Full text of The Merchants' Magazine and Commercial Review : February 1859, Vol. XL, No. II

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H U N T ’S

MEMC HANTS’ MAGAZINE.
E s t a b li s h e d J u l y , 18 3 9 , b y F r e e m a n H u n t .

T O U T MU X L .

FEBRUARY,

CONTENTS

OF

NO.

NUM BER II.

1 85 9.

II.,

VOL. XL.

ARTICLES.
A rt.

I.
II.

III.

IV.

V.

pagb

LORD OVERSTONE ON METALLIC AND PA PER CURRENCY. By A m a s a
W a l k e r , lato Secretary o f State of Massachusetts................................................................ 147
COMMERCE, COMMERCIAL POLICY, A N D INDUSTRY OF THE UNITED
STATES, GREAT B RITAIN , AND FRANCE COMPARED. The General Causes
of the Revulsion of 1857 Stated—They have not Passed away—Bank Note Circulation
o f Great Britain, France, and the United States, in January, 1858, and the Condition o f
their Industry—The President’s Views of the Causes of the Revulsion and Condition of
our Country ‘Quoted—Tables Showing the Value of the Exports and Imports o f Great
Britain, France, and the United States at Different Periods, and the Character o f their
Exports and Imports, with Comments on their Commercial Policy—Exports and Im­
ports of the United States Classified—Irresistible Laws o f Trade- Balance o f Trade—
How it must be Paid—Balance of Trade in favor o f Great Britain and France, and
against the United States—Exports and Imports of Coin and Bullion o f the United States,
France, and Great Britain Compared-Deductions and Conclusions as to the Future In­
dustry, Commerce, and Revenues o f the United States. B y E z r a C. S e a m a n , Esq., o f
Michigan..................................................................................................................
............. 163
COMMERCIAL AND INDUSTRIAL CITIES OF TIIE UNITED STATES. No. l x i .
MOBILE, ALABAMA. Settlement of the City—Various Governm ents-Third Export
City—River Mobile—B a y -S ite of the City— Gas— Water—Mobile and Ohio Railroad—
Surrender o f the City, iSi3—Chartered—State Area—Farms—Products—Manufactories
— R ivers- Navigable Extent—American Age of M obile-Comparative Growth—In­
ternal Trade—Population—Speculation o f 1837—State Bank—Taxation—Influence upon
Cotton—Progress of Exports— Imports —Exchange Supply—Exports o f Cotton in 1857-58
—Comparative Destination—Lumber— Staves and Spars—Receipts and Stock—Western
Produce—Tonnage—Cotton Charges—Growth of Mobile Banks—Need of Capital—Con­
dition of the Banks—State Agent—Exchange Operations—Annual Valuation—Health
of the C ity.................................................................................................................................... 179
THE PRODUCTION OF GOLD AND THE COINAGE OF GOLD. Total Coinage
since 1850—Fish—California Product Passengers—Exports and Products—Export o f
Bars—Coinage—Former United States Coinage—Estimate for Russia, Australia, for tho
World—Coinage of France, etc.—Import o f Gold into—Export from United States—
Correction of our Correspondent—All the Coins not Fresh Gold—Diversity of Coinage
—Two Metals for C oin s- Multiplicity of Mints—Continual Recoinage—Number o f Na­
tional Mints—Active Mints—French Coinage Corrected—British Coinage Corrected—
United States Coinage Corrected—Russian Coinage Corrected—Table o f Coinage since
l85u—Supply of Metals—Deposits in United States M ints-M etals Received—Coins used
in the Arts—Production of the United States Mines—Coinsand Bars—Exports o f United
States Coins—Bars—Foreign Coins - Official Returns—Error o f our Correspondent—
Australia — Mints in the Colonies—Dust before Mints—Passengers’ Average—Great
Change since 1852—Establishment of California M in t-N ew York Assay-office—Old
Prices of Gold—F rauds- Coinage in San Francisco— Mint at Sidney—W hole Production
of Gold—Its Distribution as Currency..................................................................................... 186
GA R BLIN G S: OR, COMMERCIAL COMMODITIES CHARACTERIZED. No. xu.
SOAPS. Their History—How Distinguished—Principles of Manufacture—Different
Qualities and Varieties:—Hard, Soft, White, Marbled, Rosin—Pumice Soap—Castile,
Palm, Transparent, Almond, Windsor, and other Toilet—General Uses—Cultivated
Soap—Soap Tree—Soap N uts- Metallic Soap—Arsenical Soap—Tests and Adulterations
—Starch, Alum, Silex, Talc, Clay, Lime, Chalk, Sulphite of Baryta—Refuse Fats—Medi­
cinal Soaps..................................................................................................................................... 191

J O U R N A L OF M E R C A N T I L E

LAAV.

Revenue Case................................................................................................................................ 195
Lien for Work, Labor, and Materials, on a Domestic Ship................................................................ 196
Appeal in Admiralty—Damage to Cargo—Poop-deck Stowage o f Hogsheads on the Head........ 198

C O M M E R C I A L C H R O N I C L E A ND R E V I E W .
Abundance o f Money—Spring Business—Cash Sales—The Year 1858—Liquidation o f Debts—
Small Stocks of Goods—improved Business at Close—December Movement—Money no
Dearer—Specie in Banks—Increase—Banks of England and France—Decline o f Interest—
Specie Movement—Silver—East India Trade—Exchange—Cotton Crop—Small Spring Pay­
ments — January Payment o f Interest—Boston—New York—Rates o f Exchange— Specie
Exports—Destination of Specie—Assay-office—Rates of Money—Quantity o f gusiness Paper
—Bullion Bank -Country Payments—Number of Failures, 1858—Prospectir^for the new
Y e a r...................................' ............................................................................................................ 199-218
V OL. XL.-----NO. II.
10




146

CON TEN TS

OF

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

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

CURRENCY,

PAG*

A ND F I N A N C E .

Condition of the Banks o f Ohio............................................................................................................. 213
New York Bank Dividends for five years............................................... ............................................ 214
City W eekly Bank Returns—Banks of New York, Boston, Philadelphia, New Orleans, Pitts­
burg, St Louis, Providence...................................... .....................................................................
215
Banks of Illinois.—Finances of Alabama............................................................................................ 220
United :-tates Revenue and Expenditure—Banking Law of Minnesota........................................ 221
San Francisco United States Mint.—Debts of European States.............. ........................................ 222
Finances o f Ohio...................................................................................................................................... 223
Taxation in Southern States.—Finances o f V irgin ia........................................................................ 224

STATISTICS

OF T R A D E

AND

COMMERCE.

Commerce of the United States.................... ........................................................................................ 225
Flour and Grain received at Detroit per Railroad............................................................................. 227
British Trade with China.—Grain and Flour in Store in Chicago.—Commerce of Porto R ic o .. 228
Chicago Lumber Trade.—Albany Lumber Trade.—Bangor Lumber Trade................................... 229
Receipts o f Lumber at Baltimore for six years.—Corn Trade of Marseilles................................. 229
Beef Packed at Chicago.—Lard and Pork.—>hipments from Milwaukee...................................... 230
United States Commerce with Sardinia.—Herring Harvest.....................................................
230

COMMERCIAL

REGULATIONS.

Mill Stones.—Tea via Singapore.—Wheat alleged to be Imported as Seed....................................
Pearls strung on Thread, etc.—Dyed Coburg Robes a Quille.—Reimportations
......................
Beet R o o t-G r a in B ags.........................................................................................................................
Cotton Duck.—Convention between the United States and P e r u ................................. .............

231
232
233
234

NAUTICAL INTELLIGENCE.
Lights and Fog Signals........................................................................................................................... 236
Australia—South Coast, Lights o n .................................................................... ................................238

TOSTAL

DEPARTMENT.

Postage Stamps.......................................................................................................................................... 239
Ocean Mail Service.—Russian M ails...................................................................... ............................ 240

JOURNAL

OF I N S U R A N C E .

New York Insurance Law ...................................................................................................................... 241
New Hampshire Insurance Law.—Life Insurance............................................................................. 242
Marine Disasters for 1858.—Fires in the United States..................................................................... 243

JOURNAL

OF M I N I N G ,

MANUFACTURES,

AND

ART.

Nickel and Iron.—Lead Mining..............................................................................................................
Metals and Coal raised in Great Britain.—The Anthracite Coal T rade..........................................
Uses of Soluble Glass..............................................................................................................................
Submarine Steam Navigation.—Malleable Iron Castings................................................................

244
245
247
248

R A I L R O A D , CANAL, AND S T E A M D O A T S T A T I S T I C S .
Railroads o f the United States, January, 1859.....................................................................................
Railway Consumption o f Iron.—Canal Commerce o f Toledo..........................................................
Railway Accidents for 1858.—Rochester Weigh Lock, Erie Canal..................................................
Railways of Great Britain......................................................................................................................

STATISTICS

OF

POPULATION,

&c.

Population of South Carolina.—Population of C u b a ................................................
Human llair.—Population and Representation....................................................... .
Population and Valuation of Oregon.—Population of R ussia.................................
Statistics o f the Slave Trade.—Population of E urope..............................................

STATISTICS

OF

AGRICULTURE,

249
250
252
253

253
253
255
255

k c.

Agriculture of O h io................................................................................................................................. 257
Seasons for Crops...................................................................................................................................... 258
Agriculture in Japan............................................................................................................................... 259
French Grain Reserve.—New York Cattle Market.—Brighton Cattle Market..............................260
261
Gigantic Harvest Home......... ...............................

MERCANTILE

MISCELLANIES.

Obituary o f a Charleston (S. C.) Merchant.......................................................................................... 261
Natives of the Gold Coast—The Negroes of Africa........................................................................... 262
Problems in Merchants’ Accounts...................
263
A Curious Discovery..... ............................................
264
Hints to Young Mechanics..................................................................................................................... 265
How the Price o f Bread is Managed in Paris...................................................................................... 266
Tobacco Smuggling in Spain.—All Weather a Blessing....................................................................267
How to Take Life —Materials for Paper Making.—Mackerel Catch of G lou cester.............
. 263
The Microscope and the Gun.—Currant W ine.—Trade of Laguayra............................................ 269

TIIE
Notices of new Books or new Editions




BOOK T R A D E .
270-279

HUNT’ S

MERCHANTS’ MAGAZINE
AND

COMMERCIAL REVIEW.
FEBRUARY.

1 859.

Art. I.— LORD OVERSTONE ON METALLIC AND PAPER CURRENCY*
T he year 185V will ever be memorable as that in which the first uni­
versal panic in the commercial world took place. Panics there had been
before; but they were to a great extent local, confined to some particular
country; and, although other parts o f the world might suffer from their
connection with the panic-stricken community, they escaped the full force
of such a calamity. But, in the year 1857, the time had arrived when,
owing to the great facilities of intercourse, and the vast extension of
commerce, all the nations of Christendom had become so closely con­
nected in business, and so much'alike in the character of their several
currencies, that the failure o f a comparatively small corporation caused
a general explosion. This was a strange and very suggestive fact. It
told of a new era in the commercial world. It came, too, like a thun­
derbolt out of a clear sky. Neither war, pestilence, nor famine— the
usual disturbers of the monetary system— had any essential influence in
producing it. The civilized world was at peace; health generally pre­
vailed ; and crops were unusually abundant. Up to the 24th day o f A u­
gust, 1857, not a cloud rested upon the horizon; all was calm and still.
But on that day the Ohio Life and Trust Company, in New York, stopped
payment. A very trifling event, surely, one would suppose, as connected
with the whole monetary affairs of Christendom, yet sufficient to explode
the credit system o f the world, and throw all its industry and commerce
into confusion 1 These facts, so patent to all mankind, could not fail to
make a deep impression on the minds of reflecting men.
W hat must be the real causes which lie at the bottom o f all this mis­
chief ? How can we explain these astonishing phenomena ? W hat kind
of a currency is that which can be overturned in a moment, and without
any adequate external cause ? These questions were asked with an em­
* Tracts and other Publications on Metallic and Paper Currency.
Ovrbstonk. London: Longman, Brown & Co. 1858.




By the Eight Hon. Lord

148

L ord Overstone on Metallic and Paper Currency.

phasis— and an earnestness, too— never before witnessed. For, if there
were no sufficient extraneous cause, then the natural inference was, that
tlie cause must lie within the currency itself; and to this just conclusion
the common sense o f the common mind very soon arrived. Thousands,
who up to this period had never questioned the propriety and utility of
a mixed currency, now began to regard it with strong suspicions, or ab­
solute aversion. Newspapers and periodicals labored with articles upon
this all-absorbing subject.
Everybody could write, for everybody felt
and suffered. But, what was the nature of all this financial literature, so
to call it? W ith few exceptions it was of the most superficial character,
— appertaining to results, not to causes; to the phenomena, rather than
the philosophy o f a mixed currency. And it is certainly remarkable,
that an event which gave a shock so severe to every department of in­
dustry and commerce throughout the world, and spread ruin so terrific
on every hand, should call forth so few publications worthy o f the serious
and important occasion.
Among the few valuable works to which the recent disturbances gave
rise, is that, the title o f which we have placed at the head o f this article ;
and this is not an original work, drawn out by the events of 1857, but a
collection of “ tracts, and other publications,” issued in previous years,
and on various occasions. The volume is, nevertheless, very opportune,
because it conies from a distinguished and able wrriter, who has given
many years to the consideration o f the currency question; and who, as
a banker of large experience in the commercial metropolis of the world,
and as holding a high political and social position, is entitled to be heard
with attention and respect.
About one-half of the work, which extends to more than COO pages
large octavo, is occupied by the testimony which his lordship gave, as
Samuel Jones Lloyd, before Parliamentary committees, on various ques­
tions concerning currency and banking.
The first part o f this evidence relates to “ banks of issue,” and especi­
ally to the conduct of the Bank of England ; and the principles on which,
according to his lordship, it ought to regulate its “ issues;” that is, its
paper circulation. The answers given by him upon this subject extend
through 144 pages. They are, indeed, often mere repetitions of the same
ideas, carried out to a most tedious length; but they were called for by
the almost endless questions and cross-questions, put by the Honorable
Committee; some o f whom evidently did not like the opinions advanced
by his lordship, and would have been pleased to overthrow them.
The second part of the “ Extracts from Evidence ” consists o f testimony
given by the same person in 1848, before another Parliamentary com­
mittee on “ Commercial Distress,” and was called out by the severe sufferings
through which England had passed in the year preceding. This distress,
or “ pressure,” Lord Overstone considers as “ caused by a deficiency of
capital to maintain the mercantile engagements that wTere in existence.
The deficiency o f capital arose from the failure o f the crops, both in this
country [England] and throughout Europe; and also from the extraordi­
nary diversion of capital from trading purposes to the construction o f
railroads.” The witness was especially examined as to the influence o f
the act of 1844 upon the action o f the Bank o f England, and upon the
commercial affairs o f the country generally. To these his lordship gave
extended replies, maintaining throughout, with great ability and, we
think, correctness, that the operation of that act had been salutary.




L ord Overstone on Metallic and P aper Currency.

149

Another considerable part o f the book is taken np with the letters of
“ Mercator” [Samuel Jones Lloyd] to the Times, on the “ Bank Charter
Act.” These are dated at different periods from 1844 to 1856. They
maintain with great force the importance and utility of that a ct; and for
no one thing, perhaps, are the people of England more indebted to his
lordship, than for these letters. They undoubtedly exerted a decisive and
favorable influence in behalf o f the greatest act, and, we may say, almost
the only one founded on the true principle, which the Parliament o f Great
Britain ever passed, in regard to its mixed currency system.
Besides these, there are “ Remarks on the Management of the Circu­
lation,” “ Reflections on the Money Market,” “ Letters to the President of
the Manchester Chamber of Commerce,” & c.; in all, ten different tracts
and publications. Although this volume is far from being adapted to
popular reading, it is valuable to the patient student o f the currency
question. It contains many important facts, which show the nature and
operation o f a mixed currency ; it affords the most overwhelming evidence
of the evils which such a currency has inflicted on England within the
present century; it shows how frequently, anxiously— aye 1 and vainly,
too—-Parliament has striven to regulate it.
Although it is assumed by his lordship, in every part of the work, that
a mixed currency is desirable, on account of its “ convenience and econ­
omy,” he nowhere attempts to prove it to be so, or even makes an argu­
ment in favor of the only reason, which he gives, why such a currency
should exist at all. Yet on the “ convenience and economy ” of a paper
circulation, he bases entirely the propriety of the whole system, and says,
expressly, that the British government authorizes this kind o f currency
only because it is economical and convenient.
W ith the most respectful deference to Lord Overstone, we submit that
in so important and grave a matter— one, too, which has so often engaged
his attention, and occupied his time— the first question really is, whether
the “ convenience and economy," which he assumes as necessarily result­
ing from the use of a mixed currency, are sufficient to counterbalance the
many and great evils, which he most conclusively shows have always at­
tended the use of it. That is the point to which, we think, his inquiries
should have been first directed; and as this seems to have escaped his
notice altogether, we wish to call his attention to it, and the attention of
all others who feel an interest in the subject, through the pages o f this
Magazine; which we have selected because it has, we believe, the widest
circulation in this country of any publication o f the kind, and is found in
most of the principal offices and libraries o f Europe. W e cannot, how­
ever, proceed to do this without first defining the terms we em ploy; for
we are impressed with the conviction, that no small share o f all the con­
fusion and misapprehension, that exists in relation to monetary affairs,
arises from the use o f terms which are not precise and appropriate. Gold
and silver, being universally known and valued, are the commodities of
which the money of commerce consists. They are the true currency o f
trade throughout the world. On this point there can he, and, as far as
we know, there is, no difference o f opinion. But different nations have
differing local currencies which circulate within their respective limits.
In general terms, there may be said to he four kinds o f currency—
Firstly. That which is composed o f the precious metals, gold and sil­
ver— metallic currency— the universal money of commerce.




150

L ord Overstone on Metallic and Paper Currency.

Secondly. That which is composed wholly o f paper, not redeemable
on demand, and having a forced or unnatural circulation through the
power or influence of government. This is paper money, or credit currency,
and its use is confined to the country in which it is issued.
Thirdly. That which consists o f paper issued by bants having an
amount o f specie in their vaults always equal to the amount of their bills
or notes in circulation. It differs, in its character and effects, in no par­
ticular from metallic currency, except in its greater convenience in use.
This may be termed mercantile currency.
Lastly. That which consists o f paper issued by banks having in their
vaults an amount of specie less than the amount of notes issued, but
sufficient to redeem their circulation as fast as it is likely, under ordinary
circumstances, to be demanded. This is a mixed currency ; and the mix­
ture consists in the fact that so much of this currency as is actually the
representative of specie in the vaults, is virtually metallic, or value m oney;
while so much of it as does not rest on specie in the banks is merely
credit money, based on general property. This currency may be one part
value money to two parts credit, or one to ten, or fifty, according to the
pleasure of those who issue it, so that its precise character can never be
determined except by statistics derived from the banks themselves. Of
course, the quality of it is commonly a matter of uncertaifty to those
who use it. It is a fluctuating currency, because expansion must be fol­
lowed by contraction ; and the extent of its fluctuations depends upon the
proportion which exists between the two elements of which it is com­
posed. As, for example, a bank that has in circulation ten dollars in bills
for one of specie, must, if called on for $5,000 in specie, take in $50,000
of its circulation. Otherwise, if further demands should be made upon
it, the bank would fail. As a case in point, a highly respectable bank in
Massachusetts, managed by gentlemen of distinction and character, had
in circulation (as we find by official returns) on the 4th o f July, 1857,
$420,717, and only $9,229 o f specie in its vaults. Now, it is evident
that, in case of any demand for specie, such a bank must take in its cir­
culation as fast as possible; and hence we find that this bank took in
$265,964, that is, 63 per cent o f its circulation, in less than four months;
and most of it in less than six weeks ! Other banks that were extended
only one-fourth or one tenth as much, we find, by the same returns, con­
tracted their circulation only in a corresponding degree. These facts,
which are merely characteristic o f a mixed currency, are given to illus­
trate its nature. As a general fact, mixed-currency banks are established,
at the present day, in most o f the countries of Christendom, with power
to issue as much paper as they thiuk they can redeem on demand. In
some cases, as in England, and in most, if not all, of the States of the
American Union, a limitation is fixed by law, beyond which the banks
may not g o ; but we know of only two or three cases where any propor­
tion is established by law between the bills which a bank may issue, and
the amount of specie it shall have on hand with which to redeem them.
Premising thus much in regard to the different kinds of currency, we
proceed to examine Lord Overstone’s claim that a mixed currency is a
desideratum on account of its “ convenience and economy.”
W e do not
perceive, in any of the quotations from the expressed opinions o f bankers
and financiers contained in the work before us, that any of them advance
any other reason in favor of such a currency. The idle fallacy, once so




L ord Overstone on Metallic and Paper Currency.

151

commonly entertained in this country, and perhaps to some extent in
Europe, that there “ is not enough of the- precious metals in existence to
meet the wants of commerce,” is not maintained by Lord Overstone, or,
so far as we know, by any other English writer. The idea, indeed, is
simply absurd.
The question, then, is narrowed down to one point. Is a mixed cur­
rency so convenient and economical as to counterbalance all the evils which
everybody admits arise from it ?
W e readily grant that a paper circulation is a great convenience to the
business world; but we say that, in order to have the full benefits of such
a circulation, it is by no means indispensable to have a mixed currency.
A paper circulation has no more necessary connection with a mixed cur­
rency than with a metallic one. If it were otherwise, we should be com­
pelled to have the former, or forego the convenience of paper money.
But it is not. A system of banking which should require each insti­
tution to keep on hand as large an amount o f specie as it had of bills
in circulation, would furnish a currency having all the advantages of
“ convenience,” which Lord Overstone claims for a credit currency, and,
at the same time, be self-regulating and reliable. Indeed, his lordship
refers to a similar currency in his answer to question 2,761, put by Sir
Robert Peel, when he speaks o f the Bank of Hamburg, one of the oldest
and best managed institutions in Europe, which has furnished a con­
venient currency which has been in circulation since 1619, has never
been dishonored, or needed any regulating
This fact is well known
to all Europe.
A mercantile currency like this, which shall secure
all the advantages of a paper circulation, and yet have a full specie basis,
giving to the public all the advantages o f both, is therefore no abstraction,
or untried, visionary experiment. It has been a practical reality for nearly
two centuries and a half. The correctness o f this statement, the noble
lord would, doubtless, fully admit; and if so, what is the necessity for a
mixed currency, in order to secure the convenience of a paper circulation ?
Very evidently there is no such necessity whatever, and the whole argu­
ment in favor of a mixed currency, as necessary in order to secure the
convenience of paper money, falls to the ground. W e think we may,
therefore, dismiss the argument in favor of a mixed currency, derived
from its “ convenience,” as fallacious. But the second point, and one not
so readily disposed of, is, that such a currency is desirable on account
of its “ economy.”
And now we must go somewhat into facts and figures. The Bank of
England, and certain other banks in the United Kingdom, are allowed, by
the act of 1844, to issue their notes to a specified amount, without having
any specie whatever in their vaults wherewith to redeem them ; but, for
all they issue above that amount, they must hold an equal sum in specie.
By the report o f the Parliamentary Committee of 1858, on “ the causes
of the recent commercial distress,” as quoted in the last November num­
ber of this Magazine, it appears that the several amounts which the banks
of the United Kingdom are “ authorized to issue without any specie
basis” are as follows :—
Bank of England...............................................................
English country bankers..................................................
Scotch bankers.................................................................
Irish bankers.......................................................................

£14,475,000
7,707,292
3,087,209
6,354,494

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

£31,623,995




152

L ord Overstone on Metallic and Paper Currency.

This aggregate is the sum of all the purely credit circulation which
can be issued in the whole kingdom. Upon this amount, it is assumed,
that there is a gain of all the interest received for the use of it, which, at
3 per cent, would amount to £948,719 17s. per annum. But this esti­
mate of the credit circulation is quite too large; because, though that
amount is “ authorized ” by law, the banks are seldom, if ever, able to
keep out so much, over and above their specie. Indeed, the entire amount
of circulation in the whole kingdom only ranges from twenty-eight to
thirty-four millions, and the banks hold more or less specie always on
hand.
From a statement made December 1st, 1849, the latest on which we
can readily lay our hands, the whole circulation o f all the banks was
£28,022,368, while the specie and bullion in their vaults was £13,796,345,
leaving only £14,226,023 as the amount of “ credit c ir c u l a t io n s o that
it is only on this sum that the “ economy ” of such a circulation could be
predicated ; and the saving at that time, at 3 per cent, was only £426,780
13s. per annum— about one-half of what we before estimated. But sup­
pose, as is doubtless the case, that the average “ credit circulation ” is
greater than the above returns show, and allow that it reaches to twentyfive millions, which is, probably, far beyond the fact— and suppose, fur­
ther, that on this last sum the average rate of interest be 4 per cent— the
whole gross amount would be but one million pounds sterling.
This,
though it may be nearly double the saving actually made, we will suppose
to be the true one, to give the most favorable statement possible. Then
the question arises, whether this supposed saving o f one million (which
is just eight pence to each inhabitant, if there are thirty millions, and if
the amount were equally divided,) is of sufficient importance to the people
o f Great Britain to justify the continuance o f the system, in view o f the
manifold and serious evils which such a currency has hitherto inflicted,
and from its nature must always entail, upon their commerce and indus­
try. That is the final and decisive question; for, if the increase of bank
dividends be a matter so important to the British nation as to justify its
continuance, it certainly should suffer no interference; if not, it should
as certainly be abolished. W e presume that neither his lordship, nor
any other liberal and patriotic man, would shrink from this proposition.
Now, then, what is the amount of mischief done to the agricultural,
manufacturing, and commercial industry of Great Britain by its mixed
currency ? Is it equal, in the aggregate, to an average of one million
sterling per annum ? W e need not stop, at this point, to inquire what
good such a currency does, because his lordship, like a sensible and truth­
ful man, as he is, often admits, if we understand him, that there is no ar­
gument in its favor, except its “ convenience and economy.”
W e have, then, only to open an account current with “ mixed currency.”
This we do by placing to its credit the single item— “ A ssumed E conomy,”
£1,000,000. “ Convenience” we do not place to its credit, because it does
not necessarily appertain to such a currency, and can be had without it.
For the items o f debit, we must look to the effects o f such a currency.
Item 1st. A mixed currency has a tendency to expel from the country,
into which it is fully introduced, a great part o f all the specie, or bullion,
(for the two terms, in this connection, w'e use as synonymous,) wdiich
would otherwise be in circulation, or in banks in that country; and the
void is filled up with “ credit currency,” that is, promises to pay the




L ord Overstone on Metallic and Paper Currency.

153

specie, which has already been driven off. This we understand his lordship to admit.
Item 2d. A mixed currency not only expels the greater part of the
metallic money which would otherwise be in the country, but increases
the sum total of currency far beyond what it would be if no such cur­
rency existed. Under a system o f competitive issues by different institu­
tions, like that of Great Britain and of the United States— for in the
former are 796, and in the latter 1,426, different banks— it unavoidably
happens that the circulation will be enlarged to its utmost possible limits,
and far beyond the bounds of a metallic currency. All this is so obvious
that it needs only to be stated ; and Lord Overstone says:— “ The paper
currency of England is issued under the influence of competition, which
necessarily tends to produce excess.”— (Page 115.)
Item 3d. Such an expansion causes a general rise o f prices. This is- a
point referred to by his lordship, and the fact is universally known. The
reason is obvious; for, if the currency be increased, while the commod­
ities to be transferred by that currency are not proportionally increased,
then it must follow’ that a rise o f prices will take place.
Item Ath. As a consequence of a general rise of prices, a spirit of spec­
ulation is engendered, together with a great extension of credits; for, as
prices are rising, every man who buys any kind of merchandise will find
it advancing on his hands— the more he buys, the more profit he will
make. Money is plenty; the banks are not only willing but anxious to
loan ; and he purchases and sells on credit to an unwonted extent.
Item 5th. When mixed-currency banks have thus expelled the specie
from the country, enlarged the circulation beyond its natural limits,
caused a general rise o f prices, excited speculation, and extended credits,
they must of necessity commence a contraction.
If these five items, then, are fairly placed to the debit of the mixed
currency, we have only to ascertain their amount, to find whether or not
they equal or exceed the value of the “ one million sterling” which we
allow as the nominal profit from the credit currency of Great Britain.
1st. What mischief does the expanding process accomplish?
It unnaturally raises prices, and thus deranges trade; for prices should
be governed by the laws o f production— of supply and demand— and not
by the issues of paper money. Prices, thus unnaturally raised, will ne­
cessarily have a corresponding fall. They cannot be kept up, unless the
expansion can go on forever; and that cannot be. There is a point be­
yond which it cannot go, and then the decline must come.
W hat an immense loss must not a great commercial people like Eng­
land suffer in the course o f every period of ten years by the mere de­
rangement thus caused ! It must affect her exports, for the cost o f her
manufactures must be enhanced by the rise o f prices in all the articles
which the manufacturer uses; and thus she will be less able to bring her
goods into foreign markets to advantage. It will increase imports in all
consumable articles, for extra plentifulness of money will create an in­
creased and unnatural demand for such articles, and thus give rise to au
unfavorable balance o f trade. In other words, it will diminish profitable
production, and increase unprofitable consumption; and, o f course, Eng­
land suffers the aggregate loss of both. If the annual imports and ex­
ports amount to £200,000,000, and are thus unfavorably affected to the
small amount of 2 per cent, the loss will be four millions, or four times
as much as all the assumed profits o f credit currency.




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L ord Overstone on Metallic and Paper Currency.

2d. W hat injuries does the contracting process inflict?
A general stagnation of trade, sacrifices of property by forced sales,
and numerous bankruptcies. A t what would Lord Overstone estimate
the loss of the British people by these causes during the last twenty-five
years ? How often has the nation suffered to the amount of twenty or
thirty millions sterling in a single year? It is not possible for any one
to state the aggregate amount of all this. It must be a matter o f con­
jecture. Yet there are facts and figures in existence which would show
that the loss, growing out of the violent disturbances in the currency,
arising from its inherent defectiveness, amount, upon an average, to many
millions annually.
What is the total loss involved in all these questions? One, or five, or
ten millions ?
' W e should like to hear the merchants, manufacturers, and tradesmen
of England answer ; and we think the highest amount we have
named would not exceed their estimate.
If these men of practical
experience were to make out the account current; if they were to calcu­
late the losses they suffer from derangement of trade, stagnation of busi­
ness, excessive interest, and, above all, from bankruptcies, we are sure
they would charge to the debit of mixed currency at least ten millions;
and after crediting the one million which the holders of bank stock might
have gained, show a balance of n in e m illions per annum to be carried to
the account of profit and loss. Such, we think, would be their view of
the “ economy ” of credit currency ; and in this all persons of candor and
reflection would coincide; for, as we have already said, the assumed an­
nual gain by the use of credit money is only equal to eight pence to each
inhabitant of Great Britain ; and can any reasonable man doubt that their
annual losses, by the inevitable fluctuations of their currency, amount to
ten times that sum ?
But setting aside for a moment the consideration o f mere economy,
one would hardly suppose that, for the sake of getting the use of some
twenty or twenty-five millions of paper money without any specie basis,
the people of Great Britain would be willing to place their currency in a
condition, like that in which it was found in 1837, when the Bank of
England had a circulation of £17,012,000, and owed in addition for de­
posits £6,734,000 ; total, £24,346,000, and had only £2,522,000 in specie ;
that is, the bank owed for its notes seven times its means of immediate
payment, besides being liable to depositors for over six millions— a cur­
rency whose specie element or basis was, in fact, about two shillings on
the pound ! Or even as it was in October, 1857, when the Bank o f Eng­
land had £38,102,774 of immediate liabilities for circulation and depos­
its, and only £10,662,000 of coin and bullion; and this at a time when
universal panic was raging, and specie going to the East in millions !
It would seem as if no sensible people would wish, on any terms, to
involve themselves with a currency that can never be relied upon in a
time of commercial distress— that is certain to fail, when it is most
needed.
London is the great commercial and monetary focus of the world. Is
it reasonable that its almost illimitable trade should be dependent on a
moneyed institution, which, owing to its issue of mere credit currency,
may be compelled, in its weakness and distress, to appeal to a foreign
country for assistance ? Is it consistent with that self-respect, which the




L ord Overstone on Metallic and Paper Currency.

155

greatest commercial nation on the globe ought to maintain ? That any
such exigency as that which existed in England in 1847 could have oc­
curred, if its bank had not promised to pay specie for fourteen millions
of notes without the specie to pay with, we presume that neither Lord
Overstone, nor Lord Monteagle, nor any other Englishman— nobleman or
commoner— will for a moment pretend. Nothing makes a panic in Great
Britain, or any other mixed-currency country, but the general conscious­
ness of the weakness o f the banks— a severe pressure may come, but
never a panic.
The great act of 1844 restricted the operation o f the banks of the
United Kingdom, and kept them within such bounds that they did not
absolutely stop payment in 1847 or 1857, though, according to Lord
Overstone's testimony, they came very near it on the former occasion.
But that act, though an excellent measure, did not secure the good man­
agement of the banks in 1847 or 1857. And this leads us to notice the
subject of bank management.
W e have already referred to the fact that Lord Overstone maintains
with great persistency, (he does it in more than thirty places in this
volume,) that paper currency should be made to fluctuate precisely as if
the whole currency were purely metallic. He says, (p. 27.) “ the one
simple duty which the manager of the currency has to perform, is, that
of making the amount of paper circulation vary precisely as the amount
o f circulation would have been had it been exclusively metallic.” He
leaves us to infer, that if this “ one simple d u ty” were well performed by
the managers of the credit currency, all would be well. He does not, as
we recollect, say this in so many words, but he certainly seems to imply
that there would be no objections to a mixed currency if this “ one simple
duty” were faithfully discharged. If that is what he would have us infer,
we take issue with him. W e think it can readily be shown by careful
examination, that however faithfully and conscientiously this duty were
performed, great mischief might— we should say must— result from a
mixed currency.
W e will suppose, for example, that at the present moment there is in
the Bank of England twelve million pounds sterling, and in the other
banks of the country three millions in specie and bullion. W e will suppose
that this aggregate, fifteen millions, with the additional amount that may
be in circulation, together with the whole credit circulation in the hands
of the people, to be equal to the amount o f specie really belonging to
Great Britain, as her share of the specie of the world; in other words,
that its currency is now in a perfectly normal condition, according to his
lordship’s theory. W e will suppose, further, that the Bank of England
has a circulation of eighteen millions; the country banks, o f six millions;
in all, twenty-four millions.
Now, under these circumstances, what shall the managers o f the banks
do in the discharge o f their ‘/ o n e duty ?” Shall they extend their circula­
tion by increasing their loans, as business revives, or shall they keep the
circulation just where it now is? If they are to increase their issues,
how far, and how fast ? By what rule or principle are they to determine
when they shall expand their circulation, and to what extent? How is
it possible that any body of men, however intelligent, industrious, and
faithful, can so fully understand the condition of trade, and of all the
different currencies throughout the world, as to know precisely when




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L ord Overstone on Metallic and Paper Currency.

they must expand and contract, in order to preserve the exact equilibrium ?
Surely, no such thing is within the limits o f human possibility, and
therefore the intelligent discharge o f this “ one simple duty ” is a chimera,
a thing that can exist only in the imagination. And then the idea of
placing such a power in the hands of a few men. How preposterous!
W e agree fully with Mr. Cobden, late M. P., who, in his testimony before
the Parlimentary Committee, (see report on banks of issue, p. 27,) said,
“ regulating the currency I consider just as possible as the management of
the tides, or the regulation o f the stars or winds. * * * I object to any
body of men having the power to increase or decrease the quantity of
currency.’’
But setting aside the impossibility of regulating a mixed currency;
the folly of authorizing individuals to issue fictitious money, and then
gravely telling them not to be careful not to issue too much o f i t ; and the
danger of confiding such a power with any body o f men whatever, let us
suppose, for a moment, that the experiment were tried, on Lord Overstone’s
principle, of contracting the circulation as specie was called for; and
that the managers of the banks discharged their “ one simple,” we should
say very complex, “ duty” faithfully. What might then happen ? To go back
to our last supposition, in regard to the currency of Great Britain. W e sup­
posed a circulation o f twenty-four millions, with fifteen millions of specie.
Now the bank managers, as business revives, and money becomes in demand,
will naturally, and, as Lord Overstone will probably admit, rightfully and
properly, extend their issues gradually to about thirty-two millions;
and after a while, according to the usual course o f events, the specie of
the banks will be called for. An unfavorable balance of trade, a short crop,
or an Irish famine occurs, and an unexpected demand is made for bullion,
for shipment— five millions, we will suppose. The banks must then, on
the principle laid down by his lordship, contract the circulation five mil­
lions. Another five million is soon wanted, and shipped off, and five
millions more of the circulation is called in. But still another demand
is made for five million, and a corresponding contraction of the circulation
takes place. Now we have got to a point where the banks have lost
every shilling o f their specie, and yet have out a circulation of seven­
teen millions sterling!
But it is very evident that before the banks had reached this result,
the public mind would have become alarmed. When only ten millions
had Seen sent off, all persons of discernment would foresee that a dangerous
pressure had commenced. Public confidence would be shaken, credit
impaired, hoarding begin to be practiced by the wary and cautious, and
the whole country would be in commotion and alarm. All this would
happen to a certainty, as Lord Overstone and everybody else knows very
w ell; and yet “ the one duty of the bank managers” had been faithfully
performed; for what could they have done to prevent this disaster ?
They could not foreknow that the short crop was to happen; if they had,
they would only have began the contraction at an earlier period.
Now we do not suppose that precisely such a course of events would
take place as we have described, but something just like this, in principle
and effect, has often occured in England and the United States, and will
often do so hereafter, as long as mixed currency is used.
And now where is the safety of the Rt. Hon. gentleman’s “ principle”
o f redeemin':
O the circulation as the bullion is withdrawn from the banks !




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157

Has it saved the country from the sufferings of a commercial and monetary
panic? Would it have saved the Bank of England itself from suspension,
if we had supposed that still another five millions (as we might properly
have done) were called for to pay for food ? Certainly not. What his
lordship proposes is not a remedy, but a palliative; a partial and futile
effort to control the issues of a mixed currency, in such a manner as to
prevent mischief. That never has been done; and in the nature o f things
never can be. If the Bank of England is permitted to issue ;6l4,0 '0,000
of credit currency, without a shilling for its redemption, man cannot
‘ •regulate” its operations in such a way as to save the public from harm.
The probabilities of mischief may be lessened ; the force of a great panic
may be broken; but come it will in spite o f the act of 1844, or the most
faithful discharge o f “ the one duty ” on which the Rt. Hon. gentleman
relies. A “ short crop ” is the constant terror o f England, as we all know ;
and the price of consols rises and falls with the indications o f the
barometer: rather a curious fact, and very suggestive— a currency which
“ depends upon the weather !” But we need suppose no famine, or war
in India, or any great calamity, to bring about an explosion of the mixedcurrency system. The experience of the United States during the year
1857, is a case in point. In the midst of apparent prosperity, with an
immense crop of all agricultural productions coming forward, with every
department of manufactures in full and successful operation, the cur­
rency broke down by its own weight. It fell though no one touched it.
Yet the banking system o f the United States was being conducted in
strict obedience to law, and was in the natural exercises of its legitimate
functions. Such a currency will collapse periodically, in virtue of its own
^inherent weakness.
Hou>, pray, could his lordship’s principle have saved the mixed currency
of the United States from explosion in 1857? He says that “ banks
must contract their circulation as they lose their specie.” Very well; that
was just what the banks of this country did. Their circulation at the
commencement of the demand for specie was about two hundred and
fourteen millions, and they contracted it to about one hundred and fiftyfive millions as fast as possible. The banks of Massachusetts alone had
out twenty millions of paper, and they took it in at the rate of a million
aweek. Did that save them ? N o ; but it ruined their customers by thousands.
And finally, banks and customers suspended together! But they did all that
his lordship requires. He may say in reply to this, that they did not
commence the contraction in season; and were therefore obliged to con­
tract with too great rapidity. But how were the bank managers to know
— how can they know— unless they are omniscient, when the precise
moment arrives to begin the contraction ?
The mixed currency of England is essentially the same as that of the
United States. It is better managed, and better regulated by law, than
ours, we admit; but that which England experienced in 1847 and 1857,
she is to experience hereafter, in a degree more or less severe, with every
alternation of her mixed currency. A n d al l f o r w h a t ? T o allow the
stockholders of its banks to realize an extra profit by issuing some twenty
or twenty-five millions of paper money, without any specie on hand to
redeem it with! For that poor, paltry pittance, England is to be kept in
continual ferment; her markets disturbed ; her standard of value vitiated ;
and her industry alternately stimulated to madness, or paralyzed by stag­
nation. Can that, Lord Overstone, be economy ?




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L ord Overstone on Metallic and Paper Currency.

Of wliat consequence can this one million (or more truly half-million)
of pounds, which bankers may realize in the shape of increased dividends,
(if they don’t lose too much by the failures which their own contraction
of the currency has caused,) be, compared with the total income of all the
agriculture, commerce, and manufactures of England ? And yet, in a
single year its trade and industry may suffer more loss than the whole
amount of credit currency circulated in the United Kingdom !
W hy will the intelligent capitalists, merchants, manufacturers, and
landholders of Great Britain suffer such a monstrous nuisance to exist ?
Not, certainly, because it is an evil which cannot be removed, fur but a
slight revolution in the currency o f England would be necessary in order
to give her a sound, pure currency, instead o f an unsound, mixed one.
Let us look at it for a moment. The general average amount of credit
currency we have assufned not to exceed twenty-five millions. Then it
would require but twenty-five millions of gold, in addition to what the
banks o f the United Kingdom ordinarily have, in order to make the
whole currency metallic. W ould it be very difficult to obtain that amount
of bullion ? How much gold does England get from Australia every year ?
Some twelve millions, we believe. Then, at the utmost, it would require
the products of her own mines for only about two years to furnish a solid
substitute for all her credit currency. Suppose, for example, that Parlia­
ment should, in accordance with the principle of the act of 1844, pro­
vide that the “ authorized circulation ” o f the Bank of England, and the
other British, Scotch, and Irish banks, should be diminished to the extent
o f twelve-and-a-half per cent annually, for eight years. A t the end of
that time, there w’ould be a perfectly sound currency, and it would have
required only about three millions, or one-fourth part of her Australian
product; the other three-fourths flowing off in other directions.
W e will not even venture to suggest what the British Government
ought to do ; but we may, without great impropriety, present our views
of what might be done.
The Bank of England, it is well known, has no ‘‘ available capital,”
and never has had any since it was chartered. All it ever loaned to the
mercantile community was its credit, if we except a small amount o f ac­
cumulated profits. All the assistance it could ever give the business
world was by loaning its notes, promising to pay specie, which it did not
possess, or the deposits which individuals or the government had left
in its charge. This is a striking fact, and one very little realized by the
public generally. And what is true in this respect o f the Bank of Eng­
land, is true to a great extent of all other banks in the nation.
Now, the great difficulty in the way of the reform we propose is, that
the banks really possess but little available capital to invest in gold, and
could only obtain it by selling their government securities. This they
might do gradually, and thus secure the required amount o f bullion.
But this would not appear to us to be the best way to accomplish the
result. W e regard it as an excellent feature of the English banking
system, that it rests so much on the credit o f the government.
This
gives it prestige and strength, and should be retained. How, then, shall
the banks be able to keep up their needful circulation, and yet have all
that circulation based on an equal amount of bullion!
W e reply, by
increasing the capital of the banks. Suppose that the act of Parliament,
which provided for the decrease o f twelve-and-a-half per cent annually




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of the credit currency, should also provide that the Bank of England,
and all other banks, might increase their capital to the same amount,
they decreased their authorized circulation.
W e apprehend that
such an increase would be entirely feasible; that the stock would be
taken up, as fast as offered, at very considerable premium to the banks.
There is, surely, no want o f capital in England. A nation that can sub­
sidize half Europe, and loan its money to everybody ; good, bad, and indif­
ferent ; that can supply Russian, or Spanish, or South American loans;
build railroads in France, and hold American stocks, as it does, (accord­
ing to a late Parliamentary report,) to the- amount of $400,000,000,
can certainly raise without much difficulty twenty or twenty-five millions
sterling for her banking system ; and, if so, there can be no obstacle to
the carrying out the plan we have suggested. It is quite preposterous
to question that England has sufficient available resources to afford a
sound currency, and equally preposterous that, with her mighty commerce,
she should have any other.
If it should be asked at this point, in the form of an objection, how
the Bank of England could make satisfactory dividends if she issued no
credit currency ? we reply, our present purpose is not to show in what
manner banks can make the largest profit, but how injurious to the inter­
ests of society a mixed currency is, and how easily it may be got rid o f;
nevertheless, we will say, that if the Bank of England should get the
current rate of interest on all the loans of her real capital, as she most
assuredly would; and also on all the loans she was able to make on her
public and private deposits; and also her usual annual allowance o f
£130,000, (if we recollect aright,) for managing the national debt; and
such other pay for services performed for the government as might be
just and proper, although her stock might not be 100 to 150 per cent
above par, it would nevertheless, if offered in market, command what, on
this side the Atlantic, would be regarded as a very high premium; so
that England would not be without a national bank, because such an in­
stitution was not sufficiently profitable, even if she issued no notes, for
which she had not a full specie basis. The bare premium which its stock
would command, even under the circumstances we have supposed, would,
we conjecture, amount to a sum larger than the largest private fortune
ever accumulated in the United States.
A gain; it may be urged (and such a plea would have greater force in Eng­
land than in America) that the Bank of England especially, has acquired
prescriptive, or vested rights, and that these must not be interfered with.
If it be true that the bank has rights paramount to the rights of the
British people— if, to gain enormous dividends for a few bank stockholders,
the whole commerce of a great empire must be kept in perpetual disquiet—
then indeed, wo must give up all hopes o f a reform. But we have too
much confidence in the justice of the British government, and in the
good sense of the British people, to suppose that such a plea would be
admitted. There are too many precedents in English history, in which
the rights and interests of the many have been recognized as superior to
the claims of the monopolizing few, to leave room for fear that any
successful opposition can be made upon such grounds. W e recollect, too
well, the incidents of the great struggle in which the corn laws were
abolished, to have any doubt that if the people of England demand a
sound currency, they will have it.




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L ord Overstone on Metallic and Paper Currency.

The British Parliament is, traditionally, “ omnipotent.”
It can, we
are sure, do anything that is right, which the people demand.
But it may be asked, why should we interfere ? “ Physician heal thy­
self.” W e reply, that we think we have good and sufficient reasons for
doing so.
1st. Because the mixed-currency system, now so prevalent and per­
nicious, originated in England in the establishment of her great bank,
July 2“ th, 1694. Prior to this, there had been banks, but no successful
mixed-currency banking. This hank, although it made its first suspen­
sion within four years of the date o f its charter, resumed and went
on for a century, gradually increasing its capital from £1,200,000
to about £11,000,000. On the 27th of February, 1797, at a time when
it had acquired vast prestige and power, it again stopped specie payments,
and remained in a state of suspension till May 1st, 1823, twenty-four
years, two months, and three days.
Notwithstanding the vicissitudes through which it has passed, and
enormous mischiefs it has inflicted on the commerce and industry of
England by its credit currency, it has, on the whole, been eminently suc­
cessful as a banking institution, and may justly be regarded as the parent
of all other mixed-currency banks.
2d. Another reason we give, is, that England is the center o f the
mixed-currency system ; that her power over it throughout the world is
greater than that o f any other nation, and therefore we may rightfully
look to her to initate the reform.
3d. That reform of the British currency is evidently a more feasible
matter than that of the United States. The banks of Great Britain all
derive their charters from one source, and are amenable to one tribunal.
In this country, we have more than fourteen hundred banks, chartered
bv no less than thirty-two independent State sovereignties, and existing
under different laws and regulations.
To bring all these States to act
uniformly and simultaneously for a radical change of the whole system,
(and no other action is of any avail,) is clearly, if not impracticable, at
least a very difficult matter. It can never be done until the masses of
the whole nation are aroused to the absolute necessity of the reform,
and not alone a majority of the votes of the whole people, but o f every
one of the States, demand it.
In England it is otherwise. Whenever its intelligent capitalists, bank­
ers, and business men become convinced of the pernicious influence o f a
mixed currency and demand its extinction, Parliament will do it, we
doubt not, with a very good grace.
4th. W e believe that if England were to lead off, the United States
would speedily follow. There is a growing sentiment in this country in
favor of the proposed change. W e have no obstacle arising from the
want o f “ available capital” on the part of our banks. Almost, without
exception, they have full capital paid in; and loaned out, not on govern­
ment security, but directly to the people ; so that to enable them to furnish
a pure currency, it would not be necessary to increase their capital stock;
although, if desirable, it would be readily done. Besides, we have an
annual product of gold of more than fifty millions of dollars, and if only
one-fifth part of it were added to our bank currency for ten years, it might
be made wholly metallic, or, in other words, a paper currency resting
entirely on a metallic basis.




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161

5th. The example of England would he seen and felt everywhere in the
improvement of her trade, because, having a high, i. e., a correct, standard
of value, she would, other things being equal, by the simple operation o f
the laws of trade, send her products to every country whose currency was
less valuable than her own.
This would greatly extend her commerce,
especially with nations whose currency, like that o f the United States,
had a very low value. It would operate like a bounty on all her exports.
All this would soon be apparent to the world, and would lead to the uni­
versal establishment o f a sound currrency, since no people could well
afford, in the great competition of trade, to be without such a currency.
It may he urged as an answer to what we have heretofore said, that the
city of Hamburg, which has a currency entirely on a metallic basis, suf­
fered as severely as any of the mixed-currency countries. The fact is
admitted ; but there are circumstances in her case which not only fully
explain the matter, but prove the truth of our position. Hamburg is
banker for all Germany and the northern States, Denmark, Norway, and
Sweden. She is always deeply involved with the United States and Eng­
land. Her fate becomes inevitably the fate of the mixed-currency coun­
tries, with whom she has such intimate connection. When protested
bills were poured back upon her from London and Liverpool, from New
York and Boston, to the amount of millions on millions, how could it be
otherwise than that she, a single city, breasting the storm alone, “ paying
both sides of the ledger,” should, however sound her currency, be crushed
with the debts o f half the world ! W e extract from a newspaper pub­
lished in the city o f New York the following sensible remarks on the
position o f Hamburg during the late monetary crisis :— “ The friends of
paper money are pointing with exultation to the disasters at Hamburg,
a hard-money city. They forget, or else are willfully blind to the fact, that
Hamburg is not a great country, but simply an isolated city, separate in
government from all those who do business with it. She has no internal
trade, as we and all other great countries have, the soundness o f which
(in our own case especially) is of more importance to our prosperity than
that of all other trade. Hamburg, having no trade o f her own, has no
business but that of foreign countries ; over the currency, customs, and
laws of which she has no control.
So far as her own local business is
concerned, which can only be the internal retail trade o f the city itself,
we venture to say that the panic has wrought no bankruptcies nor dis­
orders. Engaged, as far as her large commerce is concerned, exclusively
as the agent of other countries, she must of course suffer sadly when
these other countries fail to pay her.” Such is the fair explanation of the
case of “ hard-money Hamburg.”
And now to return to the particular point under our notice, we think
that the reasons we have given fully' justify— nay, compel us, to look to
England to commence the great work o f establishing a sound currency.
W e hope we have shown that the measure is as feasible as it is important,
not only to England but the whole civilized world. W e have been greatly
encouraged to present the foregoing considerations from the very en­
lightened and liberal views which Lord Overstone himself has given us
in all his writings. It seems to us that the way is already prepared in Great
Britain for the commencement of the much-needed reform. That, with
the experience of 1857, added to what had before been gained in relation
to the inevitable effects o f an ever-fluctuating mixed currency, the
VOL. XL.---- NO. II.
11




162

L ord Overstone on Metallic and Paper Currency.

people of England must be ready to undertake some effective measures
to secure a sound and reliable monetary system. W e close our extended
remarks by giving a brief synopsis o f the whole subject we have en­
deavored to present.
A mixed currency will, from its nature, alternately expand and contract.
When expanding, it do es m is c h ie f , b y raising prices, causing specula­
tions, increasing credits, restricting manufactures, and deranging com­
merce.
When expanded, it d o e s no g o o d , because, having raised the prices
of all commodities, it takes a greater amount o f money to transfer them ;
having increased credits, it takes a larger amount o f money to discharge
them ; and, consequently, the demand for money is greater than the sup­
ply, and the rate of interest is enhanced.
When contracting, it does g r e a t h a r m , because it occasions a rapid
and unnatural fall o f prices, a pressure in the money market, and a gene­
ral derangement of trade.
When contracted, when brought to the nadir, its lowest point, business
is completely prostrate, bankruptcy spreads over the land, and all is
paralysis and stagnation.
When exploding, it scatters ruin and dismay on all within its influence,
and shakes the very foundations o f the social fabric.
When exploded, when all around lies in the silence and torpor of death,
it coolly and carefully gathers together its scattered fragments, and com­
mences another cycle o f expansion, contraction, and collapse.
■There can be no safety in such a currency, since it is not, like a metallio
currency, self-regulating, and can never be regulated.
There is no economy in such a currency, because it costs more than it
comes to.
There is no convenience, or utility, that cannot be secured more pro­
fitably by a paper circulation resting on a full specie basis, and therefore
all enlightened statesmen and business men, all sensible bankers and in­
telligent manufacturers, all, in short, who have any interest in the common
welfare, should join heart and hand for its extinction.
P . S.— Since writing the foregoing, we have noticed Mr. W ard’s article
in the last number of this Magazine, on the “ Causes that Produced the
Crisis of 1857,” in which he controverts, at considerable length, the views
he understands us to have advanced in the August number, 1857. Mr.
Ward, unfortunately, entirely misapprehends, and, therefore, (doubtless
unintentionally,) greatly misrepresents, what we said at that time. For
example, he says, he, (Mr. Walker,) “ assumes that banks create and
regulate the business o f the country.” Mr. Walker certainly does no such
thing, and has never, on any occasion, maintained such an absurdity.
But he has said, and does say, what every intelligent man knows, that
the operations of a mixed currency inevitably derange the natural course
of trade, and cause much mischief in the business world.
Again ; Mr. W ard says, “ Mr. Walker objects to paper money because it
is not a standard of value.”
Just the reverse is true.
Mr. Walker
objects to it in the very article from which Mr. W ard quotes, “ because it
is always wanting to a greater or less extent in the element of value,”
and therefore an unreliable standard o f value. A mixed currency forms
the standard of value, in every country in which it circulates, as truly as




,

,

Commerce Commercial P olicy etc., o f the United States.

