1 2 a . . 13 a . . 0 56 20 a . . 1 00 1 1 a . . 0 50 10 a . . 0 50
150 13 a . . 1 5 a . . 0 75 22 a . . 1 25 1 4 a . . 0 75 10 a . . 0 50
150 14 a 15 14 a 15 0 75 18 a 22 1 00 13 a 14 0 75 11 a 12 0 50
144 134a . . 1 3 a . . 0 75 18 a . . 1 38 1 2 a . . 0 75 10a . . 0 50
175 13 a 18 . . a . . 1 00 20 a 25 1 25 13 a 18 0 75 12 a 15
.. a ..
1 5 a . . 0 50 . . a .. 1 25 . . a . . 0 50 . . a . . 0 50
•. .
120 . . a . . 10 a . . 0 40 . . a . . 1 00 . . a . . 0 40 . . a . . 0 40

760

Statistics of Agriculture, etc.

In addition to the foregoing, we have a variety of other information, given in
connection with the rate of wages, by the writers of several of the letters. For
instance, Mr. L ord, of Saco, Maine, says:—
The average size of farms here is about 75 acres, ranging from 30 to 200 acres.
Few farmers hire in the winter season ; indeed, most of them are willing to hire
out themselves. Most mechanics, shoemakers, &c., own more or less land, and
all are obliged to turn their hands to any and every thing. But few men live in
this State by pursuing a single avocation. True, some few in the vicinity of the
largest towns can live by farming alone; but through the country men pursue a
sort of mixed husbandry, and in winter engage in logging, milling, teaming, &c.
Mr. P ark, of Dixfield, Maine, says:—
I can hire men to work for me by the day in the winter for 50 cents, to chop
in the woods or at the door, that would ask and command for wages in haying,
$1 50.
Mr. Merrill , of Plainfield, New Hampshire, near the Connecticut Kiver,
says:—
Wages are 67 per cent higher than in 1825. (nominally at least.) The best
land in the Connecticut Valley has more than doubled in value in the last thirty
years. Good land, well tilled, has risen 30 per cent, or 1 per cent per year. That
of middling quality has kept stationary. The poorer lands have fallen in price.
Mr. B rown, of Otsego, New York, says :—
The farmers in this section of the country are mostly dairymen, and the greater
number who hire at all, do so only through the season of milking. The rate of
wages in harvest depends upon which party takes the risk of weather.
Mr. S hodrds, of Salem, New Jersey, says:—
If day-laborers board themselves, they get twenty-five cents a day added to
wages.
We remark that in all cases the rate of wages given includes board in the
farmer’s family. Some of the writers mention that day-laborers generally take
the risk of weather, and mouth and year laborers do not.
Mr. B oardman, of Lincoln, Illinois, says :—
The general practice in Central Illinois is to hire about the 1st of April for
the “ crop (corn) season,” or until after harvest, which includes wheat, oats, hay,
&c. Corn-cutting is nearly all done by the shock. We pay from 7 to 10 cents
a shock for putting up shocks from 44 to 46 hills square—shocks not tied—at
which work hands make from $1 25 to $2 per day. A great share of the corn
planting in this State is now done with two-horse planters, which plant two
rows at once, and are managed by two hands, both riding on the machine, one
driving, the other operating the dropping. The past season, hands were hired
through the corn-crop for from $13 to §18 per month ; and at from §15 to §18
through harvest. Until last season I have paid first-rate hands §20 per month
through the summer, and as high as §25 and §30 for feeding in the winter.
Feeding includes Sundays, and all weather. By the team “ feeding ” is under­
stood, in this State, hauling out shock-corn for 100 to 150 cattle, or 1,000 to
1,700 sheep. This is paid for at from §25 to §30 a month. Sheap-shearing
also is done altogether by the head, which work pays the best wages of anything
on a farm. We pay five cents per head, at which price I have paid men §3 per
day.
Our Athens, Tennessee, correspondent says :—
In this section of country, embracing Western North Carolina, Northern




Statistics of Agriculture, etc.

761

Georgia, and East Tennessee, slaves only are hired by the year, and they are very
seldom hired for any shorter period ; good men for $120 to $130, women cooks
from $60 to $90 cash ; and this is the only labor that commands money. The
above rates are paid over all charges for good clothes, taxes, physicians’ charges,
and less of time during sickness. The usual season for letting such property is
just after the Christmas holidays. White labor does not run so long as the year,
but generally during the crop, embracing four or five months, from March or
April. This sort of labor for a good hand is worth $10 per month. The next
demand for work is in harvest, when a good able man can get from $1 to $1 25
to cradle ; binders get from 60 cents to 80 cents per day. Day labor at all
other times, except in harvest, is worth from 40 cents to 50 cents per day, ex­
cept for work done upon the roads, and that is worth 25 cents per day. We
have very little work to do here in winter but making rails and working the
roads. The former sort of work is usually done by contract, at the rate of 40
to 50 cents per 100. All our white labor is for the most part paid in corn at
50 cents per bushel, and bacon at 12| cents, which are the ordinary prices.
However, we have corn, as year before last, worth $1 50, and bacon 25 to 30
cents per pound. We call such times hard years. A large portion of our pop­
ulation come under the description of “ poor folks,” and, as they are forced to
labor for small wages, they work just as much as will provide a scanty “ daily
bread.” White labor very seldom is paid in cash, but in the staples of corn and
meat. We have no grass here. Our stock is fed on the blades of corn stripped
off and cured. This is put up in small bundles and called fodder. We have no
fall work. The corn crop is gathered as is convenient during the fall and winter.
HARVEST IN FRANCE,

As was the case in England, the harvest in France occurred this year from a
fortnight to three weeks earlier than usual, but the unprecedented scarcity of
hands prevented the farmers from beginning as early as they could have wished.
It has been a practice of the French Government, through the Minister of War,
to authorize the generals commanding in the several departments to place a cer­
tain number of the troops at the disposal of the farmers who may require them.
This year, owing to the war in Italy, and the threatening appearance of things
in Germany, they were deprived of this resource until the harvest was nearly
finished.
Another means, however, was afforded for relieving the labor market, to a cer­
tain extent, in the large number of Austrian prisoners, who, by an official decree
of the date of the 6th of May, authorized the police to cause these men to be em­
ployed in agricultural and manufacturing employments, under certain regula­
tions, obligatory both upon the farmers and the employed ; securing to the latter
a supply of the necessaries of life, but also effectually preventing them from
making their escape. It also fixes their pay, in addition to their board, at not
less than 40 centimes (4d. English) per day.
Still, notwithstanding this new resource, the harvest dragged on heavily, and
a great deal of the corn was shelled and lost for want of being cut in proper
time. In addition to this, the storms had been heavy and general, and the com
was lodged in every direction, making the cutting still more difficult and tedious ;
whilst the excessive heat and the burning sun had prematurely ripened the grain,
and thus deteriorated the quality, as well as lessened the yield. The bulk of the
wheat, in the number of sheaves, was larger than usual; but they were found to
be light in hand, and far from promising an average yield ; and the apprehen­




762

/Statistics of Agriculture, etc.

sions entertained were confirmed by the test of the flail or threshing machine in
several districts. In Saone-et-Loire, l’Aisne, and l’Oise, it was found, on thresh­
ing, that the deficiency amounted to one-third of the average, whilst the grain
itself showed a marked inferiority in quality to that of the average of years, ow­
ing to the two causes we have mentioned above ; and this applies as well to the
north as to the south of France, the three departments we have named belonging
to the north. The south, however, was, if anything, in a worse condition still,
the drought and heat having been much more severe there. The lightness of the
grain will reduce the quantity of flour produced from it at least by four pounds
per bushel, which upon the average crop of France (25,000,000 quarters) amounts
to nearly 1,700,000 sacks of flour. The deficiency in the crop of wheat, if it
amounts to one-third, (8,333,333 quarters,) is a more serious affair.
In a letter addressed to the Journal of Practical Agriculture, (French,) by M.
L eon’ce de L avekgne, on “ Good and Bad Harvests,” the writer gives the follow­
ing statement of the wheat crops in France in twelve years :—
Ilectolitres.
1846...........
1847...........
1848...........
1849...........
1850...........
1S51...........
1852...........

