Full text of The Merchants' Magazine and Commercial Review : February 1861, Vol. XLIV, No. II

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H U N T ’S

MERCHANTS’ MAGAZINE.
E s t a b li s h e d J u l y , 1 8 3 9 , b y F r e e m a n H u n t .

V O L U M E X L IV .

FEBRUARY,

CONTENTS

OF

NO.

1861.

II.,

N U M BE R II.

VOL.

XLIV.

ARTICLES.
A r t .

p a q s

I.

QUARANTINE REGULATIONS: Proceedings and Debates o f the Fourth National
Quarantine and Sanitary Convention, held in the city of Boston, June 14,15, and 16.—
Reported for the City Council of Boston. Quarantine Regulations, as approved by the
National Quarantine and Sanitarv Association of the United States, I860.—A Report by
A. N. Bell, Elisha Harris, and Wilson Jewell. By Dr. A. N. B ell , late Surgeon in the
United States Navy...................................................................................................................... 147

II.

RECIPROCITY-—UNITED STATES AND CAN ADA.
By A l v i n B r o n s o n , Chair­
man of the Oswego Board of Trade........................................................................................ 160

III. COMMERCIAL AND INDUSTRIAL CITIES OF THE U N ITED STATES. No.
l x x v iii. BOSTON, MASSACHUSETTS. Influence of Railroads—Population—V al­
uation-M achine Improvements—Concentration—Boston the Center—Industrial Statis­
tics—Employment for W omen—All New England—New England Society—Its Origin
—Operatives—Sales— Suspension — Resumption — Extension o f Business—The Past
Year—Manufacturing A ctiv ity—Boston Shipping List—Markets—Shipping—Mills—
The Coming Y'ear—Food and Materials—Boots and Shoes—Shipping Interest—Cotton
— Domestics—Fish—Flour—Grain—W ool—Leather...............................
178
IV. VALUATION OF LIFE INSURANCE POLICIES. No. x . By Prof. C. F. M o C a y , o f
Georgia.....................................................................................................................................

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

LAW.

Profits and Partnership............................................................................................................................ 193

COMME RCI AL CHRONI CLE AND

REVIEW.

Political Influences—Subsidence of Panic—Risks and Obligations—Civil W ar—Failures in tho
United States—Stagnation of Enterprise —Decline in Demand for Capital—Bank Returns—
Spring Business-Large Exports— Wheat V alue-N ational Balance—Low Rates o f E x­
change-Future Elements of Speculation—Rates of Money—Treasury Notes—Government
L oan-H igh er R ates-Stock Market—Department Fraud—Influence on Prices—Rates o f
Exchange—Specie Arrivals—Disposition—Assay-office—Mint—Western E xchange....... 196-211
VOL. XLIV.---- N O . II,




10

184

146

CONTENTS

OF

NO.

IT.. V O L . X L I V .
PAGR

JOURNAL

OF B A N K I N G .

CURRENCY,

AND F I N A N C E .

City W eekly Bank Returns—Banks of New York, Boston, Philadelphia, New Orleans, Pitts­
burg, St. Louis, Providence................................................................................................................ 212
Pike’s Peak Gold Region......................................................................................................................... 217
Louisiana Valuation................................................................................................................................. 218
South Carolina Debt and Finances....................................................................................................... 219
Illinois State Debt............................................................................................ ................................... 220
Assessed Valuation o f the City and County of Albany.—D ebt of Pennsylvania.......................... 221
Illinois Two Mill Tax.—Esmeralda Assays.—State Bank of Iowa.— Illinois Banks...................... 222

STATISTICS

OF

TRADE

AND

COMMERCE.

The Whale Fishery in 18(50.....................................................................................................................
Fremont Trade.—Trade of N o rfo lk ......................................................................................................
Brighton Cattle Market for 18(50...........................................................................................................
Trade o f Hamilton.—Stock and Shipments of Flour and W heat...................................................
United States Importations.—Trade o f Detroit.—Imports of M ontreal........................................
Eastern Shoes in Philadelphia.—Number of Passengers by each line o f Steamers......................
United States Consumption o f Sugar.................................................................... ..............................
Shipping o f Gloucester.—Exports o f Flour and Grain from Lake M ichigan...............................
Caloric Engines in Spain and Germany.. ............... ............................................................................

JOURNAL

OF

223
224
225
220
227
228
228
229
229

INSURANCE.

Rates of Insurance................................................................................................................................... 230
Lives Lost by Fire during 1860 ............................................................................................ ............. 231

COMMERCIAL

REGULATIONS.

List o f Tares allowed by Law and Custom.......................................................................................... 232
Pyrites......................................................................................................................................................... 235

NAUTICAL

INTELLIGENCE.

Steamboat Accidents during I860.—Screw Propellers....................................................................... 236
The Death Record on the Lakes for 1860............................................................................................ 237

rOSTAL

DEPARTMENT.

General Post-office................................................................................................................................... 287

JOURNAL

OF M I N I N G ,

MANUFACTURES,

AND

ART.

How the Armstrong Gun is Manufactured..........................................................................................
Mines and Mining Companies of A rizon a............................................................................................
New Discovery in the Process of Dyeing........................ .................................................................
Richmond Sugar Refinery.—Iron Cars..............................., ................................................................
Home Manufactures —Sabots, or W ooden S h oes...............................................................................
Manufacture of Gas.—Cigarette Papers................................................................................................

RAILROAD,

CANAL, AND S T E A M B O A T

AGRICULTURE,

OF

POPULATION,

047

248
249
250
252

&e.

Cotton in India..........................................................................................................................................
Culture of Hemp—Use, etc.....................................................................................................................
Wheat Production in Iowa.....................................................................................................
Public Lands.—Agriculture in South Austialia..................................................................................

STATISTICS

244
245
246

STATISTICS.

Steam Wagons for Common Roads.......................................................................................................
Iron Locomotive Car...............................................................................................................................
Railroad Accidents during the year 1860................................................................ .............................
A Railway in Turkey.—New York Central Railroad........................................................................
English Railway C lerk s..........................................................................................................................

S T A T I S T I C S ' OF

240
242
243

258
254
257
258

&c.

Militia Force o f the United States—Growth of New Orleans......................................................... 259
Census Statistics o f Maryland................................................................................................................ 260
Population of Charleston.—Western Population.—Minnesota......................................................... 261
Connecticut.—Order of Oddfellows............................................................................................. ’
262
North Caro.ina Census.—Immigration into the United States....................................................... . 262

MERCANTILE

MISCELLANIES.

Rise and Progress of American Commerce.......................................................................................... 263
Stick to your own Business.................................................................................................................... 264
Lies in T.ade............................................................................................................................... *........... 266
Chinese P roverbs..............
267
C red it......................
268
“ Save it in Something else ” ,.................................................................................................................. 269
Coin Sale in Philadelphia.................................................................................................
270

THE

BOOK T R A D E .

Notices of new Books or new Editions.............................................................................................271-272




HUNT’S

MERCHANTS’ MAGAZINE
AND

COMMERCIAL REVIEW,
FEBRUARY,

1861.

Art. I.— QUARANTINE REGULATIONS.
Proceedings and Debates o f the Fourth National Quarantine and Sanitary Conven­
tion, held in the city o f Boston , June 14, 15, and 16.—R eported for the Cit t
C ouncil of B oston.

Quarantine Regulations, as approved by the National Quarantine and Sanitary Association o f the United Slates, 1860.— A Report by A. N. B ell , E lisha H arris ,
and

W ilson J ew ell .

D r . W ilso n J e w e l l , of Philadelphia, after an experience o f eight
years as a member of the Board of Health of that city, and after a care­
ful examination into the practical working o f the quarantine laws o f the
United States, became convinced that they were the outgrowth o f dogmas
based upon obsolete theories; “ that they embarrassed commerce, oppressed
the merchant, imposed severe restrictions on the healthy, inflicted cruel­
ties on the sick, and, when rigidly enforced, became the ready means o f
disseminating and entailing disease and death. These glaring imperfec­
tions, and the inconsistency of quarantine enactments with each other in
the different States, together with the frequent embarrassments arising
from abortive efforts to enforce and apply quarantine regulations, en­
gaged my serious attention. Thus circumstanced, I was prompted to the
inquiry— how can a revision of the present ill-advised systems o f quar­
antine laws be most judiciously and extensively effected?
A uniform
code of regulations, operating alike in all our seaports, and offering the
least hinderance to an active commerce, and with a humane regard for the
health of the passengers and crews, and the comfort o f the sick onboard
of all vessels detained at quarantine stations, suggested itself as the only
correct fundamental principle for accomplishing the necessary reform in
quarantine legislation.
“ A knowledge of the fact that, with the great commercial nations of Eu­
rope, the efficiency o f quarantine had assumed a very commanding posi­




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Quarantine Regulations.

tion among the topics in the science o f hygiene, and had led to the hold­
ing of a Conference Sanitaire in Paris in 1851-2, offered to my mind the
idea that a national convention o f judicious and well-informed delegates
from the seaboard cities o f our Atlantic States, might he influential in
adjusting disputed points, and become the medium through which com­
merce could he relieved from the trammels that existing codes o f laws
had unnecessarily imposed upon it.” Following up these reflections, on
the 10th of November, 1856, at a meeting of the Board o f Health of
Philadelphia, Dr. Jewell offered and obtained the adoption of the follow­
ing resolution :—
“ Resolved, That a committee of three, with the president, be appointed to
correspond with the Boards of Health of New York, Boston, Baltimore, and
New Orleans, on the propriety of calling a convention of delegates from the
various boards of health in the maritime cities of the United States, for the
purpose of a conference in relation to the establishment of a uniform system of
revised quarantine laws.”
As chairman o f the committee under this resolution o f the Philadel­
phia Board of Health, Dr. Jewell urged the importance of a revised and
uniform system o f quarantine laws for the protection of the maritime
cities o f the United States; and in response to his call, the first Sanitary
Congress in America was held in the Supreme Court-room, in Philadel­
phia, May 13th, 1857. The Convention remained in session three days,
and resulted in the adoption of a series o f recommendations pertinent to
quarantine reform. It was at this first meeting of individuals declaring
for a reform in quarantine regulations, that the “ Quarantine and Sani­
tary Convention ” received its n ame.— Introduction to the report o f the
third national quarantine and sanitary convention. B y Wilson Jewell.
“ Hunt's Merchants’ Magazine for October, (1856,) contains a very able
article on the subject o f quarantine, written by Dr. A. N. Bell, of Brook­
lyn. Dr. Bell was formerly a surgeon it the U. S. Navy, and has had
favorable opportunities for investigating the subject o f which he treats.
His view is that infectious diseases are propagated by things, and not by
persons, and he therefore argues against a quarantine as applied to the
latter, who should be cleansed from infectious things, and allowed their
freedom. He recommends the erection o f warehouses at a sufficient dis­
tance from the city, where every infected ship should be unladen, and
then purified and allowed to proceed on its voyage, or g o to sea again.”—
N . Y . Journal o f Commerce.
The article in our Magazine, o f which we have quoted the above no­
tice, gave a brief history of quarantine from its origin, identifying it with
a belief in the contagiousness o f epidemic diseases, which belief was com­
mon in the fourteenth century ; and forcibly depicted the inconsistency
o f such false dogmas with the present certainties of science.
“ Everywhere dense population, misery, want, and filth constitute the
source as well as the contagion o f epidemics, but at this very day, the 1st
day of September, 1856, almost in the center o f one of the largest commer­
cial cities in the world, is gathered the detritus of every sickly clime, to be
crammed in and crowded round the quarantine of New Y o rk ! D o the
filthy rags of the tropics— for there has been an infected ship and cargo
o f them at New York quarantine since June last— grow less “ conta­
g iou s” from the heat, darkness, and confinement of the hold o f a ship?




Quarantine Regulations.

149

Do the putrid hides of South America and the goat skins o f Cape de
Verdes become tanned of their poison by wreaking it on the inhabitants
of a populous city ? Ay ! they do. O ne H undred a n d F if t y of such
S h ip s a n d su ch C a r g o e s are now surrounded by the shores o f New
York bay !
“ But, alas ! for the poor passengers and sailors, they are quarantined ;
many of them quarantined as are the victims of this relic o f barbarism,
on the Bay Ridge from Fort Hamilton to Brooklyn.
“ Yet these ships and these cargoes are now as they would have been
centuries ago ; they are as the thirty feet deep of slime from the table
lands of Abyssinia deposited in the lap o f Egypt, as the Hooghly exhal­
ing its putrid remains, or as the gleanings of the Father of Waters, in
which crocodiles only can revel— all, all these things lost sight o f in the
heartless selfishness which dictates a quarantine for persons— a seclusion
of the sick and needy ! It is an anomaly in the age of Christianity and
civilization. In the midst of free schools, free academies, and public
charities, we are appalled by an infatuated fanaticism which should only
be measured by the ages which gave it birth. Every ennobling senti­
ment o f the human soul revolts with horror at the idea of the seclusion
which the enforcers of quarantine would practice upon one in the time of
greatest need. It is adverse to every impulse of sympathy— antagonistic
to all the kindly emotions of the heart, it inculcates a beastly selfishness
and fraticidal barbarism which has, in the nature o f causes, always brought
upon the enforcers o f it a retributory certainty o f infliction with the worst
horrors of their imagination, in a degree of concentrated strength pro­
portionate to their efforts to restrain it. The barricaders of black death
who were infatuated by the hideous terror of judgments inflicted for
secret sins, were in some degree excusable in acts measured by the light
of science, but that such inhumanity, such remorseless heartlessness and
cowardly selfishness should exist and be tolerated now, is surely the most
inconceivable incident of barbarism connected with the present age.
“ There are at this time agitators for the removal of the New York
quarantine from its present site to a greater distance from this city, with
the avowed object of effecting a more perfect seclusion of the sick. Surely
every individual o f common intelligence can now comprehend the prac­
tical truth, that pure air is the only real security against epidemics. In
all the regulations of quarantine this prime necessity has ever been over­
looked ; confinement in a foul atmosphere has been the distinguishing
feature of sickly ships, quarantine hospitals, and lazarettos, in all ages,
everywhere; they convert common fevers into pestilence, which, in their
attempt to restrain, they oftentimes render contagious, and they are of
all others the most concentrated foci of disease. They constantly avert
the attention of the public from the true precautionary sanitary measures,
under the absurd impression that epidemics can be shut out or barricaded
like unwelcome visitors.
“ It is unnecessary now to state that there is no disease to which man­
kind is heir, contagious or non-contagious, which may not be aggravated
by the infliction of quarantine on persons; and quarantines, as hereto­
fore conducted, are necessarily dangerous and disease-producing in pro­
portion to the strictness with which the laws that govern them are enforced.
What is the disease which any community would fear from contagion ?
Small-pox is perhaps the most pre-eminently contagious epidemic that




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Quarantine Regulations.

prevails, but can it prevail in any civilized community in the world ?
Certainly not. The guard against it from contact is perfect by vaccina­
tion, which can be made universal without an item o f expense to the city
or State. There is no disease compatible with cleanliness which may oc­
cur at all, that can be otherwise influenced than aggravated by the quar­
antine of persons.
“ But of things. W ell ventilated and cleanly ships rarely or never have
to stand quarantine, no matter what their cargo, or port from which they
last cleared.
“ Ships which are built without proper provision for fresh air, over­
crowded with passengers, or not kept clean, are those which come into
port infected. That a large number o f such, congregated together, may
prove a fruitful source for epidemics, there is abundant evidence : a prom­
inent exemplification now exists at the New York quarantine. And the
spread of disease from them can only be measured by the conditions ade­
quate to its support.
“ If ships are properly ventilated and kept clean they are the most healthy
of human abodes, because they have the freest access o f pure air. Ships
without proper provision for fresh air sometimes lie for long periods in
sickly harbors and take in such cargoes as may render it impossible to
prevent their accumulating the seeds of disease; others take on board
loads of human beings with closely packed clothing and rubbish, fre­
quently from the vilest dens of corruption ; and others are freighted with
filthy rags, hides, etc., liable to contain infection to begin with, and sure
to generate it if not exposed to the free access of air, which will multi­
ply and break forth with violence commensurate with the conditions
which favor it. On arrival, the practice of quarantine is, if any one on
board is sick of an infectious disease, not only to detain such one on
board to continue inhaling the poison which is destroying life, but to de­
tain all the rest, likewise, till they are also poisoned; the alternative to
this is the quarantine hospital, to be surrounded by misery in order to
alleviate it! Nor does it end here; the ship and cargo o f poison is an­
chored in the midst of a populous community for the exhalations which
arise from her hold to poison the air they breathe— disease and death
thus stabbing in the dark, while the victim is under a false sense of secu­
rity7 from the traitor he has nourished in his bosom.
“ Can any one now survey the quarantine ground and harbor of New
York— and other quarantines are just as bad— and vievv the crape-clad
mansions which border the finest bay in the world, without revolting from
his inmost soul aganst quarantines?
“ But what should be done with infected ships and cargoes; the in­
fected t h in g s which entail disease and death ? The principles of econ­
omy alone will dictate a ready reply. Let warehouses be erected, with
proper provision for security and the admission of free air— nature’s
great disinfector— at a sufficient distance from the city, and there let
every infected ship be at once unladen, and the ship ventilated and per­
mitted to go to sea again.
“ And of persons, would any one, can any one, apply quarantine to
himself, and say, seclude them from all human sympathy, from the ten­
der look, the gentle hand, the------“ No, never ! Persons communicate no infection, carry no epidemics.
Banish the*very name of quarantine, as applied to them, and require




Quarantine Regulations.

151

that they only be detained, when necessary, long enough to secure clean­
liness., and prohibit the taking of clothing, baggage, and the like, which
has been subject to infection, till it is cleansed and purified.
“ Things, and not persons, cause and propagate disease.”— Merchants'
Magazine, Oct., 1856.
Concurrent with the views embodied in the foregoing extracts, Dr.
Elisha Harris, of New York, at that time physician-in chief of the Ma­
rine Hospital, was practically working out, so far as possible under ex­
isting laws, a system of executive management of quarantine, applicable
to all the varying conditions of climate and commerce. In his annual
report for the year 1856, the origin and progress of things infected with
yellow fever, in contradistinction from the persons to whom the things
communicated this much-dreaded disease, Dr. Harris mapped out, as it
were, the very paths and by-ways o f disease into populous communities.
And it is from such reports as this that a system or code o f marine hy­
giene has been deduced of universal application.
The second Quarantine and Sanitary Convention was held in Baltimore,
April 29th, 1858. The third, in New York, April 27th, 1859, and the
fourth, in Boston, June 14th, 1860.
At the third National Quarantine and Sanitary Convention, held in
New York, the following resolutions were adopted :—
Resolved, That the operations of quarantine should not be confined to the
warm months of the year, inasmuch as a vessel arriving in mid-winter with
small-pox or typhus on board, is as legitimate a subject for quarantine as one
arriving in mid-summer.
Resolved, That the adoption, by the commercial nations, of a sound and welldigested code of marine hygiene, and of the necessary measures for insuring its
strict enforcement, would tend greatly to alleviate the evils of the present sys­
tem of quarantine, and promote the comfort of passengers and crew.
Resolved, That this convention appoint a committee to consider and report
in what manner the foregoing resolutions may be most effectually carried out.
Resolved, That the committee report, at the next meeting of this convention,
(in Boston, June 14, I860,) specific recommendations of principles and measures
of quarantine, as severally applicable to yellow fever, cholera, typhus fever, and
small-pox, having reference also to the variations which different localities require.
The report, bv Drs. Bell, Harris, and Jewell, is in response to these
resolutions. These gentlemen, it appears through the State Department
of the U. S. and other sources, obtained the quarantine regulations of all
the chief commercial nations. From these, and their own experience,
they have presented a report incorporating a sound and well-digested code
o f marine hygiene. They have preceded this with a brief history o f quar­
antine reform in Europe, and “ find, with chagrin, that, after diligent in­
vestigation, the quarantine regulations of the United States are nearly
identical with the most odious restrictions o f Europe thirty years ago.
They are in effect the same laws as those imposed by England in colonial
times, for the protection of America from “ plague or other malignant
distempers,” and in several of the States it yet remains an indictable
offence, with a large penalty, for any person to come into the State from
any place infected with a contagious disease. The quarantine laws still
presume that certain diseases are communicable from the sick to the well,
under all circumstances, and that such diseases are capable of being
transmitted to new and distant localities, independent of all conditions.




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Quarantine Regulations.

They also presume that the germs of all diseases regarded by quarantine
officials as contagious or infectious, may lie dormant in the systems of
persons who are apparently well, but who may afterwards sicken, and
then become the radiating centers of infection. Based upon these con­
clusions, the time and duration of quarantine pretend to depend upon
the real or suspected presence o f the apprehended disease, in the person­
nel of any vessel during the voyage and at the time o f arrival, the kind
of cargo, and whether there has been any communication with other vessels,
persons, or things during the voyage. These requirements, however, are
of short duration, and usually limited to the warm season of the year.
This resume is a fair representation of the quarantine regulations o f the
United States, while there are no exceptions to the incongruities herein
stated.”
The report then proceeds to point out the special defects and wants
that are acknowledged to exist in all, or at least most, of the ports in the
civilized world.
On quarantine docks and warehouses they incorporate an able report
made to the same Convention, by Drs. John W . Sterling, Alex. H. Ste­
vens, and J. McNulty. Following this— the specific measures o f quaran­
tinei, severally applicable to yellow Jever, cholera., typhus, and small-pox,
with the variations which different localities require; quarantine hospi­
tals, and the proper care of the sick, location, construction, and the ex­
ecutive management of quarantine hospitals, docks, and warehouses, are
all discussed in a masterly manner, and utilized to the simplest compre­
hension. And then follows the—
CODE OF M ARINE HYGIENE.
DECLARATIONS.

1. Every organized government has the right of protecting itself
against the introduction of infectious diseases, and o f putting any
country, place, or thing in quarantine which would introduce infec­
tious diseases; provided, however, that no sanitary measures shall go
so far as to exclude or drive from port a vessel, whatever may be her
condition.
2. The only diseases at present known, against the introduction of
which general quarantine regulations should be enforced, are plague,
yellow’ fever, cholera, small-pox, and typhus fever. As regards plague,
the European Congress at Paris had the right to settle the question for
the nations there represented; and inasmuch as they and the other na­
tions of the eastern continent have reason to subject the plague to quar­
antine restrictions, the States o f America yield implicit obedience to
that convention.
3. All quarantine regulations, o f any place whatever, should bear with
equal force against the toleration or propagation of disease as against its
introduction; and authority to prevent the introduction o f disease in any
place should be equally applicable against its exportation.
4. All quarantinable diseases are chiefly introduced and propagated by
the material of com m erce; and it is therefore against it that quarantine
restrictions should be instituted, and not against the personnel; excepting,
however, persons with no evidence of vaccination, and known to have
been exposed to small-pox; such persons shall be vaccinated as soon as




Quarantine Regulations.

153

possible, and detained until the vaccinia shall have taken effect; other­
wise they may be detained fourteen days from the time o f the known
exposure.
5. The application of quarantine regulations shall be regulated by the
official declaration o f the constituted sanitary authority at the port o f
departure where the malady exists. The cessation of these measures
shall be determined by a like declaration that the malady has ceased—
after, however, the expiration o f a fixed delay of thirty days for the
plague, fifteen days for yellow fever, and ten days for cholera.
6 . It is obligatory on all vessels to have a b i l l o f h e a l t h ; this shall
consist of two kinds only, a clean bill and a gross bill— the first for the
attested absence of disease, and the second for the attested presence o f
disease. The bill shall state the hygienic state of the vessel; and a ves­
sel in a bad condition, even with a clean bill o f health, shall be regarded
as a vessel having a gross bill, and shall be submitted to the same regime.
7. The plague, yellow fever, and cholera being the only maladies that
entail general measures, and place in quarantine those places whence they
proceed, the restrictions enforced against these diseases shall not be ap­
plied to any other suspected or diseased vessel.
8. The power of applying the general principles o f this code, and of
acceding to its provisions, are expressly reserved to those nations and
governments who consent to accept the obligations it imposes; and all
the administrative measures proceeding from it shall be determined by
international sanitary regulations, or by a convention o f the representa­
tives o f the governments which have adopted it.
9. This code shall continue in force and vigor among the governments
adopting it for five years, and it shall be the duty o f any party wishing
to withdraw from its observance, at the end o f that time to officially de­
clare his intention six months before the term expires; if there be no
such notice, the code shall be regarded as in force one year longer, and
thus it shall continue year after year, with all the governments accepting
it, until after due notice, six months before withdrawal.
PROVISIONS IN DETAIL.
I.---- MEASURES RELATING TO DEPARTURE.

10. Measures relating to departure comprise observation, inspection,
and the ascertaining of the sanitary state o f the place and vicinity;
the examination and ascertaining o f the hygienic state of the vessel
which is about leaving, of its cargo and provisions, o f the health of the
crew, and, if there are any passengers, o f their health also ; and lastly,
of the bill o f health, and all relating thereto. These observations, inspec­
tions, and examinations shall be confined to the authorities hereinafter
designated.
11. All vessels before lading, must be visited by a delegate of the
sanitary authority, who shall be a doctor of medicine, and submit to
hygienic measures, if deemed necessary. The vessel shall be visited in
all her parts, and her hygienic state ascertained. The authority shall in­
quire into the state of the provisions and beverages, in particular o f the
potable water and the means of preserving it; he shall also inquire into
the state of the crew, and in general into every thing relating to the
maintenance of health on board. If any person has been shipped, hav­
ing a transmissible disease, such person shall be forthwith discarded.




154

Quarantine Regulations.

12. Charges shall not be made until after the visit, and the accom­
plishment of the measures judged indispensable by the sanitary authority.
13. Captains and masters shall furnish to the sanitary authority all the
information and all the evidence, to the best of their knowledge, demanded
of them. If the sanitary authority judges necessary, and does not be­
lieve himself sufficiently informed by the captain or other persons in charge,
he can proceed to a new visit, after the lading o f the ship, in order to
assure himself if all the prescribed hygienic measures have been observed.
14. These various visits shall be made without delay, and in such a
manner as to avoid unnecessary loss to the ship.
15. Vessels carrying a foreign flag shall be visited by the sanitary
authority, with the consul or consular agent of the nation to which the
vessels belongs.
16. The number o f passengers embarking on sailing vessels or steamers,
the arrangement of their accommodations, and the quantity of provisions
on board for the probable length o f voyage shall be determined by the
particular regulations of different governments adopting this code. But
in no case should the number of individuals to be accommodated onboard
any vessel, or in any apartment provided for the accommodation of crew
or passengers, exceed in ratio one individual to every four hundred cubic
feet of air space, together with provision for effectual ventilation in all
weathers.
17. Passenger vessels o f whatever size, and all vessels carrying sixty
persons, or a smaller number, including crew, shall furnish themselves
with the necessary medicines and apparatus for the treatment of the most
ordinary diseases and accidents likely to happen on board. And it shall
be the duty of the sanitary administration of each government to make
out a catalogue of the medicines and apparatus, and detailed instructions
for their use on board all vessels of this class.
18. All sea-going passenger vessels, and all vessels having a larger
number of persons on board than named in the last preceding article,
shall carry a doctor of medicine, approved of by the sanitary authority.
19. Bills o f health shall not hereafter be delivered until after the ful­
fillment of the regulations herein specified.
20. Vessels of the navy and revenue vessels shall not be subject to the
preceding regulations.
21. In ordinary times, fishing-vessels, pilot-boats, vessels in the coast­
ing trade, of the same country, and canals boats, need not carry a bill of
health ; the sanitary regulations of this class o f vessels shall be deter­
mined by the local authorities.
22. No vessel shall have more than one bill o f health.
23. Bills of health shall be delivered in the name of the local govern­
ment by the sanitary authority', vised by the consuls or commercial agents,
and be of credit in the ports of all governments adopting this code.
24. The bill of health shall contain the name of the vessel, the name
of the captain, or ma ter, and the results of the examination, relating to
the tonnage, merchandise, crew, and passengers; it shall state the exact
sanitary condition of the place, the hygienic state o f the ship, and
whether there are any sick on board. In short, the bill shall contain all
the information that can enlighten the sanitary authority of the port of
destination, to give him as exact an idea as possible o f the public health
at the place of departure and environs; of the state of the ship, her




Quarantine Regulations.

155

cargo, the health of the crew and passengers. The environs are those
places in habitual communication with the port of departure, and possess­
ing the same sanitary relations.
25. Whenever there prevails at the place o f departure, or in its envi­
rons, one of the three maladies reputed to be importable or transmissible,
and when the sanitary authority shall have declared its existence, the
bill shall give the date o f the declaration. It shall give the date of the
cessation of the same when the cessation shall have been established.
26. In conformity to the provisions o f article 6, the bill of health must
be either Clean or Gross. The sanitary authority shall always pronounce
upon the existence or non-existence o f disease at the port o f departure.
Doubtful cases shall be interpreted in the most prudent sense— and the
bill shall be gross. In regard to passengers, for those whose health may
be suspected, the sanitary authority may demand the certificate o f a doc­
tor of medicine, known to him to be o f good standing, and if any pro­
posed passenger is thus found to be in a condition, comprising the health
of the ship or of persons on board, he shall, upon the direction of the
sanitary authority, be prohibited.
27. Bills of health can only be considered as valid when they have
been delivered within the forty-eight hours last preceding departure. If
the departure is delayed beyond this period, the bill must be vised by the
authority delivering it, stating whatever change may have taken place.
28. The existence of transmissibleorimportablediseasein the quarantine
establishment o f any place shall not alone be considered cause sufficient
for a gross bill o f health.
I I .---- SAN ITARY MEASURES DURING THE V OYA GE .

29. All vessels at sea shall be kept in a good state o f ventilation and
cleanliness. And to this end it shall be the duty of the sanitary author­
ity at the port of departure, to see that every vessel is provided with the
necessary means, and that captains and masters are sufficiently conver­
sant with the use o f those means, for the purposes indicated.
30. Captains and masters shall conform to the instructions of the
sanitary authority; otherwise, on arriving, they shall be considered as
having a gross bill of health, and be treated accordingly.
31. Physicians attached to sea-going vessels shall be considered as the
agents of the sanitary authority, and it shall be their special mission to
watch the health of the crew and passengers, to see that the rules of
hygiene are observed, and, on the arrival of the vessel, to give an account
of the circumstances o f the voyage. They must also keep an exact re­
cord of all circumstances o f interest to the public health, meteorological
observations, e tc , and note with particular care the history and treat­
ment of all the diseases and accidents that occur.
32. In vessels carrying no physician, it shall be the duty of the master
or captain to fulfill, as far as practicable, the obligations of the last pre­
ceding article.
33. All captains or masters touching at or communicating with a port,
shall have their bills of health vised by the sanitary authority; or, in
default of such authority, by the delegated officer of the local police.
34. It is forbidden to the sanitary authority at the port where a ves­
sel
touches, or holds communication,
to retain the bill of healthO given at
,
'
the port o f departure.




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Quarantine Regulations.

35. In cases of death at sea from a disease of a suspected character,
the wearing apparel and bedding which have been used by the deceased
in the course of his sickness, shall be burnt if the ship is at anchor; if
en route, thrown into the sea, with the necessary precaution that they
shall not float. Other articles belonging to the deceased shall be
immediately aired or otherwise purified.
III.----SANITARY MEASURES ON A RRIVAL.

36. All vessels on arrival shall submit to an examination and question­
ing. The examination and questioning shall be made by the sanitary
authority delegated for that purpose; and the result shall be recorded
upon a special register.
37. All vessels, furnished with a clean bill o f health, which have had
during the voyage no disease or communication o f a suspected nature,
and which present a satisfactory hygienic condition, shall be admitted to
free pratique immediately after examination.
38. There being no evidence that any disease was ever introduced into
a community by persons who had been quite healthy during the voyage,
and were so on arrival, such persons should not be detained under the
apprehension that disease may be dormant in their systems. All well per­
sons shall be allowed free pratique, excepting only the temporary delay
provided in article 4 for smallpox, immediately after arrival.
39. Whenever there are sick on board, they shall be removed as
promptly as possible from the vessel to clean and airy rooms on shore, or
to a floating hospital moored in a healthy situation. The detention of
such persons in an infected ship is obviously most objectionable, and should
be allowed under no circumstances whatever.
40. The experience o f quarantine shows that the fears of pestilential
disease being introduced by the ordinary cargoes of dry and imperishable
goods is groundless, and that with the temporary exceptions hereinafter
provided, such cargoes shall be admitted to free pratique immediately
after examination. Nevertheless, there are numerous articles of com ­
merce which should not be landed except under special restrictions, and
apart from all populous neighborhoods.
41. The application o f sanitary measures to merchandise shall be
arranged in three classes:— 1. Merchandise to besubmitted to an obligatory
quarantine and to purification; 2. Merchandise subject to an optional
quarantine; and 3. Merchandise exempt from quarantine.
The 1st class comprises clothing, bedding, personal baggage, and dun­
nage, rags, paper, paper-rags, hides, skins, feathers, hair, and all other re­
mains o f animals, woolens, and silks
The 2d class comprehends cotton, linen, and hemp; and cattle.
The 3d class comprehends all merchandise not enumerated in the other
two classes.
42. With a gross bill and existing quarantinable disease on board, or
if there has been any such disease on board within the ten days last pre­
ceding, merchandise of the first class shall always be landed at the
quarantine warehouse or other place provided, distant at least two miles
from all populous neighborhoods, and there submitted to the necessary
measures for purification. Merchandise of the second class may be ad­
mitted to free pratique immediately, or transferred to the warehouse,
according to circumstances, at the option o f the sanitary authority, with




Quarantine Regulations.

157

due regard to the sanitary regulations o f the port. Merchandise o f the
third class shall be declared free and admitted without unnecessary delay.
43. In all cases o f a gross bill, letters and papers shall be submitted
to the usual purifications; but articles of merchandise, or other things
not subject to purifying measures, in an envelop officially sealed, shall
immediately be admitted to free pratique, whatever may be the bill of
health. And if the envelop is of a substance considered as optional, its
admission shall be equally optional.
44. A foul ship is much more to be dreaded, as a vehicle o f introduc­
ing disease, than anything she has on board ; and vessels in a filthy, un­
wholesome state, whether there has been sickness on board or not, should
not be allowed to enter a crowded port, or to lie alongside a wharf or
other ships, until they have been broken out, duly cleansed, and ventilated.
45. I f a vessel, though furnished with a clean bill o f health, and hav­
ing had during the voyage no case o f sickness, yet be found in a bad or
infected state, or in a condition which the sanitary authority judges com­
promising to the public health, the vessel and cargo shall be detained
until the case has been considered by the authority; his decision how­
ever, shall be rendered within twenty-four hours.
46. If in the judgment o f the sanitary authority the vessel requires it,
he may order the following hygienic m e a s u r e s B a t h s and other bodily
care for the personnel, washing or disinfecting means for clothing; dis­
placement of merchandise on board, or a complete breaking o u t ; subjec­
tion to high steam, incineration or submersion at a distance, in the sea,
o f infected articles; the destruction of tainted or spoiled food or bever­
ages; the complete ejection o f water; thorough cleansing o f the hold,
and the disinfection o f the w ell; in short, the complete airing and
ventilation of the vessel in all her parts, by the use of force-pumps, steam,
fumigation, washing, rubbing, or scraping, and finally sending to an
isolated anchorage ground. Whenever these divers operations are deemed
necessary, they shall be executed in the more or less complete isolation
of the vessel, according to circumstances, but always before admission to
free pratique.
47. All vessels having no bill of health, which, by reason o f the place
from whence they came, could not obtain one, or in case o f accidental
loss of bill, shall submit to restrictions according to circumstances, de­
pending upon the judgment o f the sanitary authority, iD conformity with
the provisions herein established.
48. AH bills showing evidence o f erasure or alteration shall be con­
sidered null, and shall incur the conditions of the last preceding article,
without prejudice to the proceedings which may be instituted against the
authors of the alterations.
49. A doubtful case, reported in an unsatisfactory manner, shall always
be interpreted in the most prudent sense. The vessel shall be provisionally
detained.
50. Admission to free pratique shall be preceded by as many visits to
the vessel as the sanitary authority may judge necessary.
51. No vessel can be put in quarantine, without a stated decision of
the sanitary authority. The captain or master of the vessel shall be in­
formed immediately after of this decision.
52. A vessel shall have the right, except when they have plague, yel­
low fever, or cholera on board, o f putting to sea, in preference to being




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Quarantine Regulations.

quarantined ; and in the exercise o f this right, if the vessel has not
arrived at the port of destination, the bill of health shall be returned ;
the sanitary authority, however, shall mention upon such bill the length
and circumstances o f the detention, also the condition o f the vessel on
reputting to sea. But before the exercise o f this right, the sanitary
authority must assure himself that the sick will be taken care of for the
remainder of the voyage; and take charge of such o f the sick as prefer
to remain.
53. Besides the specific measures in the foregoing regulations, the
sanitary authority of each country or port has the right, according to
article 1, in the presence o f immediate danger, to take the responsibility
of applying such additional measures as may be deemed indispensable
for the protection o f public health.
54. Notwithstanding the preceding regulations, whenever the sanitary
state is positively healthy, vessels going from one port to another in the
same country can, in virtue of the particular sanitary regulations o f each
country, be freed from sanitary examinations. And, in ordinary times,
by virtue of declarations exchanged between the contracting nations, all
vessels, proceeding or intending to proceed from one o f two countries to
the ports of the other, may also be free from examination.
IV .---- EXECUTIVE ARRANGEMENTS.

55. Every seaport town requiring the obligations of quarantine, should
have a quarantine hospital for sick persons, warehouses for infected goods,
with the necessary docks, and a designated anchorage ground for infected
vessels; these several parts of the establishment shall be at such a dis­
tance and direction from each other, and all populous neighborhoods,
infections, and infectable places, as to endanger the life o f no one.
56. On the arrival of infected vessels at the quarantine establishment,
all well persons shall be admitted to free pratique as soon as possibly con­
sistent with the foregoing regulations; sick persons shall be immediately
transferred to the quarantine hospital, or to hospital ships, and the ves­
sel unladen as soon as practicable. All merchandise shall be placed in
capacious and perfectly secure warehouses, and there freely exposed to
the air, and moved from time to time to insure its perfect ventilation.
57. Merchandise coming from different vessels and places in quarantine,
at different times, shall be kept separate, and placed as much as possible
in different warehouses.
58. Merchandise o f the first class (Art. 41) shall be submitted to such
measures of purification as the sanitary authority shall judge necessary.
No putrified animal or vegetable substances, or substances likely to putrifv, shall be admitted into the warehouse. All such substances shall be
rendered innoxious or destroyed.
59. The clothes and dunnage of passengers contaminated with the
infection o f different diseases shall be exposed to ventilation in different
places.
60. Each quarantine establishment shall have one or more warehouses
specially appropriated to the reception o f purified merchandise, to which
all merchandise may be removed so soon as it shall be deemed by the
sanitary authority admissible to pratique.
61. Letters or dispatches shall be so purified that the writing may not
be effected. Consuls and representatives o f foreign countries have the




Quarantine Regulations.

159

right to be present at the opening and purification of letter-bags or other
mail packages addressed to them or designed for their country. Post­
masters shall have the same right as consuls and foreign representatives.
62. All governments and places adopting this code shall, as soon as
practicable, provide the necessary arrangements and appurtenances for
fulfilling the obligations it imposes.
63. In case of the arrival of infected vessels at a port not provided
with a quarantine establishment, vessels or hulks may be appropriated to
the service of the sick, and also for the reception of merchandise; but
in such cases they shall te disposed in such a manner as will permit the
separation of the sick and assure the best conditions of hygiene, especially
ventilation. But under no circumstances whatever shall sick persons be
kept in proximity with infected goods. Well persons shall have their
liberties as soon as practicable, consistent with the preceding regulations;
and all other measures essential for the protection o f public health, shall
be instituted according to the exigencies of the case, provided they are
not inconsistent with the tenor and spirit of these regulations.
V.---- SANITARY AUTHORITIES.

64.
Sanitary authorities shall be established upon a uniform basis by
the countries or governments adopting this code, and shall be composed,
first, of a responsible agent of the government, who shall be a doctor of
medicine; and, second, of a local sanitary council or board of health.
In addition to the above report, presuming it to be adopted, your com­
mittee beg leave to offer the following resolutions :—
ResoloeA, That this report be referred back to the committee, with directions
to negotiate with our National Government, or Department of State, to secure,
by convention or otherwise, the national and international adoption of a code
based upon the principles hereinbefore set forth.
Resoloed, That a committee of one from each State represented in this con­
vention be designated by the delegates of the several States, and appointed by
the chairman of the convention, with power to confer with the governments of
their respective States for the adoption of such code.*
Resoloed, That the local sanitary authorities of the several States and muni­
cipalities in the United States be furnished with a copy of this report, and that
they are hereby respectfully requested to carry into effect all its specific recom­
mendations, and the general provisions of the code, without waiting for their
national and international adoption.
Respectfully submitted,
A. N. BELL, Chairman,
ELISH A HARRIS,
WILSON JEW ELL,
R. D. A R N O L D ,!
II. G. CLARK.
* By vote of the convention, it was Resolved, “ That the Committee on External Hygiene have
power and be directed to select a suitable person from each State not represented in this conven­
tion to aid in carrying out the objects of the second resolution o f their report.” The following
persons were appointed from the States represented;—Gov. Emerson, o f Penn.; Dr. Gunn, N. Y . :
Dr. Snow, R. I . ; Dr. Moriarty, Mass.; Dr. J. A. Nichols, N. J .; Dr. G. B. Guthrie, T enn .; Dr.
Thompson, O hio; Dr. Kemp, Md.
t It was voted, on motion of the chairman o f the committee submitting the report on External
Hygiene, “ that two additional members, appointed by the chair, should be added to that commit­
tee. Drs. R. D. Arnold and II. G. Clark were appointed.




160

Reciprocity —

United Slates and Canada.

Art. II.— RECIPROCITY— UNITED STATES AND CANADA.
T h e Hon. Israel T. Hatch having made a report to the Treasury De­
partment adverse to the reciprocity treaty between the United States and
Canada, and a report was made by Mr. Taylor to the same department
in a contrary sense, the Committee of the Oswego Board of Trade has
made a report sustaining Mr. Taylor, by its chairman, Alvin Bronson,
proceeding as follows:—
Before entering upon the discussion of this treaty, a brief allusion to
the former commercial relations o f Great Britain and the United States,
will be appropriate.
The famous Navigation Laws o f Great Britain are familiar to commer­
cial men. Their origin was in 1651; their object, the monopoly o f her
own trade and that of her colonies, to the exclusion of all other nations.
By their operation she drove Holland, her principal rival, from the ocean
during the last century; and when by treaty she acknowledged our in­
dependence, she applied the system to us in all its rigor, subsequently
modified a little by an occasional treaty, relaxed and enforced by orders
in council, as the exigencies of war, famine, or plenty dictated. Her ut­
most skill was exerted to cripple and restrict our trade, and ours to coun­
teract and defeat her measures. W e followed her enactments step by
step, by retaliation and sharp reprisal, down to 1849, when, instead of
driving us from the ocean, as had been the fate of Holland, we had, un­
der this damaging warfare, well nigh divided the trade o f the world with
her, having at the present time equal tonnage with the mistress of the
seas.
In 1849, Sir Robert Peel swept these ancient and odious Navigation
Laws from the British statutes, with the exception of some slight rem­
nants. Our retaliating measures fell with them— we having enacted a
law in the early part o f the present century, tendering reciprocal free
trade to all, and under it had formed treaties of commerce with several
European nations.
Sir Robert yielded this conflict ip the most gracious manner possible.
W hile abrogating her Navigation Laws and her long-cherished Corn
Laws, Great Britain opened her ports to the admission of most of the
raw materials for manufactures, and all agricultural products, free o f duty,
other than nominal duties to preserve a record of trade; demanding no
equivalent, and stipulating for no relaxation o f restrictions or duties in
return for this boon.
Another commercial movement in the same direction preceded this
two years. In 1847, Great Britain withdrew her protection of the trade
and her pupilage over her North American colonies, withholding her
bounty or discriminating duty on colonial products, and on trade through
the St. Lawrence, with the exception of square timber, (which till the
last year enjoyed a greatly diminished bounty or protection, now wholly
withdrawn;) Canada was left free to regulate her own trade, and con­
struct her own tariff. Availing herself of her newly-acquired power, she
raised the duty on British manufactures from 5 to 7i per cent, and re­
duced duties on our manufactures from 12 to 71 per cent, thus abolishing
differential duties. She also tendered us by legislation reciprocal free
trade in all the commodities of the two countries, which we did not ac­
cept.




Reciprocity —

United States and Canada.

161

Such was the condition o f things in Great Britain and her American
colonies, and such our relations with both in 1854, when the treaty of
reciprocity was negotiated and ratified, each province being a party and
ratifying for itself.
This treaty provides for the free navigation of the St. Lawrence, Lake
Michigan, and the canals o f Canada; abrogates the restrictions on the
fisheries, and exempts from duty the following natural products, viz., of
the sea, o f mines, o f the forest, of animals and their products, and of the
soil.
It is not alleged, so far as regards the free articles of the schedule,
that the treaty has not been carried out in good faith by all parties; but
Mr. Hatch avers that it has been violated in spirit and letter by Canada,
in her tariff of duties on our manufactures, and on foreign products
which she has been accustomed to purchase in our markets, and also in
circumventing our Debenture Laws, and in thwarting our restrictions on
lake coasters. Your committee will address themselves to these infrac­
tions o f the treaty before they examine its working and its merits.
TREATY VIOLATED.

Mr. Hatch says a treaty broken is a treaty no lon ger; and proceeds
to show that Canada has violated this treaty by raising her tariff of duties
on our manufactures, (from 12 to an average of 16 per cent according to
Mr. Taylor,) and also by protective and discriminating duties, intended
to shut out our manufactures from her markets, and divert our trade from
its accustomed channels. This being the great feature o f his report, has
been sedulously labored and skillfully elaborated through many pages of
the work.
Canada, like the State of New York, has embarked in an expensive
system of canals, without much regard to revenue. Both parties and
both systems were avowed rivals and competitors for the same trade, viz.,
the trade of each other and the trade of the West beyond and remote
from both. New York in this sharp competition has embarrassed her­
self, and has been driven for relief to direct taxation; but for the Fed­
eral Government standing in her way, she would have sought this relief
in the more secret and insidious method o f taxing imports and consump­
tion.
Canada has even outdone us in extravagance and improvidence, and
has well nigh swamped herself; not only by her unproductive canals,
but she too, like ourselves, has committed the folly o f subsidizing her
railroads; not like us, to the tune of three or four, but twenty millions,
and all hopelessly sunk.
She must seek relief in revenue or repudiation. More fortunate than
New York, the Imperial Government having left the door wide open for
indirect taxation, she has taken a leaf from our federal book, and im­
posed taxes on imported manufactures and other products, almost as
heavy as our federal impositions. Hers average, according to Mr. Taylor,
16, while ours average 21 per cent, ours being still some 25 per cent
higher than hers. She has also copied another feature from our book—
that of protection to domestic industry, to render herself independent o f
both Old and New England.
Of her revenue tariff, prompted by poverty, we have no right to com­
plain. Protection is a problem for her to solve. W hether it is wise for
VOL. x l i v .— N O. II.
11




162

R eciprocity —

United States and Canada.

a young people, like Canada, with illimitable forests, an ample and grow­
ing market at her door for her sawed lumber, and an unlimited market
across the ocean for her squared timber, with a soil productive of bread,
and in England and the Lower Colonies an ample market, whether it
reaches them through the Hudson or the St. Lawrence; with labor dear
and capital scarce ; whether it is wise for such a people to seek a change
of industry by copying from Old or even New England, time must de­
monstrate.
Mr. Hatch not only charges the infraction of the treaty upon this
tariff, but represents it as a breach o f faith, an act of ingratitude after
receiving the benefits of the treaty, and a great wrong inflicted upon us.
It should be recollected that Canada suddenly awoke from her splen­
did dream of monopoly to find herself loaded with a debt o f fifty millions
of dollars, sixteen of which was sunk in the crowning folly of the Grand
Trunk Eailway; with an annual deficit o f four millions o f revenue. It
matters little to us whether she imposes this deficit upon her consump­
tion, including our manufactures and those of Great Britain, or whether
she raises the required revenue by direct taxation; both impoverish her
alike, and lessen her ability to purchase and consume our products. But
Mr. Hatch presses this grievous wrong and imposition into his service
with skill and industry, reiterates the charge with every variety o f ex­
pression, such as “ taxing our labor to build works to rival and rob us of
our com m erce;” “ by imposing extraordinary taxes upon the products of
American industry, she is compelling us to bear her burdens, created to
sustain gigantic rivalries, worthy of imperial ambition, for supremacy by
land and water over our inland commerce, and for the grave influence
which thus may be exercised upon our political career,” leaving the im­
pression that we are a greatly injured nation, and that, too, by a people
on whom we have just bestowed boundless benefits.
In pushing his complaints so far, he has betrayed Mr. Ely into the
avowal, in his Congressional speech, that we pay these duties, not Canada.
The plain English of all this declamation is, that Canada takes three
or four millions o f our fabrics and products for consumption, imposing
upon herself, through her tariff, a heavy duty.
England, too, is subjected to the same imposition and the same suffer­
ing, and bears it with becoming equanimity, and would willingly relieve
“ the fruits of our industry,” as Mr. Hatch has it, from these impositions,
by furnishing these three or four millions herself, to be taxed as best suits
the interests or theories o f Canada.
W e desire to treat Mr. Hatch with the respect due to his talents and
his position, but if he will indulge in clap-trap he must not ask us to
treat it with the gravity o f an argument.
I f it is a great wrong to impose duties on our manufactures, it must
be right to protect and fabricate them for herself; yet here, too, Mr.
Hatch finds a fruitful topic o f complaint. Here lies the sum and sub­
stance o f the infraction of the treaty. The parties agree to exchange
bread and meat without duty, and forthwith Canada raises her duty on
cotton fabrics and whisky, which were not embraced in the free schedule.
Had Mr. Morrel’s bill passed Congress, raising duties and imposing
specific and protective duties on similar articles, we, too, should have
come under Mr. Hatch’s charge o f treaty breakers.
Although a union exists between Canada East and Canada West, there




R eciprocity — United States and Canada.