163

a specie currency ; but, unlike a specie currency, it is an imperfect and
delusive one.
Mr. Ward further intimates that Mr. Walker is one o f those who hold
that “ banks produce all our commercial and financial evils.” Quite other­
wise.
No man not insane can attribute the disaster of a short crop o f wheat,
like that now felt in the Western States; or an inundation of the Missis­
sippi, that destroys the sugar plantations; or a low stage of the great
rivers, that prevents produce from coming to market; or the cholera, or
yellow fever, or any of the natural, and often very disastrous, disturbances
of trade, “ to the banks.”
Trade, under the best circumstances, is en­
vironed with peril and hazard enough to require all the energy, courage,
and endurance of the mercantile community; but when to these are
superadded the artificial evils of an expanding and contracting currency,
the business of the merchant becomes indeed appalling.
Vibrations in trade, in every country, and under the most favorable cir­
cumstances, are inevitable. Periodical overtrading and speculation would
undoubtedly take place under a pure metallic currency, but the insane
excitement we witness under our mixed-currency system would never take
place.
W e will not occupy your space by any further specification of the errors
in which Mr. Ward has fallen, in relation to what we have advanced on
the subject of the currency; for although he seems to have greatly mis­
apprehended us, we do not question his candor; and we are certainly
pleased that so able and intelligent a writer is disposed to enter the lists
in favor of the paper-money system, for that system has been, and ever
will be, attacked. Both sides of the question therefore should be presented,
and then the public will form their own opinions, and those opinions will
decide its fate.
a. w .

Art. II.— COMMERCE, COMMERCIAL POLICY, AND INDUSTRY OF THE UNITED
STATES, GREAT BRITAIN, AND FRANCE COMPARED.
THE

GENERAL

CAU SES OF T H E

R E V U L S IO N OF

1857

STATED— TH EY

N O T E C IR C U L A T IO N OF G R E A T B R I T A I N , F R A N C E , A N D T H E U N I T E D
TH E

HAVE

NOT PASSED A W A Y — BANK

S T A T E S , IN J A N U A R Y ,

1858,

AND

C O N D IT IO N O F T H E I R I N D U S T R Y — T H E P R E S I D E N T ’ S V I E W S O F T H E C A U S E S O F T H E R E V U L S I O N

A N D C O N D IT IO N O F

O U R C O U N T R Y Q U O T E D — T A B L E S S H O W IN G T H E V A L U E

OF T H E

E X P O R T S AND

I M P O R T S O F G R E A T B R I T A I N , F R A N C E , A N D T H E U N I T E D S T A T E S A T D I F F E R E N T P E R IO D S , A N D T H E
C H A R A C T E R OF T H E IR

E X P O R T S A N D I M P O R T S , W I T H C O M M E N T S ON T H E I R C O M M E R C I A L P O L IC Y -----

E X P O R T S A N D I M P O R T S OF T H E
B A L A N C E OF T R A D E — H O W I T

U N IT E D

AND F R A N C E , A N D A G A IN S T T H E U N IT E D
TH E

STATES

C L A S S IF IE D — I R R E S I S T IB L E

M U S T B E P A ID — B A L A N C E

L A W S OF T R A D E —

OF T R A D E IN F A V O R OF G R E A T B R IT A I N

S T A T E S — E X P O R T S A N D I M P O R T S O F COIN A N D B U L L IO N OK

U N I T E D S T A T E S , F R A N C E , A N D G R E A T B R IT A I N C O M P A R E D — D E D U C T IO N S A N D C O N C L U S IO N S A S

T O T H E F U T U R E IN D U S T R Y , C O M M E R C E , AND R E V E N U E S O F T H E U N IT E D S T A T E S .

T he panic which commenced in New York city in September, 1857,
and the greatest severity of the revulsion which accompanied it, passed
away in a few months ; but the commercial and financial embarrassments
and distress, the depression of industry, and the decline in prices of pro­
ducts and property o f all kinds, produced partly by the panic itself, but
mostly by the causes which produced the panic— that is, the derangement




164

Commerce, Commercial P olicy, and Industry o f the

of the industry and business of the country by means o f excessive im­
ports of foreign goods, excessive investments in railroads, an excessive
amount of foreign debts, and an excessive expansion of the credit system,
as well as an excessive amount o f paper money, have not passed away.
All these causes have operated, have deeply affected the prosperity of the
nation, and inflicted a wound upon its industry and business which will be
felt for many years, and until a change shall have been made by Congress
in the commercial policy o f the nation. The severity of the revulsion,
and the distress attending it, are admitted by the President in his Message
Jo Congress ; but he attributes them entirely to our banking system, to
paper money, and bank credits, and proposes a bankrupt law to be applied
to banks as the principal remedy. Such a remedy would only aggravate
the evil.
BANK NOTE CIRCULATION.

If the views o f the President o f the causes of the revulsion and of the
commercial and financial embarrassments and distress are correct, those
causes passed away nearly a year since ; for the amount of bank credits
and paper money has been less in the United States than in Great Britain,
in proportion to the population, during the last ten months, and but little
greater than in France. According to a statement of the Chancellor o f
the Exchequer, the bank note circulation of Great Britain, in the hands
o f the public, on the 1st of January, 1858, was as follows:—
Notes o f the Bank of England.................................................................
Notes o f joint-stock banks.......................................................................

$92,814,736
89,625,000

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

$182,339,736

Bank notes then in circulation in United S ta tes..................................
Notes o f Bank of France in circulation.................................................

135,981,556
107,992,874

(See the May number, 1858, o f the Merchants' Magazine, page 604.)
It appears that though the population of the United States is much greater
than that of Great Britain, the bank note circulation during the past
year has been nearly fifty millions of dollars greater in Great Britain than it
has been in the United States. If the President’s theory were correct this
state of things would have inflated prices in Great Britain, and thereby
increased imports into that country, undermined and supplanted its manu­
facturing industry and prosperity, and diminished its exports; and the
industry and prosperity of France would have bean more or less affected
and undermined by the same causes. But such has not been the case.
The commerce and industry o f Great Britain and France have recovered
their former prosperous condition, except that their exports to the United
States have declined; while the industry and commerce of the United States
remain in about the same depressed and stagnant condition they were
in a year sinee. Though our people have been economizing closely, col­
lecting and liquidating their debts, buying as little as possible, and have
partially extricated themselves from their extreme embarrassments, yet
the manufacturing and mining industry and the commerce of the country
are nearly as much depressed as they were at the beginning o f the year.
W ith the exception of some skirmishing with the Indians, and the
nominal war with the Mormons, the United States have enjoyed peace
during the last eleven years, and as much prosperity as their commercial
policy would permit. During that period they have opened their markets




United States, Great Britain, and France Compared.

165

and subjected their industry to competition with the pauper labor of
Europe, under a free trade revenue tariff, and the effect has been to in­
crease the foreign debt of the country two hundred and fifty millions of
dollars or more, until it was swelled to an aggregate amount exceeding
$400,000,000. During this period France has been convulsed with civil
war— during two years of it, (1854 and 1855,) France and England were
engaged in one of the most gigantic, expensive, and exhausting wars
which the world has ever witnessed. England also has had a severe and
expensive struggle with her' rebellious subjects in India, and yet the
capitalists o f Great Britain and France have made additional loans during
that period to the people, States, and corporations of our country, to an
amount not less than $250,000,000.
The exports of a country compared with its imports may be regarded
as a barometer, or index, of its prosperity. Let us see what the President
says in his Message of the condition o f the United States, and then com­
pare the commerce of our country with the commerce of Great Britain
and France. The President says :—
“ When Congress met in December last, the business o f the country
had just been crushed by one o f those periodical revulsions which are the
inevitable consequence o f our unsound and extravagant system o f bank
credits and inflated currency. W ith all the elements of national wealth
in abundance, our manufactures were suspended, our useful public and
private enterprises were arrested, and thousands o f laborers were deprived
of employment and reduced to want. Universal distress prevailed among
the commercial, manufacturing, and mechanical classes.
This revulsion
was felt the more severely in the United States, because similar causes had
produced the like deplorable effects throughout the commercial nations o f
Europe. All were experiencing sad reverses at the same moment. Our
manufacturers everywhere suffered severely, not because of the recent re­
duction in the tariff o f duties on imports, but because there was no demand
at any price for their productions.
The people were obliged to restrict
themselves in their purchases to articles o f prime necessity. In the
general prostration of business the iron manufacturers in different States
probably suffered more than any other class, and much destitution was
the inevitable consequence among the greater number of working men
who had been employed in this useful branch o f our industry. There
could be no supply where there was no demand. To present an example,
there could be no demand for railroad iron after our magnificent system
of railroads, extending its benefits to every portion o f the Union, had
been brought to a dead pause. The same consequences have resulted
from similar causes to many other branches o f useful manufactures. I t
is self-evident that where there is no ability to purchase manufactured
articles, they cannot be sold, and, consequently, must cease to be produced.
“ No government, and especially a government of such limited powers
as that of the United States, could have prevented the late revulsion.
The whole commercial world seemed for years to have been rushing to
this catastrophe. The same ruinous consequences would have followed
in the United States, whether the duties upon foreign imports had re­
mained as they were under the tariff of 1846, or had been raised to a
much higher standard. The tariff o f 1857 had no agency in the result.
The general causes existing throughout the world, could not have been
controlled by the legislation of any particular country.




166

Commerce, Commercial P olicy, and Industry o f the

“ The periodical revulsions which have existed in our past history,must
continue to return at intervals, so long as our present unbounded system
of bank credits shall prevail. They will, however, probably be the less
severe in future ; because it is not to be expected, at least for many years
to come, that the commercial nations of Europe, with whose interests our
own are so materially involved, will expose themselves to similar calami­
ties. But this subject was treated so much at large in my last annual
message that I shall not now pursue it further. Still, I respectfully renew
the recommendation in favor of the passage of a uniform bankrupt law,
applicable to banking institutions. This is all the direct power over the
subject which, I believe, the government possesses. Such a law would
mitigate, though it might not prevent, the evil. The instinct of selfpreservation might produce a wholesome restraint upon their banking
business if they knew, in advance, that a suspension of specie payments
would inevitably produce their civil death.
“ But the effects of the revulsion are now slowly and surely passing away.
The energy and enterprise o f our citizens, with our unbounded resources,
will, within the period of another year, restore a state of wholesome in­
dustry and trade. Capital has again accumulated in our large cities. The
rate of interest is there very low'. Confidence is gradually reviving, and
so soon as it is discovered that this capital can he profitably employed in
commercial and manufacturing enterprises, and in the construction o f rail­
roads and other works o f public and private improvement, prosperity will
again smile throughout the land. It is vain, however, to disguise the fact
from ourselves, that a speculative inflation in our currency, without a cor­
responding inflation in other countries whose manufactures come into
competition with our own, must ever produce disastrous results to our
domestic manufactures. No tariff, short of absolute prohibitiou, can
prevent these evil consequences.”
TABLE NUMBER I.
STATEMENT, IN MILLIONS ON DOLLARS. OF THE VALUE OF THE PRODUCTS AND MANUFACTURES
OF THE UNITED STATES, GREAT BRITAIN, AND FRANCE, RESPECTIVELY, (EXCLUSIVE OF COIN
AND BULLION,)

EXPORTED

DURING THE UNDERMENTIONED YEARS, W IT H THE AVERAGE

ANNUAL EXPORT DURING TEN YEARS, FROM
FROM

1843

TO

1847,

1827

TO

1836,

AND DURING THE FIVE YE ARS,

INCLUSIVE.

Years,
1827....................................... .................... .........
1827 to 1836, average annually.............. .........
1840 .............................................................. .........
1843 to 1847, average annually..............
1847 .............................................................. .........
1850 .............................................................. .........
1854 ..............................................................
1865 ..............................................................
1856 ..............................................................
1857 ..............................................................

1858 ............................................................. . . .

United States.
$ 5 7 .9
70.
111.6
150.6
134.9

Great Britain
and Ireland.
$ 1 7 6 .9
192.4
246.7
280.
34 5.5
485.
4 6 2 .5
55 9.7
590.7

Franca.
$ 9 5 .6
9 8 .3
15 3.5
168.
190.7
26 6.7
2 9 3 .8
363.
3 1 9 .5

261.3

POPULATION OF THESE COUNTRIES STATED IN MILLIONS.

In 1827.......................................
1840......................................
1857......................................
1858......................................




23.5
27.5
30.

82.
34.
36.

United States, Great B ritain, and France Compared.

167

VALUE OF EXFORTS TO EACH PERSON.

In 1827.................................................................
1840.................................................................
1856 ..............................................................
1857 ..............................................................
1858 ...............................................................

$5
6
9
9
8

00
56 .
80
95
72

$7 50
9 00
18 75
19 69
.........

$3
10
890
.........

The semi-annual returns o f the exports of domestic products and manu­
factures from Great Britain and Ireland for the six months ending June
30th, 1858, were officially stated and published in the London Economist
for July 31st, and were received and a general statement published in the
United States early in September last; and like returns for the month of
September, and for the quarter ending September 30th, were published in
the National Intelligencer o f November 20th. The results, compared
with the two previous years for six months ending June 30th, for three
months ending September 30th, and for the nine months ending Septem­
ber 30th, are as follows :—
TABLE NUMBER II.
For Sd quarter.

For 9 months.

1856 .........................................................
£53,968,416
£30,938,889
1857 .........................................................
60,826,381
34,909,211
1858 .............................................................
63,467.804
32,842,525

F or 6 months.

£84,906,605
95,735,592
86,310,329

The importance of the United States market is clearly shown by these
returns. The Economist remarks :—
“ These figures appear to furnish another proof, in addition to many
others, of the very sound state of the general trade of the world, with
the single exception of the United States, and of some parts of the North
of Europe, at the time when the commercial crisis o f last autumn broke
upon the country with so much violence. Generally there is still a great
decrease in the shipments to the United States, and some decrease to the
overloaded Australian markets ; but the small amount o f the aggregate
increase shows the great advantage which we now enjoy, as compared
with former times, in possessing such numerous channels for our trade.
Notwithstanding the depressed condition of two o f our most extensive
markets, yet the reduction in the whole shipments o f the month doe*
not reach 6 per cent.”
The Economist compiled from the returns the value of over twenty of
the principal exports from the United Kingdom of Great Britain and
Ireland to the United States, as compared with the exports to all other
countries, during the six months ending June 30th, 1858, compared with
the same period in 1857 :—
IN SIX MONTHS OF 1857.
To the United States....................................................................................
To all other countries....................................................................................

£9,762,219
28,212,204

IN SIX MONTHS OF 1858.
To the United States....................................................................................
To all other countries...................................................................................

£4,791,12*
29,683,77*

These returns of British commerce show the immense exports o f Great
Britain to the United States, amounting to about $48,000,000, during
the six months from January 1st to June 30th, 1857, and about $24,000,000
during the same period in 1858. They show also the reason of the great
anxiety of the people of Great Britain to impress upon the American
people the doctrines of free trade.




168

Commerce, Commercial P olicy, and Industry o f the

It is very remarkable that though we have the returns o f British ex­
ports up to the 30th of September, we have not received the returns o f
the exports o f our own country to any later period than the 30th of June
last. The British government make up and publish monthly statements
of exports, but our Secretary of the Treasury makes and publishes only
annual reports o f our exports and imports. Every collector is required
to make to the Secretary monthly reports of exports and imports and
duties collected, and we have through the newspapers monthly reports
of the exports, imports, and duties collected at the port o f New York ;
and no good reason exists why we should not be favored with monthly
reports of all the exports and imports of the United States, and the amount
of duties collected.
Is it not time for Congress to act in this matter,
and to require the Secretary to make and publish such monthly reports ?
On comparing the domestic exports (other than coin and bullion) from
the United States during the last nine months reported, ending June
30th, 1858, with the exports from Great Britain of domestic products
and manufactures, during the nine months ending September 30th, 1858,
the result is as follows :—
From the United States.

From Great Britain.

$211,385,000

$414,288,000

On looking at the returns of British commerce it will be seen that the
domestic exports of Great Britain have been greater during the year
1858 than they were in 1856, and that to all parts o f the world, except
to the United States, their exports have been larger during the present
year than they were in 1857. The failure of great numbers o f their
American customers and debtors, and the falling off o f the American
market, and the panic in this country, caused a shock, a temporary
panic, revulsion, and great numbers of failures in Great Britain; but the
result shows that the industry, commerce, and business o f Great Britain
has entirely recovered, and is as sound and flourishing as they ever were,
while the industry, commerce, and business o f the United States remain
nearly as much depressed as they were a year since. The President does
not pretend that either our commerce or industry has revived much. He
says :— “ Capital has again accumulated in our large cities. The rate o f
interest is there very low. Confidence is gradually reviving, and so soon
as it is discovered that this capital can be profitably employed in com­
mercial and manufacturing enterprises, and in the construction of railroads
and other works of public and private improvement, prosperity will again
smile throughout the land.”
It may well be doubted if the discovery will be made very soon, that
capital to any great extent can be profitably employed in commercial and
manufacturing enterprises, until we have a change o f our commercial
p olicy ; and though we may have in the United States hundreds o f mil­
lions of capital loaned at from four to six per cent interest, and large
amounts entirely unemployed, constantly seeking investment, it is to Be
feared that the effects o f the revulsion of 1857 will be similar to that o f
1837, and will continue to depress our industry, commerce, and the value
of our property for years, as was the case from 1837 to 1842, W ith
their cheap labor, great numbers o f skilled manufacturing laborers and
miners, immense capital and facilities for manufacturing, and numerous
colonies and extensive markets to consume their products and support
their industry, the people of Great Britain can manufacture much cheaper




169

United States, Great Britain, and France Compared.

than the people of the United States, and they will continue to supply
our markets with all the goods we can pay for, and will undermine, sup­
plant, and prevent the growth of American manufactures for years to
come, and until the prices of labor in the United States shall have been
reduced to the level of the pauper labor o f Europe, unless our commer­
cial policy be changed.
ON THE CHARACTER OF THE EXPORTS AND IMPORTS OF THE UNITED STATES,
FRAN CE, AND GREAT BRITAIN.

Let us analyze the exports and imports of the United States, France,
and Great Britain, and examine their character, and the condition, in­
dustry, and policy of these countries respectively, in order to ascertain
the influence of their commercial policy upon their national industry and
prosperity.
TABLE NUMBER III.
STATEMENT, IN MILLIONS OF DOLLARS,

OF

THE VALUE

OF

THE

IMPORTS

INTO FRANCE

FOR HOME CONSUMPTION AND MANUFACTURE, DURING THE UNDERMENTIONED TEARS AND
PERIODS.

Average annually.

1827.

1841 lo 1847.

1847.

Materials to be manufactured.......................
Raw materials for consumption...................
Manufactured products.................................

fill.
46.6
10.3

$103.
71.3
9.3

T otal........................................................

$167.9

$183.6

TABLE NUMBER IV .
STATEMENT, IN MILLIONS OF DOLLARS, OF THE VALUE OF THE EXPORTS, THE GROW TH, PRODUCE,
AND MANUFACTURE OF FRANCE, DURING THE FOLLOWING TEARS AND PERIODS.

-------Average annually.------- »

4

1827 to 1831. 1843 to 1847.
Natural products.................................
Manufactured products..................... ..................
Total...............................................

64.5

$35.9
117.1
$153.

1847.
$36.
131.5
$167.5

More than half of all the exports o f France consist o f manufactures o f
silk, cotton, wool, flax and hemp, and leather; and their exports have in­
creased with the increase of their manufacturing industry. Nearly all
the increase of their exports consists in manufactured products; and nearly
all the increase in their imports consists in coin and bullion, and in raw
materials to be manufactured, and in raw materials and products for con­
sumption.
The uniform policy o f the government for centuries has
been to admit raw materials to be manufactured free of duty, and to im­
pose heavy duties on imports of manufactured articles, with a view to
secure their own markets for the benefit o f their own manufacturers, in
order to promote and increase their own industry, and to impose moderate
duties, for revenue only, on unmanufactured products imported for con­
sumption. This policy has increased the industry and commerce of France
with truly wonderful rapidity, as is shown in tables i., iii., and iv .; the in­
crease of their exports and imports being a certain index of the increase
of their industry.
COMMERCIAL PO LIC Y.

The commercial policy o f Great Rritain from the time o f Cromwell
(1651) to the year 1846, was the same as that of France; under which




170

Commerce, Commercial P olicy, and Industry o f the

their manufacturing and mining industry and commerce increased with
unexampled rapidity, as is shown in table i. In 1840, they reduced their
duties on many articles of foreign manufacture, and made a great flourish
o f trumpets upon the subject o f free trade, with a view to operate upon
the opinions and policy of other nations of Europe, as well as upon the
United States. Nearly all their imports consist of raw materials to be
manufactured, unmanufactured products for consumption, and coin and
bullion, to make up the balances due them for their exports. They ex­
port no lumber or products of the forest; no products of the sea, except
some herring and other fish; and no products o f agriculture, as a general
rule, except a comparatively small quantity of wool, and some few animals.
They export large quantities of salt, coal, and culm, but about ninety-five
per cent of their exports o f domestic products consist of manufactures of
various kinds.
O f their immense exports in 1856, valued at about
$560,000,000, (as stated in table i.,) not over $30,000,000 consisted of
raw and unmanufactured products, and about $530,000,000 o f manufac­
tured products; o f which about $184,000,000 consisted of cotton yarn
and manufactures of cotton.
EXPORTS OP THE UNITED STATES CLASSIFIED.
TABLE NUMBER V.
STATEMENT EXHIBITING THE VALUE IN MILLIONS OF DOLLARS OF THE DIFFERENT CLASSES
OF DOMESTIC PRODUCTS EXTORTED FROM THE UNITED STATES DURING THE FOLLOWING
FISCAL YEARS, ENDING ON THE 3 0 l H OF JUNE.

1850.

1855.

1857.

Products of the sea...............................
“
“
forest...........................
Cotton......................................................
T o b a cco ................................................ .
Other products of agriculture..............
Other manufactured products.............
Manufactures of cotton.........................
Other manufactures...............................

1847.

$2.8
7 .4
72.
10.
26.5
.9
4.7
10 5

$3.5
12.6
88.1
14.7
42.5
2 .4
5 .8
23.

*3 .7
14.7
131.5
20.3
75.7
2.1
6.1
24.7

Total................................................
Domestic coin and bullion...................

$134.8

$192.6
54.

$278.9
60.

Total domestic exports.................

$136.8

$246.6

$338.9

2.

Let us now analyze the exports of the United States for the last fiscal
fear, ending June 30th, 1858, as far as the little information furnished
iy the Treasury Department will perm it:—
Coin and b u llion ........................................................................................
Foreign merchandise and products re-exported....................................
Cotton...........................................................................................................
Tobacco, flour, grain, and provisions of all kinds, domestic manufac­
tures, fish, lumber, and all other products........................................

$52,633,147
20,660,241
131,386,661

Total value of exports.......................................................................

$324,644,421

119,964,372

A t least ninety-nine per cent o f all the cotton exported is raised in the
southern slave States, south of the 35th degree o f latitude, which have
less than one-sixth part o f the population o f the United States. All the
rice, and some of the tobacco, come also from the southern slave States,
leaving only about $115,000,000 worth o f products exported to foreign
countries produced in the free States and the northern slave States, which
have more than five-sixths o f all the inhabitants of the United States.




,

United States Great Britain, and France Compared.

171

The cotton planting States, with about 16 per cent o f our population,
produce about 54 per cent of our domestic exports; while the free States,
with sixty per cent of the whole population, who consume sixty per cent
or more of the imports, produce, other than gold, only about thirty-two
per cent of our foreign imports. These facts show that the interests of
the free States, as also the interests o f the northern slave States, are
sacrificed upon the altar o f free trade, to conciliate the manufacturing
nations o f Europe, and procure markets for southern cotton. The northern
slave States receive a partial remuneration by reason of a market for
their slaves in the cotton and sugar planting States; but the free States
derive no advantage whatever from the free trade policy o f the govern­
ment. How long is this delusive policy to be continued ?
The passage of the free trade revenue tariff o f 1846, adopting ad
valorem in the place of specific duties, abandoning the system of incidental
protection and encouragement to our own industry, encouraging the im­
portation of manufactured products rather than raw materials to be
manufactured, and thereby encouraging and promoting foreign industry
in preference to the industry of our own country, and subjecting our
manufacturers to free competition with the cheap labor, immense capital,
and greater facilities for manufacturing of Great Britain, France, and Ger­
many, have entirely ruined, supplanted, and destroyed the manufacture of
all the finer fabrics of both cotton and wool in the United States. It is
said that there is not a broadcloth factory now in operation in our
country, and there has not been for some years past; nor is there a cotton
factory or printing establishment in which the finer qualities of cotton
goods and calicoes are either made or printed. Some coarse and common
woolen goods, cassimeres, and sattinetts, and negro cloths are manufac­
tured in the United States; large quantities of common and coarse sheet­
ings and shirtings, and other common cotton goods are also manufactured
here, and some coarse calicoes are printed in our own country; but we
make no fine broadcloths, or other fine woolen or worsted goods, no fine
cotton goods, and print no fine calicoes.
All the fine broadcloths, cas­
simeres, and other fine woolen and worsted goods, as well as all the fine
calicoes and other fine cotton fabrics, consumed in the United States, are
imported from Great Britain, France, aud Germany.
The withering and blighting influence of the "tariff of 1846, and the
commercial policy adopted by it, upon our cotton manufacture, may be
understood and realized from a careful consideration o f the facts and
figures contained in the following table of the increased exports o f cotton
goods from Great Britain to the United States since the year 1846, com­
piled Irom official documents published in Burns' Commercial Glance, a
paper published in Manchester, (England,) under the patronage of the
Manchester Chamber of Commerce:—
TABLE NUMBER V I.
STATEMENT, IN MILLIONS OK YARD S, OF THE EXPORTS OF COTTON GOODS FROM GREAT BRITAIN
TO THE UNITED STATES, DURING THE UNDERMENTIONED YEARS.

Plain calicoes.

1844
......................................
1845
......................................
1848................................................
1854
.....................................
1855
.....................................
1856
......................................




10,000,000
12,000,000
10,000,000
70,000,000
81,000,000
85,000,000

Printed and
dyed calicoes.

Total, in yards.

12,000,000
13,000,000
13,500,000
78,000,000
81,000,000
97,000,000

22,000,000
25,000,000
23,500,000
148,000,000
162,000,000
182,000,000

172

Commerce, Commercial P olicy, and Indu stry o f the

Showing an increase in ten years, since the passage of the tariff of
1846, o f nearly eight hundred per cent.
The following table of imports o f cotton and woolen goods, iron, and
manufactures of iron into the United States at different periods, compiled
from the reports o f the Treasury Department, will show the reader the
extent to which foreign goods have supplied our markets and supplanted
our own manufactures o f cotton, wool, and iron :—
TABLE HUMBER V II.
STATEMENT OF THE VALUE OF WOOLEN GOODS, COTTON GOODS, IRON, AND MANUFACTURES OF
IRON, IMPORTED INTO, AND CONSUMED IN , THE UNITED STATES, DURING THE UNDERMEN­
TIONED FISCAL YEARS, ENDING JUNE 3 0 T H , THE RE EXPORTATIONS BEING DEDUCTED FROM
THE GROSS VALUE OF THE IMPORTS, AND THE AMOUNT STATED IN MILLIONS OF D 0L L A R 8',
ALSO THE TOTAL OF THOSE THREE CLASSES OF IMPORTS CONSUMED.

Fiscal
years.
1 8 2 1 .............................
1830 .............................
1835 .............................
1840 .............................
1 8 4 1 .............................
1842 .............................
1844 .............................
1845 .............................
1846 ........... .................
1847 .............................
1850 .............................
1854 .............................
1856 .............................
1857 .............................

Woolens.

Iron & manu- Total of the
Cottons, factures of iron, three classes.
$ 7 .6
$ 3 .2
$ 1 8 .2
7 .8
5 .9
1 9 .4
15 .4
8 .9
4 2 .1
6 .5
8 .2
2 3 .7
8 .9
3 1 .6
11 .7
9 .6
7 .5
2 5 .5
13 .2
25.
2 .4
13.36
2
7 .9
4 .0 7
1 2 .9
2 6 .6
3 .7
34.
14 .7
8 .7
1 0 .9
4 7 .6
19 .7
3 2 .6
2 8 .3
9 1 .9
2 1 .6
7 6 .S
2 4 .3
28 .1
2 3 .3
8 2 .2

The imports into the United States during the fiscal years 1857 and
1858, ending June 30th, were as follows:—

1857.

1858.

$294,160,835
54,267,507
12,461,799

$202,293,875
61,044,779
19,274,496

Total................................................................
$360,890,141
Exports, as heretofore stated....................................................

$282,613,150

Dutiable g o o d s .......................................................
Free goods................................................................
Coin and bullion.....................................................

324,644,421

This shows an excess o f exports over imports of $42,031,271. But it
should be borne in mind that the foreign debt o f our country, in its na­
tional, State, corporate, and individual capacity, exceeds $400,000,000,
the annual interest on which is about $25,000,000 ; so that, with all the
efforts of our people to economize, to lessen their consumption of foreign
products, the foreign debt of the country has not been reduced during
the year more than about eighteen or twenty millions of dollars.
IRRESISTIBLE LAWS OF TRADE.

The imports during the last fiscal year ending June 30th were
$78,276,991 less than they were during the next previous year, (1857.)
W hy did the imports fall off, when the duties were reduced by the tariff
of 1857 ? No reasons can be assigned but the panic, revulsion, prostra­
tion of business and industry, our large foreign debt, the shock o f our
credit, the inability o f many o f our merchants to pay, and the anxiety
of foreign manufacturers to collect their dues rather than make new sales
on credit.




United States, Great Britain, and France Compared.

173

The President says in his message— “ It is self-evident that when there
is no ability to purchase manufactured articles, they cannot be sold.”
This self-evident truth is well illustrated by the present condition o f our
country, with its industry, business, and energies paralyzed by excessive
importations of foreign goods, and the accumulation of an immense for­
eign debt. This truth is also illustrated by the condition of our country
and its industry during the revulsion from 1837 to 1842. W hile the in­
dustry and energies of a country are undermined and greatly impaired,
its imports must soon diminish, even under a reduction o f duties, and an
approximation to absolute free trade; for the reason stated by the Presi­
dent, that when the ability of a nation to pay for foreign products is
greatly impaired, their sale must diminish, and imports must necessarily
decline. This truth is illustrated by the foregoing table, showing that
our imports, under the low duties o f 1840, 1841, and 1842, were but
little more than half as much as they were under much higher duties in
1835. A ll attempts of the advocates o f free trade to increase the ag­
gregate amount of customs by a reduction o f duties, and an increase of
imports, have proved delusive, have had only a temporary effect, and
been defeated by the operation o f the laws of trade, expressed in this
self-evident truth.
TABLE N O. V III. '
STATEMENT, IN MILLIONS OK DOLLARS, OF THE VALUE OF PRODUCTS AND MERCHANDISE, E XCLUSIVK OF SPECIE, IMPORTED INTO THE UNITED STATES, GREAT BRITAIN , AND FRANCK,
RESPECTIVELY, FOR CONSUMPTION AND MANUFACTURE, DURING THE UNDERMENTIONED
YEARS.

18 27..............................................................
1840..............................................................
1845..............................................................
1843 to 1847, average annually.............
1850..............................................................
1 8 5 5 ..............................................................
1856..............................................................
1857............................................ .................
1858..............................................................

United States.
56 .
8 8 .9
10 1.9
105.
163.
233.
298.
3 3 6 .9
24 2.7

Great Britain.*
168.
257.
283.
....

....
41 1.
510.
42 4.

France.
78.

...
156.
147.
300.
879.
360.

....

I am not able to state the precise value of the imports into Great
Britain since 1846, but have estimated them for the years 1856, 1857,
and 1858, at twice the reported amount o f the imports for the first six
months of those years respectively. It may be stated, as a general rule,
that the imports (including coin and bullion) of every nation must (du­
ring a series of years) about equal in exchangeable value its exports. If
the imports are less than its exports, the people of other nations are be­
coming its debtors; if they are greater than its exports, its people are
becoming involved in debt to foreign nations. Hence, we may judge of
the value of the imports into Great Britain by the value of their exports,
as stated in table i.
On examining the last table, the remark may be made, that the imports
into Great Britain seem much more excessive than those into the United
States, and the imports into France quite as excessive. W h y have not
those countries also been embarrassed by excessive imports?
Great
Britain was very much embarrassed in 1847, and there were great num­
* The official values arc given for Great Britain, but they do not probably differ very much
from the actual values.




174

,

Commerce, Commercial P olicy and Industry o f the

bers of failures, in consequence of the excessive importation o f breadstuffs, and very large exportations o f coin to pay the balance o f trade
against them. But, as a general rule, Great Britain and France are not
embarrassed, but enriched, by large imports, because—
1st. Their manufacturing industry being enormously great, their ex­
ports are very large, as shown in table i., and the balance of trade is in
their favor in at least nine years in ten ; and large as their imports of
products are, they get a large amount of specie also, to pay for the bal­
ance of trade in their favor.
2d. They import nothing which they can produce in sufficient quanti­
ties to supply their wants; they import nothing which interferes with,
lessens, or supplants their industry. On the contrary, they import un­
manufactured products, which they cannot produce, or cannot produce in
sufficient quantities to supply their wants; and also import cotton and
other raw materials to be manufactured, and thereby promote and increase
their industry, increase the products of commerce, increase their exports,
and increase their ability to pay for foreign goods and products. In all
these particulars their policy is directly opposite to that o f the policy of
the United States, as expressed in the tariffs of 1846 and 1857.
It is not in my power to explain this part of the subject any better
than by the following quotation from pages 378 and 379 of my volume
of “ Essays on the Progress of Nations,” published in 1852 :—
THE EXPORTS OF A COUNTRY DEPEND ON THE CHARACTER, VARIETY, AMOUNT,
AND PRICES OF THE PRODUCTS OF ITS INDUSTRY.

“ The extent and value of the exports o f a people depend on the amount
and character of their productive industry; on the adaptation o f their
products to the wants o f the people of other nations; and the facilities
for exporting them. The greatest proportion of agricultural products of
countries lying in cold and temperate climates are so bulky and cheap,
that they will not bear transportation to distant markets, and hence agri­
cultural countries o f high latitudes have but a small amount of exports.
“ The quantity and value of the exports of all great commercial na­
tions depend, first, on the extent, variety, and skill of their mechanical,
manufacturing, and mining industry, and the adaptation o f their industry
and their products to the w'ants and tastes of the people o f other nations ;
secondly, on the effective demand of foreign nations and colonies for their
products; and, lastly, on their Capacity to sell as cheap, or cheaper, than
their rivals, and to compete successfully with them in foreign markets.
“ These causes and conditions depend on others, as antecedents ; on the
natural resources, climate, and condition of a country ; on the advance­
ment made by the people in the sciences and useful arts; on their skill,
habits of industry, genius, and enterprise; on their imports, and the
adaptation of their laws to develope their natural resources and promote
their industry; and on the capital accumulated, and the machinery em­
ployed by them. Secondly, on the numbers, wants, tastes, customs, in­
dustry, resources, and condition o f their customers in foreign countries
and colonies; and, lastly, on the geographical position o f a country, in
reference to other countries; upon its navigable rivers, harbors, bays, ca­
nals, and other facilities for internal and external communications; on
the commercial genius and spirit of the people, and the adaptation of
their laws and institutions to the purposes and pursuits of commerce.




United States, Great Britain, and France Compared.

175

ON W HAT THE IMPORTS OP A COUNTRY DEPEND.

“ The imports o f a country depend—
“ 1st. On the wants, tastes, habits, customs, and spirit of the people.
“ 2d. On the resources o f the country, the industry and condition o f
the people, and their capacity to supply a greater or less number of their
own wants.
“ 3d. On the productive industry o f other nations with which they
have commerce, and the prices at which those nations respectively sell
their products.
“ 4th. The quantity imported of any particular article which comes in
competition with domestic products, depends much on the amount of
duties levied on it, and the encouragement thereby given to domestic in­
dustry, to produce a similar article to supply the market.
“ 5th. The aggregate amount and commercial value o f the imports of
a country may be lessened for a few years, by high duties levied on arti­
cles which come in competition with the products o f its own people;
but such aggregate value cannot be lessened during a period of ten years
or more. The amount must finally depend on the value o f its exports,
and its ability to pay for a greater or less amount of imported articles.
Exports, imports, and domestic production, are all, in some measure, mu­
tually dependent on each other. Production, and the wants o f other
nations, determine the amount o f exports; and the commercial value of
the exports of a country, taking long periods into consideration, deter­
mines the aggregate amount and commercial value o f its imports. Though
duties lessen the importation o f some articles, yet their indirect effect is
to increase the importation o f others, or of specie.
“ 6th. Duties on imports, which tend to lessen the importation o f such
articles as come in competition with domestic products; to secure the
domestic market to our citizens; and to diversify as well as to increase
the industry of the nation; tend also to prevent the accumulation o f a
foreign debt, to increase the wealth o f the people, to increase the pro­
ducts of the country for exportation, to increase its exports, to increase
its ability to pay for imports, and finally, to increase the aggregate
amount and value of its imports. The duties effect some change in the
character of its imports, and for a few years lessen their amount, but
they finally (taking a long series o f years into consideration) increase
their aggregate amount and value. These truths are illustrated by the
commerce o f Great Britain, France, and Belgium. The commerce and
the productive industry o f all those countries have grown up under the
protecting system.”
BALANCE OF TRADE---- HOW IT MUST BE P A ID .

The balance o f trade against a country must be eventually paid in
coin and bullion, or bankruptcy. Mexico, Spain, and many other coun­
tries, have paid the British pretty extensively by bankruptcy, for goods
and loans also ; but as long as they could pay, they were drained of their
specie to make payment.
The imports of coin and bullion into Great Britain have been reported
as follows:—
1854 ...................................................................
1856 ...................................................................
1856 ...................................................................




£23,900,000, equal to $115,600,000
22,800,000
“
107,800,000
25,600,000
“
123,700,000

176

Commerce, Commercial P olicy, and Indu stry o f the

I am not able to state the exports o f coin from Great Britain, as it is
not officially reported, but the accumulation there has been very great
since the close of the Russian war.
The gold and silver coin and bullion imported into, and exported from,
France during nine years, from 1849 to 1857, inclusive, have been re­
ported as follow s:—
Gold.

£154,380,000
34,944,000

Silver.

Total.

£64,883,000
78,864,000

£219,263,000
113,808,000

Excess imported..................................................................................
Equal, in federal money, to................................................................

£105,455,000
$606,000,000

During the same period of nine years, the exports of coin and bul­
lion from the United States were.........................................................
And the imports were only.........................................................................

$325,127,610
53,727,477

Excess of exports of coin and bullion..............................................

$271,400,133

Imported..............................................
Exported...............................................

The foreign debt o f the United States, as near as I can estimate it from
our exports and imports, and stocks held abroad, amounted on the 30th
of June, 1849, to about $200,000,000, and on the 30th o f June, 1857, to
about $425,000,000— increase o f our foreign debt, $225,000,000 ; which,
added to the excess o f specie, $271,400,000, exported over and above the
imports, makes $496,400,000 as the amount o f the balance o f trade
against the United States during the nine years, when the balance of
trade, during the same period, was in favor o f France (as heretofore shown)
to the amount of over $500,000,000.
DEDUCTIONS AND CONCLUSIONS.

Such being the irresistible effects and tendencies o f the laws o f trade,
and so great the vigilance o f British, French, and other foreign manufac­
turers and merchants to supply our markets with all the goods our people
can pay for, there is no reason to expect any great change or improve­
ment in our manufacturing or mining industry, or in the prices o f our
agricultural products, for some years to come, unless we have a change
in the tariff and in our commercial policy. Nor is there any reason to
expect any great change in our foreign commerce, or increase in the
amount of either our exports or imports over the past year. W e cannot
expect much increase in imports, for the reason expressed in the self-evi­
dent truth stated by the President— that our imports, having been as
large during the past year as we can pay for, considering the large amount
of interest due annually on our foreign debt, no more goods will be sold
to our country for two or three years to come than wo can pay for.
Time, however, brings healing on its wings. An active, industrious,
intelligent, and enterprising people, like the citizens of the United States,
will eventually accommodate themselves to the condition of things, and
the circumstances in which they are placed. Labor has declined in price
from fifteen to twenty per cent; and when it shall have fallen from fifteen
to twenty per cent more, as it must and will, unless a change be made in
the tariff o f duties on imports, then the hum o f industry will soon be­
come again brisk and general.
It is now the 13th of December, yet we have no account o f the exports
and imports of the United States since the 30th of June last, though we
obtained, more than three weeks since, a general statement o f the do-




177

United States, Great Britain, and France Compared.

mestic exports of Great Britain for the month of September, and for the
quarter ending September 30th, 1858. W e have only the information
furnished by the Collector of the port of New York, o f our exports and
imports at that port during the last five months.
There has been a great falling off in the exports and imports at the
port o f New York during the present year, as compared with former
years:—
TOTAL VALUE OF EXPO RTS, EXCLUSIVE OF SPECIE, FROM THE PORT OK NEW Y O RK DURINO
THE UNDERMENTIONED PERIODS.

185G.
January 1st to March.............
A p r iit o J u n e ........ .................
July to September 30th . . . .
O ctober....................................
Novem ber................................
Total for 11 months........

1857.

1858.

$ 19.8 millions.
20.2
"
20.6
“
6 .4
“
7 .8
“

$ 1 9 .S millions.
18.8 “
15.8
“
7.5
“
6.8 “

$14. millions.
17.6
14.
“
6.7
3 .9
“

$74.8

$68 7

$55.2

“

“

“

The great falling off in the value o f our exports shows a diminished
ability to pay for foreign goods, and indicates that there will be a less
amount imported and sold during the present fiscal year than there was
during the past.
The imports at the port of New York have decreased much more than
the exports. The total value of the imports for eleven months o f the
undermentioned calendar years were as follows:—
1856.

1S57.

1858.

1st quarter...............................
2d quarter.................................
3d quarter.................................
October.....................................
N ovem ber................................

$51.9 millions.
44
56.4
44
64.9
u
13.8
u
14.5

$65.6 millions.
“
55.3
“
72.7
44
14.4
44
13.4

$29. millions.
32.7
“
63.6
“
13.5

Total 5 months fiscal y e a r.. .
Total 6 months previous year

$93.2
108.3

(4

Total 11 mos. calendar year..

$201.5

“

«

$100.5
120.9

44

44

$221.4

1 0 .6

“

$77.7
61.7

“
“

$139.4

“

The falling off in the cash duties received at the port o f New York
have been equal to the decrease in the imports:—
CASH RECEIPTS AT THE NEW YORE: CUSTOM-HOUSE FOR ELEVEN MONTHS OF THE CALENDAR

1858.

$19.3 millions.
44
13.2
44
.9
44
1.1

$11.1 millions.
9 .6
“
2.
“
1.7
“

GO

ten

YEARS.

1856.
1st 6 months to June 30 th .. .
3d quarter to September 30th
O ctober....................................
N ovem ber................................
Total for 11 months........

$22.6 millions.
14.4
“
3.4
44
2.8
$43.2

«

$34.5

44

$24.4

“

During the fiscal year ending June 30th, 1857, the imports into the
port o f New York were equal to about 621 per cent o f all the imports
into the United States, and during the last fiscal year the imports into
New York constituted COf per cent of all our imports.
The value of imports into the port of New York during the month of
December o f the last four years averaged about $11,500,000. The total
value o f the imports into New York during the present calendar year
VOL. XL.---- NO. II.
12




178

Commerce, Commercial P olicy, etc., o f the United States.

will not probably exceed, but fall short of, $150,000,000, and the cash
duties will amount to about $26,100,000. Calling the imports and duties
collected at New York 60 per cent of the whole imports and customs of
the United States, and the result will be as follows, for the calendar year
ending December 31, and probably about the same for the fiscal year
ending June 30th, 1859 :—
Imports.

Cash duties.

A t New Y o r k ...........................................................
A t other ports............................................................

$150,000,000
100,000,000

$26,100,000
17,400,000

Total in United States................................

$250,000,000

$43,500,000

The value of our exports of cotton reached a higher figure during the
last fiscal year than they ever did during any previous year, with the sin­
gle exception of the fiscal year ending June 30th, 1857. Grain, flour,
and provisions are all low' in Great Britain, and there is very little de­
mand in Europe for American products, except cotton and tobacco. Hence
there is good reason to believe that our exports will be much less in value
during the present fiscal year than they were during the past year; that
our imports will decrease with our diminished ability to pay for them ;
that our imports will not probably exceed $225,000,000; and that the
revenue received from customs will not exceed $40,000,000, and may fall
short of that sum.
In December, 1857, when nearly hall <1 the last fiscal year had expired,
the present Secretary o f the Treasury estimated the expenditures o f the
government for the year at $74,903,058, and the income from duties on
imports at $51,573,729. Ho now reports the expenditures at $81,585,667,
and the income from customs during the year at only $41,789,621 ; show­
ing an over-estimate o f incomes from customs o f $9,784,108, and an un­
der-estimate of expenses o f $6,622,609. He estimated, also, the income
from the public lands at $5,059,449, which was an over-estimate o f about
$2,000,000; showing errors in Mr. Cobb’s calculations and estimates of
about $18,400,000.
The expenses o f the government during the first quarter of the present
fiscal year, from July 1st to September 30th, have been reported at
$20,698,000 over and above redemptions of Treasury notes and payments
upon the national debt. Hence there is reason to believe that the total
expenditures of the government for the year will exceed $80,000,000, and
that the revenues from customs will not much exceed $40,000,000. How
is the deficiency to be supplied ?
e . c. s.
A nn A bbob, M ichigan , December 13th, 1858.




Commercial and Industrial Cities o f the United States.

179

Art. III.— COMMERCIAL AND INDUSTRIAL CITIES OF THE UNITED STATES.
NUM BER

MOBILE,
S E T T L E M E N T OF T H E

L X I.

ALA B A MA .

C IT Y — V A R I O U S G O V E R N M E N T S — T H I R D

E X P O R T C IT Y — R IV E R

S I T E O F T H E C I T Y — G A S — W A T E R — M O B IL E A N D O H IO R A I L R O A D — S U R R E N D E R

M O B IL E — B A Y —

OF T H E C I T Y ,

1813—

C H A R T E R E D — S T A T E A R E A --F A R M 3 — P R O D U C T S — M A N U F A C T O R IE S — R IV E R S -N A V I G A B L E E X T E N T —
A M E R IC A N
T IO N OF

A G E OF

M O B IL E — C O M P A R A T IV E

1837—S T A T E

G R O W T H — IN T E R N A L

B A N K — T A X A T I O N — IN F L U E N C E

P O R T S — E X C H A N G E S U P P L Y — E X P O R T S OF C O T T O N IN

UPON

T R A D E — P O P U L A T IO N — S P E C U L A ­

C O T T O N — P R O G R E S S OF E X P O R T S — IM ­

1857-58—

C O M P A R A T IV E D E S T IN A T IO N — L U M B E R

— S T A V E S AND S P A R S— R E C E IP T S AN D 8T O C K — W E S T E R N P R O D U C E — TO N N A G E — CO TT O N C H A R G E S—
GROW TH

OF

M O B IL E

B AN K S— NEED

O F C A P I T A L — C O N D IT IO N OF T H E

B A N K S— S T A T E

AGENT— E X ­

C H A N G E O P E R A T IO N S — A N N U A L V A L U A T I O N — H E A L T H O F T H E C I T Y .

T h e city of Mobile was settled in 1711, and existed, during 102 years,
successively as a French, British, and Spanish possession, with very little, if
any, progress in either its social or commercial importance. Since that
period it has advanced in wealth and influence in a proportion which has
made it rank, in 1857, third among the cities of the Union, in respect of
exports of national produce. The situation of Mobile is one of the most
beautiful among the many attractive sites of American cities. The River
Mobile, finding its way to the Gulf, enters the magnificent bay of the
same name, which, putting in from the Gulf of Mexico, extends thirty
miles, with average twelve miles in breadth. A t the mouth of the bay
is Dauphin Island, on either side of which is a strait. That on the west
admits vessels drawing only five feet, but that on the east admits a draught
of twenty-two feet. A t the head o f this bay, at the point where the
river spreads into its bosom, and on the west side, is an extended and
beautiful plain fifteen feet above the highest tides. On that plain, fanned
by the refreshing breezes o f the bay, stands Mobile, commanding a mag­
nificent prospect.
It is gas-lighted, and draws its water through an
aqueduct eight miles from Spring H ill; and the Mobile and Ohio Railroad
issues northerly to connect it, on a straight line, four hundred miles shorter
than the serpentine Mississippi, with Cairo, Illinois, with Galena on the
west, and Chicago on the east, over the great Illinois Central Road, and
all the connections which that great work opens up.
The city of Mobile was surrendered to the Americans by Spain in 1813,
was chartered as a town in 1814, and incorporated as a city in 1819.
Twice it has suffered severely by fire, in 1827 and 1839, but each time it
has improved in beauty and convenience ; with its magnificent bay, into
which the Mobile empties itself after draining the vast and fertile territory,
which pours its produce into the lap o f the city which bears its name.
The State of Alabama is 50,722 square miles in area, and, according to
the United States census o f 1850, had under cultivation 4,435,614 acres,
divided into 41,964 farms, producing 225,771,600 pounds o f cotton,
28,754,048 bushels o f Indian corn, 294,064 bushels of wheat, 2,965,697
bushels of oats, 892,701 bushels o f peas and beans, 5,475,204 bushels o f
sweet potatoes, 261,482 bushels o f Irish potatoes, 8,242,000 pounds of
sugar, 83,428 gallons o f molasses, 4,008,811 pounds of butter, 2,311,252
pounds of rice, 164,990 pounds of tobacco, 657,168 pounds o f wool,
$21,690,122 live stock, $4,823,485 slaughtered animals, and $1,934,120




180

Commercial and Industrial Cities o f the United States:

home-made goods. There were also 1,022 manufactories; of which, 12
are cotton factories, producing 3,081,000 yards, and 7,900 pounds of yarn.
This vast and fertile tract is watered in the most thorough manner. On
the northerly and westerly side, the Black Warrior River rises and pur­
sues nearly a southerly course, parallel with the State line, until, merged
in the Tombigbee, it joins the Alabama fifty miles from Mobile, forming
the River Mobile. The Alabama crosses the State from east to west at
nearly its center, gathering in its course the waters of the Talapoosa,
the Coosa, and the Cahawba, which, rising in the north, run south,
parallel to each other until they strike the Alabama, to swell the
volume which, mingling with the Tombigbee, pours into Mobile Bay under
the name of the Mobile River. The Tombigbee and Black Warrior are
navigable to Tuscaloosa, 285 miles from M obile; and the Alabama to
Montgomery, 300 miles from Mobile. All these rivers are navigable for
flat-boats to a much greater distance. W ith such resources for com­
merce it is not surprising that Mobile should grow rapidly and steadily.
The Mobile. Register remarks :—
“ Mobile, as an American city, is about forty-five years old. A man
of that age is considered in the prime o f life. In the life of a city, fortyfive years are but a day. True, some of our Western cities have sprung
into existence yjithin that time with almost magic power of increase.
They are exceptional, and owe their growth and wealth, like Chicago, to
their being great centers of trade.
It may be that there are positive
social advantages in slower growth, and that cities, no more than natural
bodies, may violate those laws of progression by which a sound maturity
is to be obtained.
“ When the American army, under General Wilkinson, took possession
of Fort Charlotte, in the year 1813, and the Spanish ensign gave place,
on the flag-staff o f the venerable fortification, to the stripes and stars,
the whole population of the town o f Mobile was gathered, in not very
sightly edifices, around it as a sort of nucleus, and numbered about four
hundred souls.
“ The ‘ change of flag’ produced a change of population ; activity suc­
ceeded the inertness of free commerce, the close restriction of Spanish
rule. The population of the older States flowed in upon the rich alluvial
of the Alabama and Warrior and B igbee; and merchants and traders
settled in many places, forming speedily little communities of traffic and
intelligence. The rivers flowing to the Gulf teemed with barges and flatboats, and the long and arduous passage down, and the still more toilsome
struggle up stream, poling and hugging the river banks, were the means
and ways to market. But what impediments can resist the influences of
trade ? Then, happily, came the steamboat to relieve the brawny arm of
the bargeman, and to give fitter employment for his river craft, as the
pilot o f the new mode of transport. In 1821, there were two steamboats
plying from Mobile on the Alabama, Tombigbee, and Warrior Rivers, the
Harriet of forty-three tons, and engine of fifteen horse pow er; and the
Cotton Plant of eighty tons, and thirty horse power engine— both engines
on the low pressure plan. But these, with the flat-boats, were sufficient
for a trade of ten thousand bales o f cotton, and a little tar, pitch, and
turpentine, beeswax, hides, and tallow.”
The population of State and city has progressed as follow s:—




,

181

Mobile Alabam a.