97,000,000
88,000,000
90,000,000
86,000,000
86,000,000

Quarters.
20,634,000
33,358,300
30,263,200
30,951 000
30,263,200
29.575.400
29.575.400

1853..................
1854..................
1855..................
1856..................
1857..................

Hectolitres.
63,000,000
97,000,000
78,000,000
85,000,000
110,000,000

Average..

Quarters.
21,666,700
33,369,212
25,104,700
29,231,500
37,829,000
29,318,384

This gives an average of nearly thirty million quarters of wheat per annum ;
but it is probably exaggerated, as most of such estimates are. What the writer
endeavors to impress on the public mind is the enormous difference between a
good and a bad harvest—the latter still more aggravated by the necessity of ab­
stracting from it the same quantity of seed wheat for the ensuing crop as from
the former. This he estimates at thirteen million hectolitres, or 4,470,700 quar­
ters. The deficient harvests of 1853 and 1855 produced a scarcity, amounting
to a famine, in the south and center of France, and this was hardly made up by
the superabundance of the crop of 1857, which, when the seed wheat was de­
ducted from each crop, was nearly double that of 1853, as thus
1853....................................
Seed...................................

63,000,000 1857.................................
13,000,000 Seed..................................
50,000,000

110,000,000
13,000,000
97,000,000

It was chiefly owing, however, to a large increase of wheat culture that the
crop of 1857 proved so much greater than the average. This was stimulated by
the previous high price, and it was said to have amounted to 283,000 hectares,
(936,000 acres.) Still the yield that year was unprecedentedly large, and followed
as it was by a full average in 1858, has left a large surplus on hand, which will
probably prevent prices fiom rising in that country to any considerable extent
until the spring of next year, when the deficiency of the late crop will begin to
be felt.
THE LARGEST CARGO OF SUGAR EVER SHIPPED,

The French ship Grand Pacifique, of Bordeaux, measuring 1,920 tons, belong­
ing to the Compagnie Generate Maritime, cleared at Havana. 28th July, for
Havre, with 12,763 boxes of sugar, equal to 2,550 tons, and 1,778,000 cigars.




763

Statistics of Population, etc.

STATISTICS OF POPULATION, &c.
CENSUS OF IOWA IN 185S.

Iowa has just completed a State census, showing a population of 633,549.
This is a considerable increase on former enumerations, a comparison with which
shows the following result:—
Tears.

1840............................
1850 ............................
1852 ............................
1854 ............................
1856 ........ ..................
1858 ............................

,-----------------Whites.------------------,
Males.
Females.
Total.

24,256
100,887
118,769
170,302
274,012
332,806

18,663
90,994
109,004
154,900
235,402
300,743

42,224
191,881
227.773
825,202
509,143
633,549

,------Free colored.------,
Males. Females. Total.

98
19
112
165
168
333
................................
258
222
480
..................
274
................................

She has thus more than doubled her population in the last nine years, and in­
creased it about fifteen fold in nineteen years. She will probably have nearly or
quite 700,000 in 1860. The following are the most important aggregates at­
tained by the new State census :—
Total population......................
633,549
M ales......................................
332,806
Fem ales..................................
300,743
Legal v o ters...........................
136,457
Value of hogs sold in1858... 12,111,425
Value of cattle....................... 2,950,187
Value of manufactures.......... 4,444,200

Acres of improved land........ 3,109,436
Acres unimproved...................*7,335,657
Miles of railroad....................
390
Miles partly built...................
310
Bushels of wheat in 1858.... 3,293,253
Bushels of Indian c o rn ........ 23,366,634
Bushels of oats...................... 1,703,760

It is noticeable that the wheat crop of last year was hardly more than four
bushels to the acre, and the oat crop less than six bushels; but that was a most
disastrous season. The corn crop was about twenty-four bushels to the acre ;
the hay crop was over two tons per acre.
CAUSES OF ENGLISH MORTALITY.

The question of relative mortality and its causes is a matter of much impor­
tance commercially as well as medically ; and we draw from Dr. F a r r on diseases
the following remarks :—
In 1857, 90,414 persons died of zymotic diseases, in the ratio of 22 in every
100. Nearly 4.000 patients succumbed to small-pox, being an increase of 1,659
upon those of the previous year. Whooping cough destroyed 10,138 children.
Scarlet fever carried off 13,831. Of croup 53 males and 35 females died.
Diarrhoea was fatal to 21,189. dysentery to 1,698, and cholera to 1,150. Ot 1,576
deaths ranged under erysipelas, 69 died of phlebitis, 1 of “ hospital” gangrene,
2 of necusia, (dissection wound.) 3 of glanders. 13 of erythema, one (italicised
by Dr. F a r r ) of irritation from a blister, and 9 from porrigo, leaving 1,478 fatal
cases of erysipelas proper; 18.249 died of typhus fever only; 3 persons died of
hydrophobia; in 1856 the deaths from this cause were 5 ; 1855, as many as 14 ;
in previous years it had even reached 25 ; 84,458 deaths were caused by “ con­
stitutional ” diseases—at the rate of 20 in 100, or 1 in 5 ; 65,762 of these deaths
were from tubercular diseases, and 18,696 from diseases “ of uncertain and vari­
able s e a t 158,899 deaths were from “ local” diseases; (52,103 from cerebral,
* Probably confined to lands which have become private property, so as to bo taxable.




Statistics of Population, etc.

76 4

14,784 from cardiac, &c.; 58,320 from pulmonary, 23,532 from alvine or gastric,
and 3,072 from diseases of the generative organs.) Nephria (Bright’s disease)
is killing double the number of patients as compared with the rate of seven years
ago ; 1,035 persons, chiefly children, died from diseases of growth ; 26,847 deaths,
or 65 in every 1,000, were referred to the incurable disease—if disease it be—
called “ old age 15,027 were “ violent ” deaths; deaths by cold were only 45,
against 195 in 1855 ; 428 deaths were referred to “ poison,” properly so called ;
2,807 to drowning, (exclusive of cases at sea ;) 1,402 to hanging or suffocation ;
605 to wounds; and 5.338 to fractures and contusions from all sorts of mechanical
hurts. On an average 57,582 persons died in London annually during the five
years 1849-53, whereas the deaths should not, at rates of mortality then pre­
vailing in certain districts of England, have exceeded 36,179 ; consequently,
21,403 unnatural deaths took place every year in London. It will be the office
of the Boards of Works to reduce this dreadful sacrifice of life to the lowest
point, and thus to deserve well of their country. In Liverpool, by the same
method, it is found that 6,418 lives were lost in the year 1857, in excess of the
deaths at the healthy rates. In Manchester the sickness and mortality are also
excessive.
C00LY EMIGRANT TRADE,

An Havana correspondent forwards a list of the vessels which brought Asiatic
colonists to the island of Cuba, from the first importation in 1847, to the 16th of
September, 1859, showing the ports from whence they were taken, the length of
each passage made, number shipped, and the mortality up to the moment of land­
ing. The following is a summary :—
AVERAGE OF VESSELS AND EMIGRANTS.