163

is not harmony. The Lower Province found, when the staple and other
natural products of Upper Canada were relieved from duty, and from
the formalities and expenses o f our debenture bonds, that a strong impulse
was given to her trade with us, and through us with the Lower Provinces
and Great Britain. To counteract this tendency, and force her trade and
allure ours to the St. Lawrence, the undue power of Lower Canada, which
was paramount in the union, was called into requisition, and arrayed
against Canada West and our channels of trade. The gratuitous use o f
her locks and canals was tendered to the trade of the St. Lawrence, and
her discriminating duties were shaped to promote it. This legislation,
unfriendly and unwise, as your committee believe, has well nigh proved
abortive. The Montreal Herald reports the arrival to September 27th,
1854, (the first year of reciprocity,) 258 vessels, tonnage 71,072; and
in 1860, 140 vessels, tonnage 82,460, and this is the port at which the
provincial trade centers, with the exception o f the timber trade o f Que­
bec; no more than a natural increase of trade without the effect of dis­
crimination.
Hr. Hatch’s remedy, or retaliation for this hostility from one-half o f
one of these five contracting parties is, to abrogate the treaty with a ll;
revive our duties; retire from the St. Lawrence; withdraw our debenture
facilities from Upper Canada, and thus compel her to trade through the
St. Lawrence, playing into the hands of Lower Canada; a system o f
non-intercourse, which would reduce a trade of more than forty to less
than ten millions again.
W e cannot, in justice to our citizens and our creditors, counteract
these measures by the gratuitous use of our locks and canals; but your
committee believe sound wisdom dictates that we cherish free trade with
all the provinces; counteract their protective and discriminating policy
by continued and increased facilities in our own, and to other markets
through our channels. W e would drive them from the forge and the
anvil, to the forest and the saw mill, by buying their boards; and from
the spindle and loom, to the plow, by transporting its products through
the cheapest channel to the best market. A little patience and good
temper on our part will set all right.
Canada West, with her fine climate, rich soil, and commercial capabil­
ities, will grow populous and rich, and soon assert and maintain her
rights, and under a liberal and just policy minister largely to our pros­
perity. She is already taking efficient measures to reform the govern­
ment and secure the power due to her population.
CANAL AND R A ILW A Y R IVA LR Y.

Mr. Hatch inculcates the theory with zeal and industry, that the two
Canadas, the British capitalist, and the imperial government, have com­
bined to monopolize the trade of the Far West, by means of canals and
railroads, without regard to income or profit.
The same theory has been widely propagated by our railroads, and
great merit claimed for counteracting this gigantic monopoly. Mr. Hatch
says, page 34 :— “ The changes to he produced by this grasping monopoly
will be developed with the rapidity characteristic of modern times. They
will include the whole system o f our commercial industry.”
Again, page 35, “ This vast commercial struggle, where monopoly is
the end to be gained, must terminate in a colossal combination o f Amer-




164

Reciprocity — United States and Canada.

icati capital and ability, or the field must be abandoned to their royal
rival.” Here we have eloquent declamation to propagate a bald fiction.
Canada, one o f the British provinces, has inaugurated a system o f
canals with her own means and her own credit, “ out o f all proportion to
her wants,” as Mr. Hatch avers, looking to the trade o f the West.
New York, one o f the United States, has done precisely the same
thing; the magnitude of her works is out of all proportion to her wants.
The railroads of both Canada and New York are constructed and man­
aged by private capitalists, and both upon the same scale, and looking to
the Far W est for patronage ; the New York roads subsidized moderately,
and the Canadian largely, by the local governments. All were gainful
schemes; many have proved delusive ones; none have been prompted
by politics or patriotism. It is believed that more British capital is em­
barked in our railroads and canals, seeking Western trade, than in simi­
lar Canadian works.
The British Government constructed the Rideau Canal, 127 miles in
length, soon after the war, from her military chest; it is in no sense a
rival for trade. The Commissioners of the Board o f W orks say in their
report, December, 1859, page 23, that “ the work w7as handed over to
this department in a dilapidated condition, demanding a large expendi­
ture of m oney; that its revenues are derived chiefly from local traffic,
lumber, iron ore,” &c. Herein is comprised the much bruited royal mo­
nopoly, the imperial prodigality to ruin our trade and drive us from the
field.
It should be remembered, if all these fears are realized; if British
capital could be enlisted to build and maintain roads and canals, and
tender them to commerce gratuitously, and thus furnish the cheap chan­
nel for trade between the Atlantic and the lakes, even then the major in­
terest of the lake region would be promoted— the minor interest only
injured. The agriculturist, the great producer and consumer, would en­
joy this bounty, this free road to market, while the defeated lines o f com­
merce would suffer a diminution o f patronage, and be compelled to turn
over their supernumeraries to the more favored occupation.
The Rochester boat-builder and the Buffalo and Oswego boatmen must
turn farmers, but the lake coaster would still pursue the trade to Montreal
and Quebec, and the Atlantic ship would compete for it at Quebec and
Portland. New York city might suffer, but Detroit and Milwaukee need
not be alarmed. The day for protection and monopoly has gone by.
The Grand Trunk, with its magnificent and alarming proportions, must
sustain itself or sink. Canada is paralyzed, and cannot come to its relief.
British capital will no longer bear depleting, and Great Britain, under a
revised and liberal policy, has secured a large share of the trade of our
continent, and cares not whether it reaches her through the St. Lawrence,
the Hudson, or the Chesapeake; knowing, as she does, that the more
numerous its competing channels, the more they minister to the prosper­
ity of herself and her colonies.
The Montreal Witness, in a recent issue, says:— “ The affairs o f the
Grand Trunk Railway appear to be approaching a crisis, and it is gene­
rally anticipated that the whole concern will have to be sold for debt.”
The same article attributes its misfortunes to bad and corrupt manage­
ment, and they might have added appropriately, from Mr. Hatch’s report,
that they transported flour from the Mississippi to Portland for prices
fabulously low.




Reciprocity — United States and Canada.

165

In discussing the merits and working o f the treaty, the following heads
may he disposed of briefly, as it is believed nobody complains o f them
but Mr. Hatch, viz., the Fisheries, the St. Lawrence, Animals, and Min­
erals.
In relation to the fisheries, all will admit that a subject o f national
disquietude has been disposed of. A branch of industry, though regu­
lated by treaty, demanding to be watched over by the men-of-war of both
contracting parties, was troublesome and dangerous. The duty of this
hostile armament was to keep the fisherman to the prescribed line in pur­
suit of his game, which line was on the ocean at a definite number of
leagues or miles from headlands and bays. A better contrivance to em­
broil friendly nations in war could not have been devised by the wit of
man. It matters but little who catch the fish, provided the consumer
can have them at a cheap rate, free from duty. As a school for seamen,
its effects are neutralized, when each maritime nation protects its own
fisheries.
Of the St. Lawrence, while exclusively navigated by Great Britain, it
has been the fashion to disparage its value and importance, on account
of its high latitude, enviroued and crowded by islands, ice-bound and
befogged for half the year. But since we have acquired a right to this
channel by treaty, by abrogation o f the English Navigation Laws, and
by modern international law, as expounded at Vienna by the Congress
of Sovereigns in 1815, it is pertinent to inquire whether it is as worth­
less as Mr. Hatch and his coadjutors would make it. The American
lakes and their outlet occupv a section o f that belt which carries forward
the entire commerce of the g lob e; their latitude not as high as that o f
the English Islands, or the Baltic Sea. The navigation of Ontario and
the St. Lawrence is practicable as long as that of the Hudson, and is safe
and •profitable for the same period o f the year, as that o f Lake Erie and
the Erie Canal. The summer temperature o f the North invites and al­
lures the traffic of the valleys of the lakes, and the Upper Mississippi,
through the Gulf of St. Lawrence, while the fervid heat of the South
repels this trade through the Gulf of Mexico.
Winter reverses this
traffic. Nature has establishd reciprocity among all the channels of com ­
merce, and forbids our impeding any by selfish and hostile enactments.
For most of the period since we became a nation, Quebec has been the
field of more traffic, and the resort of more foreign tonnage, than any
other port on the continent. When the St. Lawrence was improved at
great expense, the inland and coasting trade alone was provided for. It
is estimated by the Board o f Works that another foot of water may be
obtained through this channel at the moderate cost of a million of dol­
lars, conforming it in depth to the Welland Canal, greatly promoting
the lake and Atlantic trade, and rendering it far more effective than the
gratuitous use of locks.' It cannot be doubted that with its slight im­
provement, and some modification in the structure of our lake coasters,
a large amount of tonnage will seek the Atlantic markets through this
channel, during the summer, as regular traders, and a much larger amount
as winter approaches, to secure occupation in milder climates. But m o.
nopoly is inhibited by climate to any and all routes.
The Detroit Tribune, in a late issue, gives a list of lake coasters seek­
ing the Atlantic for employment, comprising ten barks, five brigs, fortyone schooners, one propeller, and eight tugs within the last two years;




166

Reciprocity —

United States and Canada.

total tonnage o f all, except the tugs, 18,085 tons. Two of the barks
and one schooner are Canadian vessels. Two of the schooners only have
been wrecked.
Total entries of sea-going vessels for Canada, inwards and outwards,
for the year 1859, British, colonial, and foreign vessels included, number
3,333; tonnage, 1,282,233 tons.
O f animals and their products, it will be sufficient to say, that the ex­
changes between Canada and ourselves seem to balance each other with
remarkable accuracy. W e copy from Mr. Hatch’s tables:—
IMPORTED INTO CANADA.

1856.
1857.
1858.
Total..........................

IMPORTED INTO UNITED STATES.

$2,896,838 1856 ......................................
2,134,339 1857 ......................................
1,464,873 1858 ......................................

$2,375,388
1,974,516
2,231,786

$6,496,050

$6,581,690

T o t a l ......................

In this trade there seems to be sufficient reciprocity to satisfy the
most captious.
MINERALS.

Your committee are not aware that any other minerals than coal are
exchanged under the treaty. W e subjoin the amount of imports and ex­
ports for the last three years o f the treaty :—
IMPORTED INTO CANADA.

IMPORTED INTO

$448,984
509,494
324,374

1856
1857
1858
Total...........................

$1,322,852

1856
1857
1858

UNITED STATES.

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

$84,228
189,894
93,405

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

$367,527

Here we find three and-one-half times as much coal exported to Canada
from the mines of Pennsylvania, Ohio, and perhaps Northern Virginia,
as are imported from England and Nova Scotia to our Atlantic ports.
Yet Mr. Hatch would invoke from the federal government a protective
and prohibitory duty on this diminutive quantity of co a l; thereby en­
hancing its cost, and stinting the supply to New England of an article
of prime necessity in her rigorous climate, denuded of timber, and
destitute of this mineral, so important an element in her manufacturing
industry. Mr. Hatch insists that we may impose these duties on our
citizens without any fear of similar impositions by Canada on hers. He
says, she, too, has a rigid climate, her forests are fast disappearing, her
minerals are all metals, and demand our coal for smelting them ; and it
would have been in harmony with his report, if he had added her future
great manufacturing cities, which are to grow up under protective foster­
ing, must have coal. And, by the bye, it occurs to us to inquire how New
England, with her fuel heavily taxed, is to compete with Canadian manu­
factures protected by a provident and paternal government. How is she
to furnish the “ fruits of her industry,” as Mr. Hatch has it, cheap enough
to bear Canadian taxation ?
This treaty, in minerals, works in this wise:— W e import into New
England, $120,000 worth of coal per annum. The Federal Government
loses duty, probably on half this amount, or 20 per cent on $60,000, be­
ing $12,000 per annum, while we open a trade in coal through the canals
and railroads of New York, Pennsylvania, and Ohio, of nearly half a




Reciprocity —

United States and Canada.

167

million annually, yielding large revenues to these States, and profitable
occupation to their citizens. Pennsylvania coal is now competing at
Montreal with that of Liverpool and Nova Scotia, aided by the gratuitous
use of the St. Lawrence locks.
PRODUCTS OP THE SOIL AND THE FOREST.

These features of the treaty demand a more elaborate discussion, from
the doubts entertained of their utility, and the opposition provoked by
them to its ratification, and also from the hostile attacks upon them since
it has been in operation.
O f breadstuffs, the staple of both Canada W est and o f the States
bordering on the lakes, their exchange generally does not involve the
question of revenue or consumption, it is merely a question o f commerce
or transportation.
Two countries contiguous to each other, producing a surplus o f the
same commodity, will, when not impeded by artificial means, seek the
same markets for this surplus, and through the cheapest channels. Hence,
if our entire crop should seek a foreign market through the St. Lawrence,
it would in no manner depress or impair the value of the Canada crop.
If a single barrel o f our fiour or many barrels should fall into their con­
sumption, another barrel or an equal number of barrels o f provincial
flour would take their place and seek a foreign market. So again, if the
Canadian surplus should seek a foreign market through the Hudson, it
would, in no manner, affect our farmers or our revenue. All the clamor,
therefore, about the Canadians overwhelming us with breadstuffs, ruin­
ing our markets, running a muck with our farmers, taking the bread out
of their mouths, and our “ carrying coals to Newcastle” when our flour
goes to Canada, is idle declamation, mere clap-trap. The truth is, those
who provide the best channel for these surpluses, partake most largely o f
the benefits o f the treaty, and minister most to the prosperity of the pro­
ducer, whether a subject of the queen or a citizen of the republic.
Here we might quote Mr. Hatch, who, in his zeal to establish the
inequality of the treaty, has unwittingly admitted and affirmed its equality
and reciprocal working.
Page 24, Mr. Hatch says:— “ As Canada produces more wheat and
flour than she can use, our shipments to her are not made for consump­
tion, but must compel the return o f the same or an equivalent to us,
chiefly in a manufactured condition, at the expense of the milling interests
of this country, or its shipment to Europe in foreign vessels, at the ex­
pense of our American bottoms.” This is all true, but it happens to be
but half the truth. As we, too, produce more wheat and flour than we
can use, when Canadian wheat and flour come here, it is not for consump­
tion, but must be returned, or its equivalent, chiefly in a manufactured
condition, at the expense of the milling interests o f Canada, or shipped
to Nova Scotia, Great Britain, or elsewhere, mostly in American bottoms,
at the expense o f foreign vessels. Had Mr. Hatch completed the
paragraph, and told the whole truth, he would have established our pro­
position. Thus far, our channels have enjoyed these benefits in a higher
degree than those o f Canada.
There are, however, some exceptions to the rule here laid down. One
branch of this trade, and an important branch, that does not come under
the head of transportation or of reciprocity, so far as breadstuffs are con­




R eciprocity —

168

United States and Canada.

cerned, is Indian corn and its products. During the year ending June
30, 1859, we exported to Canada, corn and its products comprising:—
Indian meal, lard, pork, hams, and bacon, of the aggregate value o f . . .
Same articles to the other British American provinces............................

$1,180,813
1,127,205

Together.................................................................................................

$2,308,078

This agricultural product goes into consumption, and is expended largely
in their fisheries, lumbering, and shipping, and for the manufacture o f
whisky. This corn and its products go far toward the payment of our
imports of the products o f the forest; which in 1858, amounted to
$3,290,383— and this, too, is an article o f consumption. An exchange
as beneficial to both parties as an exchange of commodities between the
tropics and the temperate zone.
Corn is produced in great abundance, and at small cost on the rich
bottoms o f the Ohio, the Wabash, and the Illinois, and matured by a
warm climate before the frost overtakes it. W hile the pine lumber, a
necessary article of consumption in building, fencing, and manufactures,
is produced in a high latitude, on a sterile and cheap land.
On lumber, the Federal Government has sacrificed a small amount of
revenue, while, by its freedom and expansion, New York has acquired a
large canal revenue, and her citizens extensive and profitable occupation.
Our lake shipping share most largely in its transport, and our canals
monopolize it.
There is still another exception to this rule, another portion o f this
exchange of breadstuffs which is reciprocal and goes into consumption.
Canada East consumes largely o f the spring wheat of Wisconsin and
Illinois, taking it partly in the berry direct from these States, and partly
in flour ground in the State of New York. She prefers this wheat to the
fine article from Canada West, partly from habit and partly from economy.
She has been accustomed to raise her full supply of this description of
grain, but at times, from failure o f crops and diminished culture, she pro­
bably draws half her supply for a population of a million from abroad.
A cheap article, exempt from duty, has allured her to our prairie States
for this supply. On the other hand, New England consumes largely of
the fine wheat and flour of Canada West, since her accustomed supply
of Genesee has failed, and since its exemption from duty has brought it
within her reach.
From an exhibit of the trade and commerce o f Toronto, (C. W .,) for
1859, we make the following extracts:— “ The demand for our flour dur­
ing the past year, has been from Montreal and Quebec for the lower grades,
while for fancies and extras, purchases have been mainly made for Bos­
ton and other New England markets.” Again, “ The manufacturing dis­
tricts of the New England States require a description of flour superior
to any that has hitherto been produced in the West.”
Of barley it says:— “ Over 167,000 bushels have been exported the
last y ea r; the purchases for export were mainly with a view to the
Albany market,” (breweries.)
“ The import of Indian coi n at this point last year, for the manufacture
of whisky, amounts to 143,524 bushels, valued at $100,333.” Here is
reciprocity ; with this difference, we obtain the best beverage.
Revive the duty o f 20 per cent on bread, yielding but a paltry revenue




R eciprocity — United States and Canada.

169

to the Federal Government, an extensive and beneficial trade would be
broken up. Canada East would be compelled to eat a white and a dear
loaf, while New England would have the alternative of a taxed loaf, or a
brown one. Illinois and Wisconsin would flood their single market, al­
ready overstocked, with spring wheat. And here we may repeat the
question, how is New England to compete with the protected manufac­
tures of Canada, with her bread taxed, as well as her fuel? It is apparent
that free trade in breadstuffs, a subject so fruitful of cavil and clamor, is
not so barren of benefits as a superficial observer would imagine. Their
exchange for consumption, so far as it goes, is highly beneficial to both
parties, the remainder having the choice of the cheapest and best channel
to a distant market, exempt from duty, and free from the formalities and
expenses of our debenture system.
The free importation o f Canada lumber is fraught with benefits to all.
On our part, the carrier, the canals, and the consumer share largely and
directly in these benefits, and the manufactures of New England and
New York incidentally. Canada finds appropriate and profitable occupa­
tion in its preparation and transport, and derives from its sale an ample
fund with which to purchase from us her agricultural implements, her
building materials, and staple fabrics for consumption.
Your Committee are not familiar with the lumber trade on theseaboard,
but observe in the statistics of trade that w7e export to the Lower British
North American Provinces, pitch pine, locust, hickory, black walnut, and
oak, which they do not produce; and it is believed that Maine finds some
equivalent in the free use o f the St. Johns Eiver, for the competition o f
New Brunswick in the pine lumber trade.
Our debenture system Mr. Hatch treats as a proffered boon, rejected
and thwarted by Canada. So far from a boon, its aim and object was to
promote our carrying trade, by alluring to our Atlantic ports the pro­
ducts of other nations, to be again distributed to their respective markets,
exempt from duty, other than a commission or tax o f 2-t per cent. Its
operation was extended to Canada and New Mexico by act of Congress,
August, 1846. Now, inasmuch as Lower Canada has endeavored, by
discriminating duties and protective laws, to annul and counteract the
operation of this debenture system, and force Canada West, as Mr. Hatch
says, to import her tropical products by a circuit through the St. Lawrence,
of a thousand miles, therefore he would annul the law, and compel Upper
Canada to import and export through this circuitous channel, thus play­
ing into the hands of Lower Canada, and yielding this valuable branch
of the carrying trade.
W e subjoin extracts from official tables of Canada “ Trade and Naviga­
tion ” for 1859, page 199 :—
Imported through the United States under debenture bonds, in value.
Of which pays 25 per cent duty .........................................
$28,652
“
20 and 15 per cent......................................
4,278 287
“
10 and 5 per cent.........................................
120,547
Purchased in the United States, products of other countries ...............

$4,546,491

Foreign products............................................................
Products of United States............................................................................
Of which pays 25 per cent duty..........................................
$140,611
“
20 and 15 per cent duty.............................
2,487,251
“
10 and 5 per centduty...................
506,724
Free goods...............................................................................
8,040,225
Total imports......................................................................................

$9,898,856
12,237,541




5,851,865

-------- -------$22,135,897

170

Reciprocity— United States and Canada.

O f the foreign products, tea amounts to 5,825,052 pounds, of the value
o f $2,071,339, which is imported from China in American bottoms, ex­
ported to Canada through our canals and railroads, yielding freight,
warehouse charges, and mercantile profits. It is difficult to imagine a
more suicidal measure than the one proposed by Mr. Hatch, o f repealing
the Debenture Laws, so far as they relate to Canada.
COASTING TRADE.

The only remaining subject of criticism and complaint is the interna­
tional coasting trade. Mr. Hatch says :— “ In this competition of ship­
ping, American ship-owners run a race in fetters. The staple manu­
facture of Canada has long been that of ship building for exportation,”
&o. If this be so, the result tells well for the bottom and speed o f the
American ship-owner.
By referring again to report o f the Canadian Board o f Works, page
143, we find the tonnage of the lakes and St. Lawrence for 1859, divided
as follows, viz.:—
American vessels, 1,206, tonnage.................................................................
Canadian vessels, 329, tonnage.................................................................

319,460
70,734

By referring again to report o f “ Trade and Navigation” of Canada
for 1859, page 275, it appears that the coasting trade to and from 66
Canadian ports, is divided as follow s:—
Entries inward and outward of American steam and sail vessels, .tonnage
“
“
Canadian
“
“
.................
(Ferries excluded.)

4,682,394
2,353,936

The British navigation laws forbid to American vessels the coasting
trade of the British North American Provinces, while our retaliatory
laws forbid to provincial vessels our coasting trade. All discriminating
restrictions on direct trade between these provinces and the States have
been removed, while coasting restrictions have been greatly modified and
ameliorated.
W e find in United States “ Commercial Relations,” vol. I., pages 56
and 57, the following remarks; after alluding to the restrictions on trade
with the British West and East Indies, it says:— “ W ith the North
American provinces, however, a system o f the most liberal and unrestricted
character has been adopted, which, to a great extent, places commercial
intercourse between the United States and these provinces on the footing
of an unfettered coasting trade.” Passenger vessels are allowed to land
on the opposite coasts, from point to point; passengers with their bag­
gage, family stores, implements o f trade, <fcc.
The treaty o f reciprocity, by opening the navigation o f the St.
Lawrence, the canals, and Lake Michigan, has still further relaxed these
restrictions. Our vessels, passing down the St. Lawrence, or through it
to the ocean, are obliged to pass several Canadian ports o f entry, and are
allowed to lighten at the locks, and reload at Montreal or Quebec; or
pass the locks partly loaded, and fill up below for a foreign voyage.
While through the intervention o f the Canadian railways, a coasting
trade is sanctioned, which would otherwise be unlawful. A voyage from
Michigan to New York in a Canadian bottom would not be lawful, but
a voyage from Chicago to Port Sarnia, Windsor, or Port Colbourn on
lakes Huron and Erie, and again from Hamilton or Port Dalhousie on




Reciprocity —

United States and Canada.

171

Lake Ontario to a New York port, would be lawful, though the identical
goods may have constituted the freight for both voyages, having passed
from the upper to the lower lakes by a railway. The same license or
latitude would be extended to an American bottom if similar cases should
occur, which, from the nature of the trade, are not so frequent.
From the tenor of Mr. Hatch’s argument, the impression is left on
the general reader, that this is a violation o f the spirit of the treaty,
whereas, it is a mutual relaxation of coasting restrictions, a violation o f
the spirit of the British navigation laws, a remnant o f barbarism two
hundred years old— a remnant which it is believed every commercial
man on either side of the lakes would be glad to see abolished; and it
is a subject of regret that the treaty did not abolish this troublesome re­
striction, at least between us and British North America.
The growth and magnitude of our trade with these Provinces is so
well known that it is not deemed necessary to load this report with fig­
ures and statistics. W e only subjoin the aggregate of this trade at three
distinct and well defined periods in its history. The first, 1830, when
the British navigation and our retaliatory laws were in full operation.
The second, 1840, when a relaxation of these measures, produced by
Mr. McLane’s negotiations, had operated for ten years; and the third, in
1855, when the debenture law had been in operation nine, and the treaty
of reciprocity two years:—
1830, Imports from BritishNorth American Provinces..........................
“
Exports to same................................................................................

$650,308
8,186,878

Total..........................................................................................
$4,436,676
1840, Imports..... ................................................................
$2,007,767
“
Exports........................................................................
6,093,250
Total..........................................................................................
1855, Imports fromCanada.................................................
“
“
“
other British N. Am. Provinces.. .
“
“

$8,101,017

$12,182,814
2,954,420

Total imports............................................................................
$15,136,784
Exports to Canada...................................................
18,720,344
“
other British N. Am. Provinces.........
9,085,676
Total exports............................................................................
Imports andexports

total.................................................

$27,806,020
$42,942,754

It will be perceived that the amount o f exports over imports are suffi­
cient to satisfy those who deem the balance o f trade an important element
in commercial exchanges.
The discussion of canal and railroad rivalry, and the debenture and
coasting laws, does not belong to our subject, but has been forced upon
us by Mr. Hatch, who has pressed them into his service in his crusade
against the treaty.
REVENUE.

On the loss o f revenue by the treaty, Mr. Hatch has discanted largely,
has taxed his imagination to swell it to a fabulous amount; he has, by a
refinement of cruelty, tantalized us by parading the millions we might
have pocketed if we bad made the free goods pay duty, millions which
we could, by no possible scheme, ever touch. The truth is, the little rev­




172

Reciprocity —

United States and Canada.

enue we did enjoy before the treaty would, under augmented duties and
multiplied restrictions, have dwindled to a mere bagatelle.
W e have shown incidentally, that the small loss o f revenue to the fed­
eral government on mineral and forest products has been restored many
fold to the frontier States; that products o f the soil in transitu would
escape taxation under our debenture law. I f New England could be
made to yield to the federal treasury every fifth loaf o f her Canada bread,
and every fifth bushel of her Nova Scotia coal, it would not prove a
financial achievement to excite much exultation. It is true, as Mr. Hatch
avers, we have numerous custom-houses on the frontier, and he might
have added on the seaboard also, attended with heavy expenses, and
yielding little or no revenue. This is incident to our revenue system;
one office collects revenue from the honest importer, while ten officers,
with their cutters and numerous officials, are stationed as sentinels, not
to collect, but to protect revenue by guarding against fraudulent impor­
tations.
W e know of no other remedy for this evil on this frontier, than the
adoption of the German Zolverein, which is said to be operating over a
population of more 30,000,000. It is, in effect, like collecting the rev­
enues o f the lake frontier at Quebec and Portland, and distributing them
per capita over the whole region ; abolishing custom-houses by the hun­
dred, and disbanding armies of public functionaries. Some o f the most
enlightened statesmen o f Canada advocate this reform.
If our exposition of the terms and working of the treaty is a faithful
one, it proves that there has been no infraction of it, that its benefits
have proved reciprocal, that the unfriendly, and, as we believe, unwise
legislation of Canada, has well nigh proved abortive, and will probably
work its own cure. W e would remove all coasting restrictions by leg­
islation or by treaty. After this, if the contracting parties can devise
other and better means of carrying on their governments than through
the custom-house, then a system of perfect freedom and reciprocity of
trade may be inaugurated; then British North America will yield to us
all the benefits of federal States, without the tax and burthen of their
government.
W idely different are the results of Mr. Hatch’s labor; he finds a bro­
ken treaty, conferring great benefits on one party, and inflicting great
injuries upon the other. In his zeal to make out a case, he has involved
himseif in numerous absurties and contradictions. On the one hand he
alarms us by an appalling conspiracy to monopolize the lake trade, and
turn all through the St. Lawrence; on the other, scouts this navigation
as worthless, and says Canada sends to our markets six times as much
breadstuff's as the British, through this protected channel. He abuses
Canada for “ taxing the products o f our industry,” which means, when
explained, for taxing herself when she consumes our fabrics, and still
more, when she refuses to take them, and fabricates for herself. He be­
rates her for overwhelming us and our markets with her products, and
still more when she withholds and attempts to send them down the St.
Lawrence, and that, too, by the gratuitous use of her locks. He complains
that Canada W est is obliged, by Provincial discriminating and specific
duties, to import her tropical and other products through the St. Law­
rence, by a circuit o f a thousand miles, and at the same time proposes to
withhold our debenture facilities, by the operation o f which she can es­




Commercial and Industrial Cities o f the United States.

173

cape this imposition and avoid this circuitous voyage. It would seem
his commission does not restrict him to the exposure of abuses, but com­
prehends their cure also. For this purpose he would repeal the Debent­
ure Laws, enforce the coasting restrictions, re-impose duties on the list
of free goods, and that, too, perhaps through the agency of the Secretary
o f the Treasury, (as “ a treaty broken is a treaty no longer,” ) without
waiting the ten years prescribed by the treaty, or the action o f the treaty­
making power. He would retrace the path o f commercial reform, go
back a hundred years, to the age of restriction, retaliation, and non-inter­
course, when two ships of different national character were required to
perform the work of one, thus doubling the labor and cost o f exchanging
commodities.

A r t . III.— COMMERCIAL AND INDUSTRIAL CITIES OF TIIE UNITED STATES.
N U M B E R L X X V T II.

BOSTON,

M A SSA C H U SE TT S.

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

PAST

Y E A R — M A N U F A C T U R IN G

A C T IV I T Y — BOSTON

S H IP P IN G

L IS T — M A R ­

K E T S — S H I P P I N G — M IL L S — T H E C O M IN G Y E A R — F O O D A N D M A T E R I A L S — B O O T 8 A N D 8 H O E 8 — S H I P P I N G
I N T E R E 8 T — C O T T O N — D O M E 8T 1C 8— F IS H — F L O U R — G R A I N — W O O L — L E A T H E R .

T h e annual reports of the trade of Boston show a considerable degree
of prosperity, indicative of the concentration of business that is produced
by the influence of railroads. The population and valuation of the city
has been as follow s:—
POPULATION AND VALUATION OF BOSTON.

1800 ......... . . .
1 8 1 0 .........
1820 .........
1830 .........

Population.
Valuation.
$15,096,700 1840 ...........
24,937
18,450,500 1850 .......... . . .
33,787
38,289,200 18 55...........
61,392
59,586,000 18 60...........

Population.
136,881
177,902

Valuation.
$94,581,600
180,000,500
241,932,200
311,978,663

The valuation Jd the last ten years has increased $131,900,000, and in
the last five years the increase has been greater than the whole value of
the city in 1830, up to which time the railroads had not come into ope­
ration, either in Boston or in those remote sections where o f late such
large markets for New England manufactures have grown up. The im­
provements in machines, and the concentration of capital in Boston,
have, as it were, constantly attracted thither raw materials to be wrought
up into goods, which, mingling with the New York importations, have
found sale for Massachusetts labor in every section o f the country to
which rails penetrate. W hile the surrounding States have been large
producers of the goods owned in and shipped from Boston, there has
been apparently a constant concentration of labor in the city. The cen­
sus returns of the industrial statistics o f Boston, o f which the following
is a summary, show the number o f establishments, amount o f capital,
value of articles used, and the yearly products in each ward:—




174

Commercial and Industrial Cities o f the United States:

No. estab- Capital
Wards. libhm’ts. employed.
i . ..
12
$467,000
2 ...
63
1,802,000
3 ...
312
2,303,000
4 ...
218
2,484,000
5 . ..
12
62,000
6 ...
43
120,000
7 ...
77
969,000
8...
69
839,000
9 ...
28,000
7
1 0 ...
62
374,000
1 1 ...
30
780,000
1 2 ...
42
2,617,000

Products.
$1,211,000
4,669,000
8,415,000
7,258,000
256,000
509,000
3,697,000
1,979,000
135,000
833,000
2,270,000
6,710,000

13,410

o
o

931 $1 2,845,000 $19,852,000 $37,947,000

Pay of
Men.
men. Women
245 $9,020
62
1,908 52,890
11
2,730 100,660
619
2,599 78,430 2,160
115
24
5,000
260
2
8,500
1.120 35,100 1,055
208
727 37,000
6
49
8,700
29
536 18,000
78
737 49,000
56
2,385 69,400

1r—

Total.

Materials
used.
$700,000
2,620,000
5,033,000
3,474,000
78,000
341,000
2,501,000
673,000
106,000
365,000
558,000
3,473,000

Pay of
women.
$800
185
10,194
34,341
330
25
15,100
4,505
70
884
1,566
904

4,309 $68,403

It will be seen by the above that the monthly pay roll for the manu­
facturing establishments of the city is, for men, $471,700; for women,
$68,403. This amounts to $6,481,206 a year. The above does not in­
clude the great building interest of the city— carpenters, masons, paint­
ers, and slaters not being reported, except in two or three wards, where
their numbers are small.
The largest number of establishments is in
ward 3, and here, too, the amount o f products and the number and
monthly pay of men are the largest. In ward 4 there is the largest num­
ber of persons employed, and in ward 12 the capital is the largest. In
ward 2 ship-building was not carried on to any great extent for the year
covered by the report, and consequently the aggregate is much smaller
than it would otherwise have been.
The aggregate of products, it will be seen, is $37,947,000, but there
are some omissions, which would have swelled the amount to upward of
$40,000,000.
One important omission is that of the great Boston Gas Company,
which employs a large number o f men and annually produces gas to a
heavy amount in value.
The productions of the dentists of Boston, o f whom there are 95, have
been also, except in a few instances, altogether omitted.
These city manufactures, as we have said, are, however, not an expo­
nent of the vast interests which Boston has in the products o f the New
England States, for most of which she furnishes the capital. O f late,
efforts have been made to restore to Boston the control of the sale of her
goods, by ceasing to send them to New York and other cities through
the hands of agents, and attracting buyers there. This is described by
Lorenzo Sabine, Esq., Secretary o f the Board o f Trade, as follow s:—■
The New England Society was incorporated in 1826,* with ample
powers and important privileges; and its records show that during the
thirty-four years of its existence, some of the most honored men of Mas­
sachusetts and of New England have assisted in the direction of its
affairs. Its income from real and personal estate is limited to six thou­
sand dollars annually, by a provision in the charter; but it may promote
and encourage domestic manufactures of every description, as well as
mechanical skill in every department of industry, by public sales and ex­
hibitions o f the products of the arts, by awarding premiums for new in­
* The persons named in the charter are Patrick T. Jackson, Jesse Putnam, John Doggett, Henry
A. S. Dearborn.




Boston, Massachusetts.

175

ventions and for the best specimens o f skill, by inducing any new dis­
coveries which may be made in other countries, and by collecting models
of inventions at home or abroad, and communicating the same to the
manufacturers and mechanics of New England; and generally, by the
adoption o f such measures as the members of the corporation may think
will at any time tend to the advancement of mechanical and manufac­
turing skill; while two public sales may be held annually, without pay­
ment of the tax imposed on goods sold at auction, on the single condi­
tion that the articles offered at these public sales shall be of the growth
and manufacture of the United States. Originally, its officers were a
president,* ten vice-presidents, twenty-five directors, a treasurer, a secre­
tary, and two standing committees; but in 1829, the number of vicepresidents was reduced to four, and of directors to twelve.
Its earliest measure was the establishment o f periodical exhibitions
and sales o f domestic goods by auction in Boston, the city government
granting the free use o f Quincy Hall for the purpose. The first sale was
on the 11th of September, 1826, and the second on the 24th of the fol­
lowing month. These were succeeded by annual or semi-annual sales
for several years, with beneficial results. Indeed, the plan o f disposing
of manufactures by auction brought American fabrics into notice; called
public attention to the manufacturing interest; attracted buyers to the
city from all parts of the country; secured a home market; and fixed
the price of the staple productions o f our looms in a manner not then
to have been otherwise accomplished. The fairs and sales were, how­
ever, suspended in 1832, “ owing to temporary circumstances, and inac­
tivity on the part of the society,” and were not resumed until 1859.
In 1840, a committee appointed the previous year to devise ways and
means for the promotion of the interests and objects of the society, made
a report, in which they remark that its charter is “ a great boon,” and of
vast importance to the people of New England, and should be estimated
and preserved; and they recommended the most rigid “ observance of
all the formalities and technicalities” of that instrument, and of the by­
laws, as well as the keeping o f accurate records o f their transactions, in
the belief that the time would come when the powers and privileges
granted by the Legislature, “ might be exercised with manifest advan­
tage.” In the judgment of the officersj of the past year, the period
thus anticipated has arrived. A t the annual meeting, January 12, 1859,
a committee of fivej were charged with the duty of inquiring into the
expediency o f re-establishing the semi-annual sales; and, on tlie 21st of
that month, a report was made, in which all concurred in advising the
measure. The result was the appointment of a second committee o f fif­
* Levi Lincoln (then Governor of the Commonwealth) was the first president. His successors
arc Nathan Appleton, (in 1835;) Abbott Lawrence, (in 1848;) David Sears, (in 1852;) Samuel Law­
rence, (in 1855;) Thomas G. Cary, (in 1856.) and Deming Jarves. (in I860 )
Of the officers elected in 1820, twenty-three have laid down mortality.
t The officers elected January 12,1859, were as follows:—
President—Thomas G. Cary.
Vice-Presidents—Levi Lincoln, William Sturgis, James W . Paige, Deming Jarves.
Directors-Thom as Motley, James Read, John A. Lowell, James M. Beebe, Edward Brooks,
Henry Hall, James K. Mills, Edward H. Eldridge, William Appleton, Samuel Torrcy, Francis
Skinner, Ames A. Lawrence.
Committee on Accounts—Samuel Torrey and Patrick T. Jackson.
Secretary—Peter Butler.
Treasurer—Abbott Lawrence.

x Thomas G. Cary, J. Wiley Edmands, Nathan Appleton, Benjamin E. Bates, James W. Paige
and Amos A. Lawrence.




176

Commercial and Industrial Cities o f the United States:

teen,* to correspond with the manufacturers o f New England, in order
to ascertain whether a sufficient qnantity of goods would be contributed
to attract buyers, and if so, to make the necessary arrangements.
The answers afforded such encouragement that the committee proceeded
to appoint the time and place for a sale, and to engage the services of
auctioneers.-)- The catalogues of the various kinds of goods contributed
occupy one hundred and ten printed quarto pages; and as several lots
were doubled, the quantity actually sold was considerably larger than
was promised; while the “ outside transactions,” or private purchases,
were probably quite half in amount to those at auction. Of the sale
itself, and of the policy o f semi-annual sales hereafter, we forbear to
speak, simply on the ground of decorum. The New England Society is
under the control of gentlemen who are entirely competent to decide
every question which concerns i t ; who possess full knowledge o f the de­
precatory comments of persons and newspapers in other cities, and who
are well acquainted with the opinions expressed here, as to the degree of
success which attended the endeavor in July, to restore to Boston its
former position in vending our manufactures, and we would not intrude
with advice or suggestion.
The general business of Boston for the past year promised well until
the election brought with it its disturbing causes. The manufacturers
were well employed, and the flow of food and raw materials into Boston
for distribution to the manufacturing districts gave evidence of a healthy
activity, and goods in return flowed freely back for shipment. The an­
nual report of the Boston Shipping List remarks :—
Up to the middle o f November, all departments o f our trade were in
The West, enriched with most bountiful
crops at a time when short supplies in Europe guarantied good prices—
the South, with cotton crop prospects falling somewhat short o f last year,
but as all the leading markets were advancing for this staple, with manu­
facturers fully employed at home and abroad, a better range o f prices
was likely to make up for the deficiency of the crop— all conveyances by
lake and river, canal and railroad, profitably crowded with produce seek­
ing an outlet at the seaboard, giving more employment to the shipping
interest and better freights than had been obtained for several years—
manufacturers very generally employed and preparing for increased
activity in all departments— it was no wonder that the suddenness o f the
panic in November, together with its novel and uncertain character, put
a stop to all kinds of business, and upset for the time being all calcula­
tions for the future.
The receipts of the various articles o f produce, with some few excep­
tions, show a fair increase over previous years.
The increase of 58,272
bales of cotton, over the very large receipts of last year, is an indication
that the cotton mills o f New England have been fully employed. The
activity of the trade in 1860, in connection with the prosperity o f the
two previous years, has placed this department of our industry in a very
flourishing position. W oolen manufacturers have also enjoyed a very

a very flourishing condition.

* Deming Jarves, David Sears, Henry A. W hitney, J. W iley Edmands, James M. Beebe, Amos
A. Lawrence, Benjamin E. Bates, Tyler Batcheller, Augustus Lowell, Patrick T . Jackson, George
C. Richardson, R. M. Mason, Henry A. Rice, and Alexander H. Rice.
t The gentlemen employed were Messrs. Townsend, Mallard & Cowing, N. A. Thompson & Co..
Samnel Hatch, and John H. Osgood, all o f Boston.




Boston, Massachusetts.

177

healthy and profitable trade during the year. Fears are entertained,
however, that the coming year will be an unfavorable one for the manu­
facturing business on account of our present political and financial
troubles. Manufacturers, in consequence, now move with the greatest
caution. Purchases o f the raw material are made only as wanted to com­
plete assortments, as it is thought advisable to reduce present stocks
rather than add to them, which is usually done at this season. Our cot­
ton mills, with goods sold up comparatively close, and a fair export and
home demand for the most desirable fabrics, will continue the production
without much abatement for the present, but woolen manufacturers will
reduce the production to some extent unless confidence is soon restored
to business circles.
Breadstuff's, provisions, and produce generally have met with a very
fair demand. Great Britain has purchased largely of these products the
past year, and good prices have been realized. W ith the West and South
our trade has been comparatively large, and with the facilities afforded
by new steamship lines to the South, the prospect of a largely increased
trade was quite promising for the future. W ith Canada our produce
trade is increasing quite rapidly. This trade is yet in its infancy, as only
a few years have passed .since produce from that section sought our mar­
ket to any extent, but now large supplies of flour, oats, peas, barley, but­
ter, hogs, and other articles are daily arriving and make up no inconsider­
able item of our aggregate receipts. The value of some few article of pro­
duce received from the South, the West, and the Canadas in 1860, nearly
all o f which is consumed in this neighborhood, is estimated as follows:—
Cotton.................................
Flour....................................
C orn....................................
O a ts ....................................
C o a l....................................

$20,000,000
7.000,000
1,500,000
600,000
3,000,000

Hides.............................

2,000,000

Leather................................
Provisions............................
Naval stores........................
Butter and cheese...............
W ool....................................

10,000,000
3,000,000
700,000
3,500,000
6,000,000

The boot and shoe trade shows a falling off of 92,000 cases compared
with 1859, the quantity forwarded from our city by water and railroad
comprising 658,000 cases against 750,000 cases last year, a falling off in
business equal to 83,500,000. The prospects o f the trade, which were
encouraging early in November, have again become uncertain by the
occurrences o f the past six weeks, and manufacturers do not look for any
activity for the present.
Calcutta goods, with the exception o f gunny cloth, have moved off
quietly during the year, but at prices on the whole which were not
satisfactory. The imports of the year show a falling off in nearly all the
leading items, such as linseed, saltpeter, gunny bags, and cloth, compared
with last year. The markets of the country, however, have been amply
supplied with Calcutta goods, and the amount taken for consumption,
based upon the movements of previous years, have fallen short of expecta­
tion.
The shipping interest has been more fully employed and better paid
than for several years. The large amount o f breadstuff's going forward
to Europe has given employment to all available tonnage, while vessels
engaged in the East India trade, and other branches of our commerce,
have obtained very remunerative rates, forming quite a favorable convol

.

x l iv

.—




no

. x i.

12

178

Commercial and Industrial Cities o f the United States:

trast with the general dullness which prevailed throughout the year 1859.
The arrivals and clearances have been as follows:—
I 8 6 0 ..
1 8 5 9 ..
1 8 5 8 ..
1 8 5 7 ..
1 8 5 6 ..
1 8 5 5 ..
1 8 5 4 ..
1 8 5 3 ..
1 8 5 2 ..
1 8 5 1 ..

Ships.
187
248
171
246
241
227
246
203
236
191

■Arrived.------------ -------- >
Harks. Brigs. Schooners. Total.
1,879
.359
866
3,291
381
1,649
3,089
811
764
1,488
324
2,747
394
759
1,509
2,905
351
723
2,692
1,377
1,682
326
849
3,084
395
883
3,091
1,567
1,566
333
882
2j984
832
840
1,466
2,864
288
2,838
817
1,542

,--------------------- Cleared.—
Ships. Barks. Brigs. Schooners.
122
3.59
860
1,907
380
1,572
177
757
722
1,603
189
302
214
359
671
1,669
1,618
210
755
367
398
1,759
193
948
394
233
873
1,671
1,629
160
372
912
850
1,486
188
839
349
806
1,560
133

Total.
3,288

2,886
3,066
2,813
2,940
3,298
3,171
3,078
2,863
2,848

Besides the above 47 steamers have arrived during the year, and 48
have cleared.
The business in some of the leading articles have been as follows:—
C o t t o n .— All good cotton arriving during the first ten months o f the
year found a ready sale at comparatively high prices, hut with more
abundant supplies o f inferior descriptions, low grades were less sought
after. Our market in October was more active and buoyant than any
previous month of the year, the injury to the crop inducing manufac­
turers to purchase quite freely on the spot and to arrive. The political
and financial troubles the past six weeks nearly put a stop to business,
and prices have been irregular and unsettled, although near the close of
the year a much better feeling prevails. Purchases to some extent early
in December were made at 1 a 2 cents per pound decline, hut the market
has since recovered and present current rates are within i a i cents per
pound of the highest point o f the year. The arrivals of the year show
an increase of 58,272 bales over last year, and are the largest ever re­
ceived. The bulk o f this increase has been received during the past four
months, and was contracted for at comparatively high prices in the lead­
ing Southern markets. Buyers who looked to our market for supplies
have been able to purchase on much easier terms. The activity among
our manufacturers has continued through the year without abatement,
and the consumption of the article has steadily increased. The prospects
of the coming year open quite unfavorably, to say the least. The highest
and lowest prices for five years have been as follows :—
MIDDLING FAIR NEW ORLEANS.

1860........................................
1859.........................................
1858.........................................

12J a H
12* a 14
11 a 14*

1857........................................
1856.........................................

12
11

a 18*
a 14£

The receipts have been as follows:I860 ................................ bales
1859...........................................
1858..........................................

381,966
323,694
279,623

1857
bales
1856.................................. . . .

211,604
286,564

D o m e s t ic s .— The demand for cotton goods has continued without
much abatement nearly the entire year, and the production o f all our
leading mills has found a ready sale at good and remunerating prices.
The market opened with an active demand in January last for consump­
tion and export, and large contracts were made early in the year for
drills, heavy sheetings, and other desirable goods, the engagements o f




179

Boston, Massachusetts.

drills extending in some instances throughout the year. Brown drills
opened at 8£. a 9 cents, and the entire production o f the year has been
sold mostly at these figures, although at the close 8 i cents is the current
rate. All other leading styles o f cotton goods have sustained very good
and uniform prices during the year. The comparative exports from Bos­
ton and New York the past five years have been as follows:—
1860............................................. ...packages
1859...................................................................
1858...................................................................
1857...................................................................
1856

Boston.

New York.

Total.

36,804
33,362
31,421
30,959
39,740

86,059
74,549
69,994
26,663
34,782

121,863
107,911
91,415
57,612
74,522

The prospects of the trade the coming year are not so encouraging as
last year. Our exports to the East Indies have been materially checked
for some months past, and drills begin to accumulate in the hands of
manufacturers. The Western trade promises fair, but to what extent the
political and financial excitement will interfere with operations with the
South and West remains to be seen. The trade for a month or two past
have been disposed to purchase lightly, but as there is only a small stock
of desirable goods in the hands o f manufacturers, no material change in
prices is looked for at present. To California the shipments have
amounted to 4,367 packages against 6,800 packages in 1859, 6,922 pack­
ages in 1858, 2,947 packages in 1857, 5,161 packages in 1856, 9,992
packages in 1855, 1,601 packages in 1854, and 6,524 packages in 1853.
The highest and lowest prices for heavy sheetings and drills for five years
have been as follows :—
1860..............................................
1869..............................................
1858 ............................................
1857 ............................................
1856..............................................

Sheetings.

Drills.

Exports.

8Ja8f
8J a 9
7*-a 8*
8* a 9*
7J a 8|

8* a 9
8* a 9
81 a 81
8* a 9*
7 } a 8J

35,804
33,362
31,421
30,959
39,740

Value.

$2,181,926
1,974,403
1,769,701
1,907,155
2,219,668

94
34
21
22
89

D v e w o o d s .— T he h igh est and low est prices for som e years have been
as f o llo w s :—
St Domingo logwood.

1860..................................
1859 ......................................
1858 ...............................
1867........................................
1856........................................

$13 00 a $17 00
12
50 a1550
10 75 a 15 00
10
00 a2200
16
00 a2250

Sapan wood.

$40 a $45
40 a 52*
47* a 75
65 a 100
50 a
65

Lima wood.

$52*
65
90
85
70

a *75
a 87-*
a 125
a 95
a 90

F is h .— Prices of mackerel have been quite irregular the past year, ow­
ing to the variety of qualities embraced in the catch. For six weeks past
prices have been quite unsettled, and fare sales for cash have been made
at very low figures. Early in the season the prospects o f the catch were
very unfavorable, all vessels from the bay returning with unusually small
fares, but during October and November shore mackerel were caught
quite freely, and the bay fleet toward the end o f the season were more
fortunate. The returns o f the Inspector are likely, in consequence, to
add up much larger than last year, o f which no inconsiderable part are
medium 2’s. The highest and lowest prices for some years past have
been as follow s:—




180

Commercial and Industrial Cities o f the United States:
No. 1.

1860.......................
1859 .....................
1858 .....................
1857.......................

$18
14
9
8

00
00
00
00

a $18 50
a
17 00
a 16 00
a
14 00

No. 2.

$6 50
11 60
8 00
7 00

a
a
a
a

14
15
14
13

No. 3.

00
50
00
00

$5
8
5
6

00 a $10 60
00 a1 1 0 0
00 a 11 00
50 a
9 00

Medium and large codfish have been comparatively uniform in price
during the year.
1860...................................................................
1859.................................................................