1788.....................................................................
1820.....................................................................
1830........
1840....................................................................
1850.....................................................................
1855.....................................................................

.------------State.------------.
White.
Black.
.........
.........
85,451
42,450
190,406
119,121
335,185
245,768
426,514
346.111
464,456
377,248

City.
1,468
1,500
3,194
12,672
20,515
24,030

The State of Alabama, and the interests of Mobile, were much affected
by the speculations of the years which preceded the explosion of 1837,
and in which Alabama took part through the agency of the Farmers’
State Bank and branches, which, put into operation on State bonds as a
basis, was, as its projectors asserted, to earn enough to pay all the State
expenses, and taxes was repealed on the strength o f the savings o f that
institution. When the bubble burst, as a matter of course, taxation was
resumed, not only to pay State expenses but the losses of the bank. In
those years of excitement, the occupation o f new cotton lands with bor­
rowed money was the great Southern mania, and the population o f the
State, black and white, increased largely in the ten years ending with
1840, and the city of Mobile took a start at that period, the population
having quadrupled. The general export of goods has been as follow s:—■
EXPORTS OF MOBILE.

Average.
10 years to 1830 .........
“
“ 1840 .........
“
“ 1850 .........
1854..................................
1856..................................
1857..................................
1858.................................

Domestic.
$966,613
7,622,412
10,211,880
18,911,612
23,726,215
20,575,987
21,018,119

Foreign.
$8,329
2,539
4,291
7,955
242

Total exports.
$974,940
7,664,780
10,216,517
13,911,612
23,734,170
20,576,229
21,018,119

Imports.
$129,912
497,917
476,332
725,610
79.3,714
709,090
704,228

The year 1856 was that of the largest exports, and the last year, 1858,
has shown a higher figure for the exports of Mobile than any preceding
year, except 1856.
The imports into Mobile from abroad are very sta­
tionary. The largest imports were made in the year 1850, when they
reached $865,362. Of course, the large exports to foreign countries sup­
ply a corresponding amount o f exchange, which, sold at the North, com­
pletes the amounts due for purchases of goods. The exports consist
mostly of cotton, and these have been divided as follows :—
EXPORTS OF COTTON TO FOREIGN PORTS FROM MOBILE FOR TW O YEARS.

Where exported.

,— Year ending 31st August, 1857.— , ,— Year ending 31st August, 1858.— ,
Bales.
Pounds.
Value, doll’s. Bales.
Pounds.
Value, doll’s.

Great Britain........ 265,643 36,513,838 15,077,697 196,147
France................... 89,689 46,555,080 *5,137,902 88,794
Spain.....................
2,800
1,372,373
164,924
1,225
Russia....................
10,909
5,752,860
704,014 19,369
Holland.................
1,358
725,244
91,735
1,470
Belgium ...........................................................................
2,297
Hamtrg & Bremen
6,047 3,194,640
889,065
6,447
Sardinia <fc Denm’k
282
143,584
14,380
1,123
Sw eden.................
8,150
1,634,490
174,652
2,068
M exico..................................
............
..........
....
Trieste...................
7,187
3,683,344
400,841
145

96,792,292 12,724,232
46,208,991 5,500,069
611,112
86,464
9,852,726 1,248,938
750,544
91,136
1,157,501
161,424
3,285,410
403,666
670,838
74,200
1,088,260
122,825
............
............
72,994
9,614

Total foreign ports 387,015 199,575,273 22,155,214 319,085 100,341,298 20,013,448




182

Commercial and Industrial Cities o j the United States :

The total exports o f cotton from Mobile, for a number o f years, was as
follow s:—
COMPARATIVE V IE W OF THE EXPORTS OF COTTON FROM THE PORT OF MOBILE FOR THE LAST
F IV E YEARS.

Ports.

Liverpool.............bales
H ull................................
Glasgow.........................
Cowes, Cork, <fcc...........

1 8 5 7 -5 8
20c,391

. 1 8 5 6 -5 7 .
192,940

952
1,300

3,059

Total to Great Britain..

65,643

H a v re ............................

89,689

1 8 5 5 -5 6 . 18 5 4 -5 5 . 1 8 5 3 -5 4 .
340,802
213,646
227,462
6,133
5,695

1,632

195,999

351,690

215,248

231,230

88,662

95,021

10,074
1,016

76,752

132

2,250

2,768

Total to France.............

89,689

88,794

97,271

111,109

76,762

Rotterdam.....................
A n tw erp.......................

1,350

1,470
6'447
2,297

955
8,892

2,900
2,539

2,968
6,087

Trieste............................
Hamburg and Bremen.
Barcelona, <fcc................
Mexico and Stockholm.

7,419
6,047
2.286

1,939
2,818
8,777

5,709
3,894
8,538
268

15,796
1,225
145

2,510
10,779
5,017
7,381

Other ports...................

10,909
3’664

6,764

540

Total other foreign ports

31,683

34,144

36,074

13,973

28,981

New Y ork .....................
Boston............................
Providence...................
Philadelphia. .............
Baltimore........................
New Orleans.................
Other ports...................

14,852
26,159
12,202
2,377
2,220
67,451
3,151

28,736
48,782
22,245
7,523
6,361
43,040

28,507
64,628
17,672
2,975
4,548
73,707
3,585

31,654
26,958
15,875
2,403
3,824
32,087
1,800

35,419
43,198
23,406
6,047
3,921
64,800
2,870

Total coastwise............
T o ta l.....................

128,432
515,447

164,370
473,307

195,622
680,657

113,511
453,822

178,668
615,631

1,625

Mobile also exports lumber to the extent of 11,000,000 feet per annum,
and staves and spars for a sum of $300,000 per annum. The principal
receipts o f Western produce are as follows:—
IMPORTS OF SOME OF THE LEADING ARTICLES

OF WESTERN PRODUCE, PROVISIONS, AND

GROCERIES.

r

Articles.

B agging.........................................pieces
“
— India..............................bales
R o p e ................................................. coils
Bacon, sides and shoulders........... hhds.
JIams.............................................tierces
Beef................................................... bbls.
C offee...............................................bags
Cotton— Alabama 4 Mississippi.. .bales




Stocks.
5,858
665
8,930
601
210
190
3,500
10,673

-1858.- - - - - - - ,
Receipts.
18,853
5,375
37,607
7,430
3,037
1,837
29,877
523,049

r.--------

Stocks.
4,480

1857.Receipts.
16,424

....
4,981
274
183
67
6,335
4,497

88,235
18,221
3,782
1,225
28,940
484,595

183

Mobile, Alabam a.

Stocks.

Articles.

Cotton—Florida......................
Louisania and Texas.
Flour................................................bbls.
Alabama........................................
Corn— Alabama, shelled............... sacks
“
in ears............... bbls.
Western............................. sacks
O a ts .........................................................
H a y .................................................bales
Fodder ....................................................
L a r d .................................................bbls.
“ ..................................................kegs
Cheese..............................................boxes
B utter.............................................. kegs
Candles............................................ boxes
Cement..............................................bbls.
Lime— Alabam a....................................
Northern.....................................
Staves........................................thousand
Molasses............................................ bbls.
Potatoes....................................................
“
sacks
P o r k .................................................bbls.
R ic e ...............................................tierces
Sugar................................................hhds.
“
bbls.
Salt........................................ . . . . sacks
Whisky.............................................bbls.
W h e a t............................................ sacks

2,425
3,850
1,540
5,900
4,690
200
90
650
98
3,486
1,200
4,200
1,200
20
696
100
922
102
220
528
16,221
3,950

IBfiQ
Receipts.
9
472
76,714
2,788
45,250
36,430
62,242
44,912
23,709
1,111
2,828
8,749
15,317
3,501
16,674
12,000
20,853
9,432
385
40,488
30,779
1,379
27’050
2,088
8,025
6,504
116,227
25,679
898

Stocks.

1857 —.
Receipts.

1,192
470
800
60
4,604
8,178
1,658
....

63
355
3
226
1,940
630
900

69,703
2,346
34,871
1,900
108,065
27,280
25,472
351
2,094
7,551
7,436
2,527
8,230
4,919
20,891

....
60
237
897

193
6,871
16,753

397
114
216

12,914
2,410
7,169

....
32,631
6,185
80

180,537
29,180
1,954

The tonnage entered and cleared at the port of Mobile was as follows
for 18b 8 :—
ENTRIES AND CLEARANCES OF VESSELS, (EXCLUSIVE OF STEAMERS AND O TH ER CRAFT N A V I ­
GATING THE RIVERS AND B A Y ,) FOR THE YEAR ENDING 3 0 T H OF JUNE.

Countries.

American.............................
Foreign...........................
Coastwise..........................
Total.......................

*----------------- Arrivals.------------------ , ,-------------- Clearances.---------------«
Number
Number Number
Number
of vessels.
Tonnage, of crew, of vessels. Tonnage,
o f crew.

126
8,363
48
35,064
487 235,734
660

274.151

2,010
1,178
8,585
11,773

179
48
216

114,907
35,054
80,987

2,861
1,068
2,426

443

230,948

6,845

The enormous difference which appears between the number of coast­
wise vessels entered and cleared, is owing to the fact that all the mail
line steamers and schooners from New Orleans enter at the Custom­
house, and in no instance clear in returning.
These vessels load with cotton for various points o f Europe and America,
many foreign vessels taking Mobile in their way home from the W est
Indies, and cotton being the chief item, it arrives from the interior on
the river craft, and is deposited at the various presses and warehouses,
where it is charged twenty cents per bale storage for the season; com­
pressing, fifty cents per bale; extra ropes, six-and a-quarter cents per
bale ; labor on ships marked cotton, five cents per b a le; drayage, five
cents per hale; wharfage, five cents per bale; storage for cotton going
coastwise, five cents per b a le; turning out and restoring cotton, five cents
per bale; arranging, three cents per hale.
Mobile has not grown rapidly, but we think she has grown strongly,




184

Commercial and Industrial Cities o f the United States:

healthily, arid vigorously. If she has not had that rapid increase which
has marked some American cities, neither has she suffered like them the
evils of too rapid expansion. It is true that just before 1837, her people
grew wild with the rest, and with the aid of immense amounts o f paper
currency, put forth cheaply by the banks, especially the “ State Bank”
and its “ branches,” everything was held at fabulous prices. But no suc­
ceeding revulsion has caught the people o f Mobile. No overtrading has
been indulged in there, and when the commercial gale of 1857 came on,
it found her staunch and strong, and her merchants and banks securely
weathered the storm.
Her large business would seem to require a considerable banking capital,
and it is sometimes a cause of complaint that more is not inaugurated,
but the two banks o f Mobile seem to be quite adequate to the position.
These, at the last report, stood as follows :—
Bank o f Mobile.

Capital................................................................................
Loans..................................................................................
Stocks.................................................................................
Eeal estate.........................................................................
Due from banks................................................................
Notes o f banks.................................................................
Specie................................................................................
Circulation..................................................................
D eposits...........................................................................
Due banks
...............................................................

Southern Bank
o f Alabama.

$1,600,000
1,877,776
41,120
37,876
405,546
...........
495,765
654,490
458,474
...........

$600,000
1,261,178
.
25,000
549,646
89,860
487,756
709,725
659,399
156,484

The specie on hand was nearly equal to the deposits. The President of
the Bank of Mobile is the State agent for the payment of interest on
bonds, etc. The principal operations of the banks are in exchange, seeing
that the large exports o f cotton, with the small comparative amount of
imports, involves a large excess o f bills in the market. These find sale
through the banks at the North, mostly in New York, forming the basis of
domestic bills. The large amounts due the Mobile Bank from other banks
are chiefly the result o f these operations..
The assessed value of the city of Mobile for several years, according to
the Assessor’s books, has been as follows :—■
ASSESSMENT OF CITY TAXES FOE THE FOLLOWING YEAES.

1854.

1855.

1856.

1857.

1,023
1,105
1,077
Number o f polls......................................
11
13
n
12
Billiard, Spanish, or stick pool tables..
24
19
14
17
Ten-pin or bowling alleys, etc..............
54
56
....
Private boarding-houses, restaur’ts, etc.
$8,784
$8,088
$8,805
$9,310
Special taxon business or professions.
4,091
3,784
4,254
3,447
Number of slaves..................................
Value of slaves....................................... $1,927,900 $2,110,550 $2,258,400 $3,580,525
2,745,375 2,895,550 3,262,200 2,917,110
“
merchandise...........................
21,785
19,150
49,550
18,225
“
horses.....................................
27,765
24,575
44,302
22,226
“
carriages...............................
13,239,645
13,404,511
“
real estate.............................. 13,051,950 12,602,145
398,900
858,800
28,900
“
steamboats..............................
1,416,235
“
personal property................
....... ...............

The Assessor’s returns for the year 1858 are more specific than in pre­
vious years, hence we give the summary for the present year separately.
It will be seen that the poll-list has increased from 1,023 in 1856, to
1,497 in 1858




Mobile,Alabam a.

185

SUMMARY FOR 1 8 & 8 .

Assessor's f e e .....................................................................................................
Polls.....................................................................................................................
Value of machinery used for manufacturing, and stock on hand...............
“
vehicles, horses, mules, and jacks..................................................
“
furniture, plates, frames, watches, clocks, jewelry, etc..............
“
merchandise on hand.,................. ... ................................................
Assessment on billiard tables, ten-pinalleys..................................................
Gross income of foreign companies doing business in Mobile...................
Money loaned, or advanced, or laid up, or employed in buying paper
stocks, exchange, etc...................
Gross income derived from commissions, cotton presses, cotton pickeries,
sale of slaves, storage, professions, and all other sources.......................
Money invested in stocks of incorporated companies, or held as agent
or otherwise..................................................................................................
Plank and shell roads and machinery, steamboats, <Sc all other water-craft
Number of slaves 5,341—value.......................................................................
Value of real estate..........................................................................................

$52,275
1,497
32,110
170,020
435,406
3,123,705
1,190
79,151
762,800
1,867,360
994,585
593,200
3,494,280
13,402,635

Mobile has a busy, active, energetic, and intelligent population. And
notwithstanding the epidemic which has lately prevailed there for several
weeks, we can speak confidently of the general good .health of the locality.
There appears to be almost an entire immunity from fatal diseases o f the
lungs, and entire freedom, during all its visitations elsewhere, from epi­
demic Asiatic cholera.
But apart from those diseases, it may be here
remarked that in the city of New Orleans the yellow fever is an endemic,
and is epidemic almost every y ea r; that the disease appears in all the
Southern cities, from Charleston inclusive to the Rio Grande, occasionally,
and as often, in any of them as in Mobile, in which place it does not ap­
pear epidemically, except at intervals of several years. The city possesses
environs that are unexceled for beauty and salubrity, and remote and
still easily accessible.
The eastern shore of the beautiful bay for
a distance of nearly twenty miles, is lined with public houses and private
residences, built principally by citizens for summer residence, in which
comfort and good taste are predominant. W ith these resorts daily, in­
deed almost hourly, intercourse may be had by beautiful and safe lowpressure steamboats, and the merchant, trader, or professional man may
live comfortably, nay, luxuriously, with all the advantages of the country
and the seashore, with its delightful incidents of crabs and fish and oysters,
and salt-bathing, and yet be within a few minutes of the busy mart, the
mail, and the telegraph. Surely no seaport in the Union can vie with
Mobile in this respect, and the eastern shore o f Mobile Bay may challenge
all competition for its safety, its salubrity, the beauty of its situation,
the healthfulness of its climate, its balmy ocean breezes, its salt bath, its
pure springs of water, its natural douches flowing in perennial streams,
and withal, its convenient proximity to the city on which it is dependent.




186

The Production o f Gold and the Coinage o f Cold.

Art. IV.— THE PRODUCTION OF GOLD AND TnE COINAGE OF GOLD.
TOTAL

C O I N A G E S IN C E

1850—F IS H —

C A L IF O R N IA PR O D U C T — PA S SE N G E R S— E X P O R T S

A N D PR O D U C T8—

E X P O R T O F B A R S — C O I N A G E — F O R M E R U N I T E D S T A T E S C O IN A G E — E S T IM A T E F O R R U S S IA , A U S T R A L I A ,
1

F O R T H E W O R L D — C O I N A G E O F F R A N C E , E T C .— I M P O R T O F G O L D IN T O — E X P O R T F R O M U N I T E D 8 T A T E S —
C O R R E C T IO N O F O U R C O R R E S P O N D E N T — A L L T H E C O IN S N O T F R E S H G O L D — D I V E R S I T Y O F C O I N A G E —
T W O M E T A L S F O R C O IN S — M U L T I P L IC I T Y O F M I N T 8 — C O N T IN U A L R E C O IN A G E — N U M B E R O F N A T I O N A L
M IN T S — A C T I V E M IN T S — F R E N C H

C O IN A G E

C O R R E C T E D — B R IT I S H C O I N A G E

S T A T E S C O I N A G E C O R R E C T E D — R U S S IA N C O I N A G E C O R R E C T E D — T A B L E
S U P P L Y O F M E T A L S — D E P O S IT S I N

OF

C O R R E C T E D — U N IT E D

C O IN A G E

8 IN C E

1850—

U N I T E D S T A T E S M IN T S — M E T A L S R E C E I V E D — C O IN S U S E D I N T H E

A R T S — P R O D U C T IO N O F T n E U N I T E D S T A T E S M IN E S — C O IN S A N D B A R S — E X P O R T S O F U N I T E D S T A T E S
C O IN S — B A R S — F O R E IG N C O IN S — O F F I C I A L R E T U R N S — E R R O R O F O U R C O R R E S P O N D E N T — A U S T R A L I A —
M IN T S I N T H E C O L O N IE S — D U S T B E F O R E M IN T S — P A S S E N G E R S ’ A V E R A G E — G R E A T C H A N G E S IN C E

1852

— E S T A B L IS H M E N T O F C A L IF O R N I A M IN T — N E W Y O R K A S S A Y -O F F I C E — O L D P R I C E S O F G O L D — F R A U D S
— C O I N A G E I N S A N F R A N C IS C O — M IN T A T S I D N E Y — W H O L E P R O D U C T IO N O F G O L D — IT S D I S T R I B U T I O N
AS CURRENCY.

As considerable doubt has been expressed relative to the statement re­
garding the total product o f gold, since 1850, in the article in our last
issue, we subjoin the following explanation by the writer, in proof of the
correctness of his statement o f facts :—
The total gold coinage o f the different countries of the world, since
1850, according to the returns o f their respective mints, is as follows :—
France, 3,132,000,000 francs...................................................................
( R e v u e d es D e u x M o n d e s , table 11, page 670.)
United States...........................................................................................
(Report on the Finances, 1856-57, page 272.)
Great Britain. £61,000,000.....................................................................
Russia, 180,000,000 roubles....................................................................
(M e r c h a n t s ’ M a g a z i n e , volume xxxiii., page 614.)
Spain and other countries, (estimated,)................................................
(In Holland Belgium there has been no gold coinage since 1850.)

$623,000,000
468,000,000
292,000,000
120,000,000
147,000,000

Total gold coinage throughout the world since 1850.................
Bullion and dust.......................................................................................
Consumed in the arts, etc., e tc..............................................................

$1,600,000,000
250,000,000
50,000,000

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

$1,900,000,000

The worthy Mrs. Glass was wont to exclaim, 11i f you would cook a
hare you must first catch him.’’’ So large a gold coinage could not have
been issued without first obtaining a corresponding amount of metal.
Regarding the gold product o f California, Messrs. Hussey, Bond &
Hulse, (Merchants' Magazine, volume xxvii., page 473,) state, “ that there
should be added to amount o f exports of gold from California, as ex­
hibited by steamers’ manifests, at least sixty per cent, for the amount con­
veyed by passengers upon their persons, and in valises, carpetbags, etc.,
etc., not manifested at the Custom-house. About eleven hundred dollars
per passenger would not be an extravagant estimation. In one instance,
a single passenger carried eighty thousand dollars in his baggage to save
freight. Messrs. Hussey, Bond & Hulse state, that there should be
further added at least fifteen per cent for amount retained in California
for purposes o f currency and consumption in the arts, etc., etc.” :—
The exports of gold from California, from 1848 to the close of 1858,
per steamers’ manifests, ( M e r c h a n t s ’ M a g a z in e , volume xxxviii.,
page 330,) were........................................................................................
Add 75 per cent to the amount of exports, in conformity to Hussey,
Bond A Hulse’s mode of correctly ascertaining the total product..
Total gold product of the California mines, from their discovery
to the present tim e .........................................................................




$429,431,754
322,073,814
$751,505,668

The Production o f Gold and the Coinage o f Gold.

187

The exports of gold (in bars) from the United States, since 1850, (Re­
port on the Finances, 1856-57, page 274,) have amounted to two hundred
and eighty-five millions of dollars. The total gold coinage since the
same date, as stated above, to four hundred and sixty-eight millions of
dollars.
Prior to the discovery of the California mines the gold coinage of the
United States was but a million-and-a-half o f dollars per annum, but
since that event it has exceeded, upon an annual average, fifty millions of
dollars.
As human nature is the same, in all ages and under all circumstances,
the same rule should be adopted for estimating the total product o f Aus­
tralia, Russia, and other gold-producing countries. The total gold product
o f the Australia mines, since their discovery to the present time, may
safely be estimated at six hundred and fifty-one millions o f dollars; of
Russia, since 1850, at two hundred and seventy-three millions o f dollars;
and of all other countries, two hundred and twenty-five millions of dol­
lars— making a total gold product throughout the world, since 1850, of
nineteen hundred millions of dollars.
Since 1853, the average annual gold coinage of France, the United
States, Great Britain, and Russia has amounted to one hundred and sixty
millions of dollars; equal to two-thirds of the annual product of gold.
France has no gold mines, yet she issues a larger gold coinage than
any other country upon the globe.
Her imports of gold, since 1850,
(.Merchants' Magazine, volume xxxix., page 677,) have amounted to seven
hundred and sixty-one millions o f dollars; which amount is undoubtedly
furnished by the Australian and Russian mines.
The exports o f gold from the United States, in 1857, were sixty-eight
millions of dollars ; of which fifty-one millions were in bars, nine millions
in foreign, and eight millions in domestic coin— a convincing proof that
the coins issued by any country to a great extent remains in that country.
In view of the foregoing facts the conclusion is irresistible, that the
production of gold and the coinage o f gold very nearly keep pace with
each other, the difference being merely the amount existing in the shape
of bullion and dust, and that absorbed in consumption in the arts.
In our number for December last we questioned the accuracy of a state­
ment in relation to the gold “ production” of Australia and California,
contained in an article from a Boston contributor, and entitled, “ Some
Facts in Relation to Gold and Silver.” The above communication has
been sent to us in explanation. The paper proceeds apparently on the
ground that all the gold coined at the several mints is “ fresh” gold, and
not recoinage. If that was the case, there would be very little difficulty
in arriving at the exact amount of gold which is poured into the markets
of the world. Unfortunately, however, in the present state of currency,
when every country o f Europe has its separate coinage, and no one will
use the coins of the other, the work of the mints is a constant tearing
down to rebuild.
It is not a little curious that while the two metals,
gold and silver, are the common material for coins throughout the world,
yet no two nations will put the same quantity of these metals in the pieces
stamped for circulation as money. No matter how accurate may be the
assay and alloy o f the metals, or beautiful or convenient the coin, the
moment it passes a certain barrier into another country, it must be re-




188

The Production o f Gold and the Coinage o f Gold.

melted, re-assayed, re-alloyed, re-weighed, and re-coined into a different
piece, to undergo the same process again the moment that the con­
venience of commerce again sends it under another jurisdiction. There
are, according to official authorities, over forty different national mints,
each o f which has several branches, and the coins uttered will reach
many hundred varieties. The gold and the silver that pass through
all these, waste, to a considerable extent, according to the nature of the
alloy and the mode of refining. The leading mints, or those which have
been most active o f late years, are those indicated in the above table of
our correspondent, but the figures do not seem to be entirely accurate.
Thus, the French official reports give the gold coinage o f France, 1831
to 1857 inclusive, at $488,000,000, instead of $573,000,000 as stated
above. The last Official report of the United States Mint, down to June
30th, 1857, gives the gold coinage o f the United States, since 1850, at
$363,986,163, instead o f 468,000,000, as given by our correspondent
above, and which represents the whole coinage from the formation o f the
mint in 1793. The coinage of Great Britain, 1851 to the close of 1857,
was, by Parliamentary report, £48,735,561, or $238,880,214. The Prussian
coinage, since 1850, has been 140,000,000 roubles, o f 75 cents each,
equal to $105,000,000. The authority to which our correspondent refers
come down to 1854. The table o f our correspondent will then stand
thus:—
Correspondent.

France............................... .
United States. . ; ..............
Great Britain.................... .
Russia.................................
Spain and other countries.

$573,000,000
468.000. 000
292.000. 000
120.000.000
147,000,000

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

$1,600,000,000

Official.

$488,000,000
363,986,163
235,880,214
105,000,000
54,000,000
$1,246,866,377

W hat connection the estimated “ bullion and dust,” and consumed in
the arts, has to do with the “ coinage” does not appear, since the amount
of coinage seemed to be the object of the table. The difference between
the assumed amount by our correspondent and those contained in the
official reports, it will be observed, is considerable; but the main ques­
tion is as to the supply o f the metals. Our correspondent, falling back on
Mrs. Glass as his authority, supposes that these figures for coinage
prove conclusively that all those metals, viz., $1,900,000,000, were pro­
duced in that year. That, however, is far from being the case. If Mrs.
Glass caught her hare and cooked it, she had one dinner. I f she thriftily
recooked the remains through several successive days, she could hardly
adduce those successive dinners as the proof of so many new and distinct
hares. But we may turn to the United States Mint operations and observe
whence the gold was derived and what was done with it.
The entire
deposits of domestic gold at the United States mints, 1850 to June 30th,
1857, the last official report, was as follows :—
DEPOSITS OF DOMESTIC GOLD AT UNITED STATES MINTS.

From
Atlantic States..............................
California......................................

1793 to 1851.

1851 to 1857.

$8,345,895
28,196,699

$9,951,759
355,666,390

$18,674,500
374,470,421

Total domestic gold.............
Total gold coinage...............

$36,642,594
108,492,120

$366,618,149
373,168,848

$393,144,921
434,550,768




Total, 1793 to 1857.

189

The Production o f Gold and the Coinage o f Gold.

This has been the whole supply from the United States mines that has
passed through the United States mints. It is, however, not all the gold
that has been coined. Thus, up to 1851 there was $71,949,526 more
gold coined than, the United States had produced; from 1851 to 1857,
June 30th, there was $7,550,699 more gold coined than had been produced.
In 1858, the coinage exceeded the domestic production by $1,912,632.
The kind of gold that comes to the mint other than freshly mined gold
is old coins, foreign and domestic, and old plate and jewelry. Most all
the gold “ used in the arts” sooner or later comes back to the mint for
re-assay and coinage, the manufacturers using new coins because they
know, without troublp, exactly what they contain. When jewelry changes
fashion, which is pretty often, it is quite sure to find the melting-pot,
and government does it comparatively free o f expense. Neck and watch
chains, watch-cases, rings, pencils, and every variety o f trinkets come to
the mint in every variety of fineness. The mint assorts it all out, and
extracts the pure gold into new coins ready for use again. The case of
a Bhode Island jeweler came to our knowledge. He had fashioned 250
double-eagles into jewelry, which, owing to hard times and change of
fashion, he could not sell, and had no recourse but the melting-pot to get
back the money, at a loss of time and labor. W e have now the fact that
from 1851 to 1857, inclusive, the mint received $365,618,149 new gold,
and coined $373,168,848 in money with the help of foreign gold. W e
may now ask “ what did they do with it.” W e find on examination that
it was used as follow s:—
Coined into m oney...........
Melted into fine bars.........
Melted into unparted bars
Total.......................................................................

1851 to 1857.

1858.

$275,319,690
85,890,258
11,959,100

$30,253,725 50
21,819,779 14
816,295 65

$373,168,648

$52,889,800 25

Of the coinage, the double-eagles were valued at $33,000,000, and
the eagles at $15,000,000; the remainder were half and quarter-eagles,
three-dollar and one-dollar pieces. Of this amount o f gold in coins and
bars, the export has been as follows. The bars wore first made in Phila­
delphia in 1853, and in San Francisco and New York in 1854 :—
EXPO RT

or

METALS FROM UNITED STATES.

U. S. coin.

1 8 5 1 ................................
1852 .................................
1853 .................................
1854 ..........
1855 .................................
1856 .................................
1857 .................................
1858 .................................

$18,069,580
37,437,837
23,584,538
38,062,570
19,842,423
15,458,333
28,777,372
19,474,040

Bara or bullion.

Foreign metals.

$11,396,172
..................
5,236,298
..................
3,938,340
..................
3,134,730
$34,114,995
2,289,925
28,689,946
1,597,206
31,300,980
9,058,570
22,933,206
10,225,900

Total.

$29,472,752
42,674,135
27,486,875
41,197,300
56,247,343
45,745,485
69,136,922
52,633,147

The official returns do not give the gold “ bars” alone, but report the
amount as “ gold and silver bullion.”
Very little of the latter metal is,
however, sent away. Our correspondent is in error when he states the
amount of “ bars” exported, in 1857, at $51,000,000. The amount of
gold and silver together was given officially at $31,300,980. Thus, the
value of bars manufactured to the close of 1857 was $97,849,358, and
the amount exported in the same period, $94,205,921. Our correspondent
is also in error in referring to the Merchant»’ Magazine, volume xxxix.,




190

H ie Production o f Gold and the Coinage o f Gold.

page G77, for the import of gold into France. The Merchants' Magazine,
at the place referred to, gives the import of gold into France, “ since
1850,” at $738,085,760, and not $761,000,000.
O f the foreign coins exported, much in the last two years has consisted
of doubloons, coming from Europe on the way to Havana. It results,
however, that o f the amount of gold derived from the United States
mines a very large proportion has been exported, only, however, after
having passed through the United States mints. On its arrival abroad,
it again goes through the English, French, and mints of Germany, swell­
ing the coinage of those institutions.
The production o f gold in Australia became confirmed in 1852, and
began to flow towards England in the shape of dust, very soon, however,
to be regulated by the establishment of mints in the colonies. In both
the gold countries, California as well Australia, when the gold was first
produced it was sold at a price per ounce equivalent to the abundance o f
money and the fineness o f the gold. It was the currency o f the country
in the shape o f dust, and each person carried with him a little leathern
bag from which he weighed the quantity o f gold required for his pur­
chase. This, o f course, very soon led to abuse by adulteration, and by
numberless frauds. Much of this gold was shipped in the steamers per
manifest, and a good deal came in the possession of passengers, who sold
it in "VVall-street, or had it minted in Philadelphia. In such a state of
affairs it was very difficult to judge how much gold was produced in
California. The shipments were not a reliable index, because the pas­
sengers brought nearly as much here ; in the circular of Messrs. Hussey,
Bond & Hulse, to which our correspondent refers above, dated in 1852,
estimated that the passengers carried 65 per cent o f the amount mani­
fested in steamers. Those passengers were exposed to great frauds on
their arrival in New York, and their gold, worth sometimes $21 per ounce,
would sell $15 a $20, as well in New York as in San Francisco. To
remedy so great an evil the law of 1853 established a mint in San Fran­
cisco, and an assay-office in New York. This at once put an end to all
dealing in dust, as well as all disposition on the part o f passengers to carry
their own gold. Every miner could carry his gold at once to the mint in
San Francisco and get its full value, and every person desiring to send it
to New York, or elsewhere, could send it by a government draft, by ex­
port, or buy therewith a banker’s bill. The coinage at San Francisco and
at the New York assay-office was as follows :—
/-------------- Fine t iars.-------------- ,
New York.
San Francisco coin. San Francisco.

1854................
1855................ ........
1856................ .........
1857................ ........
1 8 5 8 ................

17,598,800
25,146,400
12,490,000

$5,863
88,782
122,136

$2,888,059
20,441,813
19,396,047

Unparted bars,
San Francisco.

$5,641,604
3,270,594
3,047,001

21,073,882

It is obvious that when a mint, where the accurate value of all gold
can be ascertained and the amount paid in full, is within the reach of the
miner, that no considerable amount o f dust will remain unreported at the
mint, and the state o f things which was reported six years since by
Hussey, Bond & Hulse, has long since ceased to exist. The same
change took place in Australia on the establishment o f the Royal mints
there. Before that era, coin from the Atlantic States went in great
abundance to California, and sovereigns from England to Australia, for




G arblings; or, Commercial Commodities Characterized.

191

the purchase of the gold, which sometimes sold at very low rates. The
mint at Sidney, as that at San Francisco, is now in active operation, and in
the quarter ending April, 1858, issued 877,000 sovereigns. The gold of the
United States and the gold o f Australia is then accurately measured by
the mints, and the streams from both sources flow into the mints of
England, France, and Germany, where they meet a current from Russia,
and mingling with the small stream of European production, are recoined
in all the institutions there. The amount of those operations forms no
index whatever to the production of gold. The most accurate estimation
of the supply of gold, including Russia, which has reported $125,000,000,
in nine years ending with 1857, is $968,000,000, distributed as follows:—
In
In
In
In

Great Britain...................
France..............................
United States..................
Australia............................

$96,800,000I
338,800,000|
290,400,000I
58,800,000|

In
In
In

California.
68,000,000
Turkey in Europe___60,000.000
Egypt, Portugal, W. I.
62,000,000

This estimate of circulation of course includes the amount in banks ;
a good deal of it has supplanted silver which has gone to Asia, and much
of it is hoarded in the hands of persons who have produced equivalents,
and who will part with it only for other commodities. The number o f
the people, and the quantity of raw and manufactured articles that will
be ottered in exchange, may for some time require all the gold afloat to
make the exchanges.

Art. Y.— GARBLINGS: OR, COMMERCIAL COMMODITIES CHARACTERIZED.
N U M BER X I I.*

SOAPS.
T H E IR H IS T O R Y — H O W

D IS T IN G U IS H E D — P R IN C IP L E S

OF M A N U F A C T U R E — D I F F E R E N T

Q U A L IT I E S

AND

V A R I E T I E S : — H A R D , S O F T , W H I T E , M A R B L E D ,^ R O S IN — P U M IC E S O A P — C A S T I L E , P A L M , T R A N S P A R E N T ,
A L M O N D , W IN D S O R ,

AND

OTHER

T O IL E T — G E N E R A L

U S E S — C U L T IV A T E D

SO AP— SO AP T R E E — SO AP

N U T S — M E T A L L I C S O A P - A R S E N IC A L SO A P — T E S T S A N D A D U L T E R A T IO N S — S T A R C H , A L U M , S I L K X ,T A L C »
C L A Y , L I M E , C H A L K , S U L P H I T E OF B A R Y T A , R E F U S E F A T S — M E D IC IN A L S O A P S .

S o a p was imperfectly known to the ancients. It is first expressly
mentioned by Pliny and Galen; and the former attributes its invention
to the Gauls, though he preferred that which was made in his time by the
Germans. In ancient times clothes were cleansed by being tramped in
water, after the manner o f expressing grape juice for wine. Homer in­
forms us that Nausicaa and her attendants washed their clothes by tread­
ing upon them with their feet in pits of water.
The manufacture of soap began in London in 1524; before that time it
was supplied by Bristol at one penny per pound.
* For No. 1, see M e r c h a n t s ' M a g a z i n e for July, 1857, (volume xxxvii., pp. 19-23 ;) for No. 2, se#
same for August, (pp. 166-171;) for No. 3, see same for September, (pp. 298-303;) for No. 4, see
same for November, (pp. 542-554;) for No. 5, see same for January, 1858, (volume xxxviii., pp.
43-50 ;) for No. 6, see same for February, (pp. 175-183;) for No. 7, see same for March, (pp. 292-302;)
for No. 8, see same for August, (vol. xxxix., pp. 164-175;) for No. 9, see same for September, (pp.
321-327; i for No. 10, see same for October, (pp. 415-420;) for No. 11, see same for November, (pp.
571-577.)




192

G afblings; or, Commercial Commodities Characterized:

Everybody knows that the bases o f all soaps are salts soluble in water,
and that the salts commonly used are potassa, soda, and ammonia. Be­
sides these, however, soaps are sometimes made for medicinal purposes,
when they have incorporated with the salts used other substances, capable
of communicating particular properties.
The soaps of commerce are distinguished into hard and soft, soluble
and insoluble.
Hard soaps are obtained by the action o f soda ley on various oils, fats,
and resins. When first separated in the process o f manufacture, (which
it is not deemed necessary here to detail,) it constitutes the grain or marbled
soap, the colored streaks in it arising from the presence of oxidized iron.
When itis desirable to intensify the marble appearance, it is accomplished
by adding to the soap, as soon as it is completely separated, a fresh por­
tion of ley, and immediately afterwards a solution o f sulphate of iron or
copperas, which at first produces dark-colored streaks, but on exposure to
the air these take on the redish appearance generally present. Crain or
marbled soap may be purified by dissolving it in an alkaline ley, and
again separating it by the addition of common salt, but the soap combines
with more water than in its first separation, and consequently becomes
weaker, though purer and whiter.
The common rosin or turpentine soap, is made by the action of soda
ley on rosin, tallow, and a little palm oil, this last being added for the
purpose of improving the color and modifying the otherwise excessively
strong odor. This soap, when well made, ought to be of a fine, clear waxyellow color, transparent upon the edges of the bars, perfectly soluble in
water; and afford, even with hard well or pump water, a good suds. It
is, strictly speaking, the salt water soap o f commerce, though now every­
where used for domestic purposes.
There are manufactured several kinds o f resin soaps, for different uses
in the arts; of such are pumice soap or savon ponce, which contains silicate
of potash, on which account it is sometimes called silicous soap. It is
superior to all other for cleansing wood— incorporating the qualities o f
both soap and pumice stone. An inferior article is sometimes made by
incorporating clay or marie, which serves no good purpose, but is often
used for adulterating other resin soaps. Inferior qualities o f resin soap
are also made from the refuse of slaughter-houses, and other impure fats,
instead of tallow.
Castile or Spanish soap, is made by the action of soda ley on olive oil.
It exists under the two forms o f marbled and white. The marbled variety
is more alkaline and harder than the white, and often contains foreign
impurities— being mottled by the addition of copperas, which is an
adulteration for this ( Castile) variety of soap; besides which, it is also
frequently incorporated with other oils and fats, is greasy, and altogether
one of the most impure soaps in commerce.
White Castile soap, when good, is o f a pale grayish-white color, devoid
of alkaline odor or rancidity, dry, and will not give a greasy stain to
paper. When pure it should not contain over twenty-one per cent of water.
It is sometimes made to combine with a much larger proportion than this)
with the fraudulent intention of increasing weight. When adulterated(
it is unusually white, and suffers great loss of weight on exposure to the
air.
Common hard soap is made of soda ley and animal fats, tallow, bones,




Soaps.

193

stale lard, butter, &c., &c., and is of every conceivable quality. It possesses
the same general properties o f olive oil soda soap.
Palm oil soap is in part described by its name, but in addition to the
palm oil, tallow or other animal fat is usually added to give it firmness.
If it be wanted white, the palm oil first requires bleaching by exposure
to the sun, by chlorine or sulphuric acid. It is generally of yellow color,
and has the agreeable odor o f violets, derived from the palm oil.
Transparent soap is prepared by the action of pure soda ley on kidney
fat, drying the soap first separately, dissolving it in alcohol, filtering and
evaporating the solution to that degree of concentration which will admit
of its being run into molds and dried. It is yellow or yellowish-brown,
and retains its color after drying.
Almond oil soap is formed by the action o f caustic soda on almond oil,
but requires two months’ exposure to the air before it is fit for use.
Windsor soap is also made by the action of soda ley on one part of
olive oil, and nine parts of tallow, scented with odorants.
Other toilet soaps are made after the same manner, with various base
proportions o f concrete fats and oils, in order to give the required
consistence.
Soap balls are prepared by dissolving soap in a small proportion o f
water, and then incorporating it with a sufficient quantity of starch to
give it the proper consistence for molding.
Soft soaps are prepared on the same general principles as hard, potash
being used instead of soda for ley. French soft soaps are made with the
drying oils— linseed, hemp, rape, &c., or the dregs o f olive oil. The
Scotch and Irish use fish oil and tallow; and oftentimes any refuse fat
or grease. Our soft soap is usually made from tallow, bones, or other
“ soap fat,” which is constituted of all sorts of refuse grease. There is in
soft soaps an excess of alkaline ley, which holds them in a semi-fluid con­
sistence, and consequently renders them more soluble in water.
Soft soaps of first-rate quality should be transparent, and generally
speaking, their purity may be counted on in proportion as they approxi­
mate this condition. They should be perfectly soluble m every proportion
of water, and they are therefore of various strengths, depending upon
consistence. The best soft soap should not contain more than 47 per
cent of water.
Uses.— W ith the general use of soap, all civilized, aDd most uncivilized,
nations are familiar. By some nations, however, it is regarded as a luxury,
heavily taxed and monopolized, so that the poor are unable to use it,
except as provided by nature.
In tropical climates many plants produce soponeceous leaves, and with
these the natives are acquainted, and they use them instead o f soap. By
rubbing such leaves in water they produce an alkaline suds possessed of
solvent properties, and in the tropical colonies of Portugal soap is grown
or cultivated in the gardens o f the peasantry. Soap-nuts, soap-berries, or
baccce bermudensis, are produced by S a p in d u s S a p o n a r i a , or the soap-tree.
The fruit or berry is about the size of a cherry, yellow and glossy, and so
transparent as to show the black nut that rattles within, which includes
a white kernel. The outer covering or cortical portion has the properties
of soap.
Black soap is made o f train oil. Green soap is French soft soap, made
of the oil of linseed, hemp-seed, &c.
VOL. XL.---- NO. II.
13




194

Garblings ; or, Commercial Commodities Characterized.

O f soaps used in the arts, silioious soaps have already been referred to.
There are others, chiefly manufactured in France, called savons metallique,
used for bronzing plaster-work and walls. They are made by incorporat­
ing metallic substances with the usual components of hard soap.
“ Arsenical soap ” is a preparation used for preserving specimens in
natural history. The following is a good formula:— Take of camphor,
five ounces; powdered arsenic and white Castile soap, of each two pounds ;
salt of tartar, twelve ounces; lime, four ounces ; melt and thoroughly
triturate the mixture. When the fleshy parts of birds or other animals
are removed, if the inside of the skin is rubbed with this soap it will pre­
serve them from insects.
Tests and adulterations.— When good hard soap is heated it softens,
and may be molded into any shape, but if long submitted to warm dry
air it becomes honey like, and pulverizable. It is perfectly soluble in
water, and leaves no residue; but when thus dissolved, it may be de­
composed by acid solutions, and unsoluble fatty acids are disengaged. It
is also decomposed by soluble salts o f the earths and of most metals,
double decomposition taking place in these instances, and insoluble salts
or soaps of metallic oxids are formed. All pure soaps ought to have a
peculiar odor, characteristic of soap, associated with the divers essences
or odorant substances entering into their formation.
The proportion of water in soap may be ascertained by introducing
the soap into a saturated solution o f common salt and boiling, by which
operation the soap is separated from the water, and concretes into a solid
mass nearly free from water. As already stated, the proportion o f water
in good white Castile soap should not exceed 21 per cent, and the propor­
tion in soft soap 47 per cent. Soap that is kept in damp places, such as
wet cellars— most o f all, if wet in salt water— contract a large increase o f
weight. Such soaps are easily known by their soft white appearance, but
they may be easily tested by dessecation. A bar may be weighed, then
cut into thin slices and dried over a moderately heated stove, weighed
again, and the loss estimated. Fair hard white soap should not contain
over 33 per cent o f water. Resin soaj> about 23 per cent. Marbled
Castile of fair quality contains about 34 per cent. Soft soaps may con­
tain any proportion o f water— b u t47 percent may be taken as a standard
o f good quality.
Besides water, the following substances are used for the adulteration of
soap, viz.:— Potato-starch,flour, alum, silex, talc, clay, plaster, lime, chalk,
sulphate o f baryta; and by the substitution of the oils of grains and
grapes for olive oil in making Castile soap.
It is an easy matter to ascertain the presence of any o f the substances
above named. It is only necessary to dissolve a portion o f the suspected
soap in alcohol, and filter the solution. Pure soap being perfectly soluble
in alcohol, the insoluble substances are collected on the filter and may be
tested and identified, if deemed necessary.
When soaps have been made o f oils and greasy matters o f inferior
quality, they are not generally perfectly soluble, and the degree o f impurity
may be judged of accordingly. The particular kind and quantity of oil
or grease may be ascertained by decomposing the suspected soap, and
applying chemical tests. The amount of alkali may be ascertained in the
same manner. But generally the processes above indicated— by drying,
solution, and filtering, will detect the fraud.




Journal o f Mercantile. L aw .

195

Medicinal soaps are chiefly compounds formed by incorporating other
substances with white Castile soap, which, it is scarcely necessary to state,
should be of the purest quality. Soap cerate, soap plaster, camphorated
tincture o f soap, and camphorated soap liniment, or opodeldoc, are compounds
of this nature.
Ammoniacal soap, or liniment ammonia, is made on the same principle
as soap, ammonia being the alkali instead o f potassa or soda, incorporated
with olive oil.
Mercurial soap, antimonial soap, and some other preparations with like
ultimates, are misnomers, possessing none o f the true characters of soap.

JOURNAL OF MERCANTILE LAW.
REVENUE CASE.

In the United States Circuit Court, October 5.
E. Marshall and T. Tileston vs. H. J. Redfleld.

Before Chief-Justice Nelson.

N elson, C. J.—This is an action to recover back duties charged to have been
exacted illegally, under color of the law, by the Collector. Nine casks of hard­
ware had been shipped to the plaintiffs, as appeared from the invoice and manifest,
and a warehouse entry was made of the same, and bond given in the usual way
by the consignees with surety. When the ship was discharged under the inspector
but seven of the casks could be found on board, the other two having been either
lost, sent by some other ship, or not shipped at all. The seven were sent to the
warehouse.
The plaintiffs, within three years allowed by the act of Congress, paid the
duties to the Collector upon the seven casks, and withdrew the goods from the
warehouse.
They also applied to have the bond canceled without the payment of duties
upon the two missing casks, which, as claimed, had never been imported into the
country, and, therefore, no duties chargeable, which application was refused by
the Collector. The parties then applied to the Secretary of the Treasury for a
remission of the duties, which application was also refused, under a regulation of
the Departmeut, requiring the application to be made within a year from the
importation of the goods.
The plaintiffs then paid the duties under protest, in order to obtain a cancela­
tion of the bond, and to avoid a suit on the same. This action is now brought
to recover back the money thus paid, with interest.
The principal objection to the recovery is, that the money has been paid by
the plaintiffs voluntarily, and not under coercion or duress by color of law, so as
to lay a foundation for the action. The act of Congress, February 6, 1845, (5
St. at Large, p. 727,) saves the action to parties “ who have paid or shall here­
after pay money as and for duties, under protest, to any collector of the customs,"
&c., “ in order to obtain goods,
imported by him,” &c., and upon which the
duties claimed were not chargeable.
Now, in this case, no goods were in the hands of the Collector, or under his
authority ; indeed had never been in the Custom-house, and hence the money can­
not be said to have been paid to get possession of them. It is supposed, how­
ever. that the payment with a view to the surrender or cancelation of the bond,
and to avoid a suit thereon, comes within the spirit or intent of the act of
Congress; and the case of Maxwell vs. Giswold, et al., (10 How., 242,) is referred
to as sustaining this position. But, on looking into that case, it will be found
not an authority for the action here. There the goods were in the hands of the




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Journal o f Mercantile L aw .

Collector, and the merchant was obliged to do one of two things in order to
obtain them, namely, allow his invoice price to remain and be subjected to the
penalty of 20 per centum, under the 8th section of the act of 1846, or add to
the invoice price so as to bring it up to that claimed under the treasury circular.
The claim, in either case, was unlawful, as subsequently held by the court. Among
other things, the court say :—“ The money was thus obtained by a moral duress,
not justified by law, and which was not submitted to by the importer, except to
regain possession of his property withheld from him on grounds manifestly wrong.”
In the case before us, the money was paid to avoid a suit on the bond, that
being threatened if the duties were not paid. But the defence to that «uit was
as perfect as if the bond had not been in the case, and to hold this a payment by
coercion, and not voluntary, would be equivalent to holding that every payment
of money demanded by the Collector was an involuntary payment, and laying a
foundation for an action to recover it back if the demand turned out in the end
not founded in law. Upon the case made, a judgment must be entered for the
defendant, with costs.
LIEN FOK WORK, LABOR, AND MATERIALS, ON A DOMESTIC SHIP.

In the United States District Court— November, 1858. Boston, Massachusetts.
The Kiehard Busteed.
Liens on domestic ships, given by a State statute, in cases of contracts maritime in their nature,
may be enforced in the District Courts of the United States in Admiralty.
The restriction of sixty days in the Revised Statutes o f Massachusetts, ch. 117 § 4, if it be in­
corporated into the Statute of that State, 1S55, ch. 231. is not applicable to proceedings in this court.