No. of

Years.

1847.................... .
1S53......................___
1854.................... .___
1855......................
1856.................... .
1857.................... .___
1858.................... .
1859.................... .
Total.............___

vessels.
15
4
28

116

Tonnage.

<---- Chinese.---- x
Shipped.
Landed.

Died.

Loss per

100.
6.70
16 37
2.23
4.631
19.24}
15.51
18.45
11.85}

979
8,349
2,375
6,544
10,567
18,310
32,800
10,283

612
5,150
1,750
3,130
6,152
10,116
16,413
6,799

571
4,307
1,711
2,985
4,968
8,547
13,385
6,027

41
843
89
145
1,184
1,509
3,029
772

90,216

50,123

42,501

7,622 av. 15.20

The above footing, representing the total number shipped, does not include a
cargo of 757 landed in Cuba lately, so that the total should be increased to
50,880; and 220 more should be added to the mortality. The total number of
deaths, therefore, during the period named, was 7,842. This is a fearful record,
and affords sufficient evidence of the inhumanity of the traffic.
DURATION OF LIFE IN THE PURSUITS OF LITERATURE AND ART.

We find in the Journal of the Statistical Society, edited by W illiam N ewmakch,
E sq., so well known as the joint author with the late T homas T ooke in his work
upon prices, a valuable paper upon the effect of professions upon the duration
of life. From this we extract the following results :—
It now only remains that I should compare the two classes of independent and
professional persons with each other, so as, if possible, to arrive at some general
principles of practical application to the business of life. For this purpose it
will be convenient to consider the English gentry as an intermediate class be­
tween the aristocracy and the professions, leaving kings and members of royal
houses out of the comparison. The following figures represent the average age




Statistics of Population, etc.

765

at death of all members of these classes who have passed their thirtieth year; all
the figures being taken from the “ Annual Register ” for the same period of
time :—
English aristocracy..................
English g e n try ............................
L ea r n e d p r o f e s s i o n s ............................
T r a d e a n d c o m m e r c e .........................

fit.SI Officers of the army and navy.
70.22English literature and science.
6 8 . 8 6The fine a r ts ............................

67.59
67.55
65.96

6 8 .7 4

The mixed class of the English gentry, occupying, as they do, an intermediate
position between the aristocracy and the professions, largely devoted to healthy
rural pursuits and manly English sports, recruited from the most energetic and
successful of the professional and industrial classes, more occupied than the aris­
tocracy, less anxious than the professions, less ambitious than the votaries of
literature, science, and art, is distinguished from the classes above and below it
by a more favorable duration of life. The aristocracy, more luxurious and less
generally occupied, pays for its perilous advantages of social position with some
few years of life, occupying an intermediate place between the mixed cultivators
of literature and science and the short-lived devotees of art. This unfavorable
position of the aristocracy would seem to be dependent, not on any inherent
weakness of constitution, (for statesmen, who are for the most part members of
that class, attain to a very favorable duration of life,) but to that cause which
C elsus, nearly 2,000 years ago, pointed out as the parent of a large family of dis­
eases unknown to less artificial modes of existence—luxury. This serious evil,
which it is not less the interest of the aristocracy itself than of the nation at
large to see abated, can only be counteracted by maintaining, and, if possible, in­
creasing the avenues to suitable occupation which the political constitution and
social habits of this country provide. The curtailment, in the case ot so import­
ant and influential a class of existing opportunities of employment, and of ex­
isting stimulants to an honorable ambition, would be an evil for which the most
promising theoretical improvements in the constitution of the country might
prove but a sorry compensation.
CAUSES OF THE DECREASE OF POPULATION IN TURKEY.

We gather from Mr. S enior ’s Travels in Turkey, the following interesting
facts:—
The decrease of the Turkish population is accounted for on several grounds—
partly by the unhealthy lives and criminal practices of the Turkish women ;
partly by the early marriages, so common, and so productive of degeneration
among all Orientals; partly by the notorious neglect of female children, and the
excessive and ever-increasing severity with which the conscription falls upon the
males. Economical causes have also an equally important, though a more indi­
rect, effect. The Turks have an acquisitive organ, but they are not by nature
producers. As Mr. S enior concisely puts it, they have now lived upon their
capital for three hundred years, and it is all but exhausted. They have come
once more to the point where the pair of ;purs is the only remaining entertain­
ment to be placed on the board ; and the spur, as a token of national policy, grows
daily more out of date. Unless they turn their Damascus blades into reapinghooks and plow-shares, the decrease of their population will, in the language
of economists, continue to follow by a fixed law the exhaustion of their capital.
CENSUS OF NEW ZEALAND.

The total population in 1858 was, males, 35,043 ; females, 26,156 ; total,
61,199. The total number of acres held by Europeans, fenced and cropped, was
235,541. The stock was as follows :—Horses, 14,112 ; cattle, 137,204; sheep,
1,523,324; goats, 11,797 ; pigs, 40,734. The population in 1851 was only 26,707.
The centesimal increase is 121.36. The increase of stock and crops has been on
a still larger scale.




7 66

Mercantile Miscellanies.

MERCANTILE MISCELLANIES.
COFFEE AND ITS ADULTERATIONS.

The coffee plant is a small evergreen tree, with dark glossy foliage, and bear­
ing as a fruit clusters of berries, whose seeds constitute ilie coffee of commerce.
These seeds, commonly but incorrectly called berries, are the only part of the
plant in use among ourselves, but in those parts of the East Indies where coffee
is grown, viz., in Sumatra and other islands of the Eastern Archipelago, its leaf
is roasted after the manner of the tea leaf, and an infusion made from it which is
said to be better liked, or, at all events, to be more consumed by the natites than
that made from the seeds.
Although we might expect that the imitation of the whole or unground coffee
would be a matter of much difficulty, yet it has been practiced, and machines are
said to have been devised and used for pressing fragments of chicory into the
shape of coffee seeds ; but it is the selling of coffee ready roasted and ground that
has most widely opened the door to adulteration. Various substances, such as
roasted wheat, rye, and barley, peas and beans, carrots and acorns, tan bark, and
what may seem at first sight to be a singular sophistication, “ baked horse livers,”
being reduced to coarse powder and mixed with the coffee in various proportions,
or entirely substituted for it. Of all adulterations, however, that with chicory
or the root of the wild endive, a plant allied to the dandelion, is the most ex­
tensively practiced, owing to the fact that chicory, after being roasted, gives,
with water, a dark-colored, bitterish, not unpleasantly tasted infusion, which
somewhat resembles coffee, and which in Germany and elsewhere is used as a
cheap substitute for it.
Dr. H a sse l , of London, whose examinations of adulterations are the best and
most extensive that have ever been made, found that of thirty-four samples of
coffee sold in the shops of that city, under various high sounding names implying
articles of superior quality, thirty-one were adulterated, sixteen of the cases of
adulteration being with chicory alone, and fifteen with a mixture of chicory and
roasted wheat, beans, potatoes, and similar farinaceous vegetables.
Genuine coffee, even when roasted and ground, can be distinguished in various
ways. A simple examination, without the aid of scientific appliances, will do a
good deal, for when coffee is thrown into cold water it does not imbibe the water
readily, nor sink in it, but, floating for the most part on the surface, remains hard,
and does not communicate its color to the water for some time, differing in these
respects from all its usual adulterations.
Chemically speaking, coffee is distinguished by containing but little starch or
sugar, two bodies whose aggregate amount may be determined without much
difficulty ; and the ashes of coffee are characterized by the almost complete ab­
sence of silica from them. But although these tests would detect with tolerable
ease and certainty the presence of any large amount of the usual adulterations of
coffee, yet they are still inferior in quickness and satisfactoriness to that of
microscopical examination.
Under the microscope the appearances presented by coffee are quite simple.
It is seen to consist mainly of small irregular-shaped cells, well separated from
each other by the cell walls and inter-cellular substance, and having in and