Large.

Small.

$3 00 a $4 25
3 00 a 4 50

$1 25 a $‘2 50
2 00 a 3 25

The exports of fish have been as follows :—
Codfish.............................................................drums
Codfish...............................................................boxes
Codfish................................................................ qtls.
Mackerel..............................................................bbls.
H erring.............................................................boxes

I860.

1859.

1858.

9,576
7,720
38,886
46,167
125,277

8,489
6,620
33,702
56,041
92,074

9,235
8,579
66,218
77,193
85,381

F l o o r .— The flour market maintained a very uniform tone until the
middle of November, and prices were less fluctuating than in any pre­
vious year for ten years, the variations of the different brands, except a
few of the very choice grades of superior, not exceeding 25 a 50 cents
per barrel. The first six months of the year the export demand anticipated
was not realized, and, with a large stock o f old wheat and flour on hand,
and the prospect of a larger crop than for many years, nothing could
have prevented prices from touching a very low point except the failure
o f the crops in Europe, which at that time became quite apparent. From
September to early in November the movements in breadstuff's were
more extensive than at any previous period in the history of the trade.
Every conveyance has been called into requisition to convey the suiplus
products of the West to the seaboard, and this surplus has been freely
taken for the English market, the shipments to that destination largely
exceeding any previous year. Notwithstanding this extensive export de­
mand, prices rapidly declined the last o f November and early in Decem­
ber, ranging some two weeks ago from $4 25 a $4 50 for the common.
For four weeks in November and early in December the article was almost
unsaleable, which, at a time when our harvest receipts were coming for­
ward, greatly depressed the trade. This state of things was brought
about by the unsettled state of political affairs, the unexpected and strin­
gent money market, and the difficulty of negotiating exchange. Within
the past two weeks the advance has been as rapid as the decline a few
weeks previous, and the current prices at the close of the year are $5 25
for common. The injury to the choice winter wheat in the vicinity of
St. Louis has materially reduced the quantity of choice flour received
from that section, but the choice family brands of Baltimore have in part
made up this deficiency. From Canada very choice flour has been re­
ceived, but not to such an extent as last year, but from Ohio and Michi­
gan the flour received gives more than the usual satisfaction. The highest
and lowest prices of Western fancy, extra, and superior flour, including
choice St. Louis, for five years past, have been as follows :—
I86 0........
1859......... .
1858........
1857.........
1866.........

$4
4
4
4
6




Fancy.
50 a $5
50 a 7
26 a 5
50 a 7
00 a 9

87
50
75
60
25

Extra & superior.
$4 75 a *9 00
5 00 a 10 60
4 50 a 8 25
5 00 a 10 50
6 75 a 11 00

$5
5
4
5
6

Southern.
50 a $6
60 a 8
75 a 5
60 a 8
50 a 9

25
00
75
00
50

Extra &superior.
$6 00 a $8 75
6 50 a 9 60
5 50 a 7 00
6 00 a 9 50
7 50 a 11 00

181

Boston , Massachusetts.

The stock on hand is estimated at 275,000 bbls. against 250,000 bbls.
in 1858, 225,000 bbls. in 1857, 150,000 bbls. in 1856, 150,000 bbls. in
1855, and 75,000 bbls. in 1854. The arrivals have been as follow s:—
By Western Railroad . ..b b ls.
Northern....................
Fitchburg.................
Boston and M aine...
Providence...............
Fall R iv e r ............... ...........
From J\ew York..........
Albany .....................
New Orleans...........
Fredericksburg.........
G eorgetown.............
Alexandria...............
Richm ond................

302,462 From Philadelphia . .
Baltimore...............
Portland.................
Delaware................
Norfolk and ports in V a ....
Other ports.............
1,173
Total 1860.................. . . .bbls.
1859.................
1858.................
1857.................
1856.................

105,515
158.481
217,897
8,723
1,973
26,657
—
1,164,732
1,049,186
1,227,639
1,049,023
1,009,450

G r a i n .— Prices o f corn ruled highest in January last, when sales were
made at 90 a s.2o. for Southern yellow and 85 a 90c. for white and
mixed. From these price there was a gradual decline, the market touch­
ing the lowest point in December, when sales o f yellow were made at
67 a 68c., and western mixed, 65 a 66c. per bushel. The present current
rates are 76c. for old yeliow and 75c. for western mixed, with which
quality our market has been liberally supplied. Our receipts show an in­
crease of 276,709 bushels compared with last year. The highest and
lowest prices for five years have been as follow s:—

1860........................... bush.
1859.....................................
1858............ .....................

65 a $ 92 1 8 5 7 ,.......................... butli.
81 a 1 15 1856.....................................
60 a 1 10

65 a l l 05
65 a 1 05

The receipts of corn have been as follows:—
From
New Orleans............. . . bush.
Virginia..................... .............
Maryland...................
Pennsylvania.............
Delaware.................. .............

From

52,350 New York State............ bu9h.
234,616 Other places...........................

862,417
886,402

Total, 1860.......... ...........

2,098,250

79,844

The receipts of corn, oats, rye, and shorts for five years have been as
follows:—
Corn.

1860...........................bush.
1859....................................
1858....................................
1857............
1856....................................

2,098,250
1,821,541
2,447,814
2,178,765
2,608,553

Oats.

1,467,611
1,188,495
989,691
753,859
866,280

Rye.

33,156
24,920
45,604
39,154
40,258

Shorts.

551,795
448,492
464,274
382,322
314,292

W o o l .— In January last the market opened dull for domestic wool, and
from January to June the tone of the market was rather downward, prices
during that time having declined from 5 a 6c. per lb., ruling in June from
30 a 60c. for fleece, and 30 a 52c. for pulled. The movements o f manu­
facturers and speculators in the wool-growing districts the last of June,
and the eagerness with which the new clip was purchased by them at an
advance of 2 a 3c. per lb., in many instances, on the previous year’s prices,
caused a much better feeling, and improved prices were realized until the
sudden stringency of the money market in November put a stop to all
business. The demand for some months past has been almost exclusively
confined to the medium grades of fleece, and there is in consequence a




182

Commercial and Industrial Cities o f the United States:

very good supply o f fine wool on hand, while early in the year low and
medium grades were neglected. The demand for woolen goods has been
quite equal to expectation, the production of all our leading mills having
been sold readily at satisfactory prices, but the prospect ahead is not con­
sidered very encouraging on account of the embarrassed state of all branches
of trade. Manufacturers have, in consequence, reduced the production to
some extent, and the business is likely to be quite small for the present.
The prices previous to the panic ruled from 39 a 67c. for fleece, and 35 a
55 for No. 1 to extra pulled, but the few transactions since have been prin­
cipally at 5 a 6c.per lb., decline from these figures. The stock is estimated
at 2,000,000 lbs., against 2,500,000 lbs. in 1859. The receipts have been
as follows:—
Domestic.
Bales.
48,974
45,858
32,306
28,733
83,711

1860
1859
1858
1857
1856.

,---------Foreign.--------- »
Bales.
Quintals.
30,160
16,471
83,774
36,708
10,322
19,882
13,847
37,680
17,765
14,478

E x c h a n g e .— Bankers’ 60 day bills on London ruled from
a 10 per
cent premium, from January to early in November; but for the past six
weeks the rates have been almost entirely nominal, ruling from par to 5
per cent premium, with sales principally at 2 a 5 per cent during that
time.
S p e c ie .— The export of specie for the last nine years has been as fol­
lows :—
I 8 6 0 ____
1859____
18 58____

$1,666,547 00
6,049,420 56
2,708,358 64

1857______
1856____
1855______

$9,712,759 15 1854____
2,227,059 08 1853____
14,859,470 35 1852____

$7,413,437 32
5,763,517 88
3,495,006 22

B oots an d S h oes .-—The year just closed must again be put down as
one of comparative dullness and inactivity in the boot and shoe trade.
Prices during the year have ruled low and unsatisfactory, if we except
some favorite styles o f work, and the amount o f goods sold show a con­
siderable falling off compared with previous years.
The spring trade
was quite backward, and active operations did not commence before the
middle of January. At the commencement buyers had everj'thing their
own way ; the desire to close up stocks on the part of holders was so
great that they were almost allowed to fix their own prices. A strike
among the workmen in February, which became quite extended, afforded
a partial relief to the market by reducing the production o f desirable
work, and for the balance of the season comparatively better prices were
obtained for the styles o f goods most affected by the strike.
The fall
trade was but a moderate one, and disappointed expectation. Neither
the South nor the W est purchased to the extent expected, and notwith­
standing the production in the interval between the spring and fall busi­
ness was less than for some previous years, still stocks were ample for all
the requirements o f trade, with, in fact, an oversupply of ordinary work
on the market The position of the trade at the close of the season was,'
however, more favorable than some previous years. The stock o f all
good and desirable work was sold up close, and the market was also re­
lieved sufficiently of other descriptions to insure a healthy trade. Our
manufacturers were looking forward for a large increase in the demand




188

Boston, Massachusetts.

from the West, on account o f the general prosperity o f that section,
which it was believed would more than make up for any falling off from
other quarters, but the sudden and unexpected money crisis in November
last, extending to all branches o f trade and all sections o f the country,
has changed the aspect o f things, and will no doubt seriously interrupt
the trade for the present. For a month or two past manufacturers have
been curtailing operations’ and the production of goods is now much
smaller than for any previous year for some time. Both dealers and
manufacturers look forward to a very unsatisfactory trade, but have been
warned in season to prepared for such a state of things. The shipments
to California during the year have been light compared with previous
years. W e look for some increase in the exports to that market the
coming year. The shipments amount to 38,774 cases in 1860, against
50,254 cases in 1859, 64,577 cases in 1858, 32,868 cases in 1857,42,258
cases in 1856, 64,958 cases in 1855, 37,621 cases in 1854, and 37,916
cases in 1853. The quantity o f boots and shoes cleared at the custom­
house has been as follows:—
1860
cases
1859........................................
1 8 5 8 . . . . , .............................

195,191 1857 ..............................cases
233,246 18 56........................................
222,284

234,422
224,322

The quantity forwarded by railroad has been 463,000 cases, which
would make the aggregate amount of goods forwarded from our city, by
water and railroad, 658,000 cases, against 750,000 eases in 1859, a fall­
ing off of 92,000 cases compared with last year, equal to $3,500,000.
L e a t h e r .— The market for leather has been very dull throughout the
year, and prices have ruled quite low, but more uniform than compared
with some previous years. Manufacturers have purchased sparingly, and
there has been scarcely a week when the market could be called active.
The receipts this year, if will be observed, are made up from every possi­
ble source, by railroad and water, and comprise 491,304 sides and 216,854
bundles, equal to 3,100,000 sides of leather, the estimated value of which
is about $10,000,000. The highest and lowest prices for ten years have
been as follows:—
HEMLOCK, BUENOS A Y RES, AND ORINOCO.

,
Per lb.

1860..............................................................
18 59..............................................................
1 8 5 8 ..............................................................
1 8 5 7 .........................................................
18 56..............................................................

IS a
17$ a
17 a
17 a
21$ a

22$
27
26$
34
34

. ----------- Receipts.------------.
Sides.
Bundles.

491,304
445,396
317,494
317,648
220,016

216,854
140,062
147,820
109,118
131,123

G o n n y B a g s .— For the first three months o f the year the market was
very dull for gunny bags, and prices declined from 104 a 10ic. in January
to 8 f a 9 jc . tor light and heavy bags early in April. During April some
5,000 bales were purehasgd on speculation and for consumption at from
8$ a 11c. and from May to October the article was held firm, with a spec­
ulative inquiry, some 19,000 bales having been sold and resold during
that time, prices touching 13J a 14c. for heavy bags the last of Septem­
ber. Since October there has been scarcely enough doing to make a
price. The stock in first hands is 4,000 bales against 6,808 bales in 1859,
14,700 bales in 1858, 13,500 in 1857, 13,000 bales in 1856, 1,000 bales
in 1855, and 5,000 bales in 1854. The highest and lowest prices for
some years have been as follows :—




184

Valuation o f L ife Insurance Policies.

I 8 6 0 ____
1859____
1858____

1857................
1856................

..................
8J a 1 H
T h e im p o r t s h a t e b e e n a s f o llo w s
Boston.

Other
ports.

1860____
1859.........
1858........

—

1857................ b a le s
1 8 5 6 . . . . : . . . .........

Boston,
18,298
28,074

Other
ports.
1,696
1,850

G u n n y C l o t h .— Prices o f gunny cloth in January last ruled from 1 2
a 12ic. with sales mostly at 12ic. in January, February, and early in
March. From the middle of March to the 1st o f July there was an ex­
tensive speculative movement, and prices advanced from 12jc. in March
to 17c., at which figure some sales were made the last of June. Upwards
o f 30,000 bales were sold and resold, to arrive and on the spot, during
that time. This movement was based on the advance in East India
freights and in consequence the increased cost o f importation, moderate
shipments from Calcutta, in connection with the fact that the consump­
tion o f the article had rapidly increased in 1858 and 1859, with the pros­
pect of a further increase in 1860. It is now evident that prices were
run up too rapidly and prematurely. High rates of freight did not check
the shipments from Calcutta to the extent expected, while the injury to
the cotton crop reduced materially the estimated amount required for
consumption. Since July prices have been steadily declining, and the
rates current for some weeks past, from 84 a 9c. cash, are the lowest the
article has ever touched in this market. These low figures have in part,
.however, been in consequence o f the pressure in the money market, and
the unsettled state of affairs at the South, where this article is consumed.
T h e highest and lowest prices for some years have been as follows
1860......................................

1859...............................

81 a n

11858......................................

11 a 13 |1857...............................

10J a 16

9£ a 14*

A r t . I V .— V A L U A T IO N OF L IF E IN S U R A N C E P O L IC IE S .
NUM BER X .

H a v i n g now completed in our previous numbers the collection of
materials for our average rates o f mortality, and combined them all in a
single table, which we think more worthy o f confidence than any other,
because of the large number and long continuance of the observations
on which it is based, o f the great variety of the sources whence it is
derived, of its freedom from the defects, errors, and anomalies incident
to local, temporary, and select observations, and of its combining all the
best materials that have been accumulated in the last hundred years,
giving to each their appropriate influence according to their worth and.
reliability, we proceed to indicate the use o^ this table, and the method
o f valuation which we think most worthy o f adoption by our American
life companies.
The usual object of this valuatiou is to determine the earnings o f a




Valuation o f L ife Insurance Policies.

185

life company before making a dividend to the stockholders or the insured.
W e have insisted in the July number o f this Magazine for 1860, that in
making these dividends no future expected profits should be anticipated
and counted among the present assets; that the gain from the smaller
mortality during the early years of the policy should not be distributed
as an earned profit, but reserved for subsequent contingencies; that a
large share of the loading is not added for expenses, but for the possibility
o f an adverse fluctuation in the mortality and other future contingen­
cies, and, therefore, that this share o f that part of the premium which
is paid in advance for future hazards should be reserved; that the true
or best table of mortality should be used in the valuations; and that if
any of the premiums that have been already contracted for, should be
too small for the future risk, the deficiency should be made up out o f the
present means before any distribution o f profits ; and that every one o f
these allowances are necessary, not merely as prudent and wise precau­
tions to give stability and security to the company, but as proper and
indispensable elements of the true valuations o f the policies, which cann ot be neglected in the just discrimination between the rights and claims
of the present and future members of the company.
W e mean by true valuation not the net, or the mathematical, or the
gross, or the loaded, or the prudent, but what is demanded by strict and
exact justice, as well as by a wise and provident judgment of the perma­
nent interests of the company.
To confirm and establish these positions, we would suggest that the
proper way of considering a valuation, is to inquire how much of the
past payments have been made for past hazards, and how much for
future. All that has been received for the former and not yet expended
or due is earned; all that has been received for the latter belongs to the
future stockholders and dividends, and is not available for preseut distri­
bution.
The usual mode o f considering this subject is to estimate the present
worth of the future premiums, and of the future liabilities, and the difference
o f these is taken as the value of the policies. But it is not difficult from
this stand-point to form the most erroneous conclusions, deluding the
directors and managers o f the company, and ruinous to its best interests.
The marginal additions on all the future premiums that may or may not
be received, may be reckoned among the present assets; the gains from
the selection of lives, from lapsed policies, from a high rate o f interest,
from profitable investments, and from an expected diminution of mortality,
may be anticipated, and the directors and stockholders made to believe
that they have earned hundreds o f thousands of dollars, when they have
in fact been losing every year, by appropriating more than their real
earnings to dividends, losses, and expenses.
Dr. Farr tells o f a company that had expended nearly all o f its re­
ceipts, and then figured up a profit of $480,000. Statements have been
published in which the earnings were reported at more than five times
the whole receipts. Companies that have been receiving nearly twice as
large premiums as they would themselves have charged for the risks
that have been already incurred, have counted the whole balance on hand
as profits,- and sometimes even more than this. In this way the public
have been deceived, and the company, and perhaps the actuary himself,
deluded and ensnared.




186

Valuation o f L ife Insurance Policies.

Now, if they had considered what part of the past payments had been
made for future hazards, it is not probable they would have fallen into
any such mistakes. From both points of view correct conclusions may
be obtained, but we prefer to look at the past and actual, and not the
future and the uncertain.
It follows immediately, from this mode o f consideration, that the com ­
puter has nothing to do with the premiums that are charged, unlessthey
are too low for the risk that was assumed. His only business is to inquire
how much has been received for future hazards, and if more than this is
on hand it is earned. With the future gains, whether they are possible,
probable, or certain, he has nothing to do.
Now, in order to learn what has been paid for the future, wehaveonly
to consider how much more ought to be charged to the policy-holder at
his present age, than when his policy was first issued. This difference,
multiplied by the value o f an annuity at the present age of the insured,
gives the usual formula, (p — P ) (1 - f A ,) where p and P represent the
proper premiums at the age of entrance and the present age, and A the
value o f an annuity of one dollar at the present age of the insured.
These premiums are not gross, because the expenses on them have been
already incurred. They are not net, or just sufficient to cover the aver­
age or probable mortality, because every company charges not only for
the real risk and expenses, but also a margin for the possibility of an in­
crease in the mortality over the average, and for other future contingen­
cies. W hile ten, fifteen, or twenty per cent at farthest, on the net pre­
mium, will cover expenses, it is common to add a loading of thirty or
forty per cent. The usual American premiums at thirty, thirty-five, and
forty, are 2.36, 2.75, and 3.20, while by the Carlisle table they are 1.76,
2.02, and 2.37 ; by Farr’s they are 1.84, 2.14, and 2.52; and by our
average table they are 1.82, 2.12, and 2.50 ; showing an excess o f more
than twenty-five per cent over the largest premiums, about thirty per cent
over ours, and thirty-five per cent above the Carlisle. Now, the average
expenses of the sixteen American companies doing business in Massachu­
setts are only ten per cent, which is less than half of the loading. Almost
all of the other contingencies, except the fluctuations in the mortality,
are provided for in the low rate o f interest. So that about half of the
loading is charged for the possible excess o f mortality. It follows, there­
fore, that ten or fifteen per cent is usually added to the premiums for
this future contingency, and ought therefore be reserved ; and, therefore,
thaty> and P should be ten or fifteen per cent in advance of the net pre­
miums. As it was right and proper to charge this at first, it is just and
prudent that it should be appropriated to the purpose for which it was
paid.
It is also evident from the mode o f consideration we have suggested,
that the true table o f mortality should be used, and that any saving by
a low mortality in the early years of the policy belongs to the future,
since the past hazard is the actual and not the average.
And here we will introduce the opinion of Mr. Farren to confirm the
correction we suggested in the July number for this deterioration o f life.
W e concluded from Mr. Higham’s discussion of the London observations,
that the principal effect of selection was in the first year. Mr. Farren,
“ after eliminating the influence of selection over the first year, concludes,”
from the same observations, “ that the rates of mortality of persons in-




187

Valuation o f L ife Insurance Policies.

surecl,” “ would not particularly differ from those prevailing among the
male population at large, taken indiscriminately, without regal'd to health.”
The correction we suggested for this first year’s deterioration, was to
reduce P a fourth or a third of its value. The mortality given by Mr.
Higbam for the first year of insurance, compared with the corresponding
rate in the actuaries’ table, is as follow s:—

§0.

§5.

40.

45.

First year...............................................................00414
482
.00777 842
Actuaries’ t a b le ..........................................
Differences............................................................. 00363
360
Divided by A -f- 1.........................................
.00019
20

Ages,

25.

574
929
355
21

620
1036
416
26

848
1221
373
25

The average of these is .00022, and as they differ but little, and the
correction is only approximate, it will be better to use this average for
the reduction of P than the one suggested before, especially as the num­
bers given by Mr. Farren differ considerably from those of Mr. Higliam.
If any of the premiums charged by any particular company are so
low that, when reduced by the usual percentage o f the company’s ex­
penses, they become less than P , these reduced premiums must be sub­
stituted for P in this formula; because, if any losing contracts have been
made, sufficient must be reserved out of the present means to make up
any deficiency from this source.
W e shall now illustrate the modes of computation that have been
adopted by different actuaries, and then compare some o f these with the
actual experience o f the London life offices. The valuable contributions
o f Mr. James, to the recent Convention o f Life Insurance Officers at
New York, will enable us to present the most conclusive and satisfactory
evidence of the propriety of the method of valuation we have recom­
mended.
Most of the plans that have been adopted may be embraced in the
following formula

11+A

II
m + x

\

\

m+ x l

la V
\

— bP
m + x

1. Let a and b be unity, c zero, p and P the net Northampton three
per cent premiums, A ihe Northampton value of an annuity, m the age
when insured, and m
x the present age, and we have the method em­
ployed by Mr. William Morgan, Actuary for the Equitable. As the
Northampton table is very defective, this plan values neither the liabilities
nor the premiums correctly; and the only thing to recommend it, is that
the tabular mortality being too high, the net reservation is enough to
meet the adverse fluctuations to which a company is exposed. This for­
mula is now seldom used.
2. Let a, 6, and c, be the same as before, P the actual charged pre­
miums, and p the true premium, or that derived from what is esteemed
the best table, and A the true annuity. This is the plan adopted by
Neison and Woolhouse. It anticipates all the future profits, and counts
them already earned, reserves nothing for expenses or future contingen­
cies, and is suited only to delude the directors and the public, and lead
the company to ruin and bankruptcy.
3. Let a, b, and c, be as before, and p and P the actual premiums.
This is the formula used by Bowditch for the Massachusetts Hospital, and




188

Valuation o f L ife Insurance Policies.

errs on the safe side. It reserves all the loading on the payments that
have been made for future risks, and as part o f this has been already paid out
for expenses, the reserve is larger than is necessary. As, however, it
allows nothing for the deterioration of life, its reservation is but little in
excess.
4. Let a, b, and c, be the same as before, and p and P the true net
premiums, and A the true annuity. This is the method used by the
Massachusetts Commissioners, who have adopted the Actuaries’ as the
true table. It gives the reserve too small, because it counts all the load­
ing on the past payments for future risks as already earned, and makes
no allowance for the depreciation of life, except what is due to the in­
creased age of the insured. Besides this, the table used as the true one
not only “ understates the value o f the sums insured,” according to the
high authority of Dr. Farr, but also “ overstates the value of the pre­
miums, and consequently underrates,” by both these errors, the proper
reserve. And if this could be said in England, it is still more likely to
be true in the United States.
Some may suppose that the use of four per cent interest in the calcu­
lations may be a sufficient offset to these defects. But it must be re­
membered that four per cent is the net interest at which all the receipts
are supposed to be continually compounded without any loss of time,
after deducting the expenses of investing and managing the funds, the
salaries and fees o f officers and solicitors employed in making the invest­
ments, the losses and depreciation of stocks, the non-payment of loans,
the loss of interest when money is detained by agents, transmitted from
distant places, transferred from one investment to another, or lying idle
in bank, as well as the possible reduction of interest in the long future
period during which the policy may be in existence. Premiums are not
always promptly paid, and when received they cannot be immediately
loaned on satisfactory security. Losses are often settled before the insu­
rance year has expired. All these and other things bring down the rate
of interest much below the nominal. Dr. Farr thinks three per cent the
proper rate in England, and the New York Life Convention decided in
favor o f four for this country. And they are to be commended, we think,
for this decision. Higher net rates involve hazard in the investment, and
this, in the long run, tends to bring down the rate to that on the best securi­
ties, which is lower than five, even in this country.
The high authority o f an official valuation ought, by all means, be
on the safe side. Some o f our American companies need to be warned
of the dangers they incur from their large dividends, or insufficient pre­
miums, or extra hazardous risks, and we would counsel the commissoners
to allow for every contingency. Very high authority in Boston has given
them the same counsel we have here suggested, and we shall hope to see
them use a better table, and increase their valuation so as to provide for
the two contingencies we have mentioned above.
5. Let b and c be the same as before, but a .71, or .72, or .75, p the
actual premium, and P the true, and A the true annuity. This plan is
used by one o f our American companies— the Carlisle being taken for
the true table.
The object o f using a fraction for b is to reduce the
charged to the net premium, and this purpose determines its magnitude.
This plan is, therefore, nearly the same as the preceding, except that the
Carlisle table is adopted, which has a less mortality than the Actuaries’,




Valuation o f L ife Insurance Policies.

189

and is more irregular and defective. W e think this formula gives the
reserve too small, because o f the low mortality o f the table, the omis­
sion of all the loading on the past payments, and o f any allowance for the
deterioration of life.
6. Let a and c be as at first, and b only .80, and p , P , and A the true
values. This is recommended by Dr. Farr.— (Reg. Gen. Rep., vol 12,
page Ixiii.) It gives an ample reserve, and might suit for an old office
like the Equitable, but it is not at all adapted to most companies. For the
first few years the reservation would exceed the whole receipts.
7. Let c, p , P , and A be the same as in the last method, but a and b
equal and more than unity, say 1.10 or 1.15. This formula is used by
some of our best American companies, and is admirable. It adds a per­
centage to the reserve, thus retaining out of the payments that have been
made for future risks, the loading that was added for future contingen­
cies; not the whole loading on this payment, but the remainder that is
left after paying expenses. As ten or fifteen per cent has been paid by
the insured for their future security, it is wrong to divide this among
the present members, some of whose policies will soon terminate by
death or purchase, or among the present stockholders, who have yet no
claim to the money not earned. As every company ought to require for
the hazards it assumes at least ten or fifteen per cent beyond expenses,
to provide for the contingency of a higher mortality than the tabular
rate, it ought to keep its future risks secured in like manner. This for­
mula does no more, then, than retain for the future members what they
have paid for the future hazard, and for the future security what ought
to be retained. W e think 1.10 is the least value that should be given
to a and b, and prefer 1.15; some will think the use o f 1.20 more pru­
dent.
8. Let all be the same as in the preceding case, and c be .00022, and
the formula will then embrace the depreciation of life for the first year
after the issue of the policies, according to the experience o f the seven­
teen London offices on 62,537 insurances. This makes the formula all
that can be desired, especially if our average table be used for A , p, and P .
9. Another method of making an allowance for the possible increase
of mortality above the tabular amount, is to construct a table with a rate
of mortality ten, twenty, or twenty-five per cent above the average or
true, and to calculate the reservation by such a table. As the mortality
is as likely to be excessive in one future year as another, and as any
general cause, like climate, epidemics, or new diseases, will probably
fall on each age of life, not indiscriminately, but in proportion to the
weakness of the vital energies, that is, in proportion to the ordinary
mortality at any age, the proper mode of anticipating this liability is to
add a percentage to the true or average rate o f mortality at every period
o f life, and to compute the liability from such a table. This has the
advantage over the preceding mode in this, that it provides for the con­
tingencies that are anticipated in the exact ratio of that liability on each
policy. Instead of a vague, general allowance for this contingency on
all the contracts o f the office, it estimates the precise liability in each
separate engagement o f the company, and provides what is needed to
meet it. The interpretation o f the valuation by such a table would be
that it shows how much o f the present means are needed to meet the
future risks already paid for by the insured, provided the future mortality




190

Valuation o f L ife Insurance Policies.

should be ten, twenty, or twenty-five per cent higher than is given by
the tables.
As we think such a mode o f valuation is better than adding a per­
centage to the reserve, we have constructed the tables at the end of this
article by increasing the average rate o f mortality twenty-five per cent.
The usual columns, D, N, M, and A, as well as the premiums for each
age, counting the rate o f interest four per cent, will be found under their
appropriate heads. These have been all calculated in duplicate, and the
results tested by obtaining the premiums from D and N, and also from
N and M, and the agreement o f these, even to the eighth decimal place,
is a proof of the arithmetical correctness o f all the numbers in every
column. The proofs have been carefully read, and it is believed all the
figures are correctly printed. Some may think that twenty-five per cent
is too large an addition for this contingency, but as it does not give a
larger reserve than the ten per cent added in the seventh and eighth
methods of valuations, this objection cannot be sustained.
10. If to this be now added the saving in the first year o f life, by
making c equal .00024, which is the average correction by Higham’s ob­
servations, when divided by the 1 + A of this table, we shall finally have
what we regard as the most satisfactory mode of valuation.
11. If five per cent should be added to the result of this method, by
making a and b 1.05, for the purpose of meeting any other future con­
tingency besides the exposure to adverse fluctuations o f mortality, we
shall have a final valuation, covering every liability and securing safety
and stability and permanence beyond fear, doubt, or suspicion.
W e will now give two examples of these different modes of valuation,
so as to compare the result with one another, and note the differences
between them. Suppose two policies for $10,000 each, to be taken at
the ages of thirty and forty, the premiums being $236 and $320, and let
it be required to value the policies after ten premiums have been paid
and just before the eleventh is due. The several values will be as fol­
lows :—
1

W . Morgan : Northampton three per cen t; using the
actual premiums for P , because they are smaller than P
2 Woolhouse & Neison: Carlisle four per cent.............
3 Bowditch: Using 4 .6 0 for fifty and Carlisle for A ..
4 Wright & Sargeant; Actuaries’ four per cent............
4A James: Actual experience of the 17 London offices.
5 American : Using the Carlisle table and .71 for a . .
6 Dr. Farr; Farr’s No. 2, 4 per cent, using his 20 p erct
7 American: Farr’s No. 2, using 1.10 for a and b __
7A American: Using our av. table, and 1.10 for a and b
8 American: Same as the last, but counting deteriora­
tion of life ............................................................................
8A The same as the last, but counting a and b at 1.1 5.
9 The average table, with 25 per cent inc. of mortality
10 Same as the last, but counting depreciation of life..
11 Same as the last, but counting a and b 1 .0 5 .............

$1,644
24
1,350
1,079
1,176
830
1,647
1,177
1,172
1,207
1,260
1,142
1,178
1,235

86 and $1,786 98
227 72
27
1,941 66
22
1,629 92
27
1,652 12
80
1,235 46
22
2,202 94
36
1,686 23
06
1,724 78
45
13
43
97
55
70

1,751
1,830
1,677
1,706
1,790

84
24
11
77
62

O f these, 1 is too large, especially at the younger ages; 2 does not
compare at all with the rest; 3 and 6 are too large at all ages; 4 and 5 .are
too small, especially for recent policies; o f the rest, we regard 8 and 10
as giving the least that is consistent with justice, propriety, and safety;
8 A and 11 are more prudent and preferable, especially for the United
States.




Valuation o f L ife Insurance Policies.

191

W e will now compare some of these methods with the actual experi­
ence of the seventeen London offices, and thus submit them to the test
of actual trial on by far the largest experience that has ever been col­
lected. The contributions o f Mr. James enables us to say how much
ought to be reserved on a policy issued at the age of thirty that had
been running any number of years, by comparing it with thousands of
other policies issued by those London companies at the same age. So
also for other ages than thirty, the insurances made at any age being all
kept by themselves and traced through their whole duration, without
being mixed up with other policies issued at different ages.
This is obviously the true test o f any plan of valuation. Every policy
to be valued is compared with others issued under exactly the same cir­
cumstances, and the computed value compared with the real. Below is
a table of values at thirty-five, and also the average for twelve policies,
all for $10,000, at six ages : one at 25, two at 30, three at 35, three at
40, two at 45, and one at 50, which numbers will nearly represent the
admissions of our American offices.
The first column contains the valuation according to the actual expe­
rience of the seventeen London offices; the second, the Massachusetts
valuation, according to the general experience o f those offices when the
young and old policies are all com bined; the third and fourth, the valu­
ations given by our eighth and tenth methods, which we have stated to
be the very lowest that ought to be adopted. A , p, and P being taken
from our average tables, and 1.10 being used for a and b as in the eighth
method above explained.
,------ Policies issued at 35.------ .
James. Wright. Eighth. Tenth.

First y e a r ...................
Tw o years...................
Three years.................
Four years...................
Five years...................
Average of five years.
Tenvears.....................
Twenty years..............

$159
283
407
536
672
401
1,391
3,064

$114 $161 $160
234
289
285
866
420
413
482
555
544
613
693
679
358
424
416
1,334 1,446 1,412
3,013 3,255 3,155

,------ Average of six ages.------ >
James. Wright. Eighth. Tenth.

$177 $134
821
273
464
415
612
561
764
710
468
419
1,563 1,506
3,330 3,288

$179 $177
327 822
478 470
635 621
791 778
482 474
1,643 1,605
3,478 3,439

This comparison shows that the Massachusetts method, although found­
ed on the general experience of the London offices, gives a less valuation
for all ages than the real experience of those offices when the insurances
are assorted so as to tell the mortality on policies precisely similar to those
that are to be valued; the deficiency being as much as twenty-five per
cent below the proper result in the first year, and ten per cent below
when the average duration o f the policies is two or three years; the per­
centage of deficiency decreasing as the policies become older. It also
shows that our eighth and tenth methods give results just sufficient to
meet the deaths at the early ages of insurance, leaving nothing for the
chance o f adverse fluctuations of mortality; while at the older ages,
when the policies have had a long continuance, only three or four per
cent is allowed for this and other future contingencies. These results
satisfy us, and we think they should satisfy every one, that these two
plans give the least valuation that ought to be adopted to comply with
the demands of justice and safety, and that the eleventh is to be preferred,
if prudence and undoubted security are thought to be more important
than justice and safety.




192
1 5 ..
1 6 ..
1 7 ..
1 8 ..
1 9 ..
2 0 ..
2 1 ..
2 2 ..
2 3 ..
2 4 ..
2 5 ..
2 6 ..
2 7 ..
2 8 ..
2 9 ..
8 0 ..
8 1 ..
3 2 ..
8 3 ..
3 4 ..
3 5 ..
8 6 ..
8 7 ..
3 8 ..
8 9 ..
4 0 ..
4 1 ..
4 2 ..
4 3 ..
4 4 ..
4 5 ..
4 6 ..
4 7 ..
4 8 ..
4 9 ..
6 0 ..
5 1 ..
5 2 ..
5 3 ..
5 4 ..
5 5 ..
6 6 ..
6 7 ..
6 8 ..
5 9 ..
6 0 ..
6 1 ..
6 2 ..
6 3 ..
6 4 ..
6 5 ..
6 6 ..

67..
6 8 ..
6 9 ..
7 0 ..
7 1 ..
7 2 ..
7 3 ..
7 4 ..
7 5 ..
7 6 ..

77..

Valuation o f L ife Insurance Policies.
K(l.25.) Living,
Log. D.
.00786 7000 7 5895979
.00826 6945 7.5691376
.00863 6888 7.5485020
.00898 6828 7.5277045
.00930 6767 7.5067536
.00960 6704 7.4856624
.00988 6640 7.4644397
.01015 6574 7.4430942
.01040 6607 7.4216302
.01064 6440 7.4000566
.01086 6371 7.3783776
.01109 6302 7.3566020
.01132 6232 7.3 347 254
.01155 6161 7.3127478
.01180 6090 7.2906692
.01205 6018 7.2684806
.01231 5946 7.2461823
.01258 5873 7.2287696
.01287 5799 7.2012382
01318 5724 7.1785793
.01350 5649 7.1557838
.01384 5672 7.1328476
.01420 5495 7.1097616
.01458 6417 7.0865171
.01499 6338 7.0631052
.01542 5258 7.0395124
.01586 5177 7.0157301
.01632 5095 6.9917536
.01681 5012 6.9675741
.01733 4928 6.9431783
.01789 4842 6.9185526
.01851 4756 6.8936794
.01920 4668 6.8685320
.01998 4578 6.8430791
.02085 4487 6.8172807
.02182 4393 6.7910965
.02290 4297 6.7644820
.02410 4199 6.7373877
.02544 4098 6.7097596
.02692 3993 6.6815349
.02856 3886 6.6526500
.03040 3775 6.6230327
.03244 3660 6.5925920
3541 6.5612365
.03471
.03722 3418 6.5288610
.03996 3291 6.4953547
.04293 3160 6 . 46061C7
.04612 3024 6.4245211
.04952 2885 6.3869814
.05314 2742 6.8478911
.05699 2596 6.3071435
.06111 2448 6.2646265
.06554 2298 6.2202079
.07039 2148 6.1737352
1997 6.1250027
.07571
.08155 1845 6.0737776
.08798 1695 6.0197998
.09501 1546 5.9627709
.1026 1399 5.9 023 813
.1109 1255 5.8383341
.1200 1116 5.7 702 514
.1298
982 5.6977007
.1405
855 5.6202865




Log. N.
8.8665822
8.8430026
8.8192483
8.7953180
8.7712095
8.7469202
8.7224461
8.6977827
8.6729248
8 6478661
8.6225995
8.5971170
8.5714095
8.5454673
8 5192800
8.4928368
8.4661232
8.4391289
8.4118393
8.3842392
8.3568129
8.3280437
8.2994135
8.2704029
8.2409913
8.2111558
8.1808732
8.1501172
8.1188596
8.0870692
8.0547119
8 0217509
7.9881456
7.9538627
7.9 188 254
7.8830139
7.8463649
7 .8 0 8 8 2 1 !
7.7703213
7.7307997
7.6901865
7.6484063
7 6053787
7.5610190
7.5152373
7 4679394
7.4190261
7.3 683 924
7.3159259
7.2615050
7.2049957
7.1462504
7.0851083
7.0213701
6.9548447
6.8853023
6.8124985
6.7361693
6.6560313
6.5717795
6.4 830 770
6.3895629
6.2908577

Log. M.
7.0244891
7.0122604
6.9996449
6.9 867 008
6 9734687
6.9600028
6.9463415
6.9325217
6.9185661
6.9045103
6.8903755
6.8761962
6.8619670
6.8476955
6.83.33894
6.8190319
6.8046317
6.7901855
6-7756896
6-7611305
6-7464947
6-7317816
6-7169791
6-7020768
6.6870650
6-6719246
6-6566474
6-6412369
6-6256865
6.6099817
6-5941087
6.5780461
6-5617567
6.5451959
6.5283051
6.4110291
6 4933075
6.4750751
6.4562622
6.4367878
6 4165743
6.3955335
6.3 735 514
6 3505191
6.3263105
6 3007968
6.2738609
6.2453887
6 2152765
6.1834300
6.1497505
6.1141360
6.0764608
6.0365773
5.9942712
5 9493009
5.9013956
5.8502434
5.7956269
5.7369521
5.6741324
5.6066219
5.6310290

Premium.
.0143849
.0147658
.0151494
.0155376
.0159316
.0163336
.0167454
.0171688
.0176052
.0180569
.0185258
.0190142
.0195235
.0200552
.0206115
.0211932
.0218016
.0224417
.0231127
.0238172
.0245574
.0253360
.0261557
.0270193
.0279302
.0288914
.0299071
.0309827
.0321238
.0333359
.0346256
.0359994
.0374637
.0890250
.0406893
.0424634
.0443550
.0463718
.0485222
.0508146
.0532584
.0558634
.0586371
0615886
.0647252
.0680546
.0715871
.0753349
.0793141
.0836459
.0880552
.0928722
.0980297
.1035636
.1095032
.1168774
.1227149
.1300392
.1378782
.1462759
.1552585
.1648387
.1750537

Annuity.
17.92276
17.78733
17 .65290
17.51883
17.38468
17.24983
17.11367
16.97581
16.83589
16.69333
16 54777
16.39863
16.24583
16.08911
15.92820
15.76298
15.59361
15.41948
15.24056
15.05683
14.86825
14.67459
14.47576
14.27164
14.06212
18 84720
13 62689
13.40004
13.16725
12.92807
12.68230
12.42986
12.17084
11.90546
11.63411
11.35713
11.07488
10 7S782
10.49640
10.20121
9.9 027 6
9.60166
9.2 988 0
8 99499
8.69117
8.38825
8.08689
7 .7 8 7 6 2
7.49062
7.1 962 3
6.9 041 0
6.61419
6.32648
6.04101
5 75837
5.4 792 5
5.2 043 8
4 .9 346 9
4 .6 7 0 8 7
4.4 130 9
4.1 620 9
3.9 188 3
3.68351

Journal o f M ercantile Law .
7 8 ..
7 9 ..
8 0 ..
8 1 ..
8 2 ..
8 3 ..
8 4 ..
8 6 ..
8 6 ..
8 7 ..
8 8 ..
8 9 ..
9 0 ..
9 1 ..
9 2 ..
9 3 ..
9 4 ..
9 6 ..
9 6 ..
9 7 ..
9 8 ..
9 9 ..
100.

Log. D.
BO .25.) Living.
736 5 5374990
.1520
.1644
623 5.4488616
521 5.3538267
.1776
428 5.2518764
.1917
.2066
346 5.1424157
275 5.0248745
.2221
.2382
214 4.8 987 650
.2550
163 4 7635727
.2724
121 4.6186956
.2904 8 8 .2 4.4635550
.8093 6 2 .6 4.2976352
.3296 43 2 4.1197914
.3517 2 9 .0 3.9290921
.3759 18 .8 3.7238347
.4027 1 1 .7 3.5020556
.4835 7 .0 0 3.2612147
.4699 3 .9 7 2.9973813
.5140 2 .1 0 2.7047058
.5681 1 02 2.3743087
.6346
.441 1.9926586
.7159
.161 1.5383937
.8144
.046 0.9748316
1 .0 0 0
.008 0.2263763

Log. N.
6.1 865 479
6.0762065
5.9593792
5.8355921
5.7 043 707
5.5651963
5 4175605
6,2608969
5.0945651
4.9 178 467
4.7 298 742
4.5295321
4 .3 153 760
4.0 885 789
3.8378071
3.5689271
3.2744781
2.9481185
2.5806408
2.1588340
1 6596002
1 0161470
0.2263763

Log. M.
5.4558306
5.3715513
5.2806381
5 1825784
5.0767750
4.9 626 634
4.8397766
4.7076214
4.5656131
4.4132007
4.2498048
4.0 746 114
3.8 864 034
3.6836082
8.4642707
3.2258911
2.9645554
2.6744171
2.3465798
1.9674810
1.5157317
0.9546870
0.2093429

.

Premium.
.1859014
.1973989
.2095361
.2223245
.2357243
.2497281
.2643724
.2797206
.2958340
.3128629
.3310782
.3508160
.3724195
.3963048
.4231200
.4539040
.4898*60
.5324743
.5833532
.6443873
.7180116
.8101026
.9615886

193
Annuity.
3.4 570 7
3 .2 3 9 8 0
3 03230
2.83455
2.6 471 6
2 .4 6 9 9 4
2.8 021 4
2.1 428 5
1.99137
1.84637
1.70607
1.66886
1.43379
1.30009
1.16661
1.03101
0 .8 9 2 7 7
0.75151
0.6 081 7
0.4 644 5
0 .3 219 2
0.1 784 6
0.0 000 0

E R R A T A IN T H E L A 8 T N U M B ER .

For 18.343, annuity at age 18, read 18.346.

| For .036760, premium at age 50, read .086726.

JOURNAL OF MERCANTILE LAW.
PROFITS AND PARTNERSHIP.

In the Supreme Judicial Court of Massachusetts. Before Judge M etcalf .
Dana H. Pitch and others vs. Samuel P. Harrington and others.
3. An agreement between one partner and a third person, that the latter shall participate in that
partner’s share o f the profits of the firm, as profits, renders him liable as a partner to the
creditors of the firm, although, as regards the other members o f the firm, he is not their co­
partner.
2. The acts and declaration o f a person not a partner are not admissible to charge him as a partner,
without showing that they were brought home to the plaintiff’s knowledge.

Action on a promissory note signed by the name o f W hittemore , H arrington
& Co. Trial before M etcalf , J., who signed this bill of exceptions:—
“ S amuel P. H arrington alone made defence ; and the only question was,
whether he was liable, as a partner, with the other defendants.
It was in evidence that the firm of W hittemore, H arrington & Co. was
formed in July, 1856, and carried on business until the latter part of October,
1857, when they stopped payment; and that the notes in suit were given for
articles used in the business of the firm.
“ The plaintiffs introduced evidence tending to show that S amuel P. H a r ­
rington was a member of said firm, as between the partners themselves; that
the share in the concern, standing in the name of L eonard H arrington , (one
of the members of the firm,) was owned jointly by L eonard and S amuel P.
H arrington ; that S amuel P. held himself out to the plaintiffs, and also to the
public at large, as one of the partners in the firm ; and that the plaintiffs gave
credit to W hittemore , H arrington & Co., under the belief that he was a
partner.
“ The defendant, S amuel P. H arrington , introduced evidence, tending to
show that he was not a partner in the firm ; that he had not held himself out as
such to the public at large, nor to the plaintiffs ; that he had no interest in the
share of the concern standing in the name of L eonard H arrington ; and that
he was not known nor recognized as a partner by the members of the firm.
VOL. XLIV.----NT), n .
13




194

Journal o j M ercantile Law .

“ The plaintiffs requested the court to instruct the jury, that although S amuel
P. H arrington was not known by the members of the firm generally to be a
partner, yet if the share in the partnership concern, which share stood in the
name of L eonard H arrington only, was owned jointly by L eonard and
S amuel P , and S amuel P., as between him and L eonard , was entitled to the
profits, if any, which might be derived from that share, he (S amuel P.) tvas a
partner in the firm, as to the plaintiffs, and liable to them in this action ; that
if he held himself out as a partner in the firm, under such circumstances as to
induce the plaintiffs to give credit to the firm under that belief, though he was
not in reality a partner, he was still liable to them as such ; and that his acts
and declarations, if made publicly, though not brought to the knowledge of the
plaintiffs, were competent evidence that he so held himself out, and thereby in­
duced the plaintiffs to give credit to the firm, under the belief that he was a
partner.
“ The court declined to give instructions in the terms requested ; but instructed
the jury as follows:— That if S amuel P. H arrington was a member of the firm,
when the notes in suit were given, he was liable in this action, whether the
plaintiffs then knew or did not know that he was a partner, or whether they did
or did not give credit to the firm on the belief that he was a partner ; that if
he was not a member of the firm, yet, if by his acts and declarations, which
were brought home to the knowledge of the plaintiffs, he led them to believe
that he was a member of the firm, and to give credit to the firm in that belief,
he was liable to them in this action ; that his acts and declarations to persons
other than the plaintiffs were evidence for the jury to consider, in determining
the question whether he was a member of the firm ; but if such acts and declara­
tions did not satisfy the jury that he was a member of the firm, then they were
not evidence which would render him liable to the plaintiffs, unless knowledge
of them was brought home to the plaintiffs, and induced them to give credit to
the firm in the belief that he was a member of the firm ; that if the share in
the partnership concern, which share stood in the name of L eonard H arrington
only, was owned jointly by him and S amuel P. H arrington , then S amuel P.
was liable in this action ; but if there was a sub-partnership between L eonard
and S amuel P., by which S amuel P. was to share in the profits of the firm, to
which profits L eonard was entitled, this alone would not make S amuel P. liable
for the debts of the firm.
“ The jury returned a verdict for the defendant, and the plaintiffs excepted to
the instructions given to the jury.”
The opinion of the court was delivered by
M etcalf , J.— We are all of opinion that the plaintiffs are entitled to a new
trial, for the reason that the instruction respecting a sub partnership between
L eonard H arrington and S amuel P. H arrington , given, as'it was, without
any explanation, may have misled the jury. That part of the instructions was
given on the authority of C ollyer on Partnership, (3d ed.,) section 194, whjch
was cited by the defendants’ counsel at so late a stage of the trial, that the
court had no opportunity to examine the position there laid down, which is
thus :—“ Although the delectus personce, which is inherent in the nature of
partnership, precludes the introduction of a stranger against the will of any of
the copartners, yet no partner is precluded from entering into a sub-partnership
with a stranger ; nam socii mei socius, mens socius non est■ In such case, the
stranger may share the profits of the particular partner with whom he contracts,
and, not being engaged to the general partnership, will of course not be liable
for their debts.”
The only decided cases which Mr. C ollyer cites, in support of this position,
are that of Sir C harles R aymond , referred to by Lord E ldon , in E x parte
B arro w , 2 Rose, 255, and that of B rown vs H e T astet , Jac. 284. In the case
in 2 Rose, Lord E ldon said :—“ I take it to have been long since clearly estab­
lished, that a man may become a partner with A., where A. and B. are partners,
and yet not be a member of that partnership which existed between A . and B.
In the case of Sir C harles R aymond , a banker in the city, a Mr. F letcher




Journal o f M ercantile Law.