This was a libel in rem. to enforce a lien for work, labor, and materials, on a
domestic ship. It was conceded that there was no lien by the general maritime
law, and that the lien existed only by virtue of the statute of Massachusetts,
1855, ch. 231.
S prague , J.—The District Courts of the United States have been in the practice
of enforcing liens on domestic vessels, by Admiralty process in rem., where the
State statutes have created the lien. This practice has been sanctioned and the
jurisdiction recognized by the Supreme Court of the United States in their 12th
rule, a rule which is binding on the District Courts. I should do no more in this
case than affirm the jurisdiction, without comment, were it not for an expression
in the opinion of that court in the case of the steamboat Jefferson, (People’s
Perry Co.,rs. Beers,) reported in 20 Howard, p. 393. This expression has been
considered by many as an intimation to the profession that this jurisdiction will
not be, or may not be, sustained, if the question should come before the Supreme
Court directly.
In the first place, it is to be observed that the expression is neither a decision,
nor even a dictum. A t most, it is but a caveat, that in the decision given they
do not affirm or disaffirm the jurisdiction in question. But while the rule 12
remains in force, I can hardly think that the court will, by any retroacting decision,
overturn a jurisdiction which has been exercised in compliance with that rule,
affecting titles obtained by sales made in the District Courts under the rule.
But apart from the force of the rule, and the uniform practice, I am of opinion
that, on general principles, the jurisdiction attaches. It is true a State cannot
give to a Federal Court jurisdiction, nor clothe it with new powers or processes.
The statute of Massachusetts attempts to do neither. This court has its jurisdic­
tion, “ Admiralty and Maritime,” under the Federal Constitution. Its powers
and processes are its own, and are independent of State enactments. But State
legislation may give rights to individuals. It gives to the workman on a house,
or on a domestic vessel, a lien on the vessel or the house. This lien is a right, a
privilege, a jus in re., a proprietary interest, in the house or the vessel. The
mechanic may vindicate this right in the appropriate tribunals. The State
Legislature gives its own courts special powers to enable them to enforce the right
against the house or the vessel; but leaves the mechanic, in the case of a vessel,
the option to enforce his lien either in the State Courts, or in the Federal Court
as a Court of Admiralty. It makes no attempt to confer any powers on the
Federal Courts, either in the way of jurisdiction or of process. In the same way,




Journal o f Mercantile Law .

197

while parties cannot give this court jurisdiction by agreement, yet parties may
by their agreements create new rights, and these new rights may be enforced in
this court, by Admiralty process, if the right be one to which that process is
appropriate. The only question under a statute right, (whether a statute of
Congress or of a State,) as under a right created by parties, or existing by the
general law, is whether the right is maritime in its nature.
In this case, the right is'an interest, ajus in re., in a vessel, attached by law to
a contract for work on the vessel. This is maritime in its nature, within all the
decisions of the Supreme Court. That the vessel is owned in the same State
where fne work was done, is a fact affecting only the existence of the right or
lien, not the question whether, if it exists, it be maritime. If the vessel were
owned in another State, the jurisdiction is conceded to exist. The only difference
is that, in that case, the right or lien exists by general maritime law; while, in
case of the domestic ship, it exists by virtue of positive enactment of legislatures
conceded to have authority to create such a right in a domestic vessel. I shall
not hesitate, therefore, to exercise the jurisdiction in this cause.
Another, question has been made in the defence, founded on a recent con­
struction of the act of 1855 by the Supreme Court of Massachusetts. This libel
was filed in less than sixty days after the debt accrued. In the case of Tyler rs.
Currier, that court decided that a petition under this act, to enforce tip's lien in
a State court, cannot be filed until sixty days after the debt accrues; and it is
contended that by force of this decision, or, independently of the decision, on the
true construction of the act, the libel in this court should not be filed within that
time.
The act of 1855, after defining and establishing the lien, goes on to provide
that it may be enforced by petition in the courts of the State “ in the manner ” '
provided by the Revised Statutes, ch. 117, the 4th and subsequent sections. The
chapter referred to establishes the mode of procedure to enforce a lien on houses
for builders’ contracts. Among other provisions of that chapter, is one that the
petition shall not be filed until the debt has remained unpaid for sixty days. In
Tyler vs. Currier, the question was whether by the term “ in the manner ” used
in the act of 1855, the provision of the house lien law respecting the sixty days
was incorporated into the ship lien law. The Supreme Court held that it was.
The reasoning of the court was that the word “ manner ” was sufficient to include
and carry with it the restriction of sixty days; and that reason and policy
favored that construction, the object of the Legislature being to guard against
the precipitate use of this summary process. If, says the court, the restriction
as to time is not adopted, suits may be commenced in one day or one hour after
the debts become due, and vessels be arrested, and large costs incurred. The
restriction gives time for adjustment, notice and arrangements, and tends to pre­
vent the hasty, vexatious, or unreasonable use of the remedy.
So far as process in the State court is concerned, I assume this decision to be
a conclusive construction of the statute, without stating how far that reasoning
is satisfactory to my own mind which transfers to vessels, which are always liable
to leave the jurisdiction of the court, a rule made for fixtures. But, of course,
this decision cannot control or affect the processes of this court, as mere processes,
or the modes and manner of proceeding in this court. The statute of 1855,
after providing a remedy in the State Court, declares that such provision shall
not be construed as giving the State Courts exclusive jurisdiction over the lien,
“ but the same may be enforced in the courts of the United States, according to
the course of proceedings in such courts.” The statute, therefore, comtemplates
a special course of proceedings in the State Courts, and the known “ course of
proceedings ” in this court, in Admiralty. This saving clause cannot give to
this court jurisdiction, or affect its processes ; nor could the absence of this clause
have taken away its jurisdiction or affected its remedies. But, on a question of
construction, the clause affords an argument that ihe Legislature knew and
contemplated the use of a different “ course of proceedings ” here. It must be
remembered that it is only by bringing the restriction as to sixty days within the
term *■in the manner," that the Supreme Court imports it into the statute of
1855. Unless that restriction is a part of the “ manner ” of enforcing the lien,




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Journal o f Mercantile L aw .

it cannot be affixed to the act of 1855. If the restriction in the Revised Statutes
is a part of the right, an essential part of the lien, a portion of the law of property,
and not of the law of remedy, then it cannot be affixed to the lien on ships in
the act of 1855, for it must pass under the term “ manner,” or it is no part of
that act. And if it be a part of the “ manner ” or course of proceedings, then
as the State statute cannot affect the course of proceedings in this court, it would
not apply here, if the statute attempted to apply i t ; and there is good ground
for believing that the Legislature did not attempt so to apply it. This is not
only because the act in terms contemplates a different “ course of proceedings ”
here, but from the nature of the case.
The reasoning of the court in Tyler vs. Currier is that it was necessary to pro­
vide a guard against precipitate and unreasonable use of this extreme remedy.
In the State Courts this may be necessary. The suit to enforce a lien is
commenced at the discretion of any attorney, and the vessel may be arrested at
his discretion, by an attachment on a common writ, (act 1855, ch. 231, \ 3,)
which he purchases at the clerk’s office, or, if on petition, the arrest is made, as
of course, by order of the clerk, as a mere ministerial officer. Thera is no pro­
vision for the intervention of any person clothed with discretion to refuse, or stay,
or regulate the process. This is a difficulty inherent in courts acting on the com­
mon law system. If this were the object of the Legislature, the safeguard is not
necessary in this court. Hero the suit must be commenced by a sworn libel,
countersigned by a proctor who is responsible to the court, and who may be
compelled to pay costs out of his own pocket, if he has sued out process in­
juriously, even if the main cause is decided in his favor. The process does not,
even then, issue as of course, but in the discretion of the judge in each case. The
judge requires proof that notice has been given, or that there is danger the vessel
will go to sea at once; and if there is time, and no good reason to the contrary, he
may and often does require a monition to show cause to issue in the first instance,
before the arrest; and on this monition, if stipulation is given, the arrest is
dispensed with ; or, if good cause is shown, the ship-owner is protected from
vexatious process. All questions of costs are also in control of the court, who
may even give costs against a prevailing party. Now as this “ course of pro­
ceedings ” in Admiralty was known to and recognized by the Legislature, having
been the only mode of enforcing the lien on domestic ships under the acts prior
to that of 1855, it may well be that the Legislature was satisfied with the safe­
guards afforded by the Admiralty mode of procedure, and saw the necessity of
establishing something like it in the State Courts, and did so by a positive rule
of intervention of a fixed period of time in all cases, knowing that it would be
difficult to charge the duty of preliminary inquiry in all cases on judges of com­
mon law courts.
The result, therefore, is that, both upon the reason of the thing, and on the
authority of the case of Tyler vs. Currier, the sixty-day restriction, if a part of
the act of 1855, is a part of the “ manner ” of procedure to enforce the right,
and not part of the right itself. As such, it cannot be imported into this court
by force of the State statute ; and, in my opinion, the State statute does not
attempt so to import i t ; but contemplates and recognizes the exercise by this
court of a different manner and course of procedure.
These being the only defences to the suit, a decree may issue for the amount
of the debt claimed.
APPEAL IN ADMIRALTY— DAMAGE TO CARGO— POOP-DECK STOWAGE OF HOGSHEADS
ON THE HEAD.

In the United States Circuit Court, October C. Howell L. Williams and
others, vs. Jose A . Mora, el al.
N e l s o n , C. J.—The libel was filed in this case to recover freight upon a cargo
of sugar and molasses, shipped from Cardenas, Cuba, to the port of New York.
The payment had been refused on the ground of damage to the cargo, claiming
an abatement of the freight on account of the same. It was insisted that the
damage was occasioned by shipping the goods on deck when, according to the




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Commercial Chronicle and Review .

bill of lading, they should have been shipped under deck ; also, that the cargo
was badly stowed and damaged.
Whether the goods were shipped on or under deck, depended upon the question
whether or not the poop-deck upon the vessel, under which a portion of the cargo
was stored, afforded a compliance with the requirement of the bill of ladiDg.
The bark Abeona was originally a single-decked vessel. Subsequently a poopdeck was built across her from near the after hatch back, a length of some forty
feet, and as it respects the stowage the principal objection was, that some of the
hogsheads of sugar and concentrated molasses were stowed upon their heads.
We have looked carefully into the evidence in the case, which is very contradictory
and conflicting, upon the question as to the condition and sufficiency of the poopdeck, and have arrived at the conclusion that the fair weight of it supports the
position of the libelants, that the stowage of the goods under it satisfied the bill
of lading requiring them to be shipped under deck. The question is not whether
this deck was built when the ship was originally constructed, but whether it
afforded security and protection to the goods, within the meaning of the bill of
lading, as under deck, and, upon the evidence, we are bound to say it did. The
conflict of testimony in the case, shows a very unsettled and unreliable state of
opinion among the most intelligent persons engaged in the shipping' business of
this port, upon a question with which they ought to have been familiar. The
endurance of this deck in the several voyages the bark has performed since it was
built, strengthens very much the testimony of the witnesses who have maintained
its sufficiency to protect the cargo, the same as under deck.
In respect to the stowage of the hogsheads on the head, the evidence is full in
support of the usage.
We concur with the court below, that the damage to the cargo was occasioned
by a peril of the sea within the exceptions, of the bill of lading, and the libelants
are entitled to their whole freight Decree affirmed.

COMMERCIAL CHRONICLE AND REVIEW.
A B U N D A N C E O F M O N E Y — S P R IN G B U S IN E S S — C A S II S A L E S — T H E Y E A R
SM A LL 6TO CK 8

OF

D E A R E R — S P E C IE I N

1858—

G O O D S — IM P R O V E D B U S IN E S S A T C L O S E — D E C E M B E R

L IQ U ID A T IO N OF D E B TS—
M OVEM ENT — M O N EY NO

B A N K S — IN C R E A 8E — B A N K S OF E N G L A N D A N D F R A N C E — D E C L IN E O F IN TK R E B T

— S P E C IE M O V E M E N T — S I L V E R — E A S T I N D I A T R A D E — E X C H A N G E — C O T T O N
P A Y M E N T S — J A N U A R Y P A Y M E N T S O F IN T E R E S T — B O STO N — N E W

C R O P — S M A L L S P R IN G

Y O R K - - K A TE S OF E X C H A N G E —

S P E C IE E X P O R T S — D E S T IN A T IO N O F S P E C I E — A S S A Y - O F F I C E — R A T E S O F M O N E Y — Q U A N T IT Y O F B U S I­
N E SS P A P E R — B U L L IO N B A N K — C O U N T R Y P A Y M E N T S — N U M B E R O F F A IL U R E S ,

1858—

P R O S PE C T FO R

THE N E W Y E A R .

T he year 1859 has opened with a great supply of money, at rates cheaper far
than is usual at the beginning of the year, when the preparations for spring busi­
ness generally cause an absorption of all the loose funds, to invest in goods to
meet the early demand. This has this year not taken place to the same extent,
while the amount of paper outstanding is constantly diminishing. The disposi­
tion is still to limit credit sales, and to avoid time contracts for goods. The year
1858 closed with a better business than had been expected. The determination
throughout the year to realize on goods at every opportunity, checked the occa­
sional rise which took place under an effective demand ; and while stocks of
goods declined, indebtedness was diminished. The last month in the year showed
a considerable increase in business.
The purchases of materials by the manu­
facturers were extensive, and most articles rose in price—hides, wool, and cotton '
in particular. The mills resumed their activity and imports were greater, as
will be seen by inspecting our usual monthly tables for the year, hereto annexed.
The whole movement made December a far more active month than has been




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Commercial Chronicle and Review .

the case for some years. Nevertheless, money was not enhanced in value, but
the supply seemed to augment and rates to decline, both here and abroad. The
new year opened therefore with small credits outstanding, low stocks of goods,
and a large supply of specie on hand. The banks, including those of London
and Paris, showed, in seven cities, specie as follows. The monthly returns an­
nexed will show the progress of each city :—
SPECIE IN CITY BANKS.

Jan., 1858.

Bank of England.........
Bank of France...........
Banks in B oston .........
Banks in New Y o rk ...
Banks in Philadelphia.
Banks in Baltimore...
Banks in New Orleans.
Banks in St. Louis . . .
Banks in Pittsburg . . .
Total

Jan., 1859.

$52,051,880
44,630,121
5,027,922
28,561,946
3,770,701
2,178,854
10,505,183
1,673,628
1,194,232

$91,578,167
106,472,948
8,548,934
27,129,725
6,274,515
2,717,199
16,258,971
1,697,945
1,337,489

$149,594,467

$262,015,793

The increase of specie in all these banks is $112,421,326, or a sum equal to
the production of both Australia and California for the year. The amount of
specie in all the banks of the Union, January, 1859, was $102,974,127,
against $74,412,832, January, 1858.
The last return of the Bank of France for the month of December completes
the returns for the year, which closes with an amount of money on hand at the
bank double that ever before held at the same period of the year, and with a
rate of money far less than for many years. The figures, monthly, for four years
are as follows, reduced to dollars :—
BAN K OF FBANCE.

Specie.

January..
February.
March
April
May .
June.
J u ly ...
August
September
October . .
November
December.

$67,115,810
79,216,823
82,664,903
81,134,398
78,921,393
74,531,026
59,060,551
63,522,457
64,531,500
43,583,808
39,665,555
42,379,330

Dis.

Specie.

4 $38,644,546
4 40,176.922
4 38,268,236
4 50,293,190
4 53,688,381
4 53,680,536
4 43,203,714
4 46,412,781
4 44,229,960
5 31,212,119
6 30,706,956
6 36,247,389

Dis.

Specie.

Dis.

Specie.

Dis.

6 $35,897,139 6
$47,128,830 5
6 36,585,131 6
53,635,138 44
6 41,678,545 6
63,323,865 4
5 45,980,402 6
71,780,888 4
5 43,749,456 6
82,993,886 4
5 53,397,182 6
85,716,528 34
5 49,195,570 54
98,991,934 34
5 45,975,784 54 105,283,051 3J
6 46,296,110 5| 116,953,892 3
6 42,286,591 64 103,007,890 3
6 35,585,613 8
101,062,022 3
6 44,630,121 6
106,472,788 3

The usual course of specie in the fall season is from the center to the circum­
ference, and the amount runs down in bank. The lowest point of specie for a
long time was in November, 1856, under the influence of the grain imports
mostly. Last year, at the same time, the actual flow was stopped by the efforts
to stem the panic, and the supervention of a good crop. Since that time the
flow of money has been into France, and the great crops of the present year, as
well food as wine and silk, are a safeguard for the specie which as usual was
lowest in November, but has recovered five-and-a-half millions in December.
The state of affairs in the English bank is very nearly the same, with the ex­
ception that the vacillations in the rate of money have been greater. The re­
turns of that bank are as follows :—




201

Commercial Chronicle and Review .
BANK OF ENSLAND,

,— 1 8 i f . —
Specie.

v

Dis.

January.......... £12,162,000 5
February........ 12,981,000 5
March............... 13,662,000 5
A p r il............. 15,206,000 41
M a y ............... 15,499,000 4
June................ 18,060,716 31
J u ly ............... 17,328,896 4
August........... 16,275,295 4
Septem ber... 14,828,000 41
O ctober......... 12,294,281 5$
November.. . . 11,234,436 61
D e ce m b e r ... 11,079,578 6

,—

1856.— , ,—
Specie.

£10,416,951
10,613,719
10,553,565
9,858,667
9,788,582
13,073,758
12,378,827
12,494,945
12,141,311
10,784,254
9,530,152
10,486,298

Bis.

1857.— > ,------ 1858.------ ,
Specie.

Bis.

Specie.

6 £10,182,406 6
£13,357,107
6
9,979,246 6
16,574,647
6
10,310,496 6
17,713,242
6
10,322,297 61
15,307,389
6
9,808,127 61
17,926,986
41
10,290,940 6
18,020,944
41
11,516,856 51
17,938,447
4$
11,259,906 51
17,340,421
41
11,276,088 6
18,039,465
6
10,662,692 7a8 19,496,991
7
7,170,508 9al0 18,638,916
6J
10,753,281 8
18,921,171

Bis.

6
3
3
3
3
3
3
3
3
3
3
21

The decline of the rate in London to 21 per cent promoted a demand for
money, but the crops being good, both in England and Western Europe, a greatly
diminished demand for money must result. It is also the case that while the
imports of produce from Asia are less, the exports of goods thither are much
enhanced, checking the export of silver, which in London is 61fd. per ounce, or
a little less than at the same time last year. The condition of the markets
abroad, although unfavorable for the sale of breadstuffs, is promising for the sale
of raw materials, cotton particularly. Although that crop promises now to
reach 3,500,000 a 3,700,000 bales, the price has an upward tendency, and promises
to give a large result for the coming year, and already realizes much exchange.
With the large supplies of money in New York, and the small demand for its
investment, there is a far less than usual amount of paper maturing for the spring,
since the purchase of goods, on the usual six and eight months’ paper, were small
last autumn. Neither is there any enterprises afoot which require money. The
payment of money on the 1st of January, on account of dividends and interest,
has been considerable. In Boston, according to the estimates of John G.
Martin, Esq., broker, they were 82,435,342, against $1,834,236, January, 1858.
In New York, the payments were estimated as follows :—
Bank shares, semi-annual dividend................................................................
United States and State stocks, semi-annual interest...............................
Railroad shares and bonds, semi-annual dividend and interest...............
City & county bonds, & miscellaneous, semi-annual dividend & interest.
Total

$1,500,000
2,000,000
3,500,000
1,500,000
$8,500,000

The large payments were to some extent reinvested, and also involved more
or less remittances on account of dividends due abroad, improving the demand
for exchange to some extent. The rates were as follows :—
January 1.

London...........................
Antw erp.........................
P aris...............................
Am sterdam ...................
Frankfort.........................
B rem en .........................
Hamburg........................
Berlin, Liepzig, Cologne

109J a

1091

5 .1 6 1 a 5 .15
5 .1 7 1 a 5 121
411 a
411
41|
41# a
791a
79|
36f
86f a
72J a
73

January 17.
1091 a .1094
5 .1 5 1 a 5.14|
5 .1 5 a 5 .1 3 f
411 a
414
41f a
411
794
791 a
861 a
361
721 a
73

The exports of specie have continued at these rates, and were comparatively
a3 follows :—




202
GOLD

Commercial Chronicle and Review.
R E C E IV E D

FROM

C A L IF O R N IA
6 P E C IE

IN

GO
O'
—3

AM O UN T O F

Received.

Jan. 16........ , . $1,269,107
23...............................
80......... . 1,460,900
Feb. 6 . . . , .
225,955
13......... . 1,097,186
20...............................
27......... . 1,296.10S
Mar. 7........
636,000
13........
20____ . . 1,004,000
27____ , . ...............
April 3 .... . . 1,487,128
1 0 ....
1 7 .... . . 1,229,238
2 4 ....
May 1 .... . . 1,800,000
8 . . . . .......................
1 5 ....
2 2 ....
198,000
29___ . . 1,658,072
June 5 . . . . ...............
1 2 .... . . 1,920,168
1 7 ....
2 6 ....
July 3___ . . 1,892,000
1 0 ....
1 7 .... . . 1,591,107
2 4 ....
200,000
8 1 .... . . 1,488,040
Aug. 7___ . , ...............
14.. . . . . 1,245,905
2 2 .... ................
2 9 .... .......................
Sept. 4___ . . 1,706,000
100,000
1 1 ....
1 8 ....
2 5 ....
260,000
Oct. 2 . . . .
9 ... . . . 1,268,735
1 6 .... . . 1,664,200
600,000
2 3 ....
3 0 .... . . 1,877,858
Nov. 6___ . . 2,605,457
1 3 ...., . . 1,207,000
2 0 ....
515,000
515,000
2 7 ....
Dec. 4 ...., . . 2,250,458
...........
1 1 ....
1 8 ..... . . 2,384,233
2 5 ...,
250,000
3 1 ...,

AND E XPO R TE D

FROM

S U B -T R E A S U R Y , A N D T H E

'V

T O T A L IN T H E

C IT Y .

----------------- N
Total
Specie in
Exported, isub-treasury. in the city.

1858.

t

Exported.

N E W Y O R K W E E K L Y , W IT H TH B

Received.

$250,000 $1,607,440 $1,045,490 $2,934,000 $33,145,266
781,295
1,244,368 3,073,900 33,903,151
57,075 3,288,500 34,561,500
1,565,779
1,177,812
2,928,271 3,168,787 33,821,735
348,216 1,348,607
48,850 3,384,800 33,611,075
279,667
641,688 8,360,000 34,776,076
26,708 1,640,430
128,114 8,420,900 35,079,294
967,405
297,898 2,996,700 35,736,431
422,914 1,279,134
225,274 2,964,000 35,925,076
306,351
11,000
116,114 6,853,852 37,681,656
38,734 1,403,949
83,120 6,141,594 37,071,066
742,233
115,790 5,548,069 37,078,069
468,698
250,246 4,875,975 36,912,411
779,892 1,825,198
203,163 3,841,577 37,035,026
106,200
41,208
15,850 3,695,071 37,808,806
1,711,390 1,550,000
136,873 3,145,400 38,209,613
671,101
106,110 2,874,200 38,327,346
1,826,629 1,626,171
720,710 6,853,590 41,586,300
532,862 6.566,300 39,613,700
353,166
2,714,002 1,675,991
400,300 6,398,500 37,894,600
489,668
51,425 5,263,300 38,053,660
3,394,892 1,446,175
16,616 4,803,609 38,170,900
2,045,389
68,318 7,773,108 38,011,251
2,019,406 1,799,502
276,487 7,461,600 39,410,688
58,228
317,110 5,820,000 39,650,000
1,184,115 1,500,000
564,030 5,342,200 40,047,800
523,368
637,240 6,157,600 40,485,000
1,893,893
1,028,270 5,336,000 40.851,090
896,407 1,163,818
303,318 5,144,700 40,856,800
1,615,932 . . . . . .
786,841 5,553,400 40,699,200
930,430 1,531,514
440,729 12,886,800 44,037,300
2,180,008
844,781 17,739,600 46,089,100
149,399 1,434,674
187,941 13,418,000 41,235,000
287,500
562,087 13,077,000 41,125,600
227,980 12,626,900 40,686,300
187,187 1,796,139
1,361,110 12,612,200 41,420,200
102,968
10,687 1,570,924
474,945 11,838,000 40,463,000
1,126,404 11,100,600 39,633,700
412,600
69,000 1,322,005
675,817 10,476,649 39,646,853
5,000
886,234 10,198,837 39,705,345
...............
401,866 9,695,817 38,377,246
177,545 1,352,101
593,310 9,151,500 35,859,300
227,000
184,452 8,256,052 34,593,407
697,650 1,672,656
142,130 7,808,518 33,847,700
1,686,511
13,832 7,463,162 34,254,142
1,686,511 1,816,532 1,064,038 6,786,786 33,944,517
1,808,750
133,802 6,345,500 33,753,200
2,651,420 1,643,140
825,000 6,344,033 33,539,033
378,584
150,000 6,235,900 32,844,700
731,516 6,008,398 32,386,670
30,662 5,108,300 32,238,300
34,000 1,494,379

T otal...,. . . 45,520,631 44,360,174 35,518,396 26,001,431
Jan.

u.
"s
r
........... .. $2,398,684
8___. . .
$1,052,558 $4,202,151 $32,601,969
218,049 4,812,987 33,693,699
15 ... . . . $1,607,440 1,045,490 $1,376,300

Total.

1,607,440




3,444,174

1,376,300

1,270,607

208

Commercial Chronicle and Review .

The aggregate exports from New York and Boston for the year were as fol­
lows :—
1856.
1857.
1858.
B oston ..........................................
New Y o r k ....................................

512,227,059
87,218,766

$9,712,769
44,360,174-

$2,708,353
26,001,431

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

$49,445,825

$54,072,933

$28,709,784

The description and destination o f specie exported for the last month were as
follows :—
S H IP M E N T S O F S P E C IE

American
coin.

Liverpool.
London...
Havre___
Bremen..
Jacmel . .
Savanilla.
Maracaibo
Arroya.. .
Porto Rico

Bars.

FROM

P O R T OF N E W

175,526 1,229,489
.......
69,390
108,000
805,566
52,000
2,300

___

1,089

......

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

3,863

5,000

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

5,000

Spanish
silver.

2,000

...........

26,000

......

YORK.

French
Silver. Sov’reigns. D’bloons. gold.

....
....

...........

Tcrtal.

1,405,015
69,390
413,566
55,089
2,300
3,863
26,000
5,000
5,000

Total. . $369,826 1,664,445
___
1,089
8,863 2,000
.... 1,986,223
May 8th to
Jan. 15 2,807,586 12,188,496 55,786 323,217 1,240,972 90,575 166,798 17,712,183
The export is mostly bars, as usual, and the operation o f the Assay-office has
been as follows, for five months to January 1 s t:—■
1856 .......................
1857 .......................
1858 .............................

.---------------Deposits.---------------,
Gold.
Silver.

,--------------Payments.--------- — .
Bars.
Coin.

$8,743,000
10,080,000
8,465,000

$8,631,700
4,924,000
6,415,000

$280,100
1,465,200
1,338,000

$382,000
6,917,300
2,074,000

The payments in coin are, o f course, much less this year than last, and the
banks arc, as seen, somewhat oppressed with coin, as compared with the amounts
they usually hold.

The rates o f money have been nearly as follows, under a de­

sire on the part o f the banks to loan, and a scarcity o f business paper :—
Oct. 25th.

Loans on call, stock securities.. .
Loans on call, other securities...
Prime indorsed bills, 60 days____
Prime indorsed bills, 4 to 6 mos.
First-class single signatures . . . .
Other good commercial paper . .
Names not well known.......
8

3 a
3£ a
4£ a
5 a
5 a
7 a
a

3£
4£
5
6
7
8
10

Nov. 24th.

Dec. 14th.

Jan. 14th.

3|-a 4
4 a 5
5|a5
6^ a 6
6J a 7
7 a 8
8 a 10

3£ a 4|
4 a 5
4 a 5
6 a 6
6 a 7
7 a 8
8 a 10

4 a 4}
4 a 5
4 a 5
6 a 6
6 a 7
7 a 8
8 a 10

The rates have not changed, with the exception o f stock loans which are some­
what better placed. The tendency o f the bank loans is to increase rapidly with­
out the creation o f sufficient business paper to take it up, a state of affairs that
is apt to engender speculation. The proposition to organize a “ bullion bank”
seems to be acquiring definite shape.

The leading principle o f the institution is

to keep deposits on hand in gold without lending, as the Federal treasury does
the government money, and to make a small charge to the depositors for so
keeping their funds.

The capital o f the bank only will be loaned.

It is

feared, on the part of the old banks, that such an institution, by drawing off from
them a considerable share o f deposits in gold, would greatly diminish the line o f
discounts, and it is understood that many o f these, as a defensive measure, will,
on the organization o f the bullion bank, agree to keep depositors’ money in gold,




204

Commercial Chronicle and Review,

subject to their order, without charge. It is possible that an important change
in the course of banking may result from this movement.
The payments from the country during the past year have been good, under
all circumstances. The number of failures as approximated by the mercantile
agency of Messrs. Douglas & Co. for the present year, as compared with 1857,
shows an important diminution. The books of that firm contain we believe
some 250,000 firms doing business in the United States and the Provinces, and
the failures have been as follows :—ST A T IS T IC S AS TO F A IL U R E S F R O M D E C . 2 5 , 1 8 5 7 , TO D E C . 2 5 , 1 8 5 8 .

»— Failures.— * /—Liabilities of each.—*,— Total am’t o f liabilities.— *
Location.

New York—
New York city * .. . .
A lbany.....................
Buffalo.......................
Oswego....................
Rochester.................
Syracuse...................
Trov..........................
U tica .......................
Balance of S ta te. . .
Pennsylvania—
Philadelphia...........
Pittsburg..................
Balance of State . . .
Ohio—
Cincinnati.................
Cleveland................
Balance of S ta te.. .
Indiana.........................
Michigan—
Detroit.....................
Balance of S ta te.. .
Illinois—
Chicago...................
Balance of State. ..
Iowa—
Dubuque..................
Balance o f S ta te...
Wisconsin—
Milwaukee...............
Balance of State. ..
Minnesota & Territories
Delaware & Dis. Colum.
Massachusetts—
Boston.......................
Balance of S ta te.. .
Rhode Island—
Providence...............
Balance of State. . .
Oonneticut...................
Maine.............................
New Hampshire..........
Vermont.......................
New J ersey.................
Louisiana—
New Orleans............
Balance of S ta te.. .




1857.

1858.

916
35
72
13
31
29
24

406
22
36
8
15
19

20
447
280
28
226

1857.

1858.

1857.

1147,682 §43,777 $135,129,000
28,943 15,714
838,000
58,667 16,665
4,224,000
12,385
9,200
161,000
27,419 23,000
850,000
15,034 21,500
436,000
10
66,958 27,857
1,607,000
10
29,250 21,222
585,000
340
15,188 12,693
6,789,000

10,102

32,954,000
1,183,000
2,283,000

10,002,385
610,743
4,647,656

139

51
17
214
127

40,603
20,433
10,714
11,769

26,383
15,000
7,817
9,092

3,898,000
613,000
2,357,000
1,636,000

1,345,533
256,000
1,672,838
1,154,684

84
98

27
120

44,530
10,246

38,812
14,429

1,514,000
1,004,000

1,047,924
1,731,480

117
199

87
805

56,171
13,900

41,272
16,322

6,572,000
2,766,000

3,590,664
4,978,210

36
108

26
94

20,417
12,342

31,733
23,363

735,000
1,333,000

825,058
2,196,122

19

21

20,000

101
63
20

137
90
46

12,316
27,063
13,050

14,975
17,779
15,176
6,025

380,000
1,244,000
1,705,000
261,000

314,475
2,435,723
1,365,840
277,150

253
230

123
128

162,095
11,352

33,975
15,139

41,010,000
2,611,000

4,178,925
1,937,792

35

17
13
89
61
37
40
60

130,400
26,250
18,568
13,087
13,257
8,299
13,279

22,000
21,071
24,870
10,591
10,896
6,968
12,930

4,564,000
105,000
1,129,000
1,060,000
928,000
473,000
1,142,000

374,000
273,923
2,213,430
646,051
403,152
278,720
775,800

45
13

108,362
49,200

77,000
26,300

6,285,000
246,000

3,465,000
341,900

220

4
61
81
70
57
86
58

5

22

117,693
42,250

232

$17,773,462
345,708
599,940
73,600
345,000
408,500
278,570
212,220
4,315,620

91,765
27,761
20,033

96
30

109

1858.

* Including Brooklyn and 'Williamsburg.

Commercial Chronicle and Review .
,—

Location.
Missouri—
St. Louis...................
Balance of S ta te ...
Maryland—
Baltimore.................
Balance of State. . .
Kentucky—
Louisville.................
Balance of S ta te.. .
Virginia—
Richmond.................
Balance of State. . .
Georgia........................
Arkansas .....................
Alabama.......................
Mississippi...................
Tennessee......................
Texas ...........................
North Carolina.............
South Carolina—
Charleston...............
Balance of S ta te .. .
Florida..........................

Failures.— » ^Liabilities of each.—>,— Total am’t o f liabilities.— «

1857.

1858.

1857.

49
29

22
29

58
41

76
92

55,275
17,683

19
31

18
62

39,842
32,484

30
90
32
7
16
11
40
15
62

25
244
71
17
48
36
103
28
90

31
24
7

20
21
6

Total United States. 4,932 4,225
Canada West—
T oronto...................
25
16
Balance Canada W .
109
211
Canada East—
Montreal.................
15
40
Balance Canada E ..
15
22
JS. Scotia & IS’ . Br’nsw’k
22
23
Grand to ta l.........

205

6,118 4,537

1858.

$112,694 $35,590
14,931 21,000

1857.

1858.

$5,522,000
433,000

$782,980
609,000

32,140
5,663

3,206,000
725,000

2,442,640
520,996

30,859
11,000

757,000
1,007,000

555,462
682,000

26,033 19,965
10,911
8,950
28,906 19,933
44,143 43,500
18,437 42,474
40,455 29,250
17,800 15,505
26,200 16,694
18,887 16,660

781,000
982,000
925,000
309,000
296,000
445,000
712,000
393,000
1,171,000

499,125
2,183,800
1,415,243
739,500
2,038,752
1,053,000
1,597,015
467,432
1,499,400

922,000
305,000
250,000

578,180
249,900
142,440

291,750,000

95,749,662

29,742
12,708
85,715

28,909
11,900
23,740

108,560
19,926

23,961
6,189

2,714,000
2,172,000

883,376
1,305,879

34,866
84,466
62,500

27,751
2S.035
44,428

523,000
1,267,000
1,375,000

1,110,040
616,770
1,021,844

299,801,000

100,187,571

Messrs. Douglas & Co. remark that the information of the agency being collected
“ with the aid of its eighteen branch and associate offices, and the country divided
into small, compact districts, each presided over by an office in its center, with
numerous special and general correspondents in each town or county, errors can
rarely occur; and, if they should chance to occur, can scarcely, by any possibility,
remain uncorrected.”
They remark in relation to the general result:—
“ The conclusion is justifiable that we shall have a safe, if not an extensive,
trade this year, and that the country at large needs but one or two good crops
more from the hands of a bountiful Providence to place us in as good a position,
pecuniarily, as the panic found us occupying, with the additional advantage of a
valuable lesson from its infliction.”
Annexed are our usual comparative tables; showing the total foreign imports
and exports, at the port of New York, throughout the year. The total imports
entered at New York from foreign ports, during the year 1857, amount to
$230,618,129, being $17,061,480 in excess of the total for 1856, which was the
largest yearly aggregate previously on record. The year 1858 shows a great
reduction, reaching to $77,751,062 in the aggregate imports for the year.
W e annex a summary, showing at a glance the total foreign imports at New
York in each of the last nine years :—




206

Commercial Chronicle and Review.
F O R E IG N

Years.
I86 0.............
1851 ...........
1852 ...........
1853 ...........
1854 ...........
1855 ...........
1856 ...........
1 8 5 7 ...........
1858 ...........

Dutiable.
$110,933,763
119,592,264
115,336,052
179,512,412
163,494,984
142,900,661
193,839,646
196,279,362
128,578,256

IM P O R T S A T N E W

YORK.

Free goods.
$8,645,240
9,719,771
12,105,342
12,156,387
15,768,916
14,103,946
17,902,578
21,440,734
22,024,691

Specie.
$16,127,939
2,049,543
2,408,225
2,429,083
2,107,572
855,631
1.814,425
12,898,033
2,264,120

Total.
$135,706,942
131,361,578
129,849,619
194,097,652
181,371,472
157,860,238
213,556,649
230,618,129
152,867,067

The imports of specie were last year much larger than usual, owing not only
to the return shipments caused by the beginning of the revulsion, but also to the
previous receipts of foreign coin designed for reshipment to the West Indies,
followed by the high price of sugar. This year those causes have ceased to
operate. Under the head of dutiable, we have included above both the dutiable
entered directly for consumption, and the goods thrown into bonded warehouse.
In the extended tables given below, these items are given separately, although
brought together in the total. The following tables give the monthly returns
of the exports under each head :—
F O R E IG N I M P O R T S E N T E R E D A T N E W Y O R K D U R IN G T H E Y E A R S

1 8 5 5 -6 -7 -8 .

E N T E R E D F O R C O N SU M PTIO N .

1855.
January ................... .............
'February................. .............
M arch......................
A pril.........................
M ay.......................... .............
J u n e ......................... .............
J u ly .......................... .............
August .....................
Septem ber............... .............
October...................... .............
November.................
December.................

$8,370,259
8,315,268
8,082,524
8,020,545
13,008,485
11,859,017
12,088,621

Total.................. .............$115,685,022

1856.

1857.

$12,556,638 $15,300,034
12,521,622
18,508,939
15,781,297
12,350,457
14,530,636
11,155,530
12,392,421
5,451,191
12,518,271
2,471,723
19,288,885
26,042,740
18,375,986
14,401,018
10,934,435
8,841,367
9,932,001
2,791,905
9,730,429
2,792,185
7,930,499
2,829,924

1858.
$4,170,017
5,840,250
7,245,526
5,837,546
6,574,612
6,652,563
14,053,659
15,067,732
11,180,523
9,234,470
7,350,323
9,775,511

$156,493,120 $122,937,013 $102,942,737

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

January.........
February... . ......
March............
April...........
M ay..............
J u n e .............
J u ly ..............
A u gu st.........
September ..
October.........
Novem ber.. .
December.. . .

____
___
....
___
___
___
___

$3,254,654
2,237,394
1,865,633
1,422,006
2,336,959
2,716,245
2,431,756

___
....
___
....

T otal... .

........




1,566,377
2,379,886
2,547,741
8,100,560

$1,625,254
1,486,259
2,222,655
3,181,498
3,733,350
3,936,633
4,907,675
4,136,716
3,264,622
2,836,781
3,318,842
2,696,241

$1,969,266
3,543,996
5,384,835
8,168,142
10,508,421
11,540,136
6,796,835
3,516,039
6,428,203
7,356,424
5,821,588
3,308,464

$1,909,448
1,330,623
1,812,230
2,148,241
2,626,978
2,408,733
2,949,166
2,146,021
2,900,710
2,157,678
1,725,318
1,520,373

$27,215,639

$37,346,526

$73,342,349

$25,635,519

Commercial Chronicle and Review.

207

F R E E GOODS.

January.........................
February ......................
March.............................
A pril.............................
M ay...............................
J u n e .............................
J u ly ...............................
A u gu st.........................
Septem ber...................
October..........................
November.....................
December.................................

1855.

1856.

18,57.

1858.

1,038,540

$1,341,808
1,956,155
2,141,661
2,250,533
2,151,057
1,249,579
1,280,854
1,303,790
1,026,208
961,781
1,097,524
1,141,628

$850,923
2,447,839
2,338,379
955,428
1,674,810
957,366
2,455,333
2,052,122
1,772,505
1,782,345
1,776,384
2,377,300

$1,716,682
1,798,105
2,394,743
2,658,381
1,928,573
953,014
1,506,027
2,342,741
1,253,829
2,061,468
1,425,620
1,985,608

$17,902,578

$21,440,734

$22,024,691

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

8 r E C I E A N D BU LLIO N .

January.......................
February....................
March...........................
A pril...........................
M a y.............................
J u n e ...........................
J u ly ............................. ...........
A u gust.......................
Septem ber.................
October....... ................
November...................
December...................

69,035

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

$54,364
72,247
111,345
95,168
134,284
257,174
238,918
103,173
84,097
95,029
321,750
246,876

$886,509
1,023,718
1,061.833
939,218
1,070,833
369,901
505,298
17,319
885,285
2,509,193
3,027,803
681,123

$309,572
240,059
277,203
524,857
324,540
102,132
36,895
67,682
138,233
89,368
90,446
63,133

$1,814,425

$12,898,033

$2,264,120

T O T A L IM P O R T S .

January.......................
February....................
March...........................
April....................... ...
M ay.............................
J u n e...........................
J u ly ............................................
A u gu st....................... ...........
Septem ber.................
October........................
November...................
December...................

16,506,399

$15,578,064 $19,006,732
16,036,283
25,524,492
20,256,958
21.135,504
20,057,835
21,218,318
18,705,255
18,411,112
15,339,126
17,961,657
25,716,332
35,800,206
23,919,665
19,986,493
15,309,362
16,847,360
13,825,592
14,439,867
14,468,545
13,417,960
12,015,244 , 9,196,811

$8,105,719
9,209,043
11,729,702
11,169,025'
11,454,703
10,116,442
18,505,747
19,624,176
15,473,295
13,542,984
10,591,606
13,344,625

Total....................
W IT H D R A W N FROM W AREH O U SE.

January...................
February ................
March......................
A pril.......................
M ay.........................
J u n e .......................
J u ly ........................
A u gu st...................
Septem ber.............
October....................
November................ .............
December...............

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




1,197,650

$2,345,618
2,047,067
1,852,396
1,467,576
1,548,329
1,656,871
2,187,337
2,534,732
3,457,706
3,273,983
1,725,544
1,625,650

$2,672,755
2,501,696
2,639,223
2,287,315
2,262,173
781,099
10,470,820
5,624,147
2,882,046
1,750,392
3,152,316
3,584,908

$4,504,591
4,733,706
4,444,415
3,203,539
2,690,838
2,360,140
3,164,538
3,116,013
2,905,062
2,462,425
2,124,655
1,789,620

$25,722,818

$40,609,890

$37,499,542

208

Commercial Chronicle and Review.

Under the head of withdrawn from warehouse, we have included the dutiable
goods taken out of bond. The total value of merchandise in bond January,
1858, was a fraction over $20,000,000. It was only $8,300,000 January, 1859.
The imports of foreign dry goods at the port of New York, for the year 1858
is $60,001,221—being $30,529,905 less than for the year 1857 :—
IM P O R T S OF D R Y GOODS A T N E W Y O R K F O R TH E Y E A R

1855.

1856.

1858.

1857.

1858.

Manufactures o f w o o l.....................$18,637,337 $27,257,237 $27,489,564 $19,385,084
Manufactures o f cotton................. 10,510,723
17,926,293 18,905,535 11,057,769
Manufactures of silk....................
23,197,480 30,988,865 28,537,260 19,558,274
Manufactures of flax.....................
6,706,364
9,484,401
7,950,864 5,798,307
Miscellaneous dry goods...............
5,922,158
7,756,097
7,650,906 4,199,290
T otal....................................... $64,974,062 $93,362,893 $90,534,129 $60,005,224

The decline in dry goods is marked under each general head ; but in those
goods, as in general merchandise, this shows a marked recovery in the month of
December.
We recapitulate the comparative totals of the imports of dry goods and general
merchandise for the convenience of reference :—
1855.

1856.

1857.

1858.

Dry goods.......................................$64,974,062 $93,362,893 $90,534,129 $60,005,224
General merchandise..................... 92,030,545 118,379,331 127,185,967 90,448,438
Total........................................ 157,004,607 211,742,224 217,720,096 160,453,662

The dry goods show a decline of $30,529,905, and specie $10,000,000 ; hence,
general merchandise shows a decline of $27,000,000 ; of this decline sugar and
molasses make nearly $7,000,000. We annex a comparative summary of the
receipts of some leading articles of foreign merchandise during the past year:—
I M P O R T S O F A F E W L E A D IN G A R T IC L E S O F G E N E R A L M E R C H A N D IS E .

1855.
Books........................................
Buttons....................................
Cheese.....................................
Chinaware...............................
Cigars......................................
C oal.........................................
Coffee.......................................
Earthenware.........................
F u r s ........................................
Glass, plate..............................
India-rubber...........................
Indigo.......................................
Leather and dressed skins ..
Undressed skins......................
Liquors—Brandy...................
Metals— Copper and o r e .. . .
Sheathing copper...............
Iron, b a rs...........................
Iron, pig...............................
Iron, railroad.....................
Iron, sheet...........................
L e a d ....................................
S p elter................................
S te e l....................................
Tin and tinplates................
Zinc.......................................




$491,980
406,760
93,290
413,847
2,804,051
336,373
6,508,080
932,049
1,472,302
241,925
795,450
283,533
1,496,546
3,972,915
1,301,063
245,606
405,868
2,656,440
830,266
1,973,622
431,930
1,709,517
301,228
1,315,228
3,141,533
268,861

1856.
$614,068
742,002
102,677
636,443
2,264,699
540,803
7,395,809
1,220,487
2,270,781
337,940
648,619
322,949
2,224,387
5,505,407
2,078,887
256,658
573.394
3,628,256
563,600
2,608,742
751,863
2,116,110
370,293
1,791,408
4,792,015
381,434

1857.
$663,447
845,456
120,479
589,682
2,610,679
460,399
7,722,162
1,178,924
1,859,923
481,751
609,840
457,125
2,052,299
6,590,173
1,812,201
426,474 )
248,375 )
3,354,101
501,096
3,070,762
706,872
2,035,464
380,434
1,694,950
4,669,951
341,648

1858.
$530,789
413,368
96,166
349,707
1,863,736
738,696
7,823,192
798,839
1,750,029
422,923
587,200
346,169
2,402,991
6,304,391
885,011
1,529,237
356,807
870,092
298,008
1,492,124
590,149
1,033,955
3,667,093
481,507

209

Commercial Chronicle and Review.

1856.

1855.
941,111
713,547
458,127
165,063

Molasses...........................
R a g s .................................
Salt....................................
___
Sugar...............................
Tea...................................
W a tch es......................... .___
W in e s ............................. ___
W ool and waste.............. ___

4,991,516
3,038,845
1,633,539
597,260

1857.

1,606,338
824,082
487,480
68,244
17,711,162
5,898,900
3,506,432
1,686,266
643,365

1858.
1,379,946
649,744
373,885

5,197,047
882,181
318,880
162,658
20,698,854
5,399,964
2,954,702
2,011,691
1,775,673

17,667,676
6,002,032
1,676,018
821,506
1,113,024

The receipts for cash duties at the port of New York, for 1857, were
$10,000,000 less than for the previous year, owing to the change in the tariff, and
the great falling off' in the quantity of goods thrown upon the market—for, while
the total value of foreign goods entered at the port during the year 1857, (exclusive
of specie,) was about $218,000,000, the value thrown upon the market is only
$185,000,000. In 1858 the quantity of goods put on the market is more than
the import, but the duties are $9,000,000 less than in 1857 :—
CASH

D U T IE S R E C E I V E D

AT

NEW

YORK.

1856.

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

85
14
47
39
64
26
27
11
70
97
63
2,381,969 75

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

$45,519,270 18

January.......................
February.....................
M arch.........................
April............................
May..............................
June.............................
July..............................
A u gu st.......................
September..................
October........................
November....................
December....................

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

$3,683,654
3,576,919
4,382,107
3.913,885
3,457,153
3,527,425
5,441,544
5,286,399
3,702,134
3,391.230

1857.

1858.

$4,537,378
5,117,249
3,752,184
3,301,607
1,907,289
677,811
6,987,019
3,946,830
2,249.982
867,534
1,121,792
1,172,392

43
85
98
05
71
29
61
40
89
99
70
98

$35,639,074 88

$1,641,474
2,063,784
2,213,452
1,736,510
1,748,227
1,685,663
3,387,305
3,545,118
2,672,935
2,054,834
1,706,529
2,020,895

59

86
15
41
54
02
33
01
63
43
47

62

$26,476,731 06

Turning now to the exports from New York to foreign ports, we find a very
small total for December, and, including specie, a general falling off during the
year. We annex a quarterly statement showing the course of this trade for the
year compared with the previous three years :—
E X P O R T S F R O M N E W Y O R K T O F O R E IG N P O R T S , E X C L U S IV E O F S P E C IE .

1855.

1856.

1857.

1858,

First quarter........... ........................$16,802,543 $19,820,683 $19,838,847 $14,044,177
Second quarter............................... 15,628,290 20,250,346 18,822,867 17,599,202
Third quarter................................... 14,616,675 20,567,594 15,803,531 14,003,473
Fourth quarter................................ 25,299,054 23,028,907 18,898,910 13,991,361
T o ta l........................................$72,346,562 $83,667,530 $73,364,155 $59,638,212

This shows a decline of $10,000,000 for 1857, as compared with the previous
year, and a decline of $13,726,943 in 1858, as compared with 1857. The exports
of specie, not included in the above, show a decrease of $18,358,743.
W e now annex our usual detailed statement showing the exports of domestic
produce, foreign dutiable and free goods, and specie during each month of the
last four years :—
VOL. XL.----MO. II.




14

210

Commercial Chronicle and Review,
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 D U R IN G T H E Y E A R S

1855-6-7-8.

D O M E S T IC P R O D U C E .

18S§.
January.............
February...........
M arch...............
April..................
May....................
June...................
July....................
August..............
September........
O ctober.............
November..........
Decem ber.........
T o ta l.........
January.............
February...........
M arch ...............
April..................
May....................
June...................
July....................
A u gu st... . . . . .
September........
O ctober.............
November.,. . . .
D ecem ber........
T o ta l......... . . .

1856.
$5,257,686
5,408,990
8,044,122
5,229,436
5,563,205
8,273,454
6,901,272
5,612,828
7,045,202
6,129,837
7,541,595
8,246,568

1857.
$4,543,842
5,399,202
7,904,481
5,162,160
6,046,643
5,395,312
4,273,696
4,289,479
4,218,954
6,491,529
5,245,599
2,832,338

1858.
$4,208,306
3,709,870
4,503,371
5,513,117
4,262,789
6,382,939
4,771,962
4,660,272
3,521,992
5,233,363
3,481,654
3,700,068

§63,586,775
§79,254,195
FOREIGN DUTIABLE.
$212,239
143,944
468,280
262,684
202,027
358,732
247,079
736,306
450,482
210,320
108,617
222,176
211,933
358,896
509,752
130,577
306,817
202,093
667,401
'467,501

$61,803,235

$53,949,703

$188,408
363,878
628,080
314,343
294,839
512,349
582,059
654,088
566,106
806,049
1,194,355
1,226,590

$290,308
326,845
649,899
432,393
229,990
350,990
277,419
224,438
204,390
359,185
254,310
487,231

$7,331,144

$4,087,398

3,960,757

$4,957,401

$4,354,524

F O R E IG N F R E E .

January..............
February............
March.................
A pril...................
M ay....................
June................... .
July.....................
A u gu st...............
Septem ber........
October...............
November...........
December...........

$458,091
812,226
941,212
100,092
244,254
547,682
185,557
161,482
17,369
31,505
129,405
183,511

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

$3,802,386
S P E C IE

January.............
February...........
March.................
April..................
.................. May.
June..................
July...................
August..............
September........
October..............
November.........
December..........
Total...........




$41,305
53,275
190,842
68,263
68,194
148,206
22,423
88,242
67,325
71,931
55,662
183,143

$151,920
175,706
483,330
185,642
169,451
732,128
407,697
393,882
417,570
212,443
886,528
503,479

$191,125
130,862
27,590
154,416
113,799
158,769
70,463
102,674
169,863
161,063
129,671
184,816

$1,058,811

$4,229,776

$1,601,111

A N D B U L L IO N .

$156,398
2,123,708
2,298,697
3,313,447
5,320,152
3,862,393
2,923,324
2,609,393
1,831,684
1,188,109
1,011,900
986,535

$104,834
1,204,343
2,584,396
3,261,504
3,812,865
4,300,328
6,278,126
3,202,053
3,738,547
4,996,660
2,955,839
1,779,181

$1,307,946
1,831,726
2,174,965
.
3,354,805
5,789,266
7,939,354
3,628,377
6,271,717
990,476
297,259
3,239,231
7,535,052

$4,745,611
3,746,920
886,194
646,285
1,790,775
594,174
2,801,496
2,201,802
3,239,591
3,028,405
471,970
1,898,208

$27,625,740

$37,218,766

$44,360,174

$26,001,431

211

Commercial Chronicle and Review.

OO

TOTAL EXPORTS.

January...............
February.............
March.................
April....................
May.....................
June....................
July................... .
August...............
September.........
October..............
November.........
December..........
Total..........

1856.

1857.

1858.