Mercantile Miscellanies.

767

around them globules of oil, which latter disappear, however, upon roasting,
partly by volatilization, partly by a more intimate diffusion into the neighboring
mass. Mixed with these are the fragments of the investing membrane of the
seeds, and these present two kinds of structure, one of thin, fibrous-looking pieces,
and the other of long, somewhat boat-shaped cells, with numerous obliquely ar­
ranged dottings or marks similar to those seen on the so called spiral or dotted
vessels of plants, which vessels, however, are too unmistakably tubes or cylinders
to be mistaken for the cells of the coffee membrane.
The microscopic objects chiefly to be looked for in adulterating coffee are the
dotted vessels and the large nucleated cells of chicory, and starch granules from
wheat, peas, acorns, or whatever other farinaceous substances may have been
fraudulently added.
AN ENORMOUS HAUL OF MACKEREL,

In Mr. C ozzens’ entertaining “ Arcadia, or a Month with the Blue Noses,”
we find the following sketch of a mackerel haul :—
Breakfast being over, the fog lightened a little. Our tiny horizon widened
its boundaries a few hundred feet, or so : we could see once more the topmast of
the schooner. So we lazily swung along, with nothing to do again. Sometimes
a distant fog-bell; sometimes a distant sound across the face of the deep, like
the falling of cataract waters. “ What is that sound, B ruce ?” “ It’s the surf
breakin’ on the rocks,” responds B ruce ; “ I hae been listenin to it for boors.”
“ Are we, then, so near shore ?” “ About three miles aff,” replies the mate.
Presently we heard the sound of human voices; a. laugh ; the stroke of oars in
the row-locks, plainly distinguishable in the mysterious vapor. The captain
hailed :—“ Hallo 1” “ Halloo 1” echoes in answer. The strokes of the oars are
louder and quicker; they are approaching us, but where ? “ Halloo 1” comes ■
again out of the mist. And again the captain shouts in reply. Then a white
phantom boat, thin, vapory, unsubstantial, now seen, now lost again, appears on
the skirts of our horizon. “ Where are we?” asks the captain. “ Off St. Esprit.”
answer the boatmen. “ What are you after?” asks the captain. “ Looking for
our nets,” is the reply; and once more boat and boatmen disappear iu the
luminous vapor. These are mackerel fishermen ; their nets are adrift from their
stone-anchors; the fish are used for bait in the cod-fisheries, as well as for salting
down. If w'e could but come across the hets, what a rare treat we might have
at dinner? Lazily on we glide—nothing to do. P ictox is reading a stunning
book ; the captain, his lady, the baby, and I making a small family-circle around
the wheel; the mate is on the lookout over the bows; all at once he shouts out,
“ there they are 1 the nets 1” Down goes P
’
book on the deck ; B ruce
catches up a rope and fastens it to a large iron hook ; the sailors run to the side
of the vessel; captain releases his forefinger from baby’s hand, and catches the
wheel; all is excitement in a moment. “ Starboard 1” shouts the mate, as the
nets come sweeping on, directly in front of the cutwater. The schooner obeys
the wheel, sheers off, and now, as the floats come along sidewise, B ruce has
dropped his hook in the mesh—it takes hold, and the heavy mas3 is partially
raised up in the water. “ Thousands of them,” says P icton ; sure enough, the
whole net is alive with mackerel, splashing, quivering, glistening. “ Catch hold
here, I canna hold them ; 0 the beauties 1” says the mate. Some grasp at the
rope, others look around for another hook. “ Hauld ’em 1 hauld ’em 1” shouts
B ruce ; but the weighty piscatorial mass is too much for us, it will drag us
desperately along the deck to the stern of the vessel. The schooner is going
slowly, but still she is going. Another hook is rigged and thrown at the strug­
gling mesh ; but it breaks loose, the mackerel are dragging behind the rudder ;
we are at our rope’s end. At last, rope, hook, and nets, are abandoned, and
aerain we have nothing: to do.




ic t q x

s

768

Mercantile Miscellanies.
FEMALE LABOR.

Female labor, its sphere and inadequate reward, has of late years occupied
largely the attention of the wise and the humane. At a recent opening of the
St. Nicholas Schools, Nottingham, the Bishop of London made some practical
remarks, the application of which will be felt on this side of the water with as
much force as in England, and we extract:—
I was told by my late lamented and reverend friend, Bishop A rmstrong, of
Graham’s Town. and he had every right to speak on such a subject, from the time
and labor he bestowed on the establishment of penitentiaries, that, so far as he
could judge from his experience, more than one-half of the class for whose re­
formation he was concerned, had been brought to the state in which they were,
not so much by vice and passion, as by destitution. I remember that, some time
ago, a society was formed in London for the purpose of endeavoring to meet
these evils by procuring higher wages for the women who were working there.
It did not succeed, and, of course, it never could have succeeded ; and it is well
worth while to consider what are the reasons for this state of things, and where,
as I believe, the remedy lies. Why are not women employed in haberdashers’
and other shops more generally than they are? One reason given is that they
are not strong enough to move the heavy goods: but, if that is all, the difficulty
can be easily met by employing one or two men for that particular purpose. But
the only real correct reason, in my opinion is, that very few of them can add cor­
rectly a bill of parcels, or can do the summing necessary without making con­
stant mistakes, and, therefore, shopkeepers will not employ them. The remedy
for this lies in their better education in our schools. I must say it is no natural
defect. I know in mixed schools, where boys and girls are taught together,
especially in the matter of mental arithmetic, the girls beat the boys out and out.
(Laughter and cheers.) The only reason, as I can see, why women should not
be more generally employed in these shops in the greater part of England is,
either they do not stay long enough in the schools, or that the schools do not
sufficiently fit them for the employment they get there. Well, then, take the case
of the needlewomen—of the needlewomen, who, as I said before, are starving on
4d. a day. The real explanation of this sad fact is, to put it in technical lan­
guage, that there is a glut of unskilled labor in that particular branch. London
is full, as I dare say most large towns are, of women who want plain needlework.
Now, plain needlework is very often another term for bad needlework. They
want such needlework as no careful, thrifty members of a family would put out,
because they can get it done by their own servants. No first-class shopkeepers
require it. Such work, therefore, is limited to what are called in London slop­
shops, which are kept by those who sell very cheap goods of very inferior work­
manship. That there is no lack of employment for really good needlewomen I
know. In my own parish there were many shops where they dealt in boys’ cloth­
ing, shirts, and articles of that kind, belonging to men of capital and respecta­
bility, who took great care of the women that worked for them, provided rooms
for them, and paid them good wages. I have been told by them that they would
be very glad to give employment to as many needlewomen as I could send them,
if they could do their work. There were hundreds of applicants ; but they were
unable to employ them, as they could not do their work properly. The fact is,
there are a greater number who cannot do work of that sort than of good needle­
women, the consequence being there is a competition amongst the former for
such work as they can do. This kiud of work is given out by middle-men, who
are very often poor, and they are naturally enough tempted to get as much work
as they can for the money they have at their disposal, and so wages fall and fall,
and you have a numerous class of starving women, because they are not able to
use skilled labor. Well, then, a remedy for this great evil we must look for, not
in societies-—they can do very little—nor can you interfere with wages by legisla­
tion, but it must be in our schools—in teaching the scholars to do such needle­
work as will always command a good price.