195

agreed with Sir C harles R aymond , that he should be interested so far as to re­
ceive a share of his profits of the business, and which share he had a right to
draw out from the firm of R aymond & Co. But it was held, that he was no
partner in that partnership, had no demand against it, had no account in it, and
that he must be satisfied with a share of the profits arising and given to Sir
C harles R aymond .” In the case in Jacob, it was decided, that where one of
several partners had agreed with a third person to give him a moiety of his share
in the concern, the Court of Chancery might decree an account between them,
without making the other partners parties to the bill. These cases show this
only:—That as between the members of the firm, inter sese, Mr. F letcher , in
the first case, and the third person in the other case, were not copartners. They
decided nothing as to the liaoility of either to the creditors of the existing firm.
But Mr. O ollyer also cites 2 Bell Com. 636, where it is said:—“ There may
be a sub-contract, by which a stranger may be admitted to divide with any of
the partners his share of the profits. The other partners are not bound to take
notice of this sub-contract; nor is there any responsibility attached to it, by
which the stranger, as sharing in the profit of the concern, becomes liable for
the debts of the partnership.” E rskine 's Institutes, and the case of F airhoi.m
vs. M ajoribanks , decided in Scotland in 1725, are cited in support of this posi­
tion. In looking at 3 Ersk. Inst., (ed. of 1828,) sections 21, 22, we find that
nothing is there said concerning the liability of such stranger for the debts of
the partnership. Mr. E rskine says, “ if any of the partners shall assume a third
person into partnership with him, such assumed person becomes partner, not to
the company, but to the assumer.” We have not seen the report of F airholm
as. M ajoribanks . But Mr. S tark cites that case and E rskine ’ s Institutes, in
support of the following passage in his work on partnership :— “ Sub contracts
between partners and other persons, by which a beneficial interest in the partner­
ship is granted, do not create new partners. The partner himself remains alone
liable to company creditors.” He adds a quotation from the Digest, which is
silent, however, as to such other persons’ liability for the debts of the partner­
ship. S ta rk on Part. 155. It would seem, therefore, that the Scotch writers,
Mr. B ell and Mr. S tark , have stated the doctrine which Mr. O ollyer has re­
peated, only as an inference of their own from the established law, that such a
sub-contract as those writers mention, between one member of a firm and a
stranger, does not make the stranger, as between him and the firm, their copart­
ner ; and hence that the law of Scotland, as to such stranger’s liability for the
debts of the firm, may not differ from the law of England and of this country.
Indeed, it is hardly to be supposed that it was decided in F airholm vs. M ajori ­
banks , that such a stranger was not liable for the debts of the firm in a case in
which, by the English law and ours, he would have been liable. For both Mr.
B ell and Mr. S tark , as well as Mr. O ollyer , correctly state the English law
on this point, without an intimation that the Scotch law is different, except by
subsequently inserting the passage which the defendants’ counsel cited at the
trial of the present case. 2 B ell Oom. 625, 626, S tark on Part. 137 et seq.
O ollyer on Part, book i., c. 1.
Now, what is our law and the law of England on this subject? We under­
stand it to be thus :— An agreement between one copartner and a third person,
renders him liable, as a partner, to the creditors of the firm, although as between
himself and the members of the firm, he i3 not their copartner ; but if such third
person, by his agreement with one member of the firm, is to receive compensa­
tion for his labor, services, &c., in proportion to the profits of the business of
the firm, without having any specific lien on the profits, to the exclusion of other
creditors, he is not liable for the debts of the firm. Denny vs. Cabot, 6 Met.
90-94. Bradley vs. White, 10 Met. 305. Holmes vs. Old Colony Railroad, 5
G-ray, 58. Burckle vs. Echart, 3 Comst. 132 3 Kent Com. (6th ed.) 33 et.
seq. Parsons’ Merc. Law, 168, and note.
In order to enable the jury to decide whether S amuel P. H arrington was
liable for the debts of the firm of W hittemore , H arrington & Co. by reason
of a sub-partnership between him and L eonard H arrington , they should have
received instructions more definite and discriminating than they could derive




196

Commercial Chronicle and R eview .

from the mere words of Mr. C oi.l y er . The kind of agreement which would
render S amuel P. liable for the debts of the firm, and the kind of agreement
which would not render him liable therefor, should have been so explained to
them that they might intelligently decide whether the agreement between the
two (if any was proved) was such as did or did not render S ammel P. liable as
a partner, for the debts due from the firm to the plaintiffs.

COMMERCIAL CHRONICLE AND REVIEW.
P O L I T I C A L IN F L U E N C E S — S U B S ID E N C E OF P A N IC — R I S K S

A N D O B L I G A T I O N S — C IV I L W A R — F A I X U R E 8 IN

T H E U N I T E D S T A T E S — S T A G N A T I O N OF E N T E R P R I S E — D E C L I N E IN D E M A N D F O R C A P IT A L — B A N K R E ­
T U R N S — S I R I N G B U S IN E S S — L A R G E E X P O R T 8 — W H E A T V A L U E — N A T IO N A L B A L A N C E — L O W R A T E S OF
EXCHANGE— FU TURE

ELEM ENTS

OF

S P E C U L A T IO N — R A T E S

OF M O N E Y — T R E A S U R Y

N OTES— GOV­

E R N M E N T L O A N — H I G H E R R A T E S — S T O C K M A R K E T — D E P A R T M E N T F R A U D — IN F L U E N C E ON P R I C E S —
RATE

OF

E X C H A N G E — SP E C IE

A R R I V A L S — D IS P O S IT IO N — A S S A Y -O F F I C E — M IN T — W E S T E R N

EX­

CHANGES.

T he political events which produced the financial panic on the announcement
of the Presidential election in November have continued to assume greater im­
portance in the same direction, and to threaten the most serious results for the
future. Nevertheless, the “ panic ” feeling which had been manifest gradually
disappeared, and commercial fears subsided in proportion. The first effect of
serious difficulties is always to alarm those who have outstanding risks and ob­
ligations that may be affected, and there is, as a matter of course, a general and
simultaneous effort to cover those risks and use every effort to prepare for the
obligations, and these efforts produce an unusual demand for money at any price.
This is the more stringent and the more marked when the evils are of an unusual
character, and bear on their face, as now, the portentious feature of disunion
and civil war, with all its horrors in the back-ground. Annexed hereto we give
the statistics of the New York Commercial Agency, which indicates the effect
of the panic upon those houses which were caught with outstanding obligations
they could not meet in face of the paralysis in collection. The pressure, how­
ever created, where the general state of affairs is sound, cannot but be brief, since
new enterprises are at once abandoned and propositions for new business at least
postponed, and the lapse of a very little time brings with it the maturity and
cancelment of contracts and the withdrawal of risks. The sudden stringency
at once gives place to ease, and the falling value of money or capital marks
the stagnation of those business enterprises which usually demand it. The
bank returns, which we publish as usual, illustrate the operation. Under the
demand of November the loans rose $10 000,000, and the price of money was
very high. That amount seems, however, to have sufficed to cover immediate
wants, and the discounts fell $6,000,000 to Jan. 1, by means of payment under
collections. The low rates of bills and the high rates o f money drew specie
rapidly from Europe, and some $10,000,000 arrived thence up to the first week
in January, in face of an export of $6,000,000 in the same period last yearj
making a difference of $16,000,000 in the exchanges abroad. A t the same time
the Western exchanges fell to reasonable rates, permitting of collections, while
Southern credit with banking houses were very generally cut off. While no




Commercial Chronicle and R eview .

197

new notes having been created for new business, the baffk line of discounts
drops of its own weight, and the rate of money declines still farther. The
usual spring business has not been provided for, and manufacturing has been
checked. That is to say, the demand for capital in its usual employments has
been curtailed to an extent, if we take the magnitude of interests into consid­
eration, seldom before realized. Fortunately, at such a juncture, the state of the
foreign markets has been such as to attract unusual quantities of produce, and
the exports from the port of New York, as will be found in the trade tables,
have, in the last quarter of 1860, been thirty per cent larger than ever before
in the history of the country. This embraces farm produce or food to an ex­
traordinary extent. The export of wheat and flour from the United States,
since September 1, exceeds by $25,000,000 the exports of the same articles in
1859, for the same period in which, also, there has been a considerable decline
in the amount of goods imported. The demand for cotton abroad has also been
active, giving full credits against that article, and there has also been a disposi­
tion to invest in stocks at the low prices caused by the panic. The result is,
then, following—a balance in favor of the country left by last year’s trade, a
larger export of domestic produce, including cotton and breadstuffs, and of
stocks, on one hand, with a smaller present and prospective import of goods m
return. The commercial operation has been, then, to throw the balance largely
in favor of the country, or, in other words, to make specie the best article of
importation. There has accordingly been considerable receipts, and the extent
to which this will be carried must depend upon the import trade, since there is
little doubt but that food and cotton will go largely abroad. If importers hesi­
tate about ordering goods the proceeds of the produce sales must come back in
coin. The internal exchanges, under the same influences, show the same results,
since the large remittance of produce, with restricted purchases of goods, are
followed by a marked decline in the rates of exchange on New York at all points
of the interior, and collections have been made in a manner to greatly ease the
city payments.
The political difficulties once settled, there is but little doubt that a period of
commercial enterprise and prosperity would manifest itself far in excess of any
previous example. The pendency of such serious calamities as dissolution and
civil war make all other considerations give place in their presence. The re­
moval of those fears make the evils of mere commercial revulsion appear light,
and such periods of depression are generally followed by the boldest enterprises.
The troubles of 1850 were followed by the excitement of 1853, and their recur­
rence in 1854 preceded the great activity of 1856. The country now, with its
railroads built, with its working capital larger and more available than ever, is
in a position to develop trade and prosperity in a manner heretofore unexam­
pled. On the other hand, should the difficulties unfortunately not be brought
to a close, trade will doubtless, to a limited extent, be continued, food will grow,
and industry will be productive ; whether it can be permanently protected in its
development, surrounded by hostile political exigencies, is matter of serious
doubt. The Mexican people, thanks to their genial climate and spontaneous
fruits of the earth, can live amidst their anarchy. The North cannot follow that
example—a peaceful Union or a bloody transit to a state of despotism seems to




198

Commercial C hronicle and Review,

be the alternative. The States of Europe want the breadstuffs of the North
and the cotton of the South ; both are becoming amiually more indispensable
to them, and the more so that a general war seems to lower upon the continent.
The discharge of bank loans by payment, while little new paper is making,
and the collections in various parts of the country, tend to send capital back to
the center, hence the rates gradually fall, and were, to the middle of the month,
as follows :—Jan. 1st, 1859.
Feb. 1st...........
Mar. 1st...........
Apr. 1st...........
May 1st...........
Jun. le t ...........
July 1st...........
Aug. 1st...........
Sept. 1st...........
Oct. 1st............
Nov. 1st............
Dec. let............
Dec. 17th..........
Jan. 1st, I860..
Jan. 15 th..........
Feb. 1st............
Feb. 15 th .........
Mar. 1st...........
Mar. 15 th.........
Apr 1st...........
Apr. 15th.........
May 1st...........
May loth . . . .
June 1st...........
June loth . . . .
July 1st...........
July 15th.........
Aug. 1st...........
Aug. 15th.........
Sept. 1st...........
Sept. 15th........
Oct. 1st............
Oct. 15 th.........
Nov. 1st............
Nov. 15th.........
Dec. 1st............
Dec. loth ..........
Jan. 1st, 1861.
Jan. lo th .........

—On call.—
Stocks.
Other.
4 a 44 4 a 5
5 a 6
6 a7
4 a5
44 a 6
4 a 5
5 a 6
5 a 6
6 a 7
6 a 7
7 a 8
6 a 7
5 a 6
6 a 7
7 a 8
7 a 8
64 a 6
6 a 7
H a 7
6 a 54 6 1a 7
5 a 54 6 a 7
6 a 7
54 a 6
6 a 64 64 a 7
7 a 74 7 a 74
6 a
7 a 74
6 a 7
5 a 6
6 a, 7
54 a 6
5 a 64 54 a 6
5 a 54 6 a 64
5 a 54 6 a 64
5 a 54 6 a 64
6 a 64
5 a6
6 a
4f a 5
5 a 6
44 a 5
5 a 54 54 a 6
5 a »4 54 a 6
6 a 7
5 a6
6 a7
54 a 6
6 a7
7 a 9
6 a7
64 a 7
7 a 8
64 a 7
7 a 8
64 a 7
7 a8
64 a 7
7 a, 9
7 a 8
9 a. 10
7 a, 9
9 a. 11
6 ai 7
54 a 64 8 a 10
6 a7
6 a 6

*----- Indorsed .------x
60 idays. 4 a 1
6 mos.
4 a5
5 a 6
5 a 6
6 a 7
44 a 54 64 a 64
5 a 6 4 6 a 64
6 a 64 64 a 6
7 a 8
64 a 7
7 a 74
H a 7
64 a 74 7 a 8
6 a7
7 a 74
7 a8
64 a 7
64 a 74 74 a 8
6 a7
7 a 84
7 a 74 74 a 8’4
7 a 74 74 a 84
9 a 94
84 a 9
9 a 64
84 a 9
7 a 74 74 a 8
7 a 74 74 a 8
6 a 7
74 a 8
6 a 64
54 a 6
6 a 64
54 a 6
5 a 6
6 a 64
5 a 6
6 a 7
5 a 6
6 a7
5 a 54
44 a 5
a 6
5 a 6
.. a 5
5 a6
6 a 64
5 a6
6 a 64 6 a 7
7 a 9
64 a 7
7 a 74 74 a 8
64 a 7
64 a 74
64 a 7
64 a 74
7 a 74
64 a 7
8 a9
9 a 10
10 a 12 12 a, 15
12 a 15 15 ai 18
10 a 12 IS a 15
8 a 9
7 a 8

Single
names.
6 a 7
7 a 74
6 a 7
64 a 7
7 a 9
8 a9
8 a9
8 a9
8 a 84
8 a 9
84 a 94
8 a 9
8 a 9
74 a 8
9 a 10
9 a 10
84 a 9 4
84 a »4
84 a 94
64 a 74
64 a 74
64 a 74
64 a 74
64 a 74
54 a 6
54 a 6
64 a 6
«4 a 7
64 a 74
8 a 9
64 a 74
8 a 84
8 a 84
8 a 9
9 a 12
15 a. 18
20 aL. .
18 a
8 a 10

Other
good.
7a 8
8 a 9
7a 8
8a 9
9 a -10
9 a 10
10 a 12
11 a 13
11 a 14
10 a 12
12 a 15
9 a 10
9 a 10
9 a 10
10 a 11
11 a 12
10 a 12
10 a 12
10 a 12
9 a 10
9 a 10
9 a 10
9 a 10
8a 9
6 a 74
7 a 74
7 a 7f
74 a 84
8 a9
9 a 12
9 a 94
9 a 10
9 a 10
10 a 12
14 a 15
24 a 86
a ..

Not well
known.
8 a 10
9 a 10
9 a 10
9 a 10
10 a 12
10 a 12
12 a 15
12 a 15
12 a 16
12 a 18
12 a 18
12 a 18
12 a 18
12 a 18
15 a 20
15 a 20
16 a 18
15 a 18
15 a 18
11 a 13
11 a 13
11 a 12
10 a 12
9 a 10
8 a 9
8 a 9
8a 9
9 a 10
9 a 10
12 a 24
10:alOJ
121a 20
12! a 20
12a 15
It>a 24
a ..
. . a ..

12 a 16

18 a 24

The decline in rates at call give support to the stock market, and the supply
of good busiuess paper is not equal to the demand. The large class tainted
with renewals and surrounded with circumstances that weaken full confidence)
finds great difficulty in negotiation. The effect of panic upon imports manifests
itself in a decline of the government revenues, causing the Treasury Department
to offer $5,000,000 of treasury notes at a moment of excitement, and when ru­
mors of immense defalcations in the War Department were upon the market.
The loan was in danger of falling through, when a number of banks and others
interested in the payment of the public interest January 1, offered for §1,500,000




Commercial Chronicle and Review.

199

of the notes at twelve per cent interest, on condition that the money should be
specially appropriated to the interest. Other bids were made at rates running
up to thirty six per cent; ultimately the whole amount was taken at twelve per
cent. These subsequently rose to three per cent premium, when the new Sec­
retary, the Hon. J ohn A. Dix, offered the remaining §5,000,000, with the
promise that that amount would suffice the present government. There were
§12,200,000 offered at a range of
a 11 per cent, and the whole, §5,000,000,
was awarded at 10f average.
The general stock market, the course of which for the past year will be seen
in the monthly table in the financial department, improved and remained firm.
The facts that leaked out in relation to the abstraction of bonds from the In­
dian Department indicated that most of the sales of the stocks of Missouri, Ten­
nessee, and other stock, which so heavily depressed the market during the excite­
ment, were of the abstracted bonds, sold to raise money, and were not private
sacrifices through fear of disunion. Missouri fell from 76 to 62, and Tennessee
from 80 to 64#. Those sales had a powerful influence, that ceased with the
pressure to sell. The abundance of money again stiffened the value of stocks.
The rates of exchange that, during the panic, fell to such low rates, rose under
returning confidence, but still remained low under the influence of continued
large exports of produce. The rates were as follows :—
RATES OF B IL LS IN N E W T O R E .

J a n .1 . .
1 5 ..
Feb. 1 ..
1 5 ..
Mar. 1 ..
1 5 ..
A pr. 1 ..
1 5 ..
May 1 . .
1 5 ..
Jun. 1 . .
1 5 ..
July 1 ..
1 5 ..
A ug. 1..
1 5 ..
Sep. 1 . .
1 5 ..
Oct. 1 ..
1 5 ..
Nov. 1. .
1 5 ..
Dec. 1 . .
15..
Jan. 1 ..

1 5 ..

London.
9 a n
8i a 9
84 a 9
8# a 9
S#a 9
8 f a 8$
8# a H
8# a H
91 a n
9# a 9 f
9$ a 9 f
9J a 9*
9£ a
9i a n
9f a n
9 | a 10
9| a 10
9| a n
H a 9|
8J a 9
8 a 8|
5 a 6f
1 a 5
1 a 4

21 a 5
61

5# a

Paris.
5 . 1 8 f a 5 .1 7 |
5 .2 1 4 a 5 .1 8 #
5 .1 8 4 a 5 .1 7 *
5 .1 8 4 a 5 .1 7 1
5 .1 7 4 a 5-15
5 .1 7 | a 5 . 1 6 f
5 .1 8 4 a 5 .1 6 4
5 .1 6 4 a 5 .1 7 4
5 .1 8 4 a 5 .1 2 4
5 .1 8 4 a 5 .1 3 4
5 .1 3 4 a 5 124
5 . 1 3 f a 6 - >24
5 . 1 3 f a 5 .1 3 4
6 .1 3 4 a 5 .1 3 4
5 .1 3 4 a 5 .1 3 4
5 .1 3 4 a 5 .1 3 4
5 . 14§ a 5 .1 3 4
6 .1 4 # a 5 .1 3 4
5 1 5 f a 5 . 144
5 17-4 a 5 .1 5 4
5 .2 0 a 5 .1 7 4
5 .3 0 a 5.2 34
5 .4 7 4 a 5 .4 0
5 .6 0 a 5 .5 0
5 .4 0 a 5 .4 5
5 .3 0 a 5 .33 §

Amsterdam.
4 1 fa 4 I f
414 a 414
414 a 414
41# a 414
414 a 4 1 f
4 1 f a 41#
414 a 41#
41# a 414
414 a 41j
414 a 4 1 f
41J a 41#
4 1 f a 41|
41# a 41§
414 a 41|
41# a 4 1 f
41# a 414
414 a 414
41 f a 41f
414 a 411
414 a 41J
414 a 414
404 a 401
394 a 401
39 a 394

381 a 394
40 a 4 0 f

Frankfort.
4 1 f a 414
411 a 4 l|
4 1 | a 411
414 a 41#
411 a 4 l|
41| a 411
414 a 414
414 a 4 I f
414 a 42
414 a 42
414 a 42
4 l| a 42
41| a 42
4 1 f a 414
414 a 42
4 l| a 42
414 a 42
411 a 42
4 1 f a 414
41# a 4 1 f
41# a 411
401 a 411
40 a 401
39 a 391
391 a 39 j
401 a 401

Hamburg.
361 a 3 6 f
36# a 36#
36# a 36#
36# a 36#
36# a 36#
36# a 361
36# a 861
361 a 361
361 a 36#
3 6J a 37
37 a 371
3 6 f a 37#
3 6 f a 37
361 a 37
361 a 37
364 a 374
36-4 a 37
36# a 36#
36# a 36#
361 a 3 6 f
36# a 36#
351 a 361
34# a 351
341 a 341
341 a 35
351 a 354

Berlin.
73 a
731 a 731
73# a 73#
73# a 731
7 3 # a 73#
731 a 73#
731 a 73#
731 a 73#
731 a 731
7 3 f a 734
7 3 } a 734
7 3 # a 734
7 3 f a 734
7 8 f a 734
7 8 f a 73#
731 a 734
73# a 731
7 3 # a 73#
73# a 73#
73-1 a 73#
72 a 73
721 a 721
691 a 761
721 a 731

68# a 6yl
701 a 701

The quotation for sterling on bankers, sixty-day names, ditto sight, 61 a 7 ;
but good commercial bills sold at 4 a 41 do., with bills of lading 31 a 4. These
rates were low, but the bills being negotiable, the produce went freely forward,
and the arrivals of specie continued considerable from Europe as well as from
California, as follows :—




Commercial Chronicle and Review.

20 0

G O LD DECEIVE D FROM CALIFORNIA AND EXPO RTED FRO M N E W YO RK W E E K L Y , W IT H T H B
AMOUNT OF SPECIE IN SUB-TREASURY, AND T H E TOTAL IN THE CITY.

■1859.----------, ,------------------------- 1860,
,.

Eeceived.

Exported.

Eeceived.

Jan. 7.. ............................. $1,052,558
14.. ____$1,376,300
21..
28..
Feb. 4..................................
11..
18.. .............................
26.. . . . .
1,287,967
Mar. 3.. .............................
10..
17.. .............................
................
24.. . . . .
81..
Apr. 7.. .............................
14.. ____
1,404,210
21.. . . . .
2S ..
May 6. .............................
12.. -----1,480,115
19.. .................. ..
26.. -----1,938,669
June 2.. .............................
9..
15..
22.. .........................
29.. . . . .
2,041,237
July 9.. .............................
14..
21.. .............................
28..
Aug 4.. .............................
11.. ____
1,860,274
18.. ......................
25..

Sept. 1..
8..
15..
22..
29..
Oct. 7..
16..
20..
27..

____ 2,046,006
.............................
____ 2,042,363
....
........
____f 2 ,350,670
____
1,883,670

Nov. 3..

........
1,568,107
........
1,721,342
..............
1,869,429

10.. . . . .
17..
24...____

Dec. 1..,
8.. . . .
15...
2 2 ...
2 9 ... . . .

1,408,234

T o ta l..
♦ From New Orleans.




218,049
567,398
467,694
606,969
361,560
1,013,780
358,364
1,427,556
307,106
870,578
208,955
1,343,059
576,107
1,637,104
1,496,889
1,680,743
2,169,197
1,926,491
2,223,578
5,126,648
2,325,972
1,877,294
1,669,263
1,620,731
1,861,163
1,398,885
2,495,127
2,030,220
2,344,040
1,284,865
1,505,389
1,594,933
1,584,879
509,649
2,363,385
1,760,331
2,727,194
1,414,690
727.981
1,430,883
1,109,603
2,059,492
1,519,673
1,068,407
1,300,991

none.
940,201
675,697
673,223
152,612
343,363 |

1,788,666
1,760,582
94,569
1,476,621
1,393,179
382,503
1,198,711
152,000
895,336
155,110
1,146,211
1,465,337
1,382,763
1,519,703

1,385,652
1,541,580
1,514,884
673,290
988,676
1,006,283
798,832
950,000
791,660
1,202,657
1,971,645
810,225
1,241,939
911,620
1,087,071
822,419
1,083,231

Exported,
$85,080
88,482
259,400
81,800
427,457
92,350
692,997
202,000
667,282
115,473
429,260
465,115
706,006
310,088
630,010
241,503
1,774,767
2,355,117
633.881
1,251,177
1,317,773
1,719,138
1,542,466
2,526,478
1,417,757
1,962,776
1.166,773
1,283,136
1,624,280
1,880,497
1,739,259
1,357,198
2,183,281
1,730,696
1,302 266
1,198,893
1,088,923
533,843
900,700
689,419
16,679
1,033,439
361,808
188,750
195,320
138,700
13,443
86,850
44,023
71,000
2,010

1,225,217
5,491,585$

Specie in
Total
sub-treasury. in the city.
$7,737,965 $25,600,699
7,729,646 26,470,512
8,352,485 27,585,970
8,957,123 29,020,862
9,010,569 28,984,870
9,676,782 29,4 64,299
10,012,672 30,603,762
8,955,208 29,729,199
8,734,028 81,820,840
8,237,909 30,139,089
8,099,409 31,271,247
8,122,672 31,408,876
8,026,492 31,447,251
7,562,885 30,162,017
7,714,000 31,640,982
7,531,483 30,764,897
7,668,723 30,848,532
7,041,143 30,856,889
6,539,414 29,319,801
6,864,148 30,599,341
6,982,660 30,414,437
6,621,100 31,196,568
6,620,622 30,406,203
6,426,755 30,537,000
6,326,894 29,677,815
6,263,357 28,717,607
5,187,468 27,939,162
5,404,367 28,166,061
5,432,789 28,876,433
5,112,942 28,212,668
5,559,922 27,688,011
5,732,534 27,312,274
5,902,350 26,911,000
6,985,545 26,105,279
5,607,627 24.642,700
5,833,650 24.721,300
5,636,367 24,597,300
5,448,804 24,435,400
5,228,432 25,400,400
4,991,575 25,139,300
4,496,881 24,770,669
4,554,642 26,609,870
4,887,003 27,685,500
5,639,258 27,834,100
5,783,746 26,862,100
5,018,564 24,482,974
4,308,668 23,068,041
3,702,751 22,244,513
3,125,300 21,688,043
2,563,539 12,038,000
2,939,300 23,266,900
2,222,167

25,497,158

69,944,681 40,280,068 41,774,284

t $800,000 silver from Mexico.

%From Europe.

201

Commercial Chronicle and Review.

1860,

■

----------------

1861.-------------------------------------*
Specie in

Received.

Jan. 7......... ......................
14........ . $1,788,666

Total. . . . .

1,788,666

Total

Exported.

Received.
Exported, sub-treasury, in the city.
i 1,482,857
................$3,645,437 $28,485,000
$8 6,08 01
' 1,338,100*
i 1,446,219
................ 2,584,455 29,045,300
88,482 j
|1,400,000*
173,562

5,667,176

The export of specie of course stopped short, and the metal flowed into the
port from both East and West, raising the amount in the city some §8,000,000
between December 15 and January 12. But there were also considerable sums
in the savings banks and other institutions than banks and Treasury. The
amount received in the five weeks to January 12, was, it appears, $13,467,109,
without any exports. The amount in the banks and Treasury increased in the
same time $8,000,000, leaving $5,400,000 that went elsewhere. The foreign
gold pressed upon the mint, since, under present laws, it is not a legal tender
in the foreign shape, although an effort was made to have the law altered in
that respect. The operations of the New York assay-office were as follows :—
N E W Y O RK ASSAY -O FFICE.

-----------Foreign.---------------------- » /----------- United States.------------,
Gold.
Silver.
S ilver.

Coin.
Bullion.
Jan. 14,000 18,000
Feb. 5,000 28,000
Mar. 8,000 15,000
Apr. 8,000 32,000
May 11,200 20,800
June 12,000 19,000
July 9,500 18,000
Aug. 12,000 14,000
Sept. 13,000 41,000
Oct.. 7,000 10,000
Nov. 14,000 13,000
D ec; 1,622,770 875,890

Payments
in

Coin. Bullion.
Gold.
Coin. Bullion.
Bars.
Coin.
11,200 14,000 2,478,000 1,800 20,000 647,000 1,910,000
....
6,500 24,000
951,000
7,500 932,000
9 o;ooo
23,400
5,500 267,000 1,100
2,500 180,000
142,500
10,000 183,000 3,700
14,500
3,800 187,000
70,000
25,500 18,000 176,000 7,000 16,500 230,000
45,000
10,000
4,000 147,000 1,750
2,750 158,000
38,500
12,800
8,000 159,500 1,200
3,000 140,000
72,000
16,000 14,100 208,000 1,000
3,900 190,000
79,000
7,500 14,000 323,000
8,500 350,000
57,000
6,490 38,000 1,183,000 1,000 12,600 300,000 958,000
9,000 3,423,000
30,800
. . . » 27,000
67.000 3,500,000
90,000 20,000 2,776,600 88,000 89,820
7,563,170

’ 60 3,736,470 998,690 254,600 78,600 12 ,275,100 106,550 200,070 3,381,000 15,822,000
’59 125,000 147,000 431,580 79,900 4 ,005,600 14,400 99,320 3,971,000 1,629,100

The deposits of United States gold had become large in October for turning
into coin, and still larger in November. In December the arrivals from abroad
doubled the applications, and for that month $7,563,170 was required in coin
raisins the aggregate for the year to ten times that of 1859. The mint could
not respond to this demand, but its operations were as follows :—
UNITED STATES M IN T, P H IL A D E L P H IA .

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

January...........
February.........
M arch .............
April................
M ay.................
June.................

$200,000
1,838,578
144,478
281,891
90,828
54,893




$41,000
35,573
82,255
49,764
72,468
64,676

-C oinage.—

Gold.
$1,024,563
1,632,160
317,451
252.766
133,004
63,718

* From Europe.

Silver.
$41,000
21,600
132,989
38,431
81,100
97,160

Cents.
$24,000
24,000
29,000
30,000
35,000
24,000

Total
$1,090,568
1,677,760
479,440
321,188
249,104
184,878

202

Commercial Chronicle and Review.
,------- Deposits.--------,

July ...............
A u g u st...........
S e p te m b e r ...
October............
N ovem ber___
D ecem ber___
Total, 1860. . .
Total, 1859. . .

Gold.

Silver.

97,041
132,133
2,174,100
457,750
1,623,579
7,148,097

14,181
22,741
29,537
45,829
19,320
71,894

,--------------------------Coinage.--------------------------- »
Gold.
Silver.
Cents.
Total.

101,975
2,181,460
357,373
1,580,640
4,306,620

87,000
16,660
No coinage.
36,000
4,000
54,673
10,000
30,700
11,000
66,560
7,000

205,635
2,221,460
422,049
1,622,340
4,380,180

$15,063,365 $549,218 $11,851,711 $6S7,119 $214,660 $13,466,602
1,555,252 910,560
1,455,678 1,043,646 345,000
5,310,136

The United States Mint at Philadelphia and New Orleans have operated as
follows for the year to December 31, 1860 :—
/----------Deposits.---------- , ,---------------------------- Coinage.-----------------------------»
Gold.
Silver.
Gold.
Silver.
Cents.
Total.

Philadelphia..
New Orleans .

$15,063,365 $549,218 $11,851,711 $687,119 $214,660 $1 8,466,602
227,088 1,827,303
243,000 1,337,955
1,580,965

The progress of events for the new year pou ts to still larger operations, since
the caution in buying goods, in face of large exports of produce, will draw the
coin into the interior, following the already falling rates of internal exchange.
The imports of the past year for the port of New York show a decline in
dutiable goods, and also in free merchandise, but the import of specie has been
larger than for many years, with the exception of the panic year. The aggre­
gates are as follows :—
FO R E IG N

Yeats.

I860............
1851............
1852............
1853............ .
1854............
1855............
1856............
1857............
1858............
1859.............
I860............

IM PO RTS AT NEW

4•

YORK.

-V

Dutiable.

Free goods.

Specie.

Total.

$110,933,763
119,592,264
115,336.052
179,612,412
163,494,984
142,900,661
193,839,646
196,279,362
128,578,256
213,640,363
201,401,683

$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
28,708,732
28,006,447

$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
2,816,421
8,862,330

$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
245,165,516
238,260,460

We annex a comparative summary of the receipts of some leading articles of
foreign merchandise during the past year. The sugar imports have continued
large :—
IMPORTS

OF A FEW L EAD ING ARTICLES OF GENERAL M E RCH A N D ISE.

Books.......................................
Buttons....................................
C h eese....................................
Chinaware...............................
Cigars......................................
Coal..........................................
Coffee........................................
Earthenware............................
Furs...........................................
Glass, plate................... . . . .
India-rubber............................
Indigo.......................................
Leather and dressed skins . .
Undressed skins......................
Liquors— Brandy....................




1857.

1858.

1859.

1860.

$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

$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

$777,470
464,649
101,796
609,730
2,320,403
533,613
8,689,520
1,355,861
2,378,174
592,111
707,517
690,823
3,879,143
8,914,682
2,683,089

$734,096
285,831
165,057
591.197
1,867,231
619,787
8,246,008
1,402,226
1,971,506
814,003
1,168,383
486,493
2,346,111
5,144,752
2,018,930

Commercial Chronicle and Review.

1857.
Metals— Copper and o re .. . .
Sheathing copper...............
Iron, bars.............................
Iron, p i g ...............
Iron, railroad.......................
Iron, sheet...........................
L e a d ....................................
S p e lte r................................
Steel.....................................
Tin and tinplates................
Z in c.............................
Molasses.................................
R a g s ...........................
Salt.............. ...........
Saltpeter...............................
Sugar........................................
Tea.....................................
W atches...................
W in es......................................
Wool and w aste....................

1858.

426,474
507,407
248,375 j3,845,101
1,529,237
501,096
356,807
3,070,762
370,092
706,872
293,008
2,035,464
1,492,124
880,484
590,149
1,694,950
1,033,955
4,669,951
3,667,093
841,648
481,507
1,379,946
5,197.047
882,181
649,774
373,885
318,8S5
162,658
20,698,865
17,667,676
6,002,032
5,399,964
2,954,702
1,676,019
2,011,691
821,506
1,775,673
1,113,024

1859.

203
I8 60 .

968,496

909,832

3,122,572
607,180
1,642,015
509,688
1,651,996
357,867
1,798,932
4,899,905
891,655
1,902,994
1,057,502
321,051
72,600
18,700,529
7,540,351
2,697,037
1,757.021
8,050,672

3,093,277
612,752
699,535
544,820
2,012,044
359,620
1,959,785
5,006,743
435,023
1,940,508
906,921
375,927
214,005
25,062,119
8,854,122
2,264,625
3,121,945
2,751,893

The Mercantile Agency, in importing their list of failures for the last year,
remarks as follows :—
For the nine months preceding October, the total number of failures was
3,076, with an indebtedness of §45,332,138 ; and in the three months following,
(October, November, and December,) 852 failures, with liabilities to the amount
of $38,687,633. Recent heavy suspension are not included. They would aug­
ment the amount materially. The first 3,076 were failures that occur in the
ordinary course of business, and though the number is about as much as it was
at the same time the year preceding, the amount is much smaller. The final
weeding out of the remnants of 1857 was nearly reached. The second class, by
the comparatively small number of houses that have yielded and by their pro­
portionately excessive liabilities, shows the effect of the political crisis. Most
of them were houses beyond suspicion both with the public and themselves.
This increases the total for the year, showing $84,019,771 against $68,367,000
for 1859.
The tenor of the advices which reach us from all points South, warrants us
in saying that no one need doubt the honorable intentions of the Southern mer­
chant, and that his indebtedness will be faithfully discharged as promptly as
events permit. There will be delay in settlement, but this delay will not arise
Irom any premeditated cause or present desire to postpone payment. The recla­
mations on cotton last spring and at present, have had their influence in pro­
ducing a stringent money market. For some two or three months during the
spring, there was an average loss of $7 50 per bale on all the cotton shipped.
This loss had to be met maiuly by bank accommodation, and this has compelled
renewals in full, of accommodation paper through all the Southern bank cen­
ters. This has in a measure diverted the banking capital from business circles
generally, prevented the moving of crops, and in fact stagnated capital and par­
alyzed business. Added to this, want of confidence, engendered by the present
political crisis, will readily show that a very general extension will be needed by
Southern merchants, and, as we think, safely given.
Since the panic of 1857, in consequence of the depressed and bankrupt con­
dition of the West, the Southern trade has been courted very generally, and to
an extent that induced large purchases beyond the wants and necessities of that
section, The West has now recovered herself so far as to make the trade in that
direction more de irable, and it will, in turn, be greatly sought after. We
would guard our subscribers against encouraging this reaction too far.




I

to

STATISTICAL TABLE ACCOMPANYING

States.




o

1861.

,-------- Causes o f failures-------- *
Lack o f mercanSpeculating out- tile capacity for Dissipation, exTotal No.
side regular busi- business, fires
travagance,
o f stores as
ness, overtrading, without insur’nce, gambling, neg- Causes o f failure.
per our re- Failures, 1860. indorsing, etc. bad d’bts, rusty,&c. lect'd busin’s,&c. 8windlers.
cord, 1860. No. Liabilities. No Liabilities. No. Liabilities. No. Liabilities. No. Liabilities.
17,389
831
820
256
566
402
496
397
19,113

428 $22,127,297
33
1,635,000
29
596,000
143,000
19
21 227,000
16
126,000
251

135,000
2,805,500

4,940
10,997

172
157

4,956,760
2,433,700

89
85

8,261
1,288
17,196

144
29
166

6,107,936
226,618
1,970,300

101

75
9

1,380
10,859

56
198

1,288,589
2,739,416

100

2,672
871
16,197

63

195

1,926,950
619,300
1,629,400

116

12
!2

21

120,000

223 $14,410,397
24 1,488,000
17
417,000
107,000
10
148,000
12
10
78,000
4
49,000
4
18,000
1,533,200
99

26
31

10

84 $4,266,400
5
118,000
8
44,000
8
26,000
6
57,000
3
31,000
5
58,000
4
35,000
70
458,800

21

2,817,700
1,759,400

57
32

10

3,988,960
44,258
1,499,400

40
14
33

1,228,042
132,390

690,282
1,637,000

10

192,864
486,916

1,128,750
312,300
998,900

48
14

6

31

1,391,060
231,700

200,000

328,400
270,000
286,400

2,910
2,109

24

12

1,403,000
178,000

8

945,000
52,000

10

3

4

247,000
31,000

1,585
4,989

56
77

2,024,500
986,500

29
36

1,129,500
654,000

9

149,000

1,056
918

21

793,000
261,500

14
9

579,000
204,000

22

132,500

16

3,148
2,967

82
32

2,881,500
183,000

19
13

1,166,500
82,000

28 $1,545,000

1
1

92 $1,905,500
3
24,000
3
85,000

1
8
2
1
3

i
3

14

10,000
79,000
201,000

61

447,000
241,000

30

12
11
2

10,000
22,000
17,000
12,000

Likely to pay
in full,
No. Liabilities.

100 av. 42 cts.
6 av. 37 cts.
1 av. 50 cts.

35 $4,424,297
1
75,000

3 av. 40 cts.
2 av. 25 cts.
1 av. 25 cts.

i

3,000
612,500

10,000

26 av. 45 cts.

7

78,500

298,000
201,600

I ll av. 32 cts.
37 av. 44 cts.

4
••

164,700

677,933
41,000
159,500

40 av. 39 cts.
19 av. 52 cts.
9 av. 65 cts.

10
1
2

299,585
5,000
13,000

4

185,000
301,000

4

18
4
9

213,000
9,000

111,000

23

9

164,231
133,000

11

241,392
482,500

43 av. 36 cts.
17 av. 42 cts.

11

12

10
6
1
14
3

1
10

4

100,000

8
2

1

2,500
672,000

3
9

40

6,000

50,000

Compromised
since their
failure, and
average paid.

40

102,800
7,000
147,200

4
34

367,000
30,000
196,900

31 av. 41 cts.
2 av. 55 cts.
14 av. 48 cts.

1

7

317,000
15,000
104,000

112,000
10,000

3
4

129,000
85,000

7 av. 34 cts.

3

140,000

9

295,000
95,000

9 av. 46 cts.
3 av. 50 cts.

1

25,000

3

7,000
18,000

7 av. 36 cts.
1 av. 50 cts.

14
5

932,000
25,000

23 av. 42 cts.

11

570,500
46,000

455,000

101,000
107,000
87,000

111,000

10
1

....

5

Commercial Chronicle and

New York—
New York city .............
Albany ..........................
Buffalo............................
O sw ego..........................
R ochester......................
Syracuse..........................
T ro y ................................
U tica...............................
Remainder o f the State.
Massachusetts—
B oston............................
Remainder of the State.
Pennsylvania—
Philadelphia...................
P ittsburg......................
Remainder of the State
Illinois—
Chicago..........................
Remainder of the State
Ohio—
Cincinnati......................
Cleveland........................
Remainder of the State.
Louisiana—
New Orleans...................
Remainder o f the State
Missouri —
St. Louis-----•................
Remainder o f the State.
Rhode Island—
Providence......................
Remainder of the State.
Maryland—
Baltim ore........................
Remainder of the State.

ANNUAL CIRCULAR FOR JANUARY,

Michigan—
D etroit................................................
Remainder o f the State....................
Iowa—
Dubuquo..............................................
Remainder o f the State....................
Kentucky—
Louisville............................................
Remainder oi the State....................
South Carolina—
Charleston............................................
Remainder of the State....................
Territories—
California and Minnesota. ................
Indiana.....................................................
Virginia—
Richmond............................................
Remainder o f the State....................
Wisconsin—
M ilwaukee..........................................
Remainder of the State....................
North Carolina.......................................
New Jersey............................................
Connecticut............................................
Maine.......................................................
New Hampshire ...................................
Vermont...................................................
G eorgia...................................................
Delaware and District of C olum bia...
Arkansas..................................................
A labam a..................................................
Mississippi................................................
Tennessee................................................
Florida......................................................
T exa s........................................................
Total United States........................
Canada West—
T oron to................................................
Remainder o f Canada W est.............
Canada East—
Montreal..............................................
Remainder of Canada East...............
Remainder o f Brit. N. Am. Provinces
Total British Provinces.................
Total U. S. and British Provinces.




6
20

152,000
433,000

42

6

95,000
634,000

807,706
433,900

16
40

570,506
300,900

22

649,000
225,000

17
13

462,000
116,000

8

161,000
30,000

2,976
8,060

46
96

1,273,000
1,004,000

26
44

841,000
529,000

20

7

116,000
178,000

1,480
9,718

30
90

411,665
1,789,600

16
55

305,065
802,600

7
18

45,600
640,500

596
4,109
3,473
4,714
4,907
5,192
2,861
2,189
5,630
3,208
1,638
3,002
2,564
4,519
984
2,615

21

753,521
1,293,700
428,000
438,500
401,500
598,500
318,000
254,000
852,100
318,000
347,000
498,500
571,700
1,705,500
158,200
1,221,000

10

521,000
736,700
175,000
323,000
282,500
414.900
232,500
172,000
363,000

5
9
14
5
5

153,021

1
6

91,000
25,560
39,000
74,000
15,500
58,000
96.000
65,000
94,000
14,000
99,000
254,500

4
3
3
4
3

803
4,304

28
70

397,475
833,500

365
4,763

7
82

105,000
1,200,482

1,097
6,014

26
61

889
2,491

25

90
43
41
54
69
40
30
81
26
24
34
37
98

11

52

46
15
24
33
48
25
17
34
16

11

23
18
49

1
22

200,000

158,000
264,500
325,700
1,254,000
5,000
684,000

229,734 8,676 $79,807,845 1,869 $49,370,518

8
17

20
12
8
8
5

8
4

8
10
3

6
2
5
30

1

9

21
121

651,000
1,136,000

17
72

491,000
741,500

19

1,189
2,674
2,311

46
37
27

1,594,926
394,000
436,000

19
19
18

946,254
153,000
253,000

15
4
4

145 $2,587,754
13,402 252 $4,211,926
243,136 8,,928 $84,019,771 2,014 $51,958,272

2

15 av. 32 cts.
9 av. 45 cts.

1

1,000

5

26,500
55,000

26

120,000

4
4

53,000
30,000

24

416,482

8 av. 43 cts.

5

60,000

209,200
26,500

1
2

20,000

1
11
8

8,000
93,000

9 av. 46 cts.
7 av. 43 cts.

2
1

101,062
7,000

26,000
41,000

7 av. 45 cts.
2 av. 52 cts.

4

338,000

11

297,000
279,000

2 av. 20 cts.
12 av. 42 cts.

3
3

37,000
45,000

1

25,000
227,000

7 av. 42 cts.
7 av. w cts.

2
1

110,000
3,200

44,500
375,000
181,000
54,000
64,000
83,500
49,000
24,000
280,100
25,000
80,000
60,000
132,000J72,000
149,000
358,000

8 av. 41 cts.

*
Ci
a

3

55,000

o,

i

5,000

l
l

10,000

l
5

50,000
96,000

2

10,500
75,000

&

47,000

5§

109,500

68,000

1,000

74,000

825 14,246,980

885
6,342

6

49,500
190,475

60,000
146,000

13,500

70,000

44 $857,872
869 15,104,861

3

3

*38,666

2
8
6

19,000
18,000

29

36,000
29,500

13

4

15

2
2

5
4

2
1

5

35,000
114,000
26,000
36,000
16,000
27,000

21,000

163,000
28,000
15,000
160,000
15,000
25.000
3,000
105,000

287 !$5,525,731

1
7

30,000
87,000

551,872
80,000

1

3

2

37,000
75,000

13 $179,000
300 $5,704,731

5
29

10

9
13
9

8
22
5

5
5
4

10
17
8
16

238,000

10,000

4 av.
6 av.
11 av.
6 av.

31
25
37
28

cts.
cts.
cts.
cts.

2 av. 33 cts.

....
3 av. 56 cts.
9 av. 50 cts.

1
12
11
3

4

70,000
211,500

5 av. 39 cts.
7 av. 37 cts.

93,S00
174,000
38,000

22 av. 35 cts.
7 av. 36 cts.
8 av. 44 cts.

50 $587,300
45 11,251,907

7

31,000

7,000

Cr
53
§

3

25,000

2

3,900

$28,900
5
164 $7,886,244

.

<s>.
a

s

R.

159 $7,857,344

C95 10,664,607
28

4

to
<5\

206

Commercial Chronicle and Review,

The imports of specie were in 1857 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 the influence of the panic has
caused specie to arrive only in the last month. The causes extend, however, into
the new year. 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 IM P O RT S ENTERED AT N E W Y O R K DURIN G T H E YE A R S

1 8 5 7 -8 -9 -6 0 .

ENTERED FOR CONSUMPTION.

January..................... ...............
February...................
M arch........................ ...............
A p r il........................
M ay............................
June............................................
J u l y ..........................
A u g u st.................... ................
S e p te m b e r.............. ................
O ctober....................
N ovem ber................
D e c e m b e r ..............

1857.
$15,800,084

1858.
$4,170,017
6,840,256
7,245,526
6,837,546
6,574.612
6,652 563
14,053,659
15,067,782
11,180,523
9,234,470
7,350,323
9,775,511

12,350,457

2,471,723
14,401,018
8,841,367

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

1859.
$15,556,727
15,231,446
15,314,023
15,595,141
15,222,311
14,909,315
21,681,460
18,416,207
12,470,440
9,34 5,609
9,978,720
13,043,810

I860.
$16,521,174
14,467.040
16,168,698
10,407,966
10,515,411
11,870,400
18,759,905
19,564,675
11,516,139
10,974,428
8,525,416
6,374,246

$176,765,309 $154,660,498
ENTERED FOR WAREHOUSING.

January................... .
F e b ru a ry ................ ................
M arch.......................
A p ril.........................
M ay...........................
June ......................... ................
J u l y .........................
A u g u s t ....................
Septem ber...............
O cto b e r....................
N ovem b er................ ................
D ecem b er................
T o ta l................ ................

3,543,996

11,540,136

5,821,588

$73,342,349
FREE

January ..................
February ................
M arch......................
A p ril.........................
M ay........................... ................
June..........................
J u l y ......................... ................
August...................... ................
S e p te m b e r.............. ................
O c to b e r ....................
N ovem ber................ ................
D ecem ber................ ................
T o ta l................




$1,909,448
1,330,623
1,812,230
2,148,241
2,626,978
2,408,733
2,949,166
2,146,031
2,900,710
2,157,678
1,725,318
1,520,373

$1,201,701
1,264,502
2,804,412
3,754,895
4,746,614
5,401,253
3,943,874
2,964,044
2.177,968
2,194.252
2,794,108
3,534,920

$2,744,411
1,526,772
3,592,093
4,127,857
4,4,36,660
4,487,109
4,4 62,475
4,182,764
2,835,784
2,817,461
S,961,652
7,566,147

$25,635,519

$36,875,054

$46,741,185

GOODS.

1,647,810
2,455,333
2,052,122
1,772,505
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
1,425,520
1,985,608

$2,618,220
2.269,223
2,620,654
2,802,542
3,461,285
3,430,361
1,436,147
2,920,921
1,810,626
1,447,443
1,956,087
' 2,145,534

$2,262,683
3,172,892
3,739,241
2,386,349
1,846,020
2,765,008
1,594,918
2,050,665
1,652,882
1,911,515
2,487,290
2,138,579

$22,024,691

$28,703,732

$28,006,447

Commercial Chronicle and Review.

207

SPECIE AN D BULLION.

1857.
January..................... .
February.....................
March..........................
A p r il.........................
May............................
J u n e ...........................
J u ly............... ............
A u gu st..................... .
Septem ber................

1858.

1859.

1860.

November.................
Decem ber.................

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

$71,303
92,209
81,666
272,441
122,436
495,392
175,139
348,419
184,553
630,64ti
167,087
184,638

$228,050
190,175
85,094
49,186
96,060
38,272
64,351
140,750
255,695
1,083,838
446,798
6,174,061

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

$2,264,120

$2,816,421

$8,852,330

October.................. .

TOTAL IM PO RTS.

January.....................
February...................
March......................... ...........
April..........................
May............................ .............
J u n e......................... .............
July...........................
August.....................
September...............
October.....................
N ovem ber............... .............
December................. .............

21,135,504
18,705,255
15,389,126

13,417,960
9,196,811

$8,105,719 $19,447,962 $21,756,273
9,209,043
18,848,870
19,356,379
11,729,702
20,820,456
23,680,126
11,169,025
22,425,619
16.971,358
11,454,703
23,552,645
16,893,151
10,116.442
24,069,821
19,160,789
18,505,747
27,286,120
24,881,649
19,624,176
24,649,591
25,938,854
15,473,295
16,643,535
16,260,450
18,542,984
18,617,946
16,787,242
10,591,606
14,895,002
15,421,156
13,344,625
18,908,898
21,253,083

Total....................... . . . $230,618,129 $152,867,067 $245,165,516 $238,260,460
W IT H D R A W N FRO M W AR EH O U SE .

January...................... ...........
February....................
March.................
. ...........
A pril........................................
May............................. .............
J u n e ........................... .............
Ju ly .......................... ..............
August ................... .............
September................ .............
October..................... .............
November................. .............
December................. .............
Total................. .............