$6,051,915
6,688,799
8,640,682
8,026,167
10,995,028
9,103,087
7,279,958
7,264,532
7,436,586
8,035,699
9,792,455
10,657,444

$5,616,064
6,810,552
11,287,640
8,761,320
9,691,343
13,172,470
12,310,438
9,115,056
11,360,826
11,329,005
10,755,189
10,676,393

$6,192,116
7,770,512
11,190,856
9,026,950
12,300,199
14,579,143
8,891,829
11,609,166
6,193,106
7,807,280
10,065,713
12,097,459

$9,436,850
7,920,497
6,017,054
6,746,211
6,397,353
7,486,872
7,921,340
7,189,186
7,135,836
8,782,016
4,337,605
6,270,323

$99,972,302

$120,886,296

$117,724,329

$85,639,643

In addition to the above tables showing the value of all the exports from New
York to foreign ports, we have compiled a brief comparative table giving the
quantity which has been shipped of a few leading articles of domestic produce
C O M P A R A T IV E

STATEM ENT

OF

THE

EXPORTS

OF A

FEW

L E A D IN G A R T IC L E S O F D O M ESTIC

P R O D U O E , F R O M N E W Y O R K TO F O R E IG N P O R T S , F R O M

1855.

1856.

1855

TO

1857.

1857.

1858.

A sh es—

Pots..................
Pearls..............
Beeswax............... ........ lbs.
B r e a d s t u ffs —
Wheat flour.... . . . .bbls.
Rye flour..........
Corn meal.......
W heat.............
R y e .................
Oats.................
Corn.................

13,155
2,243
169,616

9,055
2,227
217,435

13,068
3,629
256,226

12,029
1,764
227,546

1,005,006
20,647
61,259
3,405,293
535,907
40,264
1,184
3,860,852

1,921,025
11,890
77,529
9,571,893
1,261,905
17,032
305
3,862,529

1,041,871
3,936
50,011
3,772,936
81,446
13,410

1,881,038
5,002
66,469
8,286,461
12,487
31,315

1,957,355

1,647,708

54,303
10,776
14,486
227,921
5,734
9,156
627,728

45,474
4,751
7,222
195,730
4,560
4,250
478,511

51,357
6,982
23,543
161,901
13,137
2,254
550,591

56,937
9,599
32,023
144,957
32,104
3,005
690,030

272,400
836,199
103,179
11,210

44,378
598,062
55,063
6,394

463,748
925,394
34,095
33,839

354,925
1,015,682
30,331
39.428

152,750
66,212
15,903,457
990,639
6,987,496
8,555,962
24,264
1,9)1,339

134,470
65,028
29,805,028
1,115,081
3,760,540
10,979,593
38,715
1,375,620

52,069
48,921
18,607,528
890,742
4,529,273
14,612,603
29,603
3,110,803

78,271
76,643
15,994,743
1,808,157
6,589,100
12,684,160
41,651
1.563.292

32,367
5,282,952
2,131,197

33,175
4,849,923
1,872,151

42,576
2,860,703
1,889,685

66,289
4,479,360
1,084,33V

C a n d le s —

Mold.................
S p erm .............
Coal....................
Cotton.................
Hay......................
H o p s ...................
Naval stores___ . . . .bbls.
O ils—
Whale..............
Sperm..............
L ard................
Linseed............
P r o v is io n s —
Pork......................... bbls.
Beef.................
Cut-meats . . . , .......... lbs.
B utter.............
Cheese............
Lard.................
Rice.................
Tallow............ ...........lbs
T ob a cco—
Crude.............. .packages
Manufactured..
Whalebone........




212

Commercial Chronicle and Review.

We also present our annual comparative statement of the wholesale prices at
this port, of the leading articles of foreign and domestic produce, which will be
found very interesting. There are few, even of those who are engaged in the
trade, who can remember the changes in price from year to year, and this table,
if preserved, will be found very useful for reference :—
C O M P A R A T IV E

Ashes, pots.............100 lbs.
Pearls...............................
B r e a d s t u ffs —
Wheat flour, State-. .bbl.
Wheat, beat extra G en..
Rye flour,
“
.........
Corn meal, Jersey...........
Wheat, white Gen..bush.
White Michigan.............
White Ohio......................
White Southern...............
Red Western.............
Rye, Northern..................
Oats, State.......................
Corn, old Western...........
Corn, new Southern........
Cotton, mid. upland___ lb.
Mid. New Orleans...........
Fish, dry cod.................. qtl.
Fruit, bunch raisins . . . . box
Currants................................... lb.
Hay, shipping . . . .100 lbs.
Hemp, r’gh American, .ton
Hops...........................per lb.
Iron, Scotch p ig ............ ton
English bars....................
Laths......................... per M.
Lead, Spanish............... ton
Galena..............................
L e a th e r —
Hemlock, sole, light., .lb.
Oak,
“
“
______

P R IC E S A T

SEW Y O R K O N J A N U A R Y 3 d .

1855.

1856.

1857.

1858.

1859.

$6 50
7 50

$7 00
8 00

$7 75
8 00

$5 75
5 75

$5 624
6 00

9 25
12 00
7 25
4 31*
2 62*
2 40
2 36
2 30
2 10
1 374
55
1 02
1 02

8 314
11 00
6 374
4 00
2 20
2 124
2 124
2 16
1 90
1 31
46
94
90
9i
94
4 124
2 874
20
95
170 00
10
32 00
62 50
1 45
6 374
6 874

6 25
8 50
5 00
3 25
1 80
1 75
1 75
1 78
1 58
92
48
68
67
13J134
3 60
3 80
21
90
208 00
10
30 00
63 00
1 3 14
6 00
6 75

4 25
7 50
4 00
3 25
1 30
1 20
1 15
1 25
1 10
73
43
65
62

n
Si

1 124
2 65
23
1 00
170 00
36
27 50
56 00
1 50
5 25
6 25
17
26

234
31

4
7
3
3
1
1
1
1
1

12

Si

9
3 25
1 95
9
65
100 00
10
26 00
62 50
1 25
4 75
none.

30
75
75
40
40
25
30
45
20
78
53
78
75

124
4 00
2 05
74
80
125 00
15
25 00
55 00
2 124
5 60
5 86

32
38

224
28

24
30

90

85

75

6 00
25

4 25
22
35

37

2 874
38
1 30
60
1 00
55

8 68J
49
1 55
55
1 36
65

L im e—

Com. Rockland.......... bbl.

85

1 00

L iq u o r s —

Brandy, new cognac..gal.
Domestic whisky ...................
M o la s s e s —
New Orleans...................... gal.

4 50
37

4 75
354

27

49

80

4 00
44
1 85
65
1 70
81

8 00
41
1 60
80
1 80
88

4 00
48
1 60
78
1 so
80

12 50
12 25
14 00
16 124
15 00
9

16 75
14 50
13 50
14 50
15 00
10
8f

8 00
244

N a v a l S to r e s —

Crude turpentine . . .bbl.
Spirits
“
....g a L
Common rosin, N . C. . bbl.
Oils, crude w h a le ............. gal.
“
sperm................
Linseed ..........................................
P r o v isio n s—

Pork, old mess................ bbL
Pork, old prime.......................
Beef, city mess................
Beef, repacked c h ic ., . . .
Beef hams, extra............
Hams, pickled.............lb.
Shoulders, pickled.................




64

19 50
16 60
12 25
12 25
19 50

104
74

15 40
13 00
10 00
12 60
15 50

si
64

17
13
9
9
15

00
00
00
50
00

94
64

213

Journal o f Banking, Currency, and Finance.

Lard.................................
Butter, O hio...................
Butter, State...................
Butter, Orange County .
Cheese...............................
Bice, good...........100 lbs.
S a lt —
Liverpool, ground...sack
Liverpool, fine, Ashton’s .
Seeds, clover....................lb.
S u g a r—
Cuba, g o o d .................lb.
Tallow....................... per lb.
Whalebone, polar...............
W o o l—
Common fleece............ lb.

1855.

1856.

10f
17
22
26
10$
4 25

Ilf
20
23
27
11
5 50

1 05
1 60
11

92$
1 55
13

1857.
m

1859.

1858.

11$
18

21
24
27
10$
4 31$

9i
16
20
24
8
3 25

25
9
S 60

80
1 65
12$

80
1 80
9$

90
1 88
9$

5
124
41

8
IS
50

9$
11$
65

27

35

38

7
10
1 10
27

20

7
10$
96
36

The decline in prices for 1858 as compared with 1857 extends to nearly every
article upon the list, and is very strongly marked. For January, 1859, a recovery
presents itself in many articles, but not equal to the prices of former years.

JOURNAL OF BANKING, CURRENCY, AND FINANCE.
CONDITION OF THE BANKS OF OHIO.

The following table exhibits the condition of the several incorporated banking
institutions of the State of Ohio, on the first Monday of November, 1858, as
shown by their returns made, under oath, to the Auditor of the State.—
RESOURCES.

Independent
banks.
Free banks.

Branches of
State Bank.

Total.

8121,882
149,602
331,785
89,474
1,449,118
633,200
41,790
2,947
64,708

$127,130
323,470
407,820
186,792
1,203,893
721,860
28,809
31,275
42,760

$1,596,427
844,265
412,828
1,020,009
8,518,335
814,729
516,070
116,518
603,688

$1,845,441
1,317,388
1,152,433
1.296,276
11,171,343
2,069,789
586,670
150,741
711,167

$2,784,506 $3,073,813

$14,442,872

$20,301,191

2,986

$4,124,500
525,139
6,926,204
174,217
2,204,557
84,286
289,711
150
46,334
17,737
50,033

$5,338,825
1,373,326
8,040,304
488,878
4,286,997
102,854
461,036
7,732
111,784
19,937
74^513

Total..................... *............... $2,784,505 $3,073,813

$14,442,872

$20,301,191

Specie............................................
Eastern deposits.........................
Notes o f other banks..................
Due from other banks & bankers
Notes, <fcc., discounted...............
State bonds...................................
Real estate, <tc........................
Checks, <fcc.....................................
Other resources...........................
Total......................................

L IA B IL IT IE S .

Capital..........................................
Safety fund stock........................
Circulation...................................
Due banks and bankers..............
Due individual deposits..............
Dividends unpaid.........................
Contingent fu n d .........................
Interest ........................................
Bills payable...............................
Other liabilities...........................




$600,000
457,587
486,133
146,929
942,433
4,202
122,177
1,450
2,199
21,493

$609,325
399,600
627,907
167,731
1,140,007
14,306
49,248
7,581
64,000

214

,

Journal o f Banking Currency, and Finance.

1854.
Si

4
4
4
Si
5
5
4
6
4
4
Si

34
4
4
4
Si
34
5
5
6
4
34
Si
34

1855.
Si
4
4
4
84
Si
5
5
34
6
4
Si
Si
Si

Si
4
5
5
4
4
4

Si
4
6
5
4
4
4

34
4
4
5
4
4
4

5
4
4

5
4
4

4
4
4

Si
15
4i
74
4
4
4
5
4
4
34
4
Si
5
Si
5
4
6
5
5
4
7
5
5
4

Si
34
7
4
5
5
74 142
5
5
4
4
34
34
5
5
8
4
4
4
Si
34
34
34
34
5
4
5
4
4
5
5
4
7
4
5
4

5
4
5
4
4
5
5
4
7
4
5
4

4
4
4
4
34
5
5
Si
6
4
Si
34
Si

1856.
4
4
4
4
4
4
4
4
3 i 34
34 34
5
5
5
5
34 34
6
6
4
4
34 Si
5 10
34 3 i

Si
4
4
6
4
4
4
.
4
4
4

Si
4
4
5
4
4
4
4
4
4
4

4
4
4
5
4
4
4
4
4
4
4

Si
5
5
5
5
4
Si
5
4
4

4
4
5
5
5
4
4
5
4
4

34
34

34
34

4
4
6
5
5
4
4
5
5
4
Si
34
Si

34
5
4
5
4
4
5
5
4
7
4
5
4

34
5
4
5
4
4
5
6
4
7
4
6
4

34
5
4
5
4
4
5
6
4
7
4
6
4

4
4
4
4
34
34
5
5
3i
6
4
Si
5
34
4
34
4
4
5
4
4
4
4
4
4
4
4
4
4
5
4
5
4
4
5
5
4
34
34
34
134
4
5
4
4
5
6
4
5
4
Si
4

—J

Capital.
$400,000
3,000,000
8,770,480
2,754,650
1,000,000
750,000
1,000,000
800,000
450,000
300,000
1,979,200
206,520
240,000
1,000,000
1,500,000
600,000
1,000,000
2,000,000
1,000,000
1,235,000
4,000,000
979,200
200,000
316,000
200,000
130,000
2,000,000
412,000
1,800,000
500,000
800,000
2,000,000
400,000
1,000,000
600,000
2,050,000
659,100
1,000,000
748,000
300,000
600,000
173,300
1,500,000
1,500,000
4,951,225
2,000,000
1,000,000
600,000
200,000
316,000
400,000
1,500,000
2,590,875
422,750

4
4
4
4
34
5
5
6
4

34
4
4
4
4
5
4
4
4
4
4
4
4
4
4
4
5
4
5
4
4
6
5
4
34
34
34

OO
OO

A tlantic.....................
Bank of America . . .
Bank of Commerce..
Bank of New York .
Bank of N. America.
Bank of Commonw’ tk
Broadw ay.................
Butchers & Drovers’ .
Chatham...................
Chemical*..................
Continental...............
East River.................
Grocers’.......................
Hanover.....................
Importers & Traders’.
Irving.........................
Market........................
Mechanics’..................
Mercantile..................
Merchants’ Exchange.
Metropolitan.............
Nassau........................
New York County . .
North River...............
New York Dry Dock.
New York Exchange.
Park............................
People’s.......................
Phenix.......................
Seventh W ard...........
Tradesmen’s ..............
Bank of the Republic.
Citizens’......................
Corn Exchange.........
Leath. Manufacturers’
Manhattan..................
Marine.......................
Ocean......... ...............
St. Nicholas...............
Oriental.....................
Artisans’.....................
Bull’s Head................
Nationalf...................
Shoe and Leather.. .
American Exchange.
Bank o f State of N. Y.
C it y ............................
F u lton .......................
Greenwich..................
Mechanics’ Bank. Ass.
Mechanics <fc Traders’ !
Union..........................
Merchants’! ...............
Pacific.........................

GO

NEW YOKE BANK DIVIDENDS FOR FIVE YEARS.

8i
4
34
3
3
5
5
.
6
34

3i
34
84
34
34
34
5
5
6
34

34
84
3
4
5
3
4
3
4

4
34
4
4
5
34
4
Si
Si

6

4
34
4
4
4
4
5
6

4
4
4
si
4
5
4
6
4
34
5
5
31
31
34
34
Si
4
34
4
34
4
4
5
6

34
4
Si
4

34
4
34
4

31
34
34
4

4
4
3
.
.

4
4
4
4
4
5
4
5
4
4
5
5
34
34

Total................... 68,050,755
* Dividends declared in January, April, July, and October. Three dividends, of 6 per cent each,
declared in ltf55.
t Charter expired January 1, 1857.
X Charter expired.




,

Journal o f Banking, Currency and Finance.
CITY

WEEKLY

NEW

Loans.

Jan.

2
9
16
23
30
Feb. 6
13
20
27
March 6
13
20
27
April 3
10
17
24
May 1
8
16
22
29
June 5
12
19
26
July 3
10
17
24
31
Aug. 7
14
21
28
Sept;. 4
11
18
25
Oct. 3
9
16
23
80
Nov. 6
13
20
27
Dec. 4
11
18
25
81
Jan. 8

YORK

Specie.

BANK

W EEKLY

RETURN S.

Deposits. ‘

Average
clearings.

Actual
deposits.

$98,549,983 $28,561,946 $6,490,403 $18,635,225 $13,601,357 $65,033,867
98,792,757 29,176,838 6,625,464 79,841,862 13,899,078 63,942,284
99,473,762 30,211,266 6,349,325 81,790,321 14,066,412 67,723,909
101,172,642 30,829,151 6,336,042 82,598,348 13,074,762 69,523,836
102,180,089 31,273,023 6,369,678 83,997,081 13,519,330 70,477,751
108,602,932 30,652,948 6,873,931 86,000,468 15,439,083 70,561,405
103,783,S06 30,226,275 6,607,271 84,229,492 13,803,583 70,425,909
103,706,734 31,416,076 6,542,618 86,773,222 14,769,665 72,003,657
103,769,127 31,658,694 6,530,759 87,386,311 15,657,056 71,729,806
105,021,863 32,739,731 6,854,624 90,382,446 18,002,665 72,370,781
105,293,631 32,961,076 6,765,958 90,063,432 16,511,506 72,562,926
107,440,850 31,902,656 6,853,852 91,238,505 17,064,588 74,173,917
109,095,412 80,929,472 6,892,231 90,644,098 16,429,066 74,201,709
110,588,354 31,580,000 7,232,332 93,589,149 17,567,160 76,021,989
110,847,617 32,036,436 7,245,809 93,566,100 16,775,287 76,790,863
111,341,489 33,196,449 7,190,170 96,448,450 17,329,481 78,121,025
111,003,476 34,113,891 7,140,851 95,840,344 16,141,451 79,198,898
111,868,456 85,064,213 7,431,814 98,438,506 17,875,203 80,563,303
112,741,955 35,453,146 7,735,056 101,165,806 19,438,661 81,727,146
114,199,288 34,730,728 7,502,975 101,884,163 18,284,868 83,599,295
116,658,082 34,047,446 7,307,445 101,917,869 17,620,131 84,297,738
116,650,943 31,496,144 7,252,616 99,351,901 16,199,657 83,152,244
116,424,597 32,790,333 7,547,830 101,489,535 17,982,648 83,506,887
116,022,152 33,367,253 7,367,725 100,787,073 16,503,899 84,283,194
117,797,547 32,396,456 7,297,631 102,149,470 16,818,521 85,280,987
118,823,401 31,948,089 7,216,689 101,961,682 15,825,983 86,135,69#
119,812,407 33,830,232 7,458,190 106,803,210 17,267,927 89,535,283
118,863,937 34,705,593 7,571,873 106,420,723 18,168,757 88,260,956
119,164,222 35,328,184 7,346,946 107,101,081 17,046,961 90,054,100
118,946,482 35,315,243 7,351,065 105,490,896 15,365,206 90,105,690
119,850,456 35,712,107 7,408,365 106,456,030 15,310,157 91,145,873
120,892,857 35,164,844 7,784,415 107,454,715 17,115,237 90,339,678
123,374,459 31,150,472 7,388,739 105,034,769 15,208,690 89,826,082
126,368,231 28,849,507 7,480,684 104,609,658 15,449,895 89,159,763
126,004,424 27,817,006 7,466,846 103,928,178 16,208.039 87,720,139
125,885,840 28,048,661 7,748,249 103,347,811 15,414,213 87,933,594
125,013,211 28,059,495 7,830,669 102,899,554 15,989,375 86,908,179
124,649,018 28,808,068 7,313,695 104,733,688 17,603,982 87,129,706
124,118,904 28,625,331 7,864,873 102,429,344 16,347,447 86,081,897
123,659,697 28,533,786 7,875,750 104,901,563 19,015,193 85,886,370
123,599,250 29,170,204 7,980,519 105,565,930 19,175,717 86,390,203
124,216,701 28,506,508 7,890,624 106,497,058 19,907,696 86,589,362
124,374,222 28,681,429 7,879,024 108,072,518 20,929,351 87,143,167
126,093,586 26,707,817 7,822,909 108,801,256 21,494,870 87,306,387
126,809,492 26,337,355 8,186,933 109,217,448 21,899,507 87,317,941
127,027,519 26,039,277 7,975,420 109,238,497 20,715,976 88,542,521
125,898,631 26,790,815 7,860,676 108,172,947 20,127,516 88,045,437
125,585,698 27,157,731 7,652,467 106,699,963 19,866,258 86,733,705
126,338,324 27,407,726 7,837,617 109,342,455 19,797,165 89,541,290
126,320,129 27,195,522 7,760,166 109,354,647 20,372,681 88,981,966
127,055,010 26,608,677 7,710,627 109,132,497 20,342,410 89,690,087
126,716,365 26,378,272 7,704,348 108,224,628 20,245,552 88,679,076
127,584,319 27,129,725 7,854,090 111,290,744 20,606,551 90,684,193
128,538,642 28,399,818 7,930,292 113,800,885 20,974,263' 92,826,622
BO STO N

Loans.
Jan.

RETURNS.

BANK

Circulation.

215

Specie.

BANKS.

Circulation.

Deposits.

5 ___ $50,726,800 $5,028,000 $5,416,000 $17,073,800
1 2 __
51,221,000 5,449,000 5,938,400 17,226,700
61,740,926 5,661,216 6,669,028 17,722,553
18 ___
61,772,412 6,073,680 5,494,721 18,129,649
2 5 ___




Due
to banks,

Due
from banka.

$3,911;000 $5,732,600
4,368,000 5,969,500
4,754,006 5,891,800
3,531,721
1,949,031

216

Feb.

Journal o f Banking

1

... .

8 ...

Feb. 1 6 . . .
2 2 ...
1 ...
8 ...
1 6 ...
2 2 ...
2 9 ...
April 5 . . .
1 2 ...
1 9 ...
2 6 ...
May 4 . . .
1 0 ...
1 8 ...
2 5 ...
3 1 ...
June 7 . . .
1 4 ...
2 1 ...
2 8 ...
July 6 . . .
1 2 ...
1 9 ...
2 6 ...
Aug 2 . . .
9 ...
1 6 ...
2 3 ...
3 0 ...
Sept . 6 .,
1 3 ...
2 0 ...
2 7 ...
Oct. 4 . . .
1 1 ...
1 8 ...
2 5 ...

Mar.

Nov

1
8

...
...

1 5 ...
2 2 ...
2 9 ...

Dec.

6

...

.
.
.

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

1 3 ...
2 0 ...
2 7 ...
Jan. 3 . .
1 0 ... .

Loans.
51,854,178
52,011,821
62,137,972
52,089,500
51,970,800
52,251,300
52,068,743
51,999,451
51,632,451
51,918,000
52,042,428
51,752,500
51,388,977
51,499,700
51,679,315
52,622,000
53,396,741
53,469,179
53,407,693
53,951,082
64,162,119
64,780,644
55,808,463
56,200,929
56,626.264
56,602,469
56,250,500
56,096,805
55,971,072
65,845,271
55,650,350
55,926,042
66,238,616
56,414,497
56,410,258
56,226,344
55,993,810
55,940,039
55,857,618
55,601,573
55,817,151
56,314,420
56,783,902
56,865,217
57,678,912
58,510,123
59,305,612
59,701,041
60,069,424
60,310,965

Specie.
6,402,460
6,872,977
7,079,606
7,257,800
7,316,800
7,497,700
7,559,698
7,235,631
7,905,491
8,269,500
8,505,312
9,007,000
8,851,719
9,243,000
9,351,861
9,210,000
9,016,146
9,120,846
9,315,086
9,410,569
9,457,831
9,119,604
9,104,461
9,000,663
8,930,757
8,943,004
8,883,400
8,985,526
8,795,945
8,958,280
8,724,186
8,701,679
8,589,825
8,432,250
8,378,564
8,593,378
8,601,982
8,692,225
8,940,572
9,098,907
9,258,452
9,284,314
9,425,034
9,513,026
9,564,716
9,547,699
9,292,145
8,775,328
8,548,934
8,295,392

W EEK LY AVERAGE

Date.
Jan. 1 1 ,’58.
Jan. 1 8____
Jan. 2 5 ____
Feb. 1 ____
Feb. 8 ____
Feb. 1 5 . . . .
Feb. 2 2 ____
Mar. 1 . . . .
Mar. 9 . . .
Mar. 16____

Loans.
$21,302,374
21,068,652
20,730,958
20,423,704
20,359,226
20,071,474
20,161,260
20,251,066
20,471,161
20,522,936




,

,

Currency and Finance.

Circulation.
5,251,006
5,498,600
5,S98,660
5,299,000
5,170,000
5,182,400
5,291,549
5,163,492
6,159,569
5,477,500
5,852,991
6,224,500
6,007,628
5,903,600
6,165,768
6,117,000
6,096,417
5,903,020
5,870,808
5,732,900
5,703,699
5,633,176
6,313,049
6,538,325
6,236,698
6,268,745
5,869,800
6,238,221
6,026,818
5,988,995
5,889,477
6,137,981
6,265,577
6,265,314
6,155,136
6,415,799
6,950,824
6,674,787
6,505,858
6,402,222
6,735,124
6,759,909
6,773,764
6,899,513
7,149,786
6,864,755
6,742,380
6,678,970
6,543,134
7,016,104
OF TH E

Specie.
$3,770,701
4,018,295
4,243,966
4,465,693
4,668,085
4,888,983
4,924,906
4,903,936
5,147,615
5,448,514

Deposits.
18,395,692
18,602,984
18,429,945
18,450,600
18,525.000
19,031,682
18,909,682
19,029,251
18,895,249
20,136,400
20,675,028
20,657,500
20,671,569
21,267,900
21,143,973
21,527,700
21,418,578
20,846,860
20,668,087
20,815,560
20,764,739
20,833,942
21,570,803
21,075,247
21,462,437
21,456,471
21,161,000
21,051,519
20,804,876
20,698,794
20,698,228
20,971,138
20,634,771
20,799,474
21,003,583
21,661,424
21,940,062
22,303,433
22,435,359
22,538,477
22,816,263
22,744,572
22,233,896
22,721.295
22,881,348
22,481,805
22,339,747
21,756,302
22,357,838
21,615,468

Duo
Due
to banks. from banks.
6,111,278 5,725,337
5,317,764 5,756,068
5,568,464 5,523,012
5,339,600 5,377,900
5,778,000 5,625,000
5,764,000 6,137,000
5,837,534 6,011,377
5,934,007 6,057,699
5,804,569 5,925,462
6,576,900 6,386,000
5,987,725 6,590,350
6,110,000 7,259,400
5,884,583 7,363,702
6,925,900 7,444,000
5,949,986 7,562,885
7,187,800 6,263,000
7,175,486 6,756,792
6,530,828 6,929,062
7,265,607 6,399,061
7,532,900 5,765,268
7,804,896 5,809,542
7,827,075 5,674,795
8,089,162 6,357,413
8,526,510 6,299,019
8,565,647 6,023,415
8,658,185 6,268,745
8,467,000 5,757,000
8,445,734 6,112,023
8,132,356 5,675,367
7,693,989 5,599,457
7,537,728 6,952,844
7,632,562 6,287,397
7,837,548 6,267,769
7,932,082 6,493,886
7,728,766 6,565,208
7,572,434 7,064,285
7,797,659 7,841,109
7,653,858 7,474,187
7,836,100 7,470,666
7,583,069 7,348,934
7,435,690 7,472,200
7,680,564 7,241,047
7,663,707 7,251,271
8,043,437 6,982,454
8,613,337 7,126,041
9,423,078 6,513,109
10,130,446 6,513,243
10,632,991 6,644,113
10,789,135 7,083,737
11,263,766 7,137,234

P H I L A D E L P H IA B A N K S .

Circulation.
$1,011,083
1,046,545
1,062,192
1,096,462
1,293,046
1,659,218
1,686,689
1,S08,734
1,916,352
2,077,967

Deposits.
$11,465,263
11,512,765
11,547,697
12,195 126
11,904,619
11,889,342
12,014,605
11,830,632
12,253,282
12,691,547

Due banks.
4,453,304
4,349,676
4,414,160
4,173,710
3,531,721
2,967,933
2,776,665
2,645,662
2,726,124
2,782,085

Journal o f Banking
Loans.

Mar. 2 3 . . . .
Mar. 3 0 . . . .
Apr. 6 . . . .
Apr. 1 2 . . . .
Apr. 1 9 . . . .
Apr. 2 6 . . . .
May 8 . . . '.
May 1 0 . . . .
May 17__ _
May 2 4 . . . .
May 31__ _
June 7 __ _
June 14___
June 21__ _
June 28___
July 6 . . . .
July 12___
July 1 9 . . . .
July 2 6 . . . .
Aug. 2 . . . .
Aug. 1 6 . . . .
Aug. 2 3 . . . .
Aug. 3 0 . . . .
Sept. 4 ___
Sept. 1 3 . . . .
Sept. 20___
Sept. 27____
Oct. 4 . . . .
Oct. 11___
Oct. 18___
Oct. 25___
Nov. 1 . . . .
Nov. 8 . . . .
Nov. 1 5 . . . .
Nov. 22 . . .
Nov. 29___
Dec. 6 ___
Dec. 1 3 . . . .
Dec. 2 0 . . . .
Dec. 2 7 . . . .
Jan. 3 . . . .

20,796,957
21,020,198
21,657,152
21,656,028
21,776,667
22,141,300
22,243,824
22,190,934
22,592,841
22,969,576
23,103,418
23,542,751
23,796,085
23,803,903
24,060,708
24,311,928
23,783,792
24,555,873
24,570,778
24,524,569
Aug.
9 ....
24,542,291
24,829,767
24,913,526
24,843,131
24,988,251
24,903,328
24,972,044
25,138,137
25,248,410
26,242,857
25,436,147
25,225,000
25,463,417
25,881,978
26,243,675
26,236,924
26,152,600
26,195,509
26,092,900
26,116,640
26,232,551
26,451,057

Specie.
5,4&3,358
5,661,782
5,937,595
6 133,000
6,382,485
6,752,640
7,027,712
7,143,628
7,019,204
6,963,371
7,031,756
6,985,208
7,055,188
6,873,971
6,664,681
6,835,877
6,399,754
6,868,596
6,956,440
7,070,145
6,882,660
6,375,520
6.605,882
6,476,4 06
6,635,868
6,704,753
6,853,374
6,909,985
7,139,461
7,102,950
7,261,211
7,361,906
7,581,340
7,637,257
7,407,648
6,800,132
6,635,382
6,439,795
6,321,089
6,323,454
6,274,515
6,063,356
NEW

Short loans.

Oct. 1 7 .. . $19,200,683
Dec. 1 2 .. . 18,069,088
Jan. 2 . . . 18,149,456
9 .. .
1 6 .. .
2 3 .. .
3 0 .. .
Feb. 6 . . .
1 3 .. .
20. .
2 7 .. .
March 6 . . .
1 3 .. .
2 0 .. .
2 7 .. .
April 3 . . .
1 0 .. .
1 7 .. .

14,873,404
14,804,320
14,559,131
14,674,217
14,490,001
14,937,307
14,890,351
16,062,058
15,832,181
15,888,347
15,937,924
16,157,998
16,641,554
16,481,249
16,480,547




,

Currency, and Finance.

217

Deposits.
12,413,191
13,201,699
13,422,318
13,784,656
14,682,175
15,068,178
15,589,713
15,260,858
15,548,237
15,354,423
15,726,640
15,776,251
15,883,306
15,857,904
16,356,129
16,566,846
15,898,464
16,937,535
17,196,794
17,533,780
17,054,076
16,929,656
16,848,980
16,961,496
17,426,777
17,138,243
17,264,823
17,509,605
17,506,426
17,224,619
17,239,952
17,241,249
17,390,903
17,472,897
17,160,609
16,760,023
16,630,268
16,683,561
16,451,542
16,663,671
16,723,397
17,049,005

Due banks.
2,849,730
2,945,185
3,056,181
3,178,855
3,071,603
2,804,095
2,610,000
2,754,973
3,055,076
3,221,858
3,211,889
3,380,477
3,565 213
3,504,300
3,101,201
2,986,297
3,369,430
3,351,204
3,291,107
3,234,866
3,176,333
3,378,351
3,421,217
3,446,195
3,370,165
3,405,537
3,187,622
3,020,702
3,244,940
3,465,323
3,380,724
3,445,086
3,555,971

Circulation.

2,140,463
2,296,444
2,647,399
2,675,193
2,484,150
2,408.421
2,329,617
2,406,482
2,351,709
2,410,181
2,436,527
2,406,668
2,387,886
2,365,435
2,389,252
2,431,181
2,422,411
2,548,945
2,514,345
2,505,278
2,534,652
2,522,640
2,505,899
2,460,645
2,520,501
2,572,275
2,597,781
2,591,549
2,677,116
2,S04,030
2,748,492
2,728,580
2,642,004
2,687,878
2,696,079
2,738,490
2,632,663
2,721,111
2,703,107
2,663,360
2,701,127
2,741,754

8,991,605
3,790,303
3,786,919
3,449,685
3,331,469
3,424,569

O R LE A N S BANKS.

Specie.
Circulation.
$3,230,320 $6,196,459
8,841,370 4,148,859
10,505,183 4,535,951
10,626,260 4,778,539
10,592,617 4,797,746
10,693,330 4,767,816
10,844,246 4,803,071
11,187,398 5,037,906
11,110,763 5,100,916
11,065,597 5,254,181
11,061,832 5,524,209
10,967,225 6,006,769
10,978,759 6,299,957
10,897,866 6,654,434
10,947,636 7,068,240
10,848,605 7,572,094
10,962,570 7,692,634
10,854,012 7,685,539

Deposits.
Exchange.
$7,442,142 $2,297,348
2,838,878
9,993,370
11,948,905 4,114,622
11,754,693 4,675,028
12,323,808 5,095,771
12,673,173 5,201,368
12,678,696 5,249,136
14,539,408 5,934,781
14,368,835 6,624,657
14.640,976 7,124,477
14,894,714 7,623,252
15,201,909 7,919,605
15,421,499 8,220,000
15,765,084 8,776,621
15,792,554 8,880,798
15,463,850 9,147,709
15,658,182 9,321,352
15,640,948 9,03f),522

Distant
balances.
$897,551
816,132
1,590.072
1,349,781
1,552,855
1,459,861
1,379,908
1,256,815
1,283,609
1,274,034
1,327,750
1,378,846
1,847,623
1,172,552
1,271,084
1,664,614
1,410,349
1,381,527

218

Journal o f Banking, Currency, and Finance.

2 4 ...
1 __
8 ...
1 6 ...
2 2 ...
2 9 ...
June 5 . . .
1 2 ...
1 9 ...
June 2 6 . . .
July 8 . . .
1 0 ...
1 7 ...
2 4 ...
8 1 ...

May

Aug. 7 . . .
1 4 ...
2 1 ...
2 8 ...
Sept. 4 . . .
1 1 ...
1 8 ...
2 5 ...
O ct 4 . . .
9 ...
1 6 ...
2 3 ...
3 0 ...
Nov. 6 . . .
1 3 ...
2 0 ...
2 7 ...
Dec. 4 . . .
1 1 ...
1 8 ...
2 5 ...
8 1 ...

Short loans.
16,094,721
15,933,046
15,459,435
14,958,401
14,772,173
14,250,629
13,521,534
12,828,721
12,374,123
12,390,984
12,291,555
12,116,486
11,981,985
11,985,231
12,011,616
12,452,664
12,883,216
13,516,161
14,196,661
14,892,969
15,323,750
16,121,809
16,864,950
17,470,301
17,689,981
17,988,170
18,266,049
18,545,880
18,107,801
18,193,911
17,868,682
18,062,660
18,618,026
18,473,720
18,909,825
19,440,303
20,587,487

Specie.
Circulation.
10,798,455 7,828,399
10,892,453 7,945,334
10,615,530 8,023,429
10,478,675 7,972,599
10,394,638 7,954,829
10,299,135 7,916,858
10,257,171 7,965,484
10,312,237 7,943,819
10,208,900 7,645,844
10,428,080 7,323,034
10,676,674 7,962,959
10,755,126 7,671,824
10,877,768 7,452,104
10,936,870 7,334,414
10,992,148 7,231,739
10,835,005 7,135,389
10,912,975 7,024,587
10,806,910 6,860,289
11,173,021 6,731,599
11,285,308 6,828,889
11,621,848 6,853,324
11,304,474 6,704,604
11,299,625 6,638,594
11,163,318 6,722,197
11,317,465 6,802,860
11,473,772 6,902,184
11,678,670 7,004,259
12,177,863 6,985,839
12,540,982 7,055,717
13,025,597 7,010,884
13,934,292 6,990,619
14,421,314 7,233,244
14,923,536 7,825,629
15,452,344 8,049,939
15,709,475 8,430,689
16,258,971 9,094,189
15,948,189 9,581,814
P IT T S B U R G

May

Specie.

5,570,585
5,611,689

1,220,633
1,221,195
1,192,216
1,171,627
1,191,663
1,175,334
1,212,178
1,207,637
1,218,342
1,223,759
1,266,195
1,246,588
1,229,383
1,249,398
1,256,026
1,198,767
1,236,485
1,257,921
1,266,621
1,257,173
1,261,195

June

July

Aug.

Sept.




5,769,868
5,843,108
5,895,461
5,865,951
5,836,962
5,874,782
6,014,676
6,016,509
6,016,404
6,077,608
6,009,453
5,975,321
5,940,451
5,953,828
6,008,461
5,985,766

balances.
1,478,994
1,263,882
1,112,188
1,429,660
1,266,140
1,368,531
1,102,648
1,009,370
1,119,317
1,034,117
1,061,242
1,192,675
1,244,213
1,336,398
1,402,012
J ,547,831
1,327,951
1,258,843
1,185,562
1,139,616
1,220,262
993,280
1,120,727
1,226,565
1,351,648
1,556,595
1,694,868
1,840,370
1,916.922
1,995,961
2,172,335
2,269,507
2,122,447
2,369,314
2,555,154
2.608,033
2,331,234

BANKS.

Loans.

April 1 2 ..
1 9 .. ............
2 6 .. ...........
8 ..
1 0 ..,
1 7 ..,
2 4 . . . ...........
3 1 .. ...........
7 . . , ...........
1 4 .. ...........
2 1 .. ...........
2 8 .. ...........
5 . . ...........
1 2 .. ...........
1 9 .. ...........
2 6 .. ............
2 . . ...........
7 . . ............
1 4 .. ............
2 1 .. ...........
2 8 .. ...........
6 . . ...........

Distant

Deposits.
Exchange.
16,589,151 9,221,277
16,681,593 8,754,140
16,386,529 9,159,848
15,035,182 9,418,151
15,096,528 9,184,271
14,648,164 8,899,170
16,007,939 8,269,260
15,464,347 8,533,964
15,714,302 8,720,257
15,676,134 8,110,788
16,013,100 7,890.863
14,114,217 6,970,157
14,078,294 7,427,930
13,864,925 6,348,192
15,262,173 6,053,229
15,200,271 5,844,132
13,564,756 6,263,035
13,164,598 4,652,889
13,343,938 4,081,875
14,636,311. 3,853,326
13,684,268 3,855,010
13,682,634 3,654,192
13,931,777 3,890,649
16,161,514 4,899,449
15,373,011 5,657,057
15,647,690 6.165,398
16,181,041 6,775,262
17,315,282 7,415,987
17,365,047 8,000,117
20,528,777 8,574,969
19,342.662 9,036,848
20,753,728 9,886.479
21,306,450 9,759,156
21,307.931 9,810,618
21,349,816 9,800,188
21,832,583 9,620,953
21,972,662 9,882,600

Circulation.
$1,287,095
1,291,091
1,319,416
1,360,551
1,365,551
1,373,401
1,371,586
1,394,146
1,426,586
1,385,926
1,366,481
1,377,096
1,436,651
1,458,776
1,475,351
1,439,916
1,423,669
1,378,231
1,428,856
1,452,751
1,435,516
1,470,741

Deposits.
Duo banks.
$70,236
$1,305,294
1,345,062
87,713
84,171
1,404,750
1,504,549
40,312
74,491
1,585,182
111,260
1,491.620
124,044
1,464,767
88,896
1,467,849
90,334
1,540,926
108,994
1,556,862
134,480
1,571,589
1,630,570
125,743
85,698
1,699,196
1,691.75S
157,608
1,720,691
165,257
188,551
1,708.210
188,242
1,730,650
136,835
1,788,792
57,411
1,818,617
1,887,579
182,413
181,392
1,884,917
142,215
1,858,072

Journal o f Banking, Currency, and Finance.

Oct.

Nov.

1 3 ...............
2 0 ................
2 7 ................
4 ...............
1 1 ................
1 8 ................
2 5 ................
1 ...............
8 ...............
1 5 ...............

22...............
2 9 ...............

Dec.

6.............
1 3 ...............

20.............
27...............
Jan.

3 ................
1 0 ................

Loans.
6,056,234
6,089,536
6,054,505
6,096,979
6',034,370
6,075,227
6,059,315
6,039,272
6,075,883
6,106,381
6,213,928
6,344,180
6,572,381
6,591,749
6,714,997
6,798,022
6,837,261
6,929,874

Specie.
1,273,341
1,272,874
1,302,584
1,446,575
1,481,217
1,571,879
1,543,958
1,324,219
1,322,359
1,334,177
1,325,975
1,338,038
1,325,001
1,308,530
1,340,255
1,337,489
1,292,047
1,287,552

Circulation.
1,456,763
1,495,741
1,506,073
1,540,098
1,515,198
1,540,453
1,578,523
1,525,723
1,554,168
1,619,172
1,748,172
1,843,703
2,066,953
2,071,813
2,079,113
2,060,764
2,038,113
2,042,348

219

Deposits. Due banks.
162,709
1,916,852
159,734
1,842,590
178,532
1,835,375
138,940
1,908,049
124,605
1,913,592
154,592
1,878,953
1,940,501
179,738
168,676
1,924,691
1,985,183
188,122
186,794
1,966,034
171,190
1,895,792
189,455
1,866,434
178,455
1,843,817
165,243
1,802,214
170,611
1,799,590
192,754
1,805,047
162,902
1,811,780
216,097
1,767,594

8 T . L O U IS B A N K S .

Exchange.

April 10...............
May

17 ..............
2 4 ................
8 ................
1 5 ................

22.............
2 9 ................
June 5 ...............

12...............
1 9 ...............

26...............
July

3........

10...............
1 7 ...............
2 4 ...............
3 1 ...............
Aug. 7 ...............
1 4 ...............

21...............
Sept.

2 8 ...............
4 ...............
11

Oct.

Nov.

2 0

Dec.

Jan.

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

1 8 ...............
2 5 ...............
4 ................
9 ................
1 6 ................
2 3 ...............
3 0 ................
6 ...............
1 3 ...............

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

2 7 ...............
4 ...............
11 ...............
1 8 ...............
2 5 ...........••
3 1 ...............
8 ...............

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

1,161,065
1,250,295
1,369,316
1,494,025
1,547,938
1,548,531
1,557,119
1,471,190
1,459,735
1,417,340
1,523,179
1,445,704
1,490,876
1,494,116
1,487,256
1,531,723
1,609,067
1,695,299
1,766,798
1,734,169
1,848,603
1,970,955
2,033,244
2,016.967
2,696,873
2,198,824
2,179,916
2,141,285
2.156,499
2,378,495
2,588,535
2,682,170
2,922,073
3,149,839
8,044,837
3,161,184
3,226,828
3,297,559

Circulation.
$1,788,970
1,793,945
1,832,915
1,240,431
1,864,960
1,825,810
1,921,475
2,087,890
2,101,405
2,161,985
2,005,505
2,246,835
2,260,560
2,190,955
2,161,370
2,159,540
2,079,225
1,932,160
1,882,625
1,943,735
1,975,760
1,928,710
1,650,430
1,525,180
1,452,893
1,463,690
1,398,925
1,556,780
1,515,975
1,561,025
1,618,255
1,843,625
1,973,025
2,083,275
2,086,035
2,103,765
2,098,905
2,044,065
2,030,608

Specie.
$1,673,628
1,720,728
1,770,882
1,959,823
2,161,503
2,225,285
2,396,027
2,452,141
2,536,707
2,465,372
2,434,398
2,320,758
2,315,635
2,322,245
2,238,498
2,169,387
2,108,988
2,081,197
2,026,841
2,043,783
1,995,312
1,885,317
1,708,042
1,668,182
1,736,080
1,596,531
1,549,076
1,622,221
1,689,802
1,671,161
1,591,763
1,650,676
1,772,615
1,731,998
1,747,061
1,771,067
1,697,947
1,674,657
1,705,262

Circulation.
$3,056,568
2,972,344

Deposits.
$6,100,133
7,620,534

B A L T IM O R E BAN KS.

Loans.

Jan.

3,
3,

1858 ___
1859 ___




Specie.
2,717,199

220

Journal o f Banking, Currency, and Finance.
P R O V ID E N C E B A N K 9 .

Jan. 11........ .
Mar. 15.........
Apr. 5 ........
May

1 9 .........
3 .........
1 7 .........

June 7 ........
June 21........
July 5 ____
July 1 9 .........
Aug. O
Sept. 6 ____
Oct. 4 ____
Nov. 1 .........
Dec. 6 .........
2 0 ........., .

Loans.
817,701,725
16,925,349
17,037,949
17,169,822
17,203,225
17,054,877
17,060,695
17,345,487
17,653,908
17,867,068
17,780,220
17,121,639
17,685,831
17,784,851
18,075,083
18,085,003

Specie.
8565,553
520,828
591861
564,033
566,869
667,024
577,863
573,317
523,691
466,266
444,165
175,635
414,331
435,854
426,864
402,811

Circulation.
$1,552,822
1,310,787
1,409,695
1,483,226
1,393,553
1,451,356
1,555,717
1,604,850
1,810,047
2,039,911
1,921,812
1,420,455
1,898,902
1,920,530
1,993,552
2,001,224

Deposits.
82,025,956
1,903,082
1,946,998
1,965,316
2,068,335
2,062,597
2,088,873
1,988,496
2,402,956
2,079,183
2,022,092
935,593
2,100,328
2,339,930
2,340,355
2,149.162

Dueoth. b’ks.
$1,338,435
1,043,930
1,080,817
996,961
1,089,333
1,131,176
1,208,543
1,170,711

1,010,101
1,145,364
1,095,396
958,242
893,863
1,068,233
1,114,195
1,146,234

BANKS OF ILLINOIS.

The following are the quarterly reports, January, 1858, and October, 1858 :—
L IA B IL IT IE S .

Capital paid i n ...............................................................
Debts due other than for deposits and circulation...
Due depositors....................... .......................................
Notes in circulation........................................................
Due to other banks and bankers..................................
Exchange and interest...................................................
Surplus of bonds, and interest on deposits...............
Amount paid in by stockholders..................................
Profit and loss.................................................................

October.
$4,000,334
251,574
640,058
5,707,048
15,621
15,947
164,293
273,770
12,388

07
79
99
00
04
03
46
46
14

$260,454
1,036,162
2,627,694
6,428,356
87,769
271,526
269,585
63,296
14,014
27,175

33
63
11
14
54
98
87
13
94
41

January.
$4,679,325
34,106
668,521
5,238,930
19,662
21,595
93,998
87,766
69,835

RESOURCES.

Loans and discounts........................................................
Debts owing to banks other than loans and discounts.
Deposited with other banks and bankers....................
Stocks deposited as security........................................
Eeal estate.......................................................................
Notes of other banks on hand......................................
Specie on hand................................................................
Surplus bonds..................................................................
Profit and loss.................................................................
Other items......................................................................

$236,382
910,944
2,813,578
6,161,255
59,567
265,034
383,239
15,016
53,573

FINANCES OF ALABAMA.

From the reports of the Controller and Treasurer of that State, for the fiscal
year ending September 30th, we learn that the total receipts of the revenue
within the year were $764,648 87. The balance in the treasury, 30th September,
1857, was $1,635,214 80—making a total of $2,399,863 67.
The disbursements within the past fiscal year, 1858, were $2,028,527 93—
leaving abalance of $371,335 74. These large disbursements include $1,143,849
for notes of the old State Bank and branches destroyed ; for commissioner and
trustee of the State Bank and branches, $324,338 57 ; for educational expenses,
$267,097 57 ; for Alabama insane hospital, $48,632 60 ; for Alabama and Ten­
nessee River Railroad, and the Alabama and Mississippi River Railroad,
$46,357 48 ; for University of Alabama, $15,000.




,

221

Journal o f Banking Currency, and Finance.
UNITED STATES REVENUE AND EXPENDITURE.

The revenue and expenditure for the quarter ending September 30, being the
first quarter of the fiscal year 1859, was, as compared with the corresponding
quarter last year, as follows :—
R E C E IP T S .

1857.

1858.

Customs...........................................................
Sales o f public lands...................................

$18,673,729 37
2,059,449 39

Miscellaneous and incidental sources . . . . .

296,641 05

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

$20,929,819 81

$13,444,520
421,171
10,000,000
405,200
959,987

28
84
00
00
84

$25,230,879 46

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

Civil list, foreign intercourse, die.................
Interior Department.....................................
War Department.........................................
Navy Department..........................................
The public d e b t ............................................
Total..................................................

$7,315,789
3,240,098
7,290,950
3,915,906
1,951,782

00
99
83
99
56

$23,714,528 37

$6,392,746
1,994,304
8.224,490
4,086,515
1,010,142

38
24
04
48
37

$21,708,198 51

The decline in the customs was $5,129,209 as compared with the correspond­
ing quarter last year, and $9,233,220 as compared with the same quarter of
1856. The land revenue has fallen off a good deal, and the regular revenue was
short of the regular expenses for the quarter $10,000,000.
BANKING LAW OF MINNESOTA.

The new law authorizing free banking in the State of Minnesota was adopted
in July, 1858. The law will give rise to the establishment of a large number of
small banks, owned wholly or in part by remote managers. This was found the
result in the early stage of the Illinois, Indiana, and Wisconsin free bank laws.
The important provisions of the Minnesota act are as follows :—
1. The minimum limit of capital is fixed at twenty-five thousand dollars.
2. The place where a bank is proposed to be established must contain at least
two hundred inhabitants.
3. Upon the deposit of United States or Minnesota stocks, “ or the stocks of
any other State of the United States which shall not have been sold at less than
their par value at the Stock Exchange in the city of New York within the next
six months preceding,” the Auditor may deliver an amount of circulating notes
equal to the deposit. All such stocks to be made equal to a stock producing 6
per cent. Under this provision the bonds of Indiana, Yirginia, Alissouri,
California, North Carolina, Tennessee, and Louisiana, cannot be received as col­
laterals, as they are not at their par value in this market. Another provision is
that “ if, in the opinion of the Auditor and Governor, any stocks offered shall
be deemed insecure, they shall not be received ” as collaterals.
4. Issuers of circulating notes are entitled to forty days after protest to redeem
them; otherwise the stocks to be sold at public auction in New York.
5. A list of stockholders to be filed in the office of Register of Deeds of the
county, where located. Stockholders are individually liable to double the amount
of their stock, for the debts of the bank.
6. In case of insolvency, the billholders are entitled to a preference as credi­
tors.
7. Notes of a bank to be received, at all times, in payment of debts due it.
8. Banks may receive or charge interest at the rate of fifteen per cent or less
per annum, (subject to further and general laws as to interest.)
9. Quarterly reports of each bank to be filed with the Auditor of State.




222

Journal o f Banking

,

Currency, and Finance.

SAN FRANCISCO UNITED STATES AIINT.

The following account has been transmitted from the United States Branch
Mint of San Francisco to the Director of the Mint, through whom it goes to the
Treasury Department at Washington. Wo understand that the average of
wastage in Philadelphia Mint is .359, and at New Tork .600; here it appears
from this account to be only .009 in San Francisco. The account is as follows :
The whole amount of gold bullion delivered and
charged L. A. Garnett, melter and refiner, during
the term embraced in the present settlement, viz.,

from Nov. 1st, 1851, to Sept. 30th, 1858, is...........
Amount returned and credited during the. same pe­
riod...............................................................................

Ounces.

Value.

1,868,395.109 §34,667,815 98
1,863,378.452

34,667,506 09

Showing the actual wastage..........................................

16.657

The legal limit of wastage on the above would be..

3,726.790

309 89
69,335 63

The whole amount of silver bullion delivered and
charged him as above is................................................

489,106.13

Amount returned and credited during same period..

491,952.58

§569,141 68
672,453 91

Showing an excess o f ....................................................
The legal limit of wastage on the above would b e . .

2,846.45
978.21

$3,312 23
1,138 28

The whole amount o f gold bullion delivered J. M.
Eckfeldt, coiner, and charged him during the term
embraced in his present settlement, viz., from Nov.
1st, 1857, to Sept. 30th, 1858, i s . ...........................
Amount returned and credited during same period..
Showing an excess o f....................................................
The legal limit on the above would b e .....................
The whole amount of silver bullion delivered and
charged to him as above i s ......................................
Amount returned and credited during same period..

1,819,321.360 $33,847,839 25
1,819,336.151 33,848,114 43
14.791
2,728.980

380,028.10
380,028.53

Showing the actual wastage..................
The legal limit on the above would be

60.57
760.17

$275 18
50,771 75

$442,285 49
442,215 01
$70 48
884 75

DEBTS OF EUROPEAN STATES.