Mercantile Miscellanies.

769

SELF-RELIANCE,

Our cotemporary of the Baltimore Prices Current remarks on this im portant
virtue as follows :—
W e have always liked that principle—it has the ring of the true metal about
it 1 Many a man falls by the way side, in the struggle for place or wealth, be­
cause, unfortunately, he never learned to depend upon himself—his friends for­
sook him—his best laid plans went wrong—the rapid accumulations of a few
successful years in the outset of his career, soon vanished and were no more—and,
alas 1 he is a t once undone. Look now at him, and you see no longer the smile
of buoyant hope upon his brow—the elastic step of invincible fortune no more is
his—his face is overcast by a settled despondency—his air reminds you of the
suppliant, so different from the former man of power and influence—he halts in
his speech—he seems in constant fear of being mistaken in the opinion he wishes
to express—a mere child can often turn him aside from his purpose—ah, me !
what a falling off is there 1
But, young man, let not this be your fate. W e would have you learn the
proverb of the printer’s boy, whose lame can never die—you have doubtless read
it before, but now we wish you to ponder it and practice the truth it suggests :—
“ God helps those who help themselves.”

W hy, did you never reflect or observe how much a single individual could ac­
complish by self-reliance and a due share of concentrated effort ? And you may
do all that we predict you can, without your being a foolish fatalist either. W e
say this, because we wish here to refer you to a very notable case in point— we
mean Louis N apoleon. See what th at single man has done by self-reliance 1
How many of our most distinguished members of Congress, do you suppose,
would have reached there had they never believed themselves possessed of suffi­
cient ability to grace such a position ? Look at the case of that most remarkable
man, J ohn C. C alhoun. If you have ever read his life, you will remember an
anecdote something like this :—W hilst a t college he was noted for severe appli­
cation to study—his fellow students were disposed to make light of him on ac­
count of it. “ W hy, sir,” he would say, “ I am forced to make the most of my
time, in order to be able to acquit myself creditably when in Congress.” This
created a laugh, th at a mere college boy should talk so confidently of going to
Congress. “ Do you doubt it ?” he at last exclaimed, “ I assure you, if I were
not convinced of my ability to reach the national capitol in th at capacity within
the next three years, I would leave college this very day 1” There was self-reli­
ance for you 1 The broad scope of l}is intellect,
-----“ The pleasing hope, the fond desire,
The longing after immortality,”

the lofty aspirations of his great soul, all combined to urge him forward to the
arena wherein he felt himself destined to become “ proudly eminent.”
Let us be more explicit. Do you desire to undertake any im portant enter­
prise ? Depend upon it, no friend is so likely to secure its proper management
and ultimate success as yourself; and if you never have been obliged to rely upon
yourself before, sink a shaft into your mine of reflection—think out the necessary
ways and means—when one plan is likely to prove inadequate, try another—do
not despair, for as the idea originated with yourself, therefore you are the very
man, above all others, to carry it out. Should you fail in business—honestly
fail—do not despond for a moment—no one was ever put forward a single hair’s
breadth by desponding—you are no less in intellect, but wiser from experience—
your best friend is still yourself—and if you began the world with firm and steady
self-reliance, now a t least you know your strength— it will not fail you because
you have been unfortunate.
It is impossible that all men should succeed—but no man is so likely to rise
superior to circumstances as he who never loses confidence in his own unaided
abilities—he is the hero of the most brilliant of victories— defeated sometimes,
’tis true, but in the main, and finally, trium phant—his defeats are but temporary
repulses— his successes eclipse all his failures with the splendor of a Thermopylae
or a Waterloo.
V O L . X L I.---- N O . V I.




49

Mercantile Miscellanies.

770

PARISIAN AUCTIONS— HOW THEY ARE CONDUCTED.

J ames B rooks, Esq., the senior editor of the New York Express, is now on

the European continent, where he has been for several months past, and by every
steamer sends a very interesting letter to his paper. The following, under date
of Paris, March 17, will be found quite readable :—
The French mode of conducting sales by auction is curious. It is a complete
system, differing essentially from any I have ever seen elsewhere. Despite their
reputation for irregularity and frivolity, the French, in matters of business, are
as methodical and careful as their neighbors on the other side of the channel, or
the former allies on the other side of the Atlantic. Everything in which trade
plays a part is done upon fixed and immutable principles, and of all their systems,
that of auctions is one of the most remarkable, both for its extreme simplicity,
as well as its perfection.
In sales of importance, such as of land, houses, or other transactions, involv­
ing large sums of money, the affair is placed in the hands of a notary, who, for
the time being becomes an auctioneer. The property, whatever be its nature, is
usually first examined by competent judges, who fix upon it a price, considerably
less than its value, but always sufficient to prevent any ruinous loss by a con­
certed plan or combination of bidders. The property is then offered, conformably
to previous notice, with this fixed valuation stated. The notary-auctioneer is
provided with a number of small wax-tapers, each capable of burning three or
five minutes. As soon as a bid is made, one of these tapers is placed in view of
all the interested parties and lighted. If, before it expires, another bid is offered,
it is immediately extinguished and a fresh taper placed in its stead, and so on,
until one flickers and dies of itself, when the last bid becomes irrevocable. This
simple plan prevents all contestation among rival bidders, and affords each a
reasonable time for reflection before making a higher offer than that of his prede­
cessor. By this means, too, the auctioneer is prevented from exercising undue
influence upon the bidders, or hastily accepting the bid of a favorite. It also
saves him from deciding between two parties each protesting himself to be first;
as it must become evident before the taper expires, who the proposed purchaser
realiy is.
This for the large and important sales. The smaller ones are scarcely less
curious, and are certainly far more amusing. Here, too, all is reduced to a sys­
tem, and an admirable system it is; one which American auctioneers would lose
nothing by adopting.
In the llue Drouot, a few steps from the Boulevard dcs Italiens, is a building
called the “ Hotel des Yentes”—literally “ hotel of sales.” This edifice is a
handsome construction, nearly, if not quite, as large as the Merchants’Exchange
in Wall street. It was built specially for the purpose to which it is devoted, and
here take place the principal auctions of Paris. The building is two stories in
height, and is divided into about 20 different “ sallies,” or halls, each bearing a
distinctive number, and each devoted to sales of a particular nature. Thus, in
one of these halls are only pictures and works of a rt; in another, only books ;
in another, furniture; and so on. Everything offered at these sales is at second
hand, or comes from the shop of some bankrupt whose chattels have been con­
demned to be sold to the highest bidder.
THE ENGINEERING OF SPIDERS.