$2,672,755
2,639,223
2,287,315
2,262,173
781,099
10,470,820
6,624,147
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

$2,088,270
2,167,898
1,718,231
1,543,551
1,628,434
2,369,281
2,595,063
3,296,084
2,893,741
2,749,892
1,970,134
1,840,754

$2,964,024
2,338,649
2,200,117
2,069,423
2,475,067
2,268,377
3,593,993
3,325,106
4,007,272
3,018,393
1,597,801
1,246,203

$40,609,890

$37,499,542

$26,857,089

$31,103,924

The warehouse operation for the last two months of the year show the same
effects of panic as in 1857. The average quantities warehoused for the two
months was half the arrival, instead of less than one-fourth as in the previous
year.
The imports of foreign dry goods at the port of New York, for the year 1859,
was more than double those of the previous year, but this year a decline has
taken place designated as follows :—




208

Commercial Chronicle and Review.
IM P O RT S OF D R Y GOODS AT N EW YO RK .

1857.

1858.

1859.

Manufactures of wool................ $27,489,664 $19,385,084
Manufactures o f cotton .............
18,905,535
11,057,769
Manufactures o f s i l k ................. 28,537,260 19,658,274
Manufactures o f flax..................
7,950,864
5,798,307
M iscellaneous..............................
7,650,906
4,199,290

1860.

$37,829,049 $34,480,769
24,781,164 17,881,328
33,682,648 34,996,367
11,110,931 7,811,612
6,248,832
6,774,492

Total...................................... $90,534,129 $60,006,224 $113,152,624 101,944,468

The decline in dry goods is marked under each general head, with the excep­
tion of silk ; but in those goods, as in general merchandise, the bulk of the de­
cline is in the month of December.
We recapitulate the comparative totals of the imports of drygoods and general
merchandise for the convenience of reference :—
1857.

1858.

1859.

1860.

D r y g o o d s .................................. $90,634,129 $60,005,224 $113,152,624 $101,944,468
General merchandise............... 127,185,967 90,448,438 129,196,471 127,463,662
Total.................................... 217,720,096 150,453,662 $242,349,113 $229,408,130

The cash duties received at the port for the year are nearly seven per cent less
than for the past year, arising from the fact that the panic sent such large
quantities into warehouse:—
CASH

DUTIES KECEIVF.D AT NEW Y O R K .

1 85 8.
January..........................
February .....................
M arch............................
A pril........................... ..
May...............................
June................................ ................
July................................
A u gu st.........................
Septem ber...................
October..........................
November..................... ................
December.....................

1 85 9.
69

86
16
41
54
1,685,663 02
33
01
63
43
1,706,529 47
62

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

06

$3,478,471
8,328,688
3,164,011
3,212,060
4,014,520
3,314,429
4,851,246
4,248,010
2,908,609
2,818,750
2,157,154
2,843,388

1860.
38
93
25
49
89
65
89
43
95
82
48
39

$38,834,242 95

$3,899,166
8,378,043
3,477,545
2,444,267
2,466,462
2,024,193
4,604,066
4,496,243
.3,038,803
2,632.078
1,794,748
1,171,862

17

28
74
96
76
39
04

10
28
88
67
74

$36,027,481 51

The most interesting feature of the commerce of the port is perhaps the ex­
ports, showing, as they do, such an immense increase over any previous period.
In the last quarter particularly, the amount has run up until it reaches more
than half the dutiable imports. The following is a quarterly summary :—
EX PO RTS FROM N E W Y O R K TO FOR EIGN PORTS, EXCLUSIVE OF SPECIE.

1857.

1858.

1859.

1860.

First quarter..................................... $19,838,847 $14,044,177 $13,725,642 $20,827,086
Second quarter.............................. 18,822,867 17,599,202 17,883,621 22,740,760
Third quarter................................
15,803,531
14,003,473 17,687,253 26,079,326
Fourth quarter................................ 18,898,910 13,991,361 18,733,805 33,845,108
Total........................................ $73,364,155 $59,688,212 $67,980,321 103,492,280




209

Commercial Chronicle and Review.

This gives an increase of $20,000,000 over the large exports of 1856, and an
increase of $44,000,000, as compared with 1858. The exports of specie, not
included in the above, show a decrease of $27,600,000.
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 :—
EXPORTS FROM NEW Y O R K TO F O R E IG N P O R T S DURING T H E Y E A R S

1 8 5 7 -8 -9 -6 0 .

DOMESTIC PRODUCE.

1857.
January........................
February ................... ..............
March.........................
A pril........................... .............
M a y............................
J u n e ........................... .............
July.............................
A u gu st.....................
Septem ber...............
October.....................
November.................. ..............
December................... ..............
T o ta l .................. ............

1858.

1859.

1860.

6,245,599
2,832,338

$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

$3,762,182
3,283,592
5,377,84 0
5,950,921
5,180,652
4,880,395
4,938,065
5,150,710
4,946,612
4,752,779
6,323,61 1
6,382,172

$5,299,142
5,699,387
6,998,687
6,638,682
5,812,190
8,607,774
7,525,713
8,012,814
9,232,931
10,067,330
11,262,701
10,610,945

$61,803,235

$53,949,703

$59,929,531

$95,468,296

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

$232,365
263,851
297,381
382,289
426,002
187,522
232,527
790,646
635,132
482,440
639,538
481,263

$399,317
631,489
844,716
482,489
248,270
486,228
232,552
191,270
620,394
394,763
400,218
833,578

$4,087,398

$5,050,909

$5,765,274

$191,125
136,862
27,590
154,416
113,799
158,769
70,463
102,674
169,863
161,063
129,671
184,816

$119,489
188,210
200,779
441,489
308,096
126,255
380,782
374,707
188,072
252,878
177,288
241,836

$324,003
344,994
285,351
254,742
309,921
200,464
140,949
76,083
46,620
94,175
84,167
97,241

$1,601,111

$2,999,888

$2,258,710

5,399,202
6,162,160
5,395,312

FOREIGN DUTIABLE.

January......................
February .................... ...........
M arch .........................
A p ril.........................
M ay .............................
June ............................
July .............................
August........................
Septem ber...............
October..................... ............
November.................
December..................

363,878

806,049

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

FOREIGN FREE.

January..................... ..............
F ebru ary................. ...............
March......................... ..............
A pril......................... ..............
M ay ............................. ..............
J u n e ......................... ..............
Ju ly ............................. ..............

$151,920
175,706
483,330
185,642
169,451
732,128
4 07,697

A u g u s t .......................

Septem ber ................ ...........
October........................ ..............
November ..................
December...................

417,570
212,443

Total ....................
V O L . XLIV.---- N O . I I .




14

210

Commercial Chronicle and Review,
SPECIE AND BU LLION.

1857.
January....................
February.................
March......................
A pril.......................
Mav.......................... ................
Ju n e........................
J u l y ....... ................
August.................... ................
September.............. ................
October...................
November................ ................
December ................

5,789,-266

6,271,717
990,476
3,239,281

T o t a l .............

1858.

1859.

1860.

$4,745,611
3,746,920
836,194
646,285
1,790,775
594,174
2,SOI,496
2,201,802
3,239,591
3,028,405
471,970
1,898,208

$2,805,688
2,371,427
3,343,677
6,259,167
11,421,032
7,469,981
10,051,019
6,409,783
8,267,681
5,344,159
4,383,123
2,062,129

$853,562
977,009
2,881,663
2,995,602
5,529,936
8.842,080
6,563,985
7,454,813
3,758,734
2,106,395
525,091
202,401

$69,715,866

$42,191,171

$26,001,431

t

TOTAL EXPO RTS.

January ..................
February ................
March ......................
A p ril .........................
May ...........................
J u n e .......................
July ...........................
A u g u st ....................
Septem ber ..............
October .................... .........
November............... .........
December................ .........
Total................ .........

7,807,280
10,065,713
12,097,459

$9,435,850
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

$6,419,696
6,107,080
9,219,678
13,033,866
17,335,782
12,691,153
15,602,393
12,725,846
14,037,497
10,832,256
10,523,560
9,167,400

$6,876,024
7,652,879
10,510,417
10,371,415
11,900,317
17,836,546
14,463,199
15,734,980
13,658,679
12,662,653
12,272,177
11,745,165

$117,724,329

$85,639,643

$187,696,187

$145,683,451

We also present onr 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. We may now bring down
our annual tables of prices for January 3d of each year. The result is generally
lower figures notwithstanding the large exports of produce, under the supplies
coming from good harvests:—
COMPARATIVE PRICES AT N E W Y O RK ON JANUARY

Ashes, pots.................100 lbs.
Pearls....................................
Breadstuff's—
Wheat flour, State........ bbl.
Wheat, beat extra Genesee.
Rye flour,
“
Corn meal, J ersey .............
Wheat, white G en .. .bush.
White Michigan.............-.
White Ohio.........................
White Southern.................
Red W estern .....................
Rye, Northern.....................
Oats, State . ............. . . .
Corn, old W estern.............
Corn, new Southern............




3d.

1856.

1857.

1858.

1859.

1860.

1861.

$7 00
8 00

$7 75
8 00

$5 75
5 75

$5 62*
6 00

$5 12*
5 37*

$5 00
5 00

6 25
8 50
6 00
3 26
1 80
1 75
1 75
1 78
1 58
92
48
68
67

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

4 30
7 75
3 75
3 40
1 40
1 25
1 30
1 45
1 20
78
63
78
75

4 SO
7 50
4 00
3 90
1 50
1 50
1 45
1 45
1 30
92
46*
90
88

5 35
7 50
4 00
3 15
1 45
1 45
1 45
1 45
1 38
75
37
72
72*

8 31*
11 00
6 37*
4 00
2 20
2 12*
2 12*
2 16
1 90
1 31
46
94
90

211

Commercial Chronicle and Review.
1856.

1857.

1858.

Cotton, mid. upland............. lb.
13*
n
8*
Mid. New Orleans...............
9
13*
n
Fish, dry cod......................qtl.
4 12*
3 50
3 26
Fruit, bunch raisins........... box
3 80
1 95
2 87*
Currants............................lb.
21
20
9
Hay, shipping.................... 100lbs.
95
90
65
Hemp, r’gh American . . .ton 170 00 208 00 100 00
H ops................................... perlb.
10
10
10
Iron, Scotch pig......... . . . ton
82 00
30 00
26 00
English bars.........................
62 50
63 09
62 50
Laths.............................. perM.
1 45
1 25
1 31*
Lead, Spanish....................ton
6 37*
4 75
6 00
Galena..................................
none
6 87*
6 75
Leather—
22*
32
Hemlock, sole, lig h t.. . ,1b.
23*
Oak,
“
“ ...........
28
31
38
Lime—
Com. Rockland.............bbl.
1 00
90
85
Liquors —
4 75
4 25
Brandy, new cognac. . . gal.
5 00
Domestic whisky.................
85*
25
22
Molasses—
New Orleans................... gaL
49
80
35
Naval Stores—
Crude turpentine......... bbl.
3 00
4 00
2 87*
Spirits
“
. . .gal.
41
48
38
1 60
Common rosin, N. C . . . bbl.
1 60
1 30
Oils, crude, whale............. gal.
80
78
60
“
sperm...................
1 80
1 30
1 00

Linseed............................
Provisions—
Pork, old mess. .......... bbl.
Pork, old p rim e .................
Beef, city mess...................

Beef, repacked Chicago...
Beef hams, extra...............
Hams, pickled............... lb.
Shoulders, pickled............
Lard......................................

Butter, Ohio....................
“
State....................
“
Orange County . . .
Cheese..............................
Rice, good............ 100 lbs.

88
16
14
13
14
15

75
50
50
50
00
10
8*
Ilf
20
23
27
11
5 50

80
19
16
12
12
19

50
50
25
25
50
10*
7*
12*
21
24
27
10*
4 31*

55
15
13
10
12
15

40
00
00
50
50
8f
6*
9*
16
20
24
8
3 25

1859.

1860.

1861.

li
12*
12
12*
12*
n f
4 50
4 00
3 50
2 62
2 05
1 75
6
7*
4*
80
90
1 00
25 00 145 00 152 50
16
15
25
24 50
21 00
25 00
53 00
55 00
52 00
2 12*
2 00
1 30
5 65
5 50
5 25
5 85
5 77*
5 50
24
30

30
30

19*
27

75

75

75

3 00
24*

3 00
26'

3 00
19$

37

53

37

3 68f
49
1 55
55
1 36
65
17
13
9
9
15

00
00
00
50
00
9*

6*
11*
18
20
25
9
3 50

3 4Sf
44*
1 65
62
1 40
57
16
11
9
9
14

37*
75
00
60
60
9*
fi*
10*
16
20
24
11
4 20

2 75
36
1 25
51
1 40
60
16
10
6
9
14

00
50
00
00
00

8
6*
10*
14
18
22
10
1 60

Salt—

Liverpool, ground.......sack
“
fine, Ashton’s...
Seeds, clover.................... lb.

92}
1 56
13

80
1 65
12*

80
1 30
9*

90
1 38
9*

7
10
1 10

7
10
95

27

36

1 15
1 95

75
1 60

8*

8$

10*
90

It

6*
9$
88

40

30

Sugar—

Cuba, good.................... lb.
Tallow.......................................

Whalebone, polar...............
Wool—
Common fleece..................

8
13
50

9*
11*
65

35

38

The decline in prices as compared with 1857 extends to nearly every article
upon the list, and is very strongly marked. Cotton is almost the only article
that maintains its place.




212

Journal o f Banking, Currency, and fin an ce.

JOURNAL OF BANKING, CURRENCY, AND FINANCE.
C IT Y

W EEKLY

BANK

N E W Y O R K B A N K R ET U RN S.— ( c a p i t a l , JAN., 1 860,

Specie.
Loans.
124.597,663 17,863,734
18,740,866
14 123,582,414
21 123,845,931 19,233,494
28 123,088,626 20,063,739
Feb. 4 124,091,982 19,924,301
11 123,336,629 19,787,567
18 124,206.031 20,591,189
25 124,398,239 20,773,896
Mar. 3 125,012.700 23,086,812
10 127,802,778 21,861,180
17 127,662,848 23,171,833
24 127,613,507 23,286,204
81 128,388,223 23,420.759
Apr. 7 <30,606,731 22,599,132
14 129,919,015 23,626,982
21 128,448,868 23,233,314
28 127,085,667 23,279,809
May 5 127,479,520 23,815,746
12 126,184,532 22,780,387
19 124,938,389 23,735,193
26 125,110,700 23,431,773
June 2 124,792.271 24,535,467
9 125,431,963 23,785,581
16 125,399,997 24,110,553
23 125,886.565 23,360,921
30 127.208,201 22.464.250
July 7 127,244,241 22,751,694
14 127,123,166 23,641,357
21 128,427,489 23,443,644
28 129,074,298 23,099,726
Aug. 4 130,118,247 22,128,189
11 129,855,179 21,579,740
18 129,950,346 21,008,701
25 130,578,997 20,119,779
S e p tl 129,029.175 19,035,029
8 127,999,839 19,187,713
15 127,002,728 18.960,749
22 125,802,644 18,988,603
29 124,849,426 20,177,986
Oct. 6 123.337,157 20,147,828
13 122,307,138 20,273,708
20 121,903,502 22,115,228
27 123,362,626 22,798,590
Nov. 3 125,234,584 22,194,982
10 125,636,715 21,125,429
17 123,271,024 19,464,410
24 122,518,454 18,759,373
Dec. 1 129,537,459 18,541,762
8 130,214,363 18,562,743
15 131,740,132 18,348,398
22 132,152,299 20,326,970
29 131,316,258 23,275.058
Jan. 5 129,625,465 24,839,475
12 129,125,515 26,460,988
19 126,074,520 29,598,783

Jan. 7




Circulation.
8,539,063
8,090,548
7,S80,865
7,760,761
8,174,450
8,185,109
8,050,001
7,928,595
8,165,026
8,419,633
8,380,999
8,335,266
8,444,327
8,929,228
8,775,297
8,790,459
8,749,048
9,391,861
9,153,811
9,035,522
8,826,473
8,774,063
8,999,948
8,828,786
8.779,115
8,745,182
9,643,727
8,075,528
8,833.619
8,760,252
9,176,886
9,129,835
9,088,648
9,142,006
9,253,682
9,588,824
9,494,832
9,480,871
9,487,637
9,570,507
9,337,283
9,261,990
9,123,103
9,429,423
9,548,112
9,266,317
8,968,442
8,805.944
8,956,193
8,675,793
8,284,172
8,287,582
8,698,283
8,337,198
8,067,570

RETURNS.

$69,333,632; 1861, ®69,890,4*75.)
Actual
Average
Deposits.
deposits.
clearings.
97,493,709 22,684,854 74.808,855
99,247,743 23,363,980 75,883,763
99,644,128 22,813,547 76,830,681
98,520,793 21,640,967 76,879,826
99,476,430 21,898,736 77,577,694
98,146,463 21,674,908 76,471,055
100,387,061 22,061,811 78,325,240
100,622,481 22,161,504 78,470,977
103,663,462 22,787,290 80,876,172
104,813,906 23,791,958 81,021,948
108,660,981 25,562,858 82,998,123
107,505,895 25,397,976 82,107,419
106,311,664 22,889,523 83,422,031
109,193,464 25,656,629 83,536,835
109,153.863 24,256,270 84,897,693
108,145,233 25,758,735 82,386,498
103,206,723 21,391,290 SI,816,433
108,505.888 26,646,063 81,969,825
108,088,848 27,802,174 80,236,674
106,229,724 25,339.444 80,890,280
104,433,136 24,309,496 80,123,640
104,268,786 22,888,107 81,380,678
103,386,091 22,776,108 80,609,983
104,031,268 22,492,614 81,538.654
102.737,055 22,116,242 80,620,81?
102,496,762 21,309,053 81,187,709
103,4 50,4 26 22,119,106 81,331,320
106,399,678 23,456,447 82,943,231
107,717,216 23.457,781 84,269,435
105,524,100 21,239,450 84,284.650
107,284,777 23.417,789 83,846,988
105,505,399 22,626,292 82,879,107
105,690,481 22,934,365 82,756,116
104,423,122 22,433,949 81,989,173
102,229,686 22,561,086 79,663,998
101,185,086 24,072,405 77,112,681
101,117,627 24,257,872 76,869,755
101.311,780 25,656,849 75,754,931
101.583,834 25,160,441 76,383,393
103,281,058 28,104,322 75.176,736
100,753,185 25,930,584 74,822,601
104,092,356 27,837,519 76,554,837
106,999,379 28,933,760 78,065,619
109,353,013 28,673,601 79,679,412
105,551,805 26,526,509 79,025,296
104,803,728 28,614,065 76,189,663
99,616,606 25,580,807 74,035,799
104,354,389 23,631,621 80,722.718
102,072,145 19,887,978 82,184,167
101,932,071 17,717,677 83,214,394
104,128,509 18,261,683 85,876,876
106,452,616 19,287,022 87,165 594
105,653,403 19,198,973 86,464,430
108,700,247 20,551,364 88,148,883
109,S91,S18 20,203,122 89,688,696

213

Journal o f Banicing, Currency, and Finance.
boston

b a n k s .—

(C A P IT A L , JAN.,

Loans.
Specie.
2 ..
69,807,566 4,674,271
16 . .
60,068,941 4,478,841
23 . .
59,917,170 4,182,114
30 . .
59,491,387 4,172,325
Feb. 6 . . 50,705,422 4,249,M 4
13 . .
59,993,784 4,462,698
20 . .
60,113,836 4,677,334
27 . .
59,927,917 4,714,034
March 5 . . 59,993,784 5,034.787
12 . .
59,885,196 5,328,610
19 . .
60,258,208 5,446,840
26 . .
60,180,209 5,627,961
Apr. 2
60,050,953 6,045,703
9 ..
60,668,559 6,320,551
16 . .
61,189,629 6,289,719
23 . .
61,035,965 6,315,952
30 . .
61,259,552 6,317,999
May 7 . . 61,614,199 6,311,714
14 . .
61,744,290 6,263,535
21 . .
61,724.621 6,268,919
2 8 ...
61,258,986 6,201,113
June 4 . . 61,585,669 6,192,455
11 . .
62,346,519 6,300,700
18 . .
63,085,953 6,322,698
25 . . . 63,557,155 6,262,930
July 2
64,172,028 6,059,370
9 . . 66,039,459 6,087,718
16 . .
65,153,413 5,685,920
23 . . 64,852,961 5,336,523
30 . .
64,460,289 5,212,470
Aug. 6 . . 64,777,963 5,164,006
13 ... 64,840.527 5,128,628
20 .,. 64,660,278 5,063,925
27 .,. 64,216,345 4,966,105
Sept. 3 .., 64,054,318 5,051,016
10 ., . 64,568,627 5,330,357
17 ., . 64,739,871 5,381,366
24 ... 64,639,800 5,376,494
Oct 1 ... 64,662,239 5,377,112
8 . . 64,671,820 5,316,009
15 . . 64,438,073 5,277,370
22 . 64,213,174 5,196,693
29 . . 63,822,365 5,089,490
Nor. 5 . . 64,040,382 4,856,055
12 . . 64,089,033 4,818,274
19 . . 64,150,613 4,518,341
26 . . 62,719,557 3,890,074
Dec. 3 . . 62,069,772 3,553,157
10 ... 61,870,655 3,532,677
17 ... 61,426,446 3,491,348
24 . .
61,159,236 3,679,252
31 . .
61,532,755 3,978,807

Jan.

1859. $85,125,433; 1860, $37,258,600.)

Circulation.
6,479,483
6,770,624
6,486,139
6,199,485
6,307,922
6,364,320
6,305,537
6,411,573
6,396,656
6,430,643
6,405,084
6,328,273
6,340,268
7,753,491
7,267,165
7,152,766
6,992,903
7,322,813
7,076,071
7,031,306
6,660,595
6,800,711
7,090,282
7,165,453
7,188,326
6,925,022
7,932,653
7,560,636
7,523,745
6,848,834
7,127,254
7,075,440
7,107,097
6,790,847
6,759,683
7,241,099
7,078,175
7,151,186
7,188,844
7,951,028
7,761,043
7,966,762
7,542,859
7,607,932
7,791,905
7,705,674
7,345,893
7,459,377
7,244,907
6,619,199
6,378,925
6,369,815

Deposits.
18,449,305
17,753,002
17,378,070
17,483,054
17,900,002
17,271,596
17,597,881
18,020,239
18,645,621
18,393,293
18,660,205
18,742,817
19,262,894
20,469,893
20,291,620
20,266,917
20,195,951
20,810,086
20,758,862
20,726,996
20,320,518
20,656,295
20,228,677
20.677,536
20,750,673
20,828,714
21,133,175
20.312,421
19,751,313
19,296,454
19,610,274
19,157,661
18,700,624
18,965,057
19,235,834
19,297,692
19,032,822
19,458,033
19,900,786
20,811,889
20,608,408
20,606,306
20,259,916
20,096.590
19,647,449
19,384,362
17,964,675
17,327,850
17,176,778
17,295.778
17,523,617
18,101,474

P H ILA D E LP H IA BAN K S.----(C A P IT A L , JAN.,

Date.
Jan. 2 . . . .
9 ____
1 6 ....
2 3 ____
3 0 ____
Feb. 6 . . . ,

Loans.
25,386,387
25,248,051
25,275,219
25,445,737
25,526,198
25,493,975




Specie.
4,450,261
4,453,252
4,561,998
4,514,579
4,535,321
4,669,929

Due
Due
from banka.
to banks.
7,645,222 6,848,374
7,867,400 6,735,283
7,784,169 6,516,532
7,383,370 6,517,541
7,259,703 6,656,460
7,426,539 6,593,702
7,430.060 6,549,382
7.700,530 7.480,954
7,736,290 7,768,074
7,715,663 7,390,935
8,351,016 7,804,222
8,473,775 8,080,21s
9,206,161 9,788,121
9,160,868 8,314,312
9,055,077 8,138,121
9,273,558 7,948,086
9,116,514 8,824,391
9,210,132 8,209,699
9,197,894 8,241,899
9,057,822 8,272,667
9,172,878 8,366,511
9,629,483 7,857,4 39
9,988,840 7,991.098
10,307,194 8,188.802
10,300,178 7.527.S88
11,304,893 9,105,876
11,098,306 7.995,222
11,093,127 8,158,425
10,353,708 6,961,414
9,923,931 7,378,456
9,851,112 6,816,650
9,772,783 6,761,2.86
9,656,546 6,956,287
9,681,885 7,364,997
9,483.486 7,238,107
9.479,905 6,765,991
9,456,841 7,218,410
9,439,696 7,525,447
9,504,474 8,639,105
9,419,914 8,305,406
9,708,676 9,061,273
9,070,637 8,215,458
9,015,647 8,186,684
9,088,185 8,023,214
9,121,890 8,341,588
8,334,922 7,915,718
7,886,384 7,993,210
7,684,065 7,723,272
7,032,608 7,282,821
7,101,751 7,328,908
7,467,509 7,676,209

1860, $1 1,783,190.)

Circulation.
2,856,601
2,675,623
2,672,730
2,644,191
2,601,750
2,656,310

Deposits.
14,982,919
14,161,437
14,934,617
15,064,970
15,401,915
15,409,241

Due banks.
2,619,192
2,596,212
2,563,4 49
2,601,271
2,619,573
2,574,016

214

Journal o f Banking, Currency, and Finance.
Loans.

13___
20 ___
2 7 ___
Mar. 5 . . . .
12___
19___
26___
April 2 . . . .
9 ___
16___
23___
30___
May 7 . . . .
14___
2 1 ....
28 . . .
June 4 . . . .
1 1 ....
18___
2 5 ....
July 2 . . . .
9 ___
16___
23___
30___
A u g . 6 -----1 3 ....
20____
27___
Sept. 3 ___
10___
17___
24___
Oct. 1 . . . .
8 ...
15___
22___
29___
Nov. 5 . . . .
12___

Dec.

25,493,975
25,458,354
25,553,918
25,742,447
25,742,447
25,832,077
26,043,772
26,405,229
27,214,254
27,444,580
27,545,351
27,571,002
27,590,212
27,463,831
27,401,926
27,283,932
27,171,002
27,046,016
26,882,709
26,780,583
26,835,868
26,835,868
26,878,435
26,842,743
£6,851,776
26,936,227
26,830,807
26,835,337
27,096,028
27,095,028
27,224,180
27,492,859
27,760,486
27,933,753
28,113,980
28,119,383
28,233,640
28,305,277
27,900,337
27,364,659
26,775,878
26,576,822
26,973,207
27,087,587
27,084,858
27,072,905
26,927,097

1 9 ____
2 6 ____
3 ....

10___
17___
2 4 ____
3 1 ____

Specie.

4,669,929
4,581,356
4,706,108
4,816,052
4,816,052
4,873,419
4,992,542
5,060,274
5,209,576
5,415,711
5,464,2SO
5,453,470
5,477,019
5,537,860
5,367,416
4,886,579
4,582,610
4,183,667
4,222,644
4,329,638
4,305,866
4,305,866
4,403,157
4,553,641
4,249,804
4,800,443
4,768,405
4,771,772
4,757,917
4,257,917
4,753,709
4,741,624
4,632,878
4,676,099
4,561,947
4,507,980
4,567,435
4,417,421
4,167,967
4,011,943
4,115,932
3,344,542
3,333,827
3,667,067
3,711,247
3,838,080
3,884,464

Circulation.

2,656,810
2,663,695
2,653,192
2,697,108
2,697,108
2,783,345
2,784,773
2,858,812
3,528,762
8,252,186
3,154,285
3,037,846
2,968,444
2,944,245
2,870,617
2,818,719
2,824,471
2,810,552
2,725,269
2,654,503
2,960,381
2,960,381
2,859,852
2,821,082
2,785,718
2,837,207
2,849,840
2,854,653
2,835,624
2,635,524
2,891,376
2,909,887
2,887,640
2,832,280
3,005,854
3,016,060
2,888,304
2,849,768
2,887,613
2,892,212
2,791,752
2,640,912
2,557,903
2,661,196
2,626,984
2,629,430
2,610,716

N E W ORLEAN S BAN KS.---- (C A PIT A L , JAN .,

Jan. 7 ...
14
21
28
I'eb. 4
11
18
25
Mar. 3

...
..
..
..
..
..
..
..
10 . .
17 . .
24 . .

Shoi;t loans.
25,022,456
24,928,909
24,699,024
24,916,431
25,145,274
26,197,351
26,005,952
24,397,286
24,946.210
24,088,800
24,054,845
23,832,766




Specie.
12,234,448
12,336,785
12,821,411
12,818,159
12,750,642
12,741,881
12,894,521
12,946,204
12,952,002
13,039,092
12,729,856
12,610,790

Circulation.
12,038,494
12,417,847
12,809,512
12,882,184
13,215,494
13,84 3,924
13,458,989
13,600,419
13,860,399
13,726,554
13,797,154
13,885,755

Deposits.

15,409,241
14,864,302
14,590,092
15,192,971
15,192,971
15,205,432
15,693,622
15,553,269
16,528,762
16,012,140
16,613,616
16,529,891
16,7 63,609
16,489,872
16,422,835
15,884,903
15,620,293
15,698,909
15,642,639
15,648,433
16,824,391
15,824,391
15,796,205
16,966,734
16,085,967
16,369,525
15,671,260
15,588,318
15,923,769
15,923,769
16,103,815
16,313,516
16,453,442
16,852,538
16,879,463
16,786,933
16,861,020
16,815,563
16,739,326
16,254,245
15,833,121
14,699,679
15,054,180
15,173,347
15,379,864
15,216,612
15,133,744

Due bank.
2,574,015
2,782,306
3,115,010
3.133.312
3.133.312
3,209,553
3,198,530
3,652,757
4,085,695
4,164,678
3,985,110
3.902.614
3,731,987
4,209,845
4,085,882
3,974,369
3,744,431
3,128,287
3,109,689
3.060.615
3.159.819
3.159.819
3,313,195
3,099,567
3,211,855
3,097,889
3,261,584
3,275,6S8
3,185,826
3,235,107
3.243,168
3,305,117
3,151,218
3,300,354
3,183,699
3,124,499
3,126,237
3,143,517
2,659,627
2,427,153
2,424,087
2,720,574
3.237,424
2,896,360
3,045,9S2
3,281,098
3,482,991

1860, $ 18,917,600.)

Deposits.
18,563,804
18,678,233
18,664,855
19,677,121
19,565,305
19,244,847
19,903,519
19,218,590
20,116,272
19,711,423
19,304,618
19,102,068

Exchange.
7,323,630
7,410,860
7,428,629
8,144,681
8,003,880
7,349,365
7,886,609
8,083,929
8,027,049
8,582,012
8,498,790
8,342,599

Distant
balances.
1,567,174
1,387,704
1,377,796
1,603,763
1,613,036
1,396,160
1,470,787
1,635,526
1,092,475
1,601,149
1,718,310
1,738,246

Journal o f Banking , Currency, and Finance.
Short loans.
23,674,714
31 . .
Apr. 7 . . 23,107,740
14 . .
22,422,203
21 . .
22,380,033
28 . .
21,437,974
May 5 . . 21,437,974
12 . .
20,545,529
19,385,119
19 . .
18,588,492
26 . .
June 2 . .
18,282,807
9 ..
17,423,118
16 . .
16,864,692
16,821,969
23 . .
Julj ' 7 ..
16,627,125
14 . ., 16,795,836
16,945,426
21 . .
28 . .
1-7,802,024
19,006,051
Aug . 4
19,383,879
n ..
18 . .
20,313,484
25 . . 21.332,818
Sept. 1 . . 22,049,988
8 ..
22,241,708
15 . .
23,144,157
22 . . 23,871,973
29 . . 24,285,360
Oct. 6 . .
24,670,487
13 . .
24,630,084
20 . .
24,670,161
24,456,180
27 . .
Nov,. 3 . .
24,440,677
10 . . 23,443,641
22,593,487
17 . .
24 . .
22,141,224
Dec. 1 . . 21,532,975
8 ..
20,238,586
15 . . , 19,379,680
22 . . , 18,684,358
29 . .
18,144,431

Specie.
12,437,195
12,368,071
12,290,539
12,100,687
11,910,361
11,910,361
11,672,364
11,706,007
11,593,719
11,191,024
11,072,236
10,693,389
10,223,276
9,888,812
9,693,954
9,544,793
9,607,448
9,780,130
9,846,131
9,801,183
9,900,424
9,907,517
9,939,917
9,851,213
9,816,247
9,691,812
9,765,171
9,933,481
9,988,225
10,008,169
10,043,180
10,219,751
10,850,025
11,060,367
10,626,491
11,021,320
11,860,173
12,684,493
13,656,033

Exchange.
Deposits.
18.681,020 8,149,061
18,070,209 8,560,117
17,849,018 8,179,441
18,380,033 7,649,069
17,699,538 7,686,634
17,699,538 7,686,684
17,442,974 7,213,833
17,260,226 6,909,386
17,938,774 6,599,676
16,985,665 6,173,783
16,989,587 5,958,996
16,105,5S6 5,538,830
15,319,947 6,067,682
14,671,491 4,548,395
14,557,417 4,123,242
14,326,547 3,706,020
14,358,384 3,219,947
14,264,107 2,900,039
14,368,664 2,565,150
14,107,235 2,119,789
1,756,034
13,614,301
13,803,771 1,431,300
13,555,731 1,308,873
13,546,294 1,344,890
13,403,925 1,463,612
13,978,031 2,016,320
14,084,071 2.130,911
14,336,090 2,291,278
14,759,566 3,037,312
15,681,396 3,940,930
15,439,008 4,225,153
15,581,600 4,913,074
15,377,754 5,032,845
14,948,286 5,160,203
14,689,064 5,380,293
15,063,126 5,830,333
15,625,928 5,742,700
15,904,311 5,709,818
17,036,848 6,073,413

Circulation.
13,976,624
14,100.890
13,638,089
12,999,204
12,783,749
12,783,749
12,258,444
12,163,609
11,900,864
11,791,799
11.572,259
11,389,389
11,138,434
10,921,057
10,695.884
10,310,824
10,071,383
9,786,684
9,526,934
9,357,964
9,263,874
9,196,144
9,056,744
8,929,404
8,872,808
8,752,344
8,683,759
8,344,109
8,296,660
8,163,109
8,257,044
8,063,239
7,892,024
7,463,239
7,170,-297
6,853,084
6,434,922
6,249.679
6,178,374

PITTSBURG BANKS. --- (C A P IT A L ,

Loans.

Jan. 16. .
2 3 ..
30. .
Feb. 6 . . ............
13. .
20. . ............
2 7 . . .........
Mar., 5 . . ...........
1 2 . . ............
1 9 .. ............
2 6 .. ...........
Apr . 2 . . ............
9 . . ...........
1 6 .. ............
2 3 ..
3 0 ..
May• 5 . . ............
1 4 .. ...........
1 9 .. ............
2 7 .. ............
June 4 . . ...........




6,984,209
6,957,621
7,022,230
7,101,459
7,035,624
7,066,774
7,038,891
7,166,377
7,206,737
7,159,568

7,234,761
7,263,197
7,196,493
7,1 90,192
7,282,963

Specie.
980,530
,022,273
,003,037
997,589
951,638
988,306
991,377
I ,018,255
999,093
1,004,750
981,560
1,005,415
990,962
1,018,445
,156,278
,141,373
1,141,373
1,088,851
1,133,719
1.,122,057
1.,089,751

215
Distant
balances.
1,610,499
1,942,056
1,608,463
1,649,060
1.877.017
1,877.017
1,763.871
1,680,4 80
1,596,210
1,459,051
1,442,041
1,665,076
1,739,481
1,601,540
1,401.804
1,512,608
1,163,961
1,318,398
1,182,381
1,299,462
1,346,814
1,081,228
929,613
1,078,178
1,077,600
880,638
810,469
810.460
797,404
691,524
891,986
721,008
849,955
1,173,037
871,775
794,279
700,125
803,528
887,183

$4,160,200. )

<Circulation.
2,080,548
2,012,478
1,896,363
1,907,323
1,883,093
1,868,698
1,821,283
1,871,873
1,901,543
1,945,328
1,980,732
2,085,583
2,072,373
2,071,878
2,024,138
1,995,053
1,995,053
2,011,258
2,022,988
1,952,683
1,907,248

Deposits.
1,527,548
1,545,103
1 555,686
1,609,692
1,602,311
1,643,703
1,760,957
1,768,879
1,651,216
1,636,887
1,572,130
1,601,167
1,693,230
1.651,362
1,897,498
1,913,537
1,913,537
1,890,810
1,906,773
1,918,321
1,919,903

Due bank?.
304,562
255,076
265,804
230,4 26
191,222
175,051
224.434
273,343
197,007
198,556
192,411
191,101
171,100
187,255
240,143
175,671
176,671
215,765
213.944
206,316
277,978

216

Journal o f Banking, Currency, and Finance .
Loans.

1 1 ...........
1 8 ...........
2 5 ...........
July 1 4 ...........
2 1 ............
2 8 ...........
Aug. 6 ...........
1 3 ...........
2 0 ...........
2 7 ...........
Sept. 3 ............
1 0 ...........
17............
2 4 ...........
Oct. 8 ...........
15............
2 2 ............
2 9 ...........
Nov. 5 ...........
1 2 ...........
1 9 ...........
2 6 ...........
Dec. 3 ...........
1 0 ...........
1 7 ...........
2 4 ...........

7,247,541
7,291,888
7,310,663
7,294,391
7,203,057
7,093,091
7,047,761
7,145,776
7,121,227

7,122,862
7,109,206
7,192,918

7,306,180
7,286,705
7,298,860

Specie.
1,126,308
1,102,446
1,150,248
1,068,974
1,083,220
1,098,084
1,130,002
1,123,027
1,152,198
1,167,384
1,159,423
1,225,161
1,188,707
1,246,526
1,318,187
1,316,266
1,317,051
1,379,594
1,400.485
1,419,264
1,403,533
1,290,069
1,319 860
1,314,236
1,297,744
1,289,938

Circulation.
1,919,688
2,029,558
2,048,358
2,071,443
2,073,593
2,069,803
2,018,628
1,990,498
2,007,653
2,084,758
2,124,008
2,196,573
2,299,438
2,341,363
2,354,303
2,334,208
2,443,188
2,424,788
2,416,713
2,384.496
2,509,791
2,513,097
2,483,686
2,494,871
2,521,086
2,533,151

Deposits.
1,892,800
1,743,915
1,779,752
1,818,515
1,846,879
1,861,817
1,860,348
1,853,759
1,859,418
1,843,750
1,905,667
1,904,823
1,819,248
1,831,865
1,962,570
1,959,786
1,924,511
1,949,736
2,038,882
2,077,671
1.948,833
1,856,161
1,961,797
1,905,937
1,863,765
1,828,041

Due banks.
240,728
271,062
315,858
239,832
205,011
167,671
234,346
175,924
239,790
232,181
240,419
222,155
210,274
238,058
211,260
186,111
215,883
244,903
250,121
178,025
192,985
321,010
272,203
248,243
244,051
219,051

ST. LOUIS BANKS.

Exchange.

Jan.

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

31.........................
April

7 .................................................
1 4 ...............................
2 1 .................................................
2 8 ............................. ..................
May
5 .............................
1 2 ............................. ..................
.................... ..................
19..
2 6 ............................. ..................
June 2 ............................. ..................
9 ............................. ..................
1 6 ............................. ..................
2 3 ............................. ..................
8 0 ..................................................
July
7 ............................. ..................
14........................ ..................
21........................ ..................
2 8 ............................. ..................

Aug.

4 ........................
11........................




3,862,454
3,852,614
3,694,877
3,683,644
3,695,707
3,767,986
3,879,617
3,823,735
3,888,763
3,967,082
3,825,423
3,736,695
3,392,096
8,679,192
3,625,833
3,526,098
3,540,196

Circulation.
538,555
520,305
502,175
495,380
457,095
424,605
391,605
399,085
395,905
377,935
377,355
356,245
340,095
344,630
325,950
314,360
306,750
301,300
294,115
285,140
278,540
255,210
253,780
244,850
235,935
206,749
199,385
152,025
191,375
177,620
173,310
176,115

Specie.
662,755
642,497
680,754
563,335
590,502
625,043
639,450
6S0.877
689,301
651,302
641,252
664,179
685,984
657,321
676,858
601,014
678,234
746,176
808,918
826,793
671,669
627,942
656,358
682,917
705,764
804,983
791,729
684,358
752,397
658,852
633,795
637,310

Journal o f Banking , Currency, and Finance.
Exchange.

I S ..
2 5 ..
Sept. i . .
8 ..
1 5 ..
22. .
2 9 ..
Oct.
6. .
1 3 ..
20 .
2 7 ..
Nov.
3 ..
10. .
1 7 ..
26. .
Dec.
1 ..
8 ..
P RO VIDENCE

Loans.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.

2 ___
6 ___
3 ....
1 ___
7 ... ...
4 ___
2 ___
6 ___
3 ....
1 ___
5 ___
3 ...
7. . . .

18,893,658
19,243,061

banks.

Circulation.
188,375
220,605
222,600
233,190
240,660
253,605
240,300
255,765
254,950
239,210
277,285
315,300
298,365
274,125
235,970
229,020
246,310

217
Specie.
714,046
728,645
700,897
714,496
709,193
679,617
722,868
677,522
646,195
552.6 36
570,566
597,780
596,923
543,395
511,565
494,785
515,4S2

— ( c a p i t a l , $14,908,000.)

Specie.
315,917
326,297
342,965
343,992
448,413
422,726
430,128
397,286
357,138
337,851
368,551
343,153
376,404

Circulation.
2,011,336
1,958,540
1,917,593
1,952,022
2,045,590
1.938,254
2,158,904
2,218,347
2,128,957
2,183,347
2,092,267
1,992,963
2,019,652

Deposits.
2,635,486
2,566,168
2,598,169
2,640,170
2,773,248
2,844,012
2,790,587
2,748,678
2,526,943
2,590,103
2,723,904
2,648,232
2,532,258

Due banks
988,508
921,779
970,971
1,040,260
1,356,071
1,210,104
1,115,951
1,169,800
1,082,109
894,204
1,170,866
1,164,102
1,107,289

PIKE’ S PEAK GOLD REGION.

Two years ago the first house was built upon the present site of Denver, by
Gen. W i l l i a m L a r i m e r and his party, who had just arrived from Leavenworth.
It was a rude log-eabin, only six feet high, with a dirt roof. Now, Denver has
three daily newspapers, two churches, a theater, several brick blocks, which are
unsurpassed in any city west of St. Louis, and a population of 5,000.
A gentleman who has been canvassing the mining region for a business direc­
tory, furnishes some interesting statistics. There are 175 quartz mills in the
mountains, which, upon the ground, in running order, cost in the aggregate
about $1,800,000 ; 75 of them have already been put in operation, and the own­
ers generally state that they are doing well.
About one thousand people are engaged in selling goods in the Pike’s Peak
region. The number of loaded freight wagons going there from the Missouri
River during the current year will nearly reach twenty thousand. Messrs.
C l a r k , G r u b e r & Co. have already put in circulation upward of a hundred and
twenty five thousand dollars of their private coin, and at the present rate the
amount will reach two hundred thousand before the first of January. The gen­
tlemen of this firm, who have perhaps better facilities forjudging than any other
house, estimate the Pike’s Peak gold yield for 1860 at five millions. The mode




218

Journal o j Banking, Currency, and Finance.

of retorting the gold, and separating it from the quicksilver, as furnished by
Mr. F r e d e r i c k S h e r m a n , an assayist on Nevada Gulch, is as follows :—
N e v a d a C ity , October 25, 1860.

:— Agreeably to your wish, I hereby communicate to you the usual
mode of preparing our gold for the market.
The precious metal having been separated from the quartz by mercury, is held
as it were in solution by this fluid metal; this solution is strained through buck­
skin. By this means the mercury is drained off, leaving the gold combined with
a small portion of quicksilver. In this state it is denominated amalgam, and
contains from one-sixth to one-third its weight of gold.
To drive off the remaining portion of mercury from the amalgam, it is put
into an iron vessel having an air-tight cover. To this cover a tube is adjusted,
oue end of which can be placed in water. The retort, as the above vessel is
called, is exposed to a light heat. The mercury is converted into vapor, which
passes through the tube above mentioned, and is condensed by the water.
The gold being now nearly free from quicksilver, (I say nearly, for more or
less will yet remain, depending upon the skill with which it has been retorted.)
is denominated gold dust, or dust, and forms our circulating medium, very in­
convenient, however, and subject to much loss, as the fine dust will penetrate
the heaviest buckskin.
To obviate this difficulty, much of it is melted and cast into ingots, with the
weight of the bar and the name of the assayer stamped thereon. Large quanti­
ties are granulated also. This is accomplished by pouring the melted metal into
water ; by this means it is formed into all shapes and sizes. The gold needs to
be much purer for this latter process than for converting into bars ; but in both
cases the loss in weight, occasioned by the dissipation of the quicksilver, which
I alluded to before as remaining in the dust after retorting, varies from 50 cents
to $2 per ounce.
The melted gold varies somewhat in value, depending on the amount of silver
and other alloy contained in it. To ascertain its exact worth, an assay must be
resorted to, performed as follows
A small portion, say 500 millogrammes of
the gold to be valued, is mixed with a small portion of pure lead, and enough
silver is added to make the supposed weight of silver iu the gold, plus the amount
now added, equal to three times the weight of gold. This is now exposed to a
white heat in a cupel, a small shaped vessel made of bone ashes ; the gold, silver,
and lead melt, the cupel absorbs the lead, which carries with it the copper and
other base metals.
We have now nothing remaining but gold and silver combined in a small
globule, or button as it is termed. This is rolled out quite thin, and subjected
to the action of nitric acid. The object of adding the silver at the commence­
ment of the assay will now be seen ; had it not been done, the gold would have
been present in such a large proportion as to envelop the silver already in it,
and preserved it from the action of the acid. The silver being now removed,
we have fine gold remaining. This is now weighed, and the proportion it bears
to the weight first taken shows the per cent of tine gold under assay. This is
the course pursued at the United States Mint, but being somewhat expensive,
our gold is received by the merchants at the average price of #16 per ounce'for
dust, and #18 per ounee for melted gold.
D

ear

S ir

FEED. SHEEMAN.

LOUISIANA VALUATION,

The Auditor’s report, published in January, I860, shows the value of all
property liable to taxation, iu this State, to have been, in 1858. #400,450,747,
upon which was levied a tax, including licenses and polls, of $1,426,329 33.
No report for the year 1859 was made. But little change has been made in
the country parishes in the assessed value of property, while the increase in the
city has been 30 per cent in the last two years.




219

Journal o f Banking, Currency, and Finance.

The amount which will be paid into the State treasury by the parish of Or.
leans, for the year 1860, will not vary much from §630,000, and allowing that
there will be an increase in the country parishes of a few thousand dollars, shows
that this city pays to the State, annually, about 43 per cent of its revenues.
When this fact is considered, it proves the great injustice inflicted on the city,
under the constitution, in the apportionment of the representation. Taxed to
the amounnt of 43 per cent, our representation in both branches of the Legis­
lature can never exceed 25 per cent of the whole representation.
We are indebted to Mr. J ohn A . W a t k in s for the following highly impor­
tant tabular statement, showing the State assessment for 1860 of the value of
property in the parish of Orleans
STATE ASSESSMENT

No.
Value
Value
of
of
of
Dist. real estate. slaves.
slaves.
1. $6,805,650 1,296 $771,200
2.
8,482,150 1,803 1,082,950
3 . 25,467,700 1,502
911,250
4 . 11,204,050
962
590,250
5.
8,202,100 1,381
816,650
6.
6,115,300 1,222
724,890
7.
4,921,200
476,400
743
164,400
8.
2,366,050
253
356,350
9.
3,044,400
600
840,900
10.
8,879,525 1,551

FOR

Horses,
cows, and
carriages.
$111,625
174,975
240,425
116,700
138,020
55,250
122,050
55,850
150,625
133,250

THE YE AR

1860.

Stocks
Capital and
in
money
at interest. Licenses.
vessels.
$8,000
$193,000 $10,235
10,000
542,800
26,775
692,675 21,445,255 116,565
4,000
4,599,800
29,230
5,000
1,726,650
27,345
....
329,050
14,085
....
226,050
8,600
8,595
313,000
297,150
121,425
6,595
4,000
12,690
221,550

Polls.
669
2,064
5,237
969
1,123
697
381
384
580
1,203

$84,448,125 11,316 $6,'735,240 $1,298,770 1,036,675 $29,712,730 $260,715 13,259

Total value o f property assessed..................................................

$123,271,040

There are discrepancies between this assessment for State purposes and the
following for municipal account, arising from the fact that, by special legisla­
tion, some articles are taxed by the city which are exempt for State purposes,
viz.: furniture pays a city but uot a State tax, while bank capital pays no tax
to either, except the free banks, which pay a State tax.
SOUTH CAROLINA DEBT AND FINANCES,

The official returns of the debt of South Carolina, September 30, 1860, is as
follows :—
3
6
5
6
6
6
6
6

per cent stock outsanding Oct. 1st, 1860..............................................
per cent stock outstanding, Fire Loan, 1888......................................
per cent bonds, Fire Loan, 1838............................................................
per cent bonds, Blue Bidge Railroad...................................................
per cent bonds, New Capitol.................................................................
per cent stock, New Capitol, 1856........................................................
per cent stock, New Capitol, 1857................
per cent stock, New Capitol, 1858,on 1st Oct., 1859..
$369,920
Issued this year.............................................................
30,080
6 per cent stock, New Capitol, 1859, issued this year.........................

$44,078
385,807
484,444
1,310,000
500,000
250,000
300,000

63
02
51
CO
00
00
00

400,000 00
372,210 00
$4,046,540 16

The amount due for surplus revenue is not included in the items of the public
debt proper, as the general government has repeatedly borrowed money since it
was divided among the States, without demanding payment, there is no proba.
bility that the State will be required to refund it. The amount is §1,051,422 09.




220

Journal o f Banking, Currency, and Finance.

During the fiscal year the Bank of the State redeemed and canceled the fol­
lowing portions of the public debt:—
6 per cent stock, Fire Loan, 1838...........................................................
8 per cent State Stock.............................................................................
5 per cent Southwestern Railroad Bank................................................