A t the beginning of the present year the debt of Bussia was 518,334,007
roubles, equal to 2,073,330,000 francs. This sum, remarks the official return, cannot
be considered excessive, the debt of England being 19,383,000,000 franc3 ; that of
France, 7,558,000,000 francs; that of Austria, 6,647,000,000 francs; and that of
Prussia, 939,000,000 francs. Thus Bussia is the least indebted of all the great
States except one, and she is the least of any, compared to her population. In
England, for example, the debt is equal to 718 francs for each inhabitant; in
France, 210 francs ; in Austria, 167 francs ; in Prussia, 55 francs, and in Bussia
only 35 francs. The sums employed annually by each State in payment of
interest and in sinking funds is 713,750,000 francs in England ; 511,225,000 francs
in France ; 343,200,000 francs in Austria ; 150,000,000 francs in Bussia, and
47,000,000 francs in Prussia. Bussia here again is the least but one, and
according to population the lowest—in England each inhabitant paying 27 francs;
in France, 14 francs ; in Austria, 9 francs ; in Prussia, 2 francs 80 centimes, and
in Bussia, only 2 francs 50 centimes. Finally, whilst in England the public debt
absorbs 43 per cent of the whole budget, it only takes 30 per cent in Austria
and France, in Bussia only 12, and in Prussia 11.




,

223

Journal o j Banking, Currency and Finance.
FINANCES OF OHIO.

The finances of Ohio for the fiscal year ending November loth, 1858, were as
follows:—
R E C E IP T S .

D ISB U R SE M E N T S.

General revenue.....................
$647,899
Canal fu n d .............................
389,880
Sinking fund...........................
740,055
School funds...........................
1,246,439
Temporary loan................ . . . .
704,657
Sinking fund...........................
57,862
Section sixteen.........................
65,455
Canal, <ic., dividends..............
25,639
Surplus revenue, principal. .
10,261
“
in te re s t...
10,371
National road.......................... .'.
6,105
Section twenty-nine................
2,904
Fund Commissioners..............
1,392
Ohio Eailroad Company........
300

General revenue.....................
Canal fu n d ..............................
State common school fund . .
Interest on foreign debt . . . .
Domestic debt.....................
Section sixteen...................
Virginia milit’y school fund.
Western Reserve................
Section twenty-nine...........
U. S. military fund.............
Moravian school fund.........
Principal on foreign d e b t.. . .
Sinking Fund Commissioners.
Ohio University fund.............
District school library fun d..

$917,845
883,007
1,196,942
967,389
16,757
110,499
12,096
15,310
3,721
7,216
189
12,004
9,323
170
31

T o ta l................................ $3,878,626
Balance in treasury, Nov. 15, 1858.

T o ta l................................ $3,652,507
....................................................
226,118

The State debt is $16,402,095. A tax on the taxable property of the State
of two cents on the dollar would more than pay the entire debt in a single year.
The entire debt of the State, counties, and cities being only $32,000,000, if the
people chose to double their tax for three years, it would more than extinguish
public debts of every description. Ohio is a remarkably rich State. The sta­
tistics of its property, finances, and taxable elements have been obtained and re­
corded by the county and State auditors with great fidelity and accuracy. We
have now a clear view of the progressive value of property in this State during
a long series of years. The following is a view of the value of property in Ohio
at different periods:—
Value of
real estate.

Tears.

1826.................................
1841.................................
1 8 4 5 ............................
1850.................................
1855.................................
1867.................................
1858.................................

$46,036,259
100,851,837
108,185,744
841,388,639
578,858,539
585,620,702
590,285,947

Value of
personal property.

Aggregate.

$13,992,077
27,506,820
35,984,725
98,487,502
283,018,815
263,793,897
250,514,084

$69,527,336
128,363,657
144,160,469
439,966,840
859,877,864
849,414,599
840,800,031

In thirty-two years the value of property in Ohio has increased fifteen fold,
and in seven years it has nearly doubled. This proves that the wealth of the
State has increased much faster than its population—a result which is always
attendant on a rapid advance of arts and manufactures, the tendency of which
is to create wealth from skilled labor, which is paid for at much higher rates than
that of common labor.
The taxes and taxable property for 1858 are just completed by the Auditor of
State:—
T A X E S ASSE S S E D B Y S T A T E A U T H O R IT IE S.

Acres o f
Value o f
“
“

l a n d .............................................................................................
la n d s ............................................................................................
town lo ts.......................................................................................
chattel property..........................................................................

Total value.




25,208,968
$437,183,239
153,102,816
250,514,084
$840,800,631

224

Journal o f Banking, Currency, and Finance.

Tax for State d e b t.................................................................................
“ general revenue fund.................................................................
“ State common schools...............................................................
“ school library fu n d ....................................................................

$1,047,902
687,206
1,259,092
83,920

Total State tax............................................................................

00
89
50
76

$2,978,122 15

T A X E S A S S E S S E D B Y C O U N TY A U T H O R IT IE S .

County tax...............................
Bridge t a x ................................................................................................
Poor tax.....................................................................................................
Building tax..............................................................................................
Road t a x ..................................................................................................
Railroad tax.............................................................................................

$1,130,939
361,988
222,471
320,954
350,435
462,430

Total county tax..........................................................................

20
66
94
57
08
35

$2,849,219 80

T A X E S A SSE S S E D B Y T O W N , T O W N S H IP , A N D S U B -D IS T R IO T A U T H O R IT IE S.

Township tax............................................................................................
Township and sub-district school and school house tax....................
Other special taxes. ...............................................................................
City, town, and borough taxes...............................................................
Total taxes for all purposes...................................................................
Total amount of other than State taxes..............................................

'

$284,051
1,438,810
216,425
1,417,391
9,766,650
6,778,528

32
88
06
07
80
15

TAXATION IN SOUTHERN STATES.

A note appended to the late report of the Controller-General of Georgia, states
that “ in South Carolina, upon lands in cities, towns, villages, boroughs, etc., the
tax is 12J cents on the $100, and upon other lands it is 60 cents, and slaves pay
70 cents per head. In Kentucky, real and personal estate is taxed at 17 cents
on the $100. In Texas, 12-J cents. In Mississippi, 16 cents on land, 20 cents
on money, etc., and 40 cents on each slave. In Arkansas, 16£ cents. In Florida,
16f cent3. In Virginia, 40 cents on real and personal estate, and $1 20 on each
slave. In Alabama, 20 cents on real estate and other property, 50 cents on
money at interest, and an average tax of 60 cents on each slave, (those between
15 and 30 years of age being $1 10 each)—while in Georgia, the tax on land,
and slaves, and other property, (except bank and railroad capital,) is now but 7J
cents on the $100.
“ It will, therefore, be seen, that while the per cent tax in South Carolina and
Texas is nearly double that of Georgia, the per cent of the other States named
are more than double, and in Alabama it is nearly three times larger, while in
Virginia, upon real and personal estate, it is more than five time3 larger than in
Georgia.
“ In Ohio, the per cent, 31 cents on the $100, is four times larger, and in Illinois
the per cent tax, 67 cents, is nearly nine times more than it is in Georgia.”
FINANCES OF VIRGINIA.

In conformity to law, Mr. J. S. C a l v e r t , Treasurer of the Commonwealth,
has transmitted to Governor W i s e the following synopsis of the financial opera­
tions of his department for the fiscal year ending 30th September, 1858 :—
The aggregate balance in the treasury on the morning of the 1st day of Octo­
ber, 1857, as per last annual synopsis, was—
To the credit o f the following funds, viz.:—
.

Commonwealth...............
Literary F u n d ...............
Board of Public Works..
Sinking Fund..................
Total.......................




Balance,
1857.

$37,124
36,195
14,719
291,931

81
74
64
83

$379,971 00

,— 12 months to September 30.— *
Eeceived.
Disbursed.

$4,555,860
348,833
1,880,244
2,353,998

28
19
22
42

$9,138,936 00

$4,573,107
840,299
1,874,126
2,577,368

00
09
23
69

$9,364,900 00

Balance to
credit.

$19,878 04
44,729 84
20,838 53
68,561 56
$154,007 00

225

Statistics o f Trade and Commerce.

STATISTICS OF TRADE AND COMMERCE.
COMMERCE OF THE UNITED STATES.

The following are the exports of domestic produce, and giving a comparison,
both in quantity and value, with the previous year, except where the value alone
is given in the official returns. This table will be found highly interesting, as it
includes the entire exports of the United States to foreign ports, except the re­
shipment of foreign goods and foreign specie. The greatest decline is in the
products of agriculture; beef and pork (including hogs) show a gain on the pre­
vious year, but a large deiiciency may be remarked in bacon and lard. Breadstuffs, especially wheat and wheat flour, show an important decrease, the differ­
ence in those two items being about twenty million dollars. The cotton ship­
ments remain about the same, but there is a falling off in crude tobacco of nearly
three millions, and a gain in manufactured tobacco of about one million. The
other items show an aggregate decrease, as will be seen in the following table:—.
E X P O R T S O F D O M E S T IC P R O D U C E F R O M T H E U N IT E D ST A T E S T O F O R E I G N P O R T S F O R T H E
Y E A R S E N D IN G JU N E

30TH, 1857

AND

1858.

P R O D U C T S O F T H E SEA.

Oil, sperm............... .galls.
Oil, whale and other fish..
Whalebone............... ..lbs.
Spermaceti..............
Sperm candles.........
Fish, dried or smoked..cwt.
Fish, pickled............
Fish, pick led...........

/
1 857 .
Quantity.
Value.
819,081
$1,216,888
414,466
363,665
1,307,322
•2,042,390
80,987
34,917 )
85,121 )
104,576
174,765
570,348
35,759
J211,383
2,313

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

,----------Quantity.
896,923
840,127
1,103,301

1858.

168,897
161,269
30,470
j3,375

$3,739,644

Value.
§1,097,605
597,107
1,105,223

66,012
487,007
197,441
$3,550,295

PRODUCTS OF T H E FO R E ST.

Staves and heading ...M .
Shingles...................
Boards, planks, Ac. .M. ft.
Hewu timber............

65,579
70,646
306,165
68,265

$2,055,980
212,805
4,170,686
516,735
638,406
322,754
3,158,424
208,610
1,544,572
696,367
58,331
1,116,041

Oak bark and other d y e..
Tar aud pitch.......... .bbls.
Rosin and turpentine
___
Ashes, pot and pearl..tons
G in sen g.................

96,731
641,517
5,768
134,562

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

87,186
195,170
217,861
41,474

42,675
574,573
3,958
363,053

$14,699,711

$1,975,852
595,451
3,428,530
292,163
1,240,425
392,825
2,234,678
100,679
1,464,210
554,744
193,736
1,002,878
$13,475,671

PRO D U CTS O F A G R IC U L T U R E .
O F A N IM A L S .

Beef.........................
Beef.........................
T a llo w ................... .
. . .No.
Horned ca ttle ........
Butter......................
VOL. XL.----NO. II.




15,930
|
54,445
5,698,315
153,726
4,325
3,141,592
15

$1,218,348
632,286
624,867
144,840
593,084

37,700
63,257 j8,283,812
28,247
3,082,117

$2,081,856
824,970
875,753
1,238,769
541,863

226

Statistics o f Trade and Commerce.

-1857.Cheese.................................
P ork ...............................trcs.
Pork.............................. bbls.
Hams and b acon .........lbs.
Lard.....................................
Hogs................................ No.
H orses................................
Mules...................................
Sheep...................................
W ool................................lbs.

■1858,

Quantity.

Value.

6,453,012
442
143,860M
43,863,539
40,246,544
923
1,631
1,624
4,373
50,202

$647,423

n

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

2,805,867
4,511,442
5,144,195
5,525
195.627
171,189
22,758
19,007

Quantity.

Value.

8,098,5 l 7
5,693 j
151,335 j
20,954,874
33,022,286
96,000
2,154
2,261

884,807

$731,910
2,852,942
1,957,423
3,809,501
810,406
283,371
244,297
49,319
211,861
$16,614,241

$16,736,458
V E G E T A B L E FO O D .

Wheat......................... bush.
Flour............................bbls.
Indian co rn ................ bush.
Corn m e a l.................. bbls.
Eye meal...................... ..
Eye, oats, Ac......................
Biscuit......................... bbls.
B iscuit........ kegs A boxes
Potatoes.......................bush.
Onions................................
Apples......................... bbls.
B ice.............................. trcs.
E ice............................. bbls.

14,570,331
$22,240,857
3,712,053
25,882,316
5,184,666
7,505,318
267,504
957,791
27,023
115,828
...........
680,108
138,918!
563,266
32,397 I
86,808
205,616
...........
77,048
33,201
135,280
64 ,332 )
74,309 )

2,290,400

8,926,196
3,512,169
4,766,145
237,637
14,283

$9,061,504
19,328,884
3,259,039
877,692
56.235
642,764

l lV,244 1
43,843 j
242,231
27,711
64,015 )
49,283 f

472,372
205,791
76,626
74,363
1,870,578

Total............................
$58,333,176
$35,924,848
Cotton, Sea Island.. . .lbs.
12,940,725 ]
131,675,859
131,386,661
Cotton, other...................... 1,035,341,750
1,106,522,9o4
Tobacco........................hhds.
156,848 '
127,670 ]
Tobacco........................cases
5,631 >• 20,260,772
4,841
17,009,767
Tobacco........................bales
14,432 )
12,640 J
Flaxseed.....................bush.
350
525
Clover seed .....................
...........
330.166
76,316
332,250
419
H e m p ........................... cwt.
7,325
46,907
47,875
Brown sugar.................lbs.
2,196,412
190,012
5,410,225
375.062
924,538
84,852
H op s...................................
41,704
458,889
Total agriculture.. . .

$227,558,727

$201,632,408

M ANU FACTURES.

W ax...................... .. .lbs.
Befined sugar....................
Chocolate............................
Spirits, from grain., .galls.
Spirits, from molasses.......
Spirits, from other mater’ls
Molasses..............................
Vinegar ..............................
Beer, ale, porter, A cider .
Do..................dozen bottles
Linseed o i l ............... galls.
Spirits of turpentine.........
Household furniture..........
Carriages, cars, A c ...........
Hats.....................................
S addlery............................
Caudles, adamant’e, Ac.lbs.
Soap.....................................
Snuff....................................
Tobacco, manufactured. . .




315,378
3,141,835
12,521
2,167,924
2,378,603
169,226
207,931
230,065
107.605
7,714
58,114
1,522,177

4,150,570
7,483,085
50,401
7,456,666

$91,983
368,206
1,932
1,248,234
1,216,635

120,011
108,003
30,788
26,733
16,999
64,144
741.346
879,448
476,394
264,208
45,222
677,398
530,085
11,626
1,447,027

336,246
1,790,895
10,324
1,000,997
3,508,071
515,667
290,046
201,024
168,719
15,692
65,398
2,457,235

3,784,657
4,738,981
37,245
11,210,574

$86,926
200,724
2,304
476,722
1,267,691
249,432
115,893
24,336
38,649
20,883
48,225
1,089,282
932,499
777,921
126,525
55,280
628,699
305,704
10,109
2,400,115

✓

227

Statistics o f Trade and Commerce.
I UJI«

f

Quantity.

Iron, nails......................lbs.

1,746,546
561,505
36,270
2,776,466
576,151
870,644
55,640
14,402
6,288,398

Iron, castin g s.............. cwt.

. . ...

L e a t h e r ...............................
Boots and shoes . . . .pairs
Cables and cordage., .cw t.
G u n p o w d e r...................lbs.
S a l t ..............................bush.
L e a d ................................lbs.
Iron, pig.........................cwt.
Iron, bar...............................

Iron, oth. manufactures of.
Copper, brass, e t c .. . . . .
Medical drugs....................
Cottons, printed & colored
Cottons, white, not d u ck ..
Cottons, duck........
...
Cottons, other manufacture
Hemp thread.....................
Hemp bags, etc..................
Wearing apparel...............
Earthenware, etc...............
Combs and buttons...........
Brushes and brooms..........
Billiard apparatus.............
Umbrellas and parasols..
Morocco, etc.......................
Fire engines........................
Printing materials.............
Musical instruments.........
Books and m ap s...............
Stationery...........................
Paints and varnish...........
Glassware.........................
Tinware...............................
Manuf. of pewter and lead
Marble and s to n e .............
India rubb’r, boots, e tc. prs.
India rubber, oth. manuf. of
Gold and silver l e a f .........
Jewelry, etc........................
Artificial flowers...............
Trunks and valises...........
Lard oil........................gal.
Oil cake...............................
Bricks, lime, and cement..
Unenumerated manuf. . . .
Coal..............................tons
I c e ......................................
Q uicksilver.......................
Gold and silver bullion....
Gold and silver coin..........
Raw produce not specified
Total............................

. . ...

673,238

91,435

■1858,
1UU/U.

f

Yalue.

$497,714
813,995
286,163
398,244
190,699
68,624
53,390
64,596
279,327
289,967
4,197,687
607,054
886,909
1,185,685
8,463,230
252,109
614,153
1,066
33,687
333,442
34,256
39,799
7,324
733
6,846
2,119
21,524
62,747
127,748
277,647
224,767
223,320
179,900
5 622
4,818
111,403
331,125
312,387
15,477
28,070
37,748
92,499
1,186,980

Yalue.

2,505,867
609,982
18,424
2,778,414
533,100
900,607
10,926
6,463
3,714,576
118,305

$605,589
663,905
212,840
366,173
162,650
48,119
24,087
26,082
155,762
464,416
4,059,528
1,985,223

......

........

247,389

68,342

68,002
129,420
51,598

3,292,722
616,861
219,816
665,480
31,300,980
28,777,372
1,266,828

^

Quantity.

118,304
39,482

$338,985,065

681,218
2,069,194
1,598,136
183,889
1,800,285
1,326
87,766
210,695
36,783
46,349
49,153
8,791
6,339
13,099
7,220
106,498
99,775
209,774
229.991
131,211
214,608
24,186
27,327
138,590
115,931
197,448
26.386
28,319
582
59,441
60,958
1,435,861
103,821
2,601,788
558,014
200,525
129,184
22,933,206
19,474,040
1,561,940
$293,758,279
\

FLOUR AND GRAIN RECEIVED AT DETROIT PER RAILROAD,

Flour...............................................................................bbls.
Wheat............................................................................. bush.
C orn ........................................................................................
Oats..........................................................................................




1857.

1858.

482.192
650,874
447,219
196,564

592,281
839,704
231,040
150,486

228

Statistics o f Trade and Commerce.
BRITISH TRADE WITH CHINA.

There is a material falling off in the British trade with Canton, while that
with Shanghae has doubled within six years, as will appear from annexed extracts
from the Parliamentary Blue-book on the trade of various places for 1856-7. It
must be remembered that the Canton imports include the imports to Amoy and
Foochow, which are transhipped at Canton. W e omit fractions in the following
summary :—
British import trade to
Canton.
Shanghae.

Years.

1844........................
1845........................
1846....................................
1847........................
1848........................
1849........................
1850........................ ...........
1851........................
1852........................
1853........................
.......... .............
1854
1855.......................
1856.......................

9,900,000

6,800,000

$2,500,000
5,100,000
3,800,000
4,300,000
2,500,000
4,400,000
8,900,000
4,500,000
4,600,000
8,900,000
1,100,000
3,400,000
6,100,000

British export trade from
Canton.
Shanghae.

$17,900,000
27,700,000
15,300,000
15,700,000
8,600,000
11,400,000
9,900,000
13,200,000
6,500,000
6,500,000
6,000,000
2,900,000
8,200,000

$2,300,000
6,000,000
6,400,000
6,700,000
5,000,000
6,500,000
8,000,000
11,500,000
11,400,000
13.300.000
11.700.000
19,900,000
25,800,000

GRAIN AND FLOUR IN STORE IN CHICAGO.

The following is a comparison of the amount of grain and flour in store in
Chicago on the 2d of October, 1858, and on the 3d of October, 1857 :—
OCTOBER

2, 1858.

OCTOBER

Flour ....................... . . . .bbls.
Wheat, spring . . . .
“
red..............
“
w h ite.........

F lou r..............................
Wheat, s p r i n g .................... ■bush.
“
red....................
“
w h ite ...............
Corn................................
Oats.................................
R y e ................................
Barley.............................

2,650
304,417
18,385
1,846
70,714
25,732
1,036
5,814

5,065
1,366,230

Total flour.............. , .bbls.
Total grain............ .bush.

2,650
427,997

R y e .........................
Barley.......................
Total flour........ ___ bbls.
Total grain... .

3, 1857.

5,065
589,761
283,807
61,401
229,166
158,360
5,223
58,512

COMMERCE OF PORTO RICO FOR 1857.

The following statistics of the commerce of Porto Rico will be read with in­
terest :—
The importations of the entire island for the year 1857 amounted
in the gross to.........................................................................................

$7,999,005 85

From this sum should be deducted—
Specie to the amount o f...........................................................................

1,192,274 25

Leaving a beneficial sum o f......................
The exports for the same term w e r e ....................................................

$6,806,731 60
4,429,349 77

The importations exceed those of 1856..................................................
The exports less than those of 1856.......................................................

1,427,846 22
942,454 13

Excess o f 1857 over 1856.




$485,392 09

229

Statistics o f Trade and Commerce.
CHICAGO LUMBER TRADE,
R E C E IP T S O F L U M B E R , L A T H , A N D S H IN G L E S F O R T W E L V E T E A R S .

1847.....................
1848.....................
1849.....................
1850.....................
1851.....................
1852.....................
1853.....................
1854.....................
1855.....................
1856.....................
1857.....................
1858.....................

Lumber.

Shingles.

32,118,225
60,009,250
73,259,553
100,364,770
125,056,137
147,816,232
202,101,098
220,336,783
306,503,467
456,673,169
459,638,198
273,020,506

12,148,500
20,000,000
39,057,750
55,423,750
60,338,250
77,080,500
93,483,784
28,061,250
158,770,860
135,876,000
131,832,250
127,565,000

Lath.

5,655,700
10,025,109
19,281,733
19,809,700
27,583,475
19,759,670
39,133,116
32,431,550
46,480,550
79,235,120
80,130,000
44,559,150

ALBANY LUMBER TRADE.
The following table exhibits the receipts at A lbany during the years named :—
Boards and scantling, ft. Shingles, M. Timber, cubic ft.

Years.

1850....................
1851....................
1852....................
1853....................
1854....................
1855.....................
1856....................
1857.....................
1858.................. .. . .

34,226
34,136
31,636
27,586
24,003
57,210
36,899
71,004
31,823

216,791,890
260,238,003
317,135,620
393,726,072
311,571,161
245,921,652
222,346,545
180,097,629
267,406,411

28,832
110,200
291,714
19,216
28,909
21,104
14,533
85,104
119,497

Staves, lbs.

150,515,280
115,087,290
107,961,289
118,666,750
135,805,091
140,255,285
102,548,492
153,264,629
135,011,817

BANGOR LUMBER TRADE.
The following is the amount of lumber surveyed from January 1st to Decem­
ber 1st, 1858, compared with the amount surveyed in 1856 and 1857
AM OUNT SU R V E YE D F R O M JA N U A R Y 1 TO D E C E M B E R 1 F O R T H R E E Y E A R S .

1856.

1857.

1858.

Green pine.....................................
Dry pine........................................
S p ru ce..........................................
Hemlock, A c ...............................

85,411,578
17,000,089
66,526,983
11,323,680

60,875,020
14,941.025
56,735,284
12,557,680

56,230,129
13,223,716
62,045,696
16,166,907

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

180,262,230

145,109,009

147,666,447

RECEIPTS OF LUMBER AT BALTIMORE FOR SIX YEARS.
1853
.................. feet
1854...................................
1855...................................

83,000,000
94,600,000
105,362,000

1856
1857
1858

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

123,870,482
140,000,000
177,619,104

CORN TRADE OF MARSEILLES.
A letter from Marseilles gives some details of the enormous movement in the
corn trade which took place at that port during 1857 :—“ The quantity of wheat
received was 3,639,094 hectolitres, the principal importation taking place in
February, when 892,300 hectolitres arrived. The total import of maize was
574,628, that of rye 191,816, that of barley 277,600, and that of oats about
650,000 hectolitres, the whole together amounting to nearly 6,000,000 of
hectolitres.”




230

Statistics o f Trade and Commerce.
BEEF PACKED AT CHICACO.

The following table shows the beef packing of the past eight years :—
T H E P A C K IN G BU SIN ESS F O R E IG H T Y E A R S .

Tears.

18 61.................... . . . .
1852....................
1853....................
1854....................
1855....................
1856........... ........
1857....................
1858....................

Number
of cattle.
21,806

Average
weight.

Total.
N|eight, lbs.

Barrels
packed.

Value.

542
663
565
572*
543
640

13,367,346
14,019,905
13,402,223
16,932,137
8,130,486
18,723,500

46,395
57,500
54,008
62,687
33,058
74,000
96,000

1650,621
865,949
865,773
1,112,420
603,112
1,190,171
1,277,536

00
85
11
96
72
54
00

LARD AND PORK.
The average weight- of hogs at Chicago was 230 pounds, and the yield
as follows:—
Number of hogs. Mess pork, bbls. Lard, lbs.
1,916,917
20,388
62,617
3,654,803
44,021
150,397

1857....................
1858....................

From the above it will be seen that the yield of lard last year was thirty
pounds to the hog ; while this year it is only a fraction over twenty-four pounds.
There is not quite such a heavy falling off in mess pork, but a considerable
amount of this season’s packing is mess ordinary.
SHIPMENTS FROM MILWAUKEE.
Milwaukee, next to Chicago, is the largest grain port of the country. The
shipments of wheat for the season thus far is 5,020,680 bushels, which, with other
grain, amounts to 5,709,179 bushels. By comparison with the shipments to the
corresponding period last year, we have the following statement:—
Tears.
1857 ................................................................
1858 ................................................................

Bushels wheat.
2,479,259
3,759,646

Bbls. Hour.
197,678
362,207

1,280,386

54,529

Increase..........................................

Which shows an aggregate increase in favor of this season of 1,553,031 bush­
els of wheat.
UNITED STATES COMMERCE WITH SARDINIA.
The growing importance of our trade with Sardinia is represented in the annexed summary
Years.
1851.................
1852.................
1853.................
1854.................

Exports.
$830,300
811,500
223,300
190,300

Imports.
$2,800
74,900
171,500
85,600

Y ears.
1855 .................
1856 .................
1857 ..................

Exports.
$1,982,000
2,204,900
3,135,400

Imports.
$217,200
317,100
217,200

These figures show that Sardinia is becoming one of our best customers—that
the trade with her ports should be encouraged.
HERRING HARVEST.
The total catch of herrings for the past five years from Northumberland to
the Lewes, excluding Zetland and the Ayrshire and Argyleshire coast, was as
as follows:—
1854.
1855.
1856.
1857.
1858.
348,881
401,649
337,443
829,251
893,035
Barrels




231

Commercial Regulations.

COMMERCIAL REGULATIONS.
MILL

STONES.
T reasu ry D

epartm ent,

December 11, 1858.

:— I acknowledge the receipt of your report on the appeal of D . L . Ranlett, Esq., taken from your decision subjecting to duty at the rate of 15 per cent
under schedule Pi of the tariff of 1857, as unenumerated, stones of a solid piece,
circular in form, of the size suitable for mill stones, “ having a hole in the center
of each, and wrought sufficiently on one side to prepare them for the process of
manufacture by grooving, & c.; the material of these stones is that known as
burr.” The importer claims entry of the article in question free of duty under
the classification of “ burr stones, wrought or unwrought, but unmanufactured,” in
schedule 1 of the tariff of 1857. These stones are admitted to be of the material
denominated “ burr ” in the language of the trade. They are wrought into a
circular form and size suitable for mill stones, but must be subjected to further
process of manufacture to fit them for that use. “ Burr stones, wrought or un­
wrought,” were specified in schedule G of the tariff of 1846, liable to a duty of
10 per cent, and this Department decided that they were to be regarded as within
that schedule, if not fully prepared for use. The tariff act of 3d March. 1857,
transfers “ burr stones, wrought or unwrought,” to the free list, with the qualifi­
cation that they be “ unmanufactured.” The stones in this case seem to meet all
the conditions specified in the law. They are “ burr ” and “ wrought ” but
“ unmanufactured,” requiring still to be grooved, if not to be subjected to other
process of manufacture, to fit them fully for use. They are entitled to entry free
of duly under the designation in schedule I of the tariff of 1857, of “ burr stones,
wrought or unwrought, but unmanufactured.” Your decision is, therefore, over­
ruled. I am, very respectfully,
S ir

HOW ELL COBB, Secretary o f the Treasury.
F. H. H a tc h , Collector, &c., New Orleans, La.

TEA, VIA SINGAPORE,

Tea being the production of China, and laden in the ports of that country on
board of vessels of the United States, or foreign vessels placed by treaty on the
footing of national vessels, and destined in good faith for a specific port and
person or persons in lie United States, will not lose the right of free entry although
it may have been transhipped at Singapore, without change of ownership or
destination, to vessels of the United States or vessels placed by treaty on the
footing of national vessels, and so imported into the United States. Satisfactory
proof must be exhibited to the collector of the original destination and shipment
of the tea for the United States. Tea laden from on board of junks in the
waters within the territorial limits of China, is considered as “ laden in the ports
of that country ” within the meaning of the foregoing regulation. Tea, the
product of China, purchased and laden from on board of Chinese junks, in the
roadstead, harbor, or waters of Singapore, cannot be treated as coming from the
country of production, and will be subjected to duty.

WHEAT ALLEGED TO BE IMPORTED AS SEED.

Wheat, being specified in schedule E of the tariff act of 1857 at a duty of 15
per cent, cannot be admitted to free entry under the general provision for “ seed,”
in schedule I of that act, unless when imported in moderate quantities, and the
collector is satisfied that it is not intended for traffic, but is imported, in good
fait h, to be used by the importers exclusively for experiment and improvement
in agriculture.




232

Commercial Regulations.
PEARLS STRUNG ON THREAD, ETC.
T r easu r y D e partm ent,

December 11,1858.

have examined your report, under date of the 5th ultimo, on the
appeal of Jacques Schieb, Esq., from your assessment of duty at the rate of 24
per cent on an importation of pearls. It is presumed, from the statements in
the papers submitted to me, that the pearls were strung on thread, and that you
levied the duty under the classification in schedule 0 of the tariff act of 1857,
of “ beads of amber, composition, or wax, and all other beads the importer
contending that they are not beads within the meaning of the law, but pearls
“ not set,” being designed to be set or otherwise manufactured in the United
States, and that duties should be assessed at 4 per cent under the classification
in schedule H of “ cameos and mosaics, diamonds, gems, pearls, rubies, and other
precious stones not set.” It was decided by this Department under the tariff act
of 1846, that “ pearls strung on thread,” and so imported, for the convenience
of transportation, and to be set in this country, are liable to duty as pearls not
set; but if imported so strung, and to be used as beads for necklaces without
further manufacture, they would be charged with the duty as beads; the collector
to be satisfied in each case of the purpose intended, and to regulate the class­
ification accordingly. This principle is alike applicable under the tariff of 1857 ;
and if you should be satisfied that the pearls, though strung on thread, have been
imported to be set in the United States, you will exact the duty of 4 per cent
under the classification before referred to in schedule H ; but if you should not
be satisfied of that fact, the decision made by you will be enforced. I am, very
respectfully,
S ir

A

I

u g u st u s

Sch ell,

HOWELL COBB, Secretary of the Treasury.
Esq., Collector, &c.. New York.
“ DYED COBURG ROBES A QUILLE.”
T reasu ry D e partm ent,

December 15,1858.

:— I acknowledge the receipt of your report on the appeal of George D.
Parrish, Esq., from your decision assessing a duty of 24 per cent on certain
merchandise described as “ three-quarters dyed Coburg robes a quille,” the im­
porter claiming to enter it at a duty of 19 per cent, under the classification in
schedule D of the tariff of 1857, of “ manufactures of worsted, or of which
worsted shall be a component material, not otherwise provided for.” It is under­
stood that the articles in question are composed of two fabrics—-one of worsted,
and the other of a narrow strip of cotton velvet loosely attached to the former
by a thread. They are imported in pieces of a proper size for ladies’ dresses, and
intended, it is alleged, to be used for that purpose. The Department is of the
opinion that the two fabrics thus loosely attached ought not, with a view to the
assessment of duty, to be regarded as a single article, but that each of the
component fabrics should bear its proper duty, according to its classification in
the tariff. In this view, the cotton velvet being dyod, and composed wholly of
cotton, will be charged with a duty of 24 per cent, under the classification in
schedule C of the tariff of 1857, of “ all manufactures composed wholly of cotton,
which are bleached, printed, painted, or dyed,” and the worsted with a duty of
19 per cent, under the classification in schedule D of “ manufactures of worsted,
or of which worsted shall be a component material, not otherwise provided for.”
You will perceive that, in the view taken by the Department, the provisions of
the 20th section of the tariff act of 1842, to which you refer, does not apply to
this case. I am, very respectfully,
S ir

HOWELL COBB, Secretary of the Treasury.
A ugu stu s S ch ei . i.,

Esq., Collector, New York.
REIMPORTATIONS.

Dutiable merchandise imported into the United States, and afterwards exported,
although it may have paid duty on the first importation, is liable to duty on every
subsequent importation into the United States.




Commercial Regulations.

233

“ BEET ROOT.”
T reasu ry D epartm en t,

December 15,1353.

:—The Department has had under consideration your decision assessing a
duty of 15 per cent on an article described by the appellant, J. Winchester, Esq.,
as the refuse or waste of the beet root as it comes from the sugar manufactories
of Europe, after all the saccharine matter has been extracted. This refuse or
waste, it is alleged, is employed in connection with other materials for the manu­
facture of paper, and this is the only known use for which it has any value or
to which it is known ever to have been applied. It appears from your report
that the article in question was returned by the drug examiner and the appraisers
as “ beet root, schedule E,” and that the duty of 15 per cent imposed iu that
schedule was exacted ; but it does not appear under what particular classification
in that schedule the article was supposed to be embraced. It is presumed, how­
ever, that it was regarded as a “ vegetable.” The importer claims that it should
be treated as a “ root ” and be exempt from duty under the classification in
schedule I of “ trees, shrubs, bulbs, plants, and roots, not otherwise provided for,”
or regarded as a non enumerated article and assimilated under the 20th section
of the tariff act of 1842, by the use to which it is applied, to “ rags of what­
ever material except wool,” both being used in the manufacture of paper. The
appellant himself suggests in his “ protest and appeal ” sufficient reasons why
this “ refuse or waste ” cannot be regarded as either a “ vegetable ” under schedule
E, or as a “ root ” under schedule I. By reason of the process it has undergone
in the manufacture of sugar, it is no longer a “ vegetable ” or “ root ” within the
meaning of those terms as used in those schedules. The Department has decided
(and still adheres to that decision,) that the provision in schedule I, admitting
free of duty “ trees, shrubs, bulbs, plants, and roots, not otherwise provided for,”
has reference to articles imported lor planting, and propagation of plants, which
excludes of course from that classification the mere refuse or waste of beet root
from the sugar manufactories. Nor can this “ refuse or waste,” if unenumerated,
be carried into the free schedule, as suggested by the appellant, under the 20th
section of the act of 1842, by reason of its application to the same use as “ rags,”
specified in that schedule. All articles entitled to entry free of duty are described
or specified in schedule I. All articles not named in that or any other schedule
of the tariff of 1857 are made, by the 1st section of that act, liable to duty of
15 per cent, unless they can be assimilated, under the provisions of the 20th
section of the act of 1842, to some enumerated articles liable to duty, in material,
texture, or use, when they will be subjected to the same rate of duty to which
the enumerated articles are liable which they most resemble in any of those re­
spects. The 20th section of the act of 1842 merely determines the rate at which
duties shall be levied on unenumerated articles, which are all dutiable by the law,
and does not authorize the transfer of an article from the unenumerated to the
free list. The article in question, in the opinion of this Department, is
unenumerated, and chargeable with a duty of 15 per cent, under the 1st section
of the tariff of 1857, there being no dutiable article in any of the schedules of
the tariff to which it can be assimilated under the 20th section of the act of 1842
that would impose a different rate. Your decision exacting a duty of 15 per
cent on the article in question is affirmed. I am, very respectfully,
S ir

IIOWELL COBB, Secretary of tho Treasury.
A u gu stu s S ciie ll ,

Esq., Collector, New York.

G R A I N B AGS .

It has been decided by the Department, under date of the 21st October last,
that “ bags of American manufacture exported from the United States filled
with grain and afterwards imported empty, or exported empty and afterwards
imported filled with grain, will, as heretofore, be admitted to entry free of duty,
upon the production of the proof of such origin required by the law and the
regulations of the Department.




234

Commercial Regulations.
COTTON

BUCK,
T reasu ry D epartm ent,

December

1 5 ,1 8 5 8 .

The Department has had under consideration an appeal from your
decision subjecting to duty at the rate of 19 per cent, under the classification
of “ manufactures composed wholly of cotton, not otherwise provided for,” in
schedule D of the tariff of 1857, an article described as “ American duck,” which
is alleged to have been shipped from San Francisco to Victoria, V . L, and im­
ported thence into your port by A. Crawford, Esq. The importer contends that
the article in question, if dutiable, is entitled to entry at the rate of duty of 15
per cent, under schedule E of said tariff, as “ sail duck
no such article, how­
ever, as “ sail duck” is specified in any schedule of the tariff of 1857. The
proof of origin required by the law not being produced in this case, the
merchandise must be treated as a foreign product and liable to duty. It being
manufactured wholly of unbleached cotton, and not being specially named, nor
embraced in any general classification in any other schedule of the tariff, it is
liable to duty at the rate of 19 per cent under the classification in schedule D of
“ manufactures composed wholly of cotton, not otherwise provided for.” Your
decision, therefore, is hereby affirmed. I am, very respectfully,
S ir

B e n j a m in

HOW ELL COBB, Secretary o f tbe Treasury.
F . W a s h in g t o n , Esq., Collector, &c., San Francisco, California.

CONVENTION BETWEEN THE UNITED STATES AND PERU.
B Y T H E P R E S ID E N T O F T H E U N IT E D

S T A T E S O F A M E R IC A — A P R O C L A M A T IO N .

Whereas a convention between the United States and the Republic of Peru,
with regard to the interpretation to be given to the twelfth article of the treaty
of the 2Gth July, 1851, w!as signed at Lima on the 4th of July, 1857, which con­
vention is, word for word, [the English only being here given,] as follows :—
Certain doubts having arisen with regard to the interpretation to be given to
article twelfth of the treaty of the 26th of July, 1851, as to the goods, other
than oil and the produce of their fishery, that the whale ships of the United
States may land and sell, or barter, duty free, for the purpose of obtaining pro­
visions and refitting, a concession which, in articles eighty-one and one hundred
and ten of the General Commercial Regulations, is not so extensive ; and it be­
ing convenient, for the advantage of the citizens of the United States employed
in the whale fishery, and of' citizens of Peru who furnish provisions, to fix, clearly
and definitely, the proper meaning of the concessions stipulated in the above
mentioned article twelfth of the treaty of the 26th July, 1851, so that while
those reciprocal benefits are secured, all and every controversy in the matter may
be avoided ; the Envoy Extraordinary and Minister Plenipotentiary of the
United States of America to the Republic of Peru, John Randolph Clay, in
virtue of his full powers, and his Excellency Doctor Don Manuel Ortiz de Zevallos,
Minister of Foreign Affairs of the Republic of Peru, fully authorized to act in
the premises by the Excellent Council of Ministers charged with the government
of the republic, after having held repeated conferences, and come to a mutual
understanding upon the true spirit and extent of the exemption from duties con­
ceded to said whaleships in the sale and barter of their stores and merchandise,
by article twelfth of the treaty of 1851, which provides :
A r t . 12. The whale ships of the United States shall have access to the port
of Tumbez, as well as to the port of entry of Peru, and may sail from one port
to another for the purposes of refreshment and refitting ; and they shall be per­
mitted to sell, or barter their supplies or goods, including oil, to the amount of
two hundred dollars, ad valorem, for each vessel, without paying tonnage or harbor
dues, or any duties or imports upon the article so sold or bartered. 'They shall
be also permitted, with like exemption from tonnage and harbor dues, further, to
Bell or barter their supplies or goods, including oil, to the additional amount of




Commercial Regulations.

235

one thousand dollars, ad valorem, for each vessel, upon paying for the said
additional articles, the same duties as are payable upon like supplies or goods
and oil when imported in the vessels and by the citizens or subjects of the “ most
favored nations.”
Have agreed and declared :—
A r t . 1. That the permission to the whale ships of the United to barter or sell
their supplies and goods to the value of two hundred dollars, ad valorem, with­
out being obliged to pay port or tonnage dues, or other imposts, should not be
understood to comprehend every kind of merchandise without limitation, but
those only that whale ships are usually provided with for their long voyages.
A r t . 2. That in the said exemption from duties of every kind are included the
following articles, in addition to the produce of their fishery, viz :— White un­
bleached domestics; white bleached domestics; wide cotton cloths ; blue drill;
twilled cottons ; shirting stripes ; ticking; cotton shirtings; prints; sailor’s
clothing of all kinds; soap; slush; boots, shoes, and brogans; axes, hatches;
biscuit of every kind ; flour; lard ; butter; rum ; beef; pork; spermaceti and
composition candles; canvas; rope; tobacco.
A r t . 3. It is also agreed upon and understood between the contracting parties,
that the whale ships of the United States may land and sell or barter, free of all
duties or imposts whatsoever, the supplies and merchandise specified in the pre­
ceding article, to the amount of five hundred dollars, ad valorem, in conformity
with article eighty-one ot the General Commercial Regulations; but for every
additional quantity from five hundred dollars to one thousand dollars, ad valorem,
the exemption shall only extend to port and tonnage dues.
A r t . 4 . The stipulations in this convention shall have the same force and effect
as if inserted, word for word, in the treaty concluded in Lima on the 26th of
July, 1851, and of which they shall be deemed and considered as explanatory.
For which purpose the present Convention shall be approved and ratified by the
President of the United States of America, by and with the advice and consent
of the Senate thereof, and by the Executive power of the Republic of Peru,
with the authorization of the national Peruvian Legislature ; and the ratification
shall be exchanged in Washington in as short a time as possible. In faith
whereof, the above-named Plenipotentiaries have signed, in quadruplicate, this
Convention, explanatory of the treaty of the 26th of July, 1851, and have here­
unto affixed their seals.
Done at Lima, the fourth day of July, in the year of our Lord one thousand
eight hundred and filty-seven.
J. RANDOLPH CLAY.
[ seat ,.]
MANUEL ORTIZ DE ZEVALLOS. [ s e a l . ]

And whereas the said Convention has been duly ratified on both parts, and the
respective ratifications of the same were exchanged in this city on the 13th in­
stant by Lewis Cass, Secretary of State of the United States, and Senor Juan
T . de Osma, Minister Resident of the Republic of Peru, iu the United States,
on the part of their respective governments ;
Now, therefore, be it known that I, James Buchanan, President of the United
States of America, have caused the said Convention to be made public, to the
end that the same and every clause and article thereof may be observed and fulfilled
with good faith by the United States and the citizens thereof.
In witness whereof I have hereunto set my hand and caused the seal of the
United States to be affixed.
Done in the city of Washington this fourteenth day of October, in the
[ s e a l .] year of our Lord one thousand eight hundred and fifty-eight, and of the
independence of the United States of America the eighty-third.
JAMES BUCHANAN,

By the President:
L e w i s C a ss ,




Secretary o f State.

286

Nautical Intelligence.

NAUTICAL INTELLIGENCE.
LIGHTS AND FOG SIGNALS,
TO BE CARRIED AND USED BY SEA-GOING VESSELS OP THE NETHERLANDS, TO PRE­

VENT COLLISION.

The following; Decree respecting lights and fog signals to be carried and used
by all sea-going vessels of the Netherlands, to prevent collision, has been
communicated by the Department of State, and is published for the information
of mariners. By order of the Lighthouse Board,
W

a s h in g t o n ,

September 20,1858.

THORNTON A. JENKINS, Secretary.

[ translation .]

(Official Journal No. 54.)— Decree of the 28th June, 1858, containing regula­
tions in regard to the lights which vessels at sea are to carry during the night,
and the signals which they are to make in foggy weather, in order to prevent
collisions; to take the place of the Royal Decree of the 29th January, 1850,
(Official Journal No. 3,) and that of the 17th March, 1853, (Official Journal
No. 14.)
W i l l i a m III., by the grace of God, King of the Netherlands, Prince of
Orange, Nassau, Grand Duke of Luxembourg, &c., &e., &c.—On the recommenda­
tion of our Minister of Marine, of the 21st of May last, No. 71 ; of our Minister
of the Interior, of the 3d of June, (let. d, 6th division ;) of our Minister of
Foreign Affairs, of the 4th June, No. 3, and of our Minister of Finance, of the
19th of June, No. 98, (import and export duties,) in favor of modifying the
regulations in force concerning the lights which are to be carried during the night
by sea-going vessels, both steamships and sailing vessels, and their signals in foggy
weather, in order to prevent collisions ;
The Council of State having been heard, (Opinion of the 25th of Juno last,
No. 3,) we have decreed and do decree as follows :—
On and after the 1st day of October, 1858, the Royal Decree of the 29tli January,
1850, (Official Journal No. 3,) and the Royal Decree of the 17th March, 1853,
(Official Journal No. 14,) are abrogated and annulled, and from and after that
period the following regulations are adopted in their stead :—
STEAM VESSELS.

All sea-going steam vessels, when underway under steam, shall carry, from sun­
set to sunrise, the following lights :—
1st. A t the foremast-head a bright white light; on the starboard side a green
light; on the port side a red light.
2d. The signal lantern, at the foremast-head, is to be of sufficient intensity to
be seen on a dark night, but with a clear atmosphere, at a distance of at least
one-and-a-quarter German mile, (five nautical miles.) and exhibit an unbroken
and uninterrupted light over an arc of 20 points of the compass, and it is to be
placed in such a manner as to be seen ten points of the compass on each side of
the vessel—that is to say, from ahead to two points abaft the beam on both sides.
3d. The green light on the starboard side, and the red light on the larboard
(port) side of the vessel, are to be arranged in such a manner as to be visible in
a dark night and clear atmosphere, at a distance of at least half a German mile,
(two nautical miles,) and are to show an uniform and uninterrupted light over
an arc of ten points of the horizon, (112° 30';) and they are to be so placed as
to throw the light from ahead of the vessel to two points abaft the beam on the
6ide on which each signal lantern shall be placed.
4th. The side lights are to be fitted with inside screens, extending at least three




Nautical Intelligence.

237

feet forward of the light,' in order that the green light may not be seen across
the bow on the port side, nor the red light across the starboard bow.
5th. Steamers when only under sail, are not to carry any signal light at the
foremast-head.
FOG SIGNALS.

All steamers, whether paddle-wheel or screw, when underway under steam, are,
in time of fog, to blow, as a signal, a steam whistle, placed forward of the funnel
at a height of at least two-and-a-half metres (about eight feet) above the fore­
castle deck. This whistle will be sounded at least once in every five minutes j
when underway under sail alone they will blow a fog horn or ring a bell as is
prescribed for sailing vessels.
SAILING VESSELS.

1st. All sea-going sailing vessels when underway or being towed, are to carry
from sunset to sunrise a green light on the starboard side, and a red light on the
larboard (port) side of the vessel. These lights are to be arranged in such a
manner as to be visible in a dark night, when the atmosphere is'clear, at a dis­
tance of at least half a German mile, (two nautical miles,) and to show an uni­
form and uninterrupted light over an arc of the horizon of ten points (112° 30')
from ahead to two points abaft the beam on the side on which the light shall be
placed.
2d. The colored lights are to be placed in a fixed position, so far as it may be
possible to do so ; they are to bo fitted with screens on the inside, projecting at
least one metre (about three feet) forward from the light, so as to prevent the
green light from being seen across the port bow, and the red light across the
starboard bow.
3d. When the colored lights cannot be placed in a permanent fixed position,
(as for example on board of small vessels in bad weather,) they must be kept in
signal lanterns, constantly lighted, from sunset to sunrise, and placed on deck on
the side of the vessel to which they belong, in regard to color, so that they may
be instantly shown, and they shall be shown on the approach of one or of several
vessels, so as to be seen in the best possible manner and in time to prevent collision,
special care being taken to exhibit the lights so that the green light shall not be
seen across the bow on the port side, nor the red light across the starboard bow.
FOG SIGNALS.

All sailing vessels at sea, while on their course, shall, in case of fog, when on
the starboard tack, blow a fog horn, and when on the port tack ring a bell.
These signals are to be made at least once in every five minutes.
Pilot boats under sail are to carry only a bright white light at the masthead,
but every quarter of an hour they are to take care to show another bright light.
They are to make the same fog signals as sailing vessels while at sea.
VESSELS AT ANCHOR.

A ll sea going vessels, when at anchor in a roadstead or channel, must hoist,
from sunset to sunrise, in the best place for exhibiting the light, but not more
than seven metres above deck, (about 23 feet,) a lenticular lantern, of about 8
inches diameter, with a white light to show a clear, uniform, and unbroken light
all around the horizon, at a distance of at least one-fourth of a German mile,
(one mile.)
Our Ministers of Marine, of the Interior, of Foreign Affairs, and of Finance,
are charged with the execution of this Decree, which will be inserted in the
Official Journal, with explanations as to the mode of placing and using the sig­
nal lanterns.
LE LOO.
J une 28, 1858.




238

Nautical Intelligence.

EXPLANATORY NOTES, ANNEXED TO THE ROYAL DECREE OF THE
( o f f i c i a l j o u r n a l n o . 54.)

28

JUNE, 1 858—

The following are intended to illustrate the use of the lights carried by vessels
at sea, and the manner in which they indicate to the vessel w'hich sees them the
position and description of the vessel which carries them :—
1st. When both red and green lights are seen :— A sees a red and green light
ahead ; A knows that a vessel is approaching her on a course directly opposite
to her own ; if A sees a white mast-head light above the other two, she knows
that B is a steam vessel.
2d. When the red and not the green light is seen
A sees a red light ahead
or on the bow ; A knows that either a vessel is approaching her on her port
bow, or a vessel is crossing in some direction to port. If A sees a white mast­
head light above the red light, A knows that the vessel is a steam vessel, and is
either approaching her in the same direction, or is crossing to port in some
direction.
3d. When the green and not the red light is seen :— A sees a green light ahead
or on the bow ; A knows that either a vessel is approaching her on her starboard
bow, or a vessel is crossing in some direction to starboard. If A sees a white
mast-head light above the green light, A knows that the vessel is a steam vessel,
and is either approaching her in the same direction, or is crossing to starboard
in some direction.
AUSTRALIA—SOUTH COAST,

Official information has been received at this office, that various alterations
having been made from time to time in the lights on the southern coast of Australia,
and the following notice respecting them has lately been published by the Depart­
ment of Trade and Customs at Melbourne :—
FIXED LIGHT ON GABO ISLAND, CAPE HOWE.

The fixed white light, shown from the lantern supported by a skeleton timber
frame near the middle of Gabo Island, at 5^ miles to the S. W. of Cape Howe,
is eclipsed from S. by E. i E. to S. -J- W. for about 2 miles seaward, by a small
range of sand hills ; the light may be seen at a distance of 17 miles. A stone
tower, to bear a fixed light of greater power than the above is to be built on the
southeast point of the island, due notice of which will be given.
REVOLVING LIGHT ON CAPE OTWAY.

The revolving light, exhibited from the white stone tower on the extreme
southwest point of Cape Otway, shows a bright flash every minute, visible in
clear weather at 24 miles. Mariners are reminded that a dangerous reef lies
three-quarters of a mile to the S. S. E. of the light-tower.
REVOLVING LIGHT ON CAPE WILLOUGHBY.

The revolving light at Cape Willoughby, the southeast extreme of Kangaroo
Island, exhibits its greatest brilliancy every one-and-a-half minutes, and illuminates
an arc of the horizon, to the distance of 24 miles, from N. by W . i W., round
easterly, to S. W . £ W.
REVOLVING LIGHT ON CAPE BORDA.

Also, that the lighthouse erected on Cape Borda, the northwest extreme of
Kangaroo Island, would probably be completed in July, 1858, and would then
exhibit a revolving light, showing a bright and red face alternately every half
minute. The tower is about 60 feet above the cape, or about 510 feet above the
sea level, and the light will be visible in clear weather at 30 miles.




239

Postal Department.
PORT PHILLIP— SOUTH AUSTRALIA.