The Scientific American lias the following communication upon the wonderful
art of these little insects :—
Some few days since, while writing on the primitive machines, I had just
finished treating of the cord as one of these, when my attention was directed to
a small spider descending from the under-side of a table in the corner of the room,
where it had stationed itself unmolested. A large horse-fly, many times too large
f or the spider (which was very small) to manage, had by some means, become




Mercantile Miscellanies.

771

disabled, and lay on the floor. The spider descended to the fly. and, with some
caution, began to entangle it in its web, and soon had it completely bound. The
spider then ascended to the table, but soon descended again ; and thus continued
to ascend aud descend for some time, fastening the fly more completely each time
it returned. I was at a loss to know its object in binding the fly so safely on the
floor. Soon, however, it ceased descending, and appeared to be busily employed
at its station near the table. I could not conceive what its object was in pass­
ing about so very actively; but imagine my surprise when, in a short time, I saw
the fly leave the floor, and begin to ascend towards the table. This was soon
explained. The spider had attached a number of cords to the fly, extending
from the table, and by stretching each to its greatest tension, and confining the
upper end, the elasticity of all the cords (some 50 or more) was combined in rais­
ing the fly. By continuing the process of tightening one cord at a time, in some
15 or 20 minutes the fly was raised to the table, aud there deposited for future
use.
Here was a lesson in mechanics taught by n spider ; and where is the difference,
in principle, between this machine of the spider and thd cord, as used with a
number of pulleys, by man ? The spider, as he had no pulley.s to enable him to
use one long cord, and tighten the whole by applying a force at one end, as man
does, effected the same object, by using a number of cords, and tightening one at
a time, thus obtaining the force of them all. The sum of the tension ( f all the
cords equal the intensity of the force in each case. The principle is the same.
RARE

COINS.

There has been prevalent in this country, for more than a year past, a disease,
which may be better termed a mania, for collecting coins. It has seized on all
classes of the community, on all ages, and on both sexes. For the past three
months it has not been so severe, and there is a manifest falling off in the num­
ber of cases, but as the cool season approaches it again revives.
The attention of collectors has been generally devoted to American coins and
coinage; but the coins of all nations have come in for their share of notice.
Perhaps there is no more pardonable mania. Autograph-hunting is a nuisance
to the friends of the collector, and a very useless waste of time. But there can
be little doubt that coins and medals are the most valuable historical monuments,
and that a boy will fix more dates and facts in his mind if he be allowed to con­
nect dates and facts with a cabinet of his own collection, than he will by years
of mere study in books.
The American series of coins would seem to contain a very small number, and
one would suppose that the entire list of varieties would be very easily filled up
by any collector. But. this is far from true. There are. in fact, many hundred
varieties of coins belonging to the American series, commencing with the Som­
mers Islands piece, struck for the Bermudas in the seventeenth century, for which
now a fabulous price would be readily paid, and ending with the nickel cent of
1859. The subject is one of no small interest. The colonial coins, as they are
commonly called, are many, and some of them are of great rarity. All of them
have more or less immediate connection with the early history of the country;
and a glance over a cabinet, which is well supplied with these coins will repay
any one interested in American history.
There are coins struck by France for Louisiana ; coins struck by England for
the entire country, but which obtained circulation only in the Carolinas ; coins
struck by the several States before the Federal Mint .was established, and pattern
pieces aud Washington coins, as they are called, in great variety.
For the benefit of the curious in this line, and for the information of those of
our readers who have not known of the mania for collecting which has prevailed
during the past year, we have been at the trouble of obtaining a list of the prices
current of some of the rarer specimens. The value of these coins in trade ap­
pears to be well fixed. There were, during the past winter, a number of auction
sales of coins, held by B angs, M erwin & Oo , and the prices which they brought
seem to have been uniform and unvarying, except according to the condition of




772

Mercantile Miscellanies.

the coins. Good specimens, in fine preservation, always bring about the same
price.
The Washington cents stand among the highest on the list. The Washington
cent of 1792 brought, at the B ogekt sale, §20. That of 1791 has been com­
monly catalogued at $15; it brought last winter uniformly $6. but very fine
specimens, in proof or nearly proof condition, may bring from $10 to $15. It
should be remarked that coins in very elegant condition always bring higher
prices than the ordinary rates. A coin may be fine, almost proof, and briug $5,
when if it were actually proof it would bring $10, $15, or even more, if there
happened to be a purchaser present who wished to improve the specimen in his
collection.
The Washington cent of 1791, above mentioned, is that commonly called the
large eagle. The small eagle cent of 1791 is very rare, and much more valuable.
One was knocked down at $17 last winter, but it was said not to be a sale. It
has been sold as high as $35.
The U. S. A. Bar cent brought uniformly $5 25. This is probably a pattern
piece from the early Mint, having on one side the letters U. S. A., and on the
other thirteen bars.
The Kentucky cent, (so called,) which is in fact an English token, with thir­
teen stars on the reverse, and the initials of a State in each star, brought $3 50.
The Granby copper, the first copper money coined in America, being the work
of a Dr. H ig l e y , at Granby, Connecticut, brought $13 50 in one instance, and
$14 50 in another. This copper is usually valued at a much higher rate ; but this
is probably as much as it will ever bring under the hammer.
The Washington half-dollar, being the same die with the Washington cent of
1792, was sold for $57. This can hardly be called a market value, since the
coin is not likely to be often in the market, and when offered for sale will bring
prices wholly dependent on the character of the bidders who may be present.
The If. E. coins, (so called, because bearing only these two letters,) which were
the first American silver, were struck off at $22 50 for the shilling, and $11 for
the sixpence ; but probably ii: neither case a sale. They are worth much more.
The L ord B a lt im or e groat, struck by L ord B a lt im or e for Maryland, was
sold at $25 ; and the C h a lm er s shilling, a private issue at Annapolis at about
the close of the Revolutionary war, brought $9.
The Franco-American colonial piece, struck in France for a colony proposing
to settle in Northern New York, brought $5 50.
The Immunis Columbia, a New York copper of 1783 or thereabouts, $5 50.
The Rosa Americana pieces, which were struck b y the celebrated W o o d , un­
der his contract to supply America with copper, 1722 and 1723, brought various
prices, according to the variety and condition of the piece, from $1 to $5 25 per
piece. The Louisiana coppers of 1721 and 1722, from $2 75 to $3 50. The
Washington and Independence tokens of 1783, from $1 to $2 ; and the Wash­
ington (North Wales) token, $3 75.
These are sufficient to give a general idea of the prices paid for single coins
by collectors. Of the regular series of coins from the United States Mint many
are exceedingly rare, as will appear by the following list of prices paid for sin­
gle specimens:—
D ollar of 1 7 9 4 ....................................................................................................................
H a lf dollar of 1 7 96...........................................................................................................
H alf-dollar o f 1 7 97............................................................................... .......................
F ly in g eagle, h alf dollar of 1838, (a p a tte rn piece, never in circu latio n ,).. . .
C ent of 1793, from ............................................................................................................
C ent o f 1799, fro m ...........................................................................................................