$342,524 65
15,199 89
500 00
$358,223 94

In accordance with the provisions of the act for the relief of J a c o b F e a s t e k ,
passed the 22d day of Dec., 1859. five bonds of the Spartanburg and Union
Railroad Company, for five huudred dollars each, which were duplicates of the
original lost bonds, numbered 94, 95, 96, 97, 98, were indorsed, after receiving
a sufficient bond of indemnity, as required by said act.
SINKING FUND.

The report of the Treasurer of the Lower Division shows that there was in
favor of the State on the 1st of October, 1860, the sum of §1,889,093 35.
The Bank of the State passed to credit of sinking fund the balance of net
profits for the fiscal year, amounting to §85,637 89. after retaining four various
advances to the State, §95,595 37.
ILLINOIS STATE DEBT,

The following statement, showing that, from January, 1857, to November 30,
1860, the amount of State indebtedness, principal and interest, liquidated, be­
sides paying the running interest semi annually, was §2,959,746 80. The public
debt of the State on the 30th of November last, was as follows :—
Interest Stock, payable at pleasure of the State....................................
New Refunded Stock—coupon bonds—payable after 1860...................
New Refunded Stock, payable after 1862 ...............................................
Liquidation Bonds, payable after 1865.........................
$250,890 21
New Refunded Stock, payable after 1 8 6 5 ...
...........
21,000 00
“
“
“
1869............................. ....................
New Internal Improvement Stock, payable after 1870
2,163,617 83
Ne^ Refunded Stock, payable after 1870.....................
193,090 00
“
“
“
1876..................................................
1,534,925 82
Interest Bonds of 1847, payable after 1877.................
New Refunded Stock, payable after 1877.....................
185,000 00

$808,896 34
13,000 00
902,000 00
271,890 21
215,000 00
2,356,617 83
109,000 00
1,719,925 82
$6,395,830 20

Old State Bonds—
Bank of Illinois Bonds, 1860........................................
$31,000
Internal Improvement Bonds, 1870............................
42,000
Illinois and Michigan Canal Bonds, 1860...................
4,000
122 Macalister and Stebbins’ Bonds, which, according to statements,
etc., o f Macalister, will, January 1st, 1861, amount to .....................
Internal Improvement Scrip........................................................................
Six certificates for arrears of interest................................................ ..

77,000 00
49,608 81
23,054'35
2,674 53
$6,548,167 89

Canal Debt—
Illinois and Michigan Canal Bonds, regi tered.............
Illinois and Michigan Canal Bonds, unregistered.........

$2,299,095
1,373,090

$3,672,185
From the Canal Debt is to be deducted a dividend of five per cent on
the registered bonds, which will leave total Canal D ebt...................




3,657,230 25

221

Journal of Banking, Currency, and Finance.
ASSESSED VALUATION OF THE CITY AND COUNTY OF ALBANY.

The following is the majority report adopted by the Board of Supervisors of
Albany County.
CITY OF ALBANY.

Real.

Personal.
$7,000
29,800
110,450
869,825
4,506,003
263,181
59,131
16,000
120,363

1st ward..................................
2d ward.................................
3d ward.................................
4 th ward..................................
6th ward.................................
6th ward.................................
7th ward.................................
8th ward.................................
9th ward, east.......................
.............

57,885

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

93,150

10th ward, east.......................

25,050

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

Total.
$1,055,206
1,213,000
1,726,862
4,123,816
8,278,161
2,428,754
1,338,626
1,280,630
2,010,993
57,885
2,703,165
93,150

$6,006,803

$26,310,248

85,352
139,028
192,324
84,091
72,554
113,360
156,502
116,027
366,950
397,000

468,455
2,015,113
1,212,299
813,053
342,515
1,189,480
771,062
687,952
2,450,469
3,282,963

$1,913,194

$13,232,361

TOWNS.

Berne ......................................
Bethlehem .............................
Coeymans................................
Guilderland.............................
Knox.........................................
New Scotland........................
Rensselaerville.......................
W esterlo.................................
W atervliet............................. .............
“
villages................
Total................................. .............

2,093,519
$11,319,167

DEBT OF PENNSYLVANIA,

We are indebted to the Auditor-General for the following statement of the
public debt of Pennsylvania :—
STATEMENT SHOWING THE INDEBTEDNESS OF THE COMMONWEALTH OF PENNSYLVANIA ON
THE 1ST D AY OF DECEMBER., 1860.

Funded debt, viz.:—
6 per cent loans................................................
5 per cent loans................................................
4^-per cent loans................................................
4 per cent loans................................................

$400,630
36,967,295
381,200
100,000

00
72
00
00

Unfunded debt, viz.:—
Relief notes in circulation.................................
Interest certificates outstanding.....................
Interest certificates unclaimed.........................
Domestic creditor’s certificates............... .

$99,402
16,074
41,448
797

00
30
38
10

$37,849,125 72

$120,721 78
Total State debt, December 1st, 1860.........................................
Amount of public debt on Dec. 1. 1859..............
$38,638,961 07
Deduct amount paid during the fiscal year end­
ing with 30th November, 1860, viz.:—
Loans redeemed.........................
$664,857 65
Relief notes canceled.................
1,811 00
Interest certificates.....................
2,439 52
Domestic creditor’s certificates.
5 40
---------------669,113 57




$37,969,S47 50

$37,969,847 50

222

Journal o f Banking, Currency, and Finance.
ILLINOIS TWO MILL TAX,

The following is a statement of the receipts into the treasury on account of
the two mill tax, levied under the State constitution, for the payment of the
State debt:—
U p to and including November SO, 1850............................................
During fiscal term ending November SO, 1852..................................
“
“
“
1854...................................
“
“
1856..................................
“
“
“
1858...................................
From December 1, 1858, to July 31, 1860 ........................................
Total receipts to July 31, 1860.................................................

8165,738
492,166
701.220
1,113,413
1,387,217
944,754

81
53
99
14
71
39

$4,804,561 67

ESMERALDA ASSAYS,

Mr. A . H. M itchell , says a California paper, has shown to the editor of the
Delta about 250 pounds of silver ore brought from the Esmeralda country.
Specimens from the following leads have assayed as follows to the ton :—
Aurora.........................................
Last Chance.........................
Silver H ill....................................................................................
Garibaldi......................................................................................
Sonora..........................................................................................
Last Rose o f Summer...............................................................
Esmeralda..................................................................................
M ayfield......................................................................................
Bear Fiag, (g o ld ).......................................................................

$5,640
4,000
2,440
2,100
1,900
4,000
1,700
1,900
6,000

Mr. M itchell vouches for the correctness o f the above statement, as the tests
have all been made by competent assayers.
STATE BANK OF IOWA.

The statement of the State Bank of Iowa, made officially, shows its condition
as follows:—
Specie in the bank.. . .
Bank notes on hand ..
Due from other banks
Discounts...................
Capital of the bank ..
Circulation.................
Due other banks........ .
Deposits.......................

$416,339
439,460
297,716
1,164,565
416,339
880,308
24,478
966,300

80
00
88
72
87
00
92
52

The most noticeable feature in this statement is the amount of circulation
$880,308.
ILLINOIS BANKS,

By the creation of new banks and extending the circulation of some of the
old ones, the bank note circulation of the Illinois banks was expanded from
$9,610,000 on the 1st of July last to $11,010,000 October 1, being an addition
of $1,400,000, or more than fourteen per cent. The State stocks deposited as
security for the redemption of the circulation July 1st, was $10,678,000,-or 11
per cent above the circulation, which would show that the stocks deposited
against the circulation October 1st, amounted to $12,264,000. The circulation
being then $11,010,000, the stocks were nearly 13 per cent above the circula­
tion, showing the average at which the stocks were taken to be 87 per cent.




223

Statistics o f Trade and Commerce.

STATISTICS OF TRADE AND COMMERCE.
THE WHALE FISHERY I.Y 1860.

The Whalemen's Shipping List, of New Bedford, has compiled its usual an­
nual statement of the whale fishery of the United States for the past year, from
which we extract a few facts that will interest our readers. The year opened
with no very flattering prospects, and its success has only been about up to the
moderate anticipations which were entertained.
The whole number of vessels employed in the American whale fishery on the
first of January, 1861, is 514, against 569 on the first of January, 1860, show­
ing a diminution of 55 vessels, and an aggregate of 18,803 tons.
The average prices daring the past year have been, for sperm oil 141i cents,
whale oil 49£ cents per gallon ; whalebone, Northern, 80 l-5th cents, and South
Sea, 73| cents per pound.
The exports of oil and bone for the year have been as follows :— Sperm oil,
32,792 bbls. ; whale oil, 13,007 bbls.; and of whalebone, 911,226 lbs., show­
ing a falling off in the export of sperm, from 1859, 19,415 bbls., and in whale­
bone, 796,703 lbs., and an excess in whale oil of 4,828 bbls.
The news from the Northern Whaling Fleet the last season is very discour­
aging. During the season of 1860, about 140 American ships cruised North,
including Kodiak, Arctic, Ochotsk Seas. From the information received it does
not appear that their average catch will reach 600 bbls.—the lowest average
since the whaling business was pursued in these seas, according to the number
of ships.
Six ships have been fitted from New Bedford the last year for Davis’ Straits
—three from New Bedford and three from Fair Haven— whose success remains
to be proved.
Of the Northern fleet only two ships have been lost—the George and Mary,
of New LondoD, wrecked in Ochotsk Sea, June 7th, and the Paulina, of New
Bedford, lost in a gale of wind off Lahaina, November 15. The imports of
sperm oil for the present year will come fully up to that of the past year, while
whale must fall short.
The number of vessels employed in the right whaling business will be consid­
erably diminished this year. Many of the largest will be withdrawn and put
into the freighting business, while others, which need heavy repairs, will be sold
and broken up.
We annex a comparison of the imports :—
1860 bbls.
1869.........
1858.........
1857........
1856.........
1855.........

Sperm.
73,708
91,408
81,941
78,440
80,941
72,649

Whale. Whalebone.
140,005 1,337,650
190,411 1,923,850
182,223 1,540,600
230,941 2,058,900
197,830 2,592,700
184,015 2,707,500

1854 bbls.
1853........
1852........
1851.........
1850.........

Sperm.
76.696
103,077
78,872
99,591
92,892

Whale. Whalebone.
319,837 3,545,200
260,114 5,652,300
84,311 1,269,900
328,483 3,966,500
200,608 2,869,200

The imports of sperm and whale oil and whalebone, for 1860, it will be seen
from the above table, fall considerably below those of 1859.
The average prices of sperm and whale oil for the past year are better than




224

Statistics o f Trade and Commerce.

for 1859. We annex a comparison of the average prices c f sperm oil, whale,
and whalebone for the past twenty years.
1860.cts.
1859____
185S____
1867 ____
18 56____
1 8 5 5 ...
1 8 5 4 ....
18 63____
1852____
1851____

Sperm.
Whale.
Bone.
494
1411
80 1-10
484
136^
121*
64
924
128J
73J
96|
162
794
68
177 2-10 71 2-10 454
58|
14 8f
89.1
124|
684
844
68 1-6 504
123f
45 5-16 344
1271

Bone.
Whale.
49 1-10 34 4-10
108 9-10 39 9-10 31 8-10
1004
36
364
33J
34
874
88
824
334
904
40
364
35J
63
344
33|
73
23
94
19 2-10
31|
100
19
304

Sperm.
1 8 5 0 ..cts.
1849____
1848____
1847____
1846____
1845____
18 44____
1843____
1842____
1841____

120 7-10

FREMONT TRADE.

The Fremont Journal has a very interesting exhibit of some matters of trade
at that point for the last year. They very clearly show Fremont to be a place
of increasing business importance, and promise well for the future. We con­
dense from the Journal the following items:—The total quantity of grain re­
ceived during the season was 671,533 bushels, made up of wheat, 422,405 ;
corn, 227,758 ; and oats, 21,371. The shipments were— wheat, 397,838 ; corn,
225,730; oats, 18,287. There was received 1,752 tons of merchandise, 4,011
barrels of salt, and 500 barrels of water lime. The Journal complains of the
existence of two bars in the Sandusky River, which very materially obstruct
navigation, and which it thinks could be removed by an expenditure of $7,000
to $8,000. One firm has paid the present season for lighterage $3,000.
The total arrivals and departures for the season were 194, besides the constant
trips of the “ Bonnie Boat,” and the frequent ones of the “ North Star” and
the “ Swan.”
In lumber, the figures exhibit the following gross amounts :—Pine lumber,
1.880.000 feet; shingles, 1,908,500; ash and poplar, 298,364 feet; black wal­
nut, 775,000 feet; lath, 1,184,000 ; staves, 250,000 ; oak, 120,000 feet, and
5.000
cedar posts; besides 350,000 feet o f black walnut lumber, shipped by S.
A . B ement, of Fostoria, from Fremont.
TRADE OF NORFOLK.

The enterprising merchants of Norfolk, (who have long since learned to ap­
preciate the great advantages of a mercantile organization, as maintained in
every city o f any note, except Richmond,) have recently put forth in pamphlet
form the “ Third Annua) Report of the Merchants’ and Mechanics’ Exchange ”
of that city. This report presents information relative to the position of Nor­
folk as a port and a commercial center, worthy of note by those who take an
interest in watching the progress of commercial cities. Norfolk has but little
claim as yet to a manufacturing reputation, though her citizens maintain that
the position of the city is highly favorable to such enterprises. The report ob­
serves, on this point, “ cotton and grain may be brought here from points in the
cotton and grain growing districts of the South, distant a thousand miles and
more, without transhipment; iron, and lead, and copper ore, or in pigs and
blooms, from the inexhaustible mines of Southwest "Virginia and East Tennes­
see, may be landed at our doors without breaking bulk ; all the wealth of the




225

Statistics o f Trade and Commerce.

soil, and the riches that lie buried in the earth, of a vast section of unequaled
fertility, may be emptied upon our harbor without any other handling than is
necessary to put it on the car at its distant point of shipment, and to take it off
when it reaches our port.
*
*
*
*
*
*
A still stronger inducement is the fact that manufacturers here may acquire a
monopoly of the business of a large portion of North and South Carolina,
Virginia, and Tennessee, in their products ” The truth of all this is not to be
denied ; but it is always to be remembered in cases of this nature that a city
must not only possess good natural advantages for the prosecution of a certain
enterprise, but that the advantages must be superior to those of competing
cities
The following statement shows what are the principal manufactures now car­
ried on in Norfolk, and the value of their products, as estimated by “ an expe­
rienced gentleman ” for the report:—-Agricultural implements, $100,000; sbooks
and coopers’ stuff, $150,000 ; carriages and harness, $40,000 ; tin and copper
ware, $36,000 ; cigars, $75,000 ; iron and machinery, $70,000 ; cordage, twine,
and oakum, $30,000; soap and candles, $54,000 ; rosin, oil, &c., $12,000 ; cab­
inet ware, &c., $75,000 ; flour and meal, §110,000 ; total estimated value of
manufactures, $752,000. As a center for trade in produce, Norfolk holds a
more important position. The receipts of produce of all kinds during the last
fiscal year ending June 30th, amounted to upwards of $4,000,000, being dis­
tributed among the following articles :—
Corn................................................... bush.
C otton ..............................................bales
Beans and peas............................... bush.
Shingles..............................................No.
Staves......................................................
Flour.................................................bbls.
W h e a t..............................................bush.
Fish.................................................... bbls.
Tar, Ac......................................................
Oats................
bush.
Dried app les..........................................
Apple b ra n d y .................................bbls.
F laxseed..........................................bush.
Dried peaches........................................
Peanuts.....................................................
Turpentine.........................................bbls.
Railroad cross ties..............
No.
Hoops.............................

Quanti ty.
1,710,293
33,193
45,487
54,324,132
8,404,960
55,563
81,720
15,460
41,963
47,360
48,962
1,560
3,709
10,408
100,000
1,057
105,790
22,000

Total v a lu e .............................................................

Value.
$1,282,720
1,500,000
45,730
79,150
368,950
333,028
106,236
80,000
86,500
19,000
58,000
52,000
5,000
54,000
90,000
5,000
45,000
44,000
$4,173,354

BRIGHTON CATTLE MARKET FOR 1860.
No.

67,985
18,285
226,790
51,800
20,115

Beef cattle......................................
Sheep...............................................
Fat hogs..........................................
“
“

$4,807,869
4,803,666
4,963,152

1859 ...............
1858................

V OL. LXIV. ----NO. II.




Value.
$3,128,310
493,695
703,049
261,550
221,265

15

226

Statistics o f Trade and Commerce.
TRADE OF HAMILTON.

The subjoined abstract of the customs returns at this port, for the year end­
ing December 31st, 18f0, shows a gratifying increase in the trade of this city.
But it is more particularly gratifying, as showing the immense increase in our
export trade, that increase being nearly double the trade of the previous year.
The following statement shows the value of goods entered for consumption with
the amount of duty collected thereon, for the year ending December 31,1800 :—
Dutiable goods...................................
Free goods..........................................

YalHe.
$2,111,113
265,691

Duty.
$418,149 08

Total, 31st December, 1860
Total, 31st December, 1859

$2,376,304
2,228,501

$418,149 08
349,445 95

Increase, 1860........................

$148,303

$68,703 13

The following statement shows the value of exports for the year 1860 :—
Produce of the mine.................................................................................
Produce of the fisheries..........................................................................
Produce of the forest......... .....................................................................
Animals and their products.....................................................................
Agricultural products..............................................................................
Manufactures..............................................................................................
Other articles............................................................................................

$11,49290
233,240
4,505
1,103,787
634
200
$1,353,948
688,523

Total, 1860.
Total, 1859.

$665,425

Increase, 1860

STOCK AND SHIPMENTS OF FLOUR AND WHEAT.
The season of canal navigation being now about closed, when no farther re­
ceipts of wheat and flour can be expected, and in view of the present condition
of our own and other markets, and the probable wants for the coming six or
seven months, for a supply of breadstuffs, we have deemed it advisable to pre­
pare a statement from the most authentic and reliable sources, of the stock of
wheat and flour now on hand in this city, thereby showing what may be relied
upon for our own consumption, (which is estimated at from 55,000 to 65,000
barrels per week,) and for shipment
Stock o f flour at this port......................................................... barrels
Stock o f wheat at this port..................... ..............................bushels
Flour,
barrols.

Export from New York to Great Britain and the con­
tinent, from September 1 to November 16, 1 8 6 0 ...
To Liverpool.......................................................................
London............. ................................................................
Glasgow............................................................................
Falmouth .......................................................................
Other ports.....................................................................
Cork..................................................................................
D ublin..............................................................................
Galway.............................................................................

478,586
27,307
20,747
2,369
1,000
555
....
....
•••

T o t a l.......................................................................
To the continent, September 1 to November 20,1860.

530,564
16,273




760,388
3,553,749
Wheat,
bushels.

6,420,367
340,486
171,187
22,638
19,860
.....
12,583
17,260
16,781
7,021,142
165,923

227

Statistics o f Trade and Commerce.
UNITED STATES IMPORTATIONS.

W e annex a summary of the leading articles imported during the last fiscal
year, compared with the two previous years :—
1858.

1859.

1860.

W oolens........................................
Cottons..........................................
Hempen goods..............................
Iron, and manufactures...............
Sugar..............................................
Hemp, unmanufactured...............
S a lt................................................
Coal................................................

Value.
$26,288,189
17,574,142
594,323
14,453,617
18,946,663
249,417
1,102,202
769,926

Yalue.
$33,801,509
26,026,140
432,746
14 749,056
28,345,297
381,581
1,273,098
931,730

Yalue.
$37,735,914
9,079,676
726,916
18,464,346
28,931,166
308,563
1,431,140
839,334

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

$79,978,479

$105,441,157

$97,517,055

The duties levied on these eig ht articles were $26,000,000, in 1859-60, viz. :
W oolens........................................
Cottons..........................................
Hempen goods..............................
Iron, and manufactures...............
S u g a r............................................
H e m p ............................................
Salt..................................................
Coal................................................

Duties.
$5,550,025
3,873,350
89,148
3,407,818
4,547,199
59,860
165,330
184,782

Duties.
$7,195,936
5,677,083
60,134
3,516,878
6,802,871
91,579
190,964
223,615

Duties.
$8,155,518
6,120,056
115,370
4,395,784
6,943,479
74,055
214,671
201,440

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

$17,877,514

$23,759,062

$26,120,375

TRADE OF DETROIT.

The Detroit Tribune publishes a carefully prepared statement of the trade
and commerce of that city for the past year, from which we extract the follow­
ing table of the leading imports and exports :—
F lou r.. . .bbls.
Wheat., .bush.
R ye......... . . .
B a r le y ...........
O a ts ...............
W o o l........ lbs.
Live h ogs.. . .

Imports.
842,175
1,694,951
565,343
19,128
110,199
179,593
4,545,505
61,289

Exports.
808,513
1,607,757
592,044
10,699
2,726
309,205
4,468,711
48,259

Imports.
61,810
51,421
18,993
3,272

Exports.
3.372
49,400
22,931
3,361

22,315
3,674,928
13,256,752

18,336
4,182,100
44,584,000

C attle.............
Pork......... bbls.
Beef...........tcs.
Whisky & A l­
cohol. ..bbls.
Staves. . . . No.
Lum ber.. . .ft.

IMPORTS OF MONTREAL.

The customs returns for the mouth of December are made up, and they show
the following result for the year 1880. Whilst there is a very trifling addition
to the value of goods imported, say $205,176, there is an increase in the duty of
$117,044. Free goods have largely fallen off in amount :—
IM PORTS AT THE PORT OF MONTREAL FOR THE TEARS

1859

18S9.
Goods paying d u t y ............................................
Free goods............................................................
Total imports
Duty




AND

1860.

I860.

$12,173,871
3,516,469

$12,469,047
3,020,092

$15,690,340
2,335,242

$15,489,139
2,452,286

228

Statistics o f Trade and Commerce.
EASTERN SHOES IN PHILADELPHIA.

We have prepared a yearly statement of the receipts at Philadelphia of East­
ern made boots and shoes, which will be found convenient for reference :—
RECEIPTS OF BOOTS AND SHOES AT PH ILA D E LP H IA FOR THE T E A R

Rail.
January........................................
Februury.....................................
M arch.........................................
A p r il...........................................
M a y ............................................
June.............................................
J u l y ............................................
August........................................
September.................................. ...................
O ctober......................................
N ovember...................................
D ecem ber..................................

796

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

I860.

Water.
2,998
8,975
6,270
1,833
1,285
851
5,542
10,4 25
4 472
3,152
3,736
854

Total.
3,265
9,362
7,056
3,226
2,023
1,087
6,637
11.096
6,246
4,806
4,837
1,109

49,393

58,770

NUMBER OF PASSENGERS BY EACH LINE OF STEAMERS.

The following table shows at once the number of passengers brought to and
carried from this country by each line of steamers, during the past year:—
Cunard line.....................................................................
Cunard line (Boston branch).........................................
Liverpool and New York screw line...........................
Southampton and Havre (Vanderbilt).......................
Havre line (Fulton and Arago)....................................
Havre line (Adriatic and Atlantic).............................
Glasgow line...................................................................
Hamburg line.................................................................
Bremen line.....................................................................
Galway line......................................................................
Galway line to Boston (one trip New York).............
Liverpool and Portland lin e ........................................
Cunard’s freight steamers (estimated).........................
Great Eastern (one tr ip )..............................................
Total in 1860..........................................................
Total in 1869..........................................................

Eastward.
1,622
1,463
8,241
2,145
1,642
1,370
100
3,009
1,495
1,621
290
1,146
400
100
24,644
24,865

"Westward.
2,714
1,859
18,848
2,803
2,123
1,196
201
8,183
3,948
4,244
1,099
1,936
600
42
49,796
36,145

Increase in 1860 over 1859...............................

Total.
4,336
3,322
27,089
4,948
3,765
2,566
301
11,192
5,443
5,865
1,389
3,082
1,000
142
74,440
61,010
13,430

UNITED STATES CONSUMPTION OF SUGAR.

Prom the elaborate annual tables contained in the New York Shipping and
Commercial List we extract the following figures, showing the consumption of
home and imported cane sugar in the United States for many years, in tons of
2,240 lbs.:—
CONSUMPTION OF FOREIGN AND DOMESTIC CANE SUGAR FOR THE T E A R ENDING DEC.

Tear.
I8 6 0 . ..tons
185S. .........
1858.
1857. ____
1856.

Foreign. Domestic.
296,960 118,331
239,084 192,150
143,634
241,761
39,000
123,468




Total.
Tear.
415,281 1855. ..tons
431,184 1854. .........
388,492 1853. ____
280,765 1852.
878,760 1851.

Foreign. Domestic.
192,604 185,148
150,854 234,444
200,610 172,379
118,659
107,438

31.

Xotal.
377,752
385,298
372,989
315,217
288,485

229

Statistics o f Trade and Commerce.

Taking the population of 1851 at 24,000,000 in round number, and that of
I860 at 32,000,000 of people, it follows that the consumption per head at the
former period was 27 lbs., and in 1860, 29 lbs. The value of the 27 lbs. in 1851,
was $1 22 ; of the 29 lbs. in 1860, $2 03. Thus the quantity increased 8 per
cent, while the value increased nearly 70 per cent.
SHIPPING OF GLOUCESTER,

The Gloucester Telegraph publishes a list of all the vessels above twenty tons
belonging to the district of Gloucester on the 1st day of August, of the present
year. There are on the list the names of 486 vessels, comprising 2 barks, 4 brigs,
456 schooners, 23 sloops, and 1 steamboat. The barks and brigs, and 5 of the
schooners are registered, the remainder are enrolled, The registered tonnage is
2,161 40 ; the enrolled, 34,932 31— total, 37,093 71. This, it should be recol­
lected, does not include the boats, and consequently is not the whole tonnage of
the district. The barks, brigs, steamboat, and 364 of the schooners, amounting
to 30,164 19 tons, hail from Gloucester harbor ; 37 schooners and 1 sloop,
2,046 24 tons, from Annisquam ; 51 schooners and 21 sloops, 4,601 34 tons,
from Rockport; 3 schooners and 1 sloop, 207 53 tons, from Manchester ; and 1
schooner, 74 36 tons, from Essex.
The number of men and boys employed on board the fishing fleet from Glou­
cester harbor this season, is 3,958, being 390 more than were employed last
season.
EXPORTS OF FLOUR AND GRAIN FROM LAKE MICHIGAN.

The following table shows the total shipments of flour and grain from Lake
Michigan ports during the year 1860 :—
EXPORTS OF FLOUR AND GRAIN FROM LAKE MICHIGAN IN

Chicago.............................................. bush.
M ilw aukee*...............................................
St. Joseph....................................................
Waukegan..................................................
Kenosha.......................................................
Racine.........................................................
Port Washington........................................
Sheboygan...................................................
Manitouwoc................................................
Green Bay...................................................
T o ta l.....................................................

1860.

Flour.

Wheat.

Cora.

713,889
285,712
...........
...........
4,160
10,871
6,765
27,222
5,000
36,187

12,487,684
8,161,982
25,000
170,000
279,203
852,951
31,410
78,752
30,000
109,941

13,943,172
114,444
...........
...........
...........
...........
...........
...........
...........
...........

22,227,923

14,057,616

1,033,146

CALORIC ENGINES IN SPAIN AND GERMANY.

Orders have been received in New York for nine 32-inch and 24-inch caloric
engines to go to Spain. A manufactory of these engines on a large scale has
been established at Bockau, uear Magdeburg, by the Hamburg-Magdeburg En­
gine Company, and placed under the charge of a machinist who was sent to
America on purpose to study their construction.
* The figures for Milwaukee are the receipts of grain and flour.




280

Journal o f Insurance.

JOURNAL OF INSURANCE.
RATES OF INSURANCE.
Atlantic ports, to or from ports in Europe, not in the Northern Sea. . . .
“
“
“
“
in the Northern Sea..............
Africa, to or from, general liberty..................................................................
“
out and home............................. ...........................................................
Apalachicola, to and from.......................................
Bermuda, to or fr o m ................... .................................................................
Brazils, to any Atlantic port of United States............................................
Buenos Ayres, direct.........................................................................................
Montevido............................................................................................................
Bahamas, to or from......................................................................
Batavia, or any port in the Indian Ocean............................................ .
“
out and home............................................................................. . . .
Cuba, any one port............................................................................................
Calcutta, out......................................................................................................
“
out and home.....................................................................................
Cadiz....................................................................................................................
Charleston, Savannah, and Darien, to or from...............................
Denmark............................................................ .................................................
Demerara, out or h o m e .........................
Great Britain or Ireland, to any port, out or h o m e ....................................
“
“
“
and back the United States.........
Dry goods, h o m e ..........................................................................................
Hardware, home............................................................................................
Gibraltar..............................................................................................................
Halifax, to or from......... ............. .................................................................
Havre, to or from..............................................................................................
“
out and home........................................................................................
Honduras, to or from.........................................................................................
Laguayra.............................................................................................................
Lisbon, to or from.............................
Madeira, Western or Cape de Verde Islands................................................
“
“
“
“
out and h om e........................
Malaga.................................................................................................
Trieste..................................................................................................................
“
and back to the United States...........................................................
Manilla, out and home............................................................................ . . . .
Mobile...................................................................................................................
New Orleans........................................................................................................
From either Mobile or New Orleans.............................................................
New Orleans or Mobile, to ports in Europe not in the North Sea...........
Ocracoke Bar (over)..........................................................................................
Porto Cabello......................................................................................................
Rio Janeiro or Pernambuco............................................................................
Russia, different seasons....................................................................................
St. Domingo, out or home................................................................................
Smyrna or Constantinople............................................................... ................
Spanish Main, any one port, or between the Orinoco and the S abin e.. .
“
“
out and home...................................................
Specie, by steamers, from San Francisco, via Aspinwall or Nicaragua..
Sumatra, port or ports, to or from.................................................................
St. Croix and St. Thomas, to or from.............................................................
S w ed en ................. ..........................................................................................
Turk’s Island and back......................................................................................
Valparaiso, out or h o m e ............. ....................................................................
“
out and home.................................................................................
Vera Cruz, Tampico, etc...................................................................................




1 a
2 a
2 a
4 a
Ha
1 a
lja
. a
. a
Ha
2 a
4 a
H a
3 a
. a
Ha
fa
2 a
H a
1 a
2 a
2f a
2f a
Ha
1 a
1 a
2f a
2 a
I f
a
H a
2 a
4 a
H a
2 a
4 a
5 a
Ha
Ha
If a
H a
If a
If a
H a
H a
2 a
2 a
If a
3 a
If a
2 a
lf a
2 a
4 a
2 a
4 a
2 a

2
3
2-f
5
2
.
If
2
If
2
2f
6
2f
3f
6
2
1
3
.
2f
4
2
2f
2
2
If
.
2f
.
2
.
.
2
2f
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.
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34

281

Journal o f Insurance.
Wilmington, N. C., to or from............................................................. .........
To the coast of Patagonia, ner annum...........................................................
To the Pacific, voyage round...........................................................................
Windward Islands, to a port not British.......................................................
“
“
out aud hom e.......................................... .........................
California..........................................
...........................................................
Oregon..................................................................................................................

1
6
4
11
3
3
4^

a
a
a
a
a
a
a

1J
10
6
2
■
4
5

COASTWISE RISK S.

To or from any port in Maine or New Hampshire......................................
“
“
Massachusetts..............................................................
“
“
Rhode Island and Connecticut..............................
“
“
Chesapeake B a y........................................................

i a 1
i a
f
l a 1
fa
£

VESSELS ON TIM E---- L IB E R T Y OF T H E GLOBE.

Of 130,000 value and u pw ards.....................................................................
1.500 tons and under...............................................................................
1.500 tons and not over 2,000...............................................................
O f $20,000value and upwards.....................................................................
15.000
“
“
10.000 “
“
5.000
“
“
3.000
“
“

7 a 8
8 a 9
8 a 10
I a 8
9 a 10
10 a . .
12 a 15
16 a 20

In all cases in which the above rates are charged, the grain clause is inserted,
and Texas, Mexico, and Yucatan are excepted.
LIVES LOST BY FIRE DURING I860.

The table annexed exhibits the number of lives which have been lost each
month during the year just closed in the United States, in buildings which were
destroyed by fire, compared with the number of unfortunates by similar catas­
trophes during 1859 :—
, --------- 1860.— ,
, --------- 1859.—
January.. .
February. .
March........
A pril.........
May...........
J u n e .........
J uly...........
August . . .
September
October....
November.
December..
Total.

Fires. Lives lost.
13
7
9
29
14
36
20
7
5
7
1
1
4
11
4
8
28
6
6
5
7
10
6
17
75

Fires. Lives Io£
16
10
4
9
4
7
10
4
22
7
2
3
1
1
2
4
4
8
4
8
9
4
15
5

186

122

61

The above table does not include the victims of the terrible accident at Law­
rence, Mass., which occurred on the 10th of January.
• During the past seven years the number of lives lost in burning buildings in
the United States is exhibited in the following table :—
Tears.
1854 ..............................
1855 ....................
1856 ..............................
1867...................................




Fires. Lives lost. Tears.
88
171
1859...................................
62
119
1860...................................
89
183
72
158
Total in seven years.

Fires. Lives lost.
51
112
75
186
490

1,081

232

Commercial Regulations,

COMMERCIAL REGULATIONS.
LIST OF TARES ALLOWED BY LAW AND CUSTOM.
By law.
Per cent.

Almonds...........................................................cases
Almonds.......................................................... casks
Almonds...........................................double bales
Almonds................
bales
Almonds ........................................................ frails
A lm ond s..................................................... ceroons
A lm on d s..........................................................bags
A lu m .......................................................................
A lu m -..............................................................casks
Anvils,.......................................................................
Bristles......................................................................
Butter, weighing 80 to 100 pounds..............kegs
Black plate..................................................... boxes
Candles.....................................................................
Candy, sugar...........................................................
Cheese.........................................................hampers
Cheese............................................................. bskts.
Cheese..............................................................boxes
Cheese............................................... casks or tubs
Cassia...............................................................boxes

8 per cent.
15 per cent.
8 lbs. each.
4 lbs. each.
10 per cent.
10 per cent.
4 per cent.
5 lbs. each.
10 per cent.
90 lbs. each.
10 per cent.
18 lbs. each.
8 lbs. each.
8
10
10
10
20

)

Cassia................................................................mats
Chocolate.........................................................boxes
Coffee................................................................. bags
Coffee...............................................................bales
Coffee............................................................... casks
Coffee........................................................... ceroons
Coffee............................................................... boxes
Cinnamon............................................ ....................
Cinnamon........................................ .
C o co a ..............................................
Cocoa................................................
C o co a ..............................................
Cocoa................................................
C loves..............................................
Cloves..............................................
C otton..............................................
C otton ............................................
Composition spikes or nails...........
Copper.............................................
Copperas.................................................................
Corks......................................................small bales
Corks....................................................... large bales
Corks....................................................double bales
Cordage, tw in e............................................. boxes
Cordage, twine................................................ casks
Cordage, twine...............................................bales
Currants......................................................... casks
Currants..........................................................boxes




15 per cent,
actual.
9 per cent or 1| lbs.
for four mats.

10

1

3
12

..
1
10
..
..
..
.,
2
6
8
8

6 per cent.
15 per cent,
actual.
6 per cent.
8
2
12
4
..
..
..
..

per cent.
lbs. each.
lbs. each.
lbs. each.

5 lbs. each.
8 lbs. each.
16 lbs. each.
15 per cent.
12
3

F ig s ...................................................................

F ig s ..................................................................mats
Figs................................................................... frails
F ig s ................................................................drums
Figs................................................

By custom.

casks

12 per cent.
10 per cent.
10 per cent.
4 per cent.
4 per cent.
8 per cent.
12 per cent.

t

233

Commercial Regulations.
By law.
Per cent.

Fish, d r y .................................................................
Fish, dry......................................................... boxes
F lax............ . ............................................. bobbins
Gunpowder.....................................................casks
Gunpowder .................................................. casks
Gunpowder................................................ £ casks
Glue................................................................. boxes
Glue................................................................. casks
Glue, from Canton........................................ boxes
Hemp, Manilla...................................
bales
Hemp, Hamburg, Leghorn, Trieste.....................
In d igo............................................................. cases
Indigo.......................................................
.bbls.
In digo................................................ other casks
Indigo.......................................................... ceroons
Indigo............................................................... bags
Indigo...............................................................mats
Iron, sh e e t..................................................... boxes
Iron, h o o p ...............................................................
Iron, Russia, sheet........................................ packs
Jalap................................................... yellow mats
Lead, pigs, bars, sheets................................ casks
Lead, white, in o il...........................................kegs
Lead, white, in oil-.........................................hhds.
Lead, white, dry .......................................... casks
Lead, red, d ry.........................................................
Lead, red, in oil......................................................
Lead shot.................................................................
Nails.........................................................................
Nails................................................................ bags
Ochre, dry...................................................... casks
Ochre, in oil.............................................................
Paris white...............................................................
Pepper..
Pepper.
...........bales
Pepper.,
............. bags
Pepper
double bags
Pimento
...........casks
Pimento
............. bags
Plums .
...........boxes
Plums............................................................... casks
Prunes............................................................. boxes
Paper............................................................... bales
Raisins................................................................. jars
R aisins........................................................... boxes
Raisins.............................
casks
Raisins ........................................................... frails
Raisins ......................................................... drums
R ice................................
casks
Salts, Glauber.................. .......................................
Salts, E psom .........................................................
Segars............................................................. boxes
Segars...............................................................casks
S h o t.........................................................................
Snuff........................................................................
Snuff................................................................boxes
Soap.........................................................................
Soap, brown, d r y .......................................... casks
Soap, brown, in o i l ................................................
Spikes.......................................................................




..
..
..
..
..
..
..
..
..
..
..
..
12
15
10
3
3

By custom.

12 per cent.
12 per cent.
3 to 3£ lbs. each.
23 lbs. each.
9 lbs. each.
5 lbs. each.
15 per cent.
20 per cent.
11 per cent.
6 lbs. each.
lbs. each.
15 per cent.

8 per cent.
8 per cent.
14 to 28 lbs. each.
12 lb3. each.
3 per cent.
8 per cent.
100 lbs. each.
6 per cent.
6 per cent.
10 per cent.
3 per cent.
8

..
3
10
12
10

per
per
per
per

cent.
cent.
cent.
cent.

12
5
2

..
,,

16
3

..
.,

..

8 per cent.
12 per cent.
8 per cent.
5, 6, *?, & 8 lbs. each
18 lbs. each.
15 per cent.
12 per cent.
4 per cent.
10 per cent.
10 per cent.

..
4 lbs. each.

..

..
..
..
..
..
..
8

..
11 per cent.

18
18
3

..
.,
..

..
..

12 per eent.
15 per cent.

10

..

..

12 per cent.
12 per cent.
8 per cent.

..
••

234

Commercial Regulations.
By law.
Per cent

S te e l...............................................................casks
cases
S t e e l...............................
Steel..................................................................bdls.
Steel from Trieste, in large size..................boxes
Steel from Trieste, in second size.........................
Sheet iron............................................ - ..........cask
Sugar, ca n d y ................................................. boxes
Sugar, ca n d y ................................................... tubs
S u g a r........ ......................................................bags
Sugar............................................................... boxes
Sugar............................................................... casks
Sugar................................................................ mats
Sugar................
ceroons
Sugar.......................................................... canisters
Starch, from Bremen, weigh 62 lbs. each . .bxs.
T a llo w .............................................................bales
Tallow............................................................. casks
Tallow ......................................................... ceroons
Tallow ...............................................................tubs
Tea, Bohea..................................................... chests
Tea, green, (70 lbs. and over)...................... boxes
Tea, other, (between 50 and 70 lb s .) .................
Tea, other, ( of 80 lbs.)..........................................
Tea, other, (over 80 lbs.).......................................
Tobacco, leaf...................................................bales
Tobacco, leaf, with extra cover............................
Tobacco, le a f................................................. boxes
T w in e ..............................................................casks
boxes
Twine.......................................
T w in e ............................................................. bales
Whiting........................................................... casks
Wire.........................................................................
W ool.................................................................bales

By custom.

8 per cent.
8 per cent.
3 per cent.
11 lbs. each.
lO f lbs. each.
15 per cent.
10
15 per cent.
5
15
12
5
8 per cent.
40 lbs. each.
13 lbs. each.
8 per cent.
12 per cent.
8 per cent.
15 per cent.
22 lbs. each.
20 lbs. each.
18 lbs. each.
20 lbs. each.
22 lbs. each.
8 lbs. each.
10 lbs. each.
15 per cent.
12
15 per cent.

3
10 per cent
8 per cent.
3 per cent.

RATES OF COMMISSIONS RECOM MENDED BY THE CHAMBER OF COMMERCE TO BE CHARGED
W H E R E NO EXPR ESS AGREEMENT TO THE CONTRARY EXISTS.
BANKING.

Per cent.

On purchase of stocks, bonds, and all kinds of securities, including the draw­
ing of bills for payment of same.........................................................................
On sale of stocks, bonds, and all kinds of securities, including remittances in
bills and guaranty.................................................................................................
On purchase or sale of specie and bullion.............................................................
Remittances in bills of exchange................................................................. . . . . .
Remittances in bills of exchange, with guaranty.................................................
Drawing or indorsing bills of exchange...............................................................
Collecting dividends on stocks, bonds, or other securities..................................
Collecting interest on bonds and mortgages.........................................................
Receiving and paying moneys on which no other commission is receiv ed ....
Procuring acceptances of bills of exchange payable in foreign countries........
On issuing letters of credit to travelers, exclusive of foreign bankers’ charge
Where bills of exchange are remitted for collection, and returned under pro­
test for Don acceptance or non-payment, the same commissions are to be
charged as though they were duly accepted and paid.

1
1
i
i
i
i
i
i
i

G ENERAL BUSINESS.

On sales of sugar, coffee, tea, and general merchandise, usually sold in large
quantities, and on credit under Bix months, or for cash ..............................
On sales of manufactured goods, and other articles usually sold on long
credits, for commissions and guaranty...............................................................
do., for c a s h ...........................................................................................................




6
1$
5

Commercial Regulations.
On purchase and shipment of merchandise, with funds in hand, on cost and
charges...................................................................................................................
Collecting delayed and litigated accounts...........................................................
Effecting marine insurance, on amount insured...................................................
No charge to be made for effecting insurance on property consigned.
Landing and re-shipping goods from vessels in distress, on value of invoice .
do.
do.
on specie and bullion.......................................... ...............
Receiving and forwarding merchandise entered at Custom-house, on invoice
value 1 per cent, and on expenses incurred....................................................
On consignments of merchandise withdrawn or re-shipped, full commissions
are to be charged, to the extent of advances or responsibilities incurred,
and one-half commission on the residue of the value.
On giving bonds that passengers will not become a burthen on the city, on
the amount of the b on d s...................................................................................
The risk of loss by robbery, fire, (unless insurance be ordered,) theft, popular
tumult, and all other unavoidable occurrences, is, in all cases, to be borne
by the owners of the goods, provided due diligence has been exercised in
the care o f them.

235
2J
5
i
2J
i
2-J

2^

SHIPPING.

On the purchase or sale of vessels.........................................................................
Disbursements and outfitof vessels......................................................................
Procuring freight and passengers for Europe, East Indies, and domestic ports
Procuring freight and passengers for West Indies, South America, and other
p la ce s............................... ..................................................................................
Procuring freight and passengers for foreign vessels, in all cases....................
Collecting freigh t.....................................................................................................
Collecting insurance losses of all k in d s.................................................................
Chartering vessels on amount of freight actual or estimated, to be considered
as due when the charter parties are signed....................................................
But no charter to be considered binding till a memorandum, or one of the
copies of the charter, has been signed
On giving bonds for vessels under attachment in litigated cases, on amount
of liability............................................. ................................................................

2J
3£
2J
5
5
2^
31
2(

2^

[Eg” The foregoing commissions to be exclusive of brokerage, and every charge
actually incurred.
PYRITES,
T reasury D epartment, October 29,1860.

S ik :—I have carefully examined your report of the 3d ultimo and the appeal
of Messrs. R e c k n a g e l & Co. from your decision levying a duty of 15 per cent
on an importation of merchandise— described in the entry as “ pyrites or iron
ore,” and in the invoice as “ pyrites,” under the classification in schedule E of
“ mineral and bituminous substances, in a crude state, not otherwise provided
for,” the importers claiming to enter it at a duty of 4 per cent under the classifi­
cation of “ brimstone, crude, in bulk,” in schedule H. The article in question
is not “ crude brimstone ” in fact, nor so known in commerce, but is a chemical
combination of sulphur and iron, known under the name of “ pyrites or the sulphuret of iron,” from which sulphur may, by certain processes be obtained. It
is not specially named in the tariff, but was properly subjected by you to a duty
of 15 per cent, as it may be regarded either as falling under the classification in
schedule E to which you appear to have referred it, or as non-enumerated. In
either case, it would be liable to the rate of duty exacted by your decision, which
is hereby affirmed. I am, very respectfully,
A

u gu stu s

S chell,




HOWELL COBB, Secretary of the Treasury.
Esq., Collector, &c., New York.

236

Nautical Intelligence,

NAUTICAL INTELLIGENCE.
STEAMBOAT ACCIDENTS DURING 1860.

The subjoined table shows the number of persons killed and wounded by
steamboat accidents on the inland waters of the United States during the past
year, compared with the number of killed and wounded by the same causes in
1859 :—

■1860.- - - - - - - - - - s
Months.

,- - - - - - - - - - 1859.-

Accidents. Killed. Wounded. Accidents. Killed.

January...............
February............. ...........
M arch................. ...........
April...............................
May.......................
J u n e..................... ...........
J u ly ..................... .........
August.................
September........... .........
October................. .........
November............ .........
D ecem ber........... .........

2
1
4
2

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

29

..
i

7
4
2
1

i

62
35
29
26
5
9
357
39
40
5

24
17
9
14
6
4
11
20
18
10

£97

134

3
2
2
6
1
2
2
2

6
109
45
63
X

2
•

4

21

242

Wounded.

3
75
41
..
18
2
7
.

8

3
1
.

146

During the past eight years the number of lives lost and persons injured by
steamboat accidents, not including those which occurred at sea, is as follows :—
Fears.
Accidents. Killed. Wounded. Tears.
1853........... ____
31
319
158
1858.............
1854........... ____
48
1859.............
225
587
1855...........
176
107
1S60.............
1856
858
1 27
29
T o t a l .. .
1857........... ____
30
322
86

Accidents. Killed. Wounded.
300
107
27
21
146
342
29
134
597
242

3,001

1,090

SCREW PROPELLERS,

The loss of screw propellers during the ten years of lake business, shows, first,
an increase of the use of this kind of vessels, and second, the decrease in dis­
asters as navigation has improved, and knowledge of managing propellers has
advanced. Many conclusions will suggest themselves to the underwriter and
shipper who may examine the following tabular statement of the number, and
the losses in dollars:—
Year.
i 8 4 s ..................:
1849....................
18 50....................
1851....................
1852....................
1853....................
1854....................
1855 ....................
18 56....................
1857....................
18 58....................

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

Wreck- Strandcd.
ed. Fire.
.
i
i
.
i
i
.
i
4
6
2
4
3
5
.
1
101,500
7
5
2
7
11
19
6
7
4
254,542
1
17
1
5
1
91,830

Am’ t loss.
$39,000
113,000
16,000
133,200

$3,752,131

Total number of vessels




28

78

23

Dam- Jetti- Colaged. son. lision. Raised.
i
i
i
i
.
i
i
i
3
.
4
10
a
4
8
10
2
4
30
7
8
34
4
10
22
2
19
33
1
7
20
2
9
137

24

35

2
402

237

Postal Department.
THE DEATH RECORD ON THE LAKES FOR I860.

Lake navigation opened on the 5th of March, 1860, and closed on the 14th
of December. The aggregate of loss of life is fearfully large. It is larger than
that of any previous three seasons. Five hundred and sixty persons met their
death, between the 23d of March and the 25th of November, a period of eight
months, by water, steam, and cold, and the casualties incident to working sail
vessels. In this calculation the loss of the Lady Elgin is put at 400 souls.
Seventy-eight lives, chiefly if not entirely those of seafaring men, were sacri­
ficed to the demon of the waters and to the frost and snow in the terrific gale
that swept the lakes on the 23d and 24th days of November.
Twenty seamen, on nearly as many different vessels, while in the performance
of their duty, were swept overboard during the season and drowned.
Thirty-five persons met their deaths by being scalded by violent concussions
or by being drowned, in consequence of explosions of boilers. Six entire crews
were lost, not one being left to tell the tale.

POSTAL DEPARTMENT.
GENERAL POST-OFFICE.

The following is a statement of revenue and expenditures for eight years,
from 1853 to 1860, inclusive, and estimates for 1861 and 1862, to w it:—■
Years.
1853.........................
1854.........................
1855......................... ...................
1866......................... ...................
1857.......................... ...................
1858.........................
1859......................... . .................
1860......................... ...................
1861.......................... ...................
1862 ......................
POSTAGE

Expenditures.
9,968,342 29
10,407,868 18
11,507,670 16
14,964,493 33
14,874,772 89
15,665,135 04

ST A M P S A N D

STAM PED

Revennes.
$5,940,724 70
6,955,586 22
7,342,136 13
7,620,821 66
8,053,951 76
8,186,792 86
7,968,484 07
9,218,067 40
9,676,711 00
10,388,934 60

Deficiencies.
$2,042,031 89
1,621,837 90
2,626,206 16
2,787,046 52
3,453,718 40
4,534,843 70
6,996,009 26
5,65 ,705 49
5,988,424 04
4,566,600 63

EN VELOPS.

The number of postage stamps supplied to postmasters during the year ended
June 30, 1860, was as follows, viz.:—One-cent.................
Three-cent..............
Five-cent...............
Whole number.. . .
Stamped envelops.

50,723,400
159,463,600
679,360
216,370,660;
29,280,025 ;

Ten-cent...............
Twelve cent........
Twenty-four-cent.
value
value

3,898,450
1,658,500
52,350
$5,920,939 90
949,377 19

Total amount for 1860....................................................................... ' $6,870,316 19
Total value of postage stamps and stamped envelops issued during
the year ended June 30. 1859........................................................
6,261,533 34
Increase during 1860..................................................................................
608,782 85

Larger denominations of postage stamps have been adopted and introduced,
especially for the purpose of affording requisite facilities to prepay the postage
on letters to foreign countries, and of removing all excuses heretofore existing
for paying such postages in money. The new denominations are twenty four
cents, thirty cents, and ninety cents. The two latter have been introduced since
1st July last, and the sales, up to November 1, have been as follows :—




238

Postal Department.