The following information respecting the alterations made from time to time
in the lights at Port Phillip, has lately been published by the Department of
Trade and Customs at Melbourne :—
LIGHT-SHIPS IN WEST CHANNEL.

The upper light ship, moored at the north end of the west channel into Port
Phillip, is painted red, and has three masts; the fore and main masts are each
surmounted with a red ball. A bell is tolled during foggy weather. The light­
ship lying at the southwest end of Swan spit is to be removed in a few months,
and a light of the same character will then be exhibited from a lighthouse now
being constructed on piles near her present position.
LIGHTS IN GEELONG HARBOR.

The light-ship in Geelong Harbor lies near the Bird Rock, at the eastern en­
trance of Ship Channel, and exhibits a fixed white light, visible at 7 miles. The
vessel has one mast, surmounted with a ball, and is painted red. A bell is tolled
during foggy weather. Tidal signals are exhibited on board, showing the height
of water on the bar.
LIGHTS IN HOBSON BAY, MELBOURNE.

The fixed light exhibited from Gellibrand point shows red seaward, from S.
W. to S. E., and white the remainder of the circle. A fixed red light is exhibited
from the end of Sandridge jetty; a fixed green light from the end of Sandridge
railway pier ; and a fixed red light from the end of the old jetty at Williamstown.
All three lights are visible seaward at a distance of 3 miles. All bearings are
magnetic. Variation 5i° east in 1858. By order of the Lighthouse Board,
W a s h in g t o n ,

November 8, 1S58.

W . B. FKANKLIN, Secretary.

POSTAL DEPARTMENT.
POSTAGE S T A MPS .

The Stamp Bureau of the Post-office Department, which is under direction of
the Third Assistant Postmaster-General, John Marron, Esq., has made the follow­
ing returns :—For the quarter ended the 30th of September last, there were issued from this
bureau the following :—
One 8eDt stamps................
Three cent stam ps.................................................................................................
Five cent stam ps....................................................................................................
Ten cent stamps..........................................................................
T w elve cent stam ps...............................................................................................

9,490,600
30,448,600
127,680
787,830
331,350

Total............. .............................................................................................
Stamps returned........................................................................................

41,133,060
62,900

Total stamps................................................................................

41,070,160

Of stamped envelops there were issued 241,150 note size, three cents ; 6,454,350
letter size, three cents ; 42,850 ten cent envelops ; 100 official stamps.
The net revenue accruing from this source amounts to an aggregate of about
$1,334,900.




240

Postal Department.
OCEAN MAIL SERVICE.

The report of the Postmaster-General contains the following in relation to the
ocean mail service
The aggregate amount of postage (sea, inland, and foreign,) on mails transported
from July 1, 1857, to February 19, 1858, by the steamers of the New York and
Liverpool (Collins) line, was $111,192 52, and by temporary steamships employed
on same line during residue of the fiscal year, ending June 30, 1858, $41,637 13,
making a total of $152,829 Go, postages for the year. The postages by this line
during the year ending June 30, 1857, amounted to $210,463 03.
The postages upon mails conveyed during the last fiscal year by the United
States steamers of the New York, Southampton, and Bremen line, were
$102,603 09, and by the New York, Southampton, and Havre line $105,923 26,
being a decrease of $35,151 69 by the Bremen, and an increase of $7,973 21 by
the Havre line, as compared with the previous fiscal year.
The amount of letter postages upon mails exchanged with Great Britain during
the year ending June 30, 1858, was $802,771 64; with Prussia, $325,763 60 ;
Bremen, $27,905 92; France, $205,826 42; Hamburg, $15,879 74; being a
decrease on British mails of $71,423 11 ; on Prussian mails of $1,108 97 ; on
Bremen mails of $24,177 07 ; and an increase on French mails of $164,638 23,
and on Hamburg mails of $14,820 14, compared with the preceding year. Net
increased letter postage on European mails, $82,749 22. The postal arrange­
ments with France and Hamburg, which have recently gone into operation, have
caused a diversion of much of the correspondence with the continent of Europe,
heretofore exchanged via England and via Bremen, to the routes via France and
via Hamburg, which accounts for the large decrease on British aDd Bremen
mails during the past year.
The total postages on letter mails exchanged with Europe was $1,378,147 32.
On mails sent to Great Britain, $380,180 58; to Prussia, $193,765 95; to
Bremen, $11,866 36 ; to France, $101,414 66 ; and to Hamburg, $10,308 37.
Total sent, $697,535 92. On mails received from Great Britain, $422,591 06 ;
from Prussia, $131,997 65 ; fromBremen, $16,039 56 ; from France, $104,411 76 ;
and from Hamburg, $5,571 37. Total received, $680,611 40. Total postages
collected in the United States, $842,624 53 ; in Great Britain, Prussia, Bremen,
France, and Hamburg, $535,522 79. Excess of postages collected in the United
States, $307,101 74.
Total postages for the year from the New York, Aspinwall, and California
lines, $306,747 47 ; from the Charleston and Havana line, $9,125 42 ; and from
the New Orleans and Vera Cruz line, $4,359 37.

RUSSIAN

MAILS,

The Siberian mail is conveyed from St. Petersburg to Moscow by rail, and
from thence to Irkutsk, the capital of Eastern Siberia, in carriages drawn by
horses. The distance from Moscow to Irkutsk is 3,426 miles, and there are 210
mail stations on the road for changing horses. The mail communication is semiweekly, and the expense of it to the Russian Government is about £57,000 a
year. The mail from Moscow to Irkutsk is generally conveyed in twenty-five or
thirty days. The mail communication between Russia and China is carried cn
by a horse post between Pekin and Kyachta, a frontier town in Trans Baikal,
close to Mongolian China, once every three months. The distance between
Kyachta and Pekin is reckoned about 1,000 miles, and is traversed in about thirty
days. The China mail is conveyed on horseback.




Journal o f Insurance.

241

JOURNAL OF INSURANCE.
NEW YORK INSURANCE IAW .
AN ACT TO PROVIDE FOR AN INVESTIGATION INTO THE ORIGIN OF FIRES IN CERTAIN
CASES— PASSED APRIL 15, 1857.
AFFIDAVIT.

1. Whenever it shall be made to appear, by the affidavit of a credible
witness, that there is ground to believe that any building has been maliciously
set on fire, or attempted to be, any coroner, sheriff, or deputy-sheriff of the
county in which such crime is supposed to have been committed, to whom such
affidavit shall be delivered, and who shall be requested, in writing, by the pres­
ident, secretary, or agent of any insurance company, or by two or more reputable
freeholders, to investigate the truth of such belief, shall do so without delay.
S e c t io n

POWERS OF CORONER.

S ec. 2. For this purpose, he shall possess all the powers conferred upon

coroners, for the purpose of holding inquests, by the first four sections of article
first, of title seventh, of chapter second, of part fourth of the Revised Statutes.
JURY.

S ec. 3. The jury, after inspecting the place where the fire was, or was

attempted, and after hearing the testimony, shall deliver to the officer holdingsuch inquest their inquisition, in writing, to be signed by them, in which they
shall find and certify how and in what manner such fire happened, or was attempted,
and all the circumstances attending the same, and who were guilty thereof, either
as principal or accessory, and in what manner. But if such jury shall be unable
to ascertain the origin and circumstances of such fire, they shall find and certifv
accordingly.
IF GUILTY.

S ec . 4. If the jury find that any building has been designedly set on fire, or
has been attempted so to be, the officer holding such inquest shall bind over the
witnesses to appear and testify, at the next criminal court at which an indict­
ment for such offence can be found, that shall be held in the county ; and in such
case, if the party charged with any such offence be not in custody, the officer
holding such inquest shall have power to issue process for his arrest, in the same
manner as justices o f the peace.
OFFICER ISSUING PROCESS.

S ec. 5. The officer issuing such process shall have the same power to examine

the party arrested, as is possessed by a justice of the peace, and shall, in all re­
spects, proceed in like manner.
w it n e s s .

S ec . 6. The testimony of all witnesses, examined before the jury, under this

law, shall be reduced to writing by the officer holding the inquest, and shall be
returned by him, together with the inquisition of the jury, and all recognizances
and examinations taken by such officer, to the next criminal court of record that
shall be held in such county.
PAY OF OFFICERS.

S ec. 7. The compensation of the officers holding such inquest, and their actual

and necessary expenses under this act, shall be fixed, audited, and paid in the
same manner as the compensation and actual and necessary expenses of coroners
are now provided for by law.
S ec . 8. This act shall not extend to the cities of New York, Brooklyn, and
Buffalo.
S ec . 9. This act shall take effect immediately.
VOL. XL.--- NO. II.
16




242

Journal o f Insurance.
NEW HAMPSHIRE INSURANCE LAW,

AN ACT IN RELATION TO FIRE INSURANCE COMPANIES— APPROVED JUNE 23, 1858.
S e c t io n 1. Tie it enacted by the Senate and House of Representatives in General
Court convened:—That all the provisions ol chapter one hundred and fifty-four
of the compiled statutes, relating to mutual fire insurance companies, shall extend
to all fire insurance companies in this State ; and sections third, fourth, and fifth
of said chapter, shall extend to all fire insurance companies doing business in
this State, which are incorporated by, or organized under, any other of the United
States, and to the agents of such companies.
S ec. 2. Whenever the officers of any mutual fire insurance company, in this
State, or the agents of companies in other States, doing business in this State,
shall issue, or procure to be issued, policies of insurance in any fire insurance
company, or any class of any company, until after fifty thousand dollars in amount
of property shall be subscribed to be insured in such company or clas3; or shall
issue any policy when property of a less amount than fifty thousand dollars, is
insured in such company or class, the persons so insured shall be assessed no more
than they would have been if fifty thousand dollars in amount had been insured,
and the officers or agents of such company shall be individually liable for the
balance of any losses or expenses not provided for by such assessment.

S ec . 3. A n y mutual fire insurance company, chartered by the laws o f this State,
may terminate all risks and policies issued by such company, or any class o f such
company, by giving, or mailing to each person holding a policy, a written or
printed circular, stating the time when such risk or policy is to terminate, and
b y causing a notice to the persons holding policies to be published three weeks
successively in one or more newspapers printed within the county where such
company is located, three months previous to the time fixed for such termination.
S ec . 4. N o mutual fire insurance company shall assess its members more than
thirty per cent above its actual indebtedness, to close up any company, or any
class o f any com pany; and the officers and agents o f such company or class,
shall not be allowed to receive more than twenty per cent o f the money collected,
for their services in closing up the affairs o f any company, or any class o f any
company.

Sf.c. 5. Every mutual fire insurance company, chartered by the laws of this
State, shall provide books in which shall be entered all assessments made, and all
sums received from expired and surrendered policies, and all losses allowed, and
all money borrowed ; and the treasurer of every company so chartered shall
charge himself with the whole amount of the assessment made, and all sums
of money and evidences of debt received by him belonging to the company, and
shall balance his account once in each year, previous to the time of holding the
annual meeting of the company. And for every neglect to comply with the
provisions of this section, the company or person so neglecting, shall pay a fine
of twenty-five dollars for every such neglect, one half of which shall go to the
person making the complaint.
LIFE

INSURANCE,

The following is a list of the life insurance companies of the State of New
York, with a statement of the amount of securities deposited by them respectively
with the Controller, as required by chapter 95, laws of 1851, and chapters 463
and 551 of the laws of 1853 :—
Howard Life Insurance Company, New York.................................................
Knickerbocker Life Insurance Company, New York.....................................
Manhattan Life Insurance Company, New York...........................................
Mutual Life Insurance Company, New York..................................................
New York Life Insurance Company, New Y o r k ..........................................
New York Life Insurance and Trust Company, New Y o r k .......................
United States Life Insurance Company, New Y o r k ....................................

$100,000
100,000
112,000
136,000
108,800
100,000
100,000

The following is a list of the life insurance companies of other States, and




243

Journal o f Insurance.

foreign governments, with the amount of securities deposited with the Con­
troller by each company, as required by law :—
Albion Life Insurance Company, London, England.......................................
British Commercial Life Insurance Company, London, England.................
Colonial Life Assurance Company, Edinburgh, Scotland..............................
Mutual Benefit Life Insurance Company, Newark, N. J...............................
National Loan Fund Life Assurance Society, London, England.................
New England Mutual Life Insurance Company, Boston, Massachusetts . .
Royal Insurance Company, London, England................................................

$100,000
100,000
100,000
100,000
100,000
100,000
100,000

The following is a list of the life insurance companies of other States, which
have deposited one hundred thousand dollars or over with the Treasurer or chief
financial officer of their respective States, in pursuance of chapters 463 and 551
of the laws of 1853 :—
American Mutual Life Insurance Company, New Haven, Connecticut. . .
Connecticut Mutual Life Insurance Company, Hartford, Connecticut........
Massachusetts Mutual Life Insurance Company, Boston, Massachusetts..
National Life Insurance Company of the LTnited States, Montpelier, V t..

$100,000
100,000
100,000
100,000

MARINE DISASTERS FOR 1858.

The following is a statement of American vessels reported in each month of
the year as lost and missing, with their estimated value :—
Steamers.

January....................
February.................. .........
March....................... .........
A p r il.......................
May............................
June......................... .
July..........................
A u gu st....................
September...............
O ctober...................
November................ ........
D ecem ber...............
T o ta l.................

2

1

Ships.
5
10
6
3

6
6
5
1
2
4
7
8

1

62

Barks.
2
3
5
4
6
1
5
5
3
2
1
4
41

Brigs.

Schooners.
5

4
4

8
14
14
9
8
7
9
12
13
21

Value.
$270,000
650,000
400,000
460,000
340,000
290,000
296,000
175,000
255,000
280,000
520,000
530,000

45

136

$4,471,000

i
6
4
9
2

6
1
4
4

1

16

FIRES IN THE UNITED STATES.

The following statement shows the number of fires occurring during each month
of the past year, with the loss resulting
Loss.
$1,892,000
1,223,000
856,000
795,000
1,109,000
825,000
832.000
773.000
785,000
1,926,000
557,000
481,000

Loss, 185T.
$1,000,000
2,080,000
1,783,000
1,720,000
859,000
953,000
1,602,000
551,000
1,025,000
1,820,000
1,110,000
549,000

261
Total.................................................
$12,054,000
In the above list all losses le3s than $10,000 are omitted.

$14,602,000

January....................................................
February..................................................
March.......................................................
April........................................................
May......... ................................................
June........................................................
July..........................................................
August.....................................................
September................................................
October....................................................
November...............................................
December.................. .............................




No. of fires.
36
30
30
19
17
16
27
21
17
19
16
12

244

,

Journal o f M ining Manufactures, and A rt.

JOURNAL OF MINING, MANUFACTURES, AND ART.
NICKEL AND IRON.

From the observation of the fact that meteoric iron is possessed of greater
hardness and tenacity than the ordinary iron, it was thought by W . Fairbairn,
F. R. S., that this property was due to the presence of nickel, which is found in
all meteorolites. He has, therefore, recently been trying some experiments to test
the fact. The niekel was combined with the iron in the same proportion as
analysis had demonstrated that it had existed in a stone which had dropped from
the clouds, and it was found that instead of increasing, it decreased the strength
of the cast iron 17 per cent. He concludes his account of the experiments by
remarking that he had conceived the idea that such an alloy would be most
excellently adapted for large cannon and mortars, but that to resist the action o f
gunpowder there is nothing so good as the best and purest cast iron, and the
more free from sulphur, phosphorus, or alloys, the better will it resist the violence
of the explosion. The effect of nickel with malleable iron would, however, be as
Mr. Fairbairn expected, namely, an increase of toughness, for carbon, phosphorus,
and sulphur, which so much deteriorate the quality of cast iron, in small quan­
tities improve that of malleable, and it is not at all improbable that nickle would
have the same effect. Some of our American iron men should try the experi­
ment and publish the result, as it would be an interesting addition to our
knowledge of iron.

LEAD MINING.

The following table, says the Galena Advertiser, has been prepared with great
care by E. H. B eebe, Esq,, an old resident in the mines, and the only man in
possession of data by which such a table could be made:—
SHIPMENTS OF LEAD FROM TI1E GALENA RIVER MINES FROM

Y ears.
1821 to 1823.
1824................
1826................
18 26................
1827................
1828................
1829................
1830................
1831................
1832................
1833................
1834................
1835 ..............
1836................
1887 ..............
1838 . .........
1839
.....
1840
.....




Pigs.

Pounds.

4,790
2,603
9,490
13,700
74,130
158,655
190,620
119,060
91,170
61,164
113,440
113,648
158,330
191,750
219,360
200,465
367,785
317,845

335,130
175,220
664,530
958,842
5,182,180
11,105,810
13,343,150
8,323,998
6,381,793
4,281,876
7,941,792
7,971,579
11,083,100
13,422,500
15,855,200
14,032,550
25,044,950
22,249,150

Years.

1841............
1842...........
1843............
1844......... ..
1845...........
1846...........
1847...........
1848...........
1849...........
1850...........
1 8 5 1 ,.........
1852...........
1853...........
1854...........
1855............
1856...........
1857...........

1821

TO

1858,

'Pigs.

447,909
558,261
524,672
778,408
732,404
772,556
684,969
628,934
568,859
474,115
408,628
425,814
428,617
430,365
485,654

INCLUSIVE.

Pounds.

32,071,410
31,353,680
39,148,270
43,726,040
54,494,850
51,268,219
54,085,920
47,737,880
44,025,380
38,801,230
83,188,050
28,603,960
29,806,980
29,653,190
30,125,550
30,495,780
34.183,250

Journal o f M ining, M anufactures, and A rt.

245

METALS AND COAL RAISED IN GREAT BRITAIN.

It appears from Hunt's Statistical Returns of the United Kingdom, that the
quantity of coal raised in 1857 was 65,394,707 tons, valued at £16,348,676, or
about $80,000,000. This is a decrease of 1,250,743 tons, as compared with
1856. The number of collieries is 2,905 ; of which 425 are in Scotland, 70 in
Ireland. In 1856, there were produced in the United Kingdom 66,445,450 tons
of coal, valued at the pit’s mouth at £16,663,862 ; 24,257 ton3 of fine copper,
valued at £2,983.611; 3,586,377 tons pig-iron, valued at £13,345,508 ; 73,129
tons of metallic lead, valued at £1,755,096 ; 6,177 tons of white tin, valued at
£821,541; and 614,180 oz. of silver from lead, valued at £153,470. In 1857,
10,444 colliers arrived in the port of London, and the total quantities of coal
brought to London both by sea and by land amounted to 4,368,708 tons.
THE ANTHRACITE COAL TRADE.

The following table, prepared from official documents, shows the quantity of
coal sent to market annually from its commencement, in 1820, to 1858, inclusive :
Years.

1820..
1821..
1822..
1823..
1824 .
1825..
1826..
1827..
1828..
1829..
1830..
1831..
1832..
1833..
1834..
1835..
1836..
1837..
1838..
1839..
1840..
1841..
1842..
1843..
1844..
1845..
1846..
1847..
1848..
1849..
1850..
1851..
1852..
1853..
1854..
1855..
1856..
1857..
1 858..

Beaver
Lehigh
Coal
Meadow
Company. Company.

865
1,073
2,440
5,823
9,541
28,396
31,280
32,074
30,232
25,110
41,750
40,966
75,000
123,000
106.244
131,250
146,522
192,320
159,564
142,071

102,212
*78,166
163,742
138,825
219.245
257,740
274,663
334,929
336,569
379,285
424,258
480,723
510,268
476,976
505,187
392,209
317,852
890,427
396,763




33,617
38,426
38,595
43,845
*26,224
45,159
54,692
70,335
77,230
85,870
109,110
84,930
73,702
27,571
42,263
46,278
55,997
54,203
38,538
4,326
4,773

Ilazleton
Company.

16,221
33,826
50,441
*21,247
31,082
43,950
70,167
70,266
98,109
105,595
86,641
92,401
54,309
113,297
130,514
124,331
144,180
160,197
135,288
85.810
148,867

Sugar-loaf,
Buck
now
Mountain
Diamond. Company.

7,550
29,039
*17,170
31,930
26,814

2,866
1,843

6,391
11,356
12,099
36,712
41,597
44,900
43,468
33,454
46,938
28,153
30,624

Summit
WilkesSpring
barre
Mountain. Railroad,

54

2,844
13,749
23,914
46,103
50,847
71,101
85,819
103,937
104,466
104,202
77,457
66,410
36,079
101,128
63,705
67,119

* Great freshet, which inj ured the canaL

17,908,.
32,840
65,531
102,599
43,793
116,517
139,627
136,016
147,614
179,220
127,513
38,485
52,156

5,865
10,247
10,425
19,690
82,153
25,072
41,989
26,235
39,090
47,763
20,964
6,799
31,927

246
Years.
1 S 2 0 ...
1821 . .
1822 . .
1823 . .
1824 . .
1825 . .
1826 . .
1827 . .
1828 . .
1829 . .
1830 . .
1831 . .
1832 . .
1833 . .
1834 . .
1835 . .
1836 . .
1837 . .
1838 . .
1839 . .
1840 . .
1841 . .
1842 . .
1843 . .
1844 . .
1845 . .
1846 . .
1847 . .
1848 . .
1849 . .
1850 . .
1851 . .
1852 . .
1853 . .
1854 . .
1855 . .
1856 . .
1857 . .
1858 . .

Years.
1 8 2 0 ...
1 8 2 1 ...
1 8 2 2 ...
1 8 2 3 ...
1 8 2 4 ...
1 8 2 5 ...
1 8 2 6 ...
1 8 2 7 ...
1 8 2 8 ...
1 8 2 9 ...
1 8 3 0 ...
1 8 3 1 ...
1 8 3 2 ...
1 8 3 3 ...
1 8 3 4 ...

J o u rn a l o f M in in g , M a n u fa ctu res, a n d A rt.
Cranberry.

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

Colrain.

East Sugarloaf, &c.

........
........
........
........
........
........
........
........
........
........
........
18,605
36,155
22,493
30,588
49,112
51,230
68,963
84,550
74,686
64,956
34,370
Lacka­
wanna.

'2,075
39,513
37,781
58,012
85,209
97,860
77,104
43,621
14,047

’

Pine
Grove.

12,566
30,351
91,491
155,113
67,161
174,432

123,164:
Lykens’
Valley.

Total
Lehigh.
365
1,073
2,440
5,823
9,541
28,396
31,280
32,074
30,232
25,110
41,750
40,966
75,000
123,000
106,244
131,250
146,522
225,937
214,211
222,042
225,591
142,807
271,913
267,125
376,363
430,998
522,518
643,562
680,197
800,988
722,681
989,254
1,113,943
1,080,550
1,245,815
1,274,983
1,357,520
1,342,549
1,423,310
Shamokin.

....
....
....
....
7,000
42,700
54,000
84,500
111,777
43,700

Little
Total
Schuylkill. Schuylkill. Sch’lkill.

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

6,500
16,767
31,360
47,284
79,972
89,984
81,854
195,271
216,210
191,540
302,024
393,975
491,230
421,569
333,927
433,263
543,280
491,602
647,308
782,070
1,008,901
1,150,828
1,467,499
1,490,209
1,428,156
1,500,047
1,868,277
2,138,181
2,081,822
2,514,024
3,180,513
2,837,185
2,583,184
2,477,690
Dauphin
and Susque
hanna.

. . .. . .

14,000
36,761
35,152
37,494
38,070
31,922
12,306
8,249
19,028
41,412
26,831
80,005
58,309
76,122
86,155
105,345
162,625
174,757
211,960
310,307
324,984
389,295
444,184
422,003
431,317
365,349
388,706
Wyo­
ming.

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

....

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

....
....

......

....
....

........

6,600
16,767
31,360
47,284
79,972
89,984
81,854
209,271
252,971
226,692
339,518
432,045
523,152
433,875
342,176
452,291
684,692
541,504
677,313
840,379
1,085,023
1,236,983
1,572,844
1,652,834
1,605,626
1,712,007
2,184,317
2,463,165
2,461,117
2,958,208
3,602,516
3,268,502
2,948,633
2,866,396
Grand
total.
365
1,078
2,440
5,823
9,541
34,896
48,047
63,434
77,516
112,083
174,734
176,820
368,771
487,748
376,636

* Including 25,3S6.03 tons b y East Sugar-loaf Company; 3,731.01 by A. Lathrop & C o .; 510.11
by Stafford A Co.; 20,693 by New York and Lehigh; 9,874.01 by German Company; IS,413 by
South Spring Mountain; 11,786.10 by North Spring Mountain; 36,736.19 by Council Ridge ;
10,240.07 by Mount Pleasant; 11,093.06 by Wyoming, and 20,075.15 by the Hartford C om pany;
442,235 b y Lehigh Valley Railroad; 482,500 from Scranton, and 18,800 by Broad T op.




,

Journal o f M ining Manufactures, and A r t,

Years.
1 8 3 5 ...
1 8 3 6 ...
1 8 8 7 ...
1 8 3 8 ...
1 8 3 9 ...
1 8 4 0 ...
1 8 4 1 ...
1 8 4 2 ...
1 8 4 3 ...
1 8 4 4 ...
1 8 4 5 ...
1 8 4 6 ...
1 8 4 7 ...
1 8 4 8 ...
1 8 4 9 ...
1 8 5 0 ...
1 8 5 1 ...
1 8 5 2 ...
1 8 5 3 ...
1 8 5 4 ...
1 8 5 5 ...
1 8 5 6 ...
1 8 5 7 ...
1 8 5 8 ...

Lackawanna.
98,845
104,500
115,387
76,321
122,300
148,470
192,270
205,253
227,605
251,005
266,672
318,400
388,200
434,267
454,240
643,886
788,485
922,837
877,155
1,006,986
1,090,241
1,055,818
950,000
978,846

Pine
Grove.
5,500
9,978
16,726
16,665
19,227
19,463
15,306
31,437
22,879
27,719
31,208
55,346
61,233
56,938
78,299
62,809
*
75,000
64,939
40,358
105,635
177,376
282,500
215,000

Lykens’
Valley.
. . . .

5,439
6,430
6,005
5,372
5,302
6,176
181

2,000
25,000
35,000
53,150
60,000
64,265
68,000
75,000
100,000
121,550
127,750

Sham-

okin.

and Susquehanna.

. . . .

....

4,104
11,930
15,928
22,154
10,098
9,870
13,087
10,135
12,646
14,904
19,357
19,658
19,921
23,989
30,000
15,500
60,252
118,760
125,000
153,524
137,000

W yo-

ming.

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

. . . . . .

. . . . . .

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

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

20,000
33,418
29,000
67,247
62,700
unknown.
............

47,346
57,740
114,906
178,401
188,003
289,898
237,271
258,080
275,109
336,017
320,000
419,413
492,689
550,000
510,631
404,631
350,000

247
Grand
total.
575,103
698,484
887,632
746,181
823,479
867,045
964,256
1,107,732
1,262,632
1,623,459
2,002,887
2,333,494
2,970,097
3,032,860
3,241,890
3,371,420
4,395,209
5,018,364
5,012,139
5,919,555
6,879,836
7,258,900
6,764,587
f7 ,036,301

USES OF SOLUBLE GLASS,

The following communication, from a practical chemist, showing forth the
valuable properties of soluble glass, will be found very instructive, and no doubt
it will attract attention :—
This substance, which is a silicate of soda, was discovered in 1825 by Professor
Fuchs, of Munich, Bavaria, and it created considerable sensation at the time.
Its power of resisting the action of fire was early demonstrated, in the presence
of the king, and several eminent scientific gentlemen. A small hut was prepared,
having its boards saturated with the silicate, and it resisted all attempts to de­
stroy it by fire. It was not, however, until within a few years past that its merits
as a protective coating, and as a vehicle in the painting and coloring arts, came
to be generally appreciated. Liebig was really the first chemist who successfully
directed public attention to its versatile qualities, and since then its use has been
extending. A t the Paris Exhibition of Industry, Kuhlman, a distinguished
French chemist, exhibited its application as a substitute for linseed oil in the
mixing of paints, and as a transparent surface varnish for wood, brick, stone, and
metals. As a substitute for linseed oil, it is ground up with the paints, has no
offensive smell, soon dries, is more durable and purer iu color, and at the same
time is not above half the price. Chalk, whitening, baryta, lampblack, ultramarine, indian red, terra sienna, and various other pigments, mix readily with
the soluble glass, as does blancjixe—a precipitated sulphur of baryta, a favorite
brilliant white pigment now used in Europe. Fresco and stereo-chromic paint­
ing are now executed in soluble glass as a vehicle, and the effect is brilliant. It
is now employed for mixing with some colors as a substitute for gum and starch,
and as a detergent in place of ammoniaeal substances; also for washing, as a
substitute for soap. It is employed for this purpose in the state prison at Spandau, in Prussia. It has also been used for mixing with the pigments or colors
in oilcloth printing, and for white military belts, when combined with Paris white.*
* Enlarging Union Canal.
t Including 105,000 from Br&ad T op ; 40,000 tons o f Blossburg; 18,000 tons Barclay; 102,000
Trevorton, and 073,463 tons from Scranton.




248

,

Journal o f M ining Manufactures, and A rt.

It is also a good varnish for paintings, and such documents as are designed for
long preservation ; also for all kinds of metals, to preserve their polish, and to
prevent them from oxydizing. The writer of this communication coated several
thousand cannon balls with it in the Brooklyn Navy Yard, in 1832, and they
remained for several years unaffected by the atmosphere. By coating the walls
of cellars or underground apartments with it, they are preserved from dampness;
and it protects rails, bridges, and soft sandstone surfaces from being destroyed
by the action of rains and the atmosphere. When mixed with marble dust and
slacked lime it forms a hard cement, and with ground fluorspar it will make blocks
nearly as hard as iron. A cement composed of equal parts of soluble glass,
white clay in powder, pumice stone, and ten parts of sand, becomes very hard,
and can scarcely be surpassed for making roofing.
As a protective against fires, soluble glass, perhaps, holds the most important
position, especially in our country, where we have so many wooden structures,
and because we suffer such immense losses annually by fires. On Tuesday, the
12th inst., the railroad bridge at Hamilton, 0. W ., was destroyed by fire from
a spark of the locomotive. Had it been coated with soluble glass, at an expense
of only a few dollars, (fifty cents per gallon for the liquid,) it would have been
standing yet. In vol. xii., page 165, Scientific American, some experiments are
described in the Woolwich marshes, England, on a wooden hut, in order to test
its fire-preventive properties ; these were very successful. The surface of the
timber was merely washed with a thin coating of the silicate, yet although the
planks were submitted to a very high heat, in fact a roasting temperature, they
did not blaze, they merely singed away, and when the fire was put out they pre­
sented a charred appearance. As a fire preventive for steamers and all wooden
structures—to which it may be applied as a coating—it certainly would insure
greater safety of life and property.
SUBMARINE STEAM NAVIGATION,

Dr. Payerne, of Prance, is the constructor of a submarine iron boat, on the
screw principle, measuring twenty-seven feet long and nine-and-a-half feet wide,
which is said to accomplish the purposes for which the inventor designed i t ; by,
first, alimentation of vital air constantly made under water, without any
communication with the atmosphere above water; and, second, direct contact of
the screw with the water at any depth, down to one hundred and fifty feet. The
alimentation of air is made by a double process, mechanical and chemical, which
maintains, almost without expense, the air perfectly pure and respirable in all
hermetical places, such as diving-bells, submarine vessels, ships’ holds, mines, &c.
The apparent impossibility of maintaining under water a furnace with a current
of air is alleged to be completely conquered by chemistry in its pyrotechnical
branch; a certain fuel is consumed in a hermetical furnace, and generates steam
in the boilers.
MALLEABLE IRON CASTINGS.

A valuable method has been devised of preparing wrought-iron so that it may
be capable of being poured or cast into molds for the production of malleable
castings, or articles which shall have all the strength and qualities due to wroughtiron. Scrap or wrought-iron may be employed, or bars or plates cut into small
pieces, these being melted into crucibles such as are used for melting blistered
steel. To a charge suitable in amount to the crucible one-half of one per cent
of charcoal, (by weight,) one per cent of manganese, and one of red ammonia
are added. The whole is covered from the atmosphere and melted in a tempera­
ture of about fifteen hundred degrees Fahrenheit, which temperature is main­




249

Railroad, Canal, and Steamboat Statistics.

tained for three hours. The metal is then poured into molds. The iron thus
cast is so malleable as to be capable of being treated under the hammer in the
forge and formed into other shapes ; and thus also part of the iron may be shaped
in molds and part completed by forging, producing ornamental work.

RAILROAD, CANAL, AND STEAMBOAT STATISTICS.
RAILROADS OF THE UNITED STATES, JANUARY, 1859.

The following is a table of the railroads in operation January 1st, 1859, as
compared with January 1st, 1858 :—

,-------- 1858.-------- ,

,-------- 1859.-------- ,

647}

Cost.
$17,963,677
17,597,783
20,523,798
63,384,310
2,586,512
24,348,963

Miles.
544}
562}
531}
1,519}
50
644}

3,617
2,7 00}
529}
2,773}
91f
798}

$146,805,163
$103,407,268
24,825,970
135,166,609
1,619,310
44,357,831

3,823

$152,960,825

2,684}
471}
3,029}
93
791

$139,450,104
24,441,035
142,590,950
2,034,354
45,959,355

Total middle Atlantic States..
6,893§
$309,376,888
Virginia......................................
1,32 I f
$37,705,049
North Carolina.........................
675
11,126,486
South Carolina.........................
748}
17,601,944
Georgia......................................
1,1851
24,952,153
F lorida............................................
128
3,500,000

7,167
1,474
770
781
1,174
157

$354,475,798
$47,402,381
13,101,792
18,021,841
24,268,163
3,140,000

Total south Atlantic States...
4,0581
$94,885,632
Arkansas................
381
$775,000
Missouri....................................
317
19,140,247
Tennessee........................................
8871 19,350,390
Kentucky.........................................
304} 10,197,414

4,356

$107,934,177

38
547
962
400

$1,000,000
30,904,159
23,890,688
13,149,280

Total south interior States....
1,5474
$49,463,051
O h io...............................................
2,7981 $106,043,028
Indiana......................................
1,231
28,801,276
Michigan..........................................
999
30,390,858
Illinois...........................................
2,G16
86,446,291
Wisconsin........................................
718
19,295,842
Iowa.................................................
256
9,087,529

1,947

$68,944,127

2,728
1,508
969
2,682
775}
343}

$102,756,614
49,163,847
85,709,214
96,284,445
35,574,117
10,988,673

Total north interior States....
8,6181
$280,065,124
Alabama,...................................
658}
$15,253,771
Mississippi.......................................
117
5,515,009
Louisiana........................................
335
11,032,362
T exas..............................................
147
5,000,000

8,986

$230,476,910

Total Gulf States.................. .
California..................................

1,554

Miles.

Maine..........................................
New Hampshire........................
Vermont.....................................
Massachusetts............................
Rhode Island ............................
Connecticut.................................

541 a
5591
521§
1,2831
631

Total New England.................
New York..................................
New Jersey................................
Pennsylvania............................
D elaw are..................................
Maryland....................................

Total United States.




1,1574
22}

$67,123,946

25,965 }

$988,146,600

$750,000

671
306
389}
18 7}

22}
27,857

Cost.
$18,767,833
18,685,233
21,310,727
67,157,359
2,479,532
24,260,141

$19,946,761
8,325,966
13,804,500
4,678,300
$44,755,527
$1,500,000
$961,047,864

250

Bailroad, Canal, and Steamboat Statistics.
RAILWAY CONSUMPTION OP IRON.

According to some recent German statistics on metallurgy, the quantity of
wrought and cast iron consumed in 1857 in Europe and America, in the con­
struction of 117,500 kilometres of railway, amounted (on an average of 80 kilos,
per metre) to 9,400,000 tons. It is calculated that there is a loss of 133 grammes
per kilometre at every passage of the train ; and, estimating at ten the number
of trains in a day, this would give 133 grammes per metre and per day, on 117,500
kilometres, or 156,000 kilogrammes per day, equal to 56,000 tons per annum.
Bust consumes an analogous quantity of iron. Thus, every year 112,000 tons
of iron return back into the earth in the shape of dust. In ten years, as the
minimum, the rails and accessaries must be renewed, which must necessarily entail
a loss of 15 per cent on the weight—say, a total loss of 1,430,000 tons. Every
ten years, therefore, there will be—
Loss by friction..........................................................................................tons
Loss by renewal (re-working).......................................................................

1,120,000
1,430,000

Total loss........................................................................................tons

2,560,000

To the above calculation must be added the iron which is the chief material
in the rolling stock, and the wear and tear of which may be reckoned at an equal
figure. Basing an approximate calculation on the number of kilometres in the
year 1857, a supply of 5,000,000 tons of iron is requisite every ten years for the
keeping in repair of the railways, or 500,000 tons per annum.
CANAL COMMERCE OF TOLEDO.

The annual report of the business of the canals entering the harbor of Toledo
is herewith forwarded for the Merchants' Magazine. It embraces only the business
at that port. Such tables, though containing items of small importance, are
worth looking over, as giving a condensed view of the course of water commerce
at that interesting point of interior exchange. The reader will bear in mind
that the canals entering Toledo encounter railroad competition at almost every
point throughout their entire lines.
The Toledo, Wabash, and Western Bailroad has greatly increased its business
the past season ; much of it at the expense of the canal. The corn crop of last
year near the canals was short. Instead of less than one million a good crop
would have given to the canals more than two millions of bushels. In the table
it is interesting to note how considerable are the receipts and shipments of some
of the same articles, in and out of Toledo. Eor instance, barley, oats, potatoes,
coffee, crockery, furniture, glass and glassware, iron, leather, machinery, mer­
chandise, molasses, nails, rags, sundries, sugar, wooden-ware, and lumber. The
borders of the canals are but partially peopled, and therefore give but slight
evidence of the tonnage which will be thrown upon them when the fertile region
which they traverse is brought into cultivation. Bailroads, it is believed, will
not, in the long run, supersede, or even injure canals. Both these instruments of
commerce will combine to build up large cities, which will give to each its
appropriate business. Water transport seems destined, for a few years to come,
to have the popular favor which the more general use of steam may strengthen
and confirm. The canals in Great Britian, as a whole, pay better dividends than




Railroad, Canal, and Steamboat Statistics.

251

the railroads. When the cost o f transport by railroad in this country is brought
to the test of experience, the same result may be witnessed here. In our wide
country of heavy products and rapidly-advancing manufactures, there will be
business appropriate to each, which, it is hoped, will give profitable employment
to well-located canals and railroads all over the country.
J. w. s.
TONNAGE REPORT OK THE ARTICLES AR R IV E D AND CLEARED AT THE PORT OF TOLEDO ON
THE MIAM I AND E R I E AND W A B A S H A N D ERIK C A N A L S , FROM THE 1 5 T H O F NOVEMBER,
1 8 0 1 , TO THE 1 5 t h O F N O V E M B E R , 1 8 5 8 .

Articles.
Ale and beer... . bbls.
Beef............................
Cider..........................
Fish...........................
Flour.........................
Lime, hydraulic.. . .
Lime, common..........
Oil..............................
P o r k .........................
Salt...........................
Tar and pitch.........
Vinegar....................
Whisky......................
Apples.............. bush.
Barley.......................
Beans.........................
C o rn .........................
Flax seed...................
M a lt.........................
O a ts .........................
Onions......................
P e a s ..........................
Potatoes....................

Arrived.

67
357
36
115
149,629
13
824
6,603
393
14,980
374
8,012
197
993,366
953
24,808
41

6,808
3,781
.....................
Seeds .......................
287
Wheat....................... 1,347,155
Agricultural imp. lbs.
4,879
Baggage....................
Bags aDd bagging . .
B acon........................ 303,332
Beeswax...................
3,718
Butter........................
86,926
Batting.......................
655
Brimstone..................
Candles.....................
4,204
C h eese.....................
Coal, mineral............
4,000
Coffee.........................
3,924
Crackers....................
Crockery ..................
78,406
Clocks.......................
Eggs........................... 194,843
Furniture...................
11,160
Fruit, dred. .............
Feathers...................
1,501
Furs and peltries ..
3,021
Flax...........................
3,330
Glass and glassware
12,890
Grindstones...............
Hops..........................
H id e s .......................
50,178




Cleared.

257
....
....
2,173
17
707
85
41
65,155
37
37
369
1,157
38,142
244
80
12
83,399
1,718
31,636
683
59,359
2,390
3,181

454,955
380
2,048
269,100
30,361
1.285
23,125
39,899
17,778
113

20,666
94,793
3,717
3.000

Articles.

Arrived.

Cleared.

Hams and shoulders. 1,007,719
House goods.............
59,446
38,427
Iron, wrought <fc cast 202,043
505,105
Iron pig and scrap..
393,277
17,308
Ice.............................
690,909
12,631
26,755
Lard........................... E57.700
Machinery.................
58,125
89,917
Marble, wrought.. . .
1,220
2,657
Marble, unwrought
1,619,378
225,292 1,887,848
Molasses...................
18,394
34,929
Nails.........................
245,004
20,618
Oil cake..................... 5,054,093
Powder.....................
4,300
458,307
Potter’s ware............
51,413
Paper .....................
81,612
Pots and pearls........ 287,369
14,217
66,139
Rice..........................
1,400
Railroad chairs.........
49,448
530
Saltpeter...................
7,777
Slate roofing.............
31,800
Soda ash...................
47,361
........
Saleratus...................
747
S a sh .........................
64,898
353,506
181,809
121,782
83,355
Tin plate .................
20,928
Tobacco, manuf. . . . .
17,627
Tobacco, unmanuf... 253,237
Trees and shrubs___
3,313
14,256
620
Varnish.....................
17,506
6,578
Wooden ware...........
13,892
25,496
Wool..........................
35,985
Shorts and bran____
2*9,052
Animals, domest..No.
28
204
L a t h .........................
84,000 4,392,834
Posts..........................
200
1,391
Staves and headings 970,671
Shingles...................
5,831,500
Wagons.....................
9
28
Lumber............... feet 368,522 10,887,954
Timber... cubic feet
10,200
Stone................ perch
312
W ood................cords
1,782
38

252

,

Railroad Canal, and Steamboat Statistics.
RAILWAY ACCIDENTS FOR 1858.

The following statement shows all the most serious disasters of this character
(excepting those resulting from the carelessness of passengers) which have oc­
curred in the United States during the year just expired :—
Injured. Killed.

February 10. .Roland (Vt.) Railroad................................................
March
15. .Erie Railroad, rail b ro k e .........................................
April
1 .. Tioga Road, off the track........................................
16. . Baltimore and Ohio, obstructions...........................
May
11. .New York Central, bridge b ro k e ..........................
14. .Lafayette and Indianapolis, bridge b ro k e ...........
18. .Elmira and Niagara Falls, break...........................
June
11. . Lafayette and Indianapolis..............
.................
10. .Great Western, Illinois............................................
July
15. .Erie Railroad.................
21. .Lehigh Valley, b rid g e ............................................
21. .Jackson (Mass.) r a i l ........................................................
21. .Housatonic, obstruction..........................................
August
1. .Ohio and Mississippi................................................
2 7. . Cleveland and Erie, obstruction............................
September 1. .Northern, collision.....................................................
1. .Alleghany, off the track..........................................
7. .Hudson River, collision............................................
10. .Fall River, collision..................................................
11. .Steubenville and Indiana, off the track...............
13. .Hannibal and St. Joseph, bridge............................
16. .Baltimore and Ohio, off the track.........................
October
14. .Philadelphia and Baltimore, off the track............
8. .Ohio and Mississippi, collision................................
2 8. . Buffalo and Corning, off the track................................
November 23. .Ohio and Mississippi, off the track.............................
25. Ogdensburg and Rouse’s Point...............................
29. .New York Central, collision..................................
December 81. . Columbus and Macon, off the track......................
Total.......................................................................

5
..
..
..
40
..
6
..
..
47
2

1
1
8
9
2

1
1
2
8
3
25
2
4
20
5
6
1
..
15
30

2
2
6
2
6
6
2
2
1
1
2
1
2
1
1
4
5
1

3
3
..

30

229

103

This exhibits no great variation in the number of railway accidents compared
with the previous year.
ROCHESTER WEIGH LOCK, ERIE CANAL.

Mr. J. A. Douglass, Weighmaster, has prepared the following statement of
the business of Rochester Weigh Lock for the season of 1858, which will be
interesting to the public. It is a complete general statement, and has been
prepared with commendable promptness:—
C A R G O E S P A Y I N G T O L L B Y W E I G H T , F IR S T W E I G H E D A T T H IS L O C K .

1858.
M ay. . .
June . .
J u ly ....
August.
S ept.. .
O ct....
Nov. . .
Total...

Number of
such cargoes.
853
917
782
917
834
1,025
638
6,966




Number of cargoes weighed
Their reported at this lock to which addi­
weight.
tions were made.
Pounds.
Cargoes.
Pounds.
191,585,073
581
5,348,304
229,450,013
6,496,415
622
207,645,142
451
2,994,674
234,739.728
546
4,847,749
606
220,651,234
4,045,809
277,896,888
652
5.481,475
170,120,735
416
3,918,187

1,582,088,813

3,774

38,132,613

Total weight.
Pounds.
196,933,377
235,946,428
210,639,716
239,587,477
224,697,043
283,378,363
174,038,922

Av. weight
of cargoes.
Pounds.
280,871
257,302
269,360
261,273
269,420
276,466
272,788

1,565,221,326

262,356

,

253

Statistics o f Population etc.
RAILWAYS OF GREAT BRITAIN.
England.

Scotland.

Ireland.

TotaL

Capital author’ d to Dec. 81, ’67 £285,661,911 £38.647.512 £21.268.067 £345,377,490
Total capital raised................... 253,029,235 33,858,106 16,341,803 303,229,144
Ordinary shares....................... 134,272,341 16,885,663 10,046,313 161,204,307
65,292,700
2,876,395
Preference <feguarantied shares.
54,700,838
7,715,467
Loans...........................................
64,056,046
3,419,095
76,732,137
9,256,986

STATISTICS OF POPULATION, & c .
POPULATION OF SOUTH CAROLINA.

A report has been made to the Legislature of South Carolina, showing the
births, deaths, and population of that State for the year 1857, as follows :—
Births.

Total
population.

Deaths.

Increase.

F r e e ..............................................
S la v e ............................................

4,628
14,292

2,917
8,770

1,711
5,522

283,523
384,984

Excess s la v e ...................

9,564

5,858

3,811

101,461

The Journal says :—This excess in the increase of slave over free population
has always existed in South Carolina. Thus in 1800 the proportion of white to
the whole population was 56.79—somewhat over one-half. A t the times of the
last five censuses, respectively, the white element has gone down as follows, viz. :—
51.60, 47.33, 44.37, 43.59, 41.07. The regularity of this decrease is very curi­
ous.
POPULATION OF CUBA.

The population of Cuba at the last census was a little over a million. The
area embraced by the island and its dependencies is 47,278 square miles. The
great staples are sugar, coffee, and tobacco, and the annual value of the products
of the plantations, is estimated at $60,000,000, although only about one-twentieth
of the island is in cultivation. The annual revenues of the government amount
to something like $13,000,000 a year. There are 1,442 sugar estates. 1,818
coffee estates, 912 tobacco estates, and about 10,000 grazing farms.
HUMA N H A I R .

We see it stated that the somewhat tedious labor of counting the number of
hairs in the heads of four different colors—blond, brown, black, and red—has
been successfully performed by a German savant, who thus tabularizes the result:
Blond........................................
Brown.......................................

140,400 I Black........................................
109,440 | R ed ..........................................

102,962
88,740

The scalps he found to be pretty nearly equal in weight, and the deficiency in
the number of hairs in the brown, the black, and the red heads to be fully counter­
balanced by a corresponding increase of bulk in the individual fibers.
POPULATION AND REPRESENTATION.

The following, from D aniel B uck , Esq., of the United States House of Rep­
resentatives, is the official return of the population of the several States, the
ratio of representation, and the number of representatives allowed to each at
the time of their admission, respectively :—




254

Statistics o f Population, etc.

w
Lp §; *3 O'®
,w
Lo ® O0*0
i o a a=-g
".2 5 I

*oc3
o'
States.

When admitted.

N. Hamp3h’e*June
Maseachus’ts *Feb.
R. Island*... .May
Connecticut*. Jan.
New Y ork*. ■July
New Jersey .Dec.
Pennsylvania*Dec.
Delaware*.. .Dec.
Maryland*.. •Apr.
Virginia*.. .June
N. Carolina* .Nov.
S. Cajoiina* •May
Georgia*.. . . .Jan.
V ermont.. . . . Mar.

.....

1788
1788
1790
1788
1788
1787
1787
1787
1788
1788
1789
1788
1788
1791

141,899
378,717
69,110
238,141
340,120
184,139
434,373
59,096
319,728
748,308
393,751
249,073
82,658
85,539

Kentucky....

1, 1792

73,077

Tennessee .. .June

1, 1796

77,262

33,000

29, 1802

41,915

33,000

8, 1812

76,556

33,000

11, 1816

63,897

35,000

Mississippi.. ■Dec. 10, 1817

75,512

35,000

Ohio..............
Louisiana.. . .Apr.
Indiana . . . .

Illinois........:

21,
6,
29,
9,
26,
18,
12,
7,
28,
26,
21,
23,
2,
4,

3

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

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

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

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

3, 1818

34,620

35,000

Alabama... . .Dec. 14, 1819
Maine...........
15, 1820
Missouri.. . . •Aug. 10, 1821

144,317
298,335
66,586

35,000
35.000
35,000

Arkansas___ .June 15, 1836

52,240

47,700

Michigan... . Jan. 26, 1837

200,000

47,700

3,1845

54,477

70,680

Texas........... Dec. 29, 1845

250,000

70,680

Wisconsin . . May 29, 1848

210,596

70,680

Iowa............. Dec. 28, 1846

81,920

70,680

California.. . .Sept. 9, 1850

107,000

70,680

Minnesota . . May 11,1858

136,464

93,420

Florida......... .Mar.

* Ratified Constitution at dates given.




Remarks.

1st census taken in Aug., 1790
1st census taken in Aug., 1790
1st census taken in Aug., 1790
1st census taken in Aug., 1790
1st census taken in Aug., 1790
1st census taken in Aug., 1790
1st census taken in Aug., 1790
1st census taken in Aug., 1790
1st census taken in Aug-, 1790
1st census taken in Aug., 1790
1st census taken in Aug., 1790
1st census taken in Aug., 1790
1st census taken in Aug., 1790
See W illiam’s Hist, of V ermont.
Census o f 1790— no census of
Territory previous to ad­
5i mission.
Territorial census— see Amer­
ican State Papers, Mis., vol.
■ I 1., p. 147. .
See American State Papers,
■ ) Mis., vol. i., p. 325.
Census of 1810— no census of
Territory previous to ad­
• j mission.
Territorial census— see Amer­
ican State Papers, Mis., vol.
■1 11., p. 277.
Territorial census— see Amer­
ican State Papers, Mis., vol.
■ I 11., p. 407.
Territorial census—see Niles’
Register, vol. xiv., p. 359.
i Census of 1820.
7 Census of 1820.
1 Census of 1820.
Territorial census-see Ex. Docs.
H. R., vol. iv., No. 144, 1st
‘ 1 sess. 24th Cong.
Estimated population, Dec.; ’86
— see Docs. H. R., vol. it, No.
■ i 68, 2d sess. 24th Cong.
Census of 1840— no census of
Territory previous to ad­
■ | mission.
2 See American Almanac, 1844.
Territorial census of 1847— see
Ex. Doc. H. R., 1st sess. 30th
2i Cong., No. 55, vol. v
Territorial census of 1844— see
2 -j
American Almanac for 1846.
Estimated populat’n— see Sen.
Mis. Docs., vol. i., No. 68,1st
2-j
sess. 31 st Cong.
2 Territorial census — see Sen.
Reps. Corns., vol. i. No. 21,
let sess. 35th Cong.

3
8
1
5
6
4
8
1
6
10
e
6
3
2

Statistics o f Population, etc.

255

POPULATION AND VALUATION OF OREGON.

The following official returns of the census of Oregon show an increase of
property in that thriving region of nearly four-and-a-half millions. If property
in Oregon was assessed as near its real value as it commonly is in the old States,
valuation would show a total of not less than forty or fifty millions:—
Counties.
Benton.....................
Clackamas..............
C latsop...................
Columbia.................
Curry.......................
Coos.........................
Douglas...................
Jackson....................
Josephine...............
L a n e .......................
Linn.........................
Marion.....................
Multnomah....... ......
Polk.........................
Tillamook................
Utnpqua..................
Washington.............
Wasco......................
Yamhill...................