25
8 75
5 25
14 50
2 to 9
2 to 10

Cent of 1804, from..............................................................................................

lto6

$7

These cents are the rare years, ar.d there seems to be no limit to the prices which
collectors are willing to pay tor fine specimens.
For the benefit of purchasers of coins we may add, that at private sale they
will hardly be able to procure coins even at the high auction prices above quoted.
Many of these prices are paid by dealers, who sell again at a large profit, and




Mercantile Miscellanies.

773

in cases of unique coins, or those which are very rare, the auction price may be
quadrupled. And on the other hand, holders of single coins cannot expect to
procure such prices for them, since purchasers are not often to be met with, and
it is only in the auction-room, or in the shops of dealers, that large sums are apt
to be paid.
HEROISM UV DEBTORS.

J ames S wan, an American merchant, was committed to the prison of St. Pe-

lagie, (in Paris,) on the 28th of July, 1808, for a sum of 625,640 francs, (up­
wards of £25,000,) and repassed the gates, for the first time, on their opening
to the Revolution, on the 29th of July, 1830, twenty-two years afterwards.
The man, possessed of a fortune amounting to nearly four millions of francs, de­
nied the justness of the claim beyond the sum of six or seven thousand francs,
arid determined to spend his life in prison rather than obey a judicial sentence
which he Considered unjust. Having first caused it to be intimated to his wife
and children that he would disinherit them to the last farthing of his property
if they paid the debt, he furnished his prison apartment in a style of princely
magnificence, and hired, in the Rue de la Cele, opposite the gates of St. Pelagie,
a spacious dwelling, with coach-house and stables, for his friends, cooks, etc.
For the former class he kept two carriages, and they were commissioned to ap­
pear before him and spend his money in the Bois-de-Boulogne, public streets and
promenades, balls and theaters. “ A curious original was J ames S wan. He
strutted and attitudinized in his prison like C hodruc-D uclos in his rags ; it was
his method of flinging a defiance in the face of society. Consistent in his deter­
mination, he was preparing to return to his prison, after the events of the ‘ three
days,’ when, on the 31st of July, he was seized with apoplexy at his temporary
lodging,” and consigned to the closer and longer imprisonment of the grave.
The motives of the well-known Ouvrard are less honorable, though the con­
sequences to himself were less severe. Not disputing the debt for which he was
detained, he yet refused to pay it, and determined, like Mr. S wan, to undergo
his imprisonment, which, as a Frenchman, could not in his case exceed five years.
He, too, led a life of princely expenditure in his prison, and, among other in­
stances of extravagance, it is told of him that, for the purpose of adding a
neighboring room to his establishment, he paid the debt of the prisoner who oc­
cupied it. '• One day, when M. d e V il l e l e , the Finance Minister, was dining
with him, the latter urged him to settle matters with S equin , representing the
scandal which his conduct reflected ou the government, which had so long re­
tained him as contractor-general. ‘ Parbleu, Monsigneur,’ replied O uvrard,
‘ you speak very much at your ease. I am here for five years, for five millions of
money; I gain, therefore, by my imprisonment, one million a year; and if you
know of any speculation at. once more lucrative and sure, I am not obstinately
wedded to this, observe. In that case, I will pay to-morrow.’ ”
For the sake of its honorable contrast, we may add to these the case of D ante.
the Conde de Foscolo, Patriarch of Jerusalem, who was incarcerated for 100,000
francs, at the suit of a cure of Paris, and liberated by an accidental omission in
the deposit of the aliment money required by law on part of the detaining cred­
itor, alter imprisonment of upwards of six years. “ But the Patriarch was an
honest man. When he had recovered his liberty, and was under no further com­
pulsion to do so, he paid every farthing of his original debt, and the cure even­
tually lost nothing but his cost.”




7 74

M ercantile M iscellanies.
PRICE OF NEGROES.

The great prosperity of the South has had its influence in advancing the price
of hands, and the rates at which some sales have been made were remarkable.
At a chancery sale at Lebanon, Tennessee, the results were as follows :—
The negroes belonged to the heirs of I ngram and D eloach, and were recently
recovered against H enry S mith and others of Wilson County, after eleven years’
litigation.
The terms of the sale were one-third cash and the balance in twelve months.
J erry, 1G years old, one arm defective, $1,125 ; H arriet , 19 years old, and a
little child, $1,675; J udy, 30 years old, $905 ; L ewis, 15 years old, $1,406 ;
J acob, 34 years old, $1,305 ; J ane , 26 years old, and two small children, $2,050 ;
S ally, 8 years old, $1,051 ; Kmeline, 7 years old, $1,051 ; J ohn, 14 years old,
$1,575 ; P aiialee , 22 years old, and two small children, $2,280 ; T om, 21 years
old. $1,656; H annah, 19 years old, suckling child, $1,687; T abby, 15 years
old, $1,501; E meline, 25 years old, unsound, $700 ; P rince , 10 years old, $860 ;
B obb, 7 years old, $800 ; H asty, 60 years old, $100.
At an executor’s sale at Franklin, Kentucky, on the 12th August, of the
property of 'Thomas L ayne deceased, the following prices for slaves were obtained
on a credit of twelve months:—
A boy 21 years old. $1,660 ; a boy 16 years old, $1,730 ; a boy 11 years old,
$1,365 ; a boy 11 years old, $1,305 ; a. boy 9 years old. $1,170 ; a boy 9 years
old, $1,000 ; woman 18, and child 3 months old, $1,910 ; woman 27 years old,
$1,220; girl 7 years old, $1,075; total $12,435 ; being an average including the
child of $1,243 50.
PRICES IN FRANCE.

The government has just published in the Monileur the report of the Com­
mission charged to fix the real value of the articles imported into, and exported
from, France in 1858 compared with 1857. It shows that in 1858, out of 1,739
different sorts of merchandise which figure in the customs tables, 609 present a
decline, 347 an increase, and that the rest were stationary. The report ascribes
this result mainly to the commercial crisis in America, which, though it broke
out in the latter part of 1857, did not produce its full effect in France until 1858.
Amongst the ’articles which declined in value were tallow from 1 f. 50 c. to 1 f.
35 c. the kilogramme, wheat from 24 f. to 17 f. the hectolitre, flour from 42 f. to
33 f. 20 c. the quintal, India rice from 38 f. to 27 f. do., ordinary wine from 70 f.
to 50 f. the hectolitre, superior do. from 170 f. to 160 f., brandy (for exportation)
from 2 f. 60 c. to 2 f. 10 c. the litre, do. (better sorts) from 4 f. to 3f. 75 c., pure
alcohol from 1 f. 5 c. to 73 c., do. from 60 c. to 50 c., 1 f. to 70 c., colonial sugar
80 f. to 64 f. and 60 f. the quintal, foreign sugar 88 f. to 74 f., refined sugar 96 f.
to 89 f., coffee 145 f. to 130 f., tea 7 f. 50 c. to 6 f. the kilogramme, tobacco (in
leaf) 1 f. 40 c. to 1 f. 4 c., coal 1 f. 91 c. to 1 f. 80 c. the quintal, cast-iron 18 f.
to 12 f., rails 22 f. 50 c. to 20 f., iron wire 75 f. to 70 f., wool (imported) 1 f.
23 c. to 1 f. 10 c. the kilog., do. (washed) 2 f. 28 c. to 2 f. 5 c., do. (exported)
3 f. 25 c. to 2 f. 90 c., cotton (United States) 2 f. 5 c. to 1 f. 85 c .; also oil,
horses, oxen, copper, tin, zinc, silks, ribbons, cloth, skins, gloves. Amongst the
articles of which the prices augmented were sheep, pigs, cows, butter, oysters,
dyeing woods, cabinet-making wood, sulphur, iron tubes, flax, and flax fabrics.