Thirty-cent stamps, 140,860; amounting t o . ..............................................
Ninety-cent stamps, 16,84 i; amounting t o ................................................
Previously to July 1, there were issued of twenty-four-cent stamps,
52,850; amounting to ................................................................................
From let July to 1st November, 281,975 ; amounting t o .........................

$42,268
14,256

Total issues of new denominations, 497,025 ; amounting to............

$188,192

12,564
69,114

A new die for embossing the stamp on the postage-stamped envelops has been
adopted, which is believed to be an improvement on the former one, especially
because of reduced size, giving a neater and more attractive appearance to the
envelop.
There has also been introduced a novel description of stamped envelops, em­
bracing what is called the “ self-ruling improvement,” consisting of black lines
so arranged within the envelop as to afford a correct guide for writing the ad­
dress of a letter, but which lines are concealed after placing the letter in the
envelop. Of these envelops there has been issued, up to November 1,3,442,150.
It is contemplated to introduce immediately two new denominations of en­
velops : one embossed with a one-cent stamp, the other with both the one and
the three-cent stamps.
The one-cent envelop is designed mainly for circulars, of which many millions
are annually distributed through the mails. The same envelop, however, will
also be largely used for city correspondence.
The envelop with the one-cent and three-cent stamps will be required in cities
where there are lamp-post letter-boxes or other depositories for letters, to be
conveyed by carriers to the post-office, the one-cent paying the carrier’s fee, and
the other stamp paying the postage on letters to be sent out of the city by mail.
This envelop will also be used by those who, when addressing their city cor­
respondents, desire to relieve them from the payments of the carrier’s fee for
delivering their letters at their domicil.
Proposals were made during the last session of Congress to furnish the de­
partment with wrappers or envelops embossed with one-cent postage stamps, for
the purpose of prepaying transient newspapers, and the subject was considered
by the committee on the post-office and post-roads. Recently similar proposals
(from another party) have been made, with the suggestion that not merely onecent, but also two-cent newspaper wrappers be provided ; and the subject is re­
commend to Congress for such disposition as it may deem necessary.
DEAD LETTERS.

The number o f dead letters containing money, registered and sent out
during the year ended 30th June last, was...............................................
The number containing other articles o f value............................................
Total............................................................................................................

10,450
13,585
24,035

Being 5,662 increase on the work of 1859.
In addition, there have been sent out, since April last, 6,982 other let­
ters, of a class which were heretofore either destroyed or filed, not
containing inclosures of sufficient absolute value to justify their regis­
tration..............................................................................................................
Making whole number sent...............................

6,982

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

31,017

Whole number of dead letters opened at San Francisco............................

75,127

Or 12,644 more than during the previous year.




Postal Department.

239

FOREIGN LETTERS.

Returned to England ......................................................................................
“
France............................
“
Brem en..........................................................................................
Hamburg.......................................
“
Prussia ............................................................................. . . . . .
“
Canada............................................................................................
“
New Brunswick........................................
“
Nova Scotia...................................................................................
“
Prince Edward’s Island....................

41,835
13,400
6,178
2,617
17,317
25,800
2,041
1,693
130

Total number o f foreign letters..............................................................

110,911

Persevering efforts have been made, so far as the limited number of clerks
would permit, to find the true causes for the non-delivery especially of valuable.
letters, and the result has been to confirm the former experience of the depart­
ment, as stated in the annual report of last year, and the special report of 7th
May last. For example : out of 8,002 cases, in which the inquiries of the de­
partment have been answered, or where causes were patent without inquiry
3,983 letters were misdirected, 621 illegibly directed, 583 directed to transient
persons, 336 to persons moved away, 657 not mailed for want of postage, 885
directed to fictitious persons or firms, 54 without any address or direction, 34
missent, leaving, out of 8,002, only 1,341 letters properly addressed, and only
684 for the non-delivery of which the department is blamable, 657 having be­
come dead because not prepaid.
In reference to the class of letters not containing money or other valuable
inclosures, a similar state of facts seems to exist. The number returned to the
dead letter office for want of postage during the past seven months, to Novem­
ber 1, was 22,259.
Out of 37,868 letters without inclosures, the number for want o f proper
direction was...................................................................................................
Number entirely without address or direction...........................................

10,178
357

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

10,535

Although the number of letters conveyed by mail during the year has increased
by many millions, (as shown by the increased revenue of over $500,000,) yet
the whole number of dead letters, so far from increasing, has rather diminished.
From this fact, it may be concluded that better attention than formerly is now
given to the delivery of letters, and that the new regulations on the subject have
had a salutary effect.
If the proper assistance could be obtained, further improvements might, no
doubt, be made, and the propriety of authorizing the employment of temporary
clerks to make experiments with the dead letters is urged, somewhat according
to the plan proposed in the special report of May 7, 1860. It might, perhaps,
be sufficient for the present, simply to authorize the use of the dead letter money
(which cannot be restored to the owners.) including what has heretofore accrued
and that to accrue in future, or so much of it as may be necessary, for the im­
provement ol this branch of business.
The new law concerning the return of letters, upon which the names and postoffices of the writers were indorsed, was communicated specially to all post­
masters ; but, as yet, it seems to have been measurably inoperative.




240

Journal o f Mining, Manufactures , and A rt.

JOURNAL OF MINING, MANUFACTURES, AND ART.
HOW THE ARMSTRONG GUN IS MANUFACTURED,

A visitor to the works who has never seen an Armstrong gun, must, as he
witnesses the successive stages of its manufacture, be sorely puzzled to conceive
what it will look like when completed ; and scarcely less is the surprise of any
one who has seen the finished piece, at the strange shapes which its component
parts assume during the various processes. Let us begin at the beginning, and
observe the various steps, from first to last, in the creation of the most perfect
piece of ordnance the world has ever seen.
Imagine a very long thin bar of the finest iron, some two inches square, and
one hundred and twenty feet in length— that is the basis of a twenty-five pounder.
For convenience in the manufacture, the bore is divided into three pieces of
about forty feet in length. A one-hundred pounder requires three pieces,
each of ninety feet in length. The manufacture commences in the forg­
ing shop, a vast dingy shed, where there is an incessant din of hammers and
roaring of mighty furnaces, where blocks and bars of iron lie scattered in seem­
ing confusion on every side—here almost transparent at white heat, there glow­
ing red hot; in one corner sending out showers of sparks under the discipline
of a huge steam hammer ; in another, hissing and sputtering under a stream ;
where stalwart, grimy men, with uprolled shirt sleeves, visors and leather aprons,
are seen looming through the smoke, or in the lull glare of the fires, tossing
about red-hot bars with the indifference of salamanders, and making the anvils
ring with thirty Cyclops’ power.
We fix our eyes on a long, narrow furnace, in which lie a number of iron
bars we spoke of. Suddenly the door is opened, and a fierce lurid gleam of light
is cast through the shop. One of the men seizes the end of a bar in a pincers,
drags it forth, and makes it fast to a roller which stands immediately before the
furnace, and the diameter of which is equal to the rough-made tube of a twen­
ty-five pounder when first rolled. The roller is put in motion, the bar is slowly
and closely wound round it, just as one might wind a piece of thread round a
reel. The roller being turned on one end, the spiral tube— number one coil, it
is termed— is knocked off, restored to white heat in another furnace—for it has
cooled somewhat in the rolling— and then flattened down and welded under one
of the steam hammers till only about half as long as it was. For a twenty-five
pounder the length of the coil, after this process, is 2$ feet; and three such
coils are welded together to form the tube.
Before that operation is performed, however, each coil is bored on the inside,
and pared on the outside to within a very little of its proper diameter, so that
the slightest flaw in the welding, if any exist, may be detected. Having passed
this test, a couple of coils, brought to a proper heat by being placed end to end
in a jet of flame from a blast furnace, are welded by violent blows from a huge
iron battering-ram. A third coil is added to the other two in the same manner,
and the tube is complete. Over this a second tube, which has been prepared just
in the same way, is passed while red hot, and, shrinking as it cools, becomes




Journal o f M ining , Manufactures, and A rt.

241

tightly fastened. This is termed “ shrinking on.” Over this again is placed a
short massive ring of forged iron, to which the trunnions, or handle of the gun,
are attached.
The breech, which has now to be added, is composed of several iron slabs,
something like the staves of a barrel, which are bent into a cylindrical form,
and welded at the edges when red hot under the steam hammer. In the breech
the fiber of the metal runs in the direction of the length of the gun, while in the
other parts it winds round and round transversely. This is done to give greater
strength to the breech in sustaining the whole backward thrust of the explosion.
The breech thus formed is “ shrunk ” on to the rest of the gun ; and to add still
more to its strength, two double coils of wrought iron are rolled on, with the
fiber at right angles to that of the breech underneath. The piece now exhibits
very much the appearance of what is called a three-draw telescope—the tube,
the trunnion piece, and the breech, representing the three draws of the glass
when pulled out.
So much for the rough work of the gun ; we now come to the finer and more
delicate process. Having been pared down on the outside to its proper size,
the gun passes to the measurers, who, with an instrument called a micrometer,
measure each part with maihematical accuracy. The slightest deviation of any
portion from its exact size, even to the fraction of a hair’s breadth, is rigidly
pointed out, and has to be amended. The boring and rifling of the piece are
next performed in a large, tidy, well-lighted room, where there is no noise, or
smoke, or confusion, as in the forging shop. The gun is placed erect in the
boring machine, and revolves gently round the big gimlet, which slowly but
surely makes its way downwards, scooping out the superfluous metal from the
interior of the tube.
Four pieces can be bored at once by each machine. This is the lengthiest
process the gun has to go through. It has to be performed twice, each time oc­
cupying six hours. First the gun is bored to within a one-hundredth of an inch
in its proper diameter, and the second time it is finished. The rifling is per­
formed in a turning-lathe, and occupies some five hours. There are thirty-eight
fine sharp grooves, of a peculiar angular shape—“ with the driving side angu­
lar,” in the words of the inventor, “ and the opposite side rounded,” and the turn
of the rifling is very slight.
Where the touch-hole of an ordinary gun would be, a square hole is cut for
the introduction of the vent place or stopper, which, with the breech screw, com­
pletes the gun. The stopper is a circular piece of steel, faced with copper,
which fits into the end of the rifled barrel with the most exact nicety. Upon
this little piece of metal depends, in a great measure, the efficiency of the gun ;
because, unless it hermetically closed the cavity, a portion of the explosive force
would escape, and the discharge would be weakened. The copper facing of the
stopper is prepared with great care. It has to be sharpened with a file after so
many rounds, and a duplicate accompanies every gun. The touch-hole runs
through the vent-piece down into the chamber of the gun. The breech of the
gun receives the powerful hollow screw which presses against the vent-piece,
and is easily tightened or loosened by means of a common weighted handle.
When the stopper is out, the gun is a hollow tube from end to end.
vou

x l i v .—

NO. II.




16

242

Journal o f M ining , M anufactures, and A rt.
MINES AND MINING COMPANIES OF ARIZONA.

W e find in a late number of the Mesilla Miner the following resume of the
mines and mining companies in Arizona :—
1st. F ort F illmore S ilver M inin g C ompany .— Capital stock $1,000,000,
in $20 shares. Maj. Jno. J. Sprague, U. S. A., President. Office 34 Pinestreet, New York. Mines in Organ Mountains, 15 miles east of, and smelting
furnace on Rio Grande, 4 miles S. E. of Mesilla. W . H. Ritter, engineer. Has
six fine veins, yielding $200 per ton. Commenced work in December, 1859,
employing fifty hands.
2d. S onora E xploring and M ining C ompany .— Organized in 1856, under
charter from Ohio. Capital $2,000,000, in $100 shares, James P. Kilbreth,
President, A . M. Searles, Secretary, Andrew J. Talcott, Superintendent.
Leased to Charles D. Poston. Mine in Cerro Colorado Mountains near Tubac,
ore silver and copper. First silver reduced July, 1858.
S anta R ita S ilver M ining C ompany .— Organized 1858, charter from Ohio.
Capital $1,000,000, in $100 shares. Office 167 Walnut-street, Cincinnati,
Ohio. George Mendenhall, President; Horace C. Grosvenor, director of the
mines, Rephael Pumpelly, metallurgist, headquarters and mines, Santa Rita
Mountains near Tubac. Persons employed 20; first silver reduced May 7th,
1859. Ore silver, copper, and lead.
S opori M ining C ompany .— Organized August, 1858. Capital $1,000,000,
in $100 shares. Office Providence, R. I. Mines near Sopori. W. B. Sayles,
director. Not working the mine.
P atayonia M ining C ompany .— Private association— Capt. R. S. Ewell, IT.
S. A., President. Mines near Sonoita Creek, in Santa Cruz Mountains. The
mine is valuable, aad has yielded, with very little machinery and poor furnaces,
a fine percentage of silver. Ore silver and lead.
U nion M ining C ompany .— Private association—working mines near Sonoita
Creek ; under direction of Col. Titus.
T he S an A ntonio M ining C ompany of S an F rancisco .— Has suspended
operations for the present. Ore silver and lead.
T he C ahoabi M ining C ompany .— Private company— H. Ehrenberg, Presi­
dent ; William Brown, director Mines in Papaquearia— a new company now
commencing operations. The mine is said to be very rich. Ore silver and cop­
per.
S an X avier M ining C ompany .— Organized in San Francisco in 1857 ; mine
near Tuscan. Work suspended.
A rizona L and and M ining C ompany .— Capital stock $2,000,000,-in $100
shares. Organized under charter from Rhode Island. Samuel B. Arnold,
President; W. B. Sayles. director. Not working mines
T he L ongorenia C ompany .— Organized to work an old mine near Tubac.
The work is progressing. Ore silver and copper.
copper .

A rizona C opper M ining C ompany .— Capital $1,000,000, in $100 shares.
Organized 1854, in San Francisco, by E. E. Dunbar. Major R. Allen, U. S.
A., President. The company have expended much money, and now have ordered
steam wagons to transport the copper to market. This mine is very rich.




Journal o j M ining, M anufactures, and A rt,

243

T he S anta B ita CpppER M ines .—Worked by Mr. Siqueros & Son. They
have not completed their arrangements yet, but are smelting three tons of cop­
per per diem. These mines were worked many years ago, and are rich and profit­
able. Located 25 miles N. W . of Mowry City, on Mimbres Eiver.
T he H anover C opper M ines , six miles from the Santa Eita mines, were
discovered March, 1859, by Mr. S. Harkle. The vein is ten or twelve feet
wide. Messrs. Harkle & Thibault are working 500 hands with great profit.
Messrs. Barela, Daguerre, and others have opened a vein one-and-a-half miles
from the Hanover mine, and preparing to work.
A private company have been working on a vein half a mile from the Hanover
mine, thought to be rich.
A copper mine is worked 40 miles above the mouth of the Gila, on the
Colorado Eiver, said to be very rich.
gold .

.

G il a G old M ines .— Much gold has been taken out of these mines, located
twenty miles above the mouth of the Gila, and about two miles from the river.
Mines are rich, but too far from water, and the necessaries of life, to include
very extensive working.
B rownsville G old P lacers .— Twenty miles N. W . of Mowry City, on
Mimbres Eiver, are now worked by a company from this place, who have dug
a ditch, at considerable cost, one-and-a-half miles long, to throw the water on
the placer. They have been sufficiently tested to show that they are rich.
Col. Snively & Co. have discovered rich gold mines 15 miles north of the
Brownsville mines, and are now working them.
A rizona E xploring and M ining C ompany .—Lately organized, with ample
means for prosecuting a geological survey. Eichard Jenkins, superintendent;
Mr. Levy, miner. Headquarters Mesilla, on Eio Grande.
T he M esilla L and E xploring and M ining C ompany .— Capital stock
$1,000,000, in $100 shares, L. 8. Owings, President. Office Grand Plaza,
Mesilla, Arizona. This company have a good quartz lead, thought to be very
rich, and a copper vein. They propose keeping an exploring company con­
stantly in the field.

NEW DISCOVERY IN THE PROCESS OF DYEING,
The dyeing trade has, it is announced, just been enriched by an important
discovery. For a long time back, the trade has been endeavoring to avail itself
of and "to imitate the green dye u3ed in China, (le vert de Chine,) whose bright­
ness and solidity enjoy such just celebrity. It appears to have succeeded in ob­
taining it from one of our (French) indigeneous vegetable substances, thanks to
the investigations of a chemist at Lyons, who had been put on the right track
by an instructive note which the Chevalier de M ontigny had sent from China,
along with samples of the primary substance, to the Department of Commerce,
and which Mr. B ocher had brought to the knowledge of our Chamber of Com­
merce and Manufactures. This will be a fresh success to add to our numerous
agricultural and industrial triumphs, for which the country is already indebted
to the intelligent efforts of our Consul-General in China.




244

Journal o f M ining , M anufactures, and A rt.
RICHMOND SUGAR REFINERY,

The refinery just opened at Bichmond is described as a building 125 feet long
by 50 feet in width, and five stories high. It is built of brick, in the most sub­
stantial manner, upon a foundation of granite, and seems to be well adapted to
the purposes for which it was erected. The most striking feature about the es­
tablishment is the great number of iron and copper pipes, of different sizes, ex­
tending in all directions, under each floor, and vertically. These pipes are in­
tended to conduct the syrups and steam from one part of the building to another.
The machinery and appurtenances have been constructed upon the most approved
plan, and in accordance with the latest improvements. Indeed, it is said that
this refinery is the most complete one, in this respect, in the United States.
There is no handling or dipping here, the whole process being carried on by
mechanical contrivances, beginning with the elevation of the raw material from
the basement to the upper story. Adjoining the refinery is a bone kiln, built of
brick, in which the “ bone black” used in the refinery will be made. On the
north side of the building is the boiler house, containing three large boilers for
generating and supplying steam to the engines and tanks. The smoke stack at­
tached is eighty feet in height. No fire will be used in the building, as all the
heating and boiling will be effected by means of steam from the large boilers.
The water used for the clarification of the sugar is brought from Mount Erin
spring, about half a mile distant, while the supply for the boilers is drawn from
the river by means of a pump propelled by steam apparatus. All the machinery
was made at Messrs. M errick & S ons’ “ Southwark Foundry,” Philadelphia,
and was put up by Mr. W i . H. B echtel , an experienced machinist. The es­
tablishment will turn out about 175 barrels of sugar per diem.

IRON CARS.
We notice another attempt to introduce iron cars for passenger purposes has
been recently made. The side walls are made of corrugated sheets, and are of
two thicknesses, with a space between. The advantages claimed for the iron
cars are greater lightness, strength, and durability, than are possessed by the
ordinary wooden car. There is a saving in weight of 30 to 35 per cent in this
car over those in common use. This is an advantage which will be readily ap­
preciated by every railroad man. A saving of one to two thousand pounds in
the weight of the vehicle makes a wonderful difference both to the power which
drags it, and to the rails over which it is drawn. The next advantage claimed
is greater safety than in wooden cars. In cases of accident the greatest damage
is generally done by the splintering of the timbers. This fruitful cause of in­
jury is entirely done away with in iron cars. The worst that can possibly hap­
pen to an iron car is severe indentations and bruises. We are glad to see a step
made in this direction. We regard any saving in weight and safety in a railroad
passenger coach as a great gain. The effort seems to have been for the past few
years to continue adding appendage after appendage, constantly increasing the
weight of the ears, and consequently the cost of transporting passengers. We
trust the experiment now made will prove as successful in the end as it seems to
be in the outset.




Journal o f M ining, Manufactures, and A rt.

245

HOME MANUFACTURES.
Many of our farming friends, says the Californian, who visited the exhibition
of the San Francisco Bay District Agricultural Society, doubtless noticed some
samples of remarkably fine blue vitriol, of California manufacture. Feeling
great interest in a matter so intimately connected with agriculture, we made
some inquiries concerning this new branch of home manufacture, and were
agreeably surprised to find that it is manufactured here now in such a manner
that it can be afforded at a less price, and that it is in reality a very superior
article, to any imported, either from the Eastern States or from Europe. Under
the new process of refining gold in the great establishment of Messrs. A lsop &
Co. and D uncan, S herman & Co., large quantities of pure copper are used in
solution with sulphuric acid, and this forms pure sulphate of copper, or blue
vitriol. As any foreign substance would destroy the properties of the solution,
it must necessarily be perfectly pure, and being formed as a residuary product in
very large quantities, it can be sold at far less rates than when manufactured
especially for consumption.
More than fifty thousand pounds were manufactured in the few months that
the refinery has been in operation this season, and the proprietors anticipate
that their business will be so largely increased during the coming year, that they
will be obliged to export a large portion of their surplus, the demand on this
coast not being equal to the large amount they must necessarily manufacture.
We congratulate the farming interest on the certainty of hereafter being able
to calculate on a supply of fine blue vitriol at low prices, and that they will not
be the victims of speculators, who have on several occasions monopolized all
that article in the market, and taken advantage of the farmers' necessities to
exact an exorbitant price.

SABOTS, OR WOODEN SHOES.
Many of our people, says the Shoe and Leather Reporter, who look upon
wooden shoes only as objects of curiosity, as though they -were relics of a bar­
barous age, or the production of some benighted heathen of the East, may be
surprised to learn that they are at present not only manufactured, but generally
worn, by the peasantry of France, throughout the provinces of Normandy,
Brittany, Auvergne, &c. The language of the Abbe L e b l a n o , written a cen­
tury ago, would still apply to a considerable portion of that country :—“ Among
the curiosities in the cabinet of natural history at Oxford, they specially show
a pair of (sabots) wooden shoes, which they designate French shoes, and the or­
dinary shoe of the nation.”
The principal markets are Paris, Lyons, and Nantes, whither the manufac­
turers or master sabot makers repair once a year to make contracts with the
tradesmen. Thus furnished with a memorandum of the number and variety re­
quired, they return and distribute the work among the people. Men, women,
and children leave the villages in a body, and, marching to the forests, build
themselves huts of branches, plastered with mud, and set about their task with
true French vivacity, chatting, singing, and laughing incessantly. Beech, birch,
and sometimes walnut and aspen trees are cut down for material, and then be­
gins the process of modeling into boot, shoe, and gaiter sabots. They are




246

Journal of Banking , Currency, cmc? Finance.

shaped by the men, hollowed by the women, aDd roughly pared by the children.
The latter are considered as apprentices, but the others receive for their services
respectively two francs, (374c.,) and fifty centimes, (94c.,) per diem. A French
paper, the “ Moniteur de la Cordunnerie,” states that one Paris maker alone em­
ploys in the forests of Sarthe, Orne, Oantal, and "Vosges, twenty-five master
workmen, and one thousand peasants.
When the rough work is completed, the sabots are sent directly to the Paris­
ian and other dealers, by whom they are finished and placed in the market for
sale. Those called “•garnished ” are covered with leather ; but most of them
are at first blackened with burnt horn and other animal substances, and after­
wards polished. The rooms in which this part of the business is conducted are
continually filled with effluvia, which causes serious inroads on the health of the
operatives.
The authority we have quoted above says that England, although regarding
sabots with much contempt, purchases upwards of 10,000 francs’ worth annually.
The habit of wearing wooden shoes probably arose from poverty or from local
necessity, and the practice has so little to recommend it, either for comfort or
cleanliness, and seems so opposed to the progress of modern times, that we won­
der it has not long since been abandoned. There are millions of feet in France
which undoubtedly will, ere long, furnish employment to the manufacturers and
workers of leather in that or some other country.

MANUFACTURE OF GAS.
The process of manufacturing is as follows:— A panful of coal is put into an
iron retort, under which is a furnace that heats the retort red hot, turning the
coal partly into gas and partly into coke. The latter remains in the retort,
while the gas passes out through a pipe half-filled with water, called the hydraulic
maiD, the force in the retort being sufficient to drive it through the water and
over the surface, but it cannot pass back, as the water acts as a seal to secure
it. Thence it is conducted into a condensing pipe to the condensing house,
where its heat and volume are reduced. It is then transmitted to the purifying
house, where it passes through three distinct beds of lime, which extract the sul­
phurous particles from it. There are test cocks attached to the purifiers, by
which its purity is tested. The cock is turned to let the gas out, and a piece of
paper saturated in a solution of sugar of lead held over it, and if it stains the
paper it is impure. It is said that sugar of lead will detect one impure part in
40,000 cubic feet.

CIGARETTE PAPERS,
Mention has been made of the discovery of a new kind of paper for making
cigarettes, and a manufactory has been established in Algiers for working this
new invention. The paper in question is made from the refuse stalks and por­
tion of the leaves which have been hitherto thrown away or burnt as useless.
It has been calculated that the value of the rags from which the paper for the
cigarettes has been usually made amounted annually to from 9,000,000 francs to
10,000,000 francs. The benefit which France will derive from this invention
may be therefore readily conceived, and no doubt can exist that the manufacture
must be attended with great success.




Railroad, Canal, and Steamboat Statistics.

247

RAILROAD, CANAL, AND STEAMBOAT STATISTICS.
STEAM WAGONS FOR COMMON ROADS.
This is an age of progress and improvement, says the Railroad Record, and
we know of no place where improvement is more needed or where there is a
greater field for it than in the means of locomotion on turnpikes and common
roads. When the steam engine first began to exert its labor saving influence,
considerable attention was given to its application to locomotion ; aDd the re­
sults of this direction of inventive genius have been the railroad locomotive of
the present day. Genius has had such a rich field for study and progress in this
latter and more perfect mode of locomotion, that the primary idea has been, in
a great measure, lost sight of in the grand developments of the more perfect
system. But now that we have almost covered the civilized portions of the
world with a network of railroads, we are beginning to revert again to the parent
notion, and inquire, is it feasible to construct a steam wagon for traveling on our
common roads? Can we successfully introduce steam as a means of propulsion
for loaded wagons and stage coaches traveling on ordinary turnpikes? Most
assuredly we can, provided we are willing to undertake the labor necessary to
make the practical application of the power to the load. The locomotive of
thirty years ago weighed three tons, and was a very different thing, both in
structure and appliance, from the ponderous iron-lunged steed that now sweeps
over our roads at its easy gait of thirty miles per hour. So it will be with the
steam wagon, its first application will bo far different from its perfected form,
and it is but reasonable to suppose that time and experience will both improve
and cheapen it. The perfected machine will be as much superior to the first
attempts as they will be superior to the present mode of moving by horse-power.
But we should not, on that account, fail to avail ourselves of the earlier im­
provements as they are made. It is certainly much cheaper to furnish wood or
coal for a boiler than oats or corn for an equivalent number of horses. And
for ease of management and docility to the will of the driver, there can be no
comparison between the almost animate machine and the baulky animal, The
difficulties that have hitherto beset the inventors of steam wagons have mostly
arisen from the fact that their ideas were fixed upon too grand a scale—they
have aimed to make a machine of ponderous power, one that would carry along
a huge train and drag its hundreds of tons of burden. A more practical way
would be to begin with an engine of given capacity, say ten-horse power, and
adapt it to a wagon, and determine by experiments on a moderate scale what
would be its capacity for transporting loads. In this manner, at a trfling cost,
the most important question could be readily determined and settled. From
this commencement the inventor could build up and improve, as his success in
the first experiment indicated.
In a recent visit to New York city we had the pleasure of examining a road
engine invented and built by Mr. J. It. F isher , and designed for transporting
passengers at a rapid rate. The drivers are two wooden wheels five feet in di­
ameter and six inches broad on the face of the tire, driven by two cylinders of
seven inches bore, and fourteen inches stroke, acting directly upon the driving




248

Railroad, Canal, and Steamboat Statistics.

wheels. The boiler is an upright tubular boiler thirty-two inches diameter, five
feet high. The whole was originally placed on a wooden frame resting on easy
springs, and was designed to be run at the rate of twelve to fifteen miles per
hour. Experimental trips were made, and a speed not merely twelve to fifteen
miles, but twenty-two-and-a-half miles per hour obtained. No difficulty was ex­
perienced in ascending hills, the speed, of course, being lessened. This engine
is now undergoing some modifications such as suggested by experience, and has
been placed upon an iron frame, and will, we understand, be shortly tested again.
With the improvements already made we have no doubt it will fulfill the most
sanguine expectations of its inventor.
This experiment on our own shore, together with the success of recent inven­
tions in England and Scotland, warrant us in the belief that steam will be suc­
cessfully applied to stage coaches. And the fact that a steam engine has been
recently constructed which does successfully drag ten plows is sufficient evidence
that it can also be applied to slow locomotion for loaded trains. We hope to
see more attention hereafter devoted to this subject.

IRON LOCOMOTIVE CAR.
A new iron locomotive has been built for the use of the Pittsburg, Fort
Wayne, and Chicago Eailroad. This car is a novel invention, combining in
itself all the parts of a complete train—engine, baggage car, and passenger car.
It is made wholly of iron, with the exception of the flooring, sash, and seattrimming, and is one of the most beautiful railroad conveyances we ever saw.
The dimensions of the locomotive car are 77 feet in length and 10 feet in
width. It contains 48 seats, each of which are 3 inches wider than those of
the ordinary wooden car, and are constructed of iron. They do not revolve
backwards and forwards, but are stationary. The back is supported merely
by a piece of wire net work stretched between the two ends, on one side of
which, as well as on the seat, is a covering of lead-colored plush, padded with
hair, and on the other side leather or the same material, similarly padded. This
wire net work is an admirable improvement, and contributes much to the com­
fort of the seats. Besides, the seats thus constructed are very light, the whole
number weighing 1,500 pounds less than as many of the old style car seats. In
the center of the car is the saloon, which, in a pinch, could be made to accom­
modate three or four more persons. Its central position is quite an advantage,
as those who use it will not have to walk the whole length of the car to get to
it. The interior of the car is handsomely finished; but one blunder has been
made in the arrangement of the windows, which are so low that a person has to
stoop to look out of them. This arose, we understand, from giving the roof an
unusual pitch, and will be remedied in the next car that is made. The danger
of weakness in the center from the extreme length of the car is obviated by
running an iron truss between the trucks. The sides of the car are firmly braced
by rods connecting with the truss, rendering it stronger and increasing the chances
of safety in case of a collision. The driving wheels are about 36 or 40 inches
in diameter, and are propelled by engines of twenty-horse power. The engines
are provided with a small doctor to supply water to the boiler. This is highly
conducive to safety, but seldom or never met with on locomotives. There is
an ordinary brake at the rear end of the car, but one of a different description




219

R ailroad , Canal, and Steamboat Statistics.

has been figured out by the makers, and will be under the immediate control of
the engineer.
The advantages contemplated by the introduction of this locomotive car are
several. It is more economical, as it will do nearly the same amount of busi­
ness as an engine and two cars, with a baggage car, and costs less than the en­
gine alone. The expense of constructing it will not exceed 88,500. It weighs
less than 16 tons, while a train of equal capacity will weigh 85 tons. It can
be run 120 miles with one cord of wood, while an equal quantity would only
run a locomotive 40 miles. It is much safer, both on account of its lightness
and of the material of which it is made. Its momentum, when going at a high
speed, will be vastly less than that of a train of cars, and it may therefore be
stopped at a shorter notice. Being wholly iron, there would be no splinters
flying in case of a smash up, and the flexibility of the material would make the
car gradually yield to a violent shock, instead of going to wreck at once. Not­
withstanding its lightness, it can be run at great speed.

RAILROAD ACCIDENTS DURING THE YEAR I860.
The following table shows the number of railroad accidents which have oc­
curred in the United States during the' year just closed, which were attended
with loss of life and injury to persons, together with the number of killed and
wounded, compared with the number of like accidents in 1859 :—

,- - - - - - - - - - 1860.- - - - - - - - - - , , - - - - - - - - - - 1859.- - - - - - - - - Accidents. Killed. Wounded. Accidents. Killed. Wounded.

January.........................
February .......................... ___
March................................
A p ril.................................
May.................................... ___
J une.-.............................
d u ly ................................... ___
A u gu st .........................
Septem ber .................... ___
October.......................... ___
November.........................
D e ce m b e r .................... ___

10
1
5
5
7
8

8

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

5
3

58
32
6
17
13
38
14
29
63
24
5
16

.

4
5
4
5
5
8
6
7
5
57

315

7
9
9

4

6

8
4

54
18
13
15
24
96
27
32
55

6
8

5
10
9
3
6
5
4

47
5
16
4
10
15
2

35
34

79

129

411

6

8

The above figures do not include individual accidents, caused by the careless­
ness of travelers themselves, or deaths or injuries resulting from the reckless con­
duct of persons in crossing or standing upon railroad tracks where trains are in
motion.
The following: additional table shows the number of accidents, and the number of persons killed and injured by accidents, to railroad trains during the last
eight years:—
1853........................................................................
1854...........................................................
1855........................................................... .........
1856...........................................................
1857...........................................................
1858...........................................................
1859...........................................................
1860............................................................

Accidents.
138
142

—

Total iu eight years.................




Killed.
234
186
116
195
130
119
129
57
—

1,166

Wounded.
496
589
539
629
530
417
411
315
—

3,926

250

R ailroad, Canal, and Steamboat Statistics.
A RAILWAY IN TURKEY,

The railway connecting Tchernavoda, (Turkish, Boghaskeni,) on the Danube,
and Kustendjie, on the coast of the Black Sea, a distance of about forty miles,
was opened October 4th. Travelers by this railway will avoid the many dangers
attendant on the navigation of the Danube and the delays so common at the
Suhna mouth of that river. The opening of this line, which is destined to
stimulate the commercial activity of the region, was attended by many of the
English directors of the undertaking, and the representatives of Turkey, Greece,
Albania, Bulgaria, and many sections of Tartary, whose costumes piesenfed a
very picturesque appearance. E them P asha represented the Sultan on this
occasion. The trial trip went off most successfully; a grand luncheon, in the
English style, awaited the guests on their arrival at Tchernavoda ; and a yet
grander dinner was provided for them on their return to Kustendjie, at the “ New
Bailway Hotel,” in the garden of which establishment a shed, handsomt ly
decorated, had been erected for the purpose. More than one hundred persons
sat down to this international banquet, at which toasts were drunk to the health
of Queen V ictoria and the Turkish Sultan, the P asha testifying the most cordial
interest in the doings of the day, and expressing his hope that similar lines of
communication would soon be opened in every part of Turkey.

NEW YORK CENTRAL RAILROAD.
The American Railway Review, which has now commenced its fourth volume,
has the following on the operations of this important railway for the fiscal year,
ending Sept. 30, 1860, compared with previous years since 1857 :—
INCOME ACCOUNT---- RECEIPTS.

1858.

1859.

I860.

83,700,270
2,532,647
232,246
295,495

83,337,148
2,566,370

84,095,934
2,569,265

297,331

292,042

$6,760,658

$6,200,849

$6,957,241

1857.
Freight.............................
Passengers.....................
Deficiency o f earnings..........................................
Other sources..................................
320,338
Total.................................... . .

88,027,251

DISBURSEMENTS.

1857.
Expenses on freight..................... ,.
*‘
passengers...............
Rent Niagara Falls Railroad...,
Interest........................................
Sinking fuuds.............................
Dividend, February....................
“
August.......................

$2,269,290
2,184,226

113,294
44 470

1858.

1859.

1860.

$1,876,429
1,610,863

81,893,155
1,456,274
60,000
970,066

$2,613 827
1,665,014
60,000
985,272

116,754
959,782
720,000

115,266
720,000
720,000

24,824

77,862

$6,200,849

$6,957,241

976,192
70,391
113,294
959,782
959,782
193,925

Surplus earnings..........................
Total.....................................

$6,750,658

From the above it will be perceived that the passenger traffic on this road
has not increased any since 1857, although the cost of the passenger revenues has
varied— being 70 per cent of gross receipts in 1857, 64 per cent in 1858, 57 per
cent in 1859, and 65 per cent in I860. The cost of moving freight was, in
1857,50 per cent; 1858,51 per cent; 1859,59 per cent; and 1860, 64 per
cent. Thus, we see that all the advantages of increased freight earnings are
lost to the stockholders in the additional cost of its transportation. It is to be
regretted that no information from the company’s reports enables the shareholder
to learn what portion of this increased cost is chargeable to through, and what
belongs to local freights. It was generally supposed that a settlement of the




Railroad, Canal, and Steamboat Statistics.

251

difficulties with the three competing trunk lines, in the autumn of 1859, would
produce a more remunerative traffic in 1860. The construction account has been
increased $265,381, and the transportation expenses upon passengers are 8 per
cent— equal to $205,511— and freight 5 per cent—or $204,796. These items,
collectively, indicate, if wTe understand the report correctly, that $675,718 have
been spent in the new work, extraordinary repairs, and rebuilding the Buffalo
Elevator, nearly all of which items have been, until 1860, charged to construc­
tion account. Had this plan been adopted in former years, the company would
doubtless have been obliged to cut down its dividends as far back as August, 1857.
The following condensed balance sheets give the financial condition of the com­
pany since 1857:—
1857.

1858.

1859.

Construction.................................. $30,515,815 $30,732,517 $30,840,714 $31,106,094
8,359,977
8,193,000
8,015,000
7,831,000
Premium on consolidation............
Cost of r o a d ......................... $38,875,792 $38,825,517 $38,856,714 $38,937,094
Mich. Cen. Lake Erie steamers...
193,925
557,800
Buffalo State Line Railroad stock
557,800
557,800
5 57,fcOO
142,111
187,850
6,881
7,500
34,700
Troy Union Railroad stock...........
21,100
Hudson River Bridge stock...........
10,080
10,080
10,080
30,240
Real estate O. Lee <fe Co.’s Bank,.
34,829
85,214
32,500
“
Buf. & Ni. F. R. R. Co.
32,500
32,500
32,500
Fuel and supplies. . - .....................
150,934
360,939
286,707
Trustees Buf. Roch’r. R. R. C o ..
3,156
Bills receivable...............................
234,554
28,562
42,758
50,003
Cash and uncollected revenue . . .
772,855
517,838
522,886
468,071
Debt certificate sinking fund.........
632,000
792,000
967,600
1,147,600
Trustees Syracuse & U. R. R. C o.
6,681
341,591
Total........................................ $41,461,654 $41,425,634 $41,333,605 $41,785,748

1857.

1858.

1859.

I860.

Capital stock..................................S 524,136,661 $24,182,400 $24,000,000 $24,000,000
Funded Debt.
Consolidated roads assumed.........
880,753
550,372
657,682
637,737
Buffalo & N. F. R. R. Co. assumed
55,000
45,000
35,000
46,000
Debt certificates..............................
8,892,600
8,892,600
8,892,600
8,892,600
Convertible loan, 1864 .................
3,000,000
3,000,000
3,000,000
3,000,000
Consolidated railroad stocks........
680,000
770,000
807,000
785,000
Real estate......................................
175,000
195,000
204,000
200,000
Buffalo <&Niagara Falls R, R. Co.
86,000
90,000
93,500
93,000
Funded debt consolidated co.’s. . .
1,308,000
1,225,000
1,256,000
Telegraph Company.....................
10,000
10,000
10,000
Convertible bonds, 1876...............
500,000
182,000
Bonds and mortgages...................
253,151
254,034
254,952
265,657
Floating Debt
Bills payable...................................
127,375
197,033
38,000
Consolidated roads.........................
22,526
1,607
Unclaimed dividends.....................
9,037
4,593
5,889
3,472
Sept, expenses paid after Oct. 1 ..
144,317
305,071
81,925
67,555
Interest not due
“
“
328,183
361,6S8
329,270
339,639
Income account..............................
1,826,572
1,697,012
1,594,326
1,619,151
Total........................................$41,461.B64 $41,425,634 $41,333,605 $41,785,747

The aggregate funded debt shows no material change. That incurred under
the act of consolidation has been retired and replaced by the bonds of the com­




252

R ailroad , Canal, and Steamboat Statistics.

pany maturing in 1876. We notice, among the assets of this year, $341,591 in
lake propellers, which must strike stockholders with surprise, as the steamboat
business in 1856 and 1857 brought the company in debt $238,395.

ENGLISH RAILWAY CLERKS.
There are some 16,000 clerks employed in English railways, and various
benevolent schemes to provide for the need and danger of such employees, viz.,
guaranty, superannuation, and life insurance, have, from time to time, been
agitated, and, to some extent, adopted. A preliminary difficulty with a young
man seeking employment with an English corporation is, to find security for his
integrity. The private system is being rapidly superseded by public guaranty
societies, based upon a fixed scale of premium. A writer in Herapath’s Lon­
don Railway Journal suggests many advantages that would accrue from the
establishment of a Mutual Guaranty Fund by the employees themsleves. Such
employees are now subject to many onerous charges in England, such as the in'
come tax, (deducted from the clerk hire,) life insurance, superannuation fund,
medical, widows, death funds, &c. The plan for general protection against clerk
peculation is becoming quite general in England, extending, now, to banks and
other corporations. But to the writer’s suggestions:—“ I know many clerks,
the total amount of whose payments to the guaranty society would not only sur­
prise shareholders, but would also prove a handsome deposit in a bank. In my
own case, I have been paying between £7 and £8 per annum. For such pay­
ments, clerks receive, virtually, no return : it is all outgoing, and the amount is
irrevocably sunk. Boards of directors and staffs of officials are maintained, and
dividends paid, however, out of these premiums. The insurance of the honesty
of railway officials must, therefore, prove a profitable business. After covering
all losses, what a large portion of the premiums must be expended in those things
which are certainly avoidable, and not essential to the end aimed at. If it be
possible, then, for clerks to form a fund which shall be satisfactory to their em­
ployers, why should they permit, as they are now doing, large undertakings to
grow and flourish out of the premiums deducted from their salaries? It would
seem that the matter only requires a little friendly and intelligent co-operation,
and the kindly aid of leading officers, to be brought to a successful issue. The
amount of the profits now being reaped by others would be immediately saved,
and thus, by reducing the annual premiums, lead to the direct pecuniary gain of
the assured. All moneys belonging to such a mutual society could, of course,
be held and controlled by the directors ot the several companies for the protec­
tion of the interests of shareholders, and, at the same time, in trust for the clerks.
In many cases, the clerks' guaranty premiums are paid by the companies. In
such cases, the directors have clearly au interest in furthering any economical
arrangement. A clerks’ guaranty fund would make every subscriber personally
interested in the probity of his colleagues. In adverting to this subject recently,
at the office of one of the guaranty societies, the secretary thereof argued that
it would be dishonorable in railway men to attempt such a scheme as above pro­
posed, on the ground of the heavy expenditure which had been incurred in the
formation of such societies. This is, of course, fallacious. These societies can
have no locus standi upon such a ground, any more than the older and more ex­
pensively constructed railways have a right to expect higher rates from the pub.
lie than newer, more economically worked, and cheaper competing lines.”




Statistics o f Agriculture, etc.

253

STATISTICS OF AGRICULTURE, &c.
COTTON IDT INDIA,
A recent Parliamentary document furnishes some new views as to the produc­
tions of cotton in India. The leading point stated is, that cotton can be culti­
vated once in three years only on the same land.
Cotton is grown in large quantities in the Tipperah Hills ; it is likewise grown
in the Dacca and neighboring districts, but not extensively. The soil is, no
doubt, suited for producing the finest cotton. India has an abundant popula­
tion ; and no production is better suited for the wives and families to be engaged
in than cotton ; the soil, climate, and requisites for irrigation, when that is re­
quired, have only to be attendod to, and the result must be, with rail and other
means of transport, an abundant supply of the finest cotton, and at a lower price
produced than from any other part of the world. The chances are, that cotton
may be produced more cheaply in India than in the United States. Whilst a
man is paid a dollar a day in America, with slave labor, in India he gets 2d. or
3d. a day. There is an ample supply of labor for collecting a largely increased
cultivation of cotton. The present cost of cultivation is only 8s. per acre ; and
for crops more highly cultivated, it would not exceed 16s. for labor and seed.
Cotton, quite equal to the average of American, might be delivered at a seaport,
from any part of India, at a cost of 1-Jd. per lb. But this low cost of produc­
tion would not much affect prices in Liverpool, till India cotton is produced in
sufficient quantity. To reduce prices in Liverpool, 2,000.000 bales in excess of
the present supply, are wanted from India ; and to produce this quantity, by
the present method of cultivation, would require an extra 42,000,000 acres of
land, allowing a crop of cotton from it once in 3 years, and an extra 4,000,000
or 5,000,000 of laborers. In the opinion of Mr. W a rd en , however, cotton in
India, though it may be much improved, can never be brought to equal Ameri­
can cotton. The seed itself degenerates The uncertainty of the market is one
obstacle to the growth of cotton in India. Major W ingate stated that, although
cotton may be extensively cultivated in India, a sufficient quantity cannot at any
time be relied upon to make this country independent of American cotton.
The production of cotton in India is determined entirely by the price. With a
short crop in America the price rises: and if the price of cotton in the markets of
the world falls, then the cultivation of cotton in India is immediately contracted.
Cotton can only be cultivated once in three years, advantageously on the same
land. Ir. most soils, where land is allowed to be fallow, a rotation of crops is
not, however, largely practiced.
Major-General T r e m e n h e r e thought it desirable that the European should
purchase his cotton and look after its production and packing and cleaning.
The effect of irrigation on the cotton plant, is to raise it from a small stunted
plant, producing 50 or 60 lbs. of clean cotton per acre, to a large perennial plant,
producing 500 or 600 lbs. of cotton to the acre, quite equal in quality to any­
thing produced in America, and worth 150 per cent more than the present na­
tive field-grown cotton. In South Mahratta the cotton plant is an annual, the
seed is sown towards the end of the monsoon, when the ground is full of moist­




• 254

Statistics o j A griculture, etc.

ure ; the bush seldom exceeds three-and-a-balf feet in height, and forty pounds
per acre of cleaned cotton is considered a fair crop. After the cotton is collected,
the bushes are pulled up and burnt, as they all die during the hot weather from
want of moisture. By irrigating cotton, the same bushes are retained for years.
In quality and quantity irrigated cotton is considerably better than field-culti­
vated cotton. A great obstruction to the cultivation of cotton is the want of
means of transit. When railways penetrate the interior of India in any direc­
tion, the cost of transport to the seaboard will be so much reduced as to enable
supplies to be contributed by districts which are now beyond the reach of the
market. In Lower and Eastern Bengal the main difficulty of cultivation is on
the score of inland transport. The land and water carrriage is about equal to
the value of the article. Cotton is grown in large quantities in Tipperah Hills
and near Dacca. The experimental farm at Dacca, however, proved a decided
failure. One year they wanted seed ; another year they wanted money ; another
year a blight came over i t ; another year a hail-storm came, and at last came a
season of caterpillars. Considerable quantities of New Orleans cotton are grown
in the Dharwar and in the South Mahratta countries. In Ouzerat, great quan­
tities of cotton might be produced at low prices. But in the Jroach district,
government spent large sums of money in an experimental farm which proved
a decided failure. Cotton is extensively grown in Khandeish, and in Mysore Mr.
M angles stated that the East India Company have been unjustly vilified on the
score of the cultivation of cotton, and showed that they had gone to considera'
ble expense in order to promote the cultivation of it. He argued that the sys­
tem of land revenue and of land tenure was no more a hinderance to the profitable
cultivation of cotton, than it is to that of indigo, jute, oil seeds, etc. European
agency has never been properly supplied, although its wants are unquestionable,
for the cultivation of cotton, and for seeing to the packing or screwing and
transit. Mr. M angles expressed a doubt as to the use of irrigation in the cul­
tivation of cotton.

CULTURE OF HEilIP—USE, ETC.
Hemp is of great use in the arts and manufactures, furnishing thread, cloth,
and cordage. The article bears a near analogy to flax, not only in form, but
also in culture and use. The bark of the stalk, as in flax, is the chief object for
which it is cultivated, but is coarser as well as stronger in the fiber than flax.
When grown for seed it is a very exhaustive crop, but when pulled green it is
considered as a cleaner of the ground. In Great Britain, its cultivation is not
deemed profitable, so that notwithstanding the encouragement it has received
from the government of that country, and the excellent quality of English hemp,
it is but little grown there, except in a few districts. It grows well on strong
soils, and hence on newly cleared lands. Soon after flowering, the male plants
may be pulled, and the female plants allowed to remain some weeks longer, to
mature the seed. These do not preserve their vitality longer than a year, owing
to the large quantity of oil in them. The males are tied immediately in bundles,
the roots cut off while fresh, the upper leaves also beaten off, and it is an eligible
practice to immerse them in water, without delay, for rotting. The females,
which are three times more numerous than males, should be pulled very carefully,
without shaking or inclining the summits. The seed, when separated, should be




Statistics o f A griculture, etc.

255

spread out and turned at intervals and exposed to a current of air ; otherwise,
they ferment.
The comparative value of different sorts of hemp, as it regards durability, is
easily and speedily tested by any one, since nearly all kinds are very short lived
when exposed to causes favorable to decay. The Manilla will last some four or
five months, as used in the summer season upon our steamboats. The Sisal,
which is often sold under the name of the former, will not last much more than
half as long. The Russian hemp, when moist and warm, will lose its strength
in about three weeks; the American water-rotted in two weeks, and the dewrotted in from five to ten day3. Different experiments, however, exhibit different
results in respect to the durability and strength of the various kinds of hemp.
In Russia, hemp is assorted, according to its quality, into cleau hemp or firsts,
out-shot hemp or seconds, half-clean hemp or thirds, and hemp codilla. Of the
first three sorts an immense amount is annually brought from.the interior beyond
Moscow, its quality very much depending on the region in which it is produced.
That brought from Karatshev is the best; next to this, that produced in Beleo ;
hemp from Ysbatslc is considered inferior to the latter. As soon as the hemp is
brought down in the spring, or in the course of the summer, it is selected and
made up into bundles with great impartiality and exactness. A bundle of clean
hemp weighs from fifty-five to sixty-five poods ; a bundle of the out shot, fortyeight- to fifty-five; and a bundle of half-clean, forty to forty-five—one pood be­
ing equivalent to thirty six pounds. The external marks of good hemp are, its
being of an equal green color and free from spills ; but its good quality is proved
by the strength of the fiber, which should be fine, thin, and long. The first sort
is quite clean and free from spills ; the out-shot is less s o ; and the half-clean
contains a greater portion of spills, and is moreover of mixed qualities and
colors. The part separated, or picked out in cleaning hemp, is called codilla,
and is generally made up in quite small bundles.
Manilla hemp, commonly called Manilla white rope, affords the material of the
most valuable cordage which the indigenous products of the Archipelago yield
This is known under the name of Manilla rope, and is equally applicable to
cables, and to standing or running rigging. Jute consists of the fibers of two
plants, called the chonck and isbund, extensively cultivated in Bengal, and form­
ing, in fact, the material of which gunny bags and gunny cloth are made. It
comes into competition with flax, tow, and codilla, in the manufacture of stair
and other carpets, bagging for cotton, and other goods, and suck like fabrics,
being thus extensively used. But jute is unsuitable for cordage and other articles
into which hemp is manufactured, from its snapping when twisted, and rotting
in water. The attention of practical men has been directed, for a considerable
time past to the remarkable hemp-like qualities of the China grass. It is very
strong and beautiful in the fiber, and a simple and efficacious mode has been de­
vised for preparing it ; this method depends chiefly on the solvent powers of a
hot solution of carbonate of soda.
The process of rotting consists in the decomposition of the substance which
envelops and unites the fibers, and, among the English producers, it is regarded
as taking place much more rapidly in stagnant pools than in running water or
extensive lakes, in warm weather than the reverse. The time requisite varies
from five to fifteen days, even in stagnant water. The water in which hemp has




256

Statistics o j Agriculture, etc.

been rotted has a disagreeable odor and taste, proving fatal to fishes. When
water is not at hand, hemp may be rotted in the open air by means of spread­
ing it at night upon the green-sward, and heaping it together in the morning,
before the sun’s rays have much power. In wet weather, it may be left on the
ground during the whole day ; and should the nights be very dry, it is better to
water it. This method is called dew-rotting, and is very tedious. Another
method again, is by placing it in a pit, and covering it over with one foot of
earth, after having watered it abundantly a single time ; but even this method
requires double the time of water. After being rotted and rapidly dried, it is
ready for canting, beating, &c.
These processes vary considerably, however, in different places, and the general
oporation may be said to be one of no little nicety and hazard. Thus it will be
influenced by the strength and vigor of the. plant, the moisture or dryness of the
season, the temperature of the air during the process, as well as the soil from
which the plant was produced. If the operation is carried too far, not only the
woody matter, but the fibers also, will be destroyed or injured—and if not far
enough, it has generally been thought that the article will not dress ; and thus,
after a good crop has been produced, it may be much injured, if not spoiled, in
the incipient stage of its manufacture.
Exceeding good huckabacks is made from hemp, for towels and common table­
cloths. Low priced hempen cloths are quite suitable for wear by those who are
engaged in the coarser kinds of labor, and the finer varieties of the fabric are
sometimes very strong and warm. They possess this advantage over most de­
scriptions of linen—that their color improves in wearing, while that of linen
deteriorates. But the great consumption of hemp is in the manufacture of sail­
cloth and cordage, for which purposes it is peculiarly fitted by the strength of
its fiber. More than one hundred and eighty thousand pounds of rough hemp
are used in the cordage of a first-rate man-of-war, including rigging and sails.
In rope making, the fibers of hemp which compose a rope seldom exceed in
length three feet and a half, at an average. They must, therefore, be twined
together so as to unite them into one—this union being effected by the mutual
circumtorsion of the two fibers. I f the compression thereby produced be too
great, the strength of the fibers at points where they join will be diminished so
that it becomes a matter of great consequence to give them only such a degree
of twist as is essential to their union. The first part of the process of rope
making by hand, is that of spinning the yarns or threads, which is done in man"
ner analagous to that of ordinary spinning. The spinner carries a bundle of
dressed hemp round his waist, the two ends of the bundle being assembled in
front. Having drawn out a proper number of fibers with his hand, he twists
them with his fingers, and fixing this twisted part to the hook of a whirl, which
is driven by a wheel put in motion by an assistant, he walks backwards down
the ropewalk, the twisted part always serving to draw out more fibers from the
bundles round his waist.
The spinner takes care that the fibers are equally supplied, and that they always
enter the twisted parts by their ends, and never by their middle. As soon as he
has reached the termination of the walk, a second spinner takes the yarn off the
whirl and gives it to another person to put upon a reel, while he himself attaches
his own hemp to the whirl hook, and proceeds down the walk. When the per­




Statistics o f A griculture, etc.

257

son at the reel begins to turn, the first spinner, who has completed his yarn>
holds it firmly at the end, and advances slowly up the walk, while the reel is turn­
ing, keeping it equally tight all the way, till he reaches the reel, where he waits
till the second spinner takes his yarn off the whirl-hook, and joins it to the end
of that of the first spinner, in order that it may follow it on the reel.
The next part of the process previous to tarring, is that of warping the yarns,
or stretching them all to one length, and also in putting a slight turn or twist
into them. The third process is the tarring of the yarn. Sometimes the yarns
are made to wind off one reel, and, having passed through a vessel of hot tar,
are wound upon another, the superfluous tar being removed by causing the yarn
to pass through a hole surrounded with spongy oakum ; but the preferable
method is thought to be to tar it in skeins or hanks, which are drawn by a cap­
stan with a uniform motion through the tar kettle—great care being necessary
in this process that the tar is neither boiling too fast or too slow. Yarn for
cables requires more tar than for hauser-laid ropes; and for standing and run­
ning rigging, it requires merely to be well covered. The last part of the pro­
cess is to lay the cordage. For this purpose two or more yarns are attached at
one end to a hook. The hook is then turned the contrary way from the twist
of the individual yarn, and thus forms what is called a strand. Three strands,
sometimes four, besides a central one, are then stretched at length, and attached
at qne end to three contigious but separate hooks, but at the other end to a
single hook ; the progress of the twists of the strands round their common axis
is so regulated that the three strands receive separately at their opposite ends
just as much twist as is taken out of them by their twisting the contrary way
in the process of combination.

WHEAT PRODUCTION IN IOWA.
We find a communication in the Bellevue Courier which shows the wheat pro
duct of Jackson County for 1860 to be 627,024. The statement is founded upon
reports made by reliable persons in every township but four ; and from the four
townships from which no report was obtained, the amount of their production
is estimated from other data:—
No. acres.

Townships.

Van Buren..............................................
Iowa........................................................
Prairie Springs....................................
Jackson...................................................
Farmers’ C re e k ....................................
Otter C reek ..........................................
Tete des Mort9......................................
Maquoketa............................................
Monmouth..............................................
Brandon ................................................
Fairfield............... .................................
U n ion .....................................................
Perry.......................................................
South Fork............................................
Richland................................................
Butler......................................................
Washington............................................
Bellevue..................................................
Add 1.10 to report of towns.............

382

Total estimated.............................
VOL. XLIV.---- NO. II.




17

No. bushels.

A y. yield.

60,077
49,250
43.279
43,935
25,028
44,181
31,475
29,245
20,825
9,306
38,227
8,729
88,807
27,100
38,807
38,807
13,000
20,000
46,946

23
22
18
22
26
21
17
22
24
20
22
22
21
..
..
..
..
..

627,024

"

23.100
28.100
3.100
57.100
62.100
36.100
83.100
17.100
2.100
26.100
85.100

Statistics o f A griculture, etc.

258

PUBLIC LANDS.
It appears from the annual report of the Commissioner of the General Land
Office that the area of the several States and Territories of the United States is—
Square miles.....................................................................
Acres..................................................................................

3,010,370
1,926,636,800

To which added water surface, lakes, rivers, etc., we have a surface of over
3,250,000 square miles.
Pursuant to executive orders there have been proclaimed for sale during the
five quarters ending September 30, 1860, 16,385,361 acres, and during the past
month, viz.: under date 22d October, 1860, in California, 3,685,287 acres.
By acts of Congress of 1856 and 1857 grants were made to eight States to
aid in the construction of forty-five railroads, as follows:—
Iow a..............................acres
A la b a m a ..............................
Florida...................................
Louisiana..............................
Wisconsin..............................

2,431,541 Michigan....................... acres
1,868.275 Mississippi..............................
1,759,160 Minnesota...............................
995,845
Total..............................
211,063

SUMMARY OF OPERATIONS FRO M M A RCH

1, 1857,

TO SEPTEMBER

957,666
171,550
581,904
8,977,004

30, 1860.

Public lands and private claims surveyed....................................acres
Quantity sold for ca sh ..............................................................................
Purchase m o n e y ..................................................
19,160,777 86
Located and bounty land warrants............................................ ............
Certified under railroad grants.......................................................... ..
Approved to States under swamp lands . . . ......................................
Embraced by surveys returned for confirmed private claims in Cal­
ifornia........................................................................................................

54,013,555
14,347,887
15,575,962
8,977,004
5,482,263
3,101,223
47,484,339

Total

These land sales are embraced in 171,211 certificates of purchase.

AGRICULTURE IN SOUTH AUSTRALIA.
The Colonial Government Gazette publishes an extract of the agricultural
statistics of the last season, but the detailed tabular statements have not yet
been issued. It appears that the total number of acres under cultivation in the
colony last season, inclusive of 50,266 acres in fallow, was 361,884£ acres, show­
ing an increase in the land crop, as compared with the previous year, of 39,445-J
acres. The area on which wheat crops were grown was 218,216 acres, and the
total yield was 2,103,411 bushels ; being an increase over the previous year of
area to the extent of 29,513 acres, but a decrease in the total amount produced
of 6,133 bushels. It follows, of course, that the average yield of wheat at the
last harvest must have been miserably small; it is stated in the abstract before
us at 9 bushels 36 pounds. In barley there has been a falling off in both area
and yield, as compared with the previous year, to the extent of 986 acres and
64,822 bushels. The average yield of barley is stated at 12 bushels 44 pounds.
In oats there has been a decrease, amounting to 76J acres and 528 bushels. In
potatoes there has been an increase of cultivation, with a decrease of produce
— 570 acres in excess of the breadth of the previous year having been put un­
der crop, while the yield fell short of the previous year, by 4,323f tons. Hay
stands in the same position, the area under crop having been increased by 9,29l£
acres, and the produce having fallen short by 2,798| tons.




Statistics o f Population, etc.

259

STATISTICS OF POPULATION, &c.
MILITIA FORCE OF THE UNITED STATES.
The following is an abstract of the United States militia, from the Army
Register* :—
Year.

Officers.

Men.

Utah Territory.........................

1,142
226
285

50,179
7,975
2,536

Total.
76,662
36,054
207,730
51,606
9,229
12,122
78,699
257,420
53,913
88,979
91,284
73,552
46,864
155,389
97,094
2,003
38,084
118,047
33,538
81 984
469,430
79,484
176,455
147,973
16,711
36,072
71,252
19,766
23,915
150 000
51,321
8,201
2,281

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

53,589

2,036,520

2,862,614

Alabama....................................
Arkansas.....................................
California..................................
Connecticut................................
D elaw are..................................
Florida.......................................
Georgia......................................
Illinois........................................
Indiana.......................................
Kntucky.....................................
Louisiana...................................
Maine.........................................
Maryland...................................
Massachusetts...........................
Michigan...................................
Minnesota.................................
Mississippi................................. .
Missouri......................................
New Hampshire........................
New J e rs e y ..............................
New Y ork..................................
North Carolina...........................
Ohio..........................................
Pennsylvania.............................
Rhode Island.............................
South Carolina.........................
Tennessee.................................
T e x a s ........................................
Vermont..................................
V irginia....................................
Wisconsin...................................
D istrict o f C o lu m b ia .................

2,832
1,132
330
293
447
G20
5,050
....
2,861
4,870
2,788
304
2,397
603
2,838
7
825
88
1,227
....
7,328
4,267
2,051
....
156
2,599
3,607
1,248
1,088

73,830
34,922
207,400
51,312
8,782
11,502
73,649
61,052
84,109
88,496
73,249
44,467
153,956
94,236
1,996
35,259
117,969
32,311
454,000
75,181
174,404
16,555
33,473
67,645
18,518
22,827

GROWTH OF NEW ORLEANS.
In 1810 the total population of the city was 17,242. The census for 1820
gives a population of 27,176. In 1830 the returns show 46,310 inhabitants.
In 1840 we had a population of 102,193. The census of 1850 gives us 116,375
souls, and that for 1860 swells the number up to 170,766. With the single ex­
ception of the period from 1840 to 1850, the growth of New Orleans has not,
since 1810, fallen below 46 per cent in ten years, and its increase during the last
decade is nearly in the ratio of the growth of New York, and above that of
Philadelphia and Boston for the same period.*
* No returns from Iowa and Oregon, and the Territories of New Mexico, Washington, Kansas,
and Nebraska.




Statistics o j Population , etc.

260

CENSUS STATISTICS OF MARYLAND.
The following table will show the census returns of the State of Maryland,
together with the comparisons of the census which was taken in 1860. It will
be observed that, as far as Baltimore city and Howard County are concerned,
there cannot be any comparison made, for the reason that the returns of the
seventh census made an aggregate of both Baltimore city and county, and since
that time Howard County was established by an act of the General Assembly
of the State, being formed from sections of Anne Arundel and Baltimore
Counties :—
Counties.
Alleghany..............
Anne Arundel___
Baltimore...............
Calvert...................
Caroline..................
Carroll.....................
Cecil........................
Charles....................
Dorchester..............
Frederick................
Harford..................
Kent.........................
Montgomery...........
Prince George's. . .
Queen Anne’s . . . .
St. Mary’s .............
Som erset...............
Talbot.....................
Washington...........
W orcester.............
H ow ard.................
Baltimore city__ _
Total...............

Free inhabitants. .— Slaves.-----, ,—Deaths.—* ,—Dwe
18a0.
I860.
I860.
1860. 1850. 1860. 1850.
2S,680 21,633
844
724
500
4,534
150
16,179 16,542 7,370 11,249
143
2,934
496
51,450
3,170
....
650
. . . 18,829
6,839
3,630 4,513 4,486
91
205
1,116
10,409
739
6,096
808
1,865
39
76
23,559 18,667
802
975
4,455
203
168
22,391 15,472
951
844
240
229
4,114
6,846
6,655 9,613 9,584
1,392
260
293
16,204 10,747 4,123 4,282
132
3,178
187
43,631 33,314 3,248 3,913
332
581
7,627
21,747 14,413 1,813 2,166
365
246
3,993
10,781
5,616 2,563 2,627
118
1,892
127
13,035
9,435 5,363 5,114
260
1,801
287
10,856
8,901 11,656 11,510
222
2,029
449
6,936 4,177 4,270
11,817
2,084
161
324
8,684
6,223 6,550 5,842
193
270
1,851
19,976 13,385 5,097 5,588
173
3,462
626
7,084 3,756 4,184
11,077
246
2,024
240
23,122 26,930 1,126 2,090
214
5,283
359
16,555 13,401 3,602 3,444
3,161
162
246
10,521
2,894
1,802
....
154
...
211,824 174,853 8,213 6,718 2,583 4,286 33,151
646,283 492,666 85,382 90,368

....

185(1.
3,850
3,712
l’,006
1,526
3,467
3,066
1,335
2,705
6,397
2,977
1,584
1,023
1,875
1,864
1,612
3,158
1,751
6,052
2,884

. . . . 105,567

It will be perceived that the increase of population in the State for the last
ten years is 148,531. The decrease in the number of slaves is 4,986 ; decrease
of deaths, 3,224, and the increase in the number of dwellings 23,859. It is
worthy of remark that the above returns are complete, and compiled from the
official returns, with the exception of Alleghany County, in which several small
precincts in the mountain region of the county are yet to hear from. The total
amount of the population in the State is 731,565, whilst that of the year 1850
was 583,034.
In 1850 the State had 90,368 slaves, and, as the number now is 85,382, the
decrease is 4,986. The decennial movement of population in Maryland, since
the year 1790, is shown by the following figures :—
Years.

1790...............................................................
1800...............................................................
1810...............................................................
1820...............................................................
1830...............................................................
1840..............................................................
1850...............................................................
1360...............................................................




Whites.
216,692
235,913
269,034
299,952
344,046
380,812
492,666
646,283

Slaves.
103,036
105,635
111,502
107,398
102,994
89,737
90,368
85,382

Total,
319,728
341,54*
'88 0 ,6 4 6
407,350
447,040
470,049
683,034
731,665

Statistics o f Population, etc.

261

POPULATION OF CHARLESTON.

By these tables it will be seen that since 1850 the increase of white inhabi­
tants has been 3,315, while the number o f slaves has decreased 3,926 within the
same period ; the free colored having also decreased 184. It will be borne in
mind, says the Charleston Mercury, that the recent census was taken during the
period that there was an unusual absence of our citizens, in their annual migra tiou to the Northern and other summer resorts. The larger relative increase of
the Upper as compared with the Lower Wards is to be partly ascribed to the
fact that the augmentation being largest of the working classes, cheaper rents,
in a class of houses for which there was abundant room in the suburbs, has had
much to do in producing the difference :—
POPULATION OF THE OIT1T OF CHARLESTON ACCORDING TO THE CENSUS OF

Wards,
i ____
2 ____
3 ____
4 ____
5 ____

White. Free eol’d. Slaves.
79
1,120
2,397
99
2,049
2,727
3,854
238
1,648
4,685
3,253
728
2,539
1,445
687

Ward.
i ____
2....
3 ____
4 ____

White, Free eol’d. Slaves.
2,446
165
2,807
2,750
319
3,209
4,386
518
3,241
5,796
5,499
997

Total. Wards.
3,596 6 ____
4,875 7 . . . .
5,740 8 ____
8,666
4,671 Total

1860.

White. Free eol’d. Slaves.
2,0u0
3,428
765
534
1,880
160
2,495
501
879
—
13,606
23,327 3,257

Total.
6,193
2,579
3,875
—
40,195

White. Free eol’d. Slaves.
4,848
4,570 1,442

Total.
10,852

CENSUS OF 1850.

Total.
6,418
6,278
8,143
12,292

Neck
Total

----- -------

—

20,012 3,441

19,532

42,985

WESTERN POPULATION.

Mississippi returns a population of 783,715, being an increase of 187,189 in
ten years. This is rather more than the population of Wisconsin, which foots
up at 777,771. Mississippi was admitted as a State in 1817, having been first
settled in 1698. Wisconsin was admitted in 1848, and first settled, like Missis­
sippi, in the latter part of the 17th century. The progress of the two States
compare thus :—
Year.
1800.............................................
1810.............................................
1820......................
1830.............................................
1840........................
1850.............................................
1860.............................................

Mississippi.
8,850
40,352
75,448
136,621
375,651
606,526
783,715

Year.
1836.............................................
1840.............................................
1842........................... •................
1846
..................................
1847
..................................
1850............................................
1860.............................................

Wisconsin
11,683
30,245
44,478
155,277
210,546
305,391
777,771

MINNESOTA.

The following is the summing up of the marshal of the census of Minnesota:
Total population......................................................................
Number of farms.....................................................................
Number o f manufacturing establishments..........................
Number o f deaths...................................................................

175,525
19,035
563
1,295

The total area of Minnesota is estimated at 81,159 square miles, so the popu­
lation of the State on the 1st of June, 1860, was a little over two persons to the
square mile.




262

Statistics o f Population, etc.
CONNECTICUT,

The following table gives a summary of the new census as complete as prac­
ticable, and will interest the public :—
1840.

Counties.

Hartford........................
New H a v e n ...............
New London.................
F airfield....................... ..
W indham ................... .
Litchfield.....................
Middlesex.....................
Tolland........................

..

49,917

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

1850.

Gain.

I860.

69,957
65,6S8
51,812
59,775
31,081
35,253
27,216
20,091

14,328
16,969
7,349
9,858
3,001
4,805
2,337

20,108

2,111

90,065
97,462
61,832
77,685
34,618
47,866
31,086
21,224

370,782

60,755

461,838

91,065

Gain.

31,874

10,020
17,910
3,537
2,613
3,870
1,133

The gain for the last ten years is greater than for fifty years, from 1790 to 1840.
ORDER OF ODDFELLOWS.

A t a meeting of the Order, Mr. K id d e r gave some interesting statistics of
their progress during the past thirty years, from which we glean the following :—

1810.

Number of Lodges...............
Initiations................................
Revenue...................................
Brothers relieved...................
Widowed families relieved..
D ea th s....................................
Paid for relief..........................
“
educating orphans..
“
burying dead..........
Aggregate amount relief.___

1838.

1860.

Aggregate.

58
114
3,548
3,548
1,598
2,006
408,680
16,980
8.175
178 818
3,036
$15,727 48 $47,131 04 $1,260,904 03 $19,345,841 92
324,726
231
16,276
35,350
23
2,629
24,211
15
1,597
$4,505 55 $548,746 95 $7,202,374 87
165,803 37
315 92
12,692 07
1,208,349 95
59,754 88
617 85
5,440 31
8,478,528 41
621,193 90

The system of benefits went into effect in 1838. The aggregate of benefits
above given is consequently for only twenty-three years.
The aggregate amount of relief is exclusive of special applications for assist­
ance from widows and non-affiliated brethren, and of contributions made outside
the Order by Lodges during the prevalence of cholera and yellow fever, which
have been very considerable.
NORTH CAROLINA CENSUS.

The following is a statement of the population by the census of 1860, as com­
pared with that of 1850. The free colored for 1860 is included under the gen­
eral heading of free
Free.

1860...............................
1850...............................

687,330
553,028

Slaves.

339,867
288,548

Free colored.

............
27,463

Total.

1,027,197
869,039

Federal pop.

891,250
753,619

IMMIGRATION TO TIIE UNITED STATES.

There is a considerable increase in the immigration of the past year, the total
number being put down at 103,621, distributed as follows :— New York, 44,000 ;
Pennsylvania and New Jersey, 14,000 ; New England, 12,000 ; Sonthern States,
4,000 ; Ohio, Indiana, Illinois, Michigan, Wisconsin, Iowa, Minnesota, and Cal­
ifornia, 20,000 ; Kansas, Nebraska, New Mexico, and Canada, 10,000.




M ercantile Miscellanies.

263

MERCANTILE MISCELLANIES.
RISE AND PROGRESS OF AMERICAN COMMERCE.

Before entering upon the regular study of the question, we would say a few
words relative to the national marine or navy of the United States, which if it
was to us, as to other nations—a cumbersome excrescence—we should pass over
in silence. But it must be taken into consideration from the day that the wormeaten barriers, which separated nationalities, crumbled beneath the breath of
intelligent fraternity ; from the day on which the American Republic ceased to
be subject to a jealous, malevolent European power, we shall endeavor to prove,
in a few words, that this country is not so weak in maritime or naval power as
they would make us. In spite of the just aversion manifested by the American
people to a large and expensive standing army and navy, we must remember
that we should not leave without the means of defence our vast sea coast, which
is but too accessible to our neighbors who may become our enemies.
In the month of January, 1855, our navy consisted of eleven sbips-of-the-line,
thirteen frigates, nineteen sloops, three brigs, two schooners, five vessels serving
as store ships, and twenty-four steamers of war ; add to this some half a dozen
steam frigates. Of these, there are now thirty-two vessels in commission, em­
ploying in the entire naval service four thousand five hundred men.
What is this small number of ships and men, when compared with the mam­
moth fleets of England or France? The British navy consisted, in the same
year, of five hundred and forty-four frigates and sloop3-of war, one hundred and
fifty small vessels, ninety-four ships of'-the-line, and seventy-two gun boats-re­
quiring one hundred and fifty thousand men I Now, would it not appear absurd
to suppose that our small navy could cope with the enormous one of England ?
Tet in the war of 1812 it was proven that it is not sufficient to have the
superiority of numbers to bear off the victory. We have a maritime force in
our merchant-ships, which are at all times ready to be employed in their country’s
service; for which their superior construction, their solidity and swiftness,
admirably fits them. The facilities for building, and the dispatch with which
any number of ships can be built, launched, and fitted out, gives us advantages
which other nations do not enjoy. The Missouri and Mississippi made on their
trial trip, on the Delaware, nearly twenty-four miles per hour. But our shipsof-war have proven their superiority over those of equal rate, belonging to other
nations. One of our seventy-four gun ships is equal to a ship of one hundred
guns of the British or French navy, as our ships carry more instead of less gun
than their rate, and heavier metal than European vessels of the same class. The
British are perfectly well aware of this fact; for in the London Times, of the
29th of March, 1856, the following remarks appeared :— “ We have observed
that an American line-of-battle-ship excites the admiration of all observers for
her number of guns, weight of metal, sailing qualities, and enormous armament.
They carry, together with heavy guns, twenty-two seventy-four pounders ! Our
government would, perhaps, do well to profit by the example, and arm our lineof-battle-ships in the same manner. In the last war with America we were




264

M ercantile Miscellanies.

generally beaten, more by their weight of metal, than from any lack of skill or
courage on our part.” Certainly the writer of the above placed his thumb on
one of the causes of the numerous defeats experienced by the British fleet in the last
war with this country. He might have attributed our victories, in a great mea­
sure, to the superiority of the American commodores— to the skill, intrepidity,
and bravery of our P erky , C hauncey , D ecatur , and others. These illustrious
seamen proved by their success that the victory does not depend upon the grade
of the commander, and that the republicans o f the Union in interdicting the
grade of admiral in their national marine, did not rob it of any of its strength
or its superiority. It matters little whether the officer who leads our navies to
battle be called commodore or admiral. The officer who directs a fleet should
be chosen from among the most able, and not from among those who have the
greatest interest at Washington. The triumphs of our navy in the war of 1812,
at a time when our Republic might be said to be but in its infancy, gave ample
scope for the hope that the emblem of our freedom—the glorious flag of a free
people, will never be lowered without being gallantly defended. During that
campaign of three years, against the greatest power of Europe, then in the
plentitude of her power, it was our lot, almost invariably, to encounter them
under the disadvantage as to numerical force; and it required no small degree
of ability and courage to triumph over the British sailor, and to call forth the
following tribute of praise from even the enemy with whom we were at war:—
“ I fully and voluntarily give to Americans my humble tribute of praise for the
ability and the courage of their officers and seamen. All nations can, perhaps,
furnish men of equal skill and courage, equally capable of those magnanimous
and chivalrous actions, which bespeak a great and free people ; but the military
courage that has been made manifest during the short period of American his­
tory, only show's that that people are not inferior to any on the face of the earth 1”
It is, above all, in our patriotism, in the sentiment of liberty, that we depend ;
upon the love of liberty and our country that we place our chief reliance in the
hour of danger. It is this which would, in a case of necessity, enable us to
launch in a single month a thousand ships—intrepid privateers, the terror of our
enemies— of foreign merchantmen. The powers of Europe are well aware that
our naval strength lies in our merchant ships ; hence their earnest desire that
Mr. M arcy should strictly adhere to the treaty of 15th of April, 1845, and re­
nounce the natural right of war— to arm letters of mark. This was fortunately
refused, because the right of neutrality was not guarantied inviolate ; and be­
cause our maxim, “ free ships make free goods,” “ the ships being neutral render
the merchandise neutral,” was not adopted by the governments of Europe, and
hence we remain doubly armed— with a small but well equipped, well managed,
and well commanded navy, the largest mercantile marine in the world, the
smallest schooner of which can within a month be transformed into a formidable
corsair 1 All that is required is that which our floating schools are calculated
to supply—an adequate number of able American seamen.
STICK TO YOUR OWN BUSINESS,

It is not peculiar to this country, says the Boston Journal, to “ run everything
into the ground,” as the phrase goes, but it certainly is done to a greater ex­




M ercantile Miscellanies.

265

teat, and with more rapidity here than elsewhere. No matter what branch of
business may be established—anything, from the growing of potatoes to the
manufacture of gold watches ; from the cutting of timber in the forest, to the
manufacture of ships and houses ; for trade to the Isle of Shoals, to voyages to
the extremes of the earth—anything and everything which has the credit of be­
ing profitable, is rushed into by all |sorts of people, till the tables are fairly
turned, and great losses follow great profits. Without going back many years,
we have twice seen the lumbering business in Maine, from a state of ordinary
activity, which left a handsome profit to those engaged in it, swelled up—prices
raised— lands changing hands at rapidly rising rates, thousands of people rush­
ing into it who did not know hemlock from maple, and twice collapsed, to the
infinite damage of all concerned. Tvvice have we seen ship-building in New
England carried to the same extremes. Men did not know a schooner from a
ship, taking up their investments in stocks and mortgages, even borrowing money
on accommodation paper, in their haste to share in the fabulous profits to be
made by navigation, with the same results. So of all other kinds of business,
our readers can readily recall without our aid, the ups and downs that have
taken place within twenty years, and it is safe to say that in all our pursuits,
there has not been one of any note which has not within that time been “ run
into the ground.” All these failures are the result of enterprise, doubtless, but
of a very poor sort of enterprise, which depends upon the judgment of others,
and follows the lead, without question, of whoever says, l' I have made money.”
It is safe, therefore, to predicate of any business, that when it pays large profits,
its race, as a ‘profitable business, will speedily be run—so may many who strike
in speedily, while the late comers will not only ruin themselves, but cut down
the profits of their predecessors to a point so fine, as to leave them merely nominal,
if not worse. Another disadvantage of this course of things is, that credit is
thereby expanded to a serious extent, because men who embark in a business
which has the reputation of being profitable are not much scrutinized. “ He is
in the shoe business—everybody is making money at that— of course his note Is
good.” Or, “ He is in the book trade ; see how many men have got rich in i t ;
why should not he?” Or, “ He owns a ship, and a ship in these times is a for­
tune to any man.” And so the new shoe-man, or book-man, or ship owner, if he
has sense enough to look wise, and modestly admits, when pressed to it, that
“ his business is really not a bad one,” will soon get a line of credit far beyond
his real deserts, spread himself on it, compete sharply for business, sell without
profit, trust others as freely as others trust him, and finally collapses—an empty
shell being left where his creditors all along believed in a full egg. As a general
rule, these collapses happen to the latest comers, lor the reason that the old es­
tablished concerns in any trade are able to make the two ends meet, where the
new ones will lose ten per cent. But the result is the same, namely, to bring
the business into discredit, as well as destroy for a time all the profits of it.
We have seen the time when the book-trade notes were looked upon with any­
thing but favor; when shoe-and-leather paper, even with large rates of exchange,
did not tempt shrewd bankers; when to be known as a large owner of ships
was withering to a man’s credit.
The misfortunes we have spoken of arise from the eager, restless, money-get­
ting spirit which is never satisfied with small things, but is ever on the watch




266

Mercantile Miscellanies.

for some opening which promises a fortune speedily, and rushes into whatever
other people appear to be getting rich by, in too many cases without the
slightest knowledge of the business itself. Those who are brought up to a busi­
ness— who know all about it—should never leave it for something which looks
better. By sticking to what they know they will generally get a living—some­
times get rich ; by rushing into something new, they will learn too late for
remedy that they have lost the bone and have not seized the shadow even. The
man who knows all about a ship, from the keel up, who understands all her wants,
and the cheapest way to supply them, will make a living profit, while the amateur,
who only knows what others tell him, will lose. The foreign trader, who knows
exactly the wants of the market to which he sends his ships, will succeed; while
another who gets his information from the pricescurrent, and general informa­
tion which is open to everybody, will fail. So in any other business. Let every
one stick to what he knows. By following this rule a man will oftentimes find
himself far astern, apparently, of his more adventurous neighbors ; but in nine
cases out of ten, at the end of thirty years he will look back from the safe posi­
tion he occupies, upon the wrecks of those same adventurers all along the road.
Stick to the occupation, trade, or business, that you know all about.
LIES IN TRADE.

Men of scrupulous veracity in the common relations of life often justify them­
selves in deceptions of trade by the plea that such deceptions are common, and
it is only by shrewdness that one can hope for eminent success. But lying is
lying everywhere, and every man is forbidden to follow the multitude in doing
evil. The British Mercantile Courier says that it is a vulgar fallacy that lies
are lies only when spoken. Some persons even assume that lies are not lies if
uttered to push the sale of merchandise—at least, that they are only “ white
lies.” The essence of a lie consists in the attempt to deceive— in making a false
representation. Whatever be the motive, if it involves deception, it is a breach
of the moral law.
There can be no doubt that the shopman who asserts that a print will wash
when he knows it will not utters a deliberate lie. If he make the assertion with
mental reservation that “ all the color will vanish in the process ” it is still a
lie, and even if he is doubtful on the point it is equally so, because he attempts
to make an impression on the mind of his customer that may be adverse to the
truth. The, tickets with figures and hair-like strokes, too often exhibited in win­
dows—the calling “ Hoyle’s ” prints which are not Hoyle’s, and flannels “ real
Welch ” which are not real Welch, and such like, are lies of too gross a charac­
ter to require one word of comment.
Concealment of truth comes under the same category of lying. The publisher
who appends critical notices of reviewers to his list of books, leaving out quali­
fying passages, lies. So does the shopman who purposely conceals defects—the
manufacturer who sends a 34 inch cloth for what is usually 36 inches wide, and
the shoemaker who supplies Northampton made for “ bespoke ” boots.
The sale of adulterated goods or articles, with false labels, must be condemned
by all as unadulterated lying ; but it is said by some, whose moral perceptions
are not very clear, that to label a 200-yard reel of cotton “ Warranted 300
yards ” is not wrong, because it is generally understood not to measure what it




Mercantile Miscellanies.

267

is called. Then, why is it done ? Why not label it 200 yards, which is the
truth ? Simply because there are those who do not understand it, and, placing
reliance on the dealers, purchase it for what it is called. Lies consist not in the
verbal utterance, but in the idea they intend to convey. The footman who says
that his mistress is “ not at home,” although he utters a verbal falsehood, is not
really guilty of lying, for it is a mere polite form of expressing her wish not to be
seen, and is recognized in high life as such. It is, however, an immoral custom,
as it familiarizes the servant to tampering with truth.
It is possible also to speak verbal truth which is substantially a lie. Horrocks is an eminent manufacturer of calicos. Another man of the same name
might start a manufactory of similar goods, but of an inferior quality : and the
tradesman who assured his customers that a roll of his calico was of Horrocks’
make, would be uttering a lie, which, at the same time, would be verbally true,
his intention being to impress the buyer with the idea that it was from the looms
of the famous Horrocks— the Horrocks par excellence.
Lies may be acted as well as spoken. The wearing of imitation jewelry is a
lie; the physician who directs his servant to call him out of church in the mid­
dle of the sermon acts a lie—so does the grocer who has his cart emblazoned
with his name driven hither and thither, without any other object than to lead
his neighbors to imagine he is doing a large trade, and the draper who tickets
goods in his windows at fabulously low prices, to induce the supposition that all
his wares are sold at similar prices. Indeed, in trade, there are more lies acted
than spoken. Placing the best fruit on the top of the basket—turning in the
end of a dirty piece of goods:—displaying an article in a fictitious light—placing
packages outside the door addressed with aristocratic names—and a thousand
other false actions which might be cited, are all acted violations of the truth,
and although they are looked upon by the commercial world as very venal pecadilloes, are really as much lying as the most deliberate verbal falsehoods ; and
so long as this systematic deceptiveness characterizes the English tradesman the
sneer which the First Napoleon threw in our teeth, that we were a *■nation of
shop keepers,” possesses a sting which, without that, would be indicative of our
greatest national glory— to wit, universal national industry.

CHINESE PROVERBS.

Plant a flower with care, and it may not grow; stick in a willow at random,
and it forms a thick shade.
Old age is like a candle in the wind—easily blown out.
To show the value of secresy, an emperor made a statue of gold with its
mouth closed.
Love of gain turns wise men into fools.
He who has many acquaintances will be mixed up with many troubles.
To be over-prudent is not much better than folly.
A scholar’s children are familiar with books ; a farmer’s sons are versed in
the seasons.
Wife, fortune, children, and profession, are all predestined.
A wife should excel in four things—virtue, speech, person, and needlework.
High trees feel the wind ; lofty station is obnoxious to danger.




268

M ercantile Miscellanies.

A certain sage feared the testimony of four witnesses—heaven, earth, his
neighbor, and himself.
To contrive is man’s part; to accomplish is heaven’s.
Those above should not oppress those below.
He who could see only three days into futurity might enrich himself forever.
I f a chattering bird be not placed in the mouth, vexation will not sit between
the eyebrows.
To be fully fed, and warmly clothed, and to dwell at ease without learning, is
little better than a bestial state.
Prosperity produces liberality and moderation of temper.
An illiterate person is like a dry inkstone; turn it upside down, not a drop
of ink comes from it.
A good rat will not injure the grain near its own hole. (It is an ill bird, &c.)
Think how you can sell a thing before buying it.
Produce much, consume little, labor diligently, spend cautiously— the way to
get rich.
To persecute the unfortunate, is like throwing stones on one fallen into a well.
He who has a yellow face and white teeth is an opium smoker.
When paths are constantly trodden they are kept clean ; but when abandoned
the weeds choke them up, so weeds choke the mind in the absence of employ­
ment.
CREDIT.

We like the prompt, energetic individual who is always on time, who drives
his business, and never allows it to drive him. I f a little more of the prompt
activity of some men could be infused into the masses, the wheels of business
would never be clogged, and no stagnation would ever be felt in the ever-moving
waters of stirring, active industry. Engagements would be met at the minute,
and no delay would ever hamper the projects of him who is bound to succeed,
because everything is done at just the right moment. There is no end to the
confusion which may ensue, when one fails to be present at a specified time, and
what may seem a mere trifle to the individual, who thinks that one minute can
be of no possible importance, may be traced through its successive consequences,
and in the end the aggregate damage to those who have been compelled to wait
only a minute will be astounding ; and the thoughtless cause of the whole dis­
turbance, if he could behold the results of his carelessness, would be overwhelmed
with confusion. There are many who do not realize that time is money, that
minutes make hours, and that hours wasted can never be recalled. Such per­
sons can have no excuse for their conduct, and if they find others outstripping
them in worldly prosperity, they must attribute their own failure to thoughtless­
ness, and ought not to charge upon ill-fortune the results of their own lack of
promptness. It is better to be ten minutes before the time than one instant be­
hind ; and if such were made a general rule by all, none would be subjected to
the disappointment of seeing the steamboat plank hauled in just as they were
about to set foot upon it, and the cars would never be seen whirling out of one
end of the depot just as the tardy passenger enters the other. One minute be­
hind time, and the bank will be closed, notes will go to protest, and misfortunes
in business will follow, which will require months to remedy. Delays, too, are




M ercantile Miscellanies.

269

dangerous, and the lack of courage to undertake what may sometimes appear
hazardous and uncertain, in the case of one who is not prompt to see and use
the favorable moment, affords the opportunity to the energetic, go-ahead man
to carve out for himself a long-coveted fortune. While one should ever bear in
mind the rule which we have before mentioned, we would not advise him to waste
time by unnecessary haste, and it should ever be remembered that time may be
wasted by being too soon as well as by being too late. All our affairs should
be so regulated that by making a reasonable allowance for unforseen delays, and
a difference of watches, not a minute shall be unprofitably employed. By so
doing we shall be surprised at the amount of work which will be accomplished,
and our systematic employment of time will be productive of much personal
success, and we shall thereby contribute our share in the general progress of the
world.
The man who is noted for promptness of character inspires all with whom he
may have dealings with confidence, and the community learn3 to look up to him
for example. If anything relating to the public weal is to be undertaken, he is
to be consulted, and his advice is deemed of the utmost importance. Is any
thing requiring skill and energy to be accomplished, he is the one to be entrusted
with its management and direction, for the people know that whatever he under­
takes will be done promptly, at exactly the right time, and when it is done it will
be done. Nothing will fail in his hands for want of decision or through pro­
crastination, which is the thief of time. Think of this, ye loiterers, and remem­
ber that you owe the world something, and that time and tide wait lor no man.
In this active, stirring country of ours there is no room for the lazy, prodigal
spendthrift of time, and he who sees the boat leave him behind, or hears the
train thundering out of the depot without him, must not complain of his ill-luck,
but must remember that the world cannot afford to wait for him, and if he wishes
to be in the first rank, he must be up and dressed, ready at the instant, and set­
ting this good example to others he will reap the fruits which they may find
sometimes snatched from their grasp, and the glittering prize which another
more prompt might win, will never be seen borne away just at the moment it is
ready to be caught in hand.

“ SAVE IT IN SOMETHING ELSE.”

It is an every-day expression, with people about to indulge in a questionable
expense, “ Oh ! it won’t cost much after all, and we can 1save it in something
else.’ ” There are hundreds of households where these or similar words have
been used this very day. Does a husband wish one costly delicacy for his dinner,
which his careful wife thinks they cannot afford, he quiets her scruples or forces
her to deny herself what is positively needful, by telling her she “ can save it in
something else.” Is a wife determined to outshine her neighbors in a dress?
she passes lightly over her extravagances in milliners and mantua-makers, by
assuring her husband volubly that she can “ save it in something else.” Does a
man who can illy afford it, buy a fast trotter ? he is sure to inform you that he
can “ save it in something else.” Is a woman bent on giving an extravagant
party ? she has her answer ready, “ I can save it in something else.” Earely is
a foolish expenditure entered on, an expenditure which is beyond a person’ s




270

M ercantile Miscellanies.

means, than the reply is not made to the conscience, if not to others, “ I can
save it in something else.”
In point of fact, however, the saving is never made. Those who are first to
launch into extravagance are always the last to retrench. The habit of selfindulgence, which is the cause of yielding to one temptation, is continually in
the way to prevent resisting others. Neither the husband, who cannot deny
himself a good dinner, nor the wife, who is unable to resist the purchase of a
costly dress, are the persons to “ save it in something else.” If the folly is
remedied at all it is because the husband has a self-sacrificing wife, who deprives
herself of comforts to keep the family from running into debt, or the wife has a
patient, economical husband, who lives like a hermit, that she may dress like a
duchess. Our experience of human nature has yet to furnish us with a solitary
instance in which selfishness of this kind did not pervade the entire character.
The saving is never anything which the guilty person likes. Those who insist
on gratifying themselves, when they know they cannot afford it, do it invariably
at the expense of others. From the husband who practically stints his wife, to
the spendthrift who cheats everybody, his tailor included, those who talk of
“ saving it in something else,” actually enjoy themselves at the cost of innocent
parties.
There is but one road to economy. Without self-denial, nobody can avoid
extravagance, for we all have something that we dearly wish for, and the desire
to indulge ourselves is as powerful in one as in another. Virtue does not con'
sist in never being tempted, but in*successfully resisting temptation. Those who
lament so loudly that they cannot be as economical as others, because they have
what they call more elegant tastes, are simply more self-indulgent. Luxury is
the same sweet singing syren to us all. A just man schools himself to resist her
alluremeuts, but a weak one abandons himself to her wiles. It is insulting the
long, hard, severe discipline which habituates a man to self-denial, to tell him
that he is lucky in being made of sterner stuff than others who cannot emulate
him ; for if those others would do battle as strongly and perseveringly with their
foibles, would learn to go without the luxuries and elegances they cannot afford,
they also would become of sterner stuff. The evil lies in ourselves always.
“ Oh ! save it in something else ” means “ somebody else must save, for I will
not,” and is the type of a selfish nature. This is plain speaking ; but it is truth.
COIN SALE IN PHILADELPHIA.

Extraordinary high prices for coins were realized at an auction sale recently
held in Philadelphia. The following are some of the prices, showing the extreme
rates:—A Martha Washington half-dime brought §17: a Washington cent,
small eagle, §19 50 ; a Washington cent, different die, §59 ; Liberty Cap cent
of 1793, §17 50 ; a cent of 1799, §13 ; a cent of 1829, proof, §10 ; a cent of
1831, proof, §13 ; a half-cent of 1842, proof, §23 50 ; a half-cent of 1844, proof,
§11 50 ; a half-cent of 1846, proof, §10 75 ; an experimental piece of 1836, fly­
ing eagle silver dollar, (Gobrect.) fine proof, §23 52 ; a flying eagle dollar of
1838, proof, §22 ; a flying eagle dollar of 1839, proof, §23 50; a pattern threecent piece of 1849, §14. The sale of ninety-six copper cents amounted to
§281 17, and forty-eight half-cents to §135. Eight hundred and one lots
brought §2,057.




The Booh Trade.

271

THE BOOK TRADE.
1.— Personal History of Lord Bacon from Unpublished Papers. By W illiam
H f.pworth D ixon , of the Inner Temple. 12mo., pp. 424. Boston: Tieknor
& Fields.
•

It was but a month or two back we had occasion to notice Mr. James Spedding’s collection of the works of that great author and official, Francis Bacon,
denominated the wisest and brightest mind of the 16th century, now being in
course of publication by Messrs. Brown & Taggard, of Boston. In this volume
we have his personal history, bearing the imprint of Messrs. Tieknor & Co.,
publishers. Of Bacon’s great acquirements, both in literature and the arts,
there has latterly been but one opinion, though scorned at by many enemies of
his time. Besides the acuteness and real wisdom displayed in his numerous
essays, his philosophical researches in mastering the secrets of nature and apply­
ing them to human use are deserving of still greater credit. He clearly, for
instance, invented a thermometer; he institued ingenious experiments on the
compressibility of bodies, and on the density and weight of air, besides suggest­
ing chemical processes. He suspected the law of universal attraction, afterwards
demonstrated by Newton ; and he likewise foresaw the true explication of the
tides, and the cause of colors, which he truly ascribed to the manner in which
bodies, owing to their different texture, reflect the rays of light. But as Bacon
grew older his moral dignity proved not on a level with his intellectual penetra­
tion. Giving himself up to improvidence, his want of money betrayed him into
practices of corruption while Lord Chancellor, which ended in his disgraceful
fall, added to fine and imprisonment. But in the lapse of time his uuworthy
deeds have mostly dropped away from memory, leaving the greatness and use­
fulness of his thoughts a monument of imperishable glory.
2. — Considerations on some of the Elements and Conditions of Social Welfare
and Human Progress. By C. S. H enry , D. D. 12mo., pp. 415. New York :
D. Appleton & Co.
The pieces contained in this volume consist of a number of lectures delivered
by the author at various times before such special bodies as the pupils of the
New York University, Geneva College, University of Vermont, etc.,etc, com­
bining in their scope various topics, such as “ The importance of Elevating the
Intellectual Spirit of the Nation,” “ The Position and Duties of the Educated
Men of the Country,” “ California : the Historical Significance of its Acquisi­
tion,” •*The True Idea of Progress,” “ The Destination of the Human Race,”
“ Politics and the Pulpit,” “ Corruption, Violence, and Abuse of Suffrage.” in­
cluded in which are three letters addressed to the Hon. Joshua Quincy, on Pres­
ident making. These ingenious addresses, touching upon the great problems of
human thought and embracing questions of the highest practical interest, are
not without value, particularly those in relation to the working of our political
institutions and our future fortunes as a nation.
3.

— The. Mother in Law, a Tale of Domestic Life. By Mrs. E mma D. E. N.
12mo., pp. 497. Philadelphia : T. B. Peterson & Brothers.

S outhworth .

Is another new tale by that well known and much esteemed authoress, Mrs.
Southworth. It represents the imperial days of Old Virginia, when her sons
and daughters almost vied with Europe in aristocratic pride and dignity, and is
told in her usually happy strain. Copies of the book will be sent to any part
of the United States free of postage on persons remitting the price to the
Messrs. Petersons, the publishers.




272

The Book Trade.

4. — Education; Intellectual, Moral, and Physical.

By H erbert S pencer ,
author of “ Social Statistics,” “ The Principles of Psychology,” and “ Essays ;
Scientific, Political, and Speculative.” 12mo., pp. 283. Hew York : D.
Appleton & Co.

The four chapters contained in this work originally appeared in the English
reviews as separate articles, severally treating different divisions of the subject,
where they claimed for themselves much attention, but an interdict being put on
their publication in a collected form in England, by the proprietors of one of
the reviews, the .Messrs. Appletons believing Mr. Spencer’s researches into the
science of life and laws of mental development combine a masterly analysis in
bringing to bear the latest results bearing on the art of teaching, have resolved
to give it an American issue, knowing that it must prove useful to instructors
and school directors, and become a valuable addition to the literature of educa­
tion ; and, at the same time, serve to make known an author, the strength and
depth of whose thought is as remarkable as the clearness and vigor of style in
which it is expressed.
5.

— Reminiscences o f Scottish Life and Character. By E. B. B a m s a y , M. A.,
LL. D., Dean of Edinburgh. 12mo., pp. 297. Boston : Ticknor & Fields.

There are doubtless many families and many individuals scattered throughout
this country who. from ties of kindred or from their own recollections of the
Land o’ Cakes, will ieel their hearts glow with emotion when they read stories
such as these on such subjects as the religious feelings and religious observances
of the Scotch, old Scottish conviviality, old Scottish domestic servants, humor
proceeding from Scottish language, including Scottish proverbs, Scottish stories
of wit and humor, etc., etc. The quaint mode of expression pertaining to
the old Scotch dialect has always been proverbial, and when combined with
the natural simplici ty of the Scottish character, possesses a chartn far above
what we deem common-place smartness. As Pope has it, “ There is majesty in
simplicity which is far above the quaintness of wit.” The object had in pub­
lishing the little volume is to furnish a class of anecdotes peculiar to Scotland,
and to preserve a page of their domestic national annals which, in the eyes of
rising generations, is fast fading into oblivion.
6. —Autobiography of the Rev. Dr. Alexander Carlyle, Minister of Inveresk. Con­
taining Memorials of the Men and Events of his Time. 12mo., pp. 471.
Boston : Ticknor & Fields.
This will be found a deeply interesting volume to all those interested in Eng
lish church history so far back as the beginning of the present century, embrac­
ing, as it does, the private diary of Alexander Carlyle, D. D., for fifty years
minister of Inveresk, who, if persons be estimated by the influence they have im­
parted from mere personal character and ability, was a very remarkable man.
Born in a simple manse, learned, eloquent, liberal, and exemplary in his manners,
he ever remained that type of humble respectability— a village pastor. His lot
not being cast in any of those revolutionary periods which gave men of his
stamp a place in history, he seemed pervaded with, but one ambition to dignify
his calling by bringing it forth in the world, and making for it a place along
w’ith rank and distinction of every kind. He was eminently a good man, and
his autobiography will be found one of great interest as historically connected
with men and events of his time. The style is easy, rambling, and familiar,
and shows the author to have been possessed of a good memory, great observa­
tion, and much penetration.