Population.
..................................
.................................

3,338
426

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

391

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

2,105

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

,------------Vain ation.------------ ,
1837.
18a8.
$1,799,104
$1,390,610
1,947,180
1,362,430
218,517
216,377
190,844
211,016
81,364
120,209
118,250
65,851
1,377,498
954,795
1,278,461
955,189
313,852
113,767
2,246,418
1,548,644
2,675,24 6
2,142,710
2,300.000
2,299,709
2,537,164
2,043,581
2,217.066
2,007,808
43,154
25,900
505,329
441,106
1,019,306
845,010
472,130
221,680
1,483,335
1,506,880
$22,724,118

$18,463,272

F ifty thousand cattle had been driven to the California markets within the
last year.
POPULATION OF RUSSIA.

According to the tables prepared by the Central Committee of S t Petersburg,
on statistics, created by a ukase in March last, the largest province is Yakootsk,
with 1,500,000 square miles; the smallest Kootais, with 4,200. The population
of Russia is set down at 71,500,000, not including the mountaineers of the Cau­
casus, or the foreigners in the American possessions. In the year 1856, there
were 2,716,866 births, and 2,146,892 deaths—an increase of 559,974 souls. In
all Russia there are 8,227 schools, with 450,002 scholars, or seven-tenths per
cent of the whole population.
STATISTICS OF THE SLAVE TRADE.

It is stated that not far from 2,000,000 of Africans were carried to the British
West Indies before emancipation. After 178 years, not more than 780,990 re­
mained—in round numbers, 800,000 1—800,000 negroes were brought to St.
Domingo from 1580 to 1776 ; only 290,800 were to be found there in the latter
year. The annual decrease in Cuba is from five to ten per cent. On the other
hand it Us stated that the whole number imported into the United States was
about 400,000, and the number at the present day is about 4,000,000.
POPULATION OF EUROPE.

The Almanack de Gotha for 1859, contains, scattered through its hundreds of
pages, many statistics of population, finance, military power, &c. The popula­
tion of the European States is as follows :—




256

Statistics o f Population, etc.

Anhalt-Dessau-Coethen . . . .
Anhalt Bernbourg.................
Austria, not including army
Baden.....................................
Bavaria...................................
Belgium..................................
Bremen, city and country ..
Brunswick...............................
Denmark and the Duchies ..
The Two Sicilies...................
Spain......................................
France ....................................
Frankfort...............................
Great Britain and Ireland.. .
G reece................................
Hamburg, city and country
Hanover...............................
Electoral Hesse.................
Grand Ducal Hesse.............
Hesse-Ilombourg.................
Ionian Islands......................
Liechtenstein........................
L ip p e ...................................
Lubeck and Bergedorf.----Republic of San Marino....
Mecklenbourg-Schwerin...
Meeklenbourg-Strelitz----Modena.................................................................................
Monaco.................................................................................
Nassau...................................................................................
Oldenbourg .........................................................................
P arm a.................................................................................
Netherlands.........................................................................
Papal States.......................................................................
Portugal..............................................................................
Prussia..................................................................................
Reuss....................................................................................
Russia in Europe.....................................
60,122,669 )
Russia in Asia.........................................
5,060,768 >•
Russia in Am erica..................................
54,000 )
Sardinia.................................................................................
Saxony.................................................................................
Saze-Weimar.......................................................................
Saxe-Meiningen...................................................................
Saxe-Altenbourg.................................................................
Saxe-Cobourg and Gotha...................................
Scbaumbourg-Lippe.......................... ..............................
Schwarzbourg-Rudolstadt.................................................
Schwarzbourg-Sondershausen...........................................
Sweden......................................................
8,641,600 }
N orw ay......................................................
1,483,488 )
Switzerland.........................................................................
T uscany...............................................................................
Turkey in Europe.....................................
15,t
Turkey in A s ia ........................................
16,(
Turkey in Africa......................................
6,(
Waldeck............................................................
Wurtemburg......................................................

Date.

Population.

1855
1855
1854
1855
1855
1866
1855
1857
1858
1856
1857
1856
1855
1857
1855
1857
1856
1855
1855
1855
1856

114,850
53,475
39,411,309
1,366,943
4,541,656
4,529,461
88,856
269,915
2,468,713
9,117,060
16,301,851
36,039,364
74,784
27,784,352
1,045,232
220,041
1,819,778
736,392
836,424
24,937
226,824
7,150
105,490
55,423
7.800
639,231
99,628
604,512
6.800
484,064
287,163
499,8S5
3,523,823
3,124,668
3,499,121
17,202,831
119,600

1855
1857
1856
1857
1851
1857
1857
1855
1857
1858
1853
1854
1856
1851

65,237,487

1857
1855
1855
1857
1857
1855
1855
1855
1855

5,167,542
2,039,075
263,755
165,662
133,593
150,878
29,848
68,974
61,452

1855

5,075,088

1850
1858

2,392,740
1,798,967
36,600,000

1865
1856

58,132
1,788,720

Total...................................................
Deduct out of Europe.....................

298,126,110
26,214,768

Total population of Europe

271,911,342




Statistics o f Agriculture, etc.

257

STATISTICS OF AGRICULTURE, &c.
AGRICULTURE OF OHIO,

Ohio boasts a population whose average density is 59 to the square mile; of
this, 269,471 are landholders, other than owners of town and city property. The
aggregate acres of wheat is 12 per cent of the plow land, and taking 90 acres as
the average size of farms, it appears that the average quantity of each appropriated
to wheat is only seventeen acres. Barley is grown to a much greater extent
than formerly, both for domestic consumption and export. Root crops are not
considerable.
GRASSES.

According to Professor Gray, 444 species of grass are grown in the Northern
United States, viz.:—10 species of equisetacae, or the rush tribe; 26 species of
juncacal, or the reed tribe; 214 of cyperaceae, or the sedge tribe, and 194 of
graminacae, or the grass tribe. The latter are true grasses, 162 of which are
natives of the United States, and 32 were introduced, chiefly from Europe.
Within the limits of Ohio, 105 species of true grasses are found, 26 of which
have been introduced from other States, and strange to relate, the introduced
grasses are the only ones cultivated.
1
FARMING BY MACHINERY.

The most remarkable progress in agricultural science has been made by the
introduction of machinery, such as reapers, threshers, mowers, drills, &c. The
machine power now employed is more than equal to the labor of 100,000 men.
During 1857, no less than 8,000 reapers, mowers, drills, and threshing machines
were manufactured in this State, and at present the number of reapers and
mowers employed in Ohio is believed to exceed 10,000. The principal manu­
facturing depots are Cleveland, Sandusky, Springfield, Dayton, and Canton.
ANNUAL AGRICULTURAL PRODUCTS.

The following is exhibited as an approximate statement of the annual value
of the agricultural products of Ohio. It is rather under than over the true pro­
duction :—
W heat.................................
$21,000,000 Fat cattle
C o rn ....................................
36,000,000 Fat h ogs.
H a y .....................................
20,000,000 Horses . .
O a ts ....................................
5,000,000 Sheep.. . .
Potatoes...............................
3,000,000 W o o l . . . .
Seeds, Grasses, Flax, <fcc..
1,470,000 Cheese . .
T o b a cco ..................
3,000,000 Butter . . .
Vegetables..........................
800,000 Poultry. .
Fruit.....................................
1,000,000 Eggs........
Wine...............................................................
Honey, sugar, beeswax, molasses, <fcc..........................................................
Sundry articles, such as beans, flax, wood, hops, rye, barley, buckwheat

$16,000,000
10,000,000
8,000,000
800,000
3.500.000
2, 000,000
8.180.000
500.000
1,600,000
400.000
650.000
12,000,000

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

$153,900,000

LIVE STOCK.

During the past ten years the live stock of Ohio has increased in valuation
(per returns to the State Auditor’s Office) almost 200 per cent. But in no
V OL. XL.— NO. I I .
17




258

Statistics o f Agriculture, etc.

instance has it increased 100 per cent in numbers. The causes of increased
valuation are, firstly, a tax law which changed the assessment from a nominal to
an actual cost valuation. Secondly, an increased demand; and thirdly, the
encouragement of the State"Board to breed better animals.
The Assessor’s returns show that in 1857 there were 630,659 horses in Ohio,
valued at §39,409,890. Hamilton County contained the greatest number of any
county in the State, and Paulding the smallest.
The whole number of cattle was 1,655,415, valued at $21,662,223. Trumbull
County contained the greatest, and Paulding County the smallest number.
The number of sheep is reported to be 3,276,539, valued at $5,357,275, an
increase in valuation since 1836 of $3,598,842.
The total number of hogs estimated by the Assessors in 1857 was 2,331,788,
valued at $6,772,470.
The number of mules and asses is reported at 6,742, valued at $485,622.
SEASONS FOR CROPS.

The succession of good and bad harvests present phenomena which have at
times attracted the attention of scientific men, and from the time of the seven
years of famine and the seven years of plenty, indicated by Joseph in his admin­
istration of Egypt, intelligent farmers have recognized the fact that a course of
deficient crops is pretty sure to follow a course of abundant ones, but in how far
the succession is regular of determined length, appears not to have been definitely
fixed. In 1853, M. Becquerel read to the Academy of Sciences a paper on the
wheat culture of France, which has much interest in this relation. The internal
systems of tariffs in France— the want of agricultural enterprise and means of
prompt communication, causes the prices to depend there upon the local crops
almost altogether. Indeed, the tariff seems devised to enhance famine and to in­
crease abundance; since, if one section of France has a bad crop, it can import
only at a high duty grain from sections where the crops are abundant. The re­
sult is, however, that the aggregate prices vary with the production. We give
from the paper of M. Becquerel the following table quoted from Count Hugo,
showing the movement in France for every five years :—
T A B L E O F S E A SO N S A N D P R I C E S I N F R A N C E .

Seasons.

Scarcity...
Plenty . . .
Scarcity...
Plenty . . .
Mixed. . . .
Scarcity...
Plenty . . .

Years.
.1816 a 1821
1822 a 1827
1828 a 1832
.1833 a 1837
1838 a 1842
1843 a 1847
1848 a 1852

Excess imports.
Hectolitres.
6,247,000

Exports.
Hectolitres.
1,258,000

9,528,000
944,000
1,126,000
18,697,000
13,188,000

Per
hectolitre.
23f. 67c.
15 80
22

00

16
20

16
31

£5
16

68
68

Per
quarter.
6 0 s. 6 d.

36
50
37
46
59
38

4
7
2
8
0

4

Let us now add the line embraced in the five years since elapsed, 1853 to 1857,
from official sources as follows :—
Scarcity.........................1853 a 1857

Hectolitres.
22,099,792

Per hecto.

68f. 01c.

Per qr.
64s. id

.

These figures for the last five years show that scarcity has been greater than
ever in France, and that the cycle fulfilled its limit. We may observe the leading
events which have marked the close of each of these cycles in France. The first
period of scarcity, ending in 1821, was complicated with the settlement of France




Statistics o f Agriculture, etc.

259

after the fall of the empire, and was marked by the Spanish war. The cycle of
low prices, plenty haying imparted courage to government, ended with the battle
of Navarino in 1827. The dear cycle that succeeded ended in the revolution
and crisis. When the restoration fell, and Louis Philippe succeeded, a season of
plenty followed, ending in the United States revulsion of 1837. There was no
marked failure up to 1842, but food rose, producing uneasiness. When the
financial cycle followed, ending with the revolution of 1848, plenty succeeded,
and the cycle closed with the establishment of the “ Empire.” An adverse cycle
has now passed, ending with a “ crisis.” W e are now again at the commence­
ment of a season of plenty, without political changes in Europe. The question
here is for American interests. The want of food abroad has always caused an
active demand for American products. If we take a table of the value of breadstuffs and provisions exported from the United States, according to the above
cycles, the results are as follows:—
Prices in
France.
1822
1828
1832
1838
1843
1848
1853

a 1827...........
a 18S2...........
a 1837...........
a 1842...........
a 1847...........
a 1852...........
a 1857...........

50
37
46
59
38
50

7
2
8
0
4
1

End of cycle.
Plenty— Navarino...............
Scarcity— Revolution.........
Plenty— Crisis......................
Mixed— Crisis.......................
Scarcity— Revolution.........
Plenty— Empire..................
Scarcity— Crisis...................

Exports food
from U. States.
66,631,362

In the last cycle the exports from the United States would have been much
larger but for the short crop of 1854, which sent prices to an exorbitant level,
and stopped the exports of 1855.
AGRICULTURE IN JAPAN.

The recent visitors to this heretofore undescribed land say that anything like
a plain, or a meadow, (in the American sense of the words,) is utterly unknown
there, yet every practicable foot of land is highly cultivated. The narrow strip
of interval between the banks of the numerous coves which border the shore and
the mountain sides, is cultivated in gardens or planted with fruit-trees. From
these rise terraces, the rocks being dug out of the earth and placed in walls by
the mere strength of human bone and muscle, and then the earth leveled down,
and the small patch or plot constructed, every inch of w'hich is to pay its semi­
annual tribute to the cultivator. Some of the paths, for roads there are none,
are hewn out of the rock like stairs, or else stone blocks are hewn and carried
where wanted and put in place. Here are terraces in garden vegetables; there
in wheat and barley, and others in swreet potatoes, beans, egg-plants, and corn ;
while apple, pear, and peach trees are hanging with fruit, scattered about with­
out order, and pines, and oaks, and cypresses, and small shrubs and bushes, whose
names I do not know, help to make up the perfect carpet of verdure. Thus it
is as far up as the cultivation of crops can be profitably carried, but the very
summits of the mountain ridges are made productive. Thick forests cover the
sides of some ; trees are seen scattered along the backbones only of others, as if
planted in one or two rows at little distance, with space enough to let light pierce
through and show their beauty—the green set in gold 1 Sometimes an immense
tree stands alone on the highest foot of a solitary mountain, fifteen hundred or
two thousand feet high, spreading abroad its wide branches and standing in regal




260

Statistics o f Agriculture, etc.

dignity, as if conscious of its beauty and inviting the world to admire it. Other
mountain slopes and tops are covered with a luxuriant crop of tall coarse grass,
which is used in thatching houses. Everywhere that the eye can reach, and
wherever you go, in the valley, on the banks of rivulets and the bay, on the hill
slopes, and the mountain sides, up to the highest peaks, there is not a brown
patch, a barren acre, a naked foot. All is one great carpet of verdure in trees,
and grass, in shrubbery, in gardens and cultivated grains ; one great wilderness
of vegetable luxuriance and beauty.
FRENCH “ GRAIN RESERVE.”

Napoleon I. desired the establishment in each of the large cities of France of
a public granary, such as would prevent scarcity in years of short harvests by a
reserve of the superabundance of the plentiful years. The Constitutionnel
mentions that the government of Napoleon III. has under advisement a plan of
the same description, such as shall avert future alimentary crises. In ordinary
years grain enough is produced in France for her own wants or consumption, but
the periods of dearth occasion extensive suffering and a drain of her specie, paid
for the importation of great quantities. In the 40 years, from 1816 to 1855,
inclusive, the cost of the cereals imported was 1,216 millions of francs, while the
exports did not exceed 276 millions. In the interval of 55 years, from 1801 to
1855, inclusive, the absolutely bad years were one to six of the good. The
practical effect of this scheme will be advantageous to the agricultural interest
of France, by insuring a regular price for cereals.
NEW YORK CATTLE MARKET.

W e give below a comparative table of the receipts of animals of this and
Beeves
on sale
market
days.

Years.

1854
1855
1856
1857
1858

.................
115,846
...............
97,654
.................. 125,505
............... 116,546
.................. 144,749

Total No.
of beeves
sold in
tlie city.

No. of
cows.

No. of
veals.

169,864
185,574
187,057
162,243
191,374

13,131
12,110
12,857
12,840
10,128

68,684 555,479
47,969 588,741
43,081 462,739
34,218 444,036
37,675 447,445

No. of
sheep.

No. of
swine.

Total of
all slangh*
tered
animals.

252,328 1,056,690
318,107 1,147,509
345,911 1,051,655
288,984
940,819
551,479 1,238,101

It will be seen that there has been an enormous increase over any previous
year in the number of swine sold in this market. This is likely to continue
until New Tork becomes the greatest pork-packing place in the world. A lto­
gether, the statistics of the cattle market are highly important and interesting.
BRIGHTON CATTLE MARKET.

1855.
Beef cattle.....................
65,050
Stores............................
16,935
S h e e p ............................
216,420
Shoats............................
71,220
Fat hogs...............................................

1856.

1857.

59,925
11,580
190,120
90,350
49,825

64,585
15,325
161,825
65,510
36,420

,---------- 1 8 5 8 .---------- ,
63,695
17,930
200,140
43,770
34,100

Total value.............................................................................................
“
1857....................................................................................
“
1856.....................................................................................




$3,116,155
519,970
720,504
214,378
392,150
$4,963,152
4,897,226
5,791,958

Mercantile Miscellanies.

261

GIGANTIC HARVEST HOME.

The Irish papers contain an account of the gigantic harvest home on the estate
of Mr. Pollock, in the county of Galway. About 1,400 persons (only one-half
of his servants) were liberally entertained in the Home Farm Steading at Lismay.
The roof covers nearly two acres of land, and the building was lighted with gas.
The extent of this gentleman’s operations may be judged by the fact that he has
1,800 acres in green crops, and 4,000 in grain, with about 4,000 head of cattle.

MERCANTILE MISCELLANIES.
OBITUARY OF A CHARLESTON (S. C.) MERCHANT.

On the 24th of September, 1858, died in New York, James Adger, of Charles­
ton, S. O., in the 81st year of his age.
He was born near Kandalstown, County Antrim, Ireland, in the year 1777.
A t the age of 16 years he emigrated to this country, arriving in New York in
January, 1794. He was apprenticed to a carpenter, but after an experience of
some four or five months abandoned the trade, and obtained a situation as clerk
in Mr. John Bailey’s hardware store, in Maiden Lane. In the year 1802, he
came to Charleston, on his way to visit his brother William, of Fairfield District,
where he first saw the destined partner of his life, to whom he was married in
the year 1806. In the autumn of 1803, the stage being full, he walked with a
friend from Columbia to Charleston, arriving in advance of the stage; and with
that friend, Mr. John Bones, commenced business in King-street, at the corner of
Blackbird’s Alley. His trade was mainly with the wagoners, who sold their
cotton and purchased supplies. He was without any capital of consequence, but
had already established a character, and by it obtained credit sufficient for his
business, which rapidly grew and prospered. From this time until his death he
continued in active business, having never failed, through all that period of more
than half a century, to pay, in every instance, the full amount of every one of
his commercial and legal obligations.
It is well known that he never adventured into any speculations in the great
staples of our produce. His settled policy was to pursue the path of patient,
systematic labor. From the foot of the ladder he ascended, climbing step by
step, slowly but surely; and the success of his whole career was Eot owing
to any luck or fortune, but must be attributed, under Providence, to the qualities
he possessed in remarkable degree, of economy, integrity, judgment, decision of
character, punctuality, and untiring industry.
That eminent merchant, that architect of his own fortune, that bright example
to our youth of the success attending well-directed energies, has now passed
away. In that death, society has lost a pillar of strength ; our community, a
wise and public-spirited citizen ; obscure and struggling merit, a head to advise
and a hand to help; and the distressed and needy, a generous friend, whose pity
extended to the most forlorn.
He had, like other men of strong individuality, a rough as well as a smooth
side of contact. He was a strong character, not always understood; prompt in
action, but often slow to speak; thinking much, and biding his time. Not




262

Mercantile Miscellanies.

forward to volunteer or obtrude his counsel, but giving his opinion when sought
or when needed, in few words— clear, sententious, comprehensive. Underneath
the blunt outside man, were to be found a loving, human heart; sensibilities of
unfathomable depth; a soul devising the most generous deeds, and capable of
the sublimest of all virtues—justice and impartiality. An occasional abruptness
or sharpness of manner might be seen on a transient acquaintance ; but it was
for those who knew the man to appreciate him in the justice of his nature, in
the unassuming simplicity of his character, in the patience of bis labor, in the
quiet unostentatious streams of his charity, in his good will to man, and his
submission to God.
NATIVES OF THE GOLD COAST—THE NEGROES OF AFRICA.

The natives stand in ignominious contrast to the overpowering wealth of the
scenes in which they live ; beneath the blaze of the fierce tropical sun, and
through forests in which the very trees are gorgeously clothed with orchids heaped
about in brilliant festoons. He bears on his head an earthen vessel of palm oil,
or carries two or three quills of gold dust, the result of his own industry in
washing the sands after the rains. His sole article of clothing is a Manchester
remal, or length of checkered cotton, girded around his loins. But he knows
the value of his own merchandise, and of that for which he intends to exchange
it. He is a bird by no means to be caught with chaff. He will not change
his palm oil for a bunch of feathers, nor his gold for a string of beads ; neither
does he affect any article of European clothing, nor hanker after any produce
of European civilization. He wants rum—the strong coarse American rum—
and he knows to a spoonful how much he ought to get of it. He wants from
time to time a new remal, also a cloth or blanket to throw over his shoulders on
state occasions, and a musket to make a row with and fire off when he keeps
custom. But he wants no food, because the maize springs up for him almost
without cultivation, and his women pound it between two stones, and add water
to make a paste which he calls kankee, and on this he gorges himself with great
relish. Sometimes his soul lusteth for meat, and then the black snails of the
forest, as big as a fist, furnish him with a soup of which palm oil is also an essen­
tial ingredient. The provident house-wife threads these snails on a bit of grass
and dries them in the sun, thus saving her lord and master from the toil of putting
out his hand to take them. The long, black-haired monkey also provides him
with a bounteous repast. Pity the sorrows of a European traveling through
the bush and partaking of the hospitality (he will have to pay handsomely for
it) of a native, when, as a delicacy reserved for him, there is fished up out of the
big pot of soup a black head with the lips drawn back, and the white teeth
grinning, and such a painful resemblance of the faces around him that for a
moment he wonders which of the younger members of the family has been sacri­
ficed to the exigencies of the occasion. But he is reassured, and discovers that
he is not eating man, but monkey. The natives of the gold coast has no desire
to buy a house, nor to build a house, nor to live in a house. He does not wish
to add field to field, or to make a name in the land. His chief and only desire
in life seems to be to eat when he is hungry, to drink whenever he can, and to
sleep in the interim. He has no anxiety for himself and certainly none for his
offspring, who have neither to be educated nor clothed; nor has he any mis­




Mercantile M iscellanies.

263

giving about their future prospects. They run about in the bush if he lives
inland, or he turns them into the sea if he lives on the coast. You may watch
them in any number and of all ages, from two to twelve, diving and ducking
under the waves, waiting for a big one; and then, on the crest of it, you see the
little shining black bodies tossed over and over and round and round till, scream­
ing with pleasure, they are washed up on the sand, like a tangle of black sea­
weed. Then slowly, and with much noise, they unravel themselves and crawl
back to the water, and continue this sport the whole day long, with the excep­
tion of the time occupied in consuming huge lumps of kankee, brought to them
by the mothers. The paternal domain is, for the most part, a circular hut, under
the mud-floor of which the ancestors of the family have been buried for many
generations.

PROBLEMS IN MERCHANTS’ ACCOUNTS,
PROBLEM I.

X, Y , and Z agree to do business in partnership on the following terms, viz.,
Z is to manage the business and to have a commission equal to 124 per cent of
the net gain on the business for the management of it. X pays in $26,000
capital ; Y $14,000 ; and Z $12,000. Z drew out $24,000. A t the end of two
years they have cash on hand $30,000 ; merchandise $24,000. They owe $5,000.
Their expense account is $6,000. The gain or loss is to be divided equally.
Required the amount of Z’s commission, and the balance due each partner.
PROBLEM II.

O is manager of a joint speculation in flour, with D and E, of which C and
D are each 4 and E 4 proprietors. O takes $12,000 worth of the joint property
to his private account, and pays the other two partners their respective shares
■of the same, viz.:—
He pays D $1,500 in merchandise, and gave his (C’s) note for $1,000. and
gave up his (D’s) own note which he held against him for $500. He paid E his
4 ($6,000,)—$3,000 in flour belonging to the company, and $3,000 in his (C’s)
draft, on P of New York, at 90 days’ sight, at 24 per cent discount for such sum
as will cover the $3,000, and £ per cent brokerage on the face of the draft, which
E charges for negotiating it
Required C’s journal entry, with the correct amounts composing it.
PROBLEM III.

Robert Morris and myself are doing business on joint account. As manager
of the sales I keep the account in my own private books, under the title of 1st
campany’s sales, each partner 4 gain or loss. On the same conditions, I purchase
on my note, $10,500 worth of merchandise to ship on joint account with R. Morris.
to New Orleans. R. Morris puts into the shipment out of his own store, 400
barrels flour at $6 00, and I have also put in 600 barrels of flour at $6 00, which
I had on hand, belonging to the 1st company’s sales. I have paid insurance and
other expenses upon the shipment, in cash, $660.
Required my journal entry for the joint shipment, also Morris’ journal entry,
when he receives my invoice of the same.




2t)±

Mercantile Miscellanies.
A CURIOUS DISCOVERY.

The Monileur contains a report to Prince Napoleon, Minister of Algeria and
the Colonies, from M. Renier, of the institute, giving an account of a singular
discovery of a stone tablet containing a customs tariff of the time of Septimus
Severus— that is, of the 202d year of the Christian era. It was found in the
ruins of Zraia, the ancient Celonia Julia Zarai, situated in the subdivision of
Batna, in the district occupied by the tribe of the Ouled Sellam ; the finders of
it were some men employed in digging foundations for a mill for the Caid of the
place, one Si Moktar. An impression of the tariff having been taken in oil
paper, by an Italian mason, and transmitted to Paris, the imprint shows that
some mutilations exist in the tablet, but the greater part of what is cut in it can
be perfectly well made out. It begins with the words:—“ Imperatoribus
Casaribus Lucio Septimio Severo et Marco Aurelio Antonino Augustis Piis
Consulibus; Lex portus post discessum cohortis institula,” which is— “ The
Emperors and Cmsars Lucius Septimus Severus and Marcus Aurelius Autoninus,
pious and august, being Consuls, customs regulations established after the
departure of the cohort,” It then goes on to specify, in separate divisions, and
item by item, the duties to be paid for various objects.
In the first division, entitled “ duties to be paid per head,” are the following :—
“ A hare, I I denarii, (this coin was worth about 8d .;) a horse or a mare, I I ; a
mule, I I ; a pig, — (indistinct;) a sucking pig, — ; a sheep or goat, — and a
note says that, “ cattle destined for market are exempt from duties.” The second
division, “ on foreign woven fabrics,” gives “ a table cover, I I den. ; a light
colored tunic, I I ; a bed covering, I ; a purple sagum, 1 and adds, “ other
African stuffs pay per piece.” The next division is for skins, but the duties are
effaced; “ a skin completely prepared, — ; a skin unprepared, — ; a horse, or
goat skin, — ; cordiscum per pound, — ; vopa per quintal—■; glue per 10
pounds, — ; sponges per 10 pounds, — .” The next division runs as follows :—
“ Principal customs regulation ; pasture animals and beasts of burden are exempt
from duty ; for other things see the chapter which concerns them. An amphora
of wine,------; an amphora of date wine,------- ; dates per quintal, I den.; figs
per quintal, —•
— ; ------ per 10 bushels,------- ; nuts per 10 bushels,-------; and
turpentine for lamps,------ .” The colony of Zarai, to which this tariff applies,
was between 136 and 139 of the Christian era the garrison of a cohort, and it
is probable that up to the year 202 the cohort charged to defend the frontiers of
the empire was exempted from customs duties. The colony was situated on one
of the most frequented roads which ied from the desert to the Cesarian Mauritania.
Among the objects mentioned in the tariff are some which are still made in
the oasis of Ziband and Bled el Djerid, in the south of the Regency of Tunis.
For example, the “ light colored tunics ” are evidently the haics which wealthy
Arabs wear at present, and which have lately been used by European ladies as
shawls ; the saga are now the gandouras which form the insignia of command
in the Regency of Tunis ; and the bed-coverings are perhaps the gaily colored
blankets which are still used in those parts. The date-wine is not the same as
palm-wine, but was a fermented liquor which readily intoxicated. Pliny makes
mention of it, and it is now replaced in the oasis by a sort of alcohol made from
figs. The meaning of the words cordiscum and vopa is not very clear, but perhaps they are not correctly copied. It has hitherto been supposed that the cus­




Mercantile Miscellanies.

265

toms duties of the Roman Empire were uniformly the 40th part of the value of
the goods—that sum having been levied in Italy, Sicily, the two Gauls, Asia
Minor, Bithynia, Pontus, and Paphiagonia ; but the tablet which has now been
found proves that the duties were not uniform.
It proves, also, that in Africa, at all events, they were inferior to one-fortieth
of the value ; thus, Papinianus, a law-writer who lived in the time of Septimus
Severus, states that the legal price of slaves was fixed at 20 gold pieces, or 500
denarii, the fortieth part of which is 12| denarii; but, as may be seen, only 111
are inscribed in the tariff. Again, the Theodosian code, which was drawn up
previously to the year 401 of our era, fixes the price of horses for the cavalry
in Numidia at 400 denarii, the fortieth of which is 10 ; yet the duty on horses
in the tariff is only 11. The exemption from duty of oxen destined for the
markets, and of pasturage of animals, is explained by the fact that the govern­
ment levied market and pasture taxes on them, and could not, consequently, make
them pay twice over ; and as to the exemption of beasts of burden, it is no doubt
owing to the consideration that it would have been unjust to tax both the goods
and the animal which carried them.
HINTS TO YOUNG MECHANICS.

The first object of a mechanic, as it should be that of every one, is to become
thoroughly acquainted with his particular business or calling. We are too apt
to learn our trade or profession by halves—to practice it by halves—and hence
are compelled to live by halves and die by inches.
Study and labor to excel your competitors, and then you will not fail to com­
mand the patronage of the most discerning and liberal paymasters. There is a
great variety of highly useful knowledge which appertains to every branch of
business, that may be acquired by a course of judicious reading. This knowledge,
well digested and systematized, constitutes the science of every occupation. Thus,
if you are a carpenter, the s( race of architecture should be studied with pro­
found attention ; if a ship-builder, the science of navigation and hydrostatics,
and that combination of them which will give the largest capacity to a vessel
with the least resistance from the water, aDd the greatest safety in time of danger
from the elements. If you are a machinist or mill-wright, the mechanic powers
should be well understood, and if the machinery is to be propelled by steam or
water, you should study the science of hydraulics, and should have a perfect
knowledge of the chemical combination of heat and water, both in its latent and
active state, and understand liow it happens that a quart of water, converted into
steam, which, by a thermometer, is no hotter than boiling water, yet will bring
a gallon of water up to the same temperature. I f you are a hatter—a dyer—a
painter, or a tanner, there is no study so useful as chemistry.
The fact was known a quarter of a century to chemists, that gum shellac was
insoluble in water, before any hatter ever used it to make water-proof hats. The
whole art of giving beautiful and durable colors to different bodies, depends
entirely upon the chemical affinity of such bodies for the coloring material, and
the affinity of this latter, for the different colored rays of light.
We speak understandingly when we say that the tanners and the public in the
United States lose millions of dollars annually from the lack of scientific know­




266

Mercantile Miscellanies.

ledge how best to combine vegetable tannin with animal gelatin, which is the
chemical process of making leather— call it by what other names you please.
There is a vast amount of knowledge which is now completely useless, that
ought to be brought home to the understanding of every operative in this repub­
lic. W e love industry, and respect all who practice it. But labor without study,
is like a body without a soul. Cultivate and enrich the mind with all useful
knowledge, and rest assured that an intelligent understanding will teach the hands
how to earn dolllars, when the ignorant earn only cents.
HOW THE PRICE OF BREAD IS MANAGED IN PARIS,

In France the price of bread is regulated by government in a manner which
seeks to insure to the consumer the full quantity that the price of flour will
allow. To this end in Paris every bag of wheat, flour, or meal that comes to the
city must be brought to the Hall au Ble, or Grain Hall. This is an immense
area, enclosed with a circular wall and covered by a huge dome; so that it pre­
sents a vast, unbroken hall, of grand and beautiful proportions, lighted from the
top. Yarious stalls, with desks, form the offices of the clerks and employees.
On the floor of this stall are piled up, cob-house fashion, in huge piles, ten to
twenty-five feet high, the bags of grain, p resenting to the visitor a striking
panorama of solid plenty.
The city of Paris is surrounded by a wall, not for defence, as it is comparatively
slight, but simply for police, revenue, and other municipal purposes, one of which
is the regulation of the bread market. Barriers—-that is, gates—with police
attendants and revenue officers, form the only entrances to the city, except the
river Seine, which has also its guards. Every bushel of wheat or other grain
brought to the city for sale must be registered and stored at the Grain Hall, under
heavy penalties. This regulation is rigidly enforced, which it is easy to do, at
the barriers, with so bulky an article; especially as the bags must be of uniform
size.
From this register of the daily supply, the government of this city know at
any hour just how many pounds or pecks of grain of any kind there are in Paris.
From accurate statistics required to be furnished, they know how much flour
or meal is baked daily at each bakery, and how much bread of all kinds is con­
sumed. They are, therefore, able to fix the weight and price of loaves, each size
and shape of which has its appropriate name, according to the ratio between sup­
ply and demand, allowing a fair and just profit to producers, traders, and bakers ;
no more, no less. This price, thus fairly graduated, at short intervals, is fully
proclaimed to the public, the dealers, the bakers, and police.
The police are authorized to drop in, at any time, into any bakery or breadshop, wherever bread is exposed for sale, and weigh the loaves. There is also a
special inspecting officer appointed for this same purpose. His visits are not
stated, that they may not have things got ready for exhibition instead of inspec­
tion, according to the English and American fashion of doing such things. If
the inspector finds the weight deficient, or the price of a particular kind of loaf
too high for the grade, all the bread in the shop is swept off at once, and dis­
tributed to the hospitals and other eleemosynary establishments of the city. Thus
are the public protected against private cupidity, speculating in the means of
existence.




Mercantile Miscellanies.

267

TOBACCO SMUGGLING IN SPAIN.

The great use of tobacco iu Spain, and the heavy duties imposed, bring that,
as almost everything else, in that country, within the operations of the conIrabandistos. The quantity of tobacco consumed in Spain, its value, and num­
ber of smokers, is altogether a difficult account to adjust with the poverty of
the revenue from this source. Some close estimates have been made, and the
Tutelar, which, perhaps, is the very best authority for matters of this sort in the
country, has devoted several articles to the subject. It is claimed that there are
no less than three millions of smokers in the country, who consume a value of
not less than $16,400,000, the full profit on which is about $7,100,000, making
a difference of $9,300,000. The question is, what becomes of this respectable
balance ? Into whose hands falls this excess? Who receives this enormous sum
of $9,300,000, of which no government officer has knowledge or keeps an account ?
From the returns rendered in 1855 there appears to have been sold in that year
11,000,000 pounds of tobacco, the cost of which rises to $3,100,000, which is
but a small part of that actually consumed, according to official data. This,
with the fact that the great mass of the article elaborated costs on the average
from fifteen to twenty-five cents the pound at the factory, suggests the question,
what has become of the $9,300,000? There is but one answer—there can be no
other—the greater part, and nearly all, goes to support the contraband trade, since
the amounts admitted by special permissions are so small as not to be worth
taking into account.
ALL WEATHER A BLESSING.

The following happy allusion to the weather was made by Hon. Edward
Everett, at his recent speech at Birmingham :—
“ To speak seriously, I should be ashamed of myself if it required any premedita­
tion, any forethought, to pour out the simple and honest effusions of the heart,
on an occasion so interesting as this. A good occasion, sir ; a good day, sir,
notwithstanding its commencement. I have heard from one friend and another
this morning—kind enough to pay his respects to me, knowing on what errand
I had come— I have heard from one and another the remark that he was sorry
that we hadn’t a good day. It was, it i3 true, raining in the morning. But it
is a good day, notwithstanding the rain. The weather is good ; all weather is
good; sunshine is good ; rain is good. Not good weather, sir? Ask the farmer,
in whose grains and roots yet there remains some of its moisture, to be driven
out by to-morrow’s sun. Ask the boatman, who is waiting for his raft to go over
the rapids. Ask the dairyman and grazier if the rain, even at this season of the
year, is not good. Ask the lover of nature if it is not good weather when it
rains. Sir, one may see in Europe artificial water works, cascades constructed
by the skill of man, at enormous expense—at Chatsworth, at Hesse Cassel, and
the remains of magnificent water works at Alarly, where Louis X IV . lavished
uncounted millions of gold, and thus according to some writers, laid the founda­
tion of those depletions of the treasury, which brought on the French Revolution.
The traveler thinks it a great thing to see these artificial water works, where a
little water is pumped up by creaking machinery or a panting steam-engine, to
be scattered in frothy spray ; and we talk of its not being a good day when God’s
great engine is exhibited to us. His imperial water works sending up the mist
and vapors to the clouds, to be rained down again in comfort, aud beauty, and
plenty, upon grateful and thirsty man ! Sir, as a mere gratification of the taste,
I know nothing in nature more sublime, more beautiful, than these rains, descend­
ing in abundance and salubrity from the skies.”




268

Mercantile Miscellanies.
HOW TO TAKE LIFE.

Take life like a man. Take it just as though it was, as it is, an earnest, vital,
essential affair. Take it just as though you personally were born to the task of
performing a merry part in it, as though the world had waited for your coming.
Take it as though it was a grand opportunity to do and to achieve, to carry for­
ward great and good schemes ; to help and cheer a suffering, it may be a broken­
hearted brother. The fact is, life is undervalued by a great majority of mankind.
It is not made half as much of as should be the case. Where is the man or
woman who accomplishes one tithe of what might be done? Who cannot look
back upon opportunities lost, plans unachieved, thoughts crushed, aspirations
unfulfilled, and all caused from the lack of the necessary and possible effort ? If
we knew better how to take and make the most of life, it would be far greater
than it is. Now and then a man stands aside from the crowd, labors earnestly,
steadfastly, confidently, and straightway becomes famous for wisdom, intellect,
skill, greatness of some sort. The world wonders, admires, idolizes; and yet it
only illustrates what each may do if he takes hold of life with a purpose. If a
man but say he will, follows it up, there is nothing in reason he may not expect
to accomplish. There is no magic, no miracle, no secret to him who is brave in
heart and determined in spirit.

MATERIALS FOR PAPER-MAKING.

There can be no doubt that the materials from which paper can be manu­
factured exist in abundance, and yet this avails nothing so long as the cost of
converting them into paper exceeds a certain limit. The attempt to convert
straw into white paper is an example. That it can be effected there is no ques­
tion ; but that it can be effected profitably is yet to be demonstrated. The pro­
cess, as ordinarily pursued, is a simple one. The heads, grain, and all knots and
joints must be removed by chopping and winnowing, a process involving con­
siderable expense and much loss in weight. The silica investing the straw, together
with much gum and coloring matter, must be removed by the action of a caustic
alkali, the alkali effecting the separation of these substances by uniting with them
and forming soluble silicate of soda, or potash and soluble soaps. It is claimed
that a large part of the alkali so expended may be recovered by evaporating the
residuary liquors and calcining the deposited matters. Theoretically this can be
done ; practically, with economy, it cannot. In these operations, and in bleach­
ing, the straw suffers a depreciation in weight of at least sixty per cent, and is
then inferior to rag stock.
MACKEREL CATCH OF GLOUCESTER.

According to the Cape Ann Advertiser, the mackerel catch for the year 1858,
of Gloucester, (excluding Annisquam, which will not materially vary the result,)
amounted to 54,562# barrels against 64,599# barrels in 1857—a falling off
in 1858 of 10,037# barrels. Of the catch this year 39,151# were No. 1 ; 6,605#
No. 2 ; 8,603# No. 3 ; 202 No. 4. It is believed that the catch of Gloucester
has been larger in proportion than that of any other place, with a less falling off,
while this year’s catch netted as much as that of last year, if not more, owing to
the better prices of the fish and the less cost of outfits.




M ercantile M iscellanies.

269

THE MICROSCOPE AND THE GUN.

Professor Agassiz was a member of that party of scientific men and literatures
from Boston and its vicinity, whose camping-out last summer in the Adirondack
region, is clebrated by a writer in the last Atlantic. Among other sports the
savans indulged in shooting, and in the absence of game more adapted to stir
up the blood, it was their custom to fire at the butt end of a junk bottle. It
was found that Agassiz was the best shot in the party, and not only that, but a
very excellent shot, whose ball went straight home every time, guided by a steady
hand, and an eye that wandered not a hair's breadth from the mark. And yet
the distinguished naturalist was no sportsman, had never practiced with firearms,
and his skill was merely the result of long practice in the use of the microscope.
The muscles of the eye and of the hand had been brought under such control,
and disciplined to such accuracy in the use of this instrument, that the professor
found himself unexpectedly bearing the palm of an untried art. Science had
rewarded his devotion to her cause by endowing him with a new accomplishment.

CURRANT WINE.

In answer to the request of a correspondent, we give the following recipe :—
Bruise eight gallons of red currants with one quart of raspberries. Press out
the juice, and to the residuum after pressure, add eleven gallons of cold water.
Add two pounds of beet root sliced as thin as possible, to give color, and let
them infuse, with frequent stirring, for twelve hours ; then press out the liquor
as before, and add it to the juice. Next dissolve twenty pounds of raw sugar in
the mixed liquor, and three ounces of red tartar in powder. In some hours the
fermentation will commence ; when this is complete, add one gallon of brandy,
let it stand for one week, and then rack off, and let stand two months. It may
now finally be racked off, and placed in a cool cellar where it will keep for years.
The cider white wine is a pleasant beverage ; here is the recipe. Mix sixteen
gallons of apple juice, sixteen pounds of honey, four ounces of white tartar,
enclose in a bag one ounce each of cinnamon, clove3, and mace, and suspend them
in the wine while fermenting. When this fermentation is complete, add one
gallon of rum.
TRADE OF LAGUAYRA.

American vessels entered at Laguayra for the three months ending September
30,1858 :—From Baltimore, five vessels, 1,068 tons—value of cargo, $31,136 41 ;
from Philadelphia, five vessels, 1,695 tons—value of cargo, $142,817 65; from
New Tork, eight vessels, 814 tons—value of cargo, $52,788 68. Total, 3,577
tons; value of cargoes, $226,742 74.
American vessels cleared from Laguayra during the above period :— For Balti­
more, two vessels, 504 tons, 142,360 pounds coffee, 490 hides; for Philadelphia,
five vessels, 1,695 tons, 21,780 pounds cocoa, 390,600 pounds coffee, 7,663 hides,
694 skins; for New York, two vessels, 459 tons, 51,000 pounds coffee, 1,340
hides, 603 skins. Total value of exports, $91,564.




270

The Booh Trade.

THE BOOK TRADE.
1. —New American Cyclopedia; a Popular Dictionary of General Knowledge.
Edited by G eorge R ipl e y and C harles A . D ana . Yol. IV. Royal 8vo.,
pp. 766. New Tori?,: D. Appleton & Co.
The fourth volume of this extensive work, containing about twenty-four hun­
dred articles, extending from Brownson to Chartres, has been received. Having
in former notices explained the general character of this work, and expressed
an opinion of its merits, we will not repeat it here, more than to say we are sorry
to hear some of the regency complaining of the non-Oatholicity of the work, and
say that, while it uniformly abstains from opinions and judgments unfavorable
to Protestantism, it abounds in opinions and judgments unfavorable to Catholics.
Whether there is any justness contained in these charges or no, especial care
should be taken that it be a fair exponent of whatever relates to the development
of opinions in the free exercise of thought, as well as in rendering a faithful
report of the systems, discoveries, events, actions, and characters that make up
the history of the world. It is this, peculiarity, this unbiased view of all dog­
matic or historical questions, which lends much value to the work, as a whole,
and too much care cannot be exercised in carrying it out in our new Cyclopedia.
The present volume contains much that is interesting to merchants, and such
articles as those relating to Buenos Ayres, Buffalo, Bugis, Calico, California,
Canada, Carolina, Cape Colony, Ceylon, Canary Islands, Celebes, Calcutta, Can­
ton, Cashmere, Catawba wine, and many others, will well repay examination,
while politicians, farmers, mechanics, lawyers, clergymen, military men, physicians,
and artists are equally represented.
2. —Lectures and Addresses on Literary aud Social Topics. By the late Bev.
F rederick W. R obertson , M. A., of Brighton. 12mo., pp. 318. Boston :
Ticknor & Fields.
This volume consists of lectures and addresses delivered by the late Rev.
Frederick W . Robertson, before the members ol the Working Man’s Institute,
or of the Athenaeum at Brighton, to which is added some speeches delivered on
different occasions of public interest. Some of these speeches are remarkable
not only for a certain nobility of thought pervading them, but for the reconciling,
harmonizing spirit they evince between the struggling poor man and those occu­
pying the higher walks of life, the former of whom h^was wont to designate as
his “ friends, the working classes.” Such sentiments as we find contained in
these speeches, coming from one occupying a high position as a minister of the
church of England, appear to us like streaks of light in dark places, and we
feel much inclined to do homage to the man who, with language like this, we
find severing the bonds of circumstances, and stepping fearlessly out upon the
broad platform of one origin and one common nature. There is no fulsome
adulation of the politician about these addresses, as though he expected some
offering at their hands, although seemingly cognizant that the balance of power
was fast slipping into the hands of those he was addressing, but he seems to
have been led towards them simply by the bond of common identity and human
brotherhood, breaking through, as it were, all external differences, and ac­
knowledging but one element— the everlasting basis of our common nature, “ the
human soul by which we live.” It is true we sometimes hear this doctrine pro­
mulgated from the pulpit, but how often do we hear it in our public places with­
out being able to detect the flatterer in the King’s house—the empty words of
him who proclaims the voice of the people is the voice of God, simply that he
may ride on their backs ? We have been struck with the eloquence, the power,
and brotherly love contained in these addresses, and heartily recommend them to
the attention of every one.




271

The Booh Trade.
3. — Charity Green; or, the Varieties o f Love.

12mo., pp. 601.

By T heodore H artm an .

New York : John W . Norton.

Seeing how the glad and sacred rights of merry Christmas are becoming less
and less the wellings out of Christian faith and sympathy, and more and more a
mere pretext for mirth without heart, and feasts without alms-giving, it occurred
to the author of this Christmas story that a narration of some of the true and
wonderful things which the Lord of Christmas has done and is doing in pro­
moting earnest and worthy spirits to follow his example in befriending the home­
less, in succoring and relieving the unfortunate, and no less in justifying His
Providence by bringing to naught the schemes of cruelty and injustice, might
serve a good purpose by recalling us to a more genial and benevolent observance
of the day, this book has been written by Mr. Hartman. It will be found an
eminently interesting story, filled with thrilling incident and quaint humor.
Those who doubt it should read Hans Bronk’s last courting night, and the
wedding at Yan Twiggies, to learn how the clock ticked, the hickory sputtered,
the candles nodded and blinked, the doughnuts nudged each other in the tray,
the jolly pippins and Spitzembergs grew mellow to be eaten, and Dutch Cupid
blew out his puffy cheeks, as smoking the pipe of meditation he perched invisibly
on the oaken clock case, and rubbed his chubby bands, and glanced approval,
etc., etc. It is a treat in its way, and we trust will be read by scores.
4. — Thorndale; or, the Conflict o f Opinions.

Edited by W

of “ Athelwold, a Drama,” “ A Discourse on Ethics,” etc.
Boston : Ticknor & Fields.

m.

S mith , author

12mo., pp. 544.

This volume is said to contain the philosophical speculations of an anchorite
by the name of Thorndale, whom disappointment and disease had induced to
quit the arena of active life for that of a recluse, void of all passion or motive,
without it be the purpose of penetrating certain great truths with which his
miDd seems to have been deeply imbued, such as a review of the divine idea had
in the creation of man, the world as it is, the development of society, and many
other ethical subjects pertaining to our moral development. Some of these great
problems of human life are vexed questions, which have occupied the minds of
men from time immemorial, and doubtless will continue to till the crack of doom,
or so long as the breathing world continue to think—still to remain a door un­
opened, or a cradle in which our fears are rocked to sleep.
“ How difficult it is to climb,
Heights which the soul is incompetent to gain.”
The philosophical developments and revelations contain nothing very new or
strange, and yet for the idle hour of the thoughtful there is much to afford pro­
fitable employment and entertainment, for we believe, with the editor, that not­
withstanding all contrarieties we may find in the author, that which prompts us
to search after truth is not without value.
5. — D uff’s North American Accountant; embracing Single and Double Entry
Bookkeeping, exemplifying all Modern Improvements in the Science, with a
new' and certain Method of detecting Errors, and proving the Ledger. Tenth
Edition. By P. D uff , Merchant. New York : Harper & Brothers.
There have been a great many works published on this useful science, but we
have seen none which elucidates the subject with greater clearness and simplicity
than does this. His method of trial balance of the ledger by journal entries, is
a very marked improvement in detecting errors and omissions, which even the
most expert accountant is liable to, in which he has the certainty of knowing
that no true balance in the ledger can be had so long as errors or omissions exist
in the trial balances of the minor books. Mr. Duff, we believe, is a merchant of
long practical experience, and all the details of the counting-house are fully com­
prehended by him. As an assistant to practical accountants, or to teachers of
bookkeeping, this is a most valuable book, and that it is looked upon as such, is
evidenced by the large number of editions it has already gone through.




272

The Book Trade.

6. — The Mustee; or, Love and Liberty. By B. F. P resbury. 12mo., pp. 487.
New York : Shephard, Clark & Brown.
W e have not sufficiently examined this book to be able to tell much about
it, but should call it a strange medley of improbabilities, in which love, politics,
and slavery are confusedly mixed up. It is evidently a dream book, as evinced
by the author’s prefatory verse, in which he says—
“•Whence are these thoughts that like the morning soar ?
Thrown up like pearls are they along our shore
By the deep waves from some diviner sphere ?
I know not how within my heart appear
The rays now joining the auroral gleam;
There seems a spell upon me while I dream,
And in weird whispers come—‘ You but transmit the beam.’ ”
Weird whispers must have indeed inspired some of these chapters, in which
strange incongruities, mingled with all the coarser passions of our nature, are thus
called up, not by way of justifying the means with the good end had in view,
but without any other perceptible cause than that there has been a time of
Uncle Tom’s Cabin memory, when such trash created a sensation. We hope
that this species of literature will soon be done away with, and that if authors
must indulge their fancies, they will not suffer them to assume such weird shapes
as this. But we forget—
“ We do not make our thought; they grow in us
Like grain in wood.”
7. — History of the Reign of Philip the Second, King of Spain. By W. H.
P rescott, Corresponding Member of the Institute of France, of the Royal
Academy of History at Madrid, etc., etc. Three Yolumes. 8vo., pp. 618,
610, 476. Boston : Phillips, Sampson & Co.
This is not the first time the life of Philip the Second has occupied the pen
of the historian, for his is the history of Europe during the latter half of the
sixteenth century, when Spain was the most potent nation in Europe, and led
the van in all important enterprises. Covering, as it does, too, the period when
the “ doctrines of the Reformation were agitating the minds of men in so fearful
a manner as to shake the foundations of the Bomish hierarchy in the fierce con­
test which divided Christendom,” it has been much written upon, but we doubt
much if ever the history of this important period fell into such able hands as
those of our historian, Wm. H. Prescott. Of his merits as a historian it is
unnecessary here to speak. His simplicity of narration, added to his compre­
hensiveness of everything he writes upon, and the force and energy with which
he directs the whole, renders everything that comes from his pen always fresh,
interesting, and attractive. His task has been an assiduous one. The archives
and public repositories of half Europe have been ransacked to enable him to
present in their true light the character of Philip and the policy of his govern­
ment. The style, too, in which the edition has been put forth by the publishers
is most commendable, beiDg neat, elegant, and tasteful, a sure guaranty of its
success, which is evinced by its already having reached its eleventh thousand.
8. — Willie Winkle's Nursery Songs of Scotland. Edited by Mrs. Sii.sbeb.
Beautifully embellished. Boston : Ticknor & Fields.
A charming little volume written several years ago for the children of Scot­
land, which Mrs. Silsbee has seen fit to prepare for the children of America, by
now and then altering a Scotticism, so as to render it more comprehensible to
youthful minds unaccustomed to the Scottish dialect. It will be found bright
and sparkling, and just the thing to introduce into a circle of little folks at home.