The Book Trade. ■

775

THE BOOK TRADE.
1.—A History of the Four Georges, Kings of England; containing Personal
Incidents of their Lives, Public Events of their Reigns, and Biographical
Notices of their chief Ministers, Courtiers, and Favorites. By Samuel M.
Smuckeb, LL. D., author of “ Court and Reign of Catharine II.,” &c., &c.
12mo., pp. 450. New York : D. Appleton & Co.
That period of English history, dating back to the time when the House of
Hanover first ascended the throne of England, possesses peculiar interest; not
only from the fact, that at no time have public events of equal magnitude and
interest occurred at any other epoch of the nation’s progress, but at no period
has there been found on the Stage of action so many distinguished men, consist­
ing of orators, statesmen, generals, philosophers, poets, as were at that time
mixed up with the affairs of England, at a time, too, when the rights of public
opinion first commenced making progress in the face of those dark shadows, so
long encompassing authority in England—that government was expressly or­
dained of Cod, and that from him alone princes and sovereigns derived all their
authority—consequently, to him alone were they responsible for the exercise of
their prerogatives, condemning all resistance to the will of the sovereign, as be­
ing resistance to the will of God—that if a ruler seeking only to promote his
own aggrandizement and security, trampled the most precious rights of his people
in the dust, if he made the machinery of government an instrument only of
outrage, injustice, and tyranny, there was, as then contended, no possible remedy
for the evil, except passive obedience, humble remonstrance, and earnest supplica­
tion. It remained for such men as Walpole and Pitt, to overthrow the heresy
of these positions, and to inaugurate a more liberal system of toleration, in place
of absurdities and falsehoods, which has never yet ceased to gain ground with
the English people, until church and State have changed from an aphorism to
be at least apocryphal in meaning. Hitherto but an imperfect knowledge of
this era and its events could be obtained by the general reader, except by the
perusal of many ponderous volumes, hence the writer has conceived the idea of
giving to the public the chief incidents of the public history and private lives
of the Four Georges, in a compact and convenient compass, believing them to
be useful in filling up an unoccupied niche in that department of literature, and
though an English book reprinted here, we doubt not it will commend itself
favorably to many American readers, so closely allied is the foundation of our
own government and free institutions with the reign of the George*
2. — The Boy’s Oum Toy Maker. New York : D. Appleton & Co.
This is a boy’s book, in which the author has tried with his pen and pencil,
to teach some useful things for the pleasant time of play hours. It is a plain
book, teaching many things of every-day life, which, should the youthful student
be of an inventive turn of mind, will greatly assist him in acquiring the names
and uses of forms and materials; and as an endeavor to unite instruction with
amusement, is deserving of the highest praise.
3. — The Money-King and Other Poems. By J ohn G. S axe. 12mo., pp. 180.
Boston ; Ticknor & Fields.
All who appreciate John G. Saxe’s readiness in rhyme, and his peculiar talent
for writing satirical and humorous verses, will have afforded them a treat in this
little volume, which comprises the principal part of the many poems written by
him since the publication of his former volume, some ten years ago. As a writer
of gingling verse, possessing wit and truthful delineations of human nature, we
have few, or none, who excel Mr. Saxe, as is proven by the general favor he has
found with the public, his former volume of poems having reached its sixteenth
edition. That the present one will meet with equal success, we are free to pre­
dict.




776

The Booh Trade.

4. —Twelve Years of a Soldier's Life in India; being extracts from the letters
of tlie late Major W. S. R. Hodson, B. A., including a personal narrative of
the siege of Delhi, and capture of the King and Princes. Edited by his
brother, Rev. Geo. H. H odson, M. A. 12mo., pp. 444. Boston : Ticknor
& Fields.
This will be found to comprise the personal narrative, in the form of numerous
letters to friends, of the late Major W. S. R. Hodson, who fell at the storming of
the Begums’ Palace during the Indian rebellion of 1857. It must be confessed,
that in no case have the stern resolve or noble soldierly qualities of the English
stood out in bolder relief than in that great and terrible deluge of blood which
swept over thq Indian empire during the late rebellion ; and yet we cannot but
view this as a terribly egotistical detail, all to the especial glory of Major W. S.
R. Hodson, B. A., who, as a hair-brained adventurer, delighting in peril, and
thirsting for the excitement of the fight, reminds us forcibly of the chronicles of
Fernando Perez, or some other Paladin of old, whd was want to turn the tide of
battle by the mere charm of his eagle eye. He it was who captured the old king
and led him a captive into his own palace at Delhi; and he it was, too, who de­
liberately shot the Shahzadaks, the king’s sons, with his own hand, after they bad
surrendered—a deed, the humanity of which has been strongly caviled at in Eng­
land as a serious deviation from military rules. As a narrative, comprising tbjrrj
military operations of the late rebellion, it is all very well; but that there wferS
others than Major Hodson who as bravely combatted for the glory of old England
and her continued sway over those Indian provinces she has plundered soAo'ng, j
we as firmly believe.
,:
i
5. — The Manufacture of Photogenic or Hydro-Carbon Oils. By Thomas ;Antisei.l, M. D., Professor of Chemistry in the Medical Department of Georgetown
College, D. C., etc., etc. New York: D. Appleton & Co.
1*. '
This wcll-got-up little octavo of 144 pages, materially differs
of the day. It is more than its title purports. To understand _
of photogenic oils, implies the necessity of some knowledge of the source and
essential constituents of coal and bitumen. The information is here given, and
then follow the general principles involved in the destructive distillation of coal,
schists, bitumen, and wood, together with the various modes of applying heat in
the process of distilling photogenic oils. The utility of this book is apparent
from the fact, that the demand for photogenic oils is so great that the oils are
frequently sent into market so impure as to be exceedingly unpleasant from dis­
agreeable odors, and tar, which causes them to give off smoke. These conditions
are wholly due to too hasty, unscientific manipulation. And as this book gives
the necessary knowledge to judge of the qualities of photogenic oils, as well as
the means of producing them, it is of no less utility to the consumer than to the
producer, and is alike commendable for both. Manufacturers and experimenters
will also here find a concise resume of all the patents thus far issued in the United
States for “ paraffine,” “ coup oil,” “ kerosene,” “ pyrogenic oil,” “ paranaphthaline,” &c., &c., all here brought together under an appropriate title.
6.—Mary Staunton; or, the Pupils o f Marvel Hall. By the author of “ Por­
traits of my Married Friend.” 12mo., pp. 398. New York : D. Appleton
& Co.
Is another one of those novelettes which elicits, not so much wonder at
its revelations, as how all these numerous hot-house effusions of fashion and
frivolity are supported by even our own generous public; not so strange either
when we consider—
-----“ of what delusive worth
The bubbles we pursue on earth ;
o
The shape we trace
Amid the world of treachery ;
They vanish ere death shuts the eye,
And leave no trace